CGE ANNUAL REPORT

2022/23 ANNUAL REPORT

Financial Statements for the year ended 31 March 2023

Accounting Policies

1.16 Events after reporting date The entity will adjust the amounts recognised in the financial statements to reflect adjusting events after the reporting date once the event occurred. The entity will disclose the nature of the event and an estimate of its financial effect or a statement that such estimate cannot be made in respect of all material non-adjusting events, where non-disclosure could influence the economic decisions of users taken on the basis of the financial statements. Inventories Inventories comprise current assets for consumption or distribution during the ordinary course of business. Inventories are initially measured at cost except where inventories are acquired through a non exchange transaction, then their costs are their fair value as at the date of acquisition. Cost generally refers to the purchase price, plus taxes, transport costs and any other costs incurred in bringing the inventories to their current location and condition. The cost of inventories is assigned using the weighted average cost formula. The same cost formula is used for all inventories having a similar nature and use. Inventory is presented at the lower of cost or current replacement cost. Budget information The approved budget is prepared on a accrual basis and presented by economic classification linked to performance outcome objectives. Due to the CGE’s operations, the following income and expense items are not budgeted for: - Depreciation and Amortisation; - Interest income. 1.17 1.18

The approved budget covers the fiscal period from 2022/04/01 to 2023/03/31.

The annual financial statements and the budget are on the same basis of accounting therefore a comparison with the budgeted amounts for the reporting period have been included in the Statement of comparison of budget and actual amounts.

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