A charity acquired a large premises in the UK 50 years ago and it's in use daily. However, it keeps the asset on the balance sheet at cost. I do not believe this is a "true and fair" picture of the balance sheet. The rest of the board, accountants and even audiors seem OK with it.
I know IFRS mandates a revaluation at least every 5 years, but am not clear if revaluation is actually mandated in the UK.