UNITY BANK LIMITED 2022 Financial Report UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315
ABN 11 087 650 315
This statement should be read in conjunction with the notes to the financial statements. NOTES TO THE FINANCIAL STATEMENTS
1. General information and statement of compliance This financial report is prepared for Unity Bank Limited and controlled entities (‘the Group’) , for the year ended the 30 th June 2022. The consolidated general purpose financial statements of the Group have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB). Compliance with Australian Accounting Standards ensures compliance with the International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). Unity Bank Limited is a for-profit entity for the purpose of preparing the financial statements. Unity Bank Limited is a Public Company incorporated and domiciled in Australia. The address of its registered office and its principal place of business is: L7, 215 - 217 Clarence Street Sydney NSW 2000 The financial report is presented in Australian dollars. Basis of consolidation The Group’s financial statements consolidate those of the Parent and the entities it controls as of 30 June 2022. All controlled entities have a reporting date of 30 June. All transactions and balances between controlled entities are eliminated on consolidation, including unrealised gains and losses on transactions between controlled entities. Where unrealised losses on intra- group asset sales are reversed on consolidation, the underlying asset is also tested for impairment. Amounts reported in the financial statements of controlled entities have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. 2. Basis of Measurement The financial statements have been prepared on an accruals basis, and are based on historical costs, modified by the revaluation of selected non-current assets and financial instruments for which the fair value basis of accounting has been applied. The accounting policies are consistent with the prior year unless otherwise stated. 3. REPO Securitisation Trust consolidation The Bank has initiated the creation of a trust which holds rights to a portfolio of mortgage secured loans to enable the Bank to secure funds from the Reserve Bank of Australia if required to meet emergency liquidity requirements. The Bank continues to manage these loans and receives all residual benefits from the trust and bears all the losses should they arise. Accordingly: a. The trust meets the definition of a controlled entity; and b. As prescribed under the accounting standards, since the Bank has not transferred all risks and rewards to the trust, the assigned loans are retained on the books of the Bank and are not de-recognised.
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