159 Annual Report 2024 16 LEASE LIABILITIES (continued) Amounts recognised in Statement of Total Return 2024 2023 $’000 $’000 Group Expenses relating to short-term leases 766 1,327 Expenses relating to variable lease payments not included in the measurement of lease liabilities 527 567 Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets – 1 Amounts recognised in Statement of Cash Flows 2024 2023 $’000 $’000 Group Total cash outflow for leases 4,758 4,647 17 UNITHOLDERS’ FUNDS Hedging reserves Hedging reserves comprise the effective portion of the cumulative net change in the fair value of cash flow hedging instruments. Foreign currency translation reserves Foreign currency translation reserves comprise the foreign exchange differences arising from the translation of the financial statements of foreign entities, the effective portion of the hedging instrument which is used to hedge against the Group’s net investment in foreign currencies as well as from the translation of foreign currency loans that are considered to form part of the Group’s net investments in foreign subsidiaries. Fair value reserves Fair value reserves comprise the cumulative net change in the fair value of equity investments at FVOCI until the asset is derecognised. 18 NON-CONTROLLING INTERESTS (“NCI”) Non-controlling interests relate to 30.0% ownership interest in 79RR LLP and 5.1% ownership interest in MAC entities and Gallileo Co. respectively. The following subsidiary has non-controlling interest (“NCI”) that is material to the Group. Name Principal place of business/Country of incorporation NCI percentage of ownership interests 2024 2023 % % 79RR LLP Singapore 30.0 30.0
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