Marks and Spencer 2008 Annual Report Download - page 80

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78 MARKS AND SPENCER GROUP PLC
Notes to the financial statements
continued
15 Investment property
2008 2007
£m £m
Cost
At start of year 25.3 38.6
Reclassification to property, plant and equipment –(13.3)
At end of year 25.3 25.3
Depreciation
At start of year 0.2 0.1
Reclassification to property, plant and equipment –(0.1)
Depreciation charge 0.1 0.2
At end of year 0.3 0.2
Net book value 25.0 25.1
The investment properties were valued at £31.7m (last year £34.3m) as at 31 March 2008 by qualified professional valuers
working for CB Richard Ellis, Chartered Surveyors, acting in the capacity of external valuers.
All such valuers are Chartered Surveyors, being members of the Royal Institution of Chartered Surveyors (RICS). The properties
were valued on the basis of market value. All valuations were carried out in accordance with the RICS Appraisal and Valuation
Standards. As the investment properties are held at depreciated historical cost, this valuation has not been reflected in the
carrying value of the assets.
The Group received rental income of £1.5m (last year £1.7m) in respect of these investment properties.
16 Investment in joint venture
2008 2007
£m £m
At start of year 9.3 9.0
Share of profit 0.3 0.3
At end of year 9.6 9.3
The joint venture represents a 50% equity interest in Hedge End Park Limited, a property investment company incorporated
in Great Britain. The partner in the joint venture is J Sainsbury plc.
In relation to the Group’s interest in joint ventures, the assets and liabilities are shown below:
2008 2007
£m £m
Non-current assets 2.7 2.6
Current assets 7.2 7.1
Current liabilities (0.3) (0.4)
Net assets 9.6 9.3