11. TRADE AND OTHER RECEIVABLES Group ECW 2024 2023 2024 2023 S$’000 S$’000 S$’000 S$’000 Current Trade receivables – Related parties* 94,734 42,471 – – – Ultimate holding corporation 31,858 11,977 – – – Non-related parties 1,919 2,492 – – Trade receivables (net) 128,511 56,940 – – Amounts due from ultimate holding corporation (non-trade) 24,065 23,460 – – Amounts due from related parties (non-trade)* 8,418 8,213 5 5 Amounts due from subsidiaries (non-trade) – – 2,958 2,966 Interest receivables – 1,787 – – VAT receivables 442 1,358 365 481 Other receivables^ 10,311 7,972 – – Less: Allowance for impairment of other receivables (non-related parties) (620) (618) – – Less: Allowance for impairment of other receivables (related parties) (2,362) (527) – – Prepayments 75 102 28 26 168,840 98,687 3,356 3,478 * Related parties refer to fellow subsidiaries of the ultimate holding corporation. ^ Includes S$6,077,000 (RMB32,600,000) receivable from PRC authorities in relation to the final 30% of the compensation package from the compulsory expropriation of Fu Zhuo Industrial (the “Fu Zhuo Compensation”). The amounts due from the ultimate holding corporation, subsidiaries and related parties are unsecured and repayable on demand. Overdue rent receivables under the master lease agreement with the ultimate holding corporation and fellow subsidiaries are subject to late payment interest of 0.03% (2023: 0.03%) per day. The Group is carefully monitoring the collection status of the outstanding rent receivables and will recognise impairment allowance where required. (a) Assessment of impairment allowance of trade and other receivables As at 31 December 2024, the total trade and other receivables net of impairment from the Sponsor Group amounted to S$156,713,000. No further impairment allowance was made for these balances as management has been in negotiations with the Sponsor for a master offset agreement (the “Master Offset Agreement”) to offset all the receivables from the Sponsor Group against its payables to the Sponsor Group (Note 16): i) The tenancy deposits of RMB345,058,000 (S$64,319,000) under the master leases agreements (the “MLA Tenancy Deposits”) can be used to partially settle the rent receivables of RMB547,420,000 (S$102,029,000) from the Sponsor Group, subject to the Sponsor’s agreement to allow tenancy deposits with different Group subsidiaries to be settled on a net basis; ANNUAL REPORT 2024 97 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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