AUB Group Limited Annual Report 2023

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023

25 RELATED PARTY DISCLOSURES (CONTINUED) ii) Transactions with other related parties

2023 $

2022 $

Other payables - related parties Associates

2,527,183 1,461,629 859,652

1,129,651 8,115,125

Related persons/Companies – Trust distribution Related persons/Companies – Shareholder Loan

–

Entities within the Consolidated Group provide Shareholder loans to enable key employees to buy into the business (as part of the Group’s strategy to retain key employees). These loans (except one loan payable in 10 years), are payable within 5 years, are fully securitised on the shares of the company, and mechanisms for repayments include garnishing rights over associated dividends. These transactions are at normal commercial terms and conditions. iii) Transactions with directors and director-related entities. Entities within the Consolidated Group receive fees for arranging insurance cover for directors and/or director related entities. These transactions are at normal commercial terms and conditions. Other than disclosed above and in Notes 25(b) and 25(c), there were no other transactions with director or director related entities. 26 SUBSEQUENT EVENTS On 22 August 2023, the Directors of AUB Group Limited declared a final dividend on ordinary shares in respect of the 2023 financial year. The total amount of the dividend is $50.95m which represents a fully franked dividend of 47.0 cents per share. The dividend has not been provided for in the 30 June 2023 financial statements. Current versus non-current classification The Group presents assets and liabilities in the Consolidated Statement of Financial Position based on current and non-current classification. An asset is current when it is: – expected to be realised, or intended to be sold, or consumed in the normal operating cycle; – expected to be realised within twelve months after the reporting period; – held primarily for the purpose of trading; or – cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. An liability is current when: – it is expected to be settled in the normal operating cycle; – it is held primarily for the purpose of trading; – it is due to be settled within twelve months after the reporting period; or – there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other assets and liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. 27 OTHER POLICIES Other Policies For the basis of preparation, significant accounting policies, and changes to accounting refer to Note 2. For accounting policies on material balances refer to notes above.

AUB GROUP ANNUAL REPORT 2023

137