47 (Expressed in Trinidad and Tobago Dollars) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS 30th June 2017 4 Summary of significant accounting policies (continued) n. Determination of fair values (continued) (iii) Investment properties and property, plant and equipment at fair value An external, independent valuation company, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, was used by NIBTT to value its investment property portfolio. The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly. (iv) Other The carrying amounts of financial assets and liabilities, included under other assets, cash and cash equivalents and other liabilities, approximate their fair values because of the short-term maturities on these instruments. The carrying values of fixed deposits are assumed to approximate fair value due to their term to maturity not exceeding one year. 30 June 2017 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Properties, plant and equipment – 511,625 – 511,625 Investment properties – 328,750 – 328,750 Investment in subsidiaries – – 2,000,488 2,000,488 – 840,375 2,000,488 2,840,863 30 June 2016 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Properties, plant and equipment – 333,112 – 333,112 Investment properties – 350,872 352 351,224 Investment in subsidiaries – 1,843,255 1,843,255 – 683,984 1,843,607 2,527,591 Movements in Level 3 financial instruments measured at fair value 2017 2016 $’000 $’000 Balance B/F 1,843,607 1,801,232 Adjustment 156,881 42,375 Balance at end of period 2,000,488 1,843,607