Page 94 - TreasuryChinaTrust2011

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Notes to the Financial Statements
13 TRADE AND OTHER PAYABLES (CONTINUED)
Amounts due to the Trustee-Manager pertain to management and trustee fees accrued in accordance with the Trust
Deed.
Non-trade amounts due to subsidiaries are unsecured and interest-free, and are repayable on demand.
At 31 December 2011, included in other payables is an amount of $10,314,000 due to a related party of Trio Holding
Company. The amount was fully settled subsequent to the year end (Note 9).
14 DEFERRED TAX
The deferred tax liabilities in respect of the change in fair value of investment properties have been accrued at the
prevailing corporate income tax rate of 25% in the PRC. This is based on changes in the carrying value of investment
properties against their tax base, including the changes in fair value and depreciation charge made in accordance with
the PRC tax rules during the year.
Movements in deferred tax liabilities are as follows:
At
19 May
2010
Recognised
in profit
or loss
Exchange
differences
At
31 Dec
2010
Recognised
in profit
or loss
Recognised
in equity
Exchange
differences
At
31 Dec
2011
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Group
Investment properties 328,622 12,205 (17,815) 323,012 87,660 – 23,735 434,407
Convertible debts – – – – (749) 850 – 101
328,622 12,205 (17,815) 323,012 86,911 850 23,735 434,508
Trust
Convertible debts – – – – (749) 850 – 101
Deferred tax assets have not been recognised in respect of the following item because uncertainty exists in the
availability of future taxable profit against which the Group can utilise the benefits therefrom:
2011 2010
$’000 $’000
Tax losses 5,713 1,421
Tax losses are subject to agreement by the tax authorities and compliance with tax regulations in the respective
countries in which certain subsidiaries operate.
SAR1112034_TCT_AR_().indb 92 3/23/2012