Notes to the Consolidated Financial Statements

For the financial year ended 31 December 2022

Significant Accounting Policies

The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis Of Consolidation

i. Controlled entities

The consolidated financial reports comprise of the financial statements of the Group and its subsidiaries. Subsidiaries are entities controlled by the Group. Control exists when the entity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The financial statements of controlled entities are included in the consolidated financial report from the date control commences until the date control ceases.

ii. Loss of control

When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and other components of equity. Any resulting gain or loss is recognised in the profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.

iii. Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expense arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with associates are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

Foreign Currency

Transactions in foreign currencies are translated into the respective functional currencies of the Group companies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Nonmonetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.

Foreign currency differences are generally recognised in profit or loss and presented within finance costs.

Income Tax

The Group are exempt institutions from income tax under Division 50 of the Income Tax Assessment Act 1997 The Group has deductible gift recipient (DGR) status.

Inventories

Inventories are measured at the lower of cost and net realisable value. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.