These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 8 March 2024. 1 DOMICILE AND ACTIVITIES CapitaLand Ascott Business Trust Management Pte. Ltd. (the “Company”), is incorporated in Singapore and has its registered office at 168 Robinson Road #30-01 Capital Tower, Singapore 068912. The principal activities of the Company are those relating to investment advisory and property fund management. The Company is the trustee-manager of CapitaLand Ascott Business Trust, part of the stapled trust, CapitaLand Ascott Trust (“CLAS”), listed on the Singapore Exchange Securities Trading Limited (“SGX-ST“). For financial reporting purposes, the immediate, intermediate and ultimate holding companies of the Company are CapitaLand Investment Limited (“CLI”), CapitaLand Group Pte. Ltd. and Temasek Holdings (Private) Limited respectively for the financial year ended 31 December 2023. All companies are incorporated in Singapore. 2 MATERIAL ACCOUNTING POLICIES 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)“). 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. 2.3 Functional and presentation currency These financial statements are presented in Singapore Dollars, which is the Company’s functional currency. All financial information presented in Singapore Dollars have been rounded to the nearest dollar, unless otherwise stated. 2.4 Going concern The financial statements have been prepared on a going concern basis, notwithstanding the Company’s net current liabilities of $6,211,870 (2022: $5,405,100) as at 31 December 2023 as the immediate holding company has confirmed that it will provide financial support as is necessary to enable the Company to continue its operations and meet its obligations as and when they fall due. 2.5 Use of estimates and judgements The preparation of the financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions about the future including climate-related risks and opportunities, that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Company’s risk management and climate-related commitments where appropriate. Revisions to accounting estimates are recognised prospectively. The accounting policies set out below have been applied consistently by the Company to all periods presented in these financial statements, except as explained in note 16, which address changes in accounting policies. NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 330 CAPITALAND ASCOTT TRUST
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