NTUC Income AR 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 29. ACCUMULATED SURPLUS OF SHAREHOLDERS’ FUND AND OTHER INSURANCE FUNDS 2017 $'000 2016 $'000 Accumulated surplus in other insurance funds 1,798,240 1,354,222 Accumulated deficit in shareholders’ fund (356,040) (77,654) Net surplus of shareholders’ fund and other insurance funds 1,442,200 1,276,568 Available for distribution for members of the Group 800,832 618,996 Non-distributable amount 641,368 657,572 The non-distributable amount must be maintained to meet regulatory capital requirement prescribed in the Insurance (Valuation and Capital) Regulations 2004 under MAS Insurance Act as determined by the Appointed Actuary, and to meet other statutory requirements. 30. COMMITMENTS Capital expenditures contracted for at the reporting date but not recognised in the financial statements are as follows. (a) Capital commitments The Group 2017 $'000 2016 $'000 Outstanding investment commitments 785,978 885,793 (b) Operating lease commitments (where the Group is a lessor) The Group leases out retail, commercial and residential space from their investment properties under non-cancellable operating leases. The lessees are required to pay fixed rental payments during the lease period. The future rent receivables under non-cancellable operating leases contracted for at the reporting date but not recognised as receivables, are as follows: The Group 2017 $'000 2016 $'000 Not later than one year 70,563 74,302 Between one and five years 79,961 75,894 (c) Operating lease commitments (where the Group is a lessee) The Group leases office spaces under non-cancellable operating lease agreements. The Group is required to pay fixed rental payments during the lease period. The future minimum lease payables under non-cancellable leases contracted for at the reporting date but not recognised as liabilities, are as follows. The Group 2017 $'000 2016 $'000 Not later than one year 5,471 5,682 Between one and five years 5,426 8,169 ANNUAL REPORT 2017 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED 122