TRUSTEES' REPORT AND ACCOUNTS 2014
28
NOTES TO THE ACCOUNTS
Notes to the accounts (continued)
YEAR ENDED 31 DECEMBER 2014
4 TANGIBLE FIXED ASSETS (CONTINUED)
Included in freehold property other are properties in the course of construction costing £1,388k (2013 £476k). The total value of
inspectors' contributions to equity housing as at 31 December 2014 was £6,181k (2013 £6,952k). Should an inspector leave the scheme, the
Society has an obligation to refund the inspector's share in the value of the related property at the time. It is intended that any Society
obligation will be funded by the proceeds from the sale of the property.
Included in freehold and leasehold property other and freehold equity housing are houses currently occupied by pensioners of the
Society. The relevant net book value at the balance sheet date comprises:
LEASEHOLD PROPERTY FREEHOLD PROPERTY
PROPERTY EQUITY
HOUSING
£'000
OTHER
£'000
EQUITY
HOUSING
£'000
OTHER
£'000
Net book value
At 31 December 2014 0 144 569 3,795
At 31 December 2013 0 249 620 4,099
5 INVESTMENTS
a) Analysis of movements in the year
2014
£'000
2013
£'000
Market value at 1 January 87,501 82,181
Add acquisitions at cost 6,385 6,431
Less disposals at opening book value (6,219) (10,922)
Net gains on revaluation at 31 December 1,170 9.811
Market value at 31 December 88,837 87,501
Cost at 31 December 76,036 79,175
b) Analysis of investments held at 31 December
Listed investments:
Properties trust - UK 10,958 9,612
Equity shares - UK 38,596 41,881
Equity shares - overseas 1,517 752
Government and corporation stocks 17,459 15,413
Unit trusts - fixed interest 2,275 2,222
Unit trusts - UK equity 5,025 5,353
Unit trusts - overseas equity 12,517 11,630
Alternative investments 0 148
Total listed securities 88,347 87,011
Unlisted securities:
Investment property (legacy and donated) 482 482
Other 8 8
Total investments at market value 88,837 87,501
All investments are managed by Schroder Investment Management Limited other than the funds of the MT & VL Wythe Charitable
Trust and the legacy and donated investment property. The following investments comprised over five percent of the total portfolio as at
31 December 2014: £'000
Schroder Unit Trust Ltd Instl Sterl Broad Market BDI Inc 17,398
Schroder UK Property FD GBP I Inc 10,800
Schroder Unit Trust Ltd QEP Global Core Fund Class 'I' Income 6,140
Schroder Unit Trust Ltd QEP Global Quantative X Inc 4,529