Other information The directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2025 but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly 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 this other information, we are required to report that fact. We have nothing to report in this regard. Accrual of R&D grant revenue Area of focus (refer also to notes 2, 3, 6 and 7) During the financial year the Group recorded research and development (“R&D”) grant revenue of $2,377,145, of which $2,136,264 related to an accrual for qualifying R&D expenditure in the current financial year, and a further $240,881 related to the true-up of an accrual made for the prior year R&D claim. Given that the R&D accrual for grant revenue may differ in its final claim and that there are complexities that arise in its calculation, particularly for the eligibility of qualifying expenditure under the R&D credit regime, as administered by both AusIndustry and the Australian Taxation Office, this is considered a Key Audit Matter for this audit report. How our audit addressed the key audit matter Our audit procedures included: — Understanding the key controls and governance established by management for raising the R&D accrual and claiming R&D tax credits; — Examining the prior year R&D claim to understand the key assumption modification which lead to the additional accrual of R&D revenue; — Recalculating the R&D accrual raised in these financial statements; and — Consulting with our internal R&D specialist, in relation to the examination of the inputs and assumptions included in the current year R&D accrual. We also ensure that matters relating to the R&D accrual and claim revenue were appropriately disclosed in the financial statements.
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