2024 Annual Report by Australian Chiropractors Association

President’s Report

Dr David Cahill

Iam proud to report to members on the activity and achievements over the past 12 months. As an Association, we are committed to advancing the chiropractic profession and advocating for our members. It has been an extremely busy year for advocacy. Alongside representing members’ interests in various forums, we have also prioritised member services, with special attention given to younger members and students.

OUR DIRECTION

Our direction as an Association is clear, with every activity underpinned by our four strategic pillars:

• Membership services, growth and retention;

• Membership professional standards and research;

• Membership advocacy and brand;

• Governance and financial sustainability.

I am pleased to report that we have achieved an excellent financial result this year, with an operational surplus of over $700,000. This reflects prudent management by our CEO Alex Malley and his team, who work tirelessly for members. Improving our financial position allows us to continue to enhance member services, grow our advocacy efforts, and invest in critical research initiatives.

WFC CONGRESS 2023

We held a very successful WFC Congress on the Gold Coast, where the ACA hosted a large international contingent of chiropractic practitioners, researchers, and international strategists. Supporting the global spread of chiropractic is essential, and we are committed to ensuring that the profession’s unique identity remains a core part of its growth.

CBA REINSTATE THE INTERIM BAN ON SPINAL MANIPULATION FOR CHILDREN UNDER TWO

In November 2023, the Chiropractic Board of Australia (CBA) issued an updated advisory. The advisory lifted the interim ban on spinal manipulation for children under two years of age. This was a fair decision, primarily because no evidence has been found of harm caused by chiropractors. Parents have the right to access safe healthcare, of their choice, for their children.

However, in June, after an unfounded and orchestrated media attack, the Health Ministers requested that the CBA reinstate the interim ban, pending further review.

Your Association has actively advocated for your right to practise fully, according to your competency, across the lifespan. ACA spokespeople appeared on numerous radio and television programs to counter misinformation and protect our profession’s reputation.

Following the Health Ministers’ latest directive, we have been actively meeting with Ministers, their departments, and advisors. In these meetings, we have presented the facts of the situation—from the 2019 Safer Care Victoria review to today— while respectfully and firmly stating our case.

In support, this year has seen the publication of Consensus Guidelines for the care of children, involving international experts and spearheaded by our Association. Also, the Australian Chiropractors Education & Research Fund (ACERF), now firmly established, has called for a focus on research investigating chiropractic paediatric care. These initiatives, together with our continued impeccable safety record, and frequent dialogue with the CBA, helps demonstrate to Ministers the mature and responsible nature of our profession, and the robustness of our regulation, obviating any need for further directive from them.

HEALTHCARE REFORM

This episode is being played out in the midst of an unprecedented environment of change in healthcare regulation in Australia. The Government has instituted several key reviews to improve and streamline healthcare regulation. These include:

• Scope of Practice Review;

• National Allied Health Workforce Strategy Review;

• National Registration and Accreditation Scheme Complexity Review;

• NDIS Review;

• ACSQHC Imaging Standards Review;

• Ongoing reviews in rural and remote healthcare.

These reviews offer opportunities to highlight chiropractic’s benefits, while also posing potential risks that could negatively impact our profession.

As we move forward, our advocacy efforts will continue to be central to our mission. The evolving healthcare regulatory landscape offers both challenges and opportunities, and we are committed to ensuring that chiropractic care remains accessible and highly regarded within Australia. Our goal is to achieve a level playing field in healthcare, where public funding and research opportunities are based on competency, not title. Our relationships with key decision makers have been greatly enhanced this year, an imperative which stands us in good stead.

The ACA’s role is to understand the political landscape and work diligently to influence it. Anticipating future challenges is crucial.

Chiropractic is a profession with a unique perspective and mode of care which it offers the Australian people. The people clearly value it, to the tune of over 400,000 visits each and every week. The ACA is proud of our members service to our community.

CHIROPRACTIC PROGRAM IN VICTORIA

The RMIT decision to cease its chiropractic program was unexpected. The ACA fully supports the Australian Chiropractic College as it expands its footprint from Adelaide to Melbourne, helping ensure the future of chiropractic education. Simultaneously, your Association has been active in the securing of another home for publicly funded chiropractic education, with Victoria University looking very likely to be the place.

ACA CONFERENCE

Our goal is to achieve a level playing field in healthcare, where public funding and research opportunities are based on competency, not title. Our relationships with key decision makers have been greatly enhanced this year, an imperative which stands us in good stead.

