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{ "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00", "unit": "iso4217:USD" } }, "fact-220": { "value": "General information Macau Property Opportunities Fund Limited (the \u201cCompany\u201d) is a Company incorporated and registered in Guernsey under The Companies (Guernsey) Law, 1994. This law was replaced by the Companies (Guernsey) Law, 2008 on 1 July 2008. The Company is an authorised entity under the Authorised Closed-Ended Investment Schemes Rules and Guidance, 2021 and is regulated by the GFSC. The address of the registered office is given on page 115. The Consolidated Financial Statements for the year ended 30 June 2023 comprise the financial statements of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group has investments in residential property in Macau. These Consolidated Financial Statements have been approved for issue by the Board of Directors on 4 October 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-5": { "value": "Macau Property Opportunities Fund Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-6": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-7": { "value": "1 Summary of significant accounting policies The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d), which comprise standards and interpretations approved by the International Accounting Standards Board, together with applicable legal and regulatory requirements of Guernsey Law and the GFSC. Basis of preparation The Consolidated Financial Statements have been prepared in accordance with IFRS; applicable legal and regulatory requirements of Guernsey Law and under the historical cost basis, except for financial assets and liabilities held at fair value through profit or loss (\u201cFVPL\u201d) and investment properties that have been measured at fair value. All other assets and liabilities are carried at amortised cost. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 3. The Consolidated Financial Statements are presented in US Dollars and all values are rounded to the nearest thousand ($\u2019000), except where otherwise indicated. Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Manager\u2019s Report. The financial position of the Group, its cash flows and its liquidity position are described in the Capital Management section of the Manager\u2019s Report. The financial risk management objectives and policies of the Group and the exposure of the Group to credit risk, market risk and liquidity risk are discussed in Note 2 to the Consolidated Financial Statements. In accordance with provision 30 of the 2018 revision of the UK Corporate Governance Code, (the \u201cUK Code\u201d), and as a fundamental principle of the preparation of financial statements in accordance with IFRS, the Directors have assessed as to whether the Company will continue in existence as a going concern for a period of at least 12 months from signing of the financial statements, which contemplates continuity of operations and the realisation of assets and settlement of liabilities occurring in the ordinary course of business. The financial statements have been prepared on a going concern basis for the reasons set out below and as the Directors, with recommendation from the Audit and Risk Committee, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the next twelve months after date of approval of the Annual Report. 1. Summary of significant accounting policies (continued) Going Concern (continued) In reaching its conclusion, the Board have considered the risks that could impact the Group\u2019s liquidity over the period to 30 September 2024. This period represents the period of at least 12 months from the date of signing of the Annual Report. As part of their assessment the Audit and Risk Committee highlighted the following key considerations: 1. Whether the Group can repay or refinance its loan facilities to discharge its liabilities over the period to 30 September 2024 2. Extension of life of the Company 1. Whether the Group can repay or refinance its loan facilities to discharge its liabilities over the period to 30 September 2024 As at 30 June 2023, the Group had major debt obligations to settle during the going concern period being: i) principal repayments for The Waterside loan facility of approximately US$ 7.7 million, US$ 9.6 million and US$ 11.5 million due for settlement in September 2023, March 2024 and September 2024, respectively; ii) principal repayments for The Fountainside loan facility of approximately US $ 1.9 million and US $3.7 million due for settlement in September 2023 and March 2024, respectively; iii) principal repayments for the Penha Heights Tai Fung Bank loan facility of approximately US $ 1.6 million due for settlement in quarterly instalment of US $318,900; and iv) principal repayments for the Penha Heights BCM loan facility of approximately US $0.4 million and US $ 7.6 million due for settlement in September 2023 and December 2023, respectively. The Fountainside US$ 1.9 million loan repayment due in September has been settled in full. The Waterside US$7.7 million loan repayment due in September 2023 has been partially settled in the amount of US $4.4 million, with the remaining balance to be settled upon completion of a confirmed sale as agreed with the lender. By reference to the Company\u2019s comprehensive working capital projections, it is anticipated that the remaining debt obligations that are due over the going concern period would be settled from sales proceeds that are to be generated from the ongoing divestments of remaining units in The Waterside and The Fountainside . The Board has considered Stress-tested scenarios which indicated that a conservative, modest sales programme would provide sufficient working capital. The Company has agreed in principle with lenders of the banking facilities for Penha Heights to defer principal repayments that will be due in September and December 2023. The loan facility with BCM is to be extended to mature in March 2025. As a result, the loan repayments for the two Penha Heights facilities that would then become due over the going concern period are reduced from US$ 9.7 million to approximately US $1.7 million. It is anticipated that this US $1.7 million debt obligation would be settled from the sales proceeds from The Waterside and The Fountainside units, in the event that Penha Heights is not disposed of during the period. The Manager is responsible for maintaining relationships with the Group\u2019s lenders, monitoring loan terms and covenants to ensure compliance, and reporting to the Board on regular basis for all key matters arising. Throughout the year ended 30 June 2023 and up to the financial statements issuance date, the Group has been in compliance with all loan covenants. Over the years, the Manager always maintains proactive dialogue with the lenders and in turn receives their strong support to the Group, even during the very challenging market environment amid the prolonged COVID period. Post COVID, the existing lenders continue to indicate their support for the Group as well as the underlying properties. Further, the upcoming debt servicing obligations over the going concern period are expected to be met by sales proceeds. Meanwhile, the Manager has also started to explore financing options with other banks as part of its contingency planning. Based on the Manager\u2019s proven track record in executing property sales and managing lender relationships, the Board is confident that the Group will be able to meet its debt obligations during the going concern period provided the sales velocity can be maintained. Notwithstanding the above, given that it remains uncertain that adequate proceeds could be generated from sales of properties to settle payment obligations over the going concern period, and given that any necessary refinancing of debt obligations would still be subjected to lenders\u2019 approval, the Directors consider that there is a material uncertainty that may cast significant doubt over the Group\u2019s and Company\u2019s ability to continue as a going concern. 1. Summary of significant accounting policies (continued) Going Concern (continued) 2. Extension of life of the Company After the Ordinary Resolution was passed by an overwhelming majority at the AGM of the Company in its 2022 AGM to extend the Fund\u2019s life until 31 December 2023, the Directors assessed the impact of the Continuation Vote on the Fund\u2019s ability to continue as a going concern. The Directors have also considered the going concern assumption outside the primary going concern horizon. In line with Article 38 of the Articles of Incorporation, the Company will put forward a resolution for its continuation at the next AGM (to be held in December 2023). If any continuation resolution is not passed, the Directors are required to formulate proposals to be put to Members to reorganise, unitise, reconstruct or wind up the Company. The Directors anticipate receiving continuation support from major shareholders and note that 50% of shareholder support is required to ensure continuation. The Board and the Company\u2019s broker maintain ongoing communication with shareholders and the feedback regarding the Continuation Vote is broadly positive. It is likely that returns from the sale of properties would be significantly lower if the Fund was forced to sell under some form of fire sale agreement as a result of a failed Continuation Vote and it is therefore commercially sensible for the Fund to continue in business. Given that the Continuation Vote has not taken place at the date of issue of the financial statements, the Directors consider that there is a material uncertainty related to events or conditions that may cast significant doubt over the Company\u2019s ability to continue as a going concern and, therefore, that it may be unable to realise assets and discharge liabilities in the normal course of business. Going Concern Conclusion After careful consideration and based on the reasons outlined above, including the Manager\u2019s continuing dialogue with lenders and shareholders, whilst there is a material uncertainty related to going concern, the Board have a reasonable expectation that the Company will continue in existence as a going concern for 12 months from the date of signing the Annual report. They are therefore satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements. New and amended standards and interpretations applied The following amendments to existing standards and interpretations were effective for the year ended 30 June 2023 and therefore were applied in the current year but they did not have a material impact on the Group: \u2014 Annual Improvements to IFRSs 2018\u20132020 \u2014 Amendment to IAS 37: Onerous Contracts: Cost of fulfilling a Contract \u2014 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform \u2014 Phase 2 New and amended standard and interpretation not applied The following new and amended standards and interpretations in issue are applicable to the Group but are not yet effective and have not been adopted by the Group: \u2014 IFRS 17: Insurance Contracts (effective 1 January 2023) \u2014 Amendments to IAS 17: Insurance Contracts (effective 1 January 2023) \u2014 Amendments to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (effective 1 January 2023) \u2014 Amendments to IAS 12: Income Taxes (effective 1 January 2023) \u2014 Amendments to IAS 1: Presentation of Financial Statements (effective 1 January 2023) 1. Summary of significant accounting policies (continued) IFRS 17 Insurance Contracts IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provide relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity\u2019s financial position, financial performance and cash flows. The Group has considered the IFRS standard that has been issued, but is not yet effective. This standard will not have a material effect on the Group as the Group does not have any material insurance contracts or write any insurance contracts. Consolidation The Consolidated Financial Statements incorporate the financial statements of the Company and all SPVs controlled by the Company and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date control commences until the date control ceases. Certain of the Company\u2019s subsidiaries have non-coterminous year-ends. These companies are consolidated on the basis of actual transactions occurring within the financial year. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Segment reporting A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns different from those segments operating in other economic environments. The Directors are of the opinion that the Group is engaged in a single segment of business, being property investment and related business. This segment includes residential properties in Macau. Please refer to Note 5 for segment reporting. Foreign currency translation a) Presentation currency The Consolidated Financial Statements are shown in US Dollars (\u201cUS $\u201d) which is the Group\u2019s presentation currency. b) Transactions and balances Foreign currency transactions are recorded in the respective functional currencies of group entities, Macanese Patacas and Hong Kong Dollars (the \u201cfunctional currencies\u201d), using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses \u2014 resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e. translation differences on items whose fair value gain or loss is recognised in other comprehensive income or profit or loss are also recognised in other comprehensive income or profit or loss) 1. Summary of significant accounting policies (continued) Foreign currency translation (continued) c) Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: i) assets and liabilities for each statement of financial position are translated at the closing rate at the date of that statement of financial position; ii) income and expenses for each statement of comprehensive income are translated at average exchange rates; iii) all resulting exchange differences are recognised as a separate component of other comprehensive income; and iv) on disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss. Foreign currency translation reserve Foreign currency differences arising on translation of foreign operations into the Group\u2019s presentation currency are recognised in other comprehensive income and presented in the foreign currency translation reserve in equity. Investment property Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by companies in the consolidated Group, is classified as investment property. Investment property also includes property that is being constructed or developed for future use as investment property. Investment property is measured initially at its cost, including related transaction costs. Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Statement of Comprehensive Income during the financial period in which they are incurred. After initial recognition, investment property is carried at fair value. The Group must be able to access the principal or the most advantageous market at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. There are no contractual obligations to purchase, construct or develop investment property for repairs, maintenance or enhancements. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised. Fair value measurements The Group measures certain financial instruments, and non-financial assets such as investment property, at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 in the principal market for the asset or liability; or \u2022 in the absence of a principal market, in the most advantageous market for the asset or liability. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use, or by selling it to another market participant that would use the asset in its highest and best use. 1. Summary of significant accounting policies (continued) Fair value measurements (continued) The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole: Level 1 \u2014 inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date; Level 2 \u2014 inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (that is, prices) or indirectly (that is, derived from prices); and Level 3 \u2014 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Fair value of investment property Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific investment property. If this information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. Valuations are prepared semi-annually by Savills (Macau) Limited (\u201cSavills\u201d), whose valuers hold recognised and relevant professional qualifications and have recent experience in the location and category of the investment properties being valued. Investment property that is being redeveloped for continuing use as investment property continues to be measured at fair value, if the fair value is considered to be reliably measurable. Changes in fair values are recorded in the Consolidated Statement of Comprehensive Income. Inventories Properties and land that are being held or developed for future sale are classified as inventories. In the opinion of the Board, inventories are held with a view to short term sale in the ordinary course of business. They are individually carried at the lower of cost and net realisable value (\u201cNRV\u201d). NRV is the estimated selling price in the ordinary course of business less costs to complete redevelopment and selling expenses. Cost is the acquisition cost together with subsequent capital expenditure incurred, including capitalised interest where relevant. Disposals Disposals are recognised when the risks and rewards of ownership of an asset transfer to the purchaser. Borrowing costs Borrowing costs incurred for the purpose of acquiring, constructing or producing a qualifying asset, such as investment property or inventory, are capitalised as part of the cost. Borrowing costs are capitalised while the acquisition or construction is actively underway, and cease once the asset is substantially complete, or suspended if the development is suspended. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing after adjusting for borrowing associated with specific developments. Where borrowings are associated with specific developments, the amount capitalised is the gross interest incurred on those borrowings less any investment income arising from their temporary investment. 1. Summary of significant accounting policies (continued) Impairment Financial assets The Group holds only trade and other receivables with no financing component and which have maturities of less than 12 months at amortised cost and deposits with lenders which represent restricted cash in relation to borrowing. The liquidity of this deposit with lenders follow the maturity of the borrowings. As such, the Group has chosen to apply an approach similar to the simplified approach for Expected Credit Losses (ECL) under IFRS 9 to all its trade and other receivables. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on lifetime ECLs at each reporting date. The Group\u2019s approach to ECLs reflects a probability-weighted outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. The Group uses the provision matrix as a practical expedient to measuring ECLs on trade and other receivables and deposits with lenders, based on days past due for groupings of receivables with similar loss patterns. Receivables are grouped based on their nature. The provision matrix is based on historical observed loss rates over the expected life of the receivables and is adjusted for forward-looking estimates. Non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than investment property are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. Leases Leases in which the Group does not transfer substantially all the risks and benefits of ownership to a lessee are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the term of the lease on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group regularly reviews and assesses the risk associated with the leases of the underlying assets. Financial instruments i) Classification Financial assets The Group classifies its financial assets as subsequently measured at amortised cost or measured at fair value through profit or loss on the basis of both: \u2022 The entity\u2019s business model for managing the financial assets \u2022 The contractual cash flow characteristics of the financial assets Financial assets measured at amortised cost Deposits with lenders and trade and other receivables are measured at amortised cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial liabilities Financial liabilities measured at amortised cost This category includes all financial liabilities, other than those measured at FVPL. The Group includes in this category interest-bearing loans and trade and other payables. ii) Recognition The Group recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the assets. 