NOTES TO THE STATEMENTS OF FINANCIAL POSITION OF THE COMPANY AS AT 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) 1. Basis of Preparation and Significant Accounting Policies The Statement of Financial Position of the Company is prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)). The Statement of Financial Position of the Company has been prepared on the historical cost convention, except as otherwise described in the accounting policies below. The Statement of Financial Position of the Company are presented in Singapore dollars (SGD) which is the Company’s functional currency. All values are rounded to the nearest thousand ($’000) unless otherwise indicated. Accounting policies, estimates and critical accounting judgements applied to the preparation of the Statement of Financial Position of the Company is consistent with the disclosures in the consolidated financial statements. The Statement of Financial Position and Notes to the Statement of Financial Position of the Company as at 31 December 2022 were authorised and approved by the Board of Directors for issuance on 23 February 2023. 2. Property, plant and equipment Furniture, fittings, office equipment and others $’000 Constructionin-progress $’000 Total $’000 2022 Cost At 1 January 2022 492 – 492 Disposals (55) – (55) At 31 December 2022 437 – 437 Accumulated depreciation At 1 January 2022 347 – 347 Depreciation charge 97 – 97 Disposals (19) – (19) At 31 December 2022 425 – 425 Net book value At 31 December 2022 12 – 12 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 265
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