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Cremorne Capital Limited

Interim Financial Report for the Half Year Ended 31 December 2023

DIRECTORS’ REPORT

The directors of Cremorne Capital Limited (‘the Responsible Entity’) submit herewith the condensed financial report of HVT Land Trust (‘the Scheme’) for the half year ended 31 December 2023. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

Directors

The names of the directors of the Responsible Entity during or since the end of the year are:

• Mr M A Ramsden

• Mr D.A. Carroll

• Mr O.R. Carton

Directors were in office for this entire period unless otherwise stated.

Review of operations

Results

The financial results of the operations of the Scheme are disclosed in the condensed statement of profit and loss and other comprehensive income. The net profit for the Scheme half-year ended 31 December 2023 was $259,635. This compares to a profit of $251,415 for the half-year ended 31 December 2022

In respect of the half-year ended 31 December 2023, no distributions are payable (2022: Nil.)

Independence declaration by auditor

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 3

Signedinaccordance witharesolution ofthedirectors of the Responsible Entitymade pursuant to s.298 (2) of the Corporations Act 2001.

On behalf of the Directors

Michael Ramsden Director

MELBOURNE DATED 12 March 2024

Auditor’s Independence Declaration Cremorne Capital Limited – HVT Land Trust

I declare that, to the best of my knowledge and belief, during the half-year ended 31 December 2023 there has been:

a. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review, and

b. no contraventions of any applicable code of professional conduct in relation to the review.

Nexia Melbourne Audit Pty Ltd

Melbourne

Dated this 12th day of March 2024

Richard Cen

Director

Australia

Independent Auditor’s Review Report

To the members of Cremorne Capital Limited – HVT Land Trust

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Cremorne Capital Limited – HVT Land Trust, which comprises the Condensed Statement of Financial Position as at 31 December 2023, the Condensed Statement of Profit or Loss and Other Comprehensive Income, Condensed Statement of Changes in Equity and Condensed Statement of Cash Flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the Directors’ Declaration

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Cremorne Capital Limited – HVT Land Trust does not comply with the Corporations Act 2001 including:

i) giving a true and fair view of Cremorne Capital Limited – HVT Land Trust’s financial position as at 31 December 2023 and of its performance for the half-year ended on that date; and

iii) complying with Accounting Standard AASB 134 Interim FinancialReporting and the CorporationsRegulations 2001

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a FinancialReport Performed by theIndependentAuditor of the Entity Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the FinancialReport section of our report. We are independent of the Scheme in accordance with the auditor independence requirements of 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 annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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

Material Uncertainty Related To Going Concern

We draw attention to Note 9 in the half-year financial report, which indicates that the financial statements of the Scheme have been prepared on the basis of a going concern. Although the Scheme incurred a net gain of $259,635 during the half-year ended 31 December 2023, it has a negative working capital of $251,789. These events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Scheme’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Australia

Responsibility of the Directors for the Financial Report

The directors of the Scheme are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Scheme’s financial position as at 31 December 2023 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim FinancialReporting and the CorporationsRegulations 2001.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion

Dated this 12th day of March 2024

Nexia Melbourne Audit Pty Ltd

Richard Cen Melbourne Director

DIRECTORS’ DECLARATION

The condensed financial statements and notes thereto of the HVT Land Trust for the half year ended 31 December 2023 as set out on pages 7 – 15 have been prepared by Cremorne Capital Limited (‘the Responsible Entity’) in accordance with the Corporations Act 2001.

The directors of the Responsible Entity declare that:

a) In the directors’ opinion, there are reasonable grounds to believe that the Scheme will be able to pay its debts as and when they become due and payable; and

b) In the directors’ opinion, the attached condensed financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the Scheme

Signed in accordance with a resolution of the Directors of the Responsible Entity made pursuant to s.303 (5) of the Corporations Act 2001.

