NOTES TO THE ACCOUNTS
NOTE 12 – TANGIBLE FIXED ASSETS continued
As stated in the Statement of Principal Accounting Policies the University adopts the policy of revaluing land and buildings. The external Chartered Surveyors, Messrs. James Lang Lasalle (formerly King Sturge), performed a full valuation as at 31 July 2011 (the previous interim valuation was at 31 July 2009) on the basis of Existing Use Value or Depreciated Replacement Cost according to the nature and use of each building. This valuation has been prepared in accordance with the Valuation Standards published by the Royal Institution of Chartered Surveyors. The valuations at this date were as follows:
Group and University £’000 Freehold land and buildings
445,221
Long leasehold land and buildings
36,775
The valuations include a notional amount for professional fees and other incidental expenses.
Freehold land and buildings Long leasehold land and buildings
Group
University
£’000
£’000
243,090
243,195
28,359
28,359
F I N A N C I A L S TAT E M E N T S
If this revaluation had not taken place the historical cost net book values are as follows:
NOTES TO ACCOUNTS
45