notes to the financial statements - Far East Orchard Limited

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 20. Other non-current assets 56 The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 At cost Available-for-sale financial assets - unlisted securities 1,336 1,336 - - Country club membership 228 213 228 213 1,564 1,549 228 213 Less: Impairment losses Available-for-sale financial assets - unlisted securities (1,336) (1,336) - - Country club membership (117) (117) (117) (117) 111 96 111 96 Investments are classified as non-current assets, unless they are expected to be realised within twelve months of the balance sheet date or unless they need to be sold to raise operating capital. 21. Investment properties The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 (a) Beginning of financial year 152,976 130,745 94,937 83,543 Exchange differences (243) 1 - - Reclassified from property, plant and equipment (Note 22) - 2,228 - 2,228 Additions 406 1,069 301 - Adjustment on revaluation to: - income statement (Note 4) 15,818 18,933 15,086 9,166 End of financial year 168,957 152,976 110,324 94,937 ANNUAL REPORT 2008 ORCHARD PARADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 21. Investment properties (continued) (b) Investment properties are carried at fair values at the balance sheet date as determined by independent professional valuers on an open market value basis. Investment properties are leased to third parties and related parties [Note 35(a)] under operating leases. As at 31 December 2008, investment properties with a carrying amount of $163,764,000 (2007: $147,541,000) were pledged as security for banking facilities of the Group (Note 25). The following amounts are recognised in the income statement: The Group 2008 2007 $’000 $’000 Rental income 9,283 8,349 Direct operating expenses (2,875) (2,685) (c) Details of investment properties are: Unexpired term Tenure of the lease Singapore Shops and offices at Orchard Parade Hotel, Tanglin Road Freehold - Shops at Albert Court Hotel, Albert Street Leasehold 81 years Shops and offices at Central Square, Havelock Road Leasehold 85 years 4 office units at Tanglin Shopping Centre, Tanglin Road Freehold - Malaysia 24-storey commercial building known as Plaza Atrium, Kuala Lumpur Freehold - ORCHARD PARADE HOLDINGS LIMITED ANNUAL REPORT 2008 57
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Orchard Parade Holdings Limited Ann
Page 3 and 4:
Corporate Information BOARD OF DIRE
Page 5 and 6:
The Group sold 12 units of The Flor
Page 7 and 8: Profile of the Board of Directors &
Page 9 and 10: Organisation Chart as at 27 March 2
Page 11 and 12: Corporate Governance Statement as a
Page 21 and 22: DIRECTORS’ REPORT For the financi
Page 23 and 24: DIRECTORS’ REPORT For the financi
Page 25 and 26: INDEPENDENT AUDITOR’S REPORT TO T
Page 27 and 28: CONSOLIDATED INCOME STATEMENT For t
Page 29 and 30: CONSOLIDATED STATEMENT OF CHANGES I
Page 31 and 32: NOTES TO THE FINANCIAL STATEMENTS F
Page 57: NOTES TO THE FINANCIAL STATEMENTS F
Page 87 and 88: STATISTICS OF SHAREHOLDINGS as at 2
Page 89 and 90: NOTICE OF ANNUAL GENERAL MEETING NO
Page 91 and 92: NOTICE OF ANNUAL GENERAL MEETING No
Page 93 and 94: ORCHARD PARADE HOLDINGS LIMITED (Re
Page 96: Orchard Parade Holdings Limited (Re
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notes to the financial statements - Far East Orchard Limited

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