52 (Expressed in Trinidad and Tobago Dollars) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS 30th June 2017 8 Financial assets at fair value through profit or loss (continued) 2017 2016 $’000 $’000 c. Mutual funds Quoted Foreign 86,045 80,321 Local 787,481 898,900 Unquoted 51,988 51,228 925,514 1,030,449 9 Mortgage advances 2017 2016 $’000 $’000 Mortgage balances are stated net of the provisions for impairment as follows: Gross mortgage advances 54,381 57,675 Provision for non-performing advances (51,746) (51,746) 2,635 5,929 The movement in the provision for non-performing advances was as follows: Provisions as at 1 July 51,746 51,997 Movement for the year – (251) Provisions at end of period 51,746 51,746 Mortgage advances earn interest at an average effective rate of 8.00% (2016: 8.00%). 10 Property being developed for sale In 2004, the NIBTT commenced development of a residential gated community in D’Abadie, Omeara known as Riverwoods, comprising single-family homes and townhouses. The construction of the single family homes were divided into four (4) phases, two (2) of which have been completed. The two (2) remaining phases were successfully completed in 2017. The carrying value of properties being developed for sale was arrived at as follows: 2017 2016 $’000 $’000 Cost as at 1 July 31,997 59,625 Previous cost allocated for completion (8,618) – Less provision for diminution in value (4,670) (27,628) 18,709 31,997 The movement in the provision for diminution in value of property being developed for sale: Provisions as at 1 July 27,628 12,694 Cost written-off in the period (22,958) (2,029) Estimated increase/(decrease) in costs to completion – 16,963 Provisions at end of period 4,670 27,628