16 TRADE AND OTHER PAYABLES
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Trade payables and accrued operating
expenses
53,388
47,301
13,934
13,306
Amounts due to:
– associate (non-trade)
1,891
1,820
–
–
– subsidiaries (non-trade)
– interest free
–
–
62,799
59,614
– interest bearing
–
–
512,075
311,350
– related parties
– trade
8,322
7,257
1,064
1,278
– non-trade
3,551
5,949
–
–
– the Manager
6,688
4,107
4,543
4,107
– the Trustee
103
115
103
115
– non-controlling interests (non-trade)
1,891
1,509
–
–
Interest payable
3,989
2,567
1,295
953
Rental deposits and advance rental
38,711
41,583
1,659
1,674
118,534
112,208
597,472
392,397
Non-trade amounts due to associate and related parties are unsecured, interest-free and
repayable on demand.
17 UNITHOLDERS’ FUNDS
Foreign currency translation reserve
The foreign currency translation reserve comprises:
(a) foreign exchange differences arising from the translation of the financial statements of
foreign operations whose functional currencies are different from the functional currency of
the Trust; and
(b) the foreign exchange differences on monetary items which form part of the Group’s net
investment in foreign operations, provided certain conditions are met.
Capital reserve
The subsidiaries incorporated in China are required to transfer 10% of their profits after taxation,
as determined under the accounting principles and relevant financial regulations of China, to a
general reserve until the reserve balance reaches 50% of the subsidiary’s registered capital. The
transfer to this reserve must be made before the distribution of dividends to shareholders.
Notes to the Financial Statements
Year ended 31 December 2014
162 | Ascott Residence Trust Annual Report 2014
