Annual Report - Campus Living Villages

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1 4 0 Campus Living Villages Annual Report 09/10 Campus Living Overseas Trust PricewaterhouseCoopers ABN 52 780 433 757 CLOT INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF CAMPUS LIVING OVERSEAS TRUST Darling Park Tower 2 201 Sussex Street GPO BOX 2650 SYDNEY NSW 1171 DX 77 Sydney Australia Telephone +61 2 8266 0000 Facsimile +61 2 8266 9999 www.pwc.com/au Report on the financial report We have audited the accompanying financial report of Campus Living Overseas Trust (the trust), which comprises the balance sheet as at 30 June 2010, and the statement of comprehensive income, statement of changes in equity and cash flow statement for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’ declaration for the Campus Living Overseas Trust group (the consolidated entity). The consolidated entity comprises the trust and the entities it controlled at the year’s end or from time to time during the financial year. Directors’ responsibility for the financial report The directors of Campus Living Funds Management Limited (the directors) as responsible entity of Campus Living Overseas Trust are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial Reporting Standards. Auditor’s responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. Our procedures include reading the other information in the Annual Report to determine whether it contains any material inconsistencies with the financial report. Our audit did not involve an analysis of the prudence of business decisions made by directors or management. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. Auditor’s opinion In our opinion: (a) the financial report of Campus Living Overseas Trust is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2010 and of its performance for the year ended on that date; and (ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and (b) the financial report also complies with International Financial Reporting Standards as disclosed in Note 1. N R McConnell Sydney Partner 13 September 2010 Liability limited by a scheme approved under Professional Standards Legislation
Campus Living Villages Annual Report 09/10 1 4 1 Campus Living Overseas Trust CORPORATE DIRECTORY FOR THE YEAR ENDED 30 JUNE 2010 Responsible Entity Campus Living Funds Management Limited Pier 8/9, 23 Hickson Road Walsh Bay Sydney, NSW 2000 T +61 2 9037 7100 CLOT Directors The directors of the Responsible Entity, Campus Living Funds Management Limited, are: Professor John Niland AC Professor Steve Burdon Walter Carpenter Gayle Tollifson (appointed 16 April 2010) Nicholas James Secretary The company secretary of the Responsible Entity is Richard Gabelich. Principal registered office in Australia The principal registered office in Australia is the office of the Responsible Entity. Trust register The trust register is held by the Responsible Entity. Auditor The auditors of the group are PricewaterhouseCoopers based in Sydney. Solicitors The solicitors are Allens Arthur Robinson based in Sydney. Bankers A variety of banks are used in Australia, New Zealand, United Kingdom and the USA. Website address www.clv.com.au www.clvusa.com www.clv.co.nz www.clvuk.com
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Annual Report - Campus Living Villages

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