180 Annual Report 2021 20. RECEIVABLES, DEPOSITS AND PREPAYMENTS (CONT’D) (g) Included in other receivables of the Group and of the Company are: (Cont’d) (iv) and amount of RMNil (2020: RM663,050) being amount due from related party and is unsecured, interest free and repayment on demand. T he movement of allowance account used to record the impairment of other receivables is as follows: The Group The Company 2021 2020 2021 2020 RM RM RM RM At beginning of year 4,985,148 5,026,398 22,580 33,830 No longer required (53,279) (41,250) - (11,250) Written off (350,867) - - - At end of year 4,581,002 4,985,148 22,580 22,580 T he impaired other receivables at the reporting date relate to debtors that have defaulted on payment. These receivables are not secured by any collateral or credit enhancements. (h) The joint venture deposits of the Group are paid to landowners in respect of Joint Venture Agreements (“Agreements”) whereby the Group is responsible to implement and undertake the overall development projects on the land owned by the third parties upon fulfilment of the terms and conditions as stipulated in the Agreements. During the financial year, the Group reclassified joint venture deposits amounted to RM15,150,000 (2020: RM5,104,000) to property development costs upon fulfilment of terms and conditions stipulated in the Agreements as disclosed in Note 21. (i) Included in other deposits of the Group is RM16,731,896 (2020: RM16,363,930) paid to the relevant authorities for property development projects. (j) Included in prepayments of the Group are: (i) RM2,166,032 (2020: RM20,233,867) preliminary costs incurred in respect of future property development projects. During the financial year, the Group reclassified certain prepayments pertaining to joint venture projects amounted to RM17,728,191 (2020: RM1,148,302) to property development costs upon fulfilment of terms and conditions stipulated in the agreements; and (ii) an amount of RM6,384,218 (2020: RM7,043,591) paid to Trustee accounts for joint development of infrastructure projects with other developers. Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
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