Page 24 - 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

9. Leases – The Association as a lessee (continued)

(b) Depreciation charge during the year

2024 2023
$ $

Office space 141,060 141,062

(c) Interest expense

2024 2023
$ $

Interest expense on lease liabilities 7,166 14,758

(d) Total cash outflow for all leases in 2024 was $159,180 (2023: $153,294).

10. Leases – The Association as a lessor

Nature of the Association's leasing activities

The Association has leased out their owned investment property to a third party for
monthly lease payments. This lease is classified as an operating lease because the
risk and rewards incidental to ownership of the asset is not substantially transferred.

Rental income from investment properties are disclosed in Note 7.

Undiscounted lease payments from the operating leases to be received after the
reporting date are as follows:

2024 2023
$ $

Less than one year 38,400 30,348
Total undiscounted lease payment 38,400 30,348

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