Note 2023 2022 $ $ Cash flows from operating activities Profit for the year 1,798,545 544,053 Adjustment for: Management fee income received/receivable in stapled securities (2,360,461) (2,321,332) Finance costs 11 86,508 – Tax expense 278,711 67,967 (196,697) (1,709,312) Changes in working capital: Trade and other receivables (863,355) (402,157) Trade and other payables (5,505,152) 2,445,641 Cash (used in)/generated from operations (6,565,204) 334,172 Tax paid (51,117) (27,271) Net cash (used in)/generated from operating activities (6,616,321) 306,901 Cash flows from investing activities Subscription of preferential offering in stapled securities (220,402) – Net cash used in investing activities (220,402) – Cash flows from financing activities Loan from related corporation 7,065,090 – Interest paid 9 (65,090) – Net cash generated from financing activities 7,000,000 – Net increase in cash and cash equivalents 163,277 306,901 Cash and cash equivalents at 1 January 486,848 179,947 Cash and cash equivalents at 31 December 650,125 486,848 Significant non-cash transactions During the year ended 31 December 2023, the Company received 2,330,636 stapled securities (2022: 1,991,954 stapled securities) in CapitaLand Ascott Trust (“CLAS”), amounting to $2.4 million (2022: $2.1 million) as payment of manager’s base fees and performance fees for the period from 1 October 2022 to 30 September 2023 (2022: 1 October 2021 to 30 September 2022). STATEMENT OF CASH FLOWS For the financial year ended 31 December 2023 The accompanying notes form an integral part of these financial statements. Overview Sustainability & Governance Leadership Portfolio & Performance Financial Statements and Other Information ANNUAL REPORT 2023 329
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