Annual Report - Campus Living Villages

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2 2 Campus Living Villages Annual Report 09/10 Campus Living Villages Fund NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 FUND Borrowings are classified as current liabilities unless the Fund has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. All borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed. Bonus plan The Fund recognises a liability and an expense for bonuses based on a formula that takes into consideration the performance of the Fund after certain adjustments. The Fund recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation. u) Provisions Provisions for legal claims and employee benefits are recognised when the Fund has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the balance sheet date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense. v) Employee benefits Wages and salaries, annual leave Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within 12 months of the reporting date are recognised in other payables in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Long service leave The liability for long service leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. w) Issued capital The issued capital of the parent entity is the unit holdings of CLLT (USA). The issued capital of the Fund is the capital of the acquirers identified in the business combinations in the underlying trusts. x) Distributions A provision is made for the amount of any distribution approved by the directors, on or before the end of the financial year but not distributed at balance date. y) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority, in which case it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as an operating cash flow. z) Rounding of amounts The Fund is of a kind referred to in Class order 98/100, issued by the Australian Securities and Investments Commission, relating to the ‘’rounding off’’ of amounts in the financial report. Amounts in the financial report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, the nearest dollar. aa) Parent entity financial information The financial information for the parent entity disclosed in note 30 has been prepared on the same basis as the consolidated financial statements except as set below. Investment in subsidiaries Investments in subsidiaries are accounted for at cost in the financial information provided for the parent entity.
Campus Living Villages Annual Report 09/10 2 3 Campus Living Villages Fund NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 ab) New accounting standards AASB 9 Financial Instruments and AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 (effective from 1 January 2013) AASB 9 Financial Instruments addresses the classification and measurement of financial assets and is likely to affect the group’s accounting for its financial assets. The standard is not applicable until 1 January 2013 but is available for early adoption. Revised AASB 124 Related Party Disclosures and AASB 2009-12 Amendments to Australian Accounting Standards (effective from 1 January 2011). In December 2009 the AASB issued a revised AASB 124 Related Party Disclosures. It is effective for accounting periods beginning on or after 1 January 2011 and must be applied retrospectively. The amendment clarifies and simplifies the definition of a related party. When the amendments are applied, the Fund will need to disclose any transactions between its subsidiaries and its associates. However, there will be no impact on any of the amounts recognised in the financial statements. AASB 2010-3 Amendments to Australian Accounting Standards arising from the Annual Improvements Project and AASB 2010-4 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project (effective from 1 July 2010/1 January 2011). In June 2010, the AASB made a number of amendments to Australian Accounting Standards as a result of the IASB’s annual improvements project. The group will apply the amendments from 1 July 2010. It does not expect that any adjustments will be necessary as a result of applying the revised rules. Certain new accounting standards and interpretations have been published that are not mandatory for the 30 June 2010 reporting period other than those mentioned above. The Fund has assessed the new standards and interpretations as unlikely to have a material impact. FUND 2. Financial risk management The Fund’s activities expose it to a variety of financial risks, which include market risk (currency risk and cash flow interest rate risk), credit risk and liquidity risk. The Fund’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Fund. The Fund uses derivative financial instruments such as interest rate swaps to mitigate cash flow interest rate risk. The Fund uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate and foreign exchange risk, age analysis for credit risk and cash flow forecasts for liquidity risks. The Fund holds the following financial instruments: Notes June 2010 June 2009 Financial assets Cash and cash equivalents 8 75,213 50,138 Trade and other receivables 10 9,715 7,842 Derivative financial instruments 9 56 - Non-current receivab les 12 - 3,270 Other financial assets 13 338 338 85,322 61,588 Financial liabilities Trade and other payables 17 53,022 42,305 Borrowings 19 856,465 828,297 Derivative financial instruments 9 30,391 32,156 939,878 902,758
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Annual Report - Campus Living Villages

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