Financial Statements 2011 - Investing In Africa

Notes To The Financial Statements (Continued)
As at 31 december 2011
27) Intangible assets
Bank
Group
2011 2010 2011 2010
Shs’000 Shs’000 Shs’000 Shs’000
400,544 129,357 Computer software 27(a) 410,796 141,070
- - Goodwill 27(b) 375,426 375,426
- - NSE Licence 27(c) 251,000 251,000
400,544 129,357 At 31 December 1,037,222 767,496
Details of the intangible assets are as follows:
a) Computer software
Bank
Group
Work-in
Work-in
Capitalised Progress* Total Capitalised Progress* Total
Shs `000 Shs `000 Shs `000 Shs `000 Shs `000 Shs`000
COST
217,406 - 217,406 At 1 January 2010 226,451 - 226,451
49,297 45,876 95,173 Additions 55,481 45,876 101,357
- - - Translation adjustment (490) - (490)
266,703 45,876 312,579 At 31 December 2010 281,442 45,876 327,318
266,703 45,876 312,579 At 1 January 2011 281,442 45,876 327,318
45,819 260,940 306,759 Additions 49,067 262,171 311,238
45,876 (45,876) - Transfers 45,876 (45,876) -
358,398 260,940 619,338 At 31 December 2011 376,385 262,171 638,556
AMORTISATION
159,513 - 159,513 At 1 January 2010 160,171 - 160,171
- - - Translation adjustments (163) - (163)
23,709 - 23,709 Charge for the year 26,240 - 26,240
183,222 - 183,222 At 31 December 2010 186,248 - 186,248
183,222 - 183,222 At 1 January 2011 186,248 - 186,248
35,572 - 35,572 Charge for the year 41,512 - 41,512
218,794 - 218,794 At 31 December 2011 227,760 - 227,760
Net Book Value
139,604 260,940 400,544 At 31 December 2011 148,625 262,171 410,796
83,481 45,876 129,357 At 31 December 2010 95,194 45,876 141,070
Assets of the Group with a gross value of Shs 150,198,967 (2010 –Shs 145,590,123) are fully amortised but still in use.
The notional amortisation charge on these assets would have been Shs 30,039,793 (2010 – Shs 29,118,025).
*Work in progress relates to mobilisation and progression fees paid towards the purchase of the new banking software.
NIC Bank Limited • Annual Report & Financial Statements 2011 • 83