✨ Financial Statements Notes
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
Fixed Assets
Fixed Assets with exception of land and buildings are measured at cost, less accumulated depreciation and accumulated impairment losses.
Land (50-52 Ponsonby Road) and buildings (Allendale House and Annexe-2013) are measured at fair value at the date of revaluation less subsequent accumulated depreciation on buildings and subsequent impairment losses. Valuations are performed with sufficient frequency to ensure that the fair value of the revalued asset does not differ materially from its carrying amount.
A revaluation increase is recorded in Other Comprehensive Income and credited to the Asset Revaluation Reserve in the Trust Funds. However, to the extent that it reverses a revaluation decrease in the same class of asset previously recognised in profit or loss, the increase is recognised in profit or loss. A revaluation decrease is recognised in profit or loss, except to the extent that it offsets an existing credit balance on the same class of asset in the Asset Revaluation Reserve.
From 1 April 2008 Allendale House building is no longer depreciated as it has a New Zealand Historic Places Trust classification and the useful life of the asset is considered indefinite. The resulting depreciation would be immaterial.
Fixed Assets are reviewed annually to determine any impairment losses. Impairment losses are recognised in the Statements of Comprehensive Income.
Depreciation and Impairment Losses
Except for Allendale House which is not depreciated, and the 2013 Annexe which is depreciated on a straight line basis, depreciation is provided over the useful life of the assets on the diminishing balance basis.
The rates used are those approved by Trustees as follows:
| Method | 2014 | 2013 | |
|---|---|---|---|
| 2013 Annexe | Straight Line | 2% | 2% |
| Office Equipment, Plant and Furniture | Diminishing Balance | 9.5% - 60.0% | 9.5% - 60.0% |
Foreign Currency Transactions and Balances
Foreign Currency transactions are recorded in New Zealand dollars at the spot exchange rate applying at the date of the transaction.
All outstanding balances denominated in foreign currencies at balance date are translated to New Zealand dollars at the balance date closing exchange rate.
All realised and unrealised gains and losses on foreign currency transactions are recognised in the Statements of Comprehensive Income.
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NZ Gazette 2014, No 105
✨ LLM interpretation of page content
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial Statements, Community Trusts, Revenue, Expenses, Grants