Announcement PDF Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 to the directors of Raptis Group Limited As lead auditor for the audit of the financial report of Raptis Group Limited for the financial year ended 30 June 2023, I declare to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and (ii) any applicable code of professional conduct in relation to the audit. This declaration is in respect of Raptis Group Limited and the entities it controlled during the financial period. Mark Taylor Director Hall Chadwick Qld Chartered Accountants Dated at Brisbane this 28th day of September 2023 Limited Liability by a scheme approved under the Professional Standards Legislation National Association | Hall Chadwick International Association | Prime Global Associations of Independent Firms INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RAPTIS GROUP LIMITED Report on the Audit of the Financial Report Opinion We have audited the accompanying financial report of Raptis Group Limited and its controlled entities (the Group), which comprises the consolidated statement of financial position as at 30 June 2023, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity, and the consolidated statement of cash flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies, and the directors’ declaration. In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its financial performance for the year then ended; and (b) complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the company, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the year ended 30 June 2023. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter How our audit addressed the key audit matter Revenue recognition Refer to Note 3 – Revenue from contracts with customers For the year ended 30 June 2023, Raptis Group Limited generated revenue of $502,443 from contracts with customers. Revenue is recognised when the entity becomes entitled based upon the requirements of AASB15. Recognition of revenue from contracts with customers is a key audit matter in the audit due to the material nature of the revenue stream within the financial report and due to the majority of this revenue being generated from contracts with related parties. Our procedures included, but were not limited to, the following:  Understanding management’s process for recognising revenue.  Evaluating the Group’s recognition policies against Accounting Standard requirements.  Reviewing agreements for duration, remuneration and revenue recognition criteria, including identification and satisfaction of performance obligations.  Substantively testing, on a sample basis, revenue from contracts with customers to address accuracy, occurrence and completeness of revenue. We also assessed the appropriateness of the disclosures in note 3 to the financial statements. Limited Liability by a scheme approved under the Professional Standards Legislation National Association | Hall Chadwick International Association | Prime Global Associations of Independent Firms Key Audit Matter Non current assets – Investment property Refer to Note 8 – Investment property In the year ended 30 June 2023, Raptis Group Limited revalued its investment property to $1,150,000, an increase of $274,850. Valuation of the Investment property is a key audit matter due to the material nature of the transaction. How our audit addressed the key audit matter Our procedures included, but were not limited to, the following:  Reviewing the valuation report which details the basis for the valuation.  Ensuring the report has been prepared by a valuer with relevant expertise in a relevant timeframe.  Evaluating the Group’s recognition policies against Accounting Standard requirements. We also assessed the appropriateness of the disclosures in note 8 to the financial statements. Non current assets – Intangible assets and management rights Refer to Note 10 – Intangible assets and management rights In the year ended 30 June 2023, Raptis Group Limited revalued its Intangible assets and management rights to $1,500,800, an increase of $380,800. Valuation of the intangible asset and management rights is a key audit matter in the audit due to the material nature of the transaction. Key Audit Matter How our audit addressed the key audit matter Our procedures included, but were not limited to, the following:  Understanding management’s process for recognising the increase in value.  Evaluating the Group’s recognition policies against Accounting Standard requirements.  Review of the independent expert’s report which details the basis for the revaluation.  Review of carrying value assessments at year-end. We also assessed the appropriateness of the disclosures in note 10 to the financial statements. Information Other Than the Financial Report and Auditor’s Report Thereon The directors are responsible for the other information. The other information comprises the information in the Group’s annual report for the year ended 30 June 2023 but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Director’s Responsibility for the Financial Report The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:  Identify and assess the risks of material misstatement of the financial report, whether due to fraud of error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.  Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal controls.  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.  Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.  Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.  Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the financial report. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the remuneration report included in pages 3 to 5 of the directors’ report for the year ended 30 June 2023. In our opinion the remuneration report of Raptis Group Limited for the year ended 30 June 2023 complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Mark Taylor Director Hall Chadwick Qld Chartered Accountants Dated at Brisbane this 28th day of September 2023