4. NON-FINANCIAL INSTRUMENTS
4.4 Right-of-use assets
 

Right-of-use assets are stated at cost less accumulated depreciation. Right-of-use assets are recognised at the date at which the leased asset is available for use by the Group. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.

Right-of-use assets are measured at cost, which includes the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, and an estimate of restoration costs, less any lease incentives received.

      Office space 
R’000 
Warehouse 
space 
R’000
 
Total 
R’000
 
Lease assets             
Year ended 31 May 2024             
Opening balance     24 126  451  24 577 
Additions     28 873  4 301  33 174 
Depreciation     (12 176) (929) (13 105)
Termination of leases     (2 154)   (2 154)
Closing balance     38 669  3 823  42 492 
Year ended 31 May 2023             
Opening balance     34 400  1 866  36 266 
Additions     19 391  —  19 391 
Depreciation     (29 378) (1 415) (30 793)
Lease modifications     (287) —  (287)
Closing balance     24 126  451  24 577