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7. PAYABLES AND DEFERRED INCOME
June 2016
$000
June 2015
$000
Trade creditors and accruals
4,441
14,084
Responsible entity’s fees payable
3,246
3,139
Rent received in advance
10,519
10,140
18,206
27,363
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 2016
$000
June 2015
$000
8.29 cents (2015: 7.67 cents) per
unit, interim distribution paid on
25 February 2016
53,254
49,067
8.50 cents (2015: 8.17 cents) per
unit, final distribution provided
54,603
52,483
107,857
101,550
Profit attributable to unitholders
of BWP Trust
310,504
210,079
Realised gains on disposal of
investment properties
-
(371)
Net unrealised gains in fair value
of investment properties
(202,633)
(108,137)
Distributable profit for the year
107,871
101,571
Opening undistributed profit
22
1
Closing undistributed profit
(36)
(22)
Distributable amount
107,857
101,550
Distribution (cents per unit)
16.79
15.84
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.
BWP Trust Annual Report 2016
37
Financial Report