NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 15. UNITHOLDERS’ FUNDS (continued) (b) The foreign currency translation reserve comprises: (i) foreign exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from the functional currency of the Trust; (ii) the gains or losses on financial instruments used to hedge the Group’s net investment in foreign operations that are determined to be effective hedges; and (iii) the foreign exchange differences on monetary items which form part of the Group’s net investment in foreign operations, provided certain conditions are met. (c) General reserve The subsidiaries incorporated in China are required to transfer 10% of their profits after taxation, as determined under the accounting principles and relevant financial regulations of China to the general reserve until the reserve balance reaches 50% of registered capital. The transfer to this reserve must be made before distribution of dividends to its shareholders. General reserve can be used to make good previous years’ losses, if any, and may be converted to registered capital in proportion to the existing interests of the shareholders, provided that the balance after such conversion is not less than 25% of the registered capital. 16. UNITS IN ISSUE AND PERPETUAL SECURITIES (a) Units in issue 2023 2022 Number of Units Number of Units Balance as at beginning of year 1,673,892,897 1,659,527,650 New Units issued: – As payment of distribution through distribution reinvestment plan 1,473,597 2,258,266 – As payment of Manager’s management fees 13,495,621 12,106,981 Total issued Units as at end of the year 1,688,862,115 1,673,892,897 New Units to be issued: – as payment of Manager’s management fees 16,010,485 13,495,621 Total issued and issuable Units as at end of the year 1,704,872,600 1,687,388,518 Units issued during the year ended 31 December 2023 are as follows: (a) On 29 March 2023, the Trust issued 1,473,597 new Units at an issue price of $1.216 per Unit as payment of distribution under the distribution reinvestment plan for the period from 1 July 2022 to 31 December 2022; and (b) On 16 May 2023, the Trust issued 5,563,663 and 7,931,958 new Units at an issue price of $1.1378 per Unit as partial payment of the management fee respectively for the period from 1 January 2022 to 31 December 2022; ANNUAL REPORT 2023 199 Financials Framework Portfolio Performance Leadership Overview
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