Notes to the Financial Statements

12. Investment Properties

The investment property represents a 50% interest in freehold property and has been independently valued by Lisney as at 31 December 2022 on an open market valuation basis. The valuation represented the valuer’s opinion of market value at 31 December 2022 and has been prepared in accordance with the RICS Valuation – Global Standards (incorporating the International Valuation Standards) published July 2017 by the Royal Institution of Chartered Surveyors. The valuer noted that values are subject to changes on account of market adjustments and other factors, and that values in the future may therefore be higher or lower than at the valuation date. A fair value loss of €0.85m arose in 2022 (2021: €Nil). Any loss/surplus arising on this revaluation are charged/credited to the fair value movement on investment property line of the Profit and Loss account.

	2022
	€’000
At 1 January 2022	9,165
Fair value movement	(850)
At 31 December 2022	8,315