All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
Due to the ongoing effects of the coronavirus pandemic and the potential volatility of the market generally, the Director considered it inappropriate to undertake a revaluation for the year under review.