13. SUBSIDIARIES (a) Investment in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in Note 2(b). Name of entity Date of incorporation Principle activities Interest held Domicile Neuren Pharmaceuticals Inc. 20-Aug-02 Development services 100% USA Neuren Pharmaceuticals (Australia) Pty Ltd 9-Nov-06 Dormant 100% AUS Neuren Trustee Limited 29-May-13 Holds loan funded shares 100% NZ All subsidiaries have a reporting date of 31 December. 14. COMMITMENTS AND CONTINGENCIES (a) Legal claims The Group had no significant legal matter contingencies as at 31 December 2022 or at 31 December 2021. (b) Commitments The Group was not committed to the purchase of any property, plant or equipment or intangible assets as at 31 December 2022 (2021: nil). At 31 December 2022, the Group had commitments under product development contracts amounting to approximately $6.0 million, comprising approximately US$3.9 million, GBP 0.1 million, EUR 0.1 million and AU $0.2 million. At 31 December 2021, the Group had commitments under product development contracts amounting to approximately $6.1 million, comprising approximately US$3.3 million, GBP 0.3 million and AU $0.9 million. (c) Contingent liabilities The Group had no contingent liabilities at 31 December 2022 or at 31 December 2021. 15. RELATED PARTY TRANSACTIONS (a) Key Management Personnel The Key Management Personnel of the Group (KMP) include the directors of the Company and employees who reporting directly to the Managing Director. Compensation for KMP was as follows: 2022 $’000 2021 $’000 Short-term benefits 1,682 1,340 Post-employment benefits 112 83 Other long-term benefits 34 26 Share based payment compensation 837 840 2,665 2,289 (b) Subsidiaries The ultimate parent company in the Group is Neuren Pharmaceuticals Limited (“Parent”). The Parent funds the activities of the subsidiaries throughout the year as needed. All amounts due between entities are payable on demand and bear no interest. 16. EVENTS AFTER REPORTING DATE As at the date of these consolidated financial statements authorised for issue, there are no events arising since 31 December 2022 that require disclosure. NOTES TO THE CONSOL I DATED F I NANC I A L STATEMENTS CON T I NU E D Neuren Pharmaceuticals Limited Annual Repor t 2022 41
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