Cremorne Capital Limited – HVT Land Trust

ARSN 154 154 033

Financial Statement for the Year Ended 30 June 2022

THIS ANNEXURE A OF 24 PAGES

REFERRED TO IN FORM 388 COPY OF FINANCIAL STATEMENTS AND REPORTS

MICHAEL RAMSDEN DIRECTOR

DATE: 22 September 2022

Directors’ Report

The directors of Cremorne Capital Limited (`the Responsible Entity') submit herewith the financial report for the Cremorne Capital Limited - HVT Land Trust (`the Scheme") for the year ended 30 June 2022. 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.

Principal activities

The Scheme is a registered managed investment scheme domiciled in Australia.

The principal activity of the Scheme was to invest funds in accordance with the investment objectives and guidelines communicated to unitholders and in accordance with the provisions of the Constitution.

The Scheme holds investments and manages the land assets obtained and operated by the responsible entity.

The scheme is involved with hay production on part of the land currently not being utilised by trees.

Review of operations Results

The financial results of the operations of the Scheme are disclosed in the statement of profit and loss and other comprehensive income. The total comprehensive income for the Scheme for the year ended 30 June 2022 was a loss of $277,406 (2021: Loss $21,741)

Distributions

No distribution was paid or is payable in respect of the year ended 30 June 2022 (2021: Nil).

Management costs

The Responsible Entity fee for the year ended 30 June 2022 was $207,269 (2021: $205,765).

State of affairs

The Scheme will continue to be managed in accordance with the investment objectives and in accordance with the provisions of its Constitution. Future results will accordingly depend on the performance of the markets to which the Scheme is exposed.

Subsequent events

There has not been any matter or circumstance, other than that referred to in the financial statements or notes thereto, that has arisen since the end of the financial year, that has significantly affected, or may significantly affect, the operations of the Scheme, the results of the Scheme, or the state of affairs of the Scheme in future financial years.

Likely developments and expected results of operations

The Scheme will continue to be managed in accordance with the investment objectives and in accordance with the provisions of its Constitution. Future results will depend on a number of factors, some of which are beyond the control of the scheme, such as market factors and environmental factors.

Scheme information in the Directors' Report

There were 6,999 units in the Scheme held by the Responsible Entity as at the end of the financial year (2021: 4,615).

There were no applications in the Scheme issued during the year. No withdrawals from the Scheme during the year.

The value of the Scheme’s assets as at the end of the financial year is disclosed in the Statement of Financial Position.

Options granted

No options were granted over unissued units in the Scheme during or since the end of the year or granted to the Responsible Entity.

No unissued units in the Scheme were under option as at the dat e on which this Report was made. Units were issued in the Scheme during or since the the as a result of a Rights Issue offer carried out in the Scheme.

Indemnification

Under the Scheme's constitution the responsible en tity including its officers and employees is indemnified out of the Scheme's assets for any loss, damage, ex penses or other liability incurred by it in properly performing or exercising any of its powers, duties or rights in relation to the Scheme.

The Scheme has not indemnified any auditor of the Scheme.

Insurance premiums

Insurance premiums are paid out of the Scheme's assets in relation to insurance cover for the Responsible Entity, its officers and employees, the Compliance Committee or the auditors of the Scheme.

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 5.

Signed in accordance with a resolution of the directors of the Responsible Entity made pursuant to s.298 (2) of the Corporations Act 2001.

On behalf of the Directors

Michael Ramsden Director

MELBOURNE

DATED: 22 September 2022

Registered Audit Company 291969

Level 12 31 Queen Street

Melbourne Victoria 3000

T: +61 3 8613 8888

F: +61 3 8613 8800 nexia.com.au

Auditor's Independence Declaration Cremorne Capital Ltd - HVT Land Trust

As auditor for the audit of Cremorne Capital Ltd - HVT Land Trust for the year ended 30 June 2022, I declare that, to the best of my knowledge and belief, there have been:

• no contraventions of the independence requirements of the Corporations Act 2001 in relation to the audit; and

• no contraventions of any applicable code of professional conduct in relation to the audit.

Richard S. Cen Melbourne Director

Dated this 22nd day of September 2022

Level 12 31 Queen Street

Melbourne Victoria 3000

T: +61 3 8613 8888

F: +61 3 8613 8800 nexia.com.au