The Case Study - Seylan Bank

194Seylan Bank PLC Annual Report 2009Notes to the Consolidated Financial StatementsCost/ValuationRs. ‘000BANKDepreciationRs. ‘000Net Book ValueRs. ‘00027.c Summary of Freehold/Leasehold PropertiesFreehold Land 426,632 – 426,632Freehold Building 960,464 121,243 839,2211,387,096 121,243 1,265,853Leasehold Land 22,603 – 22,603Leasehold Building 43,545 3,065 40,48066,148 3,065 63,083Total - Bank 1,453,244 124,308 1,328,936Leasehold Land - Seylan Developments PLC 640,549 39,412 601,137Freehold Building - Seylan Developments PLC 749,419 46,258 703,161Total Land & Buildings - Group 2,843,212 209,978 2,633,23427.d Revaluation - Land & BuildingThe Bank’s land & building were revalued in year 2006 by a qualified valuer. Valuation was made on thebasis of open market value and the revaluation surplus was transferred to the revaluation reserve.If land & building were stated at historical cost, the amounts would have been as follows:BANKLand Building TotalRs. ‘000 Rs. ‘000 Rs. ‘000Properties RevaluedCostFreehold 22,204 61,588 83,792Leasehold 8,894 31,596 40,490Accumulated DepreciationFreehold – (12,490) (12,490)Leasehold – (1,153) (1,153)Carrying Value 31,098 79,541 110,639Properties Not RevaluedCostFreehold 364,726 827,497 1,192,223Leasehold – – –Accumulated DepreciationFreehold – (114,130) (114,130)Leasehold – – –Carrying Value 364,726 713,367 1,078,093Total Carrying Value 395,824 792,908 1,188,732