NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 16. CONTRACT ASSETS/(LIABILITIES) (CONT’D) (a) Contract assets represent the Group’s rights to consideration for property development activities carried out but not billed at the end of the reporting period. This balance will be billed progressively in the future upon the fulfilment of contractual milestones notwithstanding the control of the properties under development has not been transferred to buyers. (b) Contract liabilities represent the excess of progress billings to buyers over revenue recognised in profit or loss at the end of the reporting period. (c) The following table shows revenue expected to be recognised in the future relating to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date:- 2023 THE GROUP 2024 RM’000 2025 RM’000 2026 RM’000 Property development revenue 630,296 328,640 85,458 Education service 1,135 - - Membership fee 143 - - 631,574 328,640 85,458 2022 THE GROUP 2023 RM’000 2024 RM’000 2025 RM’000 Property development revenue 497,176 151,841 22,512 Education service 1,088 - - Membership fee 148 - - 498,412 151,841 22,512 17. FIXED DEPOSITS WITH LICENSED BANKS (a) The fixed deposits with licensed banks of the Group and of the Company at the end of the reporting period bear effective interest rates ranging from 0.80% to 2.80% (2022 – 0.33% to 3.00%) per annum and 0.80% to 2.86% (2022 – 0.33% to 1.95%) per annum respectively. The fixed deposits have maturity periods ranging from 28 to 365 (2022 – 28 to 365) days and 30 to 365 (2022 – 25 to 365) days for the Group and the Company respectively. (b) Included in the fixed deposits with licensed banks of the Group and the Company at the end of the reporting period was an amount of RM29,777,000 (2022 – RM26,595,000) and RM2,198,000 (2022 – RM2,159,000) which have been pledged to licensed banks as security for banking facilities granted to the Group as disclosed in Note 28 to the financial statements. INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 194 FINANCIAL STATEMENTS
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