Notes to the financial statements

15 Investment property

The investment properties were valued at £23.1m (last year £31.7m) as at 28 March 2009 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 (calculated based on subleases in place at the year end). 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. No impairment has been recognised on the one property which is carried at a higher value than its market value at 28 March 2009. However, the Group intends to re-occupy the property during 2009/10 at which point its value in use will exceed the net book value. The Group received rental income of £1.2m (last year £1.5m) in respect of these investment properties.