Page 13 - NYAA FY2024

Docusign Envelope ID: F067D57E-6E60-4F26-8227-97F17DC4DBB9

NATIONAL YOUTH ACHIEVEMENT AWARD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2024

2. Material accounting policy information (continued)

2.4 Property, plant and equipment (continued)

The residual values, estimated useful lives and depreciation method of property,
plant and equipment are reviewed, and adjusted as appropriate, at each balance
sheet date. The effects of any revision are recognised in the income and
expenditure statement when the changes arise.

On disposal of an item of property, plant and equipment, the difference between the
disposal proceeds and its carrying amount is recognised in the income and
expenditure statement.

2.5 Borrowing costs

Borrowing costs are recognised in the income and expenditure statement using the
effective interest method.

2.6 Investment property

Investment property comprises office space held for long term rental yields and/or
for capital appreciation.

Investment property is initially recognised at cost and subsequently carried at cost
less accumulated depreciation and accumulated impairment losses. Depreciation
is calculated using a straight-line method to allocate the depreciable amounts over
the estimated useful life of 50 years. The residual values, useful life and
depreciation method of investment property are reviewed, and adjusted as
appropriate, at each balance sheet date. The effects of any revision are included in
the income and expenditure statement when the changes arise.

Investment property is subject to valuation by independent professional valuers on
the market comparison method and the valuation is disclosed in Note 7.

2.7 Intangible assets

Intangible assets are initially recognised at cost and are subsequently carried at
cost less accumulated amortisation and accumulated impairment losses. These
costs are amortised to profit or loss using the straight-line method over the shorter
of their estimated useful lives and periods of contractual rights.

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