MKH BERHAD | ANNUAL REPORT 2023 231 31. PAYABLES AND ACCRUALS (CONT’D) (e) Include in other payables of the Group is an amount of RM57,079,985 (2022: RM72,812,723) being overpayment from purchasers of development properties which will be set off against future progress billings for the development properties. (f) Included in deposits received of the Group is an amount of RM8,508,739 (2022: RM8,623,118) being rental, utilities and other deposits received from tenants. (g) Advances from customers of the Group is down payment from purchasers of crude palm oil and palm kernels. (h) Included in accruals of the Group is accrued agents commission totalling RM10,808,131 (2022: RM14,669,838) in respect of on-going property development projects. 32. LEASE LIABILITY The Group 2023 2022 RM RM Non-current 19,222,192 18,902,167 Current 461,189 481,988 At end of year 19,683,381 19,384,155 Minimum lease payment: Not later than 1 year 575,000 575,000 Later than 1 year but not later than 5 years 2,458,125 2,371,875 Later than 5 years 65,916,877 66,578,127 68,950,002 69,525,002 Less: Unexpired finance charges (49,266,621) (50,140,847) 19,683,381 19,384,155 Present value of lease liability: Not later than 1 year 461,189 481,988 Later than 1 year but not later than 5 years 1,762,630 1,779,244 Later than 5 years 17,459,562 17,122,923 19,683,381 19,384,155 The Group’s lease comprise land leased from PAK for a period of 60 years (2022: 60 years) for future construction of a retail mall. The related right-of-use asset is disclosed in Note 11. The incremental borrowing rate of the Group applied to the lease liability is 4.51% (2022: 4.51%). NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
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