BWP TRUST ANNUAL REPORT 2015
41
7. PAYABLES AND DEFERRED INCOME
June 2015
$000
June 2014
$000
Trade creditors and accruals
14,084
2,860
Responsible entity’s fees payable
3,139
2,488
Rent received in advance
10,140
10,299
27,363
15,647
Recognition and measurement
Liabilities are recognised for amounts to be paid in the future for goods
and services received, whether or not these have been billed to the
Trust. These liabilities are normally settled on 30 day terms except for
the responsible entity’s fees payable, which are settled quarterly in
arrears, and retention monies withheld on construction projects which
are settled according to the terms of the construction contracts.
The Trust’s exposure to liquidity risk in respect of payables is disclosed
in Note 13.
8. DISTRIBUTIONS PAID OR PAYABLE
In accordancewith the Trust’s constitution, the unrealised gains or losses
on the revaluation of the fair value of investment properties are not included
in the profit available for distribution to unitholders, as well as other items as
determined by the directors. A reconciliation is provided below:
June 2015
$000
June 2014
$000
7.67 cents (2014: 6.83 cents) per
unit, interim distribution paid on
26 February 2015
49,067
42,835
8.17 cents (2014: 7.88 cents) per
unit, final distribution provided
52,483
49,991
101,550
92,826
Profit attributable to unitholders
of BWP Trust
210,079
149,081
Capital profits released from
undistributed income reserve
-
825
Realised gains on disposal of
investment properties
(371)
-
Net unrealised gains in fair value
of investment properties
(108,137)
(57,113)
Distributable profit for the year
101,571
92,793
Opening undistributed profit
1
34
Closing undistributed profit
(22)
(1)
Distributable amount
101,550
92,826
Distribution (cents per unit)
15.84
14.71
Recognition and measurement
Each reporting period the directors of the responsible entity are
required to determine the distribution entitlement of the unitholders
in respect of the period. Any amounts so determined but not paid by
the end of the period, are recorded as a liability.
The recording of the distribution payable at each reporting date
as a current liability may result in the Trust’s current liabilities
exceeding its current assets. This is a timing issue, as the Trust
repays its interest-bearing loans and borrowings during the period
from net profit and draws down its interest-bearing loans and
borrowings when the distribution payments are made in August
and February of each year.
