Notes to the Financial Statements Year ended 31 December 2024 10 ASSOCIATE CapitaLand Ascott REIT Group and Stapled Group 2024 2023 $’000 $’000 Unquoted equity shares, at cost –* –* Less: Share of associate post-acquisition revenue reserve (528) (543) (528) (543) Loan receivable 3,758 3,781 Less: Allowance for impairment loss (253) (253) 2,977 2,985 * Less than $1,000 The loan to associate is unsecured, interest-free and repayable on demand with a notice period of twelve months. The loan to associate is not expected to be recalled in the next twelve months. Movement in allowance for impairment loss is as follows: CapitaLand Ascott REIT Group and Stapled Group 2024 2023 $’000 $’000 At 1 January and 31 December 253 253 During the year, there was no additional allowance for impairment loss arising from the loan receivable as the ECL is not material. The recoverable amount for the loan to associate was estimated based on the higher of the value in use calculation using cash flow projection and the fair value of the net assets of associate at the reporting date. The fair value measurement was estimated based on net assets of the associate with maturity of less than one year. Details of the associate are as follows: Company name East Australia Trading Company Limited Nature of relationship with the CapitaLand Ascott REIT Group Investment holding company held by the CapitaLand Ascott REIT Group Country of incorporation Hong Kong Ownership interest/Voting rights held 40% (2023: 40%) The associate is immaterial to the CapitaLand Ascott REIT Group and the Stapled Group. A member firm of Deloitte Touche Tohmatsu Limited (2023: KPMG International) is the auditor of the associate. In 2024 and 2023, the CapitaLand Ascott REIT Group did not receive any dividends from the associate. The following table summarises the financial information for the interest in the associate, based on the amounts reported in the CapitaLand Ascott REIT Group’s and the Stapled Group’s Statement of Total Return: 2024 2023 $’000 $’000 Profit after taxation 15 7 191 Annual Report 2024
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