Annual Report 10/11 - Campus Living Villages

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Campus Living Villages Annual Report 10/11 Campus Living Overseas Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 A$’000 b) Borrowings are classified as secured and unsecured as follows: June 2011 June 2010 Secured borrowings Loans from financial institutions 75,935 66,122 Lease liabilities 1,630 1,463 Total current borrowings 77,565 67,585 Unsecured borrowings Loans from related parties 73,560 66,601 c) Assets pledged as security The loans from financial institutions have been financed with limited recourse debt. The package of securities normally provided is as follows: > A first ranking all assets fixed and floating charge granted by the Borrower in favour of the bank; > A first ranking mortgage of the Lease from the University to the borrower; > A first ranking share mortgage granted by the Parent of the Borrower in relation to all shares held by the Parent in the borrower. June 2011 June 2010 Current assets Cash and cash equivalents 501 6,036 Trade and other receivables 441 2,157 Inventory - 18 Other current assets 288 423 Non-current assets Property, plant and equipment 101,018 97,886 Intangible Assets - 5,966 Total Assets 102,248 112,486 18. Issued capital June 2011 June 2010 Opening balance 57,323 55,255 Issue of capital for the year 4,711 2,070 Equity raising costs (6) (2) Balance at the end of the year 62,028 57,323 The stapled entity has 717,213,643 (2010: 413,458,590) units on issue. The issued capital of the consolidated entity is the capital of the acquirers identified in the business combinations. 143
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 A$’000 Campus Living Villages Annual Report 10/11 Campus Living Overseas Trust 19. Accumulated losses June 2011 June 2010 Opening balance (26,190) (14,750) Loss for the year (9,262) (11,440) Balance at the end of the year (35,452) (26,190) 20. Reserves a) Total reserves comprise: June 2011 June 2010 Opening balance (39,684) (40,291) Currency translation differences 1,886 607 Hedging differences (1,267) - Balance at the end of the year (39,065) (39,684) b) Reconciliation of total reserves June 2011 June 2010 Foreign currency translation reserves 146 (1,740) Business combination reserves (37,944) (37,944) Hedging reserves (1,267) - Balance at the end of the year (39,065) (39,684) Foreign currency translation reserve The consolidated entity has subsidiaries that operate in the US, NZ and the UK with functional currencies of US Dollar (USD), New Zealand Dollar (NZD) and British Pound (GBP) respectively. As such, exchange differences arise when translating the financial information of these entities into the Australian Dollar, the reporting currency of the consolidated entity. Cash flow hedge The hedging reserve is used to record gains or losses on a hedging instrument in a cash flow hedge that are recognised in other comprehensive income . Amounts are reclassified to profit or loss when the associated hedged transaction affects profit or loss. Business combination reserve The reserve arose on formation of the CLOT group as a result of the deemed acquisition of the subsidiaries by Campus Living Villages NZ Limited. 21. Non controlling interest June 2011 June 2010 Balance at the beginning of the year 1,035 702 Profit for the year 318 620 Distributions to non-controlling interests (141) (294) Foreign currency movements 1 7 Balance at the end of the year 1,213 1,035 The non-controlling interest represents 50% of the Student Furniture business in the US owned by another party. 144
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