228 AL-SALĀM REIT NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 ANNUAL REPORT 2023 16. Other payables and accrued expenses Group Fund 2023 2022 2023 2022 RM RM RM RM Non current Tenant deposit payables 5,602,842 3,346,464 5,602,842 3,343,617 Current Tenant deposit payables 8,309,355 10,125,926 8,309,355 10,125,926 Other payables 2,785,449 3,273,986 2,785,449 3,273,986 Income distribution 16,165 2,900,000 16,165 2,900,000 Accrued expenses 4,650,295 4,193,730 4,650,295 4,188,730 Accrued financing cost (Note 17) 3,984,400 1,172,587 1,127,503 927,807 19,745,664 21,666,229 16,888,767 21,416,449 Total payables (non-current and current) 25,348,506 25,012,693 22,491,609 24,760,066 Add: Islamic financing (Note 17) 639,615,399 637,270,302 187,455,666 187,062,422 Amount due to related company (Note (a)) 2,693,853 1,231,343 2,693,853 1,231,343 Amount due to a subsidiary (Note (b)) - - 448,837,893 445,968,601 Total financial liabilities carried at amortised cost 667,657,758 663,514,338 661,479,021 659,022,432 (a) Amount due to related company Amount due to related company is non-trade, unsecured, interest-free and repayable on demand. (b) Amount due to a subsidiary Amount due to a subsidiary represents unsecured advances received from the proceeds raised from Islamic financing by the subsidiary. The finance costs and repayment terms of the unsecured advances mirror the finance costs and repayment terms of the Islamic financing of Sukuk Ijarah raised by the said subsidiary as disclosed in Note 17. The amount due to a subsidiary is unsecured, repayable on demand and bears returns of 5.05% to 6.25% (2022: 3.75% to 5.09%) per annum, that are presented as net amount as there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
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