NOTES TO THE STATEMENT OF FINANCIAL POSITION OF THE COMPANY AS AT 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) 2. Property, plant and equipment (continued) Furniture, fittings, office equipment and others Total $’000 $’000 2023 Cost At 1 January 2023 437 437 Additions 562 562 Disposals (411) (411) At 31 December 2023 588 588 Accumulated depreciation At 1 January 2023 425 425 Depreciation charge 97 97 Disposals (410) (410) At 31 December 2023 112 112 Net book value At 31 December 2023 476 476 3. Subsidiaries 2024 2023 $’000 $’000 Equity investments at cost At beginning of the year 1,634,953 1,537,911 Additions 323,200 97,042 At end of the year 1,958,153 1,634,953 4. Amounts due from/to related parties Amounts due from/to related parties were non-trade related, unsecured, interest-free and repayable on demand. 5. Bank balances and other liquid funds 2024 2023 $’000 $’000 Cash and bank balances 51 66 Amounts placed with a related corporation 35,433 8,097 Bank balances and other liquid funds 35,484 8,163 At the balance sheet date, the amounts placed with a related corporation, ST Engineering Treasury Pte. Ltd., under a cash pooling arrangement bears interest ranging from 2.0% to 4.4% (2023: 0% to 5.1%) per annum. The cash pooling arrangement administered by ST Engineering Treasury Pte. Ltd. is operated at the instructions of the Company. These amounts placed with a related corporation are subjected to an arrangement with a bank where bank balances are transferred from/to a bank account of the related corporation on a daily basis. 260 ST ENGINEERING | ANNUAL REPORT 2024
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