The Case Study - Seylan Bank

186Seylan Bank PLC Annual Report 2009Notes to the Consolidated Financial StatementsBANKGROUP2009 2008 2009 2008(Restated)Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’00025. Investment PropertiesCostBalance as at 1st January 520,812 149,394 1,764,455 1,403,880Add: Additions During the Year – 371,418 – 371,418Transferred from Property, Plant & Equipment – – – 346Disposals During the Year – – – (11,189)Adjustment on Deconsolidation – – (16,316) –Cost as at 31st December 520,812 520,812 1,748,139 1,764,455Less - Provision for Impairment – – (134,795) (134,795)Cost Less Impairment as at 31st December 520,812 520,812 1,613,344 1,629,660Accumulated DepreciationBalance as at 1st January – – 88,602 66,451Charge for the year – – 20,066 22,151Balance as at 31st December – – 108,668 88,602Carrying Value as at 31st December 520,812 520,812 1,504,676 1,541,058Bank has accounted its investment properties at cost and revalues these properties periodically on asystematic basis for disclosure purposes.25.a Investment Properties (Bank) - 2009BANKCost Market ValueAddress Extent Date of Valuation Rs. ’000 Rs. ’000Kohalwila Road, Gonawala, Gampaha 0A 1R 19.14P 26.08.2008 6,166 10,900Walpolawatte, Kudawaskaduwa, Wadduwa 2A 0R 25.4P 06.04.2009 28,799 28,800Kahapola, Piliyandala 20A 1R 39.5P 10.04.2009 114,429 137,11997, Station Road, Kandana 1A 1R 9.84P 27.10.2008 139,319 150,850161, Galle Road, Wellawatta 0A 1R 27.48P 23.11.2009 232,099 233,429520,812 561,098Bank is confident on the valuation carried out on above dates and the values have not significantly changedas at the Balance Sheet date.