Sun Yat Sen Nanyang Memorial Hall Company Limited
Company Registration No: 199704070D
Annual Financial Statements
31 December 2025
DIRECTORS’STATEMENT
The directors hereby present their statement to the members together with the audited financial statementsofSunYatSenNanyangMemorialHallCompanyLimited(theCompany)forthefinancial yearended31December2025.
1. Opinion ofthedirectors Intheopinionofthedirectors,
(i) the financial statements of the Company are drawn up so as to give a true and fair view of the financial position of the Company as at 31 December 2025, and the financialperformance,changesinfundsandcashflowsoftheCompanyfortheyear thenended;and
(ii) at the date of this statement, there are reasonable grounds to believe that the Companywillbeabletopayitsdebtsasandwhentheyfalldue.
2. Directors
ThedirectorsoftheCompanyinofficeatthedateofthisstatementare:
NgSiewQuan PehNamChuanAdrian AngFungFung WuHsiohKwang TanKangUei,Anthony LeePengShu WanShungMing
3. Arrangementstoenable directorstoacquiresharesordebentures
Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of theCompany toacquirebenefitsby meansoftheacquisitionofsharesin,ordebentures of, theCompanyoranyotherbodycorporate.
TheCompanyhasnosharecapitalanditsliabilityislimitedbyguarantee.
4. Directors’ interests
Sincetheendofthepreviousfinancialyear,nodirectorhasreceivedorhasbecomeentitled toreceivebenefitbyreasonofacontractmadebytheCompanyorarelatedcorporationwith the director or with a firm of which he is a member or with a company in which he has substantialfinancialinterest.
DIRECTORS’STATEMENT
5. Auditor
Ernst& YoungLLPhasexpresseditswillingnesstoacceptreappointment asauditor.
Onbehalfoftheboardofdirectors
NgSiewQuan Director
PehNamChuanAdrian Director
Singapore 27March2026
INDEPENDENT AUDITOR’SREPORTTOTHEMEMBERSOF SUN YAT SEN NANYANGMEMORIALHALL COMPANYLIMITED FORTHEFINANCIAL YEARENDED 31DECEMBER2025
Reportontheaudit of the financial statements
Opinion
Wehaveauditedthefinancialstatementsof SunYatSenNanyangMemorialHallCompanyLimited (the Company), which comprise the balance sheet as at 31 December 2025, and the statement of comprehensiveincome,statementofchangesinfundsandstatementofcashflowsfortheyearthen ended,and notestothefinancialstatements,includingmaterialaccountingpolicyinformation.
Inouropinion,theaccompanyingfinancialstatementsareproperlydrawnupinaccordancewiththe provisions of the Companies Act 1967, (the Act), Charities Act 1994 and other relevant regulations (theCharitiesActandRegulations)andFinancialReportingStandardsinSingapore(FRSs)soasto giveatrueandfairviewofthefinancialpositionoftheCompanyasat31December2025andofthe financialperformance, changes infunds and cash flows of the Company for the year ended on that date.
Basisforopinion
We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority (ACRA) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we havefulfilled ourotherethicalresponsibilitiesinaccordancewiththeserequirementsand the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasisforouropinion.
Otherinformation
Management is responsible for other information. The other information comprises Directors’ Statement set out on pages 1 to 2, but does not include the financial statements and our auditor’s reportthereon.
Ouropiniononthefinancialstatementsdoes notcovertheotherinformationandwedonotexpress anyformofassuranceconclusionthereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with thefinancialstatementsorourknowledgeobtainedintheaudit,orotherwiseappearstobematerially misstated. If, based on the work we have performed, we conclude that there is a material misstatementofthisotherinformation,wearerequiredtoreportthat fact.Wehavenothingtoreport inthisregard.
INDEPENDENT AUDITOR’SREPORTTOTHEMEMBERSOF SUN YAT SEN NANYANGMEMORIALHALL COMPANYLIMITED FORTHEFINANCIAL YEARENDED 31DECEMBER2025
Responsibilitiesofmanagement anddirectorsforthefinancial statements
Management is responsible for thepreparation of financial statements that give a true and fair view inaccordancewiththeprovisionsoftheAct,CharitiesActandFRSs,andfordevisingandmaintaining asystemofinternalaccountingcontrolssufficienttoprovideareasonableassurancethatassetsare safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financialstatementsandto maintainaccountability ofassets.
