33. TRADE AND OTHER PAYABLES (CONT’D.) (a) Trade payables (i) Trade payables (non-current) This amount relates to the vendor’s entitlement payable by subsidiaries arising from the acquisition of land over the period of the development projects, which is approximately 4 to 16 years. (ii) Trade payables (current) The normal trade credit term granted to the Group ranges from 30 to 90 days (2023: 30 to 90 days) from the date of invoice and progress claim. The retention sum is repayable upon expiry of the defect liability period of 12 to 18 months (2023: 12 to 18 months). (b) Other payables (i) Security retainers Security retainers are funds collected from members of the golf and country resort of the Group who joined prior to January 1993. These security retainers are refundable to the members on cessation of membership, i.e., upon the expiry of the term of the membership license on 9 October 2051 or upon revocation (i.e., termination of the membership at its discretion at any time before the expiry date). Group 2024 2023 RM’000 RM’000 At 1 January 2,975 2,778 Unwinding of discount 740 237 Termination (550) (40) At 31 December 3,165 2,975 (ii) Sinking fund reserves Group 2024 2023 RM’000 RM’000 At 1 January 11,210 8,320 Additions 2,104 2,890 Claims made during the financial year (772) – At 31 December 12,542 11,210 Sinking fund of the Group is established for the purpose of covering periodic major repairs or capital replacements costs in the golf and country resort of the Group. A fraction of 10% of monthly subscription fees received from members during the year are credited to this reserve. FINANCIAL STATEMENTS & OTHER INFORMATION 327
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