The Case Study - Seylan Bank

Seylan Bank PLC Annual Report 2009 195Notes to the Consolidated Financial Statements28. Leasehold RightsCost/ValuationBANKGROUP2009 2008 2009 2008(Restated)Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000Balance as at 01st January 66,148 65,981 706,697 706,530Additions for the Year – 167 – 167As at 31st December 66,148 66,148 706,697 706,697Accumulated DepreciationBalance as at 01st January 1,983 1,291 33,517 24,942Charge for the Year 1,082 692 8,960 8,575As at 31st December 3,065 1,983 42,477 33,517Carrying Amount as at 31st December 63,083 64,165 664,220 673,180Bank - Leasehold property consists of the property situated at Park Road, Nuwara Eliya acquired in the year 2001.Seylan Developments PLC - Year 1993, Seylan Developments PLC, a subsidiary of Seylan Bank PLC acquired theleasehold rights of the land situated at No. 90, Galle Road, Colombo 03 for a period of 94 years to construct theSeylan Towers.BANKGROUP2009 2008 2009 2008(Reclassified)(Restated)Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’00029. Intangible AssetsDeferred Expenses/Others – 25,410– – – 25,41030. Other AssetsDeposits & Prepayments 461,808 455,423 482,080 486,021Interest Receivable 1,289,039 989,650 1,289,039 1,071,409Clearing House Balance 1,189,688 969,160 1,164,869 969,160Inventories 334,630 1,383,405 335,904 1,384,676Investment in Projects – – 209,500 459,007Sundry Debtors 99,130 137,488 115,447 229,212Other Receivables 133,513 178,069 272,489 225,781Due From Trust Companies 124,154 124,154 124,154 124,154Others 249,528 692,396 202,326 926,1353,881,490 4,929,745 4,195,808 5,875,555