Annual Report - Campus Living Villages

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1 3 4 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$’000 CLOT 19. Accumulated losses June 2010 June 2009 Opening balance (14,750) (1,956) Loss for the year (11,440) (12,794) Balance at end of the year (26,190) (14,750) 20. Reserves a) Total reserves comprise: June 2010 June 2009 Opening balance (40,291) (42,164) Currency translation differences 607 1,873 Balance at the end of the year (39,684) (40,291) b) Reserves of total reserves June 2010 June 2009 Foreign currency translation reserves (1,740) (2,347) Business combination reserves (37,944) (37,944) Balance at the end of the year (39,684) (40,291) Foreign currency translation reserve The consolidated entity has subsidiaries that operate in the US, NZ and the UK with functional currencies of US Dollar (USD), New Zealand Dollar (NZD), British Pound (GBP) and respectively. As such, exchange differences arise when translating the financial information of these entities into the Australian Dollar, the reporting currency of the consolidated entity. Business combination reserve The reserve arose on formation of the CLOT group as a result of the deemed acquisition of the subsidiaries by Campus Living Villages NZ Limited. 21. Non-controlling interest June 2010 June 2009 Balance at the beginning of the year 702 207 Profit for the year 620 872 Distributions to non-controlling interests (294) (406) Foreign currency movements 7 29 Balance at the end of the year 1,035 702 Non-controlling interest represents 50% of the Student Furniture business in the US owned by another party. 22. Distributions There were no dividends or distributions made during the year (2009: Nil).
Campus Living Villages Annual Report 09/10 1 3 5 Campus Living Overseas Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 23. Key management personnel remuneration (denominated in A$) Key management personnel include directors of the Responsible Entity (“RE”), Campus Living Funds Management Limited (“CLFM”) and senior management of operations and development in the subsidiaries of the stapled entity. CLOT June 2010 June 2009 Short term benefits 935,924 1,187,418 Post employment benefits 51,011 5,658 Long term benefits 11,865 227,621 Total key management personnel remuneration 998,800 1,420,697 24. Auditors remuneration (denominated in A$) June 2010 June 2009 Remuneration for the audit of the financial report: PwC Australia 27,000 128,635 PwC Overseas 153,214 136,196 180,214 264,831 Remuneration for other services: PwC Australia - 18,823 PwC Overseas 109,709 - 109,709 18,823 25. Related party transactions A description of the parent entity and subsidiaries is provided in the Subsidiaries note (refer note 29) and disclosure of key management personnel remuneration is included in the Key management personnel disclosures note (refer note 23). Transactions with related parties The nature and type of related party transactions include: Management fees Management fees charged by management companies to the village operations are based on a percentage of revenue or gross operating profit. Loans and interest Loans are made between subsidiary companies and stapled entities to provide short term financing and better utilise group funds available. Loans are also in place between stapled entities and subsidiary companies on formation of the stapled entity. Interest is charged on loans between entities within the consolidated entity at rates that approximate bank lending rates. Refer to note 11 and 17 for Related party loans. Dividends and distributions Dividends and distributions are declared from subsidiary companies to entities within the group. Tax consolidation Refer to the Income Tax accounting policy note (refer note 1(e)).
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Annual Report For the year ended 30
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Annual Report - Campus Living Villages

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