Lendlease Annual Report 2022

156 Lendlease Annual Report 2022 Notes to Consolidated Financial Statements continued Section E. Basis of Consolidation This section provides information on how the Group structure affects the financial position and performance of the Group as a whole. The disclosures detail the types of entities and transactions included in the consolidation and those excluded. 28. Consolidated Entities Accounting Policies The Group consolidation comprises all subsidiaries controlled by the Company. Control exists when the Company: • Has the power to direct the relevant activities such as key operating, financial and investing decisions • Has exposure or rights to variable returns from its involvement with the investee such as dividends, loans and fees • Has the ability to use its power over the investee to affect the amount of returns. In assessing control, potential voting rights that are presently exercisable or convertible are taken into account. Management uses accounting judgement in determining whether the Group controls an entity by applying the above control criteria and reviewing the substance of its relationship with the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies with adjustments made to bring into line any dissimilar accounting policies that may exist. External non controlling interests are allocated their share of total comprehensive income and are presented within equity in the consolidated Statement of Financial Position, separately from the equity of securityholders. The material consolidated entities of the Group listed below were wholly owned during the current and prior year. Refer to the following section for details on the disposal of entities. Parent Entity Europe Lendlease Corporation Limited Lendlease Construction (Europe) Limited Australia Lendlease Construction Holdings (Europe) Limited Capella Capital Lendlease Pty Limited Lendlease Europe Finance plc Capella Capital Partnership Lendlease Europe Limited Lendlease Building Pty Limited Lendlease Residential (CG) Limited Lendlease Building Contractors Pty Limited Lendlease (Elephant & Castle) Limited Lendlease Communities (Australia) Limited Asia Lendlease Development Pty Limited Lendlease Japan Inc. Lendlease Finance Limited Lendlease Singapore Pte. Limited Lendlease Infrastructure Investments Pty Limited Americas Lendlease International Pty Limited Lendlease (US) Capital, Inc. Lendlease Real Estate Investments Limited Lendlease (US) Construction, Inc. Lendlease Responsible Entity Limited Lendlease (US) Construction LMB, Inc. Lendlease Trust 1 Lendlease (US) Public Partnerships, LLC Lendlease (US) Public Partnerships Holdings LLC Lendlease Development, Inc. 1. Lendlease Trust is a consolidated entity of the Group as the parent entity is deemed to control it. The parent entity has no ownership interest in Lendlease Trust. During the current and prior year, there were no acquisitions of material consolidated entities.