Our national conference in Cairns in July was a wonderful success. Our focus on our future bore fruit with 80 students attending, representing all the teaching institutions. The speakers were exceptional, and the feel amongst delegates was, I believe, extraordinarily positive. Next July we will meet in Melbourne, and I strongly encourage all members to come along to enjoy the camaraderie and benefit from the learning.

As I conclude my term as President, I am proud of the progress we’ve made together and deeply grateful for the strength of our community. I sincerely thank the Board members I’ve worked with, Alex for his wise leadership, and our dedicated

staff. I also thank all the committee members who freely give their time and expertise. Most importantly, thank you to members for your support over the past three years. It has been an honour to represent you.

Dr David Cahill ACA President

CEO’s Report Mr Alex Malley

On behalf of the Board, members, and colleagues, I would like to acknowledge the enormous contribution that Dr Cahill has made as our President over the past three years. He has worked tirelessly across all aspects of the organisation, with particular focus on advocacy and member engagement. At a personal level, he has served as wise counsel to me and all my colleagues. Together with the Board, he has taken the ACA to new levels of relevance and performance. We wish to express our sincere thanks to Dr Cahill for all he has done for the ACA and its members.

CONSOLIDATED AND IMPROVED OPERATIONS

We conducted a thorough review of operations and staff roles, resulting in a more balanced distribution of workloads across the organisation. This led to a reduction of three FTEs (full-time equivalent staff), while enabling us to execute a greater number of member and marketing activities than in previous years. This also extends to our external advocacy efforts, which continue to benefit both our members and the broader profession.

We also took the opportunity to restructure the leadership team to better serve member and business needs. As a result, we have strengthened our staff culture and teamwork with a clear resolve to work hard for our members.

On the investment front, we worked closely with the Board and Morgan Stanley to develop a long-term investment strategy following the sale of our West Melbourne property.

This year, we posted a surplus of over $700,000, taking us another step towards financial sustainability. This financial security will support the economic future of the ACA and its membership for years to come. I would like to acknowledge Kim Hall for her incredible efforts in financial management.

A STRATEGIC FOCUS ON GOVERNING THE ORGANISATION

Throughout the year, the Board strategically analysed key aspects of the ACA, including business performance, risk, member value proposition, head office/ regional models, staff culture, staff performance, CPD, marketing, and student engagement. Each board member provided feedback on these issues, which was then discussed in a dedicated board session.

Following the board session, the management team took time to analyse and understand the Board’s perspectives and priorities. From this, we developed a draft strategic plan, which the Board duly endorsed.

The strategic plan is presented in a clear and accessible format, making it more useful for committees and individual members. The strategic plan is now available to all members on our website.

IMPROVING EXTERNAL RELATIONS

Our external relations have improved significantly over the year. We are increasingly invited to relevant forums as our brand and advocacy capabilities gain wider recognition. With the appointment of Linda Smith, and the contributions from Glynis Grace and Dr Cahill, our relationships with government bodies and regulators have never been more developed or personal.

THE NEXT GENERATION

We have made substantial progress in

student and graduate engagement. The appointment of Jeff Hughes, along with the efforts of the membership team, has resulted in continued record growth in student sign-ups. A major highlight this year was the attendance of over 80 students at our national conference. I would like to acknowledge Debbie Kelly for her ongoing contributions. The interaction between students and members was nothing short of inspirational, reaffirming the power and relevance of membership and unity.

BRAND CAMPAIGN

Our brand campaign began as a strategic conversation at the board level and became a reality this year. It has successfully met its goals of informing the public and highlighting ACA members. The campaign was launched on time and within budget, utilising various media channels, including digital and social, radio, television, outdoor, and buses. Feedback from members and the public has been highly encouraging. We have shared the extensive reach analysis of the campaign with members through articles and other communications.

In addition to the ongoing brand campaign, we conducted highly successful campaigns for Spinal Health Week and WorkSpace Week. This would not have been possible without the incredible work of Julie Bjornberg, Lina Wong, and Jordan Curry.

THANK YOU

I would like to thank the Board for their support and guidance. I also want to acknowledge my colleagues and express my gratitude for their hard work and camaraderie.

Mr Alex Malley CEO

Audit and Risk Report Mr Sanjay Gund

The Audit and Risk Committee comprises three board members: Damian Kristof, Anthony Coxon, and me as chair, along with member representatives David McRae and Kim Lie Jom. I have greatly appreciated the opportunity to chair the committee and work with my colleagues to ensure the committee’s objectives were met. I thank them all for their contributions.