Inpreparingthefinancialstatements,managementisresponsibleforassessingtheCompany’sability tocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusing the going concern basis of accounting unless management eitherintends to liquidate the Company ortoceaseoperations,or hasnorealisticalternativebuttodoso.
Thedirectors’responsibilitiesincludeoverseeingtheCompany’sfinancialreportingprocess.
Auditor’sresponsibilities fortheauditofthefinancial statements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report thatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguarantee thatanauditconductedinaccordancewithSSAswillalwaysdetectamaterialmisstatementwhenit exists. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstaken onthebasisofthesefinancialstatements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professionalscepticismthroughouttheaudit. Wealso:
Identify and assess the risks of material misstatementof the financial statements,whether dueto fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk ofnot detectinga materialmisstatementresultingfrom fraudis higherthanfor one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,or theoverrideofinternalcontrol.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate inthe circumstances, but not for thepurpose of expressing anopinionontheeffectivenessoftheCompany’sinternalcontrol.
Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimatesandrelateddisclosuresmadeby management.
Conclude on the appropriateness of management’s use of the going concern basis of accountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsare basedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,future eventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
INDEPENDENT AUDITOR’SREPORTTOTHEMEMBERSOF SUN YAT SEN NANYANGMEMORIALHALL COMPANYLIMITED FORTHEFINANCIAL YEARENDED 31DECEMBER2025
Auditor’sresponsibilities fortheauditofthefinancial statements(continued)
Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,including the disclosures, and whether the financial statements represent the underlying transactions andeventsinamannerthatachievesfairpresentation.
We communicate with the directors regarding, among other matters, the planned scope and timing oftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthat weidentifyduringouraudit.
Reportonotherlegal andregulatoryrequirements
Inouropinion,theaccountingandotherrecordsrequiredbytheActtobekeptbytheCompanyhave beenproperlykept inaccordancewiththeprovisionsoftheActandCharitiesAct.
Ernst&YoungLLP PublicAccountantsand CharteredAccountants
Singapore 27March2026
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
STATEMENTOF COMPREHENSIVEINCOME FORTHEFINANCIAL YEARENDED 31DECEMBER2025
(InSingaporedollars)
Expenses
Depreciationofproperty,plantandequipment 5 (162,589) (162,589)
Shareof operatingexpenses (15,521) (16,097)
Shareof developmentexpenses (78,841) –
Otherexpenses (7,013) (9,689)
Totalexpenses (263,964) (188,375)
Deficitforthe year,representingtotalcomprehensive lossforthe year (162,589) (162,589)
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
STATEMENTOF CHANGESINFUNDS FORTHEFINANCIAL YEARENDED 31DECEMBER2025 (InSingaporedollars)
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
STATEMENTOF CASHFLOWS FORTHEFINANCIAL YEARENDED 31DECEMBER2025 (InSingaporedollars)
$
Cash flowsfromoperatingactivities
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
1. CorporateInformation
Sun Yat Sen Nanyang Memorial Hall Company Limited (the Company) is incorporated and domiciled in Singapore, limited by guarantee and not having a share capital. The Company wasregisteredasacharityundertheCharitiesAct1994witheffectfrom26August1997.
TheregisteredofficeandprincipalplaceofbusinessoftheCompanyislocatedat12TaiGin Road,Singapore327874.
The principal activities of the Company are those of managing and maintaining the Sun Yat Sen Nanyang Memorial Hall as a monument of historical interest, for public benefit. From 1April2009,themanagementandmaintenanceof theSun YatSenNanyang MemorialHall wastransferredtotheNationalHeritageBoardandmanagement oftheCompanynowholds anadvisoryrolewithrespecttotheMemorialHall.
2. Materialaccountingpolicyinformation
2.1 Basisofpreparation
The financial statements of the Company have been drawn up in accordance with Financial ReportingStandardsinSingapore(FRSs).
Thefinancialstatementshavebeenpreparedonahistoricalcostbasisexceptasdisclosedin theaccounting policiesbelow.
ThefinancialstatementsarepresentedinSingaporeDollars($).
2.2 Adoption ofnewandamendedstandardsand interpretations
The accounting policies adopted are consistent with those of the previous financial year exceptthatinthecurrent financialyear,theCompany hasadoptedallthenewandamended standards which are relevant to the Company and are effective for annual financial period beginning on 1 January 2025. The adoption of these standards did not have any material effectonthefinancialstatementsoftheCompany.
