Annual Report - Campus Living Villages

More documents

Recommendations

Info

8 6 Campus Living Villages Annual Report 09/10 Campus Living Finance Trust DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2010 CLFT Introduction The directors of Campus Living Funds Management Limited (“CLFM”) as the Responsible Entity (“RE”) of the Campus Living Villages Fund (“the Fund”) present their report on Campus Living Finance Trust (“CLFT”) for the year ended 30 June 2010. Fund structure and formation The Fund is a stapled arrangement of four trusts and their subsidiaries (“consolidated entity”) and was established on 9 January 2007. The four trusts are Campus Living Land Trust (USA) (“CLLT (USA)”) which is deemed to be the parent entity for accounting purposes, Campus Living Finance Trust (“CLFT”), Campus Living Australia Trust (“CLAT”) and Campus Living Overseas Trust (“CLOT”). The units of the four trusts forming the Fund can only be purchased or sold in their current stapled arrangement. Directors The following persons were the only directors of CLFM and were in office during the whole of the financial year and up to the date of this report except where otherwise stated: Professor John Niland AC Professor Steve Burdon Walter Carpenter Gayle Tollifson (appointed 16 April 2010) Nicholas James Principal activities The principal business activity of CLFT is to provide financing to the other trusts in the stapled arrangement and the controlled entities of those trusts. Distributions CLFT declared the following distributions: 2010 financial year Date Amount Cents per unit 28 September 2009 $1,000,204 0.30 18 December 2009 $999,743 0.24 31 March 2010 $3,999,748 0.97 29 June 2010 $10,099,966 2.44 Total $16,099,661 2009 financial year Review of operations Profit for the year was $3.1m (2009: $1.1m). The profit was earned from interest income on loans with related parties, net of directors’ fees, audit fees and fees paid to the RE CLFM. Changes in state of affairs There have been no changes in the state of affairs of the consolidated entity. Payment of borrowings The Fund made an equity call on investors during July 2010 of $28.3m to repay the Equity Bridge Facility (“EBF”) and cash back letters of credit and bank guarantees effective 28 July 2010. Outlook for following financial year CLFT will continue to provide financing to the other trusts in the stapled arrangement and the controlled entities of those trusts. Loans to directors and executives There are no loans to or from directors or executives during the year, at year end or at the date of this report. Fees paid to and units held by the responsible entity and the responsible entity’s associates Fees paid to the RE and the RE’s associates are included in the Related party transactions note 18 in the financial statements. The RE and the RE’s associates hold 30,656,416 units in the Fund. Insurance of officers During the financial year, the RE paid a premium to insure the directors, officers and senior management of the RE and the Fund. The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of entities in the Group and any other payments arising from liabilities incurred by the officers in connection with such proceedings. This does not include such liabilities that arise from conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage for them or someone else or to cause detriment to the trust. It is not possible to apportion the premium between amounts relating to the insurance against legal costs and those relating to other liabilities. Date Amount Cents per unit 28 September 2008 $1,999,890 0.70 17 December 2008 $2,499,919 0.81 27 March 2009 $3,499,948 1.13 26 June 2009 $2,899,745 0.94 Total $10,899,502 Proceedings on behalf of the trust No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the trust, or to intervene in any proceedings to which the trust is a party, for the purpose of taking responsibility on behalf of the trust for all or part of those proceedings.
Campus Living Villages Annual Report 09/10 8 7 Campus Living Finance Trust DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2010 No proceedings have been brought or intervened in on behalf of the trust with leave of the Court under section 237 of the Corporations Act 2001. CLFT Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 88. Rounding of amounts The 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 directors’ report. Amounts in the directors’ report have been rounded off in accordance with that Class Order to the nearest thousand dollars or, in certain cases, to the nearest dollar. Auditor PricewaterhouseCoopers continues in office in accordance with section 327 of the Corporations Act 2001. Matters subsequent to the end of the financial year The Fund made an equity call during July 2010 of $28.3m to repay the EBF and cash back letters of credit and bank guarantees effective 28 July 2010. There are no other significant subsequent events occurring after the balance sheet date. This report is made in accordance with a resolution of the directors. John Niland Chairman Nicholas James Director Sydney 13 September 2010
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:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38: 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 87: Campus Living Villages Annual Repor
Page 107: Campus Living Villages Annual Repor
Page 110 and 111: 1 0 8 Campus Living Villages Annual
Page 138 and 139:
1 3 6 Campus Living Villages Annual
Page 140 and 141:
Page 142 and 143:
Page 146:
Campus Living Funds Management Limi
show all

Annual Report - Campus Living Villages

Create successful ePaper yourself

Delete template?

Save as template?