BASIS OF PREPARATION AND ACCOUNTING POLICIES

The abridged consolidated financial results have been extracted from the consolidated financial statements which were prepared on the historical cost convention except for investment properties which are measured at fair value, by applying the recognition and measurement criteria in accordance with International Financial Reporting Standards (GIFRSH) and interpretations issued by the IFRS Interpretations Committee and e3ective for annual periods ended 31 August 2023. The principal accounting policies applied in the preparation of the consolidated financial statements are consistent in all material aspects with those adopted in the previous year, except for the adoption of new standards and revised standards in the current year. In the preparation of the consolidated financial statements, the Group has applied key assumptions concerning the future and other inherent uncertainties in recording various assets and liabilities. These assumptions were applied consistently to the consolidated financial statements for the year ended 31 August 2023 and are fully described in the consolidated financial statements. These assumptions are subject to ongoing review and possible amendments.

The going concern basis has been adopted in preparing the consolidated financial statements. Although there remains some economic uncertainty within the markets the Group operates in, based on their analysis the Directors are satisfied that there is a reasonable expectation that the Company and Group will be able to meet its ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements for the year ended 31 August 2023.

After a review of the Group’s cash flow forecast for the 12 months ending 30 November 2024 and the current financial position, the Directors are satisfied that the Company and Group have access to adequate resources to continue in operational existence for the next 12 months. The Directors have therefore resolved that it is appropriate for the Company and Group financial statements be prepared on a going concern basis.