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17. DIRECTOR AND EXECUTIVE DISCLOSURES
(CONTINUED)
(c) Unit holdings
Director
Balance at
beginning
of the year
Acquired
during the
year
Sold
during the
year
Balance at
the end of
the year
Mr J K Atkins
1
26,501
- (26,501)
1
-
Mr J A Austin
1
343,859
- (343,859)
1
-
Mr E Fraunschiel
111,766
-
-
111,766
Ms F E Harris
20,000
-
-
20,000
Mr R D Higgins
20,000
-
-
20,000
Mr A J Howarth
20,000
-
-
20,000
Mr M J G Steur
-
-
-
-
Mr M J Wedgwood
-
-
-
-
Total
542,126
- (370,360)
171,766
1
Ceased to be non-executive director during the year
The above holdings represent holdings where the directors have a
beneficial interest in the units of the Trust.
No directors have other rights or options over interests in the Trust or
contracts to which the director is a party or under which the director
is entitled to a benefit and that confer a right to call for or deliver an
interest in the Trust.
18. OTHER ACCOUNTING POLICIES
a) Impairment
A financial asset is assessed at each reporting date to determine
whether there is any objective evidence that it is impaired. A financial
asset is considered to be impaired if objective evidence indicates that
one or more events have had a negative effect on the estimated future
cash flows of that asset.
An impairment loss in respect of a financial asset measured at
amortised cost is calculated as the difference between its carrying
amount and the present value of the estimated future cash flows
discounted at the original effective interest rate.
Individually significant financial assets are tested for impairment
on an individual basis. The remaining financial assets are assessed
collectively in groups that share similar credit risk characteristics.
In circumstances where impairment losses are deemed, these are
included in the statement of profit or loss and other comprehensive
income.
b) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of
Goods and Services Tax (“GST”) except where the GST incurred on a
purchase of goods and services is not recoverable from the taxation
authority. In these circumstances the GST is recognised as part of
the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST
included. The net amount of GST recoverable from or payable to the
taxation authority is included as part of receivables or payables in
the statement of financial position.
Cash flows are included in the statement of cashflows on a gross
basis and the GST component of cash flows arising from investing
and financing activities, which is recoverable from, or payable to, the
taxation authority, are classified as operating cashflows.
Commitments and contingencies are disclosed net of the amount of
GST recoverable from, or payable to, the taxation authority.
BWP Trust Annual Report 2016
45
Financial Report