Annual Report 10/11 - Campus Living Villages
Annual Report 10/11 - Campus Living Villages
Annual Report 10/11 - Campus Living Villages
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<strong>Campus</strong> <strong>Living</strong> <strong>Villages</strong> <strong>Annual</strong> <strong>Report</strong> <strong>10</strong>/<strong>11</strong><br />
<strong>Campus</strong> <strong>Living</strong> Australia Trust<br />
DIRECTORS’ REPORT<br />
FOR THE YEAR ENDED 30 JUNE 20<strong>11</strong><br />
Introduction<br />
The Directors of <strong>Campus</strong> <strong>Living</strong> Funds Management Limited (‘‘CLFM’’) as the Responsible Entity (‘‘RE’’) of the <strong>Campus</strong><br />
<strong>Living</strong> Australia Trust (‘‘CLAT’’), one of the four trusts in the <strong>Campus</strong> <strong>Living</strong> <strong>Villages</strong> Fund (‘‘the Fund’’), present their report<br />
on the consolidated entity consisting of CLAT and its subsidiaries for the year ended 30 June 20<strong>11</strong>.<br />
Fund structure and formation<br />
‘‘The Fund’’ is a stapled arrangement of four trusts and their controlled subsidiaries), and was established on 9 January<br />
2007. The four trusts are <strong>Campus</strong> <strong>Living</strong> Land Trust (USA) (‘‘CLLT (USA)’’) which is the parent entity, <strong>Campus</strong> <strong>Living</strong> Finance<br />
Trust (‘‘CLFT’’), <strong>Campus</strong> <strong>Living</strong> Australia Trust (‘‘CLAT’’) and <strong>Campus</strong> <strong>Living</strong> Overseas Trust (‘‘CLOT’’). The units of the four<br />
trusts can only be purchased or sold in its current stapled arrangement.<br />
Directors<br />
The following persons are the Directors of CLFM and were in office during the whole of the financial year and up to the<br />
date of this report except where otherwise stated:<br />
Professor John Niland AC<br />
Luca Belgiorno-Nettis (appointed 29 November 20<strong>10</strong>)<br />
Professor Steve Burdon<br />
Walter Carpenter<br />
Nicholas James<br />
Gayle Tollifson<br />
Principal activities<br />
The principal business activities of CLAT and its subsidiaries are to provide accommodation to students through owned<br />
and managed facilities and project management and development of new facilities, some of which will be owned by the<br />
CLAT group. These businesses are located in Australia.<br />
Distributions<br />
CLAT did not declare a distribution for the year ended 30 June 20<strong>11</strong> (20<strong>10</strong>: nil).<br />
Review of operations<br />
The performance of the Australian operations improved over the year to 30 June 20<strong>11</strong>. This is as a result of additional new<br />
beds at UNSW Village in January 20<strong>10</strong> as well as Edith Cowan University in January 20<strong>11</strong>.<br />
Solvency position<br />
The consolidated entity has a net liability position of $30.7m. The Directors have satisfied themselves that the<br />
consolidated entity will be able to pays its debts as and when they fall due based on cash flow estimates from underlying<br />
assets after servicing external debt costs and intercompany debt, allowing for capitalisation of intercompany interest<br />
where required.<br />
Changes in state of affairs<br />
There have been no other changes in the state of affairs during this financial year.<br />
Outlook for the following financial year<br />
The next financial year will be a period of consolidation and growth. The Fund’s main focus will be the performance of<br />
existing assets and seeking new development opportunities.<br />
Environmental regulation<br />
CLAT undertakes the development and construction of new student accommodation facilities in various states in<br />
Australia, and is subject to the regulations of those states. CLAT is subject to and complies with the regulations and<br />
legislation that govern development and construction of new student accommodation facilities in these regions.<br />
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