had a revaluation reserve of 1,450,000 at the start of the financial year, which arose on land and buildings.

During the year the it disposed of a building which had previously been revalued. The building cost 200,000 when purchased 20 years ago. It was depreciated on a straight line basis over 50 years. After 10 full years of ownership is was revalued to 300,000. It was sold for 250,000 on the last day of the financial year and had been subject to 20 full years' depreciation.