1. Summary of significant accounting policies (continued) Financial instruments (continued) iii) Initial measurement Financial assets and liabilities (other than those classified as at FVPL) are measured initially at their fair value plus any directly attributable incremental costs of acquisition or issue. iv) Subsequent measurement After initial measurement, the Company\u2019s deposits with lenders and trade and other receivables are measured at amortised cost using the effective interest method less any allowance for impairment. Gains and losses are recognised in profit or loss when the deposits with lenders and trade and other receivables are derecognised or impaired, as well as through the amortisation process. Financial liabilities, other than those classified as at FVPL, are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the amortisation process. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating and recognising the interest income or interest expense in profit or loss over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or to the amortised cost of the financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instruments, but does not consider ECL. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Deposits with lenders Deposits with lenders comprise cash held at bank that is pledged for loan covenants and are recognised as current and non-current assets. Cash and cash equivalents Cash and cash equivalents in the Consolidated Statement of Financial Position comprise cash at bank and on hand and demand deposits with an original maturity of three months or less and other short-term, highly-liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above. Deposits with lenders are excluded and not considered cash and cash equivalents. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Share capital Shares are classified as equity when there is no obligation to transfer cash or other assets. Shares issued by the Company are recorded based upon the proceeds received, net of incremental costs directly attributable to the issue of new shares. Revenue recognition Revenue is measured at the fair value of the consideration received or receivable, and includes rental income and income from property trading. Revenue from sales of completed properties and properties under development is within the scope of IFRS 15 and revenue from rental income is within the scope of IFRS 16. There are no assumptions or judgements involved in revenue recognition. The Group earns revenue from acting as lessor in operating leases which do not transfer substantially all of the risks and rewards incidental to ownership of an investment property. No subleases are currently held. Rental income Rental income from operating leases is recognised as income on a straight-line basis over the lease term. When the Group provides incentives to its customers, the cost of incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income. For investment property held primarily to earn rental income, the Group enters as a lessor into lease agreements that fall within scope of IFRS 16. 1. Summary of significant accounting policies (continued) Revenue recognition (continued) Sale of completed property Revenue from sale of completed properties is recognised when effective control of ownership of the properties is transferred to the buyer, which is on unconditional exchange of contracts and change of title on the property. Where the sales contract stipulates payments that cross over reporting period, revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of each performance obligation. This is determined based on the actual cost incurred to date to estimated total cost for each contract. The proceeds from disposal are recognised in income and net assets disposed of are recognised in cost of sales in expenses. Sale of property under development Where property is under development and an agreement has been reached to sell such property when construction is complete, and where the Directors determine the pre-sale to constitute the sale of a completed property, revenue is recognised when the significant risks and rewards of ownership of the real estate have been transferred to the buyer, which is on the unconditional exchange of contracts and change of title on the property. Where the sales contract stipulates payments that cross over reporting periods, revenue is recognised as the satisfaction of performance obligations is completed. Sale of subsidiary Revenue from the sale of a subsidiary is recognised when effective control of ownership of the subsidiary is transferred to the buyer. The sale of the subsidiary is regarded as a loss of control under IFRS 10 with all assets and liabilities of the subsidiary derecognised at the date control is lost, the fair value of the consideration received from the transaction compared to the net assets of the subsidiary and the resulting net income or expense of the transaction recorded in the income statement. Borrowings Borrowings are recognised initially at fair value, net of transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down and are subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the date of the Consolidated Statement of Financial Position. Offsetting Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and to settle the liabilities simultaneously. Finance income and expenses Interest income is recognised using the effective interest rate method in the Consolidated Statement of Comprehensive Income. Finance costs comprise interest expense on borrowings. Interest expense is recognised using the effective interest rate method in the Consolidated Statement of Comprehensive Income. Distributable reserves Distributable reserves may be legally paid out in the form of a dividend. Payments to shareholders from reserves can be seen as a distribution of accumulated profit. Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Current income tax relating to items recognised directly in equity is recognised in equity and not in the Consolidated Statement of Comprehensive Income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. 1. Summary of significant accounting policies (continued) Taxes (continued) Deferred income tax Deferred income tax is provided using the liability method on all temporary differences at the reporting date between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, except where the timing of the reversal of the temporary differences can be controlled by the Group and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in the Consolidated Statement of Comprehensive Income. As a result of the discussion of the IFRS Interpretations Committee in its July 2014 meeting relating to deferred taxation for a single asset held by a corporate wrapper, the Group has recognised the deferred tax liability for the taxable temporary timing difference relating to the investment property carried at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-221": { "value": "Statement of compliance The financial statements have been prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d), which comprise standards and interpretations approved by the International Accounting Standards Board, together with applicable legal and regulatory requirements of Guernsey Law and the GFSC. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-222": { "value": "Basis of preparation The Consolidated Financial Statements have been prepared in accordance with IFRS; applicable legal and regulatory requirements of Guernsey Law and under the historical cost basis, except for financial assets and liabilities held at fair value through profit or loss (\u201cFVPL\u201d) and investment properties that have been measured at fair value. All other assets and liabilities are carried at amortised cost. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 3. The Consolidated Financial Statements are presented in US Dollars and all values are rounded to the nearest thousand ($\u2019000), except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-223": { "value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Manager\u2019s Report. The financial position of the Group, its cash flows and its liquidity position are described in the Capital Management section of the Manager\u2019s Report. The financial risk management objectives and policies of the Group and the exposure of the Group to credit risk, market risk and liquidity risk are discussed in Note 2 to the Consolidated Financial Statements. In accordance with provision 30 of the 2018 revision of the UK Corporate Governance Code, (the \u201cUK Code\u201d), and as a fundamental principle of the preparation of financial statements in accordance with IFRS, the Directors have assessed as to whether the Company will continue in existence as a going concern for a period of at least 12 months from signing of the financial statements, which contemplates continuity of operations and the realisation of assets and settlement of liabilities occurring in the ordinary course of business. The financial statements have been prepared on a going concern basis for the reasons set out below and as the Directors, with recommendation from the Audit and Risk Committee, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the next twelve months after date of approval of the Annual Report. Going Concern (continued) In reaching its conclusion, the Board have considered the risks that could impact the Group\u2019s liquidity over the period to 30 September 2024. This period represents the period of at least 12 months from the date of signing of the Annual Report. As part of their assessment the Audit and Risk Committee highlighted the following key considerations: 1. Whether the Group can repay or refinance its loan facilities to discharge its liabilities over the period to 30 September 2024 2. Extension of life of the Company 1. Whether the Group can repay or refinance its loan facilities to discharge its liabilities over the period to 30 September 2024 As at 30 June 2023, the Group had major debt obligations to settle during the going concern period being: i) principal repayments for The Waterside loan facility of approximately US$ 7.7 million, US$ 9.6 million and US$ 11.5 million due for settlement in September 2023, March 2024 and September 2024, respectively; ii) principal repayments for The Fountainside loan facility of approximately US $ 1.9 million and US $3.7 million due for settlement in September 2023 and March 2024, respectively; iii) principal repayments for the Penha Heights Tai Fung Bank loan facility of approximately US $ 1.6 million due for settlement in quarterly instalment of US $318,900; and iv) principal repayments for the Penha Heights BCM loan facility of approximately US $0.4 million and US $ 7.6 million due for settlement in September 2023 and December 2023, respectively. The Fountainside US$ 1.9 million loan repayment due in September has been settled in full. The Waterside US$7.7 million loan repayment due in September 2023 has been partially settled in the amount of US $4.4 million, with the remaining balance to be settled upon completion of a confirmed sale as agreed with the lender. By reference to the Company\u2019s comprehensive working capital projections, it is anticipated that the remaining debt obligations that are due over the going concern period would be settled from sales proceeds that are to be generated from the ongoing divestments of remaining units in The Waterside and The Fountainside . The Board has considered Stress-tested scenarios which indicated that a conservative, modest sales programme would provide sufficient working capital. The Company has agreed in principle with lenders of the banking facilities for Penha Heights to defer principal repayments that will be due in September and December 2023. The loan facility with BCM is to be extended to mature in March 2025. As a result, the loan repayments for the two Penha Heights facilities that would then become due over the going concern period are reduced from US$ 9.7 million to approximately US $1.7 million. It is anticipated that this US $1.7 million debt obligation would be settled from the sales proceeds from The Waterside and The Fountainside units, in the event that Penha Heights is not disposed of during the period. The Manager is responsible for maintaining relationships with the Group\u2019s lenders, monitoring loan terms and covenants to ensure compliance, and reporting to the Board on regular basis for all key matters arising. Throughout the year ended 30 June 2023 and up to the financial statements issuance date, the Group has been in compliance with all loan covenants. Over the years, the Manager always maintains proactive dialogue with the lenders and in turn receives their strong support to the Group, even during the very challenging market environment amid the prolonged COVID period. Post COVID, the existing lenders continue to indicate their support for the Group as well as the underlying properties. Further, the upcoming debt servicing obligations over the going concern period are expected to be met by sales proceeds. Meanwhile, the Manager has also started to explore financing options with other banks as part of its contingency planning. Based on the Manager\u2019s proven track record in executing property sales and managing lender relationships, the Board is confident that the Group will be able to meet its debt obligations during the going concern period provided the sales velocity can be maintained. Notwithstanding the above, given that it remains uncertain that adequate proceeds could be generated from sales of properties to settle payment obligations over the going concern period, and given that any necessary refinancing of debt obligations would still be subjected to lenders\u2019 approval, the Directors consider that there is a material uncertainty that may cast significant doubt over the Group\u2019s and Company\u2019s ability to continue as a going concern. Going Concern (continued) 2. Extension of life of the Company After the Ordinary Resolution was passed by an overwhelming majority at the AGM of the Company in its 2022 AGM to extend the Fund\u2019s life until 31 December 2023, the Directors assessed the impact of the Continuation Vote on the Fund\u2019s ability to continue as a going concern. The Directors have also considered the going concern assumption outside the primary going concern horizon. In line with Article 38 of the Articles of Incorporation, the Company will put forward a resolution for its continuation at the next AGM (to be held in December 2023). If any continuation resolution is not passed, the Directors are required to formulate proposals to be put to Members to reorganise, unitise, reconstruct or wind up the Company. The Directors anticipate receiving continuation support from major shareholders and note that 50% of shareholder support is required to ensure continuation. The Board and the Company\u2019s broker maintain ongoing communication with shareholders and the feedback regarding the Continuation Vote is broadly positive. It is likely that returns from the sale of properties would be significantly lower if the Fund was forced to sell under some form of fire sale agreement as a result of a failed Continuation Vote and it is therefore commercially sensible for the Fund to continue in business. Given that the Continuation Vote has not taken place at the date of issue of the financial statements, the Directors consider that there is a material uncertainty related to events or conditions that may cast significant doubt over the Company\u2019s ability to continue as a going concern and, therefore, that it may be unable to realise assets and discharge liabilities in the normal course of business. Going Concern Conclusion After careful consideration and based on the reasons outlined above, including the Manager\u2019s continuing dialogue with lenders and shareholders, whilst there is a material uncertainty related to going concern, the Board have a reasonable expectation that the Company will continue in existence as a going concern for 12 months from the date of signing the Annual report. They are therefore satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-224": { "value": "New and amended standards and interpretations applied The following amendments to existing standards and interpretations were effective for the year ended 30 June 2023 and therefore were applied in the current year but they did not have a material impact on the Group: \u2014 Annual Improvements to IFRSs 2018\u20132020 \u2014 Amendment to IAS 37: Onerous Contracts: Cost of fulfilling a Contract \u2014 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform \u2014 Phase 2 New and amended standard and interpretation not applied The following new and amended standards and interpretations in issue are applicable to the Group but are not yet effective and have not been adopted by the Group: \u2014 IFRS 17: Insurance Contracts (effective 1 January 2023) \u2014 Amendments to IAS 17: Insurance Contracts (effective 1 January 2023) \u2014 Amendments to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (effective 1 January 2023) \u2014 Amendments to IAS 12: Income Taxes (effective 1 January 2023) \u2014 Amendments to IAS 1: Presentation of Financial Statements (effective 1 January 2023) IFRS 17 Insurance Contracts IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provide relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity\u2019s financial position, financial performance and cash flows. The Group has considered the IFRS standard that has been issued, but is not yet effective. This standard will not have a material effect on the Group as the Group does not have any material insurance contracts or write any insurance contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-271": { "value": "New and amended standards and interpretations applied The following amendments to existing standards and interpretations were effective for the year ended 30 June 2023 and therefore were applied in the current year but they did not have a material impact on the Group: \u2014 Annual Improvements to IFRSs 2018\u20132020 \u2014 Amendment to IAS 37: Onerous Contracts: Cost of fulfilling a Contract \u2014 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform \u2014 Phase 2 New and amended standard and interpretation not applied The following new and amended standards and interpretations in issue are applicable to the Group but are not yet effective and have not been adopted by the Group: \u2014 IFRS 17: Insurance Contracts (effective 1 January 2023) \u2014 Amendments to IAS 17: Insurance Contracts (effective 1 January 2023) \u2014 Amendments to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (effective 1 January 2023) \u2014 Amendments to IAS 12: Income Taxes (effective 1 January 2023) \u2014 Amendments to IAS 1: Presentation of Financial Statements (effective 1 January 2023) IFRS 17 Insurance Contracts IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provide relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity\u2019s financial position, financial performance and cash flows. The Group has considered the IFRS standard that has been issued, but is not yet effective. This standard will not have a material effect on the Group as the Group does not have any material insurance contracts or write any insurance contracts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-261": { "value": "New and amended standards and interpretations applied The following amendments to existing standards and interpretations were effective for the year ended 30 June 2023 and therefore were applied in