2.3 Standardsissuedbutnotyet effective
Anumber of new standardsand amendmentstostandardthat havebeen issued are not yet effectiveandhavenot beenappliedinpreparingthesefinancialstatements.
Description
AmendmentstoFRS109 Financial Instruments andFRS107
Effective forannual periodsbeginning onorafter
Financial Instruments: Disclosures:Amendmentstothe ClassificationandMeasurementofFinancialInstruments 1January2026
AnnualImprovementtoFRSs-Volume11 1January2026
AmendmentstoFRS109 Financial Instruments andFRS107
Financial Instruments:Disclosures:ContractsReferencing Nature-dependentElectricity 1January2026
FRS118 Presentation and Disclosure in Financial Statements 1January2027
FRS119 Subsidiaries and Small Entities without Public Accountability 1January2027
Materialaccountingpolicyinformation (Continued)
2.3 Standardsissuedbutnotyet effective(Continued)
Description
Effective forannual periodsbeginning onorafter
AmendmentstoFRS110 Consolidated Financial Statements and FRS28 Investments in Associates and Joint Ventures:Saleor ContributionofAssetsbetweenanInvestoranditsAssociateor Joint Venture Datetobedetermined
Thedirectorsexpectthattheadoptionofthestandardsabovewillhavenomaterialimpacton thefinancialstatementsintheyearofinitialapplication,exceptforFRS118Presentationand DisclosureinFinancialStatements.
FRS118replacesFRS1PresentationofFinancialStatements,introducingnewrequirements that will help to achieve comparability of the financial performance of similar entities and providemorerelevantinformationandtransparencytousers.Newrequirementsinclude:new categories and subtotals in the statement of comprehensive income, disclosure of management-defined performance measures (MPM) and enhanced requirements for groupinginformation.TheCompany isstillintheprocessofassessingtheimpactofthenew standard, particularly with respect to the structure of the Company's statement of comprehensive income, the statement of cash flows and the additional disclosures required forMPMmeasures.
2.4 Foreigncurrencytransactionsandbalances
The Company’s financial statements are presented in Singapore Dollars, which is also the functionalcurrency.
Transactions in foreign currencies are measured in the functional currency of the Company and are recorded on initial recognition in the functional currency at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency aretranslatedusingthe exchangeratesas atthedatesoftheinitialtransactions.
Exchangedifferencesarisingonthesettlement ofmonetaryitemsorontranslatingmonetary items attheendofreportingdatearerecognisedinprofitorloss.
Materialaccountingpolicyinformation (Continued)
2.5 Property,plant andequipment
All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciationandanyaccumulatedimpairmentlossesifany.
Depreciationiscalculatedonastraight-linebasisovertheestimatedusefullivesoftheassets asfollows:
Leaseholdbuilding - overthelifeoftheleaseof30years
Exhibits - 5years
The residual value, useful lives and depreciation method are reviewed at least at the end of eachfinancialperiod,andadjustedprospectively,ifappropriate.
An item of property, plant and equipment is derecognised upon disposal or when no future economicbenefitsareexpectedfromitsuseordisposal.Anygainorlossonderecognitionof theassetisincludedinprofitorlossintheyeartheassetisderecognised.
2.6
Impairmentofnon-financialassets
The Company assesses at each reporting date whether there is an indication that an asset maybeimpaired.Ifanyindicationexists,orwhereapplicable,whenannualimpairmenttesting foranassetisrequired,theCompanymakesanestimateoftheasset’srecoverableamount.
Anasset’srecoverableamountisthehigherofanasset’sorcash-generatingunit’sfairvalue less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset or cash generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverableamount.
Impairmentlossesarerecognisedinprofitorloss.
A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverableamount.Thatincreasecannotexceedthecarryingamountthatwouldhavebeen determined, net of depreciation, had no impairment loss been recognised previously. Such reversalisrecognisedinprofit orloss.
2.7 Financialinstruments
(a) Financial assets
Initialrecognitionandmeasurement
Financial assets are recognised when and only when, the Company becomes party tothecontractualprovisionsoftheinstruments.
Atinitialrecognition,theCompanymeasuresafinancialassetatitsfairvalueplus,in thecaseofafinancialassetnotatfairvaluethroughprofitorloss(FVPL),transaction coststhataredirectlyattributabletotheacquisitionofthefinancialasset.Transaction costsoffinancialassetscarriedatFVPLareexpensedinprofitorloss.
