|Cost or fair value|
|At 30 June 2012||8,801||5||49||96||89||239|
|Transfer to inventories||(1,120)||—||—||—||—||—|
|At 30 June 2013||7,681||5||123||144||91||363|
|At 30 June 2014||7,681||5||115||183||94||397|
|At 30 June 2012||—||3||47||55||66||171|
|At 30 June 2013||—||4||33||75||78||190|
|At 30 June 2014||—||5||45||109||85||244|
|Net book value|
|At 30 June 2014||7,681||—||70||74||9||153|
|At 30 June 2013||7,681||1||90||69||13||173|
|At 30 June 2012||8,801||2||2||41||23||68|
All investment property is stated at cost and reviewed annually for impairment.
The investment property was valued by CBRE Ltd in March 2013 in accordance with the current edition of the RICS Valuation Professional Standards, published by the Royal Institution of Chartered Surveyors, at £9.64 million. Investment property continues to be held by the Group for long term investment. The property is recorded as an investment property and is valued by the Directors on a deemed cost basis at £7,681,000, which was the fair value of the property on acquisition. The investment property is not depreciated, as it is reviewed annually for impairment. An explanation of the fair value of the investment property is included in note 27.
The historical cost of the investment property at 30 June 2014 as noted in Poole Investments Limited's financial statements is £1,093,693 (2013: £1,093,693).
The direct operating expenses for the period arising from the investment property was £nil (2013: £11,000). The investment property generated no rental income during the period.