the current year but they did not have a material impact on the Group: \u2014 Annual Improvements to IFRSs 2018\u20132020 \u2014 Amendment to IAS 37: Onerous Contracts: Cost of fulfilling a Contract \u2014 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform \u2014 Phase 2 New and amended standard and interpretation not applied The following new and amended standards and interpretations in issue are applicable to the Group but are not yet effective and have not been adopted by the Group: \u2014 IFRS 17: Insurance Contracts (effective 1 January 2023) \u2014 Amendments to IAS 17: Insurance Contracts (effective 1 January 2023) \u2014 Amendments to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (effective 1 January 2023) \u2014 Amendments to IAS 12: Income Taxes (effective 1 January 2023) \u2014 Amendments to IAS 1: Presentation of Financial Statements (effective 1 January 2023) IFRS 17 Insurance Contracts IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provide relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity\u2019s financial position, financial performance and cash flows. The Group has considered the IFRS standard that has been issued, but is not yet effective. This standard will not have a material effect on the Group as the Group does not have any material insurance contracts or write any insurance contracts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-225": { "value": "Consolidation The Consolidated Financial Statements incorporate the financial statements of the Company and all SPVs controlled by the Company and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date control commences until the date control ceases. Certain of the Company\u2019s subsidiaries have non-coterminous year-ends. These companies are consolidated on the basis of actual transactions occurring within the financial year. All intra-group transactions, balances, income and expenses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-226": { "value": "Segment reporting A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns different from those segments operating in other economic environments. The Directors are of the opinion that the Group is engaged in a single segment of business, being property investment and related business. This segment includes residential properties in Macau. Please refer to Note 5 for segment reporting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-227": { "value": "a) Presentation currency The Consolidated Financial Statements are shown in US Dollars (\u201cUS $\u201d) which is the Group\u2019s presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-228": { "value": "b) Transactions and balances Foreign currency transactions are recorded in the respective functional currencies of group entities, Macanese Patacas and Hong Kong Dollars (the \u201cfunctional currencies\u201d), using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses \u2014 resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e. translation differences on items whose fair value gain or loss is recognised in other comprehensive income or profit or loss are also recognised in other comprehensive income or profit or loss) . Foreign currency translation (continued) c) Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: i) assets and liabilities for each statement of financial position are translated at the closing rate at the date of that statement of financial position; ii) income and expenses for each statement of comprehensive income are translated at average exchange rates; iii) all resulting exchange differences are recognised as a separate component of other comprehensive income; and iv) on disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-229": { "value": "Foreign currency translation reserve Foreign currency differences arising on translation of foreign operations into the Group\u2019s presentation currency are recognised in other comprehensive income and presented in the foreign currency translation reserve in equity. ", "dimensions": { "concept": "macaupropertyopportunitiesfundlimited:DescriptionOfAccountingPolicyForForeignCurrencyTranslationReserveExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-230": { "value": "Investment property Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by companies in the consolidated Group, is classified as investment property. Investment property also includes property that is being constructed or developed for future use as investment property. Investment property is measured initially at its cost, including related transaction costs. Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Statement of Comprehensive Income during the financial period in which they are incurred. After initial recognition, investment property is carried at fair value. The Group must be able to access the principal or the most advantageous market at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. There are no contractual obligations to purchase, construct or develop investment property for repairs, maintenance or enhancements. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-231": { "value": "Fair value measurements The Group measures certain financial instruments, and non-financial assets such as investment property, at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 in the principal market for the asset or liability; or \u2022 in the absence of a principal market, in the most advantageous market for the asset or liability. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use, or by selling it to another market participant that would use the asset in its highest and best use. Fair value measurements (continued) The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole: Level 1 \u2014 inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date; Level 2 \u2014 inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (that is, prices) or indirectly (that is, derived from prices); and Level 3 \u2014 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Fair value of investment property Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific investment property. If this information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. Valuations are prepared semi-annually by Savills (Macau) Limited (\u201cSavills\u201d), whose valuers hold recognised and relevant professional qualifications and have recent experience in the location and category of the investment properties being valued. Investment property that is being redeveloped for continuing use as investment property continues to be measured at fair value, if the fair value is considered to be reliably measurable. Changes in fair values are recorded in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-232": { "value": "Inventories Properties and land that are being held or developed for future sale are classified as inventories. In the opinion of the Board, inventories are held with a view to short term sale in the ordinary course of business. They are individually carried at the lower of cost and net realisable value (\u201cNRV\u201d). NRV is the estimated selling price in the ordinary course of business less costs to complete redevelopment and selling expenses. Cost is the acquisition cost together with subsequent capital expenditure incurred, including capitalised interest where relevant. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-233": { "value": "Disposals Disposals are recognised when the risks and rewards of ownership of an asset transfer to the purchaser. ", "dimensions": { "concept": "macaupropertyopportunitiesfundlimited:DescriptionOfAccountingPolicyForDisposalsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-234": { "value": "Borrowing costs Borrowing costs incurred for the purpose of acquiring, constructing or producing a qualifying asset, such as investment property or inventory, are capitalised as part of the cost. Borrowing costs are capitalised while the acquisition or construction is actively underway, and cease once the asset is substantially complete, or suspended if the development is suspended. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing after adjusting for borrowing associated with specific developments. Where borrowings are associated with specific developments, the amount capitalised is the gross interest incurred on those borrowings less any investment income arising from their temporary investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-235": { "value": "Impairment Financial assets The Group holds only trade and other receivables with no financing component and which have maturities of less than 12 months at amortised cost and deposits with lenders which represent restricted cash in relation to borrowing. The liquidity of this deposit with lenders follow the maturity of the borrowings. As such, the Group has chosen to apply an approach similar to the simplified approach for Expected Credit Losses (ECL) under IFRS 9 to all its trade and other receivables. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on lifetime ECLs at each reporting date. The Group\u2019s approach to ECLs reflects a probability-weighted outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. The Group uses the provision matrix as a practical expedient to measuring ECLs on trade and other receivables and deposits with lenders, based on days past due for groupings of receivables with similar loss patterns. Receivables are grouped based on their nature. The provision matrix is based on historical observed loss rates over the expected life of the receivables and is adjusted for forward-looking estimates. Non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than investment property are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. Leases Leases in which the Group does not transfer substantially all the risks and benefits of ownership to a lessee are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the term of the lease on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group regularly reviews and assesses the risk associated with the leases of the underlying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-262": { "value": "Financial assets The Group holds only trade and other receivables with no financing component and which have maturities of less than 12 months at amortised cost and deposits with lenders which represent restricted cash in relation to borrowing. The liquidity of this deposit with lenders follow the maturity of the borrowings. As such, the Group has chosen to apply an approach similar to the simplified approach for Expected Credit Losses (ECL) under IFRS 9 to all its trade and other receivables. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on lifetime ECLs at each reporting date. The Group\u2019s approach to ECLs reflects a probability-weighted outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. The Group uses the provision matrix as a practical expedient to measuring ECLs on trade and other receivables and deposits with lenders, based on days past due for groupings of receivables with similar loss patterns. Receivables are grouped based on their nature. The provision matrix is based on historical observed loss rates over the expected life of the receivables and is adjusted for forward-looking estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-263": { "value": "Non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than investment property are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-264": { "value": "Leases Leases in which the Group does not transfer substantially all the risks and benefits of ownership to a lessee are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the term of the lease on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group regularly reviews and assesses the risk associated with the leases of the underlying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-236": { "value": "Financial instruments i) Classification Financial assets The Group classifies its financial assets as subsequently measured at amortised cost or measured at fair value through profit or loss on the basis of both: \u2022 The entity\u2019s business model for managing the financial assets \u2022 The contractual cash flow characteristics of the financial assets Financial assets measured at amortised cost Deposits with lenders and trade and other receivables are measured at amortised cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial liabilities Financial liabilities measured at amortised cost This category includes all financial liabilities, other than those measured at FVPL. The Group includes in this category interest-bearing loans and trade and other payables. ii) Recognition The Group recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the assets. Financial instruments (continued) iii) Initial measurement Financial assets and liabilities (other than those classified as at FVPL) are measured initially at their fair value plus any directly attributable incremental costs of acquisition or issue. iv) Subsequent measurement After initial measurement, the Company\u2019s deposits with lenders and trade and other receivables are measured at amortised cost using the effective interest method less any allowance for impairment. Gains and losses are recognised in profit or loss when the deposits with lenders and trade and other receivables are derecognised or impaired, as well as through the amortisation process. Financial liabilities, other than those classified as at FVPL, are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the amortisation process. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating and recognising the interest income or interest expense in profit or loss over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or to the amortised cost of the financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instruments, but does not consider ECL. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-265": { "value": "Financial assets The Group classifies its financial assets as subsequently measured at amortised cost or measured at fair value through profit or loss on the basis of both: \u2022 The entity\u2019s business model for managing the financial assets \u2022 The contractual cash flow characteristics of the financial assets Financial assets measured at amortised cost Deposits with lenders and trade and other receivables are measured at amortised cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. ii) Recognition The Group recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the assets. iii) Initial measurement Financial assets and liabilities (other than those classified as at FVPL) are measured initially at their fair value plus any directly attributable incremental costs of acquisition or issue. iv) Subsequent measurement After initial measurement, the Company\u2019s deposits with lenders and trade and other receivables are measured at amortised cost using the effective interest method less any allowance for impairment. Gains and losses are recognised in profit or loss when the deposits with lenders and trade and other receivables are derecognised or impaired, as well as through the amortisation process. Financial liabilities, other than those classified as at FVPL, are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the amortisation process. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating and recognising the interest income or interest expense in profit or loss over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or to the amortised cost of the financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instruments, but does not consider ECL. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-272": { "value": "Financial liabilities Financial liabilities measured at amortised cost This category includes all financial liabilities, other than those measured at FVPL. The Group includes in this category interest-bearing loans and trade and other payables. ii) Recognition The Group recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the assets. iii) Initial measurement Financial assets and liabilities (other than those classified as at FVPL) are measured initially at their fair value plus any directly attributable incremental costs of acquisition or issue. iv) Subsequent measurement After initial measurement, the Company\u2019s deposits with lenders and trade and other receivables are measured at amortised cost using the effective interest method less any allowance for impairment. Gains and losses are recognised in profit or loss when the deposits with lenders and trade and other receivables are derecognised or impaired, as well as through the amortisation process. Financial liabilities, other than those classified as at FVPL, are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the amortisation process. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating and recognising the interest income or interest expense in profit or loss over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or to the amortised cost of the financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instruments, but does not consider ECL. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-275": { "value": "After initial measurement, the Company\u2019s deposits with lenders and trade and other receivables are measured at amortised cost using the effective interest method less any allowance for impairment. Gains and losses are recognised in profit or loss when the deposits with lenders and trade and other receivables are derecognised or impaired, as well as through the amortisation process. Financial liabilities, other than those classified as at FVPL, are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the amortisation process. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-241": { "value": "Deposits with lenders Deposits with lenders comprise cash held at bank that is pledged for loan covenants and are recognised as current and non-current assets. ", "dimensions": { "concept": "macaupropertyopportunitiesfundlimited:DescriptionOfAccountingPolicyForDepositsWithLendersExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-237": { "value": "Cash and cash equivalents Cash and cash equivalents in the Consolidated Statement of Financial Position comprise cash at bank and on hand and demand deposits with an original maturity of three months or less and other short-term, highly-liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above. Deposits with lenders are excluded and not considered cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-238": { "value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-239": { "value": "Share capital Shares are classified as equity when there is no obligation to transfer cash or other assets. Shares issued by the Company are recorded based upon the proceeds received, net of incremental costs directly attributable to the issue of new shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-240": { "value": "Revenue recognition Revenue is measured at the fair value of the consideration received or receivable, and includes rental income and income from property trading. Revenue from sales of completed properties and properties under development is within the scope of IFRS 15 and revenue from rental income is within the scope of IFRS 16. There are no assumptions or judgements involved in revenue recognition. The Group earns revenue from acting as lessor in operating leases which do not transfer substantially all of the risks and rewards incidental to ownership of an investment property. No subleases are currently held. Rental income Rental income from operating leases is recognised as income on a straight-line basis over the lease term. When the Group provides incentives to its customers, the cost of incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income. For investment property held primarily to earn rental income, the Group enters as a lessor into lease agreements that fall within scope of IFRS 16. Revenue recognition (continued) Sale of completed property Revenue from sale of completed properties is recognised when effective control of ownership of the properties is transferred to the buyer, which is on unconditional exchange of contracts and change of title on the property. Where the sales contract stipulates payments that cross over reporting period, revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of each performance obligation. This is determined based on the actual cost incurred to date to estimated total cost for each contract. The proceeds from disposal are recognised in income and net assets disposed of are recognised in cost of sales in expenses. Sale of property under development Where property is under development and an agreement has been reached to sell such property when construction is complete, and where the Directors determine the pre-sale to constitute the sale of a completed property, revenue is recognised when the significant risks and rewards of ownership of the real estate have been transferred to the buyer, which is on the unconditional exchange of contracts and change of title on the property. Where the sales contract stipulates payments that cross over reporting periods, revenue is recognised as the satisfaction of performance obligations is completed. Sale of subsidiary Revenue from the sale of a subsidiary is recognised when effective control of ownership of the subsidiary is transferred to the buyer. The sale of the subsidiary is regarded as a loss of control under IFRS 10 with all assets and liabilities of the subsidiary derecognised at the date control is lost, the fair value of the consideration received from the transaction compared to the net assets of the subsidiary and the resulting net income or expense of the transaction recorded in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-242": { "value": "Borrowings Borrowings are recognised initially at fair value, net of transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down and are subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the date of the Consolidated Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-243": { "value": "Offsetting Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and to settle the liabilities simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-244": { "value": "Finance income and expenses Interest income is recognised using the effective interest rate method in the Consolidated Statement of Comprehensive Income. Finance costs comprise interest expense on borrowings. Interest expense is recognised using the effective interest rate method in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-273": { "value": "Finance income and expenses Interest income is recognised using the effective interest rate method in the Consolidated Statement of Comprehensive Income. Finance costs comprise interest expense on borrowings. Interest expense is recognised using the effective interest rate method in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-266": { "value": "Finance costs comprise interest expense on borrowings. Interest expense is recognised using the effective interest rate method in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-246": { "value": "Distributable reserves Distributable reserves may be legally paid out in the form of a dividend. Payments to shareholders from reserves can be seen as a distribution of accumulated profit. ", "dimensions": { "concept": "macaupropertyopportunitiesfundlimited:DescriptionOfAccountingPolicyForDistributableReservesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-245": { "value": "Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Current income tax relating to items recognised directly in equity is recognised in equity and not in the Consolidated Statement of Comprehensive Income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Taxes (continued) Deferred income tax Deferred income tax is provided using the liability method on all temporary differences at the reporting date between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, except where the timing of the reversal of the temporary differences can be controlled by the Group and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in the Consolidated Statement of Comprehensive Income. As a result of the discussion of the IFRS Interpretations Committee in its July 2014 meeting relating to deferred taxation for a single asset held by a corporate wrapper, the Group has recognised the deferred tax liability for the taxable temporary timing difference relating to the investment property carried at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-267": { "value": "Deferred income tax Deferred income tax is provided using the liability method on all temporary differences at the reporting date between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, except where the timing of the reversal of the temporary differences can be controlled by the Group and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in the Consolidated Statement of Comprehensive Income. As a result of the discussion of the IFRS Interpretations Committee in its July 2014 meeting relating to deferred taxation for a single asset held by a corporate wrapper, the Group has recognised the deferred tax liability for the taxable temporary timing difference relating to the investment property carried at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-274": { "value": "2. Financial risk management, policies and objectives The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk), credit risk and liquidity risk. The Board of Directors provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk and liquidity risk. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual financial instrument or all factors affecting all financial instruments traded in the market including foreign exchange risk, equity price risk and cash flow and fair value interest rate risk as detailed below. The Group\u2019s market risk is managed by the Manager in accordance with policies and procedures in place. The Group\u2019s overall market position is monitored on a quarterly basis by the Board of Directors. Sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. In practice, this is unlikely to occur and changes in some of the factors may be correlated, for example, changes in interest rates and changes in foreign currency rates. a) Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from future commercial transactions, recognised monetary assets and liabilities and net investments in foreign operations. The Group\u2019s policy is not to enter into any currency hedging transactions. The tables on the next page summarise the Group\u2019s exposure to foreign currency risk as at 30 June 2023 and 30 June 2022. The Group\u2019s financial assets and liabilities are included in the table, categorised by their currency at their carrying amount in US$ \u2019000. In the current economic climate, management\u2019s assessment of a reasonable possible change in foreign exchange rates would be up to a 1% increase/decrease for Hong Kong Dollar (\u201cHK$\u201d)/US $, due to the HK $ being pegged to the US$, and up to a 10% increase/decrease for all other currencies. The table on the next page presents financial assets and liabilities denominated in foreign currencies held by the Group as at 30 June 2023 and 30 June 2022, and can be used to monitor foreign currency risk as at that date. 2. Financial risk management, policies and objectives (continued) Market risk (continued) a) Foreign exchange risk (continued) At 30 June 2023, if Sterling weakened/strengthened by 10% against US$ with all other variables held constant, the loss for the year would have been US $27,000 lower/higher (2022: US $21,000 lower/higher). The HK $ is pegged to the US$ with the Hong Kong Monetary Authority pledging to keep the exchange rate within a trading band of 5 Hong Kong cents either side of HK $7.80 per dollar. At present the rate is HK $7.84 per dollar so no downward risk while the currency peg remains in place. The foreign exchange risk is considered minimal and as such the Company does not actively manage against this risk. If the HK $ weakened/strengthened by 1% against the US$ with all other variables held constant, the net assets and movement in foreign currency translation reserve would have been US$ 1,009,000 higher/lower (2022: US$1,282,000 higher/lower). Any movement would have no other effect on the remaining equity components of the Group. There are no material transactions that would have effect on the profit/loss for the year. The Macanese Patacas (\u201cMOP\u201d) is fixed to the HK $ at a rate of MOP:HK $ of 1.03. Due to the low level of assets held in this currency, a 10% change in rate would not have a significant effect on the Consolidated Financial Statements. As the HK$ is pegged to the US $ and the MOP is fixed to the US$ the foreign exchange risk of these currencies is considered minimal as under the normal course of business the Group has minor exposure to other currencies. Movements in other currencies would not have a significant impact on the Consolidated Financial Statements. US$ \u00a3 HK$ Other currencies Total As at 30 June 2023 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 16 Cash and cash equivalents 1 1 1,108 8 1,118 Deposits with lenders \u2013 \u2013 5,608 \u2013 5,608 Total financial assets 1 1 6,716 24 6,742 Trade and other payables 275 268 1,976 662 3,181 Interest-bearing loans \u2013 \u2013 105,632 \u2013 105,632 Total financial liabilities 275 268 107,608 662 108,813 Net financial position (274) (267) (102,892) (638) (102,071) US$ \u00a3 HK$ Other currencies Total As at 30 June 2022 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 16 Cash and cash equivalents \u2013 17 333 5 355 Deposits with lenders \u2013 \u2013 3,456 \u2013 3,456 Total financial assets \u2013 17 3,789 21 3,827 Trade and other payables 121 228 1,004 666 2,019 Interest-bearing loans \u2013 \u2013 130,992 \u2013 130,992 Total financial liabilities 121 228 131,996 666 133,011 Net financial position (121) (211) (128,207) (645) (129,184) 2. Financial risk management, policies and objectives (continued) Market risk (continued) b) Cash flow and fair value interest rate risk The Group\u2019s interest rate risk is managed by the Manager, in accordance with policies and procedures in place and can be mitigated through the use of interest rate swaps. The Manager has assessed the interest rate risk as not significant and therefore there were no interest rate swaps held during the current or prior years. The Group\u2019s overall positions and exposures are monitored on a quarterly basis by the Board of Directors. If interest rates had been 500 bps higher/lower and all other variables were held constant, the Group\u2019s loss for the year would have increased/decreased by US$ 4,945,000 (2022: loss for the year increased/decreased by US $1,272,000 based on 1% movement) (based on the interest bearing net financial liability per the table below). This is mainly due to the Group\u2019s exposure to interest-bearing loans. There was significant increase in interest rates between 2022 and 2023 so a 5% movement is reasonable. The following table details the Group\u2019s exposure to interest rate risks: As at 30 June 2023 Interest bearing Non-interest bearing Total US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 16 16 Cash and cash equivalents 1,118 \u2013 1,118 Deposits with lenders 5,608 \u2013 5,608 Total financial assets 6,726 16 6,742 Trade and other payables \u2013 3,181 3,181 Interest-bearing loans 105,632 \u2013 105,632 Total financial liabilities 105,632 3,181 108,813 As at 30 June 2022 Interest bearing Non-interest bearing Total US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 16 16 Cash and cash equivalents 355 \u2013 355 Deposits with lenders 3,456 \u2013 3,456 Total financial assets 3,811 16 3,827 Trade and other payables \u2013 2,019 2,019 Interest-bearing loans 130,992 \u2013 130,992 Total financial liabilities 130,992 2,019 133,011 2. Financial risk management, policies and objectives (continued) Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Group. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial institutions. The Group\u2019s main exposure to credit risk is its cash balances with banks. This risk is mitigated through using banks with a high credit rating. The Group\u2019s cash and cash equivalents and deposits with lenders are all held with investment grade banks and the majority are held with a bank with a credit rating of A or higher. The Group\u2019s cash and cash equivalents have the following ratings from Fitch and Moody\u2019s Ratings: 2023 2022 Credit Rating US$\u2019000 US$\u2019000 AA- 1,102 218 A+ 2 2 A 13 110 BBB+ 1 25 1,118 355 The Group\u2019s deposits with lenders with the following ratings from Fitch and Moody\u2019s Ratings: 2023 2022 Credit Rating US$\u2019000 US$\u2019000 AA- 5,480 3,329 BBB+ 128 127 5,608 3,456 The Group is exposed to loss of rental income and increase in costs, such as legal fees, if tenants fail to meet their payment obligations under their leases. The Group seeks to mitigate default risk by diversifying its tenant base and requiring deposits or guarantees from banks or parent companies, where there is a perceived credit risk or in accordance with prevailing market practice. All of the Group\u2019s major tenants have met their rental requirements within the terms of arrangement and no material receivables which are past due have been impaired. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. The Group\u2019s financial assets subject to the ECL model within IFRS 9 are cash and cash equivalents, deposits with lenders and trade and other receivables. There is not considered to be any concentration of credit risk within these assets. The amount of ECL on cash and cash equivalents and deposit with lenders are considered to be US$ nil considering the credit quality as indicated on the credit risk tables. None of the Group\u2019s financial assets are past their due date as at the current or prior year end. Liquidity risk The Group adopts a prudent approach to liquidity management and maintains sufficient cash reserves and borrowings to meet its obligations. The Group is able to obtain funding through credit facilities to meet its current liabilities and property development expenditure in addition to cash currently held. 2. Financial risk management, policies and objectives (continued) Liquidity risk (continued) It is anticipated that the remaining debt obligations that are due over the going concern period will be settled from sales proceeds that are to be generated from the ongoing divestments or the Group will need to arrange refinancing if necessary, see the Going Concern section on page 84. The Manager is responsible for the relationship with the Group\u2019s lenders for monitoring compliance with loan terms and covenants and reporting to the Board on a regular basis all key matters arising. The Manager also maintains good relationships with other banks and explores refinancing options as part of its contingency planning. Throughout the year ended 30 June 2023 and up to the date of issue of the financial statements, the Group has continued to be in compliance with loan covenants and has maintained frequent ongoing dialogue with all lenders who have demonstrated strong support for the Group over the years, including the distressed COVID periods. Their indications are that this support will continue for the Group and in respect of the loans on the underlying properties. Given the fact that all banking facilities of the Group have been successfully renewed previously, with the loan-to-value ratios of the facilities maintained within the covenants required under the respective loan agreements, the Board is confident that the Group would be able to arrange refinancing for debt obligations that exceed funding available from divestments. Deposits amounting to US$ 5,608,000 (2022: US $3,456,000) have been pledged to secure banking facilities, of which US $1,170,000 (2022: US $ 1,561,000) relates to long-term banking facilities, and are, therefore, classified as non-current assets. Pledged bank balances represent deposits pledged to the banks to secure the banking facilities granted to the Group. As at 30 June 2023, the Group has term loan facilities with Hang Seng Bank, Banco Tai Fung and Banco Comercial de Macau, S. A. (\u201cBCM Bank\u201d) for its investments in The Waterside , The Fountainside , and Penha Heights respectively. The Group\u2019s liquidity position is monitored by the Manager and is reviewed quarterly by the Board. Please refer to Note 8 for details of the facilities. The table on the next page analyses the Group\u2019s financial assets and liabilities into relevant maturity profiles based on the remaining period at the Consolidated Statement of Financial Position date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payable). On demand Less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years Over 5 years Total As at 30 June 2023 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 \u2013 \u2013 16 Cash and cash equivalents 1,118 \u2013 \u2013 \u2013 \u2013 \u2013 1,118 Deposits with lenders \u2013 4,363 75 128 1,042 \u2013 5,608 Total financial assets 1,118 4,363 75 144 1,042 \u2013 6,742 Trade and other payables \u2013 3,181 \u2013 \u2013 \u2013 \u2013 3,181 Interest-bearing loans \u2013 11,083 18,465 41,465 44,556 1,305 116,874 Total financial liabilities \u2013 14,264 18,465 41,465 44,556 1,305 120,055 Net financial position 1,118 (9,901) (18,390) (41,321) (43,514) (1,305) (113,313) 2. Financial risk management, policies and objectives (continued) Liquidity risk (continued) As at 30 June 2022 On demand Less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years Over 5 years Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 \u2013 \u2013 16 Cash and cash equivalents 355 \u2013 \u2013 \u2013 \u2013 \u2013 355 Deposits with lenders \u2013 1,895 \u2013 127 1,434 \u2013 3,456 Total financial assets 355 1,895 \u2013 143 1,434 \u2013 3,827 Trade and other payables \u2013 2,019 \u2013 \u2013 \u2013 \u2013 2,019 Interest-bearing loans \u2013 19,502 9,052 34,239 72,823 2,635 138,251 Total financial liabilities \u2013 21,521 9,052 34,239 72,823 2,635 140,270 Net financial position 355 (19,626) (9,052) (34,096) (71,389) (2,635) (136,443) The table below analyses the Group\u2019s changes in financial liabilities arising from financing activities. 1 July 2022 Cashflows Foreign Exchange Movement Other Profit and Loss 30 June 2023 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Current interest-bearing loans 25,616 (25,513) 35 23,325 \u2013 23,463 Non-current interest-bearing loans 105,376 \u2013 117 (23,325) \u2013 82,168 Loan arrangement fees (837) (26) \u2013 \u2013 339 (524) Net interest-bearing loans 130,155 (25,539) 152 \u2013 339 105,107 Interest payable 84 (4,564) \u2013 \u2013 5,447 967 Total 130,239 (30,103) 152 \u2013 5,786 106,074 1 July 2021 Cashflows Foreign Exchange Movement Other Profit and Loss 30 June 2022 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Current interest-bearing loans 21,225 (21,001) (224) 25,616 \u2013 25,616 Non-current interest-bearing loans 115,417 16,785 (1,210) (25,616) \u2013 105,376 Loan arrangement fees (1,212) (51) \u2013 \u2013 426 (837) Net interest-bearing loans 135,430 (4,267) (1,434) \u2013 426 130,155 Interest payable 56 (2,962) \u2013 \u2013 2,990 84 Total 135,486 (7,229) (1,434) \u2013 3,416 130,239 The \u2018Other\u2019 column includes the effect of reclassification of non-current portion of interest-bearing loans to current due to the passage of time. The Group classifies interest paid as cash flows from financing activities. 