$" MATERIAL#ACCOUNTING#POLICY#INFORMATION#(CONT’D") +*++ Taxes (a) Income!tax!-!current!income!tax Current!income!tax!assets!and!liabilities!for!the!current!period!are!measured!at!the!amount!expected!to!be!recovered!from! or!paid!to!the!taxation!authorities'!The!tax!rates!and!tax!laws!used!to!compute!the!amount!are!those!that!are!enacted!or! substantively!enacted&!at!the!reporting!date' (b) Income!tax!-!deferred!tax Deferred!tax!is!provided!using!the!liability!method!on!temporary!di(erences!between!the!tax!bases!of!assets!and!liabilities!and! their!carrying!amounts!for!financial!reporting!purposes!at!the!reporting!date' Deferred!tax!assets!and!liabilities!are!measured!based!on!tax!rates!(and!tax!laws)!that!have!been!enacted!or!substantively! enacted!at!the!reporting!date' Deferred!tax!assets!and!deferred!tax!liabilities!are!o(set!if!a!legally!enforceable!right!exists!to!set!o(!current!tax!assets!against! current!income!tax!liabilities!and!the!deferred!taxes!relate!to!the!same!taxable!entity!and!the!same!taxation!authority' +*+$ Provisions Provisions!are!recognised!when!the!Group!and!the!Company!have!a!present!obligation!(legal!or!constructive)!as!a!result!of!a!past! event&!it!is!probable!that!an!outflow!of!economic!resources!will!be!required!to!settle!the!obligation!and!the!amount!of!the!obligation! can!be!estimated!reliably'! Provisions!are!reviewed!at!each!reporting!date!and!adjusted!to!reflect!the!current!best!estimate'!If!the!e(ect!of!the!time!value!of! money!is!material&!provisions!are!discounted!using!a!current!pre-tax!rate!that!reflects&!where!appropriate&!the!risks!specific!to!the! liability'! +*+) Sinking!fund! Sinking!fund!of!the!Group!is!established!for!the!purpose!of!covering!periodic!major!repairs!or!capital!replacements!costs!in!the!golf! and!country!resort!of!the!Group'!A!fraction!of!$#3!of!monthly!subscription!fees!received!from!the!members!during!the!financial! year!are!credited!to!this!account' The!amount!credited!into!the!sinking!fund!account!during!the!financial!year!is!subsequently!paid!to!a!fund!which!is!kept!in!a! separate!trust!account!and!administered!by!a!Trustee' Monies!in!the!sinking!fund!are!invested!by!the!Trustee'!Any!income!arising!out!of!the!investment!is!accrued!to!the!fund' +*+' Deferred!license!fees License!fees!are!received!upon!admission!of!new!members!to!the!golf!and!country!resort!of!the!Group&!and!are!recognised!in!the! profit!or!loss!over!the!remaining!terms!of!the!membership!licenses&!which!would!be!expiring!on!-!October!"#/$' NOTES TO THE FINANCIAL STATEMENTS FOR!THE!FINANCIAL!YEAR!ENDED!'$!DECEMBER!"%"' 204 ANNUAL REPORT 2023
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