Freehold and leasehold property comprise investment properties, being non-owner occupied buildings held to earn rentals and for capital appreciation.
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 on investment properties. Changes in fair value are recognised in the income statement.
2024 fair value of investment property: £603,462 (2023: £603,462)
Investment property is derecognised when disposed of, or when no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property is recognised in profit or loss in the period in which the property is derecognised.