✨ Financial Statements
14 SEPTEMBER 2012 NEW ZEALAND GAZETTE, No. 114 3275
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012
The first revaluation of the Trust’s property Allendale House, 50 Ponsonby Road, Auckland took place in August 2008. The valuation was undertaken by Colliers International NZ Limited, a qualified and independent, registered valuer. The valuation was based on the then current market value using an estimated market rental and capitalisation rates. The valuation took account of observable prices in an active market, and where estimates were used, on the basis of appropriate valuation techniques, with one of the key assumptions being occupancy rates. Land and Buildings were revalued to $2.65 million at 31 March 2009, being the fair market value as determined by the valuation. The surplus on revaluation was $892,000.
Allendale House has a Category 1 New Zealand Historic Places rating. During the 2010/11 financial year, as a part of its commitment to preserving Auckland’s heritage, the Trust approved certain works for Allendale House. These works include the replacement of air conditioning systems and roof, earthquake strengthening, and the implementation of a fire retardant sprinkler system.
During the year an assessment was made of the long term viability of the Annexe to Allendale House built in 1991/92. As a result of this reassessment Trustees approved the demolition of the Annexe and its replacement with an Annexe more suited to the Trust’s long term requirements. The 1991/92 Annexe was derecognised during this financial year. The derecognition cost is disclosed in Note 7: Administration Expenses.
These improvements are expected to enhance the value of the Trust’s property.
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NZ Gazette 2012, No 114
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Notes to the Financial Statements of ASB Community Trust
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💰 Finance & RevenueFinancial Statements, Fixed Assets, Land and Buildings, Work in Progress, Office Equipment, Depreciation, Impairment Losses