Notes to the Consolidated Financial Statements - Seylan Bank

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.