Subsequentmeasurement
Financialassetsthatareheldforthecollectionofcontractualcashflowswherethose cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets aremeasured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss whentheassets arederecognisedorimpaired, andthroughamortisationprocess.
De-recognition
A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive incomefordebtinstrumentsisrecognised inprofitorloss.
(b) Financial liabilities
Initialrecognitionandmeasurement
Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determinestheclassificationof itsfinancialliabilitiesatinitialrecognition.
Allfinancialliabilitiesarerecognisedinitiallyatfairvalueplus,inthecaseoffinancial liabilities notatFVPL,netofdirectlyattributabletransactioncosts.
Subsequentmeasurement
After initial recognition, financial liabilities that are not carried at FVPL are subsequentlymeasuredat amortisedcostusingtheeffectiveinterestmethod.Gains andlossesarerecognisedinprofitor loss whentheliabilities are derecognised,and throughtheamortisationprocess.
De-recognition
A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carryingamountsandtheconsiderationpaidisrecognisedinprofitorloss.
2.8
Impairmentoffinancial assets
The Company recognises an allowance for expected credit losses (ECLs) for all debt instrumentsnotheldatFVPL.ECLsarebasedonthedifferencebetweenthecontractualcash flowsdueinaccordancewiththecontractandallthecashflowsthattheCompanyexpectsto receive, discounted at an approximation of the original effective interest rate. The expected cashflowswillincludecashflowsfromthesaleofcollateralheldorothercreditenhancements thatareintegraltothecontractualterms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significantincrease increditrisk since initial recognition, ECLs areprovided for credit losses thatresultfromdefaulteventsthatarepossiblewithinthenext12-months(a12-monthECL). Forthosecreditexposuresforwhichtherehasbeenasignificantincreaseincreditrisksince initialrecognition,alossallowanceisrecognisedforcreditlossesexpectedovertheremaining lifeof theexposure,irrespectiveoftimingofthedefault(alifetimeECL).
A financial asset is written off when there is no reasonable expectation of recovering the contractualcashflows.
2.9 Cashandcash equivalents
Cash and cash equivalents comprise cash on hand and at bank which are subject to an insignificantriskofchangesinvalue.
2.10 Provisions
ProvisionsarerecognisedwhentheCompanyhasapresentobligation(legalorconstructive) as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and the amount of the obligation can be estimatedreliably.
Provisionsarereviewedattheendofeachreportingperiodandadjustedtoreflectthecurrent bestestimate.Ifitisnolongerprobablethatanoutflowofeconomicresourceswillberequired to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provisionduetothepassageoftimeisrecognisedasafinancecost.
2.11 Leases
Aslessee
Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognisedasareductionofrentalexpenseovertheleasetermonastraight-linebasis.
Materialaccountingpolicyinformation (Continued)
2.12 Revenue recognition
Revenue is measured based on the consideration to which the Company expects to be the entitled in exchange for transferring promised goods or services to a customer, excluding amounts collectedonbehalfofthirdparties.
Revenue is measured at the fair value of consideration received or receivable, taking into accountcontractuallydefinedtermsofpaymentandexcludingtaxes orduty.
Donation income
Donationincomeisrecognisedatthepointwhenitisusedtomatchactualspending.Amount notusedisreflectedas otherpayablesinthebalancesheet.
3. Significant accountingjudgementsandestimates
The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of the revenues, expenses,assetsandliabilities,andthedisclosureofcontingentliabilitiesattheendof each reportingperiod.Uncertaintyabouttheseassumptionsandestimatescouldresultinoutcomes thatcouldrequireamaterialadjustmenttothecarryingamountoftheassetorliabilityaffected in the future periods. Management is of the opinion that there are no significant judgements made in applying accounting estimates and policies that has a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
4. Members’ guarantee
The members of the Company consist of the Council members of the Singapore Chinese ChamberofCommerce&Industry(the“Chamber”)asapprovedbythedirectors.
Theliabilityofeachmemberislimitedto$1whileheisamember,orwithinoneyearafterhe ceasestobeamember.
5. Property,plant and equipment
6.
At1January2024,31December2024, 1January 2025and 31December2025
Accumulateddepreciation:
7. Otherpayables
8.
