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102 LIVINGTRUST MORTGAGE BANK PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Property and equipment Leasehold Computer Office Furniture & Motor Household Plant and Work in Land Building Improvements Equipment Equipment Fittings Vehicle Asset Equipment progress Total ?'000 ?'000 ?'000 ?'000 ?'000 ?'000 ?'000 ?'000 ?'000 ?'000 ?'000 Cost At 1 January 2022 41,082 124,274 - 36,903 45,677 43,022 125,788 3,940 86,947 8,483 516,116 Additions - 16,530 Reclassified to intangible assets - 5,962 10,537 17,914 107,422 17,454 18,848 - 194,667 (Note 23) - - - - - - - - - (8,483) (8,483) Adjustments (Note 22.3) - - - - 8,133 467 - 305 (6,713) - 2,192 Disposal - - - - - (80) (40,027) (601) - - (40,708) At 31 December 2022 41,082 140,804 - 42,865 64,347 61,323 193,184 21,098 99,082 - 663,785 At 1 January 2023 41,082 140,804 - 42,865 64,347 61,323 193,184 21,098 99,082 - 663,785 Additions - 2,720 29,456 4,061 3,770 2,557 16,560 111 23,544 - 82,779 Disposal - - - (589) - - - - - - (589) At 31 December 2023 41,082 143,524 29,456 46,337 68,117 63,880 209,743 21,209 122,626 - 745,975 Accumulated depreciation/ impairment At 1 January 2022 - 18,217 - 27,954 28,994 30,962 60,122 2,604 60,699 - 229,552 Charged for the year - 2,604 - 3,564 6,840 6,698 40,022 2,556 9,626 - 71,911 Adjustments (Note 22.3) 650 - (338) 7,264 1,547 (1,011) 341 (3,708) 4,745 Disposal - - - - (36) (20,265) (490) - (20,791) At 31 December 2022 - 21,471 - 31,180 43,098 39,171 78,868 5,011 66,617 - 285,417 At 1 January 2023 - 21,471 - 31,180 43,098 39,171 78,868 5,011 66,617 - 285,417 Charged for the year - 2,829 982 3,797 6,662 6,488 50,693 3,794 10,966 - 86,212 Disposal - - - (245) - - - - - - (245) At 31 December 2023 - 24,300 982 34,732 49,760 45,659 129,561 8,806 77,583 - 371,384 Carrying amount: At 31 December 2023 41,082 119,224 28,475 11,604 18,357 18,220 80,182 12,404 45,043 - 374,591 At 31 December 2022 41,082 119,333 - 11,685 21,249 22,152 114,315 16,087 32,465 - 378,368 22.1. Depreciation charged is included in the statement of profit or loss and other comprehensive income. 22.2. The Bank's property and equipment were not pledged as collateral for borrowings. 22.3. This represents an adjustment to align with the assets register. 22.4. This represents cost incurred to reburshment of Ila-Orangun branch of the Bank.
103 The balance on non-current assets held for sale represents the stock of houses previously held by the Bank as investment properties while additions represents necessary improvement on the properties to make it sellable to willing buyers as well as assets repossessed from customers as a result of consistent default in repayment. In line with CBN regulations on permissible business of PMBs, they were derecognised as investment properties and classified as held for sale in line with IFRS 5. They were expected to have been sold before the year end, but due to market conditions, some of them are still unsold at the year end. However, the Bank is still committed to disposing them off. They are held at cost. No impairment have been recognised on the properties since the market value is much higher than the cost. Other intangible assets Computer Software Total 23. Intangible assets ?'000 ?'000 ?'000 Cost At 1 January 22 90,441 23,127 113,568 Additions 7,340 24,481 31,821 Reclassified from property and equipment (Note 22) - 8,483 8,483 At 31 December 22 97,781 56,091 153,872 At 1 January 23 97,781 56,091 153,872 Additions 10,000 8,761 18,761 At 31 December 23 107,781 64,852 172,633 Accumulated amortisation and impairment At 1 January 22 69,769 21,559 91,327 Adjustment (Note 23.2) - 1,289 1,289 Amortised for the year 7,652 4,070 11,722 At 31 December 22 77,421 26,918 104,339 At 1 January 23 77,421 26,918 104,339 Amortised for the year 8,374 7,840 16,214 At 31 December 23 85,795 34,758 120,553 Carrying amount: At 31 December 23 21,986 30,094 52,080 At 31 December 22 20,360 29,173 49,533 23.1 This represents the cost of a new bank website, mobile application, and human resources application. 23.2. This represents an adjustment to align with the assets register. 24. Non-current assets held for sale At 1 January 149,317 183,351 Disposals in the year (35,020) (34,034) At 31 December 114,297 149,317
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111 35. Distribution proposed The Directors proposed a dividend of N0.12 per share (2022:N0.60) from the retained earnings account based on the 2023 financial year results. The dividend amount of N61.6 million (2022: N300 million) which is liable to withholding tax at a rate of 10% is subject to approval by the shareholders at the Annual General Meeting. Consequently, the dividend has not been included as a liability in these financial statements. 36. Contraventions There was no penalty paid in the current year and no other contravention occurred during the year of such regulatory bodies like Banks and Other Financial Institutions Act, CAP B3, LFN 2020, and Central Bank of Nigeria circulars (2022: Nil). 37. Comparative figures Certain comparative figures have been reclassified in order to have a more meaningful comparison. 38. Events after the reporting date There are no events after reporting date which could have a material effect on the financial statements of the Bank as at 31 December 2023 or the financial performance for the year ended that have not been adequately provided for or disclosed. 39. Going Concern Assessment Based on current assessment and result for the year just concluded, the Directors are confident that the Going Concern of the Company will not be threatened and would be able to continue to operate in the foreseeable future. 40. Statement of fraud and forgery In the 2023 audited financial statements, there is no incidence of fraud and forgery in the Bank " Livingtrust Mortgage Bank Plc" for the year ended 31 December 2023.
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