Financial Statements 2011 - Investing In Africa

Notes To The Financial Statements (Continued)
As at 31 december 2011
26) Property and equipment (continued)
BANK
COST OR VALUATION
Furniture,
fittings and Motor Work in
Buildings equipment vehicles progress Total
Shs `000 Shs `000 Shs `000 Shs `000 Shs `000
At 1 January 2010 370,000 917,683 14,089 3,078 1,304,850
Additions - 55,680 2,300 - 57,980
Transfers - 3,078 - (3,078) -
Disposals - (18,363) (1,600) - (19,963)
At 31 December 2010 370,000 958,078 14,789 - 1,342,867
At 1 January 2011 370,000 958,078 14,789 - 1,342,867
Additions - 153,092 4,467 149,493 307,052
Disposals - (3,469) - - (3,469)
At 31 December 2011 370,000 1,107,701 19,256 149,493 1,646,450
Comprising:
Cost 144,617 1,107,701 19,256 149,493 1,421,067
Valuation – 2008 225,383 - - - 225,383
DEPRECIATION
370,000 1,107,701 19,256 149,493 1,646,450
At 1 January 2010 11,212 518,178 6,111 - 535,501
Charge for the year 11,212 125,423 2,379 - 139,014
Eliminated on disposals - (18,314) (1,600) - (19,914)
At 31 December 2010 22,424 625,287 6,890 - 654,601
At 1 January 2011 22,424 625,287 6,890 - 654,601
Charge for the year 11,212 128,889 3,033 - 143,134
Eliminated on disposals - (3,053) - - (3,053)
At 31 December 2011 33,636 751,123 9,923 - 794,682
NET BOOK VALUE
At 31 December 2011 336,364 356,578 9,333 149,493 851,768
At 31 December 2010 347,576 332,791 7,899 - 688,266
Buildings were revalued at Shs 370 million as at 31 December 2008 by registered, professional valuers, Knight Frank
Limited on an open market value basis by reference to market evidence of recent transactions for similar properties. At
31 December 2011, the net book value of buildings based on original cost was Shs 95,698,000 (2010 – Shs 106,718,000).
Included in motor vehicles and furniture, fittings and equipment are assets with a cost of Shs 456,796,033 (2010 – Shs
396,101,289) which were fully depreciated. The notional depreciation charge on these assets would have been Shs
91,359,213 (2010 – Shs 87,714,028). Computers are included under furniture, fittings and equipment. Work in progress
mainly relates to the acquisition of banking software related hardware; and the branch expansion programme.
82 • NIC Bank Limited • Annual Report & Financial Statements 2011