Annual Report 10/11 - Campus Living Villages

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
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