NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 5. PROPERTY, PLANT AND EQUIPMENT 2019 Properties $’000 Office equipment $’000 Furniture and fittings $’000 Computer equipment $’000 Motor vehicles $’000 Total $’000 Life Insurance Par Fund Cost At 1 January 2019 – 2,029 22,928 19,305 995 45,257 Recognition of right-of-use asset on initial application of FRS 116 9,882 – – – – 9,882 Restated balance at 1 January 2019 9,882 2,029 22,928 19,305 995 55,139 Additions 40,550 350 5,115 1,957 140 48,112 Disposals – (29) – (203) (127) (359) At 31 December 2019 50,432 2,350 28,043 21,059 1,008 102,892 Accumulated depreciation At 1 January 2019 – 1,598 20,164 12,405 709 34,876 Charge for the year 4,863 145 1,205 2,047 119 8,379 Disposals – (29) – (197) (127) (353) At 31 December 2019 4,863 1,714 21,369 14,255 701 42,902 Carrying amount At 31 December 2019 45,569 636 6,674 6,804 307 59,990 2018 Properties $’000 Office equipment $’000 Furniture and fittings $’000 Computer equipment $’000 Motor vehicles $’000 Total $’000 Life Insurance Par Fund Cost At 1 January 2018 – 1,989 21,369 17,049 1,016 41,423 Additions – 80 1,559 3,263 74 4,976 Disposals – (40) – (1,007) (95) (1,142) At 31 December 2018 – 2,029 22,928 19,305 995 45,257 Accumulated depreciation At 1 January 2018 – 1,477 19,348 11,404 663 32,892 Charge for the year – 161 816 2,008 141 3,126 Disposals – (40) – (1,007) (95) (1,142) At 31 December 2018 – 1,598 20,164 12,405 709 34,876 Carrying amount At 31 December 2018 – 431 2,764 6,900 286 10,381 Property, plant and equipment includes right-of-use assets of $50,432,000 related to leased properties. ANNUAL REPORT 2019 99