/ 1 4 4
NOTES TO THE FINANCIAL STATEMENTS
C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
15.
Trust expenses
Group
Trust
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Trustee’s fees
385
364
385
364
Valuation fees
125
126
121
126
Professional fees
965
436
914
413
Other expenses
851
505
915
529
2,326
1,431
2,335
1,432
Included in the professional fees are audit fees paid/payable to the auditors of the Group amounting to $180,000
(2014: $186,000) and non-audit fees paid/payable to the auditors of the Group amounting to $118,000 (2014:
$110,000). The non-audit fees comprise mainly tax compliance fees of $78,000 (2014: $40,000) and tax advisory
fees of $40,000 (2014: $70,000).
The trust expenses increased due to costs incurred in connection with the acquisition of remaining 40% partnership
interest in Cambridge SPV1 LLP in March 2015 (See Note 22 for more details), legal and professional fees relating
to general corporate works and the revision of the performance fee structure.
16.
Borrowing costs
Group
Trust
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Borrowing costs paid and payable:
– bank loans
8,743
9,014
8,391
9,014
– financial derivatives
(88)
1,660
(88)
1,660
– fixed rate notes
10,145
3,754
10,145
3,754
Amortisation of transaction costs
relating to debt facilities
3,420
3,566
3,334
3,566
Total borrowing costs
22,220
17,994
21,782
17,994
Borrowing costs capitalised in investment properties
–
(367)
–
(367)
22,220
17,627
21,782
17,627
