No significant changes in the nature of these activities occurred during the year. Signed in accordance with a resolution of the Members of the Committee. The Accompanying Notes form part of these Financial Statements. The Accompanying Notes form part of these Financial Statements. The financial statements have also been prepared on the basis of historical costs and do not take into account changing money values or, except where stated, current valuations of non-current assets.
Cost is based on the fair values of the consideration given in exchange for assets.
The accounting policies have been consistently applied, unless otherwise stated. The following is a summary of the material accounting policies adopted by the Association in the preparation of the financial statements. The depreciable amount of all fixed assets are depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use. The carrying amount of fixed assets is reviewed annually by Committee Members to ensure it is not in excess of the recoverable amount of those assets. The expected net cashflows have not been discounted to their present values in determining the recoverable amounts.