23. TRADE AND OTHER RECEIVABLES (CONT’D.) (b) Other receivables (i) Security retainers accumulation fund Group 2024 2023 RM’000 RM’000 At 1 January 5,657 5,436 Unrealised returns (Note 9) 241 232 5,898 5,668 Less: Amortisation for the financial year (Note 9) (11) (11) At 31 December 5,887 5,657 The security retainers accumulation fund of the golf and country resort of the Group relates to the unamortised portion of the single premium paid for the purchase of a Group Endowment with Profits’ policy from a local insurer in 1994 and the unrealised returns accrues annually to this policy on a cumulative basis. The total accumulated returns together with the insured sum will only be received upon maturity of the said policy on 2 October 2051. The purpose of this scheme is to provide the Group with funds to repay the security retainers received from members of the golf and country resort of the Group, who were registered prior to January 1993, at the end of their membership license term on 9 October 2051. (ii) Amounts due from subsidiaries, joint ventures and a related party The amounts due from subsidiaries of the Company amounting to RM995,820,000 (2023: RM855,500,000) bore interest ranging from 5.65% to 6.25% (2023: 5.45% to 5.80%) per annum during the financial year. The balances of the amount are nontrade in nature, unsecured, non-interest bearing and have no fixed terms of repayment except for these amounts classified as non-current which are not expected to be repaid within the next twelve months. Further details on related party transactions are disclosed in Note 36. The amounts due from joint ventures and a related party are non-trade in nature, unsecured, non-interest bearing and have no fixed terms of repayment. (iii) Included in deposits of the Group was deposits paid for the acquisition of land amounting to RM29,120,000 (2023: RM4,400,000). (iv) Included in sundry receivables of the Group are partial disposal proceeds amounting to RM19,024,000 receivable from a stakeholder arising from the disposal of Tropicana Garden Mall as disclosed in Note 43(j). In the previous financial year, included in sundry receivables of the Group are partial disposal proceeds amounting to RM81,000,000 receivable from a stakeholder arising from the disposal of W Kuala Lumpur as disclosed in Note 27(a)(i). (v) The Group and the Company have no significant concentration of credit risk included under sundry receivables that may arise from exposures to a single debtor or to group of debtors except for amounts due from subsidiaries. FINANCIAL STATEMENTS & OTHER INFORMATION 305
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