notes to the financial statements for the year ended 30 June 2001 Unrealised gains and losses on interest rate swaps not effectively hedging an underlying exposure are recognised in the statement of financial performance. Borrowing costs are recognised as expenses in the period in which they are incurred and include: The amount of GST incurred by the Trust that is not recoverable from the Australian Taxation Office (ATO) is recognised as an expense or as part of the cost of acquisition of an asset. The Trust qualifies for Reduced Input Tax Credits at the rate of 75% on various services such as Responsible Entity fees. These expenses have been recognised in the statement of financial performance net of the amount of GST recoverable from the ATO. Receivables and payables are stated at amounts inclusive of GST. The net amount of GST recoverable from the ATO is included in receivables in the statement of financial position. Cashflows relating to GST are included in the statement of cash flows on a gross basis. For the purpose of the Statement of Cash Flows, cash includes cash on hand, deposits held at call with banks and investments in money market instruments. Amounts in the financial report are rounded off to the nearest thousand dollars in accordance with Class Order 98/0100 issued by the Australian Securities and Investments Commission. Where the Trust has received payments that are provisional or subject to legal dispute, the total value of the receipts will be accounted for as a liability and will not be reclassified as revenue until the nature of the receipt is virtually certain and supports the classification as revenue. Basic earnings per unit is determined by dividing the net result from ordinary activities by weighted average number of units outstanding during  the year. Diluted earnings per unit adjusts the figures used in the determination of basic earnings per unit by taking into account the weighted average number of units assumed to have been issued for no consideration in relation to dilutive potential units. The Trust was registered as a managed investment scheme by the Australian Securities and Investments Commission on 30 March 2001. The Trust was established on 19 October 1995 and will continue in operation for 80 years from this date pursuant to the provisions of the Trust Deed unless terminated earlier. n) Goods and Services Tax (GST) j) Borrowing Costs k) Cash Flows o) Rounding of amounts l) Conditional Receipts m) Earnings per Unit 2. TRUST FORMATION AND TERMINATION  (i) Basic Earnings per Unit (ii) Diluted Earnings per Unit 10 • Interest on short term and long term borrowings, and • Costs incurred in connection with the arrangement of borrowings.