Annual Report - Campus Living Villages

More documents

Recommendations

Info

6 4 Campus Living Villages Annual Report 09/10 Campus Living Australia Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 CLAT t) Employee benefits Wages and salaries, annual leave, sick 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. Bonus plan The consolidated entity recognises a liability and an expense for bonuses based on a formula that takes into consideration the performance of the Fund. The consolidated entity recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation. 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. x) Rounding of amounts The consolidated entity 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. y) Parent entity information The financial information for the parent entity disclosed in note 26 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. z) 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. u) Issued capital The issued capital of the parent entity is the unit holdings of CLAT. The issued capital of the consolidated entity is the capital of the acquirers identified in the business combinations in the underlying trusts. v) 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. w) Good 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. 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 consolidated entity 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.
Campus Living Villages Annual Report 09/10 6 5 Campus Living Australia Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 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. CLAT 2. Financial risk management The consolidated entity’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 consolidated entity’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 group. The consolidated entity uses derivative financial instruments such as interest rate swaps to mitigate cash flow interest rate risk. The consolidated entity 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 consolidated entity holds the following financial instruments: Notes June 2010 June 2009 Financial assets Cash and cash equivalents 6 27,877 17,598 Trade and other receivables 7 1,870 963 Derivative financial instruments 56 - Non-current receivables 9 - 32 Other financial assets 10 338 338 30,141 18,931 Financial liabilities Trade and other payables 14 14,808 11,672 Borrowings 16 424,073 345,771 Derivative financial instruments 19,109 14,162 457,990 371,605 a) Currency risk Management of the consolidated entity monitors the exchange rate fluctuations between the Australian Dollar and the local currencies of the foreign subsidiaries of the CLV Fund on a regular basis. Management have not utilised any derivative financial instruments to date to hedge the foreign currency risk of earnings from subsidiaries in accordance with an agreement with the unit holders of the consolidated entity. Management will institute the appropriate action and utilise the necessary derivative financial instruments should significant fluctuations and or a change in the agreement with the unit holders occur. Loans are made during the year between Australian and foreign subsidiaries of the Fund and are short term loans. Foreign currency contracts are utilised when loans are significant in amount and provided for acquisitions, or repayment of the loan. Derivative instruments are not used for other loans. CLV Accommodation Holdings Pty Limited, a subsidiary of CLAT, has a loan denominated in NZ Dollars with a related party CLVNZ Limited (refer note 16) of $16.1m (2009: $8.5m). A change of 10% in exchange rates will result in a change of $2.0m (2009: $1.0m) in profit and borrowings.
Page 1:
Annual Report For the year ended 30
Page 5 and 6:
Campus Living Villages Annual Repor
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16: Campus Living Villages Annual Repor
Page 49 and 50: INDEPENDENT AUDITOR’S REPORT TO T
Page 51: FUND
Page 54 and 55: 5 2 Campus Living Villages Annual R
Page 56 and 57: PricewaterhouseCoopers ABN 52 780 4
Page 84 and 85: INDEPENDENT AUDITOR’S REPORT TO T
Page 107: Campus Living Villages Annual Repor
Page 110 and 111: 1 0 8 Campus Living Villages Annual
Page 116 and 117:
1 1 4 Campus Living Villages Annual
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 146:
Campus Living Funds Management Limi
show all

Annual Report - Campus Living Villages

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?