Annual Report - Campus Living Villages

1 3 6 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
Fund manager fees paid to the Responsible Entity
The fund manager fees are allocated to each trust based on the NAV of the trust. The constitutions of the individual trusts
prescribe the method of calculation of the fund manager fees, which is borne by the individual trusts. The total fees payable
are subject to the total fund management fees in any year being capped at 1.5% of the net asset value of the trust as
determined and calculated in the final NAV of the Fund. The fees above the cap will be payable in future years if the fees
earned in those years are below the cap at that date. This amount is recorded as a provision (refer note 16) and is discounted
to reflect the estimated timing and value of the future payment.
Management fees are paid to the RE CLFM include base fees $28,764 (2009: $109,295) and performance fees below the cap
$124,996 (2009: $56,584). Performance fees above the cap are included in provisions (refer note 16).
Directors’ fees paid to Responsible Entity
Directors’ fees of $157,508 (2009: $30,535) have been paid to the non-executive directors of the RE.
Support services costs
CLOT paid CLFM $2,160 for equity raising costs.
26. Commitments
a) Capital commitments
Capital expenditure contracted for at reporting date but not recognised as a liability is:
Property, plant and equipment June 2010 June 2009
Payable within one year 8 4,395
8 4,395
b) Lease commitments
Commitments in relation to leases contracted for at reporting date but not recognised as liabilities are as follows:
June 2010 June 2009
Payable within one year 786 585
Payable within two to five years 1,091 2,637
Payable after five years 6,730 6,044
8,607 9,266
These lease commitments represent:
- Non-cancellable operating leases (c) 2,938 3,785
- Future finance charges on finance leases (d) 5,669 5,481
8,607 9,266