36 / 56
3. CASH
June 2016
$000
June 2015
$000
Cash at bank
14,029
32,445
Weighted average effective
interest rates
1.93%
2.40%
Reconciliation of operating profit to the net cash flows from operating
activities:
June 2016
$000
June 2015
$000
Profit for the year attributable
to unitholders of BWP Trust
310,504
210,079
Net fair value change on
investment properties
(202,633)
(108,508)
Decrease/(increase) in receivables
and prepayments
1,824
(452)
(Decrease)/increase in payables
and deferred income
(3,319)
6,706
Net cash flows from operating
activities
106,376
107,825
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 2016
$000
June 2015
$000
Receivables fromWesfarmers
Limited
1
subsidiaries
227
842
Other receivables
409
193
Prepayments
1,677
3,198
2,313
4,233
1
Wesfarmers Limited is a related party (see Note 16).
Recognition and measurement
Impairment
Receivables of $8,410 were overdue at 30 June 2016 (2015:
$28,494).
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 2016
$000
June 2015
$000
Current
19,450
16,357
Geraldton showrooms
During the period, the Trust has agreed to market for sale the Geraldton
showrooms.
Altona
During the prior 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 12 September 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, generally, the assets are measured at the lower of
their carrying amount and fair value less costs to sell.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
BWP Trust Annual Report 2016
34
Financial Report