The core mission of this committee is to provide robust oversight of financial processes, audit procedures, risk management, and investment strategies within the ACA. One of the significant benefits of the committee’s work is its ability to identify potential risks and actively contribute to their mitigation. By doing so, the committee plays a pivotal role in enhancing the overall governance framework of the ACA.

Throughout the fiscal year, the committee diligently adhered to its agreed-upon work plan, aligning its activities with the organisation’s strategic objectives.

Below is a summary of key issues relevant to members:

1. Three pillars: Defining a stronger ACA financial position

a. A 28% increase in surplus for the year: $776k (FY23: $604k), with net assets of $8.7 million (FY23: $7.92 million).

b. Responsible investment returns have generated 5% short-term returns, with a long-term strategy delivering 11.7%.

c. Responsible cost savings, such as operating with a leaner workforce while maintaining an increase in activity, have proven very successful.

2. Auditor’s Report:

Nexia Sydney provided ACA with an unmodified opinion, demonstrating that ACA’s financial governance is functioning well.

3. Other key highlights include:

a. Restructure contributions of $98.7k were received from CAA South Australia and CAA Western Australia. No future contributions are expected.

b. The funds from the West Melbourne property sale have been reinvested.

c. Capital investment has continued to support the new IT platform, which has provided an enhanced member experience and operational efficiencies.

d. A range of community support measures have been undertaken.

e. An ongoing 2% of ACA operating revenue contributes to the operations of ACERF.

4. Outlook:

We continue to focus on sustainability by utilising prudent

financial strategies. The following are on the horizon:

a. Sourcing new premises as the lease for the Parramatta head office expires in March 2025.

b. Sale of the property in Western Australia, with no capital gains tax implications anticipated.

c. Continuing the investment strategy while monitoring opportunities for growth as interest rates stabilise.

In conclusion, the Audit and Risk Committee remains committed to maintaining strong financial governance and effective risk management practices within the ACA. By focusing on sustainability, prudent investments, and ongoing oversight of financial operations, the committee ensures the association is well-positioned to support its strategic objectives and the ongoing needs of its members.

As we look ahead, we will continue to adapt and respond to emerging risks and opportunities, ensuring the longterm financial health and stability of the ACA.

Mr Sanjay Gund Chair, Audit & Risk Committee

Our Board of Directors

Dr David Cahill President

Dr Damian Kristof Board Member

Mr Sanjay Gund Board Member

Dr Billy Chow Vice President

Dr Genevieve Keating Board Member

Dr Angela Todd Board Member

Dr Anthony Coxon Board Member

Officer

Our Chief Executive Officer

Our Leadership Team

Alex Malley Chief Executive

Kim Tompkin Company Secretary

Kim Hall Chief Financial Officer

Jeff Hughes National Membership Manager

Glynis Grace Professional Services Manager

Julie Bjornberg Marketing & Communications Manager

Linda Smith Head of Policy

Financial Statements for the Year Ended 30 June 2024

2023-24 Financial Report

For the year ended 30 June 2024, the Australian Chiropractors Association and its controlled entities reported a surplus of $776,732. Total equity increased during the year to $8,700,417 reflecting the surplus result for 2023-2024 and includes the net assets acquired through business combinations as a result of restructure. The ACA and its controlled entities do not expect any further contributions from the CAA entities.

The 2023-24 results have been achieved due to continued monitoring of cost control measures while funding an increased level of activities. ACA’s capital investment in the new IT Platform has provided an enhanced member experience and operational efficiencies.

A focus on ACA investments resulted in an increase in investment income. Final restructure contributions were received from the CAASA and CAAWA entities. Membership numbers remained steady. ACA continues to focus on supporting students and new graduates to ensure future membership growth and increasing networking opportunities, activities and support for members. The company continued its representations on behalf of the chiropractic profession whilst giving continued support to its members to strengthen their professional status as primary healthcare practitioners.

ACA successfully delivered the World Federation of Chiropractic Biennial Congress on the Gold Coast in October 2023 and other events. The ACA branding campaign commenced during the year with further expansion of the campaign to continue in FY25. Advertising was rolled out on radio, bus, TV and digital and social platforms. Two percent of operational revenue was contributed to the Australian Chiropractic Education and Research Fund (ACERF). ACERF commenced funding approved research grants during the year.

