Annual Report - Campus Living Villages

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1 3 0 Campus Living Villages Annual Report 09/10 Campus Living Overseas Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 CLOT 11. Non-current receivables June 2010 June 2009 Loans to group companies 16,997 11,177 Total non-current receivables 16,997 11,177 The consolidated entity has a loan with CLV Accommodation Holdings Pty Limited of $16m (2009: $8.5m), which bears interest at the NZ 90 day bank bill rate plus 4% margin (2009: 0.25% margin) and is repayable on 22 November 2017. 12. Other non-current assets June 2010 June 2009 Deferred expenses and other capitalised costs 143 - 13. Property, plant and equipment Land and buildings plant and equipment leased assets total June 2010 Cost of fair value 81,244 8,894 25,877 116,015 Accumulated depreciation (6,231) (3,417) (3,283) (12,931) Net book amount 75,013 5,477 22,594 103,084 Reconciliation of opening to closing net book amount Opening net book amount 76,365 3,895 22,952 103,212 Additions 2,779 3,034 - 5,813 Depreciation (2,036) (1,255) (739) (4,030) Disposals - (12) - (12) Foreign currency movements (2,095) (185) 381 (1,899) Closing net book amount 75,013 5,477 22,594 103,084 June 2009 Cost of fair value 79,154 6,930 25,453 111,537 Accumulated depreciation (2,789) (3,035) (2,501) (8,325) Net book amount 76,365 3,895 22,952 103,212 Reconciliation of opening to closing net book amount Opening net book amount 51,326 3,140 23,453 77,919 Additions 26,469 1,738 - 28,207 Depreciation (1,448) (1,466) (744) (3,658) Foreign currency movements 18 483 243 744 Closing net book amount 76,365 3,895 22,952 103,212 Details of assets pledged as security are included in the borrowings note (refer note 17).
Campus Living Villages Annual Report 09/10 1 3 1 Campus Living Overseas Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 14. Intangible assets goodwill other INtangibles TOTAL CLOT June 2010 Cost or fair value 2,721 17,613 20,334 Accumulated amortisation - (2,906) (2,906) Net book amount 2,721 14,707 17,428 Reconciliation of opening to closing net book amount Opening net book amount 2,855 15,525 18,380 Amortisation - (1,040) (1,040) Foreign currency movements (134) 222 88 Closing net book amount 2,721 14,707 17,428 June 2009 Cost or fair value 2,855 18,222 21,077 Accumulated amortisation - (2,697) (2,697) Net book amount 2,855 15,525 18,380 Reconciliation of opening to closing net book amount Opening net book amount 2,411 16,295 18,706 Amortisation - (1,184) (1,184) Foreign currency movements 444 414 858 Closing net book amount 2,855 15,525 18,380 Goodwill Goodwill relates to the Management businesses. Goodwill is not amortised and is subject to an annual impairment test. The recoverable amount is determined by value-in-use calculations. The value-in-use calculations use cash flow projections based on financial budgets in the Fund valuation model adjusted for latest market conditions and business developments. The key assumptions in the cash flow forecasts are rental growth (4%), facility management fee income growth (3%), capital expenditure growth (3%) and discount rate 10.0% (2009: 11.5%). The recoverable amounts of the US Management non-current assets are $18.4m (2009: $19m) which is in excess of the carrying amount of $9m (2009: $10m). Management do not consider changes in the underlying assumptions to have a significant effect on the recoverable amount and possible impairment of goodwill. Other intangibles include management and student contracts. Other Intangibles Other Intangibles include student and management contracts. Management contracts acquired as part of a business combination are recognised separately from goodwill. The management contracts are carried at their fair value at the date of acquisition less accumulated amortisation and impairment losses. Amortisation of management contracts is calculated based on the timing of projected cash flows of the contracts over their estimated useful lives, which currently vary from 20 to 30 years.
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Annual Report - Campus Living Villages

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