Annual Report - Campus Living Villages

4 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
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 3,435 2,706
Payable within two to five years 10,068 9,373
Payable after five years 41,259 36,682
54,762 48,761
These lease commitments represent:
Non-cancellable operating leases (c) 25,950 18,704
Future finance charges on finance leases (d) 28,812 30,057
54,762 48,761
c) Operating leases
The Fund leases office space and accommodation from certain universities, which have varying terms, escalation clauses and
renewal rights. Commitments for minimum lease payments of non-cancellable operating leases are:
June 2010 June 2009
Payable within one year 2,022 1,195
Payable within two to five years 4,654 3,561
Payable after five years 19,274 13,948
25,950 18,704
d) Finance leases
The Fund leases various property, plant and equipment under finance leases. Commitments under finance leases are:
June 2010 June 2009
Payable within one year 1,939 1,777
Payable within two to five years 7,099 7,095
Payable after five years 42,056 43,669
Minimum lease payments 51,094 52,541
Future finance charges 28,812 30,057
Total finance lease liability 22,282 22,484
29. Contingencies
The Fund has provided $10.8m (2009: $25.6m) of letters of credit and guarantees. These items relate to operator bonds,
guarantees for debt service payments and a letter of credit for a put option to acquire a non-controlling interest in an
existing subsidiary.
The Fund has a pending litigation matter that is not expected to result in significant loss as assessed by internal and external
legal counsel.