Notes to the Consolidated Financial Statements - Seylan Bank

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324 North Bound > Seylan Bank Annual Report 2011 Notes to the Consolidated Financial Statements Cost/Valuation Rs. ‘000 Depreciation Rs. ‘000 Net Book Value Rs. ‘000 29.4 Summary of Freehold/Leasehold Properties Freehold Land 621,591 – 621,591 Freehold Building 843,626 24,895 818,731 1,465,217 24,895 1,440,322 Leasehold Land 22,603 1,089 21,514 Leasehold Building 21,481 3,086 18,395 44,084 4,175 39,909 Total - Bank 1,509,301 29,070 1,480,231 Freehold Building - Seylan Developments PLC 704,513 52,771 651,742 Leasehold Land - Seylan Developments PLC 640,549 55,168 585,381 Total Land & Buildings - Group 2,854,363 137,009 2,717,354 29.5 Revaluation - Land & Buildings The Bank’s entire land & buildings were revalued in year 2010 by a qualified valuer. Valuation was made on the basis of open market value and the revaluation surplus or deficit was transferred to the Revaluation Reserve/ Income Statements respectively. If land & buildings were stated at historical cost, the amounts would have been as follows: BANK 2011 2010 Land Building Total Land Building Total Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Properties Revalued Cost Freehold 426,632 960,464 1,387,096 426,632 960,464 1,387,096 Leasehold – 43,545 43,545 – 43,545 43,545 Accumulated Depreciation Freehold – (167,799) (167,799) – (143,787) (143,787) Leasehold – (4,790) (4,790) – (3,710) (3,710) Carrying Value 426,632 831,420 1,258,052 426,632 856,512 1,283,144 Properties Not Revalued Cost Freehold – – – – – – Leasehold 22,603 1,901 24,504 22,603 – 22,603 Accumulated Depreciation Freehold – – – – – – Leasehold (1,089) (1,443) (2,532) (1,347) – (1,347) Carrying Value 21,514 458 21,972 21,256 – 21,256 Total Carrying Value 448,146 831,878 1,280,024 447,888 856,512 1,304,400
North Bound > Seylan Bank Annual Report 2011 325 BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 30. Leasehold Rights Cost/Valuation Balance as at 01st January 42,183 66,148 682,732 706,697 Additions for the Year – – – – Surplus/(Impairment) on Revaluation – (23,965) – (23,965) Transfer from/(to) Property, Plant & Equipment 1,901 – 1,901 – As at 31st December 44,084 42,183 684,633 682,732 Accumulated Depreciation Balance as at 01st January 1,347 3,065 48,637 42,477 Charge for the Year 1,408 1,992 9,286 9,870 Revaluation Adjustment on Accumulated Depreciation – (3,710) – (3,710) Transfer from/(to) Property, Plant & Equipment 1,420 – 1,420 – As at 31st December 4,175 1,347 59,343 48,637 Carrying Amount as at 31st December 39,909 40,836 625,290 634,095 Bank - Leasehold Rights consist of the property situated at Park Road, Nuwara Eliya acquired in the year 2001, and the building situated in Free Trade Zone, Koggala acquired in 2011. Seylan Developments PLC entered into a 99-year Operating Lease with the view to set up/conduct and operate a business for the construction of an office and apartment complex in the year 1992. 31. INTANGIBLE ASSETS BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Software & Software Related Cost Balance as at 01st January 1,922,966 1,918,300 1,922,966 1,918,300 Additions for the Year 104,787 4,666 104,787 4,666 Write-Offs during the Year 34,750 – 34,750 – As at 31st December 1,993,003 1,922,966 1,993,003 1,922,966 Accumulated Amortisation Balance as at 01st January 1,417,230 1,128,174 1,417,230 1,128,174 Amortisation for the Year 206,224 289,056 206,224 289,056 Write-Offs during the Year 34,750 – 34,750 – As at 31st December 1,588,704 1,417,230 1,588,704 1,417,230 Carrying Amount as at 31st December 404,299 505,736 404,299 505,736 Software and Software related assets have been reclassified as Intangible Assets from year 2011. The comparative figures are also reclassified accordingly.
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Notes to the Consolidated Financial Statements - Seylan Bank

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