2. Financial risk management, policies and objectives (continued) Fair value hierarchy Financial investments measured at fair value IFRS 13 requires disclosure of fair value measurements by level as discussed in Note 1. For all financial instruments, other than those recognised at fair value or whose fair value is disclosed within these financial statements, carrying value of the financial asset/liability is an approximation of their fair value. Capital risk management The Group\u2019s objectives, when managing capital, are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group\u2019s objective is to provide shareholders with an attractive total return, derived from the disposal of its remaining real estate assets. The timing and amount of rental or other income cannot be predicted. Any cash received by the Company as part of the realisation process will be held by the Company as cash on deposit and/or as cash equivalents prior to its distribution to shareholders, which shall be at such intervals as the Board considers appropriate. During the year ended 30 June 2023, there were no borrowings other than the Group\u2019s loan facilities in place which are classified as interest bearing loans in the Consolidated Statement of Financial Position. Discount management policy The Board closely monitors the discount to Adjusted Net Asset Value (adjusted NAV) at which the Company\u2019s shares trade and has sought shareholders\u2019 approval of powers to buy shares in the market to moderate the volatility of the discount. These powers will be sought again at the forthcoming AGM. The Board is also very mindful of the working capital operating needs of the Company when considering buying back its shares in the market. During the year ended 30 June 2023, the Company did not purchase any ordinary shares under the discount management policy. Shares which are bought back by the Company may either be cancelled or held in treasury and subsequently re-issued. Pursuant to the Companies (Guernsey) Law, the number of shares of any class held as treasury shares must not, at any time, exceed 10% of the total number of issued shares of that class at that time. The authority to buy back up to 14.99% per annum of shares in issue is renewed at each AGM of the Company by special resolution. The Board remains committed to its discount management policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-8": { "value": "2. Financial risk management, policies and objectives The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk), credit risk and liquidity risk. The Board of Directors provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk and liquidity risk. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual financial instrument or all factors affecting all financial instruments traded in the market including foreign exchange risk, equity price risk and cash flow and fair value interest rate risk as detailed below. The Group\u2019s market risk is managed by the Manager in accordance with policies and procedures in place. The Group\u2019s overall market position is monitored on a quarterly basis by the Board of Directors. Sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. In practice, this is unlikely to occur and changes in some of the factors may be correlated, for example, changes in interest rates and changes in foreign currency rates. a) Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from future commercial transactions, recognised monetary assets and liabilities and net investments in foreign operations. The Group\u2019s policy is not to enter into any currency hedging transactions. The tables on the next page summarise the Group\u2019s exposure to foreign currency risk as at 30 June 2023 and 30 June 2022. The Group\u2019s financial assets and liabilities are included in the table, categorised by their currency at their carrying amount in US$ \u2019000. In the current economic climate, management\u2019s assessment of a reasonable possible change in foreign exchange rates would be up to a 1% increase/decrease for Hong Kong Dollar (\u201cHK$\u201d)/US $, due to the HK $ being pegged to the US$, and up to a 10% increase/decrease for all other currencies. The table on the next page presents financial assets and liabilities denominated in foreign currencies held by the Group as at 30 June 2023 and 30 June 2022, and can be used to monitor foreign currency risk as at that date. 2. Financial risk management, policies and objectives (continued) Market risk (continued) a) Foreign exchange risk (continued) At 30 June 2023, if Sterling weakened/strengthened by 10% against US$ with all other variables held constant, the loss for the year would have been US $27,000 lower/higher (2022: US $21,000 lower/higher). The HK $ is pegged to the US$ with the Hong Kong Monetary Authority pledging to keep the exchange rate within a trading band of 5 Hong Kong cents either side of HK $7.80 per dollar. At present the rate is HK $7.84 per dollar so no downward risk while the currency peg remains in place. The foreign exchange risk is considered minimal and as such the Company does not actively manage against this risk. If the HK $ weakened/strengthened by 1% against the US$ with all other variables held constant, the net assets and movement in foreign currency translation reserve would have been US$ 1,009,000 higher/lower (2022: US$1,282,000 higher/lower). Any movement would have no other effect on the remaining equity components of the Group. There are no material transactions that would have effect on the profit/loss for the year. The Macanese Patacas (\u201cMOP\u201d) is fixed to the HK $ at a rate of MOP:HK $ of 1.03. Due to the low level of assets held in this currency, a 10% change in rate would not have a significant effect on the Consolidated Financial Statements. As the HK$ is pegged to the US $ and the MOP is fixed to the US$ the foreign exchange risk of these currencies is considered minimal as under the normal course of business the Group has minor exposure to other currencies. Movements in other currencies would not have a significant impact on the Consolidated Financial Statements. US$ \u00a3 HK$ Other currencies Total As at 30 June 2023 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 16 Cash and cash equivalents 1 1 1,108 8 1,118 Deposits with lenders \u2013 \u2013 5,608 \u2013 5,608 Total financial assets 1 1 6,716 24 6,742 Trade and other payables 275 268 1,976 662 3,181 Interest-bearing loans \u2013 \u2013 105,632 \u2013 105,632 Total financial liabilities 275 268 107,608 662 108,813 Net financial position (274) (267) (102,892) (638) (102,071) US$ \u00a3 HK$ Other currencies Total As at 30 June 2022 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 16 Cash and cash equivalents \u2013 17 333 5 355 Deposits with lenders \u2013 \u2013 3,456 \u2013 3,456 Total financial assets \u2013 17 3,789 21 3,827 Trade and other payables 121 228 1,004 666 2,019 Interest-bearing loans \u2013 \u2013 130,992 \u2013 130,992 Total financial liabilities 121 228 131,996 666 133,011 Net financial position (121) (211) (128,207) (645) (129,184) 2. Financial risk management, policies and objectives (continued) Market risk (continued) b) Cash flow and fair value interest rate risk The Group\u2019s interest rate risk is managed by the Manager, in accordance with policies and procedures in place and can be mitigated through the use of interest rate swaps. The Manager has assessed the interest rate risk as not significant and therefore there were no interest rate swaps held during the current or prior years. The Group\u2019s overall positions and exposures are monitored on a quarterly basis by the Board of Directors. If interest rates had been 500 bps higher/lower and all other variables were held constant, the Group\u2019s loss for the year would have increased/decreased by US$ 4,945,000 (2022: loss for the year increased/decreased by US $1,272,000 based on 1% movement) (based on the interest bearing net financial liability per the table below). This is mainly due to the Group\u2019s exposure to interest-bearing loans. There was significant increase in interest rates between 2022 and 2023 so a 5% movement is reasonable. The following table details the Group\u2019s exposure to interest rate risks: As at 30 June 2023 Interest bearing Non-interest bearing Total US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 16 16 Cash and cash equivalents 1,118 \u2013 1,118 Deposits with lenders 5,608 \u2013 5,608 Total financial assets 6,726 16 6,742 Trade and other payables \u2013 3,181 3,181 Interest-bearing loans 105,632 \u2013 105,632 Total financial liabilities 105,632 3,181 108,813 As at 30 June 2022 Interest bearing Non-interest bearing Total US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 16 16 Cash and cash equivalents 355 \u2013 355 Deposits with lenders 3,456 \u2013 3,456 Total financial assets 3,811 16 3,827 Trade and other payables \u2013 2,019 2,019 Interest-bearing loans 130,992 \u2013 130,992 Total financial liabilities 130,992 2,019 133,011 2. Financial risk management, policies and objectives (continued) Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Group. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial institutions. The Group\u2019s main exposure to credit risk is its cash balances with banks. This risk is mitigated through using banks with a high credit rating. The Group\u2019s cash and cash equivalents and deposits with lenders are all held with investment grade banks and the majority are held with a bank with a credit rating of A or higher. The Group\u2019s cash and cash equivalents have the following ratings from Fitch and Moody\u2019s Ratings: 2023 2022 Credit Rating US$\u2019000 US$\u2019000 AA- 1,102 218 A+ 2 2 A 13 110 BBB+ 1 25 1,118 355 The Group\u2019s deposits with lenders with the following ratings from Fitch and Moody\u2019s Ratings: 2023 2022 Credit Rating US$\u2019000 US$\u2019000 AA- 5,480 3,329 BBB+ 128 127 5,608 3,456 The Group is exposed to loss of rental income and increase in costs, such as legal fees, if tenants fail to meet their payment obligations under their leases. The Group seeks to mitigate default risk by diversifying its tenant base and requiring deposits or guarantees from banks or parent companies, where there is a perceived credit risk or in accordance with prevailing market practice. All of the Group\u2019s major tenants have met their rental requirements within the terms of arrangement and no material receivables which are past due have been impaired. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. The Group\u2019s financial assets subject to the ECL model within IFRS 9 are cash and cash equivalents, deposits with lenders and trade and other receivables. There is not considered to be any concentration of credit risk within these assets. The amount of ECL on cash and cash equivalents and deposit with lenders are considered to be US$ nil considering the credit quality as indicated on the credit risk tables. None of the Group\u2019s financial assets are past their due date as at the current or prior year end. Liquidity risk The Group adopts a prudent approach to liquidity management and maintains sufficient cash reserves and borrowings to meet its obligations. The Group is able to obtain funding through credit facilities to meet its current liabilities and property development expenditure in addition to cash currently held. 2. Financial risk management, policies and objectives (continued) Liquidity risk (continued) It is anticipated that the remaining debt obligations that are due over the going concern period will be settled from sales proceeds that are to be generated from the ongoing divestments or the Group will need to arrange refinancing if necessary, see the Going Concern section on page 84. The Manager is responsible for the relationship with the Group\u2019s lenders for monitoring compliance with loan terms and covenants and reporting to the Board on a regular basis all key matters arising. The Manager also maintains good relationships with other banks and explores refinancing options as part of its contingency planning. Throughout the year ended 30 June 2023 and up to the date of issue of the financial statements, the Group has continued to be in compliance with loan covenants and has maintained frequent ongoing dialogue with all lenders who have demonstrated strong support for the Group over the years, including the distressed COVID periods. Their indications are that this support will continue for the Group and in respect of the loans on the underlying properties. Given the fact that all banking facilities of the Group have been successfully renewed previously, with the loan-to-value ratios of the facilities maintained within the covenants required under the respective loan agreements, the Board is confident that the Group would be able to arrange refinancing for debt obligations that exceed funding available from divestments. Deposits amounting to US$ 5,608,000 (2022: US $3,456,000) have been pledged to secure banking facilities, of which US $1,170,000 (2022: US $ 1,561,000) relates to long-term banking facilities, and are, therefore, classified as non-current assets. Pledged bank balances represent deposits pledged to the banks to secure the banking facilities granted to the Group. As at 30 June 2023, the Group has term loan facilities with Hang Seng Bank, Banco Tai Fung and Banco Comercial de Macau, S. A. (\u201cBCM Bank\u201d) for its investments in The Waterside , The Fountainside , and Penha Heights respectively. The Group\u2019s liquidity position is monitored by the Manager and is reviewed quarterly by the Board. Please refer to Note 8 for details of the facilities. The table on the next page analyses the Group\u2019s financial assets and liabilities into relevant maturity profiles based on the remaining period at the Consolidated Statement of Financial Position date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payable). On demand Less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years Over 5 years Total As at 30 June 2023 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 \u2013 \u2013 16 Cash and cash equivalents 1,118 \u2013 \u2013 \u2013 \u2013 \u2013 1,118 Deposits with lenders \u2013 4,363 75 128 1,042 \u2013 5,608 Total financial assets 1,118 4,363 75 144 1,042 \u2013 6,742 Trade and other payables \u2013 3,181 \u2013 \u2013 \u2013 \u2013 3,181 Interest-bearing loans \u2013 11,083 18,465 41,465 44,556 1,305 116,874 Total financial liabilities \u2013 14,264 18,465 41,465 44,556 1,305 120,055 Net financial position 1,118 (9,901) (18,390) (41,321) (43,514) (1,305) (113,313) 2. Financial risk management, policies and objectives (continued) Liquidity risk (continued) As at 30 June 2022 On demand Less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years Over 5 years Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 \u2013 \u2013 16 Cash and cash equivalents 355 \u2013 \u2013 \u2013 \u2013 \u2013 355 Deposits with lenders \u2013 1,895 \u2013 127 1,434 \u2013 3,456 Total financial assets 355 1,895 \u2013 143 1,434 \u2013 3,827 Trade and other payables \u2013 2,019 \u2013 \u2013 \u2013 \u2013 2,019 Interest-bearing loans \u2013 19,502 9,052 34,239 72,823 2,635 138,251 Total financial liabilities \u2013 21,521 9,052 34,239 72,823 2,635 140,270 Net financial position 355 (19,626) (9,052) (34,096) (71,389) (2,635) (136,443) The table below analyses the Group\u2019s changes in financial liabilities arising from financing activities. 1 July 2022 Cashflows Foreign Exchange Movement Other Profit and Loss 30 June 2023 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Current interest-bearing loans 25,616 (25,513) 35 23,325 \u2013 23,463 Non-current interest-bearing loans 105,376 \u2013 117 (23,325) \u2013 82,168 Loan arrangement fees (837) (26) \u2013 \u2013 339 (524) Net interest-bearing loans 130,155 (25,539) 152 \u2013 339 105,107 Interest payable 84 (4,564) \u2013 \u2013 5,447 967 Total 130,239 (30,103) 152 \u2013 5,786 106,074 1 July 2021 Cashflows Foreign Exchange Movement Other Profit and Loss 30 June 2022 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Current interest-bearing loans 21,225 (21,001) (224) 25,616 \u2013 25,616 Non-current interest-bearing loans 115,417 16,785 (1,210) (25,616) \u2013 105,376 Loan arrangement fees (1,212) (51) \u2013 \u2013 426 (837) Net interest-bearing loans 135,430 (4,267) (1,434) \u2013 426 130,155 Interest payable 56 (2,962) \u2013 \u2013 2,990 84 Total 135,486 (7,229) (1,434) \u2013 3,416 130,239 The \u2018Other\u2019 column includes the effect of reclassification of non-current portion of interest-bearing loans to current due to the passage of time. The Group classifies interest paid as cash flows from financing activities. 2. Financial risk management, policies and objectives (continued) Fair value hierarchy Financial investments measured at fair value IFRS 13 requires disclosure of fair value measurements by level as discussed in Note 1. For all financial instruments, other than those recognised at fair value or whose fair value is disclosed within these financial statements, carrying value of the financial asset/liability is an approximation of their fair value. Capital risk management The Group\u2019s objectives, when managing capital, are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group\u2019s objective is to provide shareholders with an attractive total return, derived from the disposal of its remaining real estate assets. The timing and amount of rental or other income cannot be predicted. Any cash received by the Company as part of the realisation process will be held by the Company as cash on deposit and/or as cash equivalents prior to its distribution to shareholders, which shall be at such intervals as the Board considers appropriate. During the year ended 30 June 2023, there were no borrowings other than the Group\u2019s loan facilities in place which are classified as interest bearing loans in the Consolidated Statement of Financial Position. Discount management policy The Board closely monitors the discount to Adjusted Net Asset Value (adjusted NAV) at which the Company\u2019s shares trade and has sought shareholders\u2019 approval of powers to buy shares in the market to moderate the volatility of the discount. These powers will be sought again at the forthcoming AGM. The Board is also very mindful of the working capital operating needs of the Company when considering buying back its shares in the market. During the year ended 30 June 2023, the Company did not purchase any ordinary shares under the discount management policy. Shares which are bought back by the Company may either be cancelled or held in treasury and subsequently re-issued. Pursuant to the Companies (Guernsey) Law, the number of shares of any class held as treasury shares must not, at any time, exceed 10% of the total number of issued shares of that class at that time. The authority to buy back up to 14.99% per annum of shares in issue is renewed at each AGM of the Company by special resolution. The Board remains committed to its discount management policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-247": { "value": "Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual financial instrument or all factors affecting all financial instruments traded in the market including foreign exchange risk, equity price risk and cash flow and fair value interest rate risk as detailed below. The Group\u2019s market risk is managed by the Manager in accordance with policies and procedures in place. The Group\u2019s overall market position is monitored on a quarterly basis by the Board of Directors. Sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. In practice, this is unlikely to occur and changes in some of the factors may be correlated, for example, changes in interest rates and changes in foreign currency rates. a) Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from future commercial transactions, recognised monetary assets and liabilities and net investments in foreign operations. The Group\u2019s policy is not to enter into any currency hedging transactions. The tables on the next page summarise the Group\u2019s exposure to foreign currency risk as at 30 June 2023 and 30 June 2022. The Group\u2019s financial assets and liabilities are included in the table, categorised by their currency at their carrying amount in US$ \u2019000. In the current economic climate, management\u2019s assessment of a reasonable possible change in foreign exchange rates would be up to a 1% increase/decrease for Hong Kong Dollar (\u201cHK$\u201d)/US $, due to the HK $ being pegged to the US$, and up to a 10% increase/decrease for all other currencies. The table on the next page presents financial assets and liabilities denominated in foreign currencies held by the Group as at 30 June 2023 and 30 June 2022, and can be used to monitor foreign currency risk as at that date. Market risk (continued) a) Foreign exchange risk (continued) At 30 June 2023, if Sterling weakened/strengthened by 10% against US$ with all other variables held constant, the loss for the year would have been US $27,000 lower/higher (2022: US $21,000 lower/higher). The HK $ is pegged to the US$ with the Hong Kong Monetary Authority pledging to keep the exchange rate within a trading band of 5 Hong Kong cents either side of HK $7.80 per dollar. At present the rate is HK $7.84 per dollar so no downward risk while the currency peg remains in place. The foreign exchange risk is considered minimal and as such the Company does not actively manage against this risk. If the HK $ weakened/strengthened by 1% against the US$ with all other variables held constant, the net assets and movement in foreign currency translation reserve would have been US$ 1,009,000 higher/lower (2022: US$1,282,000 higher/lower). Any movement would have no other effect on the remaining equity components of the Group. There are no material transactions that would have effect on the profit/loss for the year. The Macanese Patacas (\u201cMOP\u201d) is fixed to the HK $ at a rate of MOP:HK $ of 1.03. Due to the low level of assets held in this currency, a 10% change in rate would not have a significant effect on the Consolidated Financial Statements. As the HK$ is pegged to the US $ and the MOP is fixed to the US$ the foreign exchange risk of these currencies is considered minimal as under the normal course of business the Group has minor exposure to other currencies. Movements in other currencies would not have a significant impact on the Consolidated Financial Statements. US$ \u00a3 HK$ Other currencies Total As at 30 June 2023 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 16 Cash and cash equivalents 1 1 1,108 8 1,118 Deposits with lenders \u2013 \u2013 5,608 \u2013 5,608 Total financial assets 1 1 6,716 24 6,742 Trade and other payables 275 268 1,976 662 3,181 Interest-bearing loans \u2013 \u2013 105,632 \u2013 105,632 Total financial liabilities 275 268 107,608 662 108,813 Net financial position (274) (267) (102,892) (638) (102,071) US$ \u00a3 HK$ Other currencies Total As at 30 June 2022 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 16 Cash and cash equivalents \u2013 17 333 5 355 Deposits with lenders \u2013 \u2013 3,456 \u2013 3,456 Total financial assets \u2013 17 3,789 21 3,827 Trade and other payables 121 228 1,004 666 2,019 Interest-bearing loans \u2013 \u2013 130,992 \u2013 130,992 Total financial liabilities 121 228 131,996 666 133,011 Net financial position (121) (211) (128,207) (645) (129,184) Market risk (continued) b) Cash flow and fair value interest rate risk The Group\u2019s interest rate risk is managed by the Manager, in accordance with policies and procedures in place and can be mitigated through the use of interest rate swaps. The Manager has assessed the interest rate risk as not significant and therefore there were no interest rate swaps held during the current or prior years. The Group\u2019s overall positions and exposures are monitored on a quarterly basis by the Board of Directors. If interest rates had been 500 bps higher/lower and all other variables were held constant, the Group\u2019s loss for the year would have increased/decreased by US$ 4,945,000 (2022: loss for the year increased/decreased by US $1,272,000 based on 1% movement) (based on the interest bearing net financial liability per the table below). This is mainly due to the Group\u2019s exposure to interest-bearing loans. There was significant increase in interest rates between 2022 and 2023 so a 5% movement is reasonable. The following table details the Group\u2019s exposure to interest rate risks: As at 30 June 2023 Interest bearing Non-interest bearing Total US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 16 16 Cash and cash equivalents 1,118 \u2013 1,118 Deposits with lenders 5,608 \u2013 5,608 Total financial assets 6,726 16 6,742 Trade and other payables \u2013 3,181 3,181 Interest-bearing loans 105,632 \u2013 105,632 Total financial liabilities 105,632 3,181 108,813 As at 30 June 2022 Interest bearing Non-interest bearing Total US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 16 16 Cash and cash equivalents 355 \u2013 355 Deposits with lenders 3,456 \u2013 3,456 Total financial assets 3,811 16 3,827 Trade and other payables \u2013 2,019 2,019 Interest-bearing loans 130,992 \u2013 130,992 Total financial liabilities 130,992 2,019 133,011 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-248": { "value": "Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Group. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial institutions. The Group\u2019s main exposure to credit risk is its cash balances with banks. This risk is mitigated through using banks with a high credit rating. The Group\u2019s cash and cash equivalents and deposits with lenders are all held with investment grade banks and the majority are held with a bank with a credit rating of A or higher. The Group\u2019s cash and cash equivalents have the following ratings from Fitch and Moody\u2019s Ratings: 2023 2022 Credit Rating US$\u2019000 US$\u2019000 AA- 1,102 218 A+ 2 2 A 13 110 BBB+ 1 25 1,118 355 The Group\u2019s deposits with lenders with the following ratings from Fitch and Moody\u2019s Ratings: 2023 2022 Credit Rating US$\u2019000 US$\u2019000 AA- 5,480 3,329 BBB+ 128 127 5,608 3,456 The Group is exposed to loss of rental income and increase in costs, such as legal fees, if tenants fail to meet their payment obligations under their leases. The Group seeks to mitigate default risk by diversifying its tenant base and requiring deposits or guarantees from banks or parent companies, where there is a perceived credit risk or in accordance with prevailing market practice. All of the Group\u2019s major tenants have met their rental requirements within the terms of arrangement and no material receivables which are past due have been impaired. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. The Group\u2019s financial assets subject to the ECL model within IFRS 9 are cash and cash equivalents, deposits with lenders and trade and other receivables. There is not considered to be any concentration of credit risk within these assets. The amount of ECL on cash and cash equivalents and deposit with lenders are considered to be US$ nil considering the credit quality as indicated on the credit risk tables. None of the Group\u2019s financial assets are past their due date as at the current or prior year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-249": { "value": "Liquidity risk The Group adopts a prudent approach to liquidity management and maintains sufficient cash reserves and borrowings to meet its obligations. The Group is able to obtain funding through credit facilities to meet its current liabilities and property development expenditure in addition to cash currently held. Liquidity risk (continued) It is anticipated that the remaining debt obligations that are due over the going concern period will be settled from sales proceeds that are to be generated from the ongoing divestments or the Group will need to arrange refinancing if necessary, see the Going Concern section on page 84. The Manager is responsible for the relationship with the Group\u2019s lenders for monitoring compliance with loan terms and covenants and reporting to the Board on a regular basis all key matters arising. The Manager also maintains good relationships with other banks and explores refinancing options as part of its contingency planning. Throughout the year ended 30 June 2023 and up to the date of issue of the financial statements, the Group has continued to be in compliance with loan covenants and has maintained frequent ongoing dialogue with all lenders who have demonstrated strong support for the Group over the years, including the distressed COVID periods. Their indications are that this support will continue for the Group and in respect of the loans on the underlying properties. Given the fact that all banking facilities of the Group have been successfully renewed previously, with the loan-to-value ratios of the facilities maintained within the covenants required under the respective loan agreements, the Board is confident that the Group would be able to arrange refinancing for debt obligations that exceed funding available from divestments. Deposits amounting to US$ 5,608,000 (2022: US $3,456,000) have been pledged to secure banking facilities, of which US $1,170,000 (2022: US $ 1,561,000) relates to long-term banking facilities, and are, therefore, classified as non-current assets. Pledged bank balances represent deposits pledged to the banks to secure the banking facilities granted to the Group. As at 30 June 2023, the Group has term loan facilities with Hang Seng Bank, Banco Tai Fung and Banco Comercial de Macau, S. A. (\u201cBCM Bank\u201d) for its investments in The Waterside , The Fountainside , and Penha Heights respectively. The Group\u2019s liquidity position is monitored by the Manager and is reviewed quarterly by the Board. Please refer to Note 8 for details of the facilities. The table on the next page analyses the Group\u2019s financial assets and liabilities into relevant maturity profiles based on the remaining period at the Consolidated Statement of Financial Position date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payable). On demand Less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years Over 5 years Total As at 30 June 2023 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 \u2013 \u2013 16 Cash and cash equivalents 1,118 \u2013 \u2013 \u2013 \u2013 \u2013 1,118 Deposits with lenders \u2013 4,363 75 128 1,042 \u2013 5,608 Total financial assets 1,118 4,363 75 144 1,042 \u2013 6,742 Trade and other payables \u2013 3,181 \u2013 \u2013 \u2013 \u2013 3,181 Interest-bearing loans \u2013 11,083 18,465 41,465 44,556 1,305 116,874 Total financial liabilities \u2013 14,264 18,465 41,465 44,556 1,305 120,055 Net financial position 1,118 (9,901) (18,390) (41,321) (43,514) (1,305) (113,313) Liquidity risk (continued) As at 30 June 2022 On demand Less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years Over 5 years Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Trade and other receivables (excluding prepayments) \u2013 \u2013 \u2013 16 \u2013 \u2013 16 Cash and cash equivalents 355 \u2013 \u2013 \u2013 \u2013 \u2013 355 Deposits with lenders \u2013 1,895 \u2013 127 1,434 \u2013 3,456 Total financial assets 355 1,895 \u2013 143 1,434 \u2013 3,827 Trade and other payables \u2013 2,019 \u2013 \u2013 \u2013 \u2013 2,019 Interest-bearing loans \u2013 19,502 9,052 34,239 72,823 2,635 138,251 Total financial liabilities \u2013 21,521 9,052 34,239 72,823 2,635 140,270 Net financial position 355 (19,626) (9,052) (34,096) (71,389) (2,635) (136,443) The table below analyses the Group\u2019s changes in financial liabilities arising from financing activities. 1 July 2022 Cashflows Foreign Exchange Movement Other Profit and Loss 30 June 2023 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Current interest-bearing loans 25,616 (25,513) 35 23,325 \u2013 23,463 Non-current interest-bearing loans 105,376 \u2013 117 (23,325) \u2013 82,168 Loan arrangement fees (837) (26) \u2013 \u2013 339 (524) Net interest-bearing loans 130,155 (25,539) 152 \u2013 339 105,107 Interest payable 84 (4,564) \u2013 \u2013 5,447 967 Total 130,239 (30,103) 152 \u2013 5,786 106,074 1 July 2021 Cashflows Foreign Exchange Movement Other Profit and Loss 30 June 2022 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Current interest-bearing loans 21,225 (21,001) (224) 25,616 \u2013 25,616 Non-current interest-bearing loans 115,417 16,785 (1,210) (25,616) \u2013 105,376 Loan arrangement fees (1,212) (51) \u2013 \u2013 426 (837) Net interest-bearing loans 135,430 (4,267) (1,434) \u2013 426 130,155 Interest payable 56 (2,962) \u2013 \u2013 2,990 84 Total 135,486 (7,229) (1,434) \u2013 3,416 130,239 The \u2018Other\u2019 column includes the effect of reclassification of non-current portion of interest-bearing loans to current due to the passage of time. The Group classifies interest paid as cash flows from financing activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-251": { "value": "Fair value hierarchy Financial investments measured at fair value IFRS 13 requires disclosure of fair value measurements by level as discussed in Note 1. For all financial instruments, other than those recognised at fair value or whose fair value is disclosed within these financial statements, carrying value of the financial asset/liability is an approximation of their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-250": { "value": "Capital risk management The Group\u2019s objectives, when managing capital, are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group\u2019s objective is to provide shareholders with an attractive total return, derived from the disposal of its remaining real estate assets. The timing and amount of rental or other income cannot be predicted. Any cash received by the Company as part of the realisation process will be held by the Company as cash on deposit and/or as cash equivalents prior to its distribution to shareholders, which shall be at such intervals as the Board considers appropriate. During the year ended 30 June 2023, there were no borrowings other than the Group\u2019s loan facilities in place which are classified as interest bearing loans in the Consolidated Statement of Financial Position. Discount management policy The Board closely monitors the discount to Adjusted Net Asset Value (adjusted NAV) at which the Company\u2019s shares trade and has sought shareholders\u2019 approval of powers to buy shares in the market to moderate the volatility of the discount. These powers will be sought again at the forthcoming AGM. The Board is also very mindful of the working capital operating needs of the Company when considering buying back its shares in the market. During the year ended 30 June 2023, the Company did not purchase any ordinary shares under the discount management policy. Shares which are bought back by the Company may either be cancelled or held in treasury and subsequently re-issued. Pursuant to the Companies (Guernsey) Law, the number of shares of any class held as treasury shares must not, at any time, exceed 10% of the total number of issued shares of that class at that time. The authority to buy back up to 14.99% per annum of shares in issue is renewed at each AGM of the Company by special resolution. The Board remains committed to its discount management policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-9": { "value": "3. Critical accounting estimates, assumptions and judgements The Directors\u2019 and Investment Adviser (the \u201cmanagement\u201d) make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. Accounting estimates are monetary amounts that are subject to measurement uncertainty. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below: a) Fair value of the investment property, NRV and Adjusted NAV are based on the current market valuation provided by Savills, an independent valuer. Savills is required to make assumptions on establishing the current market valuation. The most significant assumptions (as described further in Note 6), relate to future income streams and discount rates applicable to these estimates. The valuation has been made on the assumption that the owner sells the properties in the open market without a deferred term contract, leaseback, joint venture, management agreement or any similar arrangement, which could serve to affect the value of the properties. The Board and management have reviewed the valuations and are in agreement with the valuer\u2019s judgement. Some properties have been sold at a discount in the current year but there were particular reasons for this and it is not indicative of a lower fair value. This is an accounting estimate and assumption. b) Inventory is stated at the lower of cost and NRV. NRV for completed inventory property is assessed with reference to market conditions and prices existing at the reporting date, and is determined by the Group, having taken suitable external advice and in the light of recent market transactions. NRV in respect of inventory property under construction (see Note 7), is assessed with reference to market prices at the reporting date for similar completed property, less estimated costs to complete construction and less an estimate of the time value of money to the date of completion. This is an accounting estimate. c) The property at The Waterside is classified as Investment Property under IAS 40 and is measured at fair value. The Board have considered that IFRS 5 \u2014 Non-current Assets Held for Sale and Discontinued Operations does not apply as the property are not expected to be sold within one year from the statement of financial position date. The Group did not make any critical accounting judgements, other than as described above, in the year ended 30 June 2023 or in the year ended 30 June 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-10": { "value": "4. Subsidiaries All SPVs are owned 100% by the Company. There are no significant restrictions on the ability to access or use the assets to settle the liabilities of the Group. The following subsidiaries, active for both the 30 June 2023 and 30 June 2022 year ends, have a year end of 31 December to coincide with the Macanese tax year and are the only subsidiaries which do not have the same year end as the Company: \u2022 MPOF Macau (Site 2) Limited \u2022 The Fountainside Company Limited \u2022 MPOF Macau (Site 5) Limited \u2022 The Waterside Company Limited \u2022 Castelo Branco Companhia Limitada The Consolidated Financial Statements include the financial statements of the Company and the subsidiaries listed below: Ownership Incorporation Ownership Incorporation MPOF Macau (Site 2) Limited 2 100% Macau Cannonball Limited 1 100% Guernsey MPOF Macau (Site 5) Limited 2 100% Macau Civet Limited 1 100% Guernsey The Waterside Company Limited 100% Macau Gorey Hills International Limited 1 100% British Virgin Islands (\u201cBVI\u201d) The Fountainside Company Limited 100% Macau Hillsleigh Holdings Limited 1 100% BVI Castelo Branco Companhia Limitada 100% Macau East Base Properties Limited 2 100% Hong Kong MPOF (Jose) Limited 1 100% Guernsey Eastway Properties Limited 2 100% Hong Kong MPOF (Sun) Limited 1 100% Guernsey MPOF (Guia) Limited 1 100% Guernsey MPOF (Antonio) Limited 1 100% Guernsey 1 Company is a holding company. 