Annual Report - Campus Living Villages

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1 1 4 Campus Living Villages Annual Report 09/10 Campus Living Overseas Trust CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2010 A$’000 CLOT Notes June 2010 June 2009 Cash flows from operating activities Receipts from customers 27,110 26,378 Payments to suppliers and employees (19,637) (22,371) Interest received 556 703 Interest paid (6,246) (4,602) Income taxes net refund 435 - Net cash inflow from operating activities 7 2,218 108 Cash flows from investing activities Disposal of assets 12 - Capital expenditure (5,813) (30,568) Net cash outflow from investing activities (5,801) (30,568) Cash flows from financing activities Proceeds from issue of equity 2,070 3,378 Equity raising costs (2) (77) Proceeds from external borrowings 6,229 15,665 Net advances (to)/from related parties (6,681) 16,651 Net cash inflow from financing activities 1,616 35,617 Net increase in cash and cash equivalents (1,967) 5,157 Effects of exchange rate changes on cash and cash equivalents (478) 571 Cash and cash equivalents at the beginning of the financial year 9,237 3,509 Cash and cash equivalents at the end of the financial year 6,792 9,237 The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
Campus Living Villages Annual Report 09/10 1 1 5 Campus Living Overseas Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 1. Summary of accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied for the entire period presented, unless otherwise stated. The financial statements for the Campus Living Overseas Trust (“CLOT”), consist of the parent entity and its subsidiaries. CLOT is one of four tusts in a stapled group that form the Campus Living Villages Fund (“the Fund”), the units of which can only be purchased or sold in their current stapled arrangement. a) Basis of preparation This general purpose financial report has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Boardand the Corporations Act 2001. Compliance with IFRS The consolidated financial statements and notes of the Fund comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Historical cost convention These financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) which are carried at fair value through profit or loss. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the consolidated entity, (as set out in “ Business combinations” note 1 (g)). CLOT treats transactions with non-controlling interests as transactions with parties external to CLOT. Disposals to noncontrolling interests result in gains and losses for CLOT that are recorded in the statement of comprehensive income. Purchases from non-controlling interests result in goodwill, being the difference between any consideration paid and the relevant share acquired of the carrying value of identifiable net assets of the subsidiary. Intercompany transactions, balances and unrealised gains on transactions between consolidated entity companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of comprehensive income and balance sheet respectively. CLOT Critical accounting estimates The preparation of financial statements in conformity with AIFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the entity’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are set out in the applicable accounting policy note. Refer to Goodwill note 14 and Provisions note 16. b) Principles of consolidation Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of CLOT as at 30 June 2010 and the results of all subsidiaries for the year then ended. CLOT and its subsidiaries together are referred to in this financial report as the consolidated entity. Subsidiaries are all those entities (including special purpose entities) over which the consolidated entity has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the consolidated entity controls another entity. c) Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the consolidated entity’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollars, which is the consolidated entity’s functional and presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss.
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Annual Report - Campus Living Villages

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