Notes to the Financial Statements (continued) for the year ended 30 September 2011
15. Investments (a) Investment assets
Group UK
Overseas
Total quoted UK
Overseas
Total unquoted UK
Total property Total
Fair value 1 October 2010 £m
1,255.9 5,050.9
6,306.8 212.0
6,534.2 6,746.2 738.8 738.8
13,791.8
Trust UK
Overseas
Total quoted UK
Overseas
Total unquoted UK
Total property Total
Fair value 1 October 2010 £m
1,212.2 4,433.0
5,645.2 211.9
5,628.8 5,840.7 707.9 707.9
12,193.8 Fair value Sales
Purchases £m
403.6
2,616.2 3,019.8 6.6
1,365.0 1,371.6 27.4 27.4
4,418.8
Purchases £m
296.6
1,891.8 2,188.4 6.6
976.5 983.1 27.4 27.4
3,198.9
proceeds £m
(410.6)
(2,524.3) (2,934.9) (16.5)
(1,272.2) (1,288.7) (59.3) (59.3)
(4,282.9) Sales
proceeds £m
(315.2)
(1,791.7) (2,106.9) (16.5)
(1,131.1) (1,147.6) (59.5) (59.5)
(3,314.0)
Total gains/ 30 September 2011 £m
(losses) £m
(135.9) (361.5)
(497.4) —
453.9 453.9 128.1 128.1 84.6
(losses) £m
1,113.0 4,781.3
5,894.3 202.1
7,080.9 7,283.0 835.0 835.0
14,012.3 Fair value
Total gains/ 30 September 2011 £m
(128.8) (290.5)
(419.3) —
441.7 441.7 114.1 114.1 136.5
1,064.8 4,242.6
5,307.4 202.0
5,915.9 6,117.9 789.9 789.9
12,215.2
The investment assets at fair value in the Trust and the Group include securities on loan at year end with fair value of £44.6 million (2010: £42.3 million); the Trust and the Group held cash collateral of £47.5 million (2010: £44.9 million) in respect of these securities. The Trust recognises the cash collateral held asset and a liability to return the cash collateral to the borrowers as disclosed in note 15(c) and note 17. During the year the maximum aggregate fair value of securities on loan was £273.7 million (2010: £175.5 million) and the Trust held £289.4 million (2010: £189.3 million) as collateral in respect of these securities. The income receivable due to securities lending activities is disclosed in note 2. No loaned securities were recalled but not obtained during the year and therefore no collateral was retained.
The unquoted valuation in the Trust and the Group above includes direct investments of £nil (2010: £nil) and other investments of £115.7 million (2010: £127.1 million) for which the valuation used is equal to cost less any impairment. For these investments the fair value cannot be reliably measured and therefore they are held at cost less any impairment.
Investment properties in the Trust and the Group have been valued at market value in accordance with the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors. The valuations were carried out by Gerald Eve, Savills (L and P) Limited and CB Richard Ellis.
58 | Annual Report 2011
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