2 Company is an investment holding company", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-11": { "value": "5. Segment reporting The Chief Operating Decision Maker (the \u201cCODM\u201d) in relation to the Company is deemed to be the Board itself. The factors used to identify the Group\u2019s reportable segments are centred on asset class and differences in both geographical area and regulatory environment. Furthermore, foreign exchange and political risks are identified, as these also determine where resources are allocated. Based on the above and a review of information provided to the Board, it has been concluded that the Group is currently organised into one reportable segment based on the geographical area, Macau. This segment refers principally to residential properties. Furthermore, there are multiple individual properties that are held within each property type. However, the CODM considers, on a regular basis, the operating results and resource allocation of the aggregated position of all property types as a whole, as part of its ongoing performance review. This is supported by a further breakdown of individual property groups only to help support their review and investment appraisal objectives. Information about major customers The Group does not have any customers or rental agreements which represent more than 10% of Group\u2019s revenues. Revenues represented by rental income were US$ 1,122,000 for the year ended 30 June 2023 (2022: US$ 1,082,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-12": { "value": "6. Investment property 2023 2022 US$\u2019000 US$\u2019000 At the beginning of the year 181,520 199,629 Capital expenditure on property 27 288 Disposals (37,293) \u2013 Fair value adjustment (3,412) (16,380) Exchange difference 203 (2,017) Balance at end of the year 141,045 181,520 Valuation gains/(losses) (fair value adjustment) from investment property are recognised in profit and loss for the year. These are attributable to changes in unrealised gains/losses relating to completed investment properties held at the end of the reporting period. The valuation process is initiated by the Investment Adviser who appoints a suitably qualified valuer to conduct the valuation of the investment property. The results are overseen by the Investment Adviser. Once satisfied with the valuations based on their expectations, the Investment Adviser reports the results to the Board. The Board reviews the latest valuations based on its knowledge of the property market and compares these to previous valuations. The Group\u2019s investment properties were revalued at 30 June 2023 by an independent, professionally-qualified valuer, Savills. The valuation has been carried out in accordance with the current Royal Institution of Chartered Surveyors (RICS) Appraisal and Valuation Standards to calculate the market value of the investment properties in their existing state and physical condition, with the assumptions that: \u2022 The owner sells the property in the open market without any arrangement, which could serve to affect the value of the property. \u2022 The property is held for investment purposes. \u2022 The property is free from encumbrances, restrictions and outgoings of any onerous nature which could affect its value. The fair value of investment property is determined by Savills, using recognised valuation techniques. The principal technique deployed is the income capitalisation method. The determination of the fair value of investment property requires the use of estimates such as future cash flows from assets (such as lettings, tenants\u2019 profiles, future revenue streams, capital values of fixtures and fittings, any environmental matters and the overall repair and condition of the property) and discount rates applicable to those assets. These estimates are based on the local market conditions existing at the reporting date. Capital expenditure on property during the year relates to fit-out costs for The Waterside. 6. Investment property (continued) During the year 13 units were sold at The Waterside with net losses on disposal of investment properties of US $ 1,909,000 recognised. There were no disposals in the year ended 30 June 2022. The market value as at 30 June 2023 as determined by the independent, professionally-qualified valuer, Savills, was US$ 141,045,000 (2022: US$181,520,000). Rental income arising from The Waterside of US $ 1,114,000 (2022: US$1,079,000) was received during the year. Direct operating expenses of US $772,000 (2022: US$ 866,000) arising from rented units were incurred during the year. Direct operating expenses during the year arising from vacant units totalled US $279,000 (2022: US$ 369,000). The following tables show the most appropriate presentation of the inputs used in valuing the investment property which is classified as Level 3 in the fair value hierarchy: Property information Carrying amount/ fair value as at 30 Jun 2023 US$\u2019000 Valuation technique Input Unobservable and observable inputs used in determination of fair values Other key information Name The Waterside 141,045 Term and Reversion Analysis Term rent (inclusive of management fee and furniture) HK$17.0 psf Age of building Type Residential/ Completed apartments Term yield (exclusive of management fee and furniture) 1.55%\u20132.2% Remaining useful life of building Location One Central Tower 6 Macau Reversionary rent (exclusive of management fee and furniture) HK$13.04 psf Reversionary yield 1.55% 6. Investment property (continued) Property information Carrying amount/ fair value as at 30 Jun 2022 US$\u2019000 Valuation technique Input Unobservable and observable inputs used in determination of fair values Other key information Name The Waterside 181,520 Term and Reversion Analysis Term rent (inclusive of management fee and furniture) HK $17.5 psf Age of building Type Residential/ Completed apartments Term yield (exclusive of management fee and furniture) 1.4%\u20132.2% Remaining useful life of building Location One Central Tower 6 Macau Reversionary rent (exclusive of management fee and furniture) HK$ 13.16 psf Reversionary yield 1.55% There have not been any transfers in the fair value hierarchy during the current and prior years. The fair value of The Waterside is determined using the income approach, more specifically a term and reversion analysis, where a property\u2019s fair value is estimated based on the rent receivable and normalised net operating income generated by the property, which is divided by the capitalisation (discount) rate. The difference between gross and net rental income includes the same expense categories as those for the discounted cash flow method with the exception that certain expenses are not measured over time, but included on the basis of a time weighted average, such as the average lease up costs. Under the income capitalisation method, over-and under-rent situations are separately capitalised (discounted). If the estimated reversionary rent increased/decreased by 5% (and all other assumptions remained the same), the fair value of The Waterside would increase or decrease by US $6.9 million (2022: increase or decrease by US $ 8.3 million). If the term or revisionary yield increased/decreased by 5% (and all other assumptions remained the same), the fair value of The Waterside would decrease by US$ 6.5 million or increase by US $7.3 million (2022: decrease by US $7.9 million or increase by US $ 8.8 million). The Waterside is currently valued at its highest and best use. There is no extra evidence available to suggest that it has an alternative use that would provide a greater fair value measurement. There have been no transfers between levels during the period or a change in valuation technique since the last period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-13": { "value": "7. Inventories 2023 2022 US$\u2019000 US$\u2019000 Cost Balance brought forward 34,635 34,924 Additions 100 595 Disposals \u2013 (518) Exchange difference 40 (366) Balance carried forward 34,775 34,635 In the year ended 30 June 2022, one residential unit of The Fountainside was sold for a total consideration of US$ 1.5 million (HK $11.8 million) against a total cost of US$ 0.6 million (HK$ 4.4 million) which resulted in a net profit of US $0.9 million (HK $7.4 million) after all associated fees and transaction costs. There are no disposals which occurred in the year ended 30 June 2023. Additions include capital expenditure, development costs and capitalisation of financing costs. Under IFRS, inventories are valued at the lower of cost and NRV. The carrying amounts for inventories as at 30 June 2023 amounts to US$ 34,775,000 (2022: US$ 34,635,000). The market value as at 30 June 2023 as determined by the independent, professionally-qualified valuer, Savills, was US $ 59,503,000 (2022: US$ 60,479,000). The NRV as at 30 June 2023 was US$ 57,718,000 (2022: US $58,661,000). If the estimated unit rate increased/decreased by 5% (and all other assumptions remained the same), the fair value of the properties would increase by US$ 2.9 million or decrease by US$2.8 million (2022: increase by US$3.0 million or decrease by US $ 2.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-14": { "value": "8. Interest-bearing loans 2023 2022 US$\u2019000 US$\u2019000 Bank loans \u2013 Secured \u2013 Current portion 23,194 25,303 \u2013 Non-current portion 81,913 104,852 105,107 130,155 There are interest-bearing loans with three banks: Hang Seng Bank The Group has a term loan facility with Hang Seng Bank for The Waterside which consisted of various tranches executed over the years. During the year, the Group executed a new tranche for a HK$ 50 million (US $ 6.4 million) nine month term loan facility to partially finance the loan repayments that was due in September 2022. As at 30 June 2023, outstanding loan balance was HK$ 661 million (US $84.3 million) (2022: HK $845 million (US $ 107.7 million)). The interest rate is 1.8% per annum over the 1-, 2-or 3-month HIBOR rate, the choice of rate is at the Group\u2019s discretion. The loan-to-value covenant is 60%. As at 30 June 2023, the loan-to-value ratio was 56.9% (2022: 59.3%). The facility is secured by means of a first registered legal mortgage over all unsold units of The Waterside as well as a pledge of all income from the units. The Company is the guarantor for the credit facility. In addition, the Group is required to maintain a cash reserve equal to six months\u2019 interest with the lender. The principal is to be repaid in half yearly instalments with HK$ 60 million (US$7.7 million) due in September 2023; HK$ 75 million (US$ 9.6 million) due in March 2024; HK$90 million (US$ 11.5 million) due in September 2024; HK$ 125 million (US$15.9 million) due in March 2024; and the remaining HK$311 million (US $ 39.7 million) due upon maturity in September 2025. 8. Interest-bearing loans (continued) Hang Seng Bank (continued) The principal repayment due in September 2023 of HK $60 million (US $7.7 million) has been partially settled subsequent to the year end. Please refer to Note 25 for details. The Group has a loan facility with Hang Seng Bank for The Fountainside: The Facility amount is HK$ 96 million (US$ 12.2 million) divided into 2 tranches, with a tenor of 4 years to mature in March 2024. Tranche A is a facility for an amount of HK $ 89 million (US$11.3 million). Tranche B is a facility for an amount of HK$ 7 million (US$0.9 million) for financing the alteration costs of The Fountainside. Tranche A facility has been fully drawn down while amount of HK $5.2 million (US$ 0.7 million) has been drawn down for Tranche B facility. The interest rates applicable to Tranche A and Tranche B are 2.8% per annum and 3.3% per annum respectively over the 1-, 2- or 3-month HIBOR rate. The choice of rate is at the Group\u2019s discretion. The principal of Tranche A is to be repaid half-yearly with HK $ 14.7 million (US$1.9 million) due in September 2023 and the remaining balance due upon maturity, while repayment for Tranche B is due in full at maturity. The loan-to-value covenant is 55%. The facility is secured by means of a first registered legal mortgage over all unsold units and car parking spaces of The Fountainside as at the loan facility date as well as a pledge of all income from the units and the car parking spaces. The Company is the guarantor for the credit facility. In addition, the Group is required to maintain a cash reserve equals to six months\u2019 interest with the lender. As at 30 June 2023, the facility had an outstanding balance of HK $43.9 million (US $5.6 million) (2022: HK$43 million (US $ 5.5 million)) and the loan-to-value ratio was 31.50% (2022: 29.86%). Properties pledged under loan facilities for The Waterside and The Fountainside cross-collateralised both facilities. The combined loan-to-value ratio of the two facilities was 54.1%. The principal repayment due in September 2023 of HK $14.7 million (US $ 1.9 million) has been settled in full subsequent to the year end. Please refer to Note 25 for details. The Group has two loan facilities for Penha Heights : Banco Tai Fung The loan facility with Banco Tai Fung had a term of seven years and the facility amount was HK $70 million (US $8.9 million). Interest was Prime Rate minus 2.25% per annum. The principal is to be repaid in 28 quarterly instalments of HK$2.5 million (US $318,975) each, commencing in September 2022. As at 30 June 2023, the facility had an outstanding balance of HK$60 million (US $7.7 million) (2022: HK $ 70 million (US$8.9 million)). This facility is secured by a first legal mortgage over the property as well as a pledge of all income from the property. The Company is the guarantor for this term loan. Interest is paid quarterly for the first six month and monthly thereafter on this loan facility. As at 30 June 2023, the loan-to-value ratio was 40.27% (2022: 46.36%). There is no loan-to-value covenant for this loan. The principal repayment due in September 2023 has been deferred. Please refer to Note 25 for details. BCM Bank The loan facility with BCM Bank had a term of 2 year and the facility amount is HK$ 70 million (US$ 8.9 million). The interest rate is 2.55% per annum over the 3-month HIBOR rate. The principal is to be repaid in quarterly instalments commencing in March 2023 with 90% of the principal due upon maturity. As at 30 June 2023, the facility had an outstanding balance of HK$63 million (US$ 8 million) (2022: HK $70 million (US$ 8.9 million)). This facility is secured by a first legal mortgage over the property as well as a pledge of all income from the property. The Company is the guarantor for this term loan. In addition, the Group is required to maintain a cash reserve equal to six months\u2019 interest with the lender. Interest is paid monthly on this loan facility. The loan-to-value covenant is 50%. As at 30 June 2023, the loan-to-value ratio for this facility was 35.39% (2022: 38.89%). The principal repayment due in September 2023 has been deferred. Please refer to Note 25 for details. 8. Interest-bearing loans (continued) Bank Loan Interest Bank loan interest incurred during the year was US$ 5,440,000 (2022: US $ 2,985,000), including US$ nil (2022: US$ nil) capitalised during the year (see Note 7). Amortised loan arrangement fees for the year are disclosed in Note 14. Fair Value Interest-bearing loans are carried at amortised cost. The fair value of fixed rate financial assets and liabilities carried at amortised cost are estimated by comparing market interest rates when they were first recognised with current market rates for similar financial instruments. The estimated fair value of fixed interest bearing loans is based on discounted cash flows using prevailing market interest rates for debts with similar credit risk and maturity. As at 30 June 2023, the fair value of the interest-bearing loans was US$ 100,000 higher than the carrying value of the financial liabilities (2022: the fair value of the interest-bearing loans was US $462,000 lower than the carrying value of the financial liabilities). The Group\u2019s interest-bearing loans have been classified within Level 2, as they have observable inputs from similar loans. There have been no transfers between levels during the period or a change in valuation technique since the last period.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-15": { "value": "9. Taxation The Company is exempt from taxation in Guernsey under the provisions of The Income Tax (Exempt Bodies) (Guernsey) Ordinances, 1989 to 1992, and is charged an annual exemption fee of \u00a31,200 (US $1,492) (2022: \u00a31,200 (US $ 1,469)). The Group would only be exposed to Hong Kong profits tax if it is: (i) not exempted under the Revenue (Profits Tax Exemption for Offshore Funds) Ordinance 2006 (the \u201cOrdinance\u201d); and (ii) treated as carrying on a trade or business in Hong Kong either on its own account or through any person as an agent. No accrual has been made for Hong Kong profits tax, as the Board believes that no such tax exposure exists at the end of the reporting year (2022: US $nil). The Group is not subject to any income, withholding or capital gains taxes in the BVI. No capital or stamp duties are levied in the BVI on the issue, transfer or redemption of shares. As a result, no provision for BVI taxes has been made in the Consolidated Financial Statements. The Macanese SPVs are liable to Macau Property Tax in respect of their ownership of Macau properties. Taxation will be charged at 8% (2022: 8%) of any rent received for rental properties or 6% (2022: 6%) of the official ratable rentable value for self-use properties. Newly built residential buildings or commercial buildings were exempted from Property Tax for four years and six years, respectively (such time running from the month after the occupancy permit is issued) for properties located in Macau peninsula and outlying islands. Macau Complementary Taxes (\u201cMCT\u201d) are generally levied on income and profits arising in or derived from commercial and/or industrial activities carried on in Macau. There is no distinction made between a \u201crevenue profit\u201d and \u201ccapital profit\u201d under the MCT regulations. Accordingly, income in accordance with MCT regulations booked by a Macau corporate taxpayer, including gains on sale of investment/ immovable property, will be subject to MCT. Under prevailing practice, gains on the disposal of shares in a Macau company (such as an SPV of the Company) by a non-Macau entity should generally not attract MCT. The Board closely monitors and assesses the level of provisions for Macanese tax taking into consideration factors such as the Group\u2019s structure. 9. Taxation (continued) As at the year-end, the following amounts are the outstanding tax provisions. 2023 2022 US$\u2019000 US$\u2019000 Non-current liabilities Deferred taxation 7,498 9,706 Provisions for Macanese taxations 1,158 579 8,656 10,285 Deferred taxation The Group has recognised a deferred tax liability for the taxable temporary difference relating to the investment property carried at fair value and has been calculated at a rate of 12% as relates to Macau taxation. Provisions for Macanese taxations The Group has made provisions for property tax and complementary tax arising from its Macau business operations. Major components of taxation 2023 2022 US$\u2019000 US$\u2019000 Provision to property tax (note 15) (262) (291) Movement in deferred taxation provision 2,219 1,965 Provision for MCT (776) (125) The differences between the taxation charge for the year and the movement in taxation provisions are due to the foreign exchange rate movements and Macanese taxation paid during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-268": { "value": "As at the year-end, the following amounts are the outstanding tax provisions. 