ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

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Accounting Policies

1.23 Contingent liabilities Contingent liabilities are disclosed when there is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non‑occurrence of one or more uncertain future events not within the control of the Corporation; or when there is a present obligation that arises from past events but is not recognised because: c it is not probable that an outflow of resources will be required to settle the obligation; or c the amount of the obligation cannot be measured reliably. 1.24 Commitments Commitments are disclosed when there is a contractual arrangement carrying over beyond the reporting date for material transactions and short‑term leases. 1.25 Contingent assets Contingent assets are disclosed when the Corporation has a possible asset, as a result of a past event, and whose existence will be confirmed only by the occurrence or non‑occurrence of one or more uncertain future events not wholly within the control of the Corporation. Contingent assets are only recognised as assets in the financial statements where the realisation of income is virtually certain. If the inflow of economic benefits is only probable, the contingent asset is disclosed as a claim in favour of the Corporation but not recognised in the statement of financial position. 1.26 Events after the reporting date Recognised amounts in the financial statements are adjusted to reflect significant events arising after the reporting date, but before the financial statements are authorised for issue, provided there is evidence of conditions that existed at the reporting date. Events after the reporting date that are indicative of conditions that arose after the reporting date are disclosed in the note to the financial statements. c the amount of outstanding balances, including terms and conditions and guarantees; c provisions for doubtful debts related to the amount of outstanding balances; and c expense recognised during the period in respect of bad or doubtful debts due from related parties. For the directors, key management personnel and prescribed officers of the Corporation, compensation in total and for each of the following categories is disclosed: c fees for services; c basic salary; c bonuses and performance related payments; c sums paid directly to directors, key management personnel and prescribed officers of the Corporation by way of expense, salary or other allowance; c contributions made to any pension fund, medical aid, insurance scheme, etc.; c any commission, gain or profit sharing arrangements; 1.27 Related parties The following items are disclosed in the financial statements for each related party: c the nature of the relationship; c the amount of the transactions;

c any share options, including their strike price and period; and c any other material benefits received (including financial assistance).

YOUR EXPORT RISK PARTNER

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