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Investment property

6 Months Ended

Dec. 31, 2022

16 Investment property


		Total
		£’000
At 1 July 2022
Cost		20,553
Accumulated depreciation and impairment		(280)
Net book amount		20,273
Six months ended 31 December 2022
Opening net book amount		20,273
Depreciation charge		(140)
Closing net book amount		20,133
At 31 December 2022
Cost		32,193
Accumulated depreciation and impairment		(12,060)
Net book amount		20,133

At 1 July 2021
Cost		32,193
Accumulated depreciation and impairment		(11,640)
Net book amount		20,553
Six months ended 31 December 2021
Opening net book amount		20,553
Depreciation charge		(140)
Closing net book amount		20,413
At 31 December 2021
Cost		32,193
Accumulated depreciation and impairment		(11,780)
Net book amount		20,413

Investment properties were externally valued as of 30 June 2022 in accordance with the Royal Institution of Chartered Surveyors (“RICS”) Valuation - Global Standards 2017 on the basis of Fair Value (as defined in the Standards). The fair value of investment properties as of 30 June 2022 was £38,250,000. Management has considered the carrying amount of investment property as of 31 December 2022 and concluded that, as there are no indicators of impairment, an impairment test is not required.

Fair value of investment properties is determined using inputs that are not based on observable market data, consequently the asset is categorized as Level 3.