NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 19. OTHER PROPERTY OPERATING EXPENSES Group Note 2023 2022 $’000 $’000 Utilities 11,182 10,959 Advertising and promotion 10,638 14,325 Maintenance 22,089 25,019 Staff costs 15,443 16,359 Depreciation of plant and equipment 5 953 1,164 Impairment losses on trade receivables, net 8 93 595 Amortisation of deferred expenditure included in other receivables 58 64 Plant and equipment written off 104 33 Others 2,104 2,415 62,664 70,933 Included in staff costs is contribution to defined contribution plans of $2.5 million (2022: $2.7 million). 20. MANAGER’S MANAGEMENT FEES Manager’s management fees comprise base fee of $11.9 million (31 December 2022: $12.8 million) and performance fee of $8.9 million (31 December 2022: $9.0 million). The Manager has elected to receive partial manager’s management fees in the form of Units. The performance component of the Manager’s management fee amounting to $8.9 million (31 December 2022: $9.0 million) and base fee amounting to $6.0 million (31 December 2022: $6.4 million) will be paid through the issue of 16,010,485 (31 December 2022: 13,495,621) new Units subsequent to the year end (the “Management Fee Units”). 21. OTHER OPERATING EXPENSES/(INCOME) Group 2023 2022 $’000 $’000 Professional fees 551 1,185 Others(1) (297) (1,370) 254 (185) (1) Includes reversal of over provision of prior year equity fund raising related expenses. ANNUAL REPORT 2023 205 Financials Framework Portfolio Performance Leadership Overview
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