Marks and Spencer 2011 Annual Report Download - page 97

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Financial statements
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95
Financial statements
16 Investment property
2011
£m
2010
£m
Cost
At start of year 22.9 25.3
Reclassification to property, plant and equipment –(2.4)
At end of year 22.9 22.9
Accumulated depreciation
At start of year (0.5) (0.5)
Reclassification to property, plant and equipment –0.1
Depreciation charge (0.1) (0.1)
Impairment charge (see note 5) (6.3) –
At end of year (6.9) (0.5)
Net book value 16.0 22.4
The investment properties were valued at £16.0m (last year £24.8m) as at 2 April 2011 by qualified professional valuers working for
acting in the capacity of external valuers. All such valuers are chartered surveyors, being
were valued on the basis of market value (calculated
luations were carried out in accordance with the RICS Appraisal and Valuation
ment properties, an impairment charge has been recognised.
The Group received rental income of £0.9m (last year £0.9m) in respect of these investment properties.
17 Investment in joint ventures
2011
£m
2010
£m
At start of year 11.5 13.8
Dividend from joint venture –(2.0)
Share of profit/(loss) 1.5 (0.3)
At end of year 13.0 11.5
The joint ventures represent a 50% equity interest in Hedge End Park Limited, a property investment company incorporated in Great
Britain, and a 50% equity interest in Lima (Bradford) S.a.r.l, a property investment company incorporated in Luxembourg. The partner in
the Hedge End Park Limited joint venture is J Sainsbury plc and the partner in the Lima (Bradford) S.a.r.l joint venture is ProLogis UK
Holdings S.A.
18 Other financial assets
2011
£m
2010
£m
Non-current
Unlisted investments 3.0 3.0
Current
Short-term investments1 209.4 165.0
Unlisted investments 6.5 6.7
215.9 171.7
1Includes £148.9m (last year £132.8m) and £44.2m (last year £nil) of money market deposits held by the Marks and Spencer Scottish Limited Partnership and Marks and
Spencer plc respectively.
Non-current unlisted investments are carried as available-for-sale assets. Other financial assets are measured at fair value with changes
in their value taken to the income statement.
CB Richard Ellis, Chartered Surveyors,
Standards. As the valuation was lower than the carrying value of the invest
based on subleases in place at the year end). All va
members of the Royal Institution of Chartered Surveyors (RICS). The properties