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15. Revaluation surplusThe freehold land and buildings were revalued by a firm of professional valuers in the year 1995 and the resulting increase invalue of Tk 220,423,329 has been shown as revaluation surplus. The breakup of revaluation is as follows:2012 2011Taka TakaLandBuildings179,132,07831,412,003210,544,081179,132,07832,047,888211,179,966Less: Depreciation charged during the year on revaluation of buildingsLess: Adjustment of deferred tax on revaluation surplus(635,885)209,908,19651,952,279157,955,917(635,885)210,544,08152,109,660158,434,42116. Retained earningsOpening balanceTotal comprehensive income for the yearTax holiday reserveStock dividend issuedCash dividend paidTax holiday reserve reversedDepreciation adjustment on revalued assetsClosing balance3,442,795,0361,247,275,330(75,165,779)(56,483,750)(135,561,000)-635,8854,423,495,7222,512,438,1791,090,634,041(74,068,593)(45,187,000)(108,448,800)66,791,324635,8853,442,795,03617. Deferred liability-staff gratuityThe Company operates an unfunded gratuity scheme for its employees. Provision for gratuity is charged to profits annuallyto cover obligations under the scheme on the basis of an estimate made by the management of the Company to maintain fullprovision at the balance sheet date. The break-up of accumulated provision for gratuity is as follows:Opening balanceAdd: Provision made during the yearLess: Paid during the yearClosing balance149,138,82640,058,988189,197,81413,831,531175,366,283138,540,45728,330,992166,871,44917,732,623149,138,82669 •renata annual report 12