Berry Street Web Docs Financial Report 2009 | Page 18

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
NOTE 9: PROPERTY, PLANT AND EQUIPMENT (Continued)

It is the policy of the association to revalue land and buildings every three years and this will next occur during
the 2010-2011 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.
2009
$

2008
$

NOTE 10: INTANGIBLE ASSET
100,137
(29,986)
70,151

Cost
Accumulated amortisation
Net carrying value

100,137
(9,959)
90,178

Payroll software was purchased in 2008 and is a finite life intangible asset carried at cost less any
accumulated amortisation. It has an estimated useful life of five years. It will be assessed annually for
impairment.

NOTE 11: TRADE AND OTHER PAYABLES
CURRENT
Trade payables
Client funds
Other current payables
Accrued annual leave
Total trade and other payables

438,267
534,740
1,586,623
1,715,168
4,274,798

651,292
477,744
1,785,134
1,490,059
4,404,229

CURRENT
Lease liabilities

3,267,632

2,855,820

NON - CURRENT
Lease liabilities

1,523,732

1,291,689

Trade payables are due in 30 days from date of receipt of invoice.

NOTE 12: BORROWINGS

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