✨ Financial Statements Notes
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
During the 2012/13 financial year the refurbishment of Allendale House and the construction of an adjoining annexe were completed.
On completion of this project the Trust’s property at 50-52 Ponsonby Road was revalued by Seagar and Partners (Auckland) Limited, Registered Valuers. The valuation, dated 22 February 2013, was based on the current market value taking account of estimated market rentals and capitalisation rates. The valuation took account of observable prices in an active market. Where estimates were used, they were made on the basis of appropriate valuation techniques. Key assumptions included the Category 1 New Zealand Historic Places Heritage Rating on Allendale House and occupancy and rental rates.
Land and Buildings (Allendale House and the 2013 Annexe) were revalued at $6.7 million being fair market value at 31 March 2013, as determined by valuation. Accounted for in the 2013/14 financial year Statement of Changes in Trust Funds, is a further deficit on revaluation of $152,000 (2013: $381,000). The 2013/14 amount is additional building cost incurred during the financial year. In March 2014 the Trust engaged Seagar and Partners (Auckland) Limited, Registered Valuers to ascertain if there was any indication of impairment requiring a full valuation. Their report stated that there was no material change in valuation during the financial year ie no indication or evidence of impairment.
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NZ Gazette 2014, No 105
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial Statements, Community Trusts, Revenue, Expenses, Grants, NZ IFRS 9, Financial Instruments, Financial Reporting Framework, Public Benefit Entities