ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2023 (Expressed in Eastern Caribbean dollars)

15. Property and equipment (continued)

The following is the historical cost carrying amount of land and buildings carried at revalued amounts as of 31 March 2023: Land $ Buildings $ Total $

Cost

8,319,630

82,884,163

91,203,793

Accumulated depreciation

(60,239,763)

(60,239,763)

-

Net book value

22,644,400

30,964,030

8,319,630

The following is the historical cost carrying amount of land and buildings carried at revalued amounts as of 31 March 2022:

Land $

Buildings $

Total $

Cost

8,319,630

82,884,163

91,203,793

Accumulated depreciation

(57,345,908)

(57,345,908)

-

Net book value

25,538,255

33,857,885

8,319,630

The Bank undertakes independent valuation of land and buildings every three years. A revaluation was performed by an independent Professional Appraiser as of 31 March 2021. Valuations are based on market value. The revaluation of the land and buildings categories as of March 31, 2021 resulted in a revaluation surplus, which was credited to revaluation reserve.

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