NOTES TO THE
FINANCIAL STATEMENTS
Year ended 31 December 2014
12 UNITHOLDERS’ FUNDS (CONT’D)
Foreign currency translation reserve
The foreign currency translation reserve comprises the cumulative effects of:
(a)
foreign exchange differences arising from the translation of the financial statements of foreign operations
whose functional currencies are different from the functional currency of the Trust;
(b)
the gains or losses on instruments used to hedge the Trust’s net investment in foreign operations that are
determined to be effective hedges; and
(c)
the exchange differences on monetary items which form part of the Group’s net investment in foreign
operations, provided certain conditions are met.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow
hedging instruments relating to hedged transactions that have not yet occurred.
13 UNITS IN ISSUE
Trust
2014
2013
(’000)
(’000)
Units in issue:
Balance at beginning and end of year
605,002
605,002
Each unit in the Trust represents an undivided interest in the Trust and carries the same voting rights. The rights
and interests of Unitholders are contained in the Trust Deed and include the right to:
•
receive income and other distributions attributable to the units held;
•
receive audited financial statements and annual reports of the Trust;
•
participate in the termination of the Trust by receiving a share of all net cash proceeds derived from
the realisation of the assets of the Trust available for purposes of such distribution less any liabilities,
in accordance with their proportionate interests in the Trust. However, a Unitholder has no equitable or
proprietary interest in the underlying assets of the Trust and is not entitled to the transfer to it of any assets
(or part thereof) or of any estate or interest in any asset (or part thereof) of the Trust;
•
attend all Unitholders’ meetings. The Trustee or the Manager may (and the Manager shall at the request in
writing of not less than 50 Unitholders or 10% of the total units issued, whichever is the lesser) at any time
convene a meeting of Unitholders in accordance with the provisions of the Trust Deed; and
•
one vote per unit at the meeting of the Trust.
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