Annual Report - Campus Living Villages

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7 6 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$’000 CLAT 18. Accumulated losses June 2010 June 2009 Opening balance (25,012) (8,609) Loss for the year (23,979) (16,403) Balance at the end of the year (48,991) (25,012) 19. Reserves June 2010 June 2009 Business combination reserve (4,857) (4,857) Total reserve (4,857) (4,857) 20. Key management personnel disclosures Key management personnel include directors of the Responsible Entity (“RE”), Campus Living Funds Management Limited (“CLFM”) and senior management of operations and development in the subsidiaries of the consolidated entity. a) Key management personnel remuneration (denominated in A$) June 2010 June 2009 Short term employee benefits 858,818 1,777,616 Post employment benefits 73,618 72,902 Long term benefits - 163,333 Total key management personnel remuneration 932,436 2,013,851 Other transactions with key management personnel are included in the related party transaction note. 21. Auditor’s remuneration (denominated in A$) During the year the following fees were paid or payable for services provided by the auditors of the stapled entity. Remuneration to PwC Australia for: June 2010 June 2009 - Audit of financial report 255,881 105,650 - Other services 7,267 12,707 263,148 118,357
Campus Living Villages Annual Report 09/10 7 7 Campus Living Australia Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 A$’000 22. Related party transactions A description of the stapled entities and subsidiaries is provided in the Subsidiaries note (refer note 25) and disclosure of key management personnel remuneration is included in the Key management personnel disclosures note (refer note 20). CLAT a) Transactions with related parties The nature and type of related party transactions include: Management fees Management fees charged by management companies to the village operations are based on a percentage of gross operating profit. Sub-lease of university accommodation The ground lease from certain universities is sub-leased to the related accommodation companies at a margin. Development fees The development companies that manage the construction of new facilities charge a development management fee to the companies that own the new facilities. The fee is based on a percentage of construction cost. Development fees earned on acquisition of an asset are determined on a sliding scale that is market related. Bid costs for new sites are incurred by development companies and charged to the subsidiary that will earn revenue from the new contract and own the new facilities. Loans and interest Loans are made between subsidiary companies and stapled entities to provide short term financing and better utilise group funds available. Loans are also in place between stapled entities and subsidiary companies from the formation of the stapled entity. Interest is charged on loans between entities within the consolidated entity at rates that approximate bank lending rates. Refer to note 12 and note 19 for the related party receivables and loans. Support services costs CLAT paid CLFM $1,173 (2009: $128,000) equity raising costs and paid Transfield Corporate $377,689 (2009: $172,282) for services on capital projects, $939,503 for IT services and hardware, and $688,030 (2009: $373,764) for secondment of staff. Management fees paid to the Responsible Entity The constitution of the trust prescribes the method of calculation of the fund manager fees, which is borne by the trusts. The total fees payable to CLFM is subject to total fund management fees in any year being capped at 1.5% of the NAV of the trust as determined and calculated in the final NAV of the CLV Fund as at 30 June 2010. 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 18) and is discounted to reflect the estimated timing and value of the future payment. Management fees paid to the RE CLFM include base fees $49,539 (2009: $59,284) and performance fees below the cap $281,406 (2009: $103,100) performance fees above the cap are included in provisions (refer note 19). Directors fees paid to Responsible Entity Directors’ fees of $126,249 (2009: $16,563) have been paid to the non-executive directors of the RE. Sydney head office premises The Fund leases head office premises from Transfield Corporate and paid rent of $377,098 (2009: $366,000). Lease arrangement Campus Living Flemington Road Pty Ltd paid a lease payment of $3,839,216 (2009: $3,567,773) to Transfield Siruya joint venture.
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Annual Report - Campus Living Villages

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