Notes to the Consolidated Financial Statements - Seylan Bank
Notes to the Consolidated Financial Statements - Seylan Bank
Notes to the Consolidated Financial Statements - Seylan Bank
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324 North Bound > <strong>Seylan</strong> <strong>Bank</strong> Annual Report 2011<br />
<strong>Notes</strong> <strong>to</strong> <strong>the</strong> <strong>Consolidated</strong> <strong>Financial</strong> <strong>Statements</strong><br />
Cost/Valuation<br />
Rs. ‘000<br />
Depreciation<br />
Rs. ‘000<br />
Net Book Value<br />
Rs. ‘000<br />
29.4 Summary of Freehold/Leasehold Properties<br />
Freehold Land 621,591 – 621,591<br />
Freehold Building 843,626 24,895 818,731<br />
1,465,217 24,895 1,440,322<br />
Leasehold Land 22,603 1,089 21,514<br />
Leasehold Building 21,481 3,086 18,395<br />
44,084 4,175 39,909<br />
Total - <strong>Bank</strong> 1,509,301 29,070 1,480,231<br />
Freehold Building - <strong>Seylan</strong> Developments PLC 704,513 52,771 651,742<br />
Leasehold Land - <strong>Seylan</strong> Developments PLC 640,549 55,168 585,381<br />
Total Land & Buildings - Group 2,854,363 137,009 2,717,354<br />
29.5 Revaluation - Land & Buildings<br />
The <strong>Bank</strong>’s entire land & buildings were revalued in year 2010 by a qualified valuer. Valuation was made on <strong>the</strong><br />
basis of open market value and <strong>the</strong> revaluation surplus or deficit was transferred <strong>to</strong> <strong>the</strong> Revaluation Reserve/<br />
Income <strong>Statements</strong> respectively. If land & buildings were stated at his<strong>to</strong>rical cost, <strong>the</strong> amounts would have<br />
been as follows:<br />
BANK<br />
2011 2010<br />
Land Building Total Land Building Total<br />
Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000<br />
Properties Revalued<br />
Cost<br />
Freehold 426,632 960,464 1,387,096 426,632 960,464 1,387,096<br />
Leasehold – 43,545 43,545 – 43,545 43,545<br />
Accumulated Depreciation<br />
Freehold – (167,799) (167,799) – (143,787) (143,787)<br />
Leasehold – (4,790) (4,790) – (3,710) (3,710)<br />
Carrying Value 426,632 831,420 1,258,052 426,632 856,512 1,283,144<br />
Properties Not Revalued<br />
Cost<br />
Freehold – – – – – –<br />
Leasehold 22,603 1,901 24,504 22,603 – 22,603<br />
Accumulated Depreciation<br />
Freehold – – – – – –<br />
Leasehold (1,089) (1,443) (2,532) (1,347) – (1,347)<br />
Carrying Value 21,514 458 21,972 21,256 – 21,256<br />
Total Carrying Value 448,146 831,878 1,280,024 447,888 856,512 1,304,400