Australian Chiropractors Association Limited and its Controlled Entities

ABN 50 050 096 038

Financial Statements

30 June 2024

General information

The financial statements cover Australian Chiropractors Association Limited and its Controlled Entities. The financial statements are presented in Australian dollars, which is Australian Chiropractors Association Limited and its Controlled Entities' functional and presentation currency.

A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 September 2024. The directors have the power to amend and reissue the financial statements.

Australian Chiropractors Association Limited and its Controlled Entities

Directors' report

For the year ended 30 June 2024

The directors present their report, together with the financial statements, on the Group for the year ended 30 June 2024.

Directors

The names of each person who has been a director during the year and to the date of this report are:

Name: Dr D. Cahill

Title: Director/President

Qualifications:

B.App.Sc (Chiro)

Experience and expertise: ACA Director, appointed 18/10/2019

Special responsibilities: Executive Committee

ACERF Advisory Committee

Name: Dr J.B. Chow

Title: Director

Qualifications: BSc, BAppSc(ClinSc) BChiroSc

Experience and expertise: ACA Director, appointed 16/10/2020

CAAN Director 2011-2015

Special responsibilities: Continuing Professional Development Committee

ARRPN Committee

Name: Dr A. Coxon

Title: Director

Qualifications:

Experience and expertise:

B.App.Sc (Chiro)

ACA Director, appointed 28/05/2018

CAAN Director 2017-2018

Special responsibilities: Audit & Risk Committee

Public Engagement Committee

Western Regional Committee

Tertiary Education & Research Committee

Name: Dr G. Keating

Title: Director

Qualifications:

BAppSc(Chiro), DACBN, PhD

Experience and expertise: ACA Director, appointed 11/10/2023

Special responsibilities: Women In Chiropractic Committee

AICE Chairs Committee

Name: Dr D. Kristof

Title: Director

Qualifications: BAppSc(Chiro), AdvDip (Naturopathy)

Experience and expertise: ACA Director, appointed 18/10/2019

Special responsibilities: Executive Committee

Audit & Risk Committee

Eastern Regional Committee

Southern Regional Committee

Name: Dr K. Kulevski

Title: Director

Qualifications: BSc MChiro

Experience and expertise: ACA Director, appointed 22/10/2021 to 11/10/2023

Special responsibilities: Western Regional Committee

Name: Dr A. Todd

Title: Director

Qualifications: BAppSc(Chiro) GradDipChiroPaed (RMIT)

Experience and expertise: ACA Director, appointed 25/01/2022

Special responsibilities: Policy Committee

Northern Regional Committee

Conduct & Ethics Committee

Australian Chiropractors Association Limited and its Controlled Entities

Directors' report

For the year ended 30 June 2024

Name: Mr S Gund

Title: Director

Qualifications: GAICD, FCA, FGIA, FCG & B.Sc. (Physics)

Experience and expertise: ACA Director, appointed 02/12/2022

Special responsibilities: Audit & Risk Committee Chair

Members guarantee

In accordance with the Company's Constitution, every member, while remaining as a member or within one year afterwards, of the company undertakes to contribute an amount not exceeding $10 per member to the assets of the National Association in the event of it being wound up. The amounts contributed are for payment of debts and liabilities of the National Association contracted before ceasing to be a member, the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves. At 30 June 2024, the number of members was 3,817 (2023: 3,893).

Objectives of the Australian Chiropractors Association Limited

The Australian Chiropractors Association Limited (ACA) is a not-for-profit company limited by guarantee. The Company is bound by the terms of its Constitution, which outlines the objectives of the company.

The objectives are broad and permit the Company to engage in a wide range of activities focused on members, member services, advocacy, research, education and quality in governance for the betterment of the chiropractic profession.. The ACA Board’s Strategic Plan fits within those objectives and guides the Association’s work and outlines four strategic pillars to be addressed. The plan focuses ACA's efforts and resources to achieve the greatest impact for its members and the Australian community. It requires ACA to think and act differently, actively engaging with members of the profession and stakeholders to articulate a compelling narrative about the value of chiropractic care and the benefit of membership.

