NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 14. DEFERRED TAX (ASSETS)/LIABILITIES The movement in deferred tax liabilities during the financial year is as follows: At 1 January 2023 Statement of total return (Note 23) Reclassified to liabilities held for sale Translation difference At 31 December 2023 $’000 $’000 $’000 $’000 $’000 Group Deferred tax liabilities Investment properties 323,873 29,737 (28,557) (14,051) 311,002 Tax on unrepatriated profits 16,998 1,543 (94) – 18,447 340,871 31,280 (28,651) (14,051) 329,449 At 1 January 2022 Statement of total return (Note 23) Reclassified to liabilities held for sale Translation difference At 31 December 2022 $’000 $’000 $’000 $’000 $’000 Group Deferred tax liabilities Investment properties 301,101 50,851 – (28,079) 323,873 Tax on unrepatriated profits 17,392 (394) – – 16,998 318,493 50,457 – (28,079) 340,871 Deferred tax assets have not been recognised in respect of the following item because it is not probable that future taxable profit will be available against which the Group can utilise the benefits therefrom: Group 2023 2022 $’000 $’000 Tax losses 26,143 39,127 The tax losses are subject to agreement by the tax authorities and compliance with tax regulations in the country in which the subsidiaries operate. These tax losses can be carried forward up to five consecutive years and will expire on the fifth year from which the tax losses arise. 15. UNITHOLDERS’ FUNDS Group Trust Note 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Net assets resulting from operations 1,617,656 1,588,039 285,424 293,490 Hedging reserve (a) 15,071 41,897 15,071 41,897 Foreign currency translation reserve (b) (387,666) (214,015) – – Unitholders’ transactions 721,745 825,096 721,745 825,096 General reserve (c) 73,048 65,214 – – 2,039,854 2,306,231 1,022,240 1,160,483 (a) The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments relating to forecast hedged transactions. 198 CAPITALAND CHINA TRUST
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