Totalfinancialliabilitiescarriedatamortisedcost
ShareofoperatingexpensesisrelatedtotheCompany's1%shareoftherecurrentoperating costs of the Sun Yat Sen Nanyang Memorial Hall while the share of development expenses pertainto5%shareof therestorationcosts(seeNote8).
Shareofoperatinganddevelopment expenses
In accordancewith the Memorandum of Understanding between the Company and National HeritageBoarddated11March2009,theseexpensesarerelatedtotheCompany’s1%share of the recurrent operating costs and 5% share of the development costs of the Sun Yat Sen NanyangMemorialHall.
9. Incometax
The Company, which is registered as a Charity under the Singapore Charities Act 1994, is exemptedfromincometaxunderSection13(1)(zm)of the SingaporeIncomeTax Act1947.
10. Significant related party transactions
In addition to the related party information disclosed elsewhere in the financial statements, thefollowingtransactionswithrelatedpartiestookplaceattermsagreedbetweentheparties duringthefinancialyear:
Transactionswithrelated entities
DonationfromSingaporeChineseChamberof CommerceFoundation(SCCCF) 101,375 25,786
Reimbursementofotheroperatingexpensesto Chamber (1,215) (877)
Reimbursementofotheroperatingexpensesfrom SCCCIChineseEntrepreneurialCultureFoundation (SCECF) (20) (20)
Related entities
Related entities refer to entities where the Company’s directors are either the directors or membersoftheentities.
11. Commitment
As at the date of this report, the Company committed 5% development cost for restoration work at Sun Yat Sen Nanyang Memorial Hall to be done in 2026 amounted to $57,341 that wasnotrecordedinthefinancialstatementfortheyearended31December2025.
12.
Financialriskmanagementobjectives and policies
TheCompanyisexposedtofinancialrisksarisingfromitsoperationsandtheuseoffinancial instruments.Thekeyfinancialrisksincludeliquidityriskandcreditrisk.Thedirectorsreviews and agrees policies and procedures for the management of these risks, which are executed bythemanagementteam.
The following sections provide details regarding the Company’s exposure to the abovementioned financial risks and the objectives, policies and processes for the management of theserisks.
Liquidityrisk
LiquidityriskreferstotheriskthattheCompanywillencounterdifficultiesinmeetingitsshortterm obligations due to shortage of funds. The Company’s exposure to liquidity risk arises primarilyfromthegeneralfundingoftheCompany’sbusinessactivities.TheCompanyrelies onSingaporeChineseChamberofCommerceFoundationforcontinuingfinancialsupport.
Analysisoffinancialinstrumentsbyremainingcontractualmaturities
The table below summarises the maturity profile of the Company’s financial assets and liabilitiesatthereportingdatebasedoncontractualundiscountedrepaymentobligations.
Financialassets:
Cashandcashequivalents(Note6),representingtotal undiscountedfinancialassets 140,395 73,316
Financial liability:
Otherpayables,representingtotalundiscounted financialliability (90,577) (24,070)
Totalnetundiscountedfinancialassets 49,818 49,246
12.
Financialriskmanagementobjectives and policies (Continued)
Creditrisk
Cash surplus arising from operations, which is not redeployed as working capital, is placed withreputablebanksandfinancialinstitutions.
At reporting date, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet, in particular, the cash and cash equivalents. The Company minimises credit riskbydealingexclusivelywithhighcreditratingcounterparties.
13. Fairvalueofassetsand liabilities
Fairvalues
Thefairvalueofa financial assetsand liabilitiesisthe amountatwhichthe instrument could be exchanged or settled between knowledgeable and willing parties in an arm’s length transaction,otherthaninaforcedorliquidationsale.
Financialinstrumentswhosecarrying amounts approximatefair value
Management has determined that the carrying amounts of cash and cash equivalents and other payables based on their notional amounts, reasonably approximate their fair values becausethesearemostlyshort-terminnature.
14. Capitalmanagement
The primary objective of the Company’s capital management is to ensure that the funding fromSCCCFandothersisproperlymanagedandusedtosupportitsoperations.
The Company manages its capital structure and makes adjustments to it, in the light of changes in economic conditions. No changes were made in the objectives, policies or processesduringthefinancialyearsended31December2025and31December2024.
15. Authorisationoffinancial statements
Thefinancialstatementsfortheyear ended31December2025wereauthorisedforissuein accordancewitharesolutionofthedirectorson27March2026