On behalf of the Directors

M. Ramsden Director MELBOURNE

Dated: 12 March 2024

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the Half Year ended 31 December 2023 Note

INCOME

EXPENSES

Management Fees (219,569) (157,125)

Borrowing Costs (21,708) (24,653)

Plantation expenses (87,486) (95,791)

Auditor’s Remuneration (6,200) (5,800)

Other Expenses (66,858) (76,050)

Total Expenses (401,821) (359,419)

Other Comprehensive Income

The above Statement should be read in conjunction with the accompanying notes

CONDENSED STATEMENT OF FINANCIAL POSITION

at 31 December 2023

The above Statement should be read in conjunction with the accompanying notes

ATTRIBUTABLE TO UNITHOLDERS

The above Statement should be read in conjunction with the accompanying notes

CONDENSED STATEMENT OF CASH FLOWS

For the Half Year ended 31 December 2023

2023

Cash flows from Investing Activities Payments for property, plant and equipment

Net Cash used in/provided by investing activities

Cash flows from Financing Repayment of borrowings (8,968) (275,306) Proceeds from unit issue -Net cash used in financing activities (8,968) (275,306) Net increase(decrease) in cash and cash equivalents held

The above Statement should be read in conjunction with the accompanying notes

Condensed Notes to and forming part of the Interim Financial Statements for the Half Year Ended 31 December 2023

1 Summary of Significant Accounting Policies

(a) Approval of Financial Statements

The financial statements of the Scheme for the first half of December 2023 were authorised for issue in accordance with a resolution of the board of directors on 12 march 2024.

(b) Statement of compliance

The half year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half year report does not include notes of the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report.

The condensed financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

The accounting policies and methods of computation adopted in the preparation of the half year financial report are consistent with those adopted and disclosed in the Scheme’s 2023 annual financial report for the financial year ended 30 June 2023, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

(d) Adoption of new accounting standard

The Scheme has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current reporting period.

The adoption of all the new and revised Standards and Interpretations has not resulted in any changes to the Scheme’s accounting policies and has no effect on the amounts reported for the current or prior periods. The new and revised Standards and Interpretations has not had a material impact and not resulted in changes to the Scheme’s presentation of, or disclosure in, its half-year financial statements.

The above Statement should be read in conjunction with the accompanying notes

Condensed Notes to and forming part of the Interim Financial Statements for the Half Year Ended 31 December 2023

2. Income Tax

31 December 2023 $ 31 December 2022 $

a) Income tax expense

The major component of tax expense comprises Local Current Tax – current period

Deferred tax expenses (benefit)

In respect of the current year (77,890) (75,424)

Total income tax expense (benefit) - -

b) The prima facie tax payable on profit before income tax is reconciled to the income tax expense as follows:

Prima facie income tax receivable/payable on loss/profit before income tax at 30%

Add/deduct tax effect of: Other non-assessable items

Other deductible items

Tax

(utilized) brought to account (77,890) (75,424) Income tax expense (benefit)

c) Deferred tax Revenue losses

tax payable

The above Statement should be read in conjunction with the accompanying notes

Condensed Notes to and forming part of the Interim Financial Statements for the Half Year Ended 31 December 2023

3. Net assets attributable to unit holders

(a) Movements in net assets attributable to unit holders

4. Cash and Cash Equivalents

The plantation was independently valued by Margules Groome, dated June 2021, based on their fair market value.

The above Statement should be read in conjunction with the accompanying notes

Condensed Notes to and forming part of the Interim Financial Statements for the Half Year Ended 31 December 2023

6. Property, Plant & Equipment

Movements in carrying amounts of

Half Year Ended 31December 2023

Asset Revaluations

The plantation was independently valued by Margules Groome, dated June 2021, based on their fair market value.

7. Commitments and contingencies

There are no commitments or contingencies.

The above Statement should be read in conjunction with the accompanying notes

Condensed Notes to and forming part of the Interim Financial Statements for the Half Year Ended 31 December 2023

After balance date events

Since 31 December 2023 there have been no other matters or circumstances not otherwise dealt with in the condensed report that have significant effect or may significantly affect the Scheme.

9. Going Concern

This report has been prepared on the going concern basis, which contemplates the continuity of normal business activityand the realisationofassets and settlement ofliabilitiesinthenormal course of business.

Future operating expenses will either be met through subscriptions received from members of the Scheme, maintenance contributions or from the proceeds of asset and stock sales. Based on sales to date, the Responsible Entity is confident that the Scheme will be successful in achieving its objectives.

Additional Company Information

Cremorne Capital Limited (A.C.N. 006 844 588) a company incorporated and operating in Australia is the Responsible Entity of the Cremorne Capital Limited - HVT Land Trust.

Registered Office

8 Chapel Street

Cremorne Vic 3121

The above Statement should be read in conjunction with the accompanying notes