The Board has recognised the importance of monitoring and evaluation and will ensure that progress and performance under each of the goals is reported against regularly. The strategic pillars are:

1. Focus on member value in the provision of services;

2. Develop and promote professional standards and advance research for chiropractors;

3. Advocate and promote policy awareness and public understanding of the benefits of chiropractic care; and

4. Govern and manage the Association to best practice.

Australian Chiropractors Association Limited and its Controlled Entities Directors' report

For the year ended 30 June 2024

Review of operations and future developments

The organisation has now bedded down the new membership technology platform which will enable members to better manage their membership details going forward as well as bring operational efficiencies internally.

We embarked on the first stage of our brand campaign achieving excellent reach across membership and the Australian public. Members were updated regularly on the outcomes and success of the campaign.

Our focus remains on leading and representing the chiropractic profession for all chiropractors and those studying chiropractic. The level of advocacy has ramped up considerably across several different fronts not the least of which paediatric issues that the profession is currently facing.

The ACA continued to provide funding for research and support of tertiary education institutions and students, including its scholarship for an eligible Aboriginal & Torres Strait Islander student to study chiropractic. Separately, the establishment of the public ancillary fund, the Australian Chiropractors Research and Education Fund, has progressed and will be a focus of organisational activity into the future under the regulation of ACNC.

We managed member funds and investments with great scrutiny. We provided a record number of member services while reporting a healthy surplus that will contribute to the ACA’s long-term sustainability.

Our engagement with students has hit new levels and our events were well attended across the country. Students are the future leaders of our profession. Their current engagement patterns are really pleasing to see for the future of the ACA.

Along with the development and delivery of exceptional professional development opportunities for members we successfully delivered the World Federation of Chiropractic Biennial Conference on the Gold Coast in October 2023.

We continue our outreach into regional areas with the introduction of the Rural Health Placement Scholarship as well as commencing a series of Connect & Learn in-person events around the country.

Meetings of directors

The number of meetings of the Group's Board of Directors ('the Board') held during the year ended 30 June 2024, and the number of meetings attended by each director were:

Held: represents the number of meetings held during the time the director held office.

Company secretary

The following person held the position of company secretary at the end of the financial year: Kim Tompkin appointed on 3 July 2017.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

Australian Chiropractors Association Limited and its Controlled Entities

Directors' report

For the year ended 30 June 2024

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

On behalf of the directors

Dr D. Cahill Director

27 September 2024

Dr D. Kristof Director

Aust ralia

As audit director for the audit of the financial statements of

Chiropractors Association Limited and its Controlled Entities for the financial year ended 30 June 2024, I declare that to the best of my knowledge and belief, there have been no contraventions of:

To the Board of Directors of Australian Chiropractors Association Limited and its Controlled Entities

Auditor’s Independence Declaration under section 307C of the CorporationsAct2001

(a) the auditor independence requirements of the CorporationsAct2001 in relation to the audit; and (b) any applicable code of professional conduct in relation to the audit.

As audit director for the audit of the financial statements of Australian Chiropractors Association Limited and its Controlled Entities for the financial year ended 30 June 2024, I declare that to the best of my knowledge and belief, there have been no contraventions of:

Yours sincerely

(a) the auditor independence requirements of the CorporationsAct2001 in relation to the audit; and any applicable code of professional conduct in relation to the audit.

Yours sincerely

Nexia Sydney Audit Pty Ltd

Vishal Modi Director Registeredcompanyauditornumber:486119

Date: 27 September 2024

Sydney

Vishal Modi Director

For the year ended 30 June 2024

(4,785,966)

tax benefit/(expense) 20,805 (236,089) Surplus after income tax benefit/(expense) for the year 776,732 604,260 Other comprehensive income for the year, net of tax -Total comprehensive income for the year

Statement of changes in equity

For the year ended 30 June 2024

the year ended 30 June 2024

(252,306) (224,370)

2,488,852

2,653,479

Australian Chiropractors Association Limited and its Controlled Entities

Notes to the financial statements

For the year ended 30 June 2024

Note 1. Material accounting policy information

The accounting policies that are material to the Group are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Basis of preparation

These general purpose financial statements have been prepared in accordance with the Australian Accounting Standards - Simplified Disclosures issued by the Australian Accounting Standards Board ('AASB'), and the Corporations Act 2001, as appropriate for not-for profit oriented entities.

Historical cost convention

The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial instruments.

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

Revenue recognition

The Group recognises revenue as follows:

Revenue from contracts with customers

Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.

Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are recognised as a refund liability.

Member fees

The Company's membership subscription year is 1 July to 30 June. Fees are payable annually in advance. Only those member fee receipts that are attributable to the current financial year are recognised as revenue.

