Annual Report 2010
78
Notes to the financial statements (Cont.)
Year ended 31 December 2010
3.10 Leases When the Association is a lessee of an operating lease Where the Association has the use of assets under operating leases, payments made under the leases are recognised in income and expenditure on the straight-line basis over the term of the lease. Lease incentives received are recognised in the income and expenditure as an integral part of the total operating expenses. 3.11 New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are effective for the annual periods beginning after 1 January 2010, and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Association.
4
Property, plant and equipment Computer Furniture Office Office equipment and fittings equipment renovation Total $ $ $ $ $ Cost At 1 January 2009 691,322 577,924 278,562 413,539 1,961,347 Additions 199,340 42,328 25,622 160,849 428,139 Write off (453,741) – – (283,322) (737,063) At 31 December 2009 436,921 620,252 304,184 291,066 1,652,423 Additions 71,704 44,727 27,217 152,878 296,526 At 31 December 2010 508,625 664,979 331,401 443,944 1,948,949 Accumulated depreciation At 1 January 2009 581,615 433,073 253,801 356,476 1,624,965 Depreciation charge for the year 74,319 40,639 7,703 54,110 176,771 Write off (453,741) – – (283,322) (737,063) At 31 December 2009 202,193 473,712 261,504 127,264 1,064,673 Depreciation charge for the year 129,419 48,563 12,528 94,910 285,420 At 31 December 2010 331,612 522,275 274,032 222,174 1,350,093
Carrying amount At 1 January 2009 109,707 144,851 24,761 At 31 December 2009 234,728 146,540 42,680 At 31 December 2010 177,013 142,704 57,369
57,063 163,802 221,770
336,382 587,750 598,856