Annual Report 10/11 - Campus Living Villages

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DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2011 Campus Living Villages Annual Report 10/11 Campus Living Finance Trust Repayment of borrowings The Fund made an equity call during July 2010 of $28.3 million to repay the Equity Bridge Facility and cash back letters of credit and bank guarantees effective 28 July 2010. The Fund made an additional equity call on investors during December 2010 of $2 million to repay the Equity Bridge Facility which had been utilised during November 2010. Outlook for following financial year CLFT will continue to provide financing to the other trusts in the stapled arrangement and the controlled entities of those trusts. Loans to Directors and executives There are no loans to or from Directors or executives during the year, at year end or at the date of this report 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 18 in the financial statements. The RE and the RE’s associates hold 65,619,242 units in the Fund. 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 Group 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 them or someone else or to cause detriment to the trust. It is not possible to apportion the premium between amounts relating to the insurance against legal costs and those relating to other liabilities. Proceedings on behalf of the trust No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the trust, or to intervene in any proceedings to which the trust is a party, for the purpose of taking responsibility on behalf of the trust for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the trust 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 93. Rounding of amounts The 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. 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 CLFT’s operations in future financial years, the results of those operations in future financial years, or CLFT’s state of affairs in future financial years. 91
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2011 Campus Living g Villages Annual Report 10/11 Campus Living Finance Trust This report is made in accordance with a resolution of the Directors. John Niland Chairman Nicholas James Director Sydney, 6 September 2011 92
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