At the balance sheet date the investment property, which was purchased during the accounting period, is included at cost.
Subsequent measurements of the 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.
However, notwithstanding the above, please refer to the Post Balance Sheet Events note which should be read in conjunction with the above policy.