Berry Street Web Docs Financial Report 2012 | Page 21
BERRY STREET VICTORIA INC.
ABN 24 719 196 762
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2012
NOTE 8: PROPERTY, PLANT AND EQUIPMENT (Continued)
Independent valuations of all properties (except for the property that was donated to the Association in June
2011) were performed by the following valuers, Goulburn Valley Property Services, Burnham Corporation
and CJA Lee & Associates during the months of November 2011 – June 2012 with the total valuation
increment being $197,012. The total value of land and buildings as at 30 June 2012 was $8,691,095. The
effect of the valuations were to restate the value of land and buildings from which the association has a right
to the economic benefit from the asset, to fair value as at 30 June 2012.
It is the policy of the Association to revalue land and buildings every three years and this will next occur
during the 2014-2015 financial year. Valuers were instructed to determine fair market values for the
properties and these were based on the direct comparison approach, using recent sales of properties in the
neighbourhood, making adjustments for quality and condition of improvements, aspects of the land as well
as redevelopment potential.
2012
$
2011
$
NOTE 9: INTANGIBLE ASSETS
1,937,590
(345,508)
1,592,082
Cost
Accumulated amortisation
Net carrying value
1,750,137
(71,062)
1,679,075
Intranet software was purchased in 2012 and is a finite life intangible asset carried at cost less any
accumulated amortisation. It has an estimated useful life of three years. It will be assessed annually for
impairment.
Balance at the beginning of the year
Additions
Amortisation charge
30,129
172,205
(93,670)
108,664
50,123
(19,994)
30,129
A property was donated to the Association in June 2011. The property was donated subject to various
conditions of use in relation to the running of a specific project, as such the property was considered to be
treated and classified as an intangible asset with a finite life in accordance with AASB138 Intangible Assets.
The property was recognised at cost which is deemed to be the fair value of the property at the time it was
donated and is amortised over the period of the specific project deemed to be ten years.
1,648,946
(165,528)
1,483,418
Balance at the beginning of the year
Additions
Amortisation Charge
20
1,650,000
(1,054)
1,648,946