Fee receipts relating to periods beyond the current financial year are shown, excluding any applicable taxes, in the Statement of Financial Position as contract liabilities, under the heading of current liabilities.

Notes to the financial statements

For the year ended 30 June 2024

Note 1. Material accounting policy information (continued)

Referral fees

Revenue from referral fees are recognised upon successful referrals of members to third-party insurance providers.

Events and conferences

Revenue from events and conferences are recognised when the events are held.

Interest revenue

Interest is recognised using the effective interest method.

Dividend revenue

Dividends are recognised when the entity’s right to receive payment is established.

Other revenue

Other revenue is recognised when it is received or when the right to receive payment is established.

All revenue is stated net of the amount of goods and services tax (GST).

Income tax

The tax expense recognised in the statement of profit and loss and other comprehensive income relates to current income tax expense plus deferred tax expense (being the movement in deferred tax assets and liabilities and unused tax losses during the year).

Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for the year and is measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

The parent prepares its income tax returns by reference to the application of the principle of mutuality to the revenue and expenses of the Group. The principle of mutuality is a common law principle arising from the premise that individuals cannot profit from themselves. Accordingly, receipts from members are deemed to be mutual income and not subject to income tax, and expenses in connection with mutual activities are therefore not deductible for taxation purposes. All other receipts and payments are classified in accordance with taxation legislation.

Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other shortterm, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Notes to the financial statements

For the year ended 30 June 2024

Note 1. Material accounting policy information (continued)

Trade and other receivables

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

Financial instruments

Recognition, initial measurement and derecognition

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument, and are measured initially at fair value adjusted by transactions costs, except for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities are described below.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires

Classification and subsequent measurement of financial assets

Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).

For the purpose of subsequent measurement, financial assets other than those designated and effective as hedging instruments are classified into the following categories upon initial recognition:

- Amortised cost;

- Fair value through profit or loss (FVPL); or

- Equity instruments at fair value through other comprehensive income (FVOCI)

All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses.

Classifications are determined by both:

- The entities business model for managing the financial asset; and

- The contractual cash flow characteristics of the financial assets

Subsequent measurement financial assets

Financial assets at amortised cost

Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL):

- They are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and

- The contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.

After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments as well as long-term deposit that were previously classified as held-to-maturity under AASB 139.

Notes to the financial statements

For the year ended 30 June 2024

Note 1. Material accounting policy information (continued)

Financial assets at fair value through profit or loss (FVPL)

Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and sell’ are categorised at fair value through profit and loss. Further, irrespective of business model financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVPL.

Equity instruments at fair value through other comprehensive income (Equity FVOCI)

Investments in equity instruments that are not held for trading are eligible for an irrevocable election at inception to be measured at FVOCI. Under Equity FVOCI, subsequent movements in fair value are recognised in other comprehensive income and are never reclassified to profit or loss. Dividend from these investments continue to be recorded as other income within the profit or loss unless the dividend clearly represents return of capital.

Impairment of Financial assets

Trade

and other receivables

The Group makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance at the amount equal to the expected lifetime credit losses. In using this practical expedient, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix.

Classification and measurement of financial liabilities

The Group’s financial liabilities include borrowings and trade and other payables.

Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss.

Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments).

All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income.

Property, plant and equipment

Land and buildings are shown at fair value, based on periodic, at least every 3 years, valuations by external independent valuers, less subsequent depreciation and impairment for buildings. The valuations are undertaken more frequently if there is a material change in the fair value relative to the carrying amount. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Increases in the carrying amounts arising on revaluation of land and buildings are credited in other comprehensive income through to the revaluation surplus reserve in equity. Any revaluation decrements are initially taken in other comprehensive income through to the revaluation surplus reserve to the extent of any previous revaluation surplus of the same asset. Thereafter the decrements are taken to profit or loss.

Plant and equipment

Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Notes to the financial statements

For the year ended 30 June 2024

Note 1. Material accounting policy information (continued)

In the event that the carrying amount of plant and equipment is greater than its estimated recoverable amount, it is immediately written down to its estimated recoverable amount. The recoverable amount is assessed on the basis of the expected net cash flows which will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.

Depreciation

Property, plant and equipment, other than freehold land, are depreciated at rates calculated to allocate the cost less the estimated residual value over the estimated useful life of each asset.

The depreciation rates used for each class of depreciable asset are shown below:

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.

