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the item will flow to the Agency and the cost of the item can be measured reliably. The carrying
asset, as appropriate, only when it is probable that future economic benefits associated with
to the statement of profit or loss and other comprehensive income during the financial period
Subsequent costs are included in the asset’s carrying amount or recognised as a separate
the lease immediately preceding the change; (ii) any reduction in lease payments affects only
payments originally due on or before 30 June 2021; and (iii) there is no substantive change to
concessions granted by the lessors as a result of the pandemic during the year ended 31
Agency’s buildings have been reduced by the lessors as a result of the pandemic and there
were no other changes to the terms of the leases. The Agency has early adopted the
amendment on 1 April 2020 and elected not to apply lease modification accounting for all rent
During the year ended 31 March 2021, certain monthly lease payments for the leases of the
amount of the replaced part is derecognised. All other repairs and maintenance are charged
other terms and conditions of the lease. The amendment is effective for annual periods
beginning on or after 1 June 2020 with earlier application permitted and shall be applied
Depreciation is calculated using the straight-line method to allocate their cost over their
modification accounting for rent concessions arising as a direct consequence of the covid-19
Amendment to HKFRS 16 provides a practical expedient for lessees to elect not to apply lease
losses. Historical cost includes expenditure that is directly attributable to the acquisition of the
Property, plant and equipment are stated at historical cost less depreciation and impairment
consideration for the lease that is substantially the same as, or less than, the consideration for
March 2021. Accordingly, a reduction in the lease payments arising from the rent concessions
of HK$1,072,980 has been accounted for as a variable lease payment by derecognising part
pandemic. The practical expedient applies only to rent concessions occurring as a direct
consequence of the pandemic and only if (i) the change in lease payments results in revised
of the lease liabilities and crediting to profit or loss for the year ended 31 March 2021.
3 years 5 years 3 years The asset’s residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. The asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 2.5). Gains and losses on disposals are det
AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Summary of significant accounting policies (Continued) Changes in accounting policy retrospectively. Property, plant and equipment in which they are incurred. estimated useful lives as follows: Computers Furniture and equipment Leasehold improvements comprehensive income.

2. 2.2 2.3 items.

principal place of business is located at Room 602, Duke of Windsor Social Service Building,
Hong Kong limited by guarantee and not having a share capital. Its registered office and
The Agency for Volunteer Service (the “Agency”) is a company incorporated and domiciled in
quality Financial Companies
building a civil society and caring community through the promotion and development of
The Agency is a non-profit organisation dedicated to playing a proactive and pivotal role in
and Kong
value-added Hong Kong Hong

provide with the of Covid-19-Related Rent Concessions (early adopted)

to accordance requirements Interest Rate Benchmark Reform
organisations sustainable volunteerism. It develops partnership with all sectors of the community to mobilise and groups The income and assets of the Agency must be applied solely towards the promotion of the objectives set out in the Agency’s Articles of Association. In the event of the Agency being wound up, every member shall contribute to the assets of the Agency to the extent of HK$100 each. The Agency’s funds are not d

AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Company information 15 Hennessy Road, Wanchai, Hong Kong. individuals, facilitate volunteer service. Revenue Ordinance. Summary of significant accounting policies Basis of preparation have statements financial (“HKFRSs”) Standards Reporting period commencing 1 April 2020: Amendment to HKFRS 16 Amendment to IAS 1 and IAS8 Amend

1. and 2. 2.1 The