SECTION 4: FINANCIAL PERFORMANCE 196Registration No: 199301009307 (264044-M) 58 19. CONTRACT LIABILITIES (CONT’D) The contract liabilities relate primarily to the unredeemed golf lessons and vouchers, unredeemed membership points, customer deposits and advance billing for golf events and activities. The amount will be recognised as revenue after the golf lessons and vouchers, membership points are redeemed by customers and golf events and activities have been held respectively, which are expected to occur over the next 12 months. The following table shows reconciliation from the opening balance to the closing balance for the contract liabilities. Group 2023 2022 RM’000 RM’000 Unredeemed golf lessons and vouchers At beginning of the financial year 524 321 Underprovision in prior year 165 - Additions 4,319 2,578 Utilisation (3,813) (2,375) At end of the financial year 1,195 524 Unredeemed membership points At beginning of the financial year 3,462 - Underprovision in prior year - 1,805 Additions 3,352 3,055 Utilisation (3,205) (1,398) Exchange differences 60 - At end of the financial year 3,669 3,462 Customer deposits and advance billing for golf events and activities At beginning of the financial year 431 - Additions 369 536 Utilisation (653) (105) At end of the financial year 147 431
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