RBS 2005 Annual Report Download - page 167
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section
03
Financial
statements
165
Notes on the accounts
Annual Report and Accounts 2005
Group
Long Short Computers Operating
Investment Freehold leasehold leasehold and other lease
properties premises premises premises equipment assets Total
2004 £m £m £m £m £m £m £m
Cost:
At 1 January 2004 4,076 2,635 312 655 2,712 7,537 17,927
Currency translation and other adjustments 2 (18) — (10) (42) (184) (252)
Reclassifications — 1 (5) (5) 9 — —
Acquisition of subsidiaries — 164 32 41 133 487 857
Additions 164 589 86 212 691 2,841 4,583
Disposals and write-off of fully depreciated assets (80) (493) (21) (51) (360) (1,234) (2,239)
At 31 December 2004 4,162 2,878 404 842 3,143 9,447 20,876
Accumulated depreciation and amortisation:
At 1 January 2004 — 407 129 280 1,537 1,327 3,680
Currency translation and other adjustments — (1) 3 (3) (17) (29) (47)
Reclassifications — — — (2) 2 — —
Acquisition of subsidiaries — — 5 — 14 28 47
Disposals and write-off of fully depreciated assets — (19) (2) (4) (130) (232) (387)
Depreciation charge for the year — 30 3 9 425 688 1,155
At 31 December 2004 — 417 138 280 1,831 1,782 4,448
Net book value at 31 December 2004 4,162 2,461 266 562 1,312 7,665 16,428
2005 2004
£m £m
Contracts for future capital expenditure not provided for in the accounts
at the year end (excluding investment properties) 38 447
Contractual obligations to purchase, construct or develop investment
properties or to repair, maintain or enhance investment property 4 155
Property, plant and equipment pledged as security 1,250 1,268
Investment properties are valued to reflect fair market value. Valuations are carried out by qualified surveyors who are members of
the Royal Institution of Chartered Surveyors, or an equivalent overseas body. The 31 December 2005 valuation for a significant
majority of the Group’s investment properties was undertaken by external valuers.
The fair value of investment properties includes £100 million (2004 – £74 million) of appreciation since purchase. This increase
would normally be realised on disposal of the properties. Premises include £84 million (2004 – £570 million) assets in the course
of construction.