Tropicana Corporation Berhad Annual Report 2020

33. TRADE AND OTHER PAYABLES (CONT'D.) (a) Trade payables (i) Trade payables (non-current) This amount relates to payables arising from the acquisition of land by a subsidiary of the Group, which is payable over 20 years. (ii) Trade payables (current) The normal trade credit term granted to the Group ranges from 30 to 90 days (2019: 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 (2019: 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 2020 2019 RM'000 RM'000 At 1 January 2,232 2,101 Unwinding of discount 196 551 Termination (20) (420) At 31 December 2,408 2,232 (ii) Sinking fund reserves Group 2020 2019 RM'000 RM'000 At 1 January 7,876 6,161 Additions 1,886 1,798 Claims made during the financial year 83 (83) At 31 December 9,845 7,876 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. 33. TRADE AND OTHER PAYABLES (CONT'D.) (b) Other payables (cont'd.) (iii) Amounts due to subsidiaries and non-controlling interests Amounts due to subsidiaries and non-controlling interests are mainly unsecured, non-interest bearing and repayable on demand. (iv) Other payables Other payables are mainly unsecured, non-interest bearing and have no fixed terms of repayment. (v) Amounts due to shareholders Amounts due to shareholders are mainly unsecured, non-interest bearing and repayable on demand. Other information on financial risks of other payables are disclosed in Note 40. 34. CONTRACT LIABILITIES Group 2020 2019 RM'000 RM'000 Non-current Deferred license fees (Note 34(a)) 135,052 135,524 Current Deferred license fees (Note 34(a)) 4,586 4,466 Deferred income (Note 34(b)) 17,189 17,061 Contract liabilities from property development (Note 34(c)) 27,127 153,279 48,902 174,806 Total contract liabilities 183,954 310,330 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 ANNUAL REPORT 2020 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 268 269