Right-of-use assets

A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset.

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.

The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.

Intangible assets

Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.

Notes to the financial statements

For the year ended 30 June 2024

Note 1. Material accounting policy information (continued)

Website

Significant costs associated with the development of the revenue generating aspects of the website, including the capacity of placing orders, are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 5 to 10 years.

Customer contracts

Customer contracts acquired in a business combination are amortised on a straight-line basis over the period of their expected benefit, being their finite life of 5 years.

Software

Significant costs associated with software are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 5 years.

Impairment of non-financial assets

Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The valuein-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

Trade and other payables

These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Contract liabilities

Contract liabilities represent the Group's obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the Group recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the Group has transferred the goods or services to the customer.

Lease liabilities

A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred.

Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.

Notes to the financial statements

For the year ended 30 June 2024

Note 1. Material accounting policy information (continued)

Provisions

Provisions are recognised when the company has a present (legal or constructive) obligation as a result of a past event, it is probable the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.

Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.

Employee benefits

Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefits

The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Defined contribution superannuation expense

Contributions are made to employee superannuation funds and are charged as expenses when incurred. All employees are entitled to varying levels of benefits on retirement, disability or death. The superannuation plans or equivalent provide accumulated benefits. Contributions are made in accordance with the statutory requirements of each jurisdiction. The Group has no legal obligation to cover any shortfall in the Funds' obligations to provide benefits to employees on retirement.

Fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Goods and Services Tax ('GST')

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.

Receivables and payable are stated inclusive of GST.

Notes to the financial statements

For the year ended 30 June 2024

Note 1. Material accounting policy information (continued)

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.

Note 2. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Estimation of useful lives of assets

The Group determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.

Impairment of non-financial assets other than goodwill and other indefinite life intangible assets

The company assesses impairment of non-financial assets other than goodwill and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the company and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and assumptions.

Incremental borrowing rate

Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based on what the company estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.

Employee benefits

For the purpose of measurement, AASB 119: Employee Benefits defines obligations for short-term employee benefits as obligations expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related services. The Group has determined that it expects most employee benefits to be taken within 24 months of the reporting period in which they were earned and that this change did not have a material impact on the amounts recognised in respect of obligations for employees' leave entitlements.

The liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account.

Australian Chiropractors Association Limited and its Controlled Entities

Notes to the financial statements

For the year ended 30 June 2024

Note 3. Revenue from contracts with customers

Note 4. Surplus before income tax benefit/(expense)

The result for the year includes the following specific expenses:

Note 5. Income tax benefit/(expense)

The Group is liable for income tax only on income derived from non-members and from investments.

As at 30 June 2024, Australian Chiropractors Association Limited had carried forward tax losses of $1,838,743 (2023: $1,801,518).

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

Note 6. Interest income

Notes to the financial statements

For the year ended 30 June 2024

Note 6. Interest income (continued)

Note 7. Other income

Note 8. Cash and cash equivalents

Note 9. Trade and other receivables

Notes to the financial statements

For the year ended 30 June 2024

Note 10. Other assets

Note 11. Financial assets

Note 12. Right-of-use assets

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial year are set out below:

Australian Chiropractors Association Limited and its Controlled Entities

Notes to the financial statements

For the year ended 30 June 2024

Note 13. Property, plant and equipment

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial year are set out below:

and Furniture

Valuations of land and buildings - at fair value

The consolidated entity’s property at 4/30 Atchison Street, St Leonards NSW 2065 was independently valued on 7 April 2021 by Australia Pacific PCS at $950,000 The valuation was based on direct comparison method which compares the current property to similar properties in the same location and condition.

Note 14. Intangibles

Notes to the financial statements

For the year ended 30 June 2024

Note 14. Intangibles (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial year are set out below:

Note 15. Trade and other payables

Note 16. Lease liabilities

Note 17. Income tax

Australian Chiropractors Association Limited and its Controlled Entities

Notes to the financial statements

For the year ended 30 June 2024

Note 18. Employee benefits

Note 19. Contract liabilities

Note 20. Reserves

Note 21. Key management personnel disclosures

Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity is considered key management personnel.

The Directors of the Australian Chiropractors Association Limited during the year were Dr D. Cahill, Dr J.B. Chow, Dr A. Coxon, Dr G. Keating, Dr D. Kristof, Dr K. Kulevski, Dr A. Todd, and Mr S. Gund.

