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Financial Statements FY2019 1/7/2019|1148Kb Cambridge Bedford Property Fund Trustee KordaMentha Funds Management Pty Ltd Financial report For the period 30 January 2019 to 30 June 2019 KordaMentha Funds Management Pty Ltd ACN 163 147 680 Holder of AFSL No. 441845 Table of contents Directors’ report .................................................................................................................................... 2 Statement of profit and loss and other comprehensive income ........................................................ 6 Statement of financial position ............................................................................................................ 7 Statement of changes in equity ........................................................................................................... 8 Statement of cash flows....................................................................................................................... 9 Notes to the financial statements .................................................................................................... 10 Note 1: Summary of significant accounting policies .............................................................. 10 Note 2: Revenue and other income ........................................................................................ 13 Note 3: Expenses ..................................................................................................................... 14 Note 4: Cash and cash equivalents ........................................................................................ 14 Note 5: Trade and other receivables ....................................................................................... 14 Note 6: Other assets ................................................................................................................ 15 Note 7: Investment property .................................................................................................... 15 Note 8: Trade and other payables ........................................................................................... 16 Note 9: Amounts due to related parties .................................................................................. 16 Note 10: Distributions payable ................................................................................................ 16 Note 11: Derivative financial instruments .............................................................................. 16 Note 12: Secured borrowings .................................................................................................. 17 Note 13: Unitholders’ funds .................................................................................................... 17 Note 14: Accumulated losses .................................................................................................. 17 Note 15: Cash flow information ............................................................................................... 18 Note 16: Related party disclosures ......................................................................................... 18 Note 17: Financial risk management ...................................................................................... 19 Note 18: Fair value measurement .......................................................................................... 22 Note 19: Parent entity financial information .......................................................................... 25 Note 20: Recurring and non-recurring contingent liabilities and assets ............................... 25 Note 21: Events after the reporting period ............................................................................. 25 Note 22: Additional information .............................................................................................. 25 Trustees’ declaration ......................................................................................................................... 26 Independent Auditor’s Report to the Unitholders of Cambridge Bedford Property Fund .............. 27 Page i Directors’ report For the period 30 January 2019 to 30 June 2019 The directors of KordaMentha Funds Management Pty Ltd, the trustee of Cambridge Bedford Property Fund (‘the Fund’), present the financial report on the Fund for the period 30 January 2019 to 30 June 2019. Trustee KordaMentha Funds Management Pty Ltd ACN 163 147 680 (‘the Trustee’) is a proprietary company incorporated under the Corporations Act 2001 and holds an Australian Financial Services Licence. Unlisted property fund The Fund was constituted on 30 January 2019 and is a closed-end, unlisted and unregistered property trust with commercial properties in Adelaide and Hobart. The Fund is not required to be, and is not, a registered managed investment scheme under the Corporations Act The Fund issued an Investment Memorandum (‘IM’) on 12 February 2019 with an offer to invest to raise $27,874,075 with a minimum subscription of $23,00,000. The IM was not required to be a Product Disclosure Document issued under the Corporations Act or required to be lodged with ASIC. The Fund has two wholly-owned sub-trusts. Bedford Park (Adelaide) Trust holds the Adelaide property, while Cambridge (Hobart) Trust holds the Hobart property, although legal title to the properties are held by the Custodian. The properties were acquired on 12 April 2019. Financial period The financial period is 30 January 2019 to 30 June 2019. The financial report is the first annual financial report prepared by the Fund, as such there are no comparatives. Directors The following persons were directors of the Trustee during the year and up to the date of this report. Appointed/ resigned Director Role during year Qualifications, special responsibilities and experience Mark Anthony Director Mark holds a Bachelor of Business and an Honorary Doctorate of Korda Business from Swinburne University. He is a Registered Liquidator and Vice President of Collingwood Football Club. Mark is a member of the Chartered Accountants Australian and New Zealand and a member of Australian Restructuring Insolvency and Turnaround Association. Mark is a founding partner of KordaMentha and has been entrusted with many of the region’s largest and most complex restructuring projects over his 40 year career, together with long time business partner Mark Mentha. His expertise includes Restructuring, receivership and administration, financial and business strategy, investment structuring, real estate acquisition and restructures, reputation, people and stakeholder management. Mark Francis Xavier Director Mark holds a Bachelor of Business and is a Registered Liquidator. Mentha He is a Fellow of the Chartered Accountants Australian and New Zealand and a member of the Australian Restructuring Insolvency and Turnaround Association and of the Australian Institute of Company Directors. Mark serves as Chairman on the Board of Greyhound Australia, Young and Well Co-operative Research Centre and McColl’s Transport Group. Widely regarded as one of Australia’s leading restructuring experts, Mark has decades of experience across all facets of business turnaround, restructuring and administration. Mark is a founding partner of KordaMentha. Page 2 Appointed/ resigned Director Role during year Qualifications, special responsibilities and experience Berrick Marshall Director Resigned Berrick has over 20 years experience in property and was a co- Wilson 26 June 2019 founder of the KordaMentha Real Estate business. He has a background in valuations and specialist skills in development management, asset management and investment advisory. Berrick’s responsibilities include leading the national real estate practise which includes a team of 36 property professionals across Australia and diverse service offerings including corporate advisory, investment, development and sales and marketing. Berrick holds a Bachelor of Business (Property) from RMIT, a Graduate Diploma in Applied Finance and Investment from FINSIA and is a fellow of the Australian Property Institute and a licensed real estate agent. Thomas Jepson Director Appointed Tom holds a Bachelor of Business (Property) with Distinction from Davis 26 June 2019 RMIT and a Graduate Diploma of Applied Finance and Investment from the Financial Services Institute of Australasia. Tom is also a Licensed Real Estate Agent. Tom is a partner with KordaMentha Real Estate with responsibilities including real estate advisory, principal investment and structured finance investment, transaction and asset management. Principal activities The principal activity of the Fund is to provide Unitholders with sustainable income with the potential for capital growth through investment in commercial properties in Bedford Park in Adelaide and Cambridge in Hobart. Significant changes in the State of Affairs During the financial period there were no significant changes in the state of affairs of the Fund other than those expected at inception. Review of operations and results The Fund recorded total comprehensive loss for the period of ($1,842,207). The result was primarily due to rent received from tenants, partly offset by property operating costs, interest expense and Trustee fees and a fair value adjustment on investment property including capitalised costs on acquisition. The total comprehensive loss for the period includes a number of items which are non-cash in nature, occur infrequently and or relate to realised and unrealised changes in asset values and liabilities
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