2023 2022 US$\u2019000 US$\u2019000 Non-current liabilities Deferred taxation 7,498 9,706 Provisions for Macanese taxations 1,158 579 8,656 10,285 Deferred taxation The Group has recognised a deferred tax liability for the taxable temporary difference relating to the investment property carried at fair value and has been calculated at a rate of 12% as relates to Macau taxation. Provisions for Macanese taxations The Group has made provisions for property tax and complementary tax arising from its Macau business operations. Major components of taxation 2023 2022 US$\u2019000 US$\u2019000 Provision to property tax (note 15) (262) (291) Movement in deferred taxation provision 2,219 1,965 Provision for MCT (776) (125) The differences between the taxation charge for the year and the movement in taxation provisions are due to the foreign exchange rate movements and Macanese taxation paid during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-252": { "value": "Deferred taxation The Group has recognised a deferred tax liability for the taxable temporary difference relating to the investment property carried at fair value and has been calculated at a rate of 12% as relates to Macau taxation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-17": { "value": "10. Trade and other receivables Current assets 2023 2022 US$\u2019000 US$\u2019000 Prepayments 66 53", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-16": { "value": "11. Trade and other payables Current liabilities 2023 2022 US$\u2019000 US$\u2019000 Accruals 626 370 Other payables 2,555 1,649 3,181 2,019 Other payables principally comprise outstanding amounts for operating expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-253": { "value": "12. Share capital Ordinary shares 2023 2022 US$\u2019000 US$\u2019000 Authorised: 300 million ordinary shares of US $0.01 each 3,000 3,000 Issued and fully paid: 61.8 million (2022: 61.8 million) ordinary shares of US $0.01 each 618 618 The Company has one class of ordinary shares which carries no rights to fixed income. The Board has publicly stated its commitment to undertake share buybacks at attractive levels of discount of the share price to Adjusted NAV. In order to continue this strategy, the Board intends to renew this authority at the 2023 AGM. No redemption of shares was made during the current or prior year. There are no restrictions on the distribution of dividends and repayment of capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-18": { "value": "12. Share capital Ordinary shares 2023 2022 US$\u2019000 US$\u2019000 Authorised: 300 million ordinary shares of US $0.01 each 3,000 3,000 Issued and fully paid: 61.8 million (2022: 61.8 million) ordinary shares of US $0.01 each 618 618 The Company has one class of ordinary shares which carries no rights to fixed income. The Board has publicly stated its commitment to undertake share buybacks at attractive levels of discount of the share price to Adjusted NAV. In order to continue this strategy, the Board intends to renew this authority at the 2023 AGM. No redemption of shares was made during the current or prior year. There are no restrictions on the distribution of dividends and repayment of capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-19": { "value": "13. General and administration expenses General and administration expenses 2023 2022 US$\u2019000 US$\u2019000 Legal and professional 41 200 Holding Company administration 111 127 Guernsey SPV administration 56 63 BVI, Hong Kong, & Macanese SPV administration 46 52 Insurance costs 14 15 Listing fees 19 19 Printing & postage 28 22 Other operating expenses 135 117 450 615", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-254": { "value": "14. Other financing costs Financing costs 2023 2022 US$\u2019000 US$\u2019000 Bank charges 7 5 Loan arrangement fees 339 426 346 431 As at 30 June 2023, unamortised loan arrangement fees were US$ 524,000 (2022: US$837,000). These have been netted off against the interest bearing loans and also split between current and non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-20": { "value": "14. Other financing costs Financing costs 2023 2022 US$\u2019000 US$\u2019000 Bank charges 7 5 Loan arrangement fees 339 426 346 431 As at 30 June 2023, unamortised loan arrangement fees were US$ 524,000 (2022: US$837,000). These have been netted off against the interest bearing loans and also split between current and non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-255": { "value": "15. Property operating expenses Property operating expenses 2023 2022 US$\u2019000 US$\u2019000 Property management fees 502 601 Leasing and property management service fee (Note 20) 351 350 Property taxes 262 291 Utilities 5 10 Other property expenses 157 120 1,277 1,372 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-269": { "value": "15. Property operating expenses Property operating expenses 2023 2022 US$\u2019000 US$\u2019000 Property management fees 502 601 Leasing and property management service fee (Note 20) 351 350 Property taxes 262 291 Utilities 5 10 Other property expenses 157 120 1,277 1,372 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-21": { "value": "15. Property operating expenses Property operating expenses 2023 2022 US$\u2019000 US$\u2019000 Property management fees 502 601 Leasing and property management service fee (Note 20) 351 350 Property taxes 262 291 Utilities 5 10 Other property expenses 157 120 1,277 1,372 16. Sales and marketing expenses Sales and marketing expenses 2023 2022 US$\u2019000 US$\u2019000 Agent commission (note 20) 76 115", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-22": { "value": "17. Cash flows from operating activities 2023 2022 US$\u2019000 US$\u2019000 Cash flows from operating activities Loss for the year before tax (13,450) (20,931) Adjustments for: Loss on disposal of investment property 1,909 \u2013 Net loss from fair value adjustment on investment property 3,412 16,380 Net finance costs 5,786 3,416 Operating cash flows before movements in working capital (2,343) (1,135) Effects of foreign exchange rate changes 34 (298) Movement in trade and other receivables (13) 545 Movement in trade and other payables 243 775 Movement in inventories (100) (77) Net change in working capital 130 1,243 Taxation paid (162) (212) Net cash used in operating activities (2,341) (402) Cash and cash equivalents (which are presented as a single class of assets on the face of the Consolidated Statement of Financial Position) comprise cash at bank and other short-term, highly-liquid investments with a maturity of three months or less. For both year ends, there are no cash equivalents held by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-23": { "value": "18. Basic and diluted loss per ordinary share and net asset value per share The basic and diluted loss per equivalent ordinary share is based on the loss attributable to equity holders for the year of US$12,007,000 (2022: loss of US$ 19,091,000) and on the 61,835,733 (2022: 61,835,733) weighted average number of ordinary shares in issue during the year. 30 June 2023 30 June 2022 Loss Attributable Weighted Average No. of Shares Loss Per Share Loss Attributable Weighted Average No. of Shares Loss Per Share US$\u2019000 \u2019000s US$ US$\u2019000 \u2019000s US$ Basic and diluted (12,007) 61,836 (0.1942) (19,091) 61,836 (0.3087) Net asset value reconciliation 2023 2022 US$\u2019000 US$\u2019000 Net assets attributable to ordinary shareholders 65,684 77,576 Uplift of inventories held at cost to market value 24,728 25,844 Adjusted NAV 90,412 103,420 Number of ordinary shares outstanding (\u2019000) 61,836 61,836 NAV per share (IFRS) (US$) 1.06 1.25 Adjusted NAV per share (US$) 1.46 1.67 Adjusted NAV per share (\u00a3)* 1.16 1.38 The NAV per share is arrived at by dividing the net assets as at the date of the Consolidated Statement of Financial Position, by the number of ordinary shares in issue at that date. Under IFRS, inventories are carried at the lower of cost and NRV (see Note 3 and Note 7). The NRV is determined by Savills and is subject to significant estimation uncertainty. The Adjusted NAV includes the uplift of inventories to their market values before any tax consequences or adjustments. The Adjusted NAV per share is arrived at by dividing the Adjusted NAV as at the date of the Consolidated Statement of Financial Position, by the number of ordinary shares in issue at that date. There are no potentially dilutive shares in issue. * US$ :GBP rate as at 30 June 2023 is 1.261 (2022: 1.212).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-24": { "value": "19. Related party transactions Directors of the Company are all non-executive and by way of remuneration, receive only an annual fee which is denominated in Sterling. 2023 2022 US$\u2019000 US$\u2019000 Directors\u2019 fees 167 170 The Directors are considered to be the key management personnel (as defined under IAS 24) of the Company. Directors\u2019 fees outstanding as at 30 June 2023 were US$ 43,000 (2022: US$ 41,000). Sniper Capital Limited is the Manager to the Group and received fees during the year, as detailed in the Consolidated Statement of Comprehensive Income and on the basis described in Note 20. Management fees for the year totalled US$ 1,200,000 (2022: US$ 1,199,000). Management fees amounting to US$ 200,000 are outstanding as at 30 June 2023 (2022: US$ nil) (see Note 20). Realisation fees for the year totalled US $98,000 (2022: US$ 23,000) with US$ 98,000 outstanding as at 30 June 2023 (2022: US$nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-256": { "value": "Directors of the Company are all non-executive and by way of remuneration, receive only an annual fee which is denominated in Sterling. 2023 2022 US$\u2019000 US$\u2019000 Directors\u2019 fees 167 170 The Directors are considered to be the key management personnel (as defined under IAS 24) of the Company. Directors\u2019 fees outstanding as at 30 June 2023 were US$ 43,000 (2022: US$ 41,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-25": { "value": "20. Material contracts Management fee Under the terms of an appointment made by the Board of Directors of the Company on 23 May 2006, Sniper Capital Limited was appointed as Manager to the Group. The original Management fee was calculated at 2.0% of the net asset value, as adjusted to reflect the Property Investment Valuation Basis, payable quarterly in advance. The Property Investment Valuation Basis is the basis on which the properties will be valued by an independent valuer being an open market basis in accordance with RICS property valuation practice and guidelines. It was reduced to 1.0% of the net asset value, as adjusted to reflect the Property Investment Valuation Basis, from the start of 2020 and further reduced to a quarterly fixed fee of US$300,000 for the calendar year 2021 onwards. A management fee of US $1,200,000 will be payable for 2023. Management fees for the year totalled US$ 1,200,000 (2022: US$1,199,000) with US $200,000 outstanding as at 30 June 2023 (2022: US$ nil). Realisation fee A realisation fee was payable on deals originated and secured by the Manager in 2020 which was linked to the sales price achieved. The realisation fee is currently active until 31 December 2023. The realisation fee is payable upon the sale of individual properties and becomes payable 10 business days after completion. Where the sale price of the asset was 90% or more of the of the value of the relevant asset as at 30 September 2019 (the \u201cCarrying Value\u201d) a fee of 2.5% of net proceeds (net of debt, costs and taxes) (\u201cNet Proceeds\u201d) was payable; where the sale price of an asset was more than 80% but less than 90% of the Carrying Value of the relevant asset, a realisation fee of 1.5% of Net Proceeds was payable; and where the sale price of an asset is less than 80% of the Carrying Value, no realisation fee was payable. In no circumstances will the aggregate of the 2023 management fee and realisation fee exceed US $1,780,000. Any realisation fee achieved on strata sales of units at The Waterside will be subject to the retention of 50% until all units have been sold. Realisation fees for the year totalled US$ 98,000 (2022: US $23,000) with US $98,000 outstanding as at 30 June 2023 (2022: US $ nil), of which US $49,000 (2022: US$ nil) was deferred until sale of all units at The Waterside . The Manager\u2019s appointment is terminable by the Manager or the Company on not less than 6 months\u2019 notice. The Company may terminate the Management Agreement with immediate effect, if either or both of the Principals are removed from their position of full-time employment with the Manager or ceases to be available for any reason beyond the Manager\u2019s reasonable control and the Manager fails, within three months (or six months in the case of one only) of such event, to cause to be made available the services of a competent replacement(s) of equivalent skill and experience. The Management Agreement may also be terminated with immediate effect by either the Manager or the Company if the other party has gone into liquidation, administration or receivership or has committed a material breach of the Management Agreement. 20. Material contracts (continued) Development Management Services Agreement The Group and Headland entered into an Development Management Services Agreement, under which Headland provides development management services to the Group in respect of the Group\u2019s properties that require development. During the year, no development management services fees were capitalised in investment property and inventories (2022: nil) and none were outstanding (2022: nil). Agency Services Agreement The Group and Bela Vista entered into an Agency Services Agreement, under which Bela Vista provides agency services to the Group in respect of the sales of residential units and car and motorbike parking spaces of The Fountainside as well as the individual unit in One Central Residences. Bela Vista is paid an agency services fee based on a percentage of the total sales considerations. During the year, no agency services fees (2022: US$ 30,000 (HK$ 236,000)) were paid. As at 30 June 2023, there was no outstanding balance (2022: US$nil). Leasing and Tenancy Management and Property Management Services Agreement The Group and Bela Vista entered into a Leasing and Tenancy Management and Property Management Services Agreement, under which Bela Vista provides property services to the Group in respect of asset management, tenant management and leasing at The Waterside . Bela Vista is paid a leasing and tenancy management fee based on a percentage of the monthly rental receivable by The Waterside and fixed fees for property management services and the staff costs and overhead incurred. During the year, leasing and tenancy management and property management services fees of US$ 351,000 (HK $ 2,752,000) (2022: US$350,000 (HK $2,792,000)) were paid. As at 30 June 2023, US$30,000 (2022: US $ 22,000) was outstanding.", "dimensions": { "concept": "macaupropertyopportunitiesfundlimited:DisclosureOfMaterialContractsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-257": { "value": "Management fee Under the terms of an appointment made by the Board of Directors of the Company on 23 May 2006, Sniper Capital Limited was appointed as Manager to the Group. The original Management fee was calculated at 2.0% of the net asset value, as adjusted to reflect the Property Investment Valuation Basis, payable quarterly in advance. The Property Investment Valuation Basis is the basis on which the properties will be valued by an independent valuer being an open market basis in accordance with RICS property valuation practice and guidelines. It was reduced to 1.0% of the net asset value, as adjusted to reflect the Property Investment Valuation Basis, from the start of 2020 and further reduced to a quarterly fixed fee of US$300,000 for the calendar year 2021 onwards. A management fee of US $1,200,000 will be payable for 2023. Management fees for the year totalled US$ 1,200,000 (2022: US$1,199,000) with US $200,000 outstanding as at 30 June 2023 (2022: US$ nil). Realisation fee A realisation fee was payable on deals originated and secured by the Manager in 2020 which was linked to the sales price achieved. The realisation fee is currently active until 31 December 2023. The realisation fee is payable upon the sale of individual properties and becomes payable 10 business days after completion. Where the sale price of the asset was 90% or more of the of the value of the relevant asset as at 30 September 2019 (the \u201cCarrying Value\u201d) a fee of 2.5% of net proceeds (net of debt, costs and taxes) (\u201cNet Proceeds\u201d) was payable; where the sale price of an asset was more than 80% but less than 90% of the Carrying Value of the relevant asset, a realisation fee of 1.5% of Net Proceeds was payable; and where the sale price of an asset is less than 80% of the Carrying Value, no realisation fee was payable. In no circumstances will the aggregate of the 2023 management fee and realisation fee exceed US $1,780,000. Any realisation fee achieved on strata sales of units at The Waterside will be subject to the retention of 50% until all units have been sold. Realisation fees for the year totalled US$ 98,000 (2022: US $23,000) with US $98,000 outstanding as at 30 June 2023 (2022: US $ nil), of which US $49,000 (2022: US$ nil) was deferred until sale of all units at The Waterside . The Manager\u2019s appointment is terminable by the Manager or the Company on not less than 6 months\u2019 notice. The Company may terminate the Management Agreement with immediate effect, if either or both of the Principals are removed from their position of full-time employment with the Manager or ceases to be available for any reason beyond the Manager\u2019s reasonable control and the Manager fails, within three months (or six months in the case of one only) of such event, to cause to be made available the services of a competent replacement(s) of equivalent skill and experience. The Management Agreement may also be terminated with immediate effect by either the Manager or the Company if the other party has gone into liquidation, administration or receivership or has committed a material breach of the Management Agreement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-26": { "value": "21. Deposits with lenders Pledged bank balances represent deposits pledged to the banks to secure the banking facilities granted to the Group. Deposits amounting to US $1.2 million (2022: US$ 1.6 million) have been pledged to secure long-term banking facilities and are, therefore, classified as non-current assets. There are no other significant terms and conditions associated with these pledged bank balances. 2023 2022 US$\u2019000 US$\u2019000 Non-current 1,170 1,561 Current 4,438 1,895 Pledged for loan covenants 5,608 3,456", "dimensions": { "concept": "macaupropertyopportunitiesfundlimited:DisclosureOfDepositsWithLendersExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-258": { "value": "22. Commitments and contingencies As at 30 June 2023, the Group had agreed consultancy contracts with an architectural firm, an engineering firm, an electrical engineering firm and a quantity surveying consultancy firm and are consequently committed to future capital expenditure in respect of inventories of US$132,000 (2022: US $281,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-270": { "value": "22. Commitments and contingencies As at 30 June 2023, the Group had agreed consultancy contracts with an architectural firm, an engineering firm, an electrical engineering firm and a quantity surveying consultancy firm and are consequently committed to future capital expenditure in respect of inventories of US$132,000 (2022: US $281,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-27": { "value": "22. Commitments and contingencies As at 30 June 2023, the Group had agreed consultancy contracts with an architectural firm, an engineering firm, an electrical engineering firm and a quantity surveying consultancy firm and are consequently committed to future capital expenditure in respect of inventories of US$132,000 (2022: US $281,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-28": { "value": "23. Auditors\u2019 remuneration All fees payable to the external auditor relate to audit services except for US$9,000 (2022: US $9,000) that was payable to Ernst & Young Macau in relation to non-audit services. Auditors\u2019 remuneration was broken down as follows: 2023 2022 US$\u2019000 US$\u2019000 Audit fees 162 131 Other professional services 9 9 171 140", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-29": { "value": "24. Operating leases \u2013 Group as lessor The Group has entered into leases on its property portfolio. Future minimum rentals receivable under non-cancellable operating leases as at 30 June 2023 are as follows: 2023 2022 US$\u2019000 US$\u2019000 Residential Within 1 year 733 625 After 1 year, but not more than 5 years \u2013 \u2013 Total future rental income 733 625 The majority of leases involve tenancy agreements with a term of 12 months. The Group has assessed the risks as minimal as the leases held are all operating leases relating to the rental of apartments in The Waterside to which the Group acts as lessor. As at 30 June 2023, lease incentives on which the Group was lessor amounted to US$ 51,000 (2022: US$48,000) with rent free liabilities of US $ 36,000 (2022: US$ 30,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-30": { "value": "25. Subsequent events Subsequent to the year end in September 2023, The Fountainside US $1.9 million loan repayment due in September has been settled in full. The Waterside US$7.7 million loan repayment due in September 2023 has been partially settled in the amount of US $4.4 million, with the remaining balance to be settled upon completion of a confirmed sale as agreed with the lender. The Company has agreed in principle with lenders of the banking facilities for Penha Heights to defer principal repayments that will be due in September and December 2023. The loan facility with BCM would be extended to mature in March 2025. Subsequent to the year end, two sales have been agreed at The Waterside at a total consideration of US $4.8 million, one of which has completed and the other is scheduled to complete in October 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } }, "fact-31": { "value": "PO Box 286 Floor 2, Trafalgar Court Les Banques St Peter Port, Guernsey Channel Islands GY1 4LY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800NOAO11OWIMLR72", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00" } } } }