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$’000 22. Distributions There were no dividends or distributions made during the year (2010: nil). 23. Key management personnel remuneration (denominated in A$) Key management personnel include Directors of the Responsible Entity, Campus Living Funds Management Limited (‘‘CLFM’’) and senior management of operations and development in the subsidiaries of the stapled entity. June 2011 June 2010 Short term employee benefits 960,908 935,924 Post employment benefits 22,355 51,011 Long term benefits 5,158 11,865 Total key management personnel remuneration 988,421 998,800 24. Auditors remuneration (denominated in A$) June 2011 June 2010 Remuneration for the audit of the financial report: PwC Australia 25,000 27,000 PwC Overseas 180,041 153,214 205,041 180,214 Remuneration for other services: PwC Australia 2,750 - PwC Overseas 64,585 109,709 67,335 109,709 25. Related party transactions A description of the parent entity and subsidiaries is provided in the Subsidiaries note 29 and disclosure of key management personnel remuneration is included in the Key management personnel disclosures note 23. Transactions with related parties The nature and type of related party transactions include (denominated in A$): Management fees Management fees charged by management companies to the village operations are based on a percentage of revenue or gross operating profit. 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 on 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 11 and 17 for Related party loans. Dividends and distributions Dividends and distributions are declared from subsidiary companies to entities within the group. Tax consolidation Refer to the Income Tax accounting policy note 1(e). 145
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 Fund manager fees paid to the Responsible Entity The fund manager fees are allocated to each trust based on the NAV of the trust. The constitutions of the individual trusts prescribe the method of calculation of the fund manager fees, which is borne by the individual trusts. The total fees payable are subject to the total fund management fees in any year being capped at 1.5% of the net asset value of the trust as determined and calculated in the final NAV of the Fund. 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 16) and is discounted to reflect the estimated timing and value of the future payment. Management fees include base fees $65,547 (2010: $28,764) and performance fees below the cap $240,008 (2010: $124,996). Performance fees above the cap are included in provisions (refer note 16). Directors’ fees paid to Responsible Entity Directors’ fees of $162,704 (2010: $157,508) have been paid to the non-executive Directors of the RE. Support services costs CLOT paid CLFM $6,344 for equity raising costs. 26. Commitments a) Capital commitments Capital expenditure contracted for at reporting date but not recognised as a liability is: Property, plant and equipment June 2011 June 2010 Payable within one year 21,810 8 Total plant, property and equipment 21,810 8 b) Lease commitments Commitments in relation to leases contracted for at reporting date but not recognised as liabilities is are follows: June 2011 June 2010 Payable within one year 1,040 786 Payable within one to five years 3,170 1,091 Payable after five years 5,484 6,730 Total lease commitments 9,694 8,607 These lease commitments represent: Non-cancellable operating leases (c) 4,560 2,938 Future finance charges on finance leases (d) 5,134 5,669 Total lease commitments 9,694 8,607 c) Operating leases The consolidated entity leases office space and accommodation from certain universities, which have carrying terms, escalation clauses and renewal rights. Commitments in relation to leases contracted for at reporting date but not recognised as liabilities is as follows: June 2011 June 2010 Payable within one year 1,112 786 Payable within one to five years 3,170 1,091 Payable after five years 278 1,061 Total operating lease liabilities 4,560 2,938 146
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