RBS 2007 Annual Report Download - page 167
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165
RBS Group • Annual Report and Accounts 2007
Financial statements
2007 2006
£m £m
Contracts for future capital expenditure not provided for in the accounts
at the year end (excluding investment properties and operating lease assets) 201 117
Contractual obligations to purchase, construct or develop investment
properties or to repair, maintain or enhance investment properties 9 6
Property, plant and equipment pledged as security 935 1,222
Investment properties are valued to reflect fair value, that is,
the market value of the Group’s interest at the reporting date
excluding any special terms or circumstances relating to the
use or financing of the property and transaction costs that
would be incurred in making a sale. Observed market data
such as rental yield, replacement cost and useful life, reflect
relatively few transactions involving property that, necessarily,
is not identical to property owned by the Group.
Valuations are carried out by qualified surveyors who are
members of the Royal Institution of Chartered Surveyors, or an
equivalent overseas body. The valuation as at 31 December
2007 for a significant majority of the Group’s investment
properties was undertaken by external valuers.
The fair value of investment properties includes £234 million
(2006 – £451 million) of appreciation since purchase.
Rental income from investment properties was £300 million
(2006 – £278 million; 2005 – £250 million). Direct operating
expenses of investment properties were £49 million (2006 –
£54 million; 2005 – £61 million).
Property, plant and equipment, excluding investment
properties, include £717 million (2006 – £607 million) assets in
the course of construction.
Freehold and long leasehold properties with a net book value
of £451 million (2006 – £164 million; 2005 – £63 million) were
sold subject to operating leases.
19 Prepayments, accrued income and other assets
Group Company
2007 2006 2007 2006
£m £m £m £m
Prepayments 2,187 946 ——
Accrued income 1,214 668 ——
Deferred expenses 385 367 ——
Deferred tax asset 2,944 156 —3
Pension schemes in net surplus 836 ———
Other assets 11,500 5,999 127 —
19,066 8,136 127 3