Annual Report - Campus Living Villages

Campus Living Villages Annual Report 09/10 1 2 7
Campus Living Overseas Trust
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
A$’000
c) Deferred taxation
June 2010 June 2009
Deferred taxation asset (872) (135)
Deferred taxation liability 11,101 6,123
Net deferred taxation liability 10,229 5,988
CLOT
This balance comprises temporary differences attributed to:
- Property, plant and equipment 9,001 4,037
- Intangible assets 3,921 4,192
- Provisions 12 (82)
- Other 14 (397)
12,948 7,750
Deferred tax attributes to unused tax losses and tax credits (2,719) (1,762)
Net deferred taxation liability 10,229 5,988
The movement in the deferred tax balance for the year is:
- Opening balance 5,988 7,524
- Change recorded in the income statement 3,788 (1,522)
- Reclassification of tax receivable 440 -
- Foreign currency translation movements 13 (14)
Closing balance 10,229 5,988
d) Unrecognised tax losses
CLOT, as head entity of the Australian tax consolidated group from 1 July 2007, did not recognise a deferred tax asset for Australian tax
losses incurred from 1 July 2007. The estimated tax losses of $65k will potentially recognise a deferred tax asset of $20k.
Campus Living Villages UK Limited did not recognise a deferred tax asset for UK tax losses incurred from 1 July 2008. The estimated
tax losses of £1.155m will potentially recognise a deferred tax asset of £323k.
CCHM Management Holdings Corporation did not recognise a deferred tax asset for US tax losses incurred from 9 January 2007. The
estimated tax losses of US$7.575m will potentially recognise a deferred tax asset of US$2.651m.
7. Cash and cash equivalents and notes to the cash flow statement
a) Cash at year end comprises:
June 2010 June 2009
Cash at bank and on hand 4,647 8,074
Restricted cash 2,145 1,163
Cash and cash equivalents 6,792 9,237
Cash balance per cash flow statement 6,792 9,237
Cash at bank and on hand and restricted cash earns interest at floating rates with a weighted average of 3% (2009: 2%). The property
business holds restricted cash for certain uses under loan agreements, statutory requirements such as rules relating to resident
security deposits, and asset maintenance agreements with the universities.