Page 22 - 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

7. Investment property

The investment property is pledged to secure an overdraft facility with the bank
(Note 12).

2024 2023
$ $
Cost
Beginning and end of the financial year 569,523 569,523

Accumulated depreciation
Beginning of the financial year 341,700 330,310
Depreciation 11,390 11,390
End of the financial year 353,090 341,700

Net book value
End of financial year 216,433 227,823

The following amounts are derived from investment property and recognised in the
income and expenditure statement:

2024 2023
$ $

Rental income – operating lease (Note 3) 38,400 31,487
Direct operating expenses arising from investment
property that generates rental income (5,330) (2,940)
33,070 28,547

As at the balance sheet date, the details of the investment property as at year-end
are as follows:

Lettable Area
(square
Location Description Tenure metre)

20 Kramat Lane 1 unit on the fourth floor Freehold 66
#04-12 of a 5 level commercial
development

The fair value of the investment property as at 31 December 2024 based on a
valuation performed by an independent professional valuer is $1,800,000 (2023:
$1,800,000).

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