BWP TRUST ANNUAL REPORT 2015
38
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2015
3. CASH
June 2015
$000
June 2014
$000
Cash at bank
32,445
12,045
Weighted average effective
interest rates
2.40%
2.59%
Reconciliation of operating profit to the net cash flows from operation:
June 2015
$000
June 2014
$000
Profit for the year attributable
to unitholders of BWP Trust
210,079
149,081
Net fair value change on
investment properties
(108,508)
(57,113)
Increase in receivables
and prepayments
(452)
(474)
Increase in payables and
deferred income
6,706
921
Net cash flows from operating
activities
107,825
92,415
Recognition and measurement
Cash at bank
Cash in the statement of financial position, and for the purposes of
the statement of cash flows, comprises cash at bank and short-term
deposits. Cash at bank earns interest at floating rates based on daily
bank deposit rates.
4. RECEIVABLES AND PREPAYMENTS
June 2015
$000
June 2014
$000
Receivables fromWesfarmers
Limited
1
subsidiaries
842
1,251
Other receivables
193
251
Prepayments
3,198
4,849
4,233
6,351
1
Wesfarmers Limited is a related party (see Note 16).
Recognition and measurement
Impairment
Receivables of $28,494 were overdue at 30 June 2015
(2014: $13,668).
There were no allowances for impairment in respect of receivables
during the current year. Based on historic default rates, the Trust
believes that no impairment allowance is necessary.
5. ASSETS HELD FOR SALE
June 2015
$000
June 2014
$000
Current
16,357
53,496
During the year, the Trust has entered into an option agreement with a
third party for the third party to acquire the Trust’s Altona property. The
option is exercisable by 31 July 2016.
Recognition and measurement
Non-current assets are classified as held for sale if it is highly probable
that they will be recovered primarily through sale rather than through
continuing use. Immediately before classification as held for sale the
assets are remeasured in accordance with the Trust’s other accounting
policies. Thereafter, the assets are measured at the lower of their
carrying amount and fair value less costs to sell.
FINANCIAL REPORT
