Annual Report - Campus Living Villages

1 3 2 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
15. Trade and other payables
June 2010 June 2009
Trade creditors 1,880 2,567
Other creditors and accruals 9,760 6,665
Total trade and other payables 11,640 9,232
16. Provisions
June 2010 June 2009
Current portion
Annual leave 210 183
Non-current portion
Performance fee 31 266
Total provisions 241 449
The performance fee payable to CLFM is subject to total fund management fees in any year being capped at 1.5% of the Net Asset
Value (“NAV”) as determined in the final NAV of the Fund. The fee above the cap is $0.0m (2009: $0.300m) and will be payable in future
years if the fees earned in those years are below the cap.
This amount has been subjected to various probability scenarios and discounted at 12% (2009: 12%) resulting in recognition of a
provision of $0.0m (2009: $0.266m). A change in the discount rate of 1% results in a $0.0m (2009: $0.003m) change to the provision.
17. Borrowings
a) Borrowings are classified into current and non-current borrowings as follows:
June 2010 June 2009
Current
Lease liabilities 286 224
Loans from related parties 26,668 46,117
Total current borrowings 26,954 46,341
Non-current
Loans from financial institutions 66,122 61,396
Lease liabilities 1,177 1,150
Loans from related parties 39,933 17,483
Total non-current borrowings 107,232 80,029
The sum of the carrying amount of borrowings and the interest rate swap asset and liabilities approximate the fair value of
the borrowings.