Annual Report 10/11 - Campus Living Villages

DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2011
Campus Living Villages Annual Report 10/11
Campus Living Overseas Trust
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 consolidated entity, 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 themselves or someone else or to cause detriment to the Fund. It is not
possible to apportion the premium between amounts relating to the insurance against legal costs and those relating to
other liabilities.
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 25 in the financial
statements. The RE and the RE’s associates hold 65,619,242 units in the Fund.
Proceedings on behalf of the Fund
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the Fund, or to intervene in any proceedings to which the Fund is a party, for the purpose of taking responsibility
on behalf of the Fund for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of
the Fund with leave of the Court under section 237 of the Corporations Act 2001.
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 118.
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 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.
Solvency position
The consolidated entity has a net liability position of $11.3m. The Directors have satisfied themselves that the
consolidated entity will be able to pay its debts as and when they fall due based on cash flow estimates from underlying
assets after servicing external debt service costs and intercompany debt service, allowing for capitalisation of
intercompany interest where required.
Matters subsequent to the end of the financial year
The Directors have not identified any other matters since 30 June 2011 that would require disclosure in the annual report or
adjustment to the financial statements or that may significantly affect the consolidated entity’s operations in future
financial years, the results of those operations in future financial years, or CLOT’s state of affairs in future financial years.
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