A. Malley was appointed the Chief Executive Officer.

Payments to directors are within the maximum director remuneration pool amount authorised by the members.

The totals of remuneration paid to key management personnel including directors of Australian Chiropractors Association Limited during the year are as follows:

Australian Chiropractors Association Limited and its Controlled Entities

Notes to the financial statements

For the year ended 30 June 2024

Note 22. Remuneration of auditors

During the financial year the following fees were paid or payable for services provided:

services - Nexia Sydney Audit Pty Ltd

- Nexia Sydney Pty Ltd

Note 23. Contingencies

The Group has a contingent liability on a bank guarantee issued to the lessor of the leased property amounting to $148,101 as at 30 June 2024 (2023: $148,101).

Note 24. Commitments

The Group had no commitments for expenditure as at 30 June 2024 and 30 June 2023.

Note 25. Related party transactions

Parent entity

The consolidated financial statements incorporate the assets, liabilities and results of the following controlled entities:

Australian Chiropractors Association Limited (parent entity)

Australian Chiropractors Association (NSW) Ltd

Australian Chiropractors Association (Vic) Ltd

Key management personnel

Disclosures relating to key management personnel are set out in subsequent note.

Transactions with related parties

Transactions entered into during the year with Directors, their firms and associates are within normal customer relationship on terms and conditions no more favourable to those available to other members and customers including the payment of usual member subscriptions and receipt of normal benefits of memberships.

Receivable from and payable to related parties

There were no trade receivables from or trade payables to related parties at the current and previous reporting date.

Loans to/from related parties

There were no loans to or from related parties at the current and previous reporting date.

Note 26. Events after the reporting period

No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

Australian Chiropractors Association Limited and its Controlled Entities

Notes to the financial statements

For the year ended 30 June 2024

Note 27. Company Details

The registered office and principal place of business of the company is:

Australian Chiropractors Association Limited Level 1

75 George Street PARRAMATTA NSW 2150

Australian Chiropractors Association Limited and its Controlled Entities

Consolidated entity disclosure statement As at 30 June 2024

Place formed / Ownership interest

Australian Chiropractors

Association (New South Wales) Ltd

Australian Chiropractors

Association (Victoria)

Limited Association

Australian Chiropractors Association Limited and its Controlled Entities

Directors' declaration

For the year ended 30 June 2024

In the directors' opinion:

● the attached financial statements and notes comply with the Corporations Act 2001, the Australian Accounting Standards - Simplified Disclosures, the Corporations Regulations 2001 and other mandatory professional reporting requirements;

● the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2024 and of its performance for the financial year ended on that date;

● there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable; and

● the information disclosed in the attached consolidated entity disclosure statement is true and correct.

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

Dr D. Cahill Director

27 September 2024

Dr D. Kristof Director

Independent Auditor’s Report to the Members of Australian Chiropractors Association Limited and its controlled entities

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Australian Chiropractors Association Limited and its controlled entities (the Group and its subsidiaries (the Group)), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

Independent Auditor’s Report to the Members of Australian Chiropractors Association Limited and its controlled entities

Report on the Audit of the Financial Report

Opinion

In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:

i) giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial performance for the year then ended; and

ii) complying with Australian Accounting Standards - Simplified Disclosures and the Corporations Regulations 2001.

In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:

Basis for opinion

i) giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial performance for the year then ended; and

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the ‘auditor’s responsibilities for the audit of the financial report’ section of our report. We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants(includingIndependence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

ii) complying with Australian Accounting Standards - Simplified Disclosures and the Corporations Regulations 2001.

Basis for opinion

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Group, would be in the same terms if given to the directors as at the time of this auditor’s report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The directors are responsible for the other information. The other information comprises the information in Australian Chiropractors Association Limited and its controlled entities’ annual report for the year ended 30 June 2024, but does not include the financial report and the auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of the other information we are required to report that fact. We have nothing to report in this regard.

Directors’ responsibility for the financial report

The directors of the Group are responsible for the preparation of:

a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and

b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and for such internal control as the directors determine is necessary to enable the preparation of:

i) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and

ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibility for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report

A further description of our responsibilities for the audit of the financial report is located at The Australian Auditing and Assurance Standards Board website at: www.auasb.gov.au/auditors_responsibilities/ar3.pdf. This description forms part of our auditor’s report.

Vishal Modi

Director

Registeredcompanyauditornumber:486119

Dated: 27 September 2024

Sydney