NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 CONT’D 24. RESERVES Group 2023 2022 RM RM Exchange translation reserve 3,221,514 (1,331,626) Retirement benefit reserve 561,137 774,961 3,782,651 (556,665) The nature of each category of reserves is as follows: (a) Exchange translation reserve The exchange translation reserve is used to record foreign currency exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the presentation currency of the Group. It is also used to record the exchange differences arising from monetary items which form part of the net investment of the Group in foreign operations, where the monetary item is denominated in either the functional currency of the reporting entity or the foreign operation. (b) Retirement benefit reserve The retirement benefit reserve represents the non-contributory, defined benefit plan granted to employees. 25. BORROWINGS Group Company 2023 2022 2023 2022 RM RM RM RM Non-current liabilities Term loans 9,495,189 9,415,578 2,535,114 4,221,309 Current liabilities Term loans 16,411,001 7,364,928 1,690,808 1,621,629 Revolving credit 13,000,000 - 13,000,000 - Financial guarantee contracts - - 410,400 - 29,411,001 7,364,928 15,101,208 1,621,629 Total borrowings Term loans 25,906,190 16,780,506 4,225,922 5,842,938 Revolving credit 13,000,000 - 13,000,000 - Financial guarantee contracts - - 410,400 - 38,906,190 16,780,506 17,636,322 5,842,938 146 GHL SYSTEMS BERHAD 199401007361 (293040-D)
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