23. TRADE AND OTHER RECEIVABLES (CONT’D.) (a) Trade receivables (cont’d.) Receivables that are impaired The Group’s trade receivables that are individually impaired at the reporting date and the movement of the accumulated impairment losses is as follows: Group Individually impaired 2021 2020 RM’000 RM’000 Trade receivables - nominal amount 13,877 7,250 Less: Accumulated impairment losses (13,877) (7,250) – – Movement in the accumulated impairment losses: Group 2021 2020 RM’000 RM’000 At 1 January 7,250 8,860 Charge for the financial year 10,193 2,717 Reversal of impairment loss (3,566) (4,327) At 31 December 13,877 7,250 Trade receivables that are individually determined to be impaired at the end of the financial year relate to debtors that are in significant financial difficulties and have defaulted on payments. These receivables are not secured by any collateral or credit enhancements. (b) Other receivables (i) Security retainers accumulation fund Group 2021 2020 RM’000 RM’000 At 1 January 5,263 5,176 Unrealised returns (Note 9) (29) 98 5,234 5,274 Less: Amortisation for the financial year (Note 9) (11) (11) At 31 December 5,223 5,263 23. TRADE AND OTHER RECEIVABLES (CONT’D.) (b) Other receivables (cont’d.) (i) Security retainers accumulation fund (cont’d.) 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 and joint ventures The amounts due from subsidiaries of the Company amounting to RM1,500,000,000 (2020: RM1,207,000,000) bore interest ranging from 5.45% to 5.80% (2020: 5.45% to 5.80%) per annum during the financial year. The balances of the amount are non-trade 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 37. The amounts due from joint ventures are non-trade in nature, unsecured, non-interest bearing and have no fixed terms of repayment. (iii) Included in deposits of the Group are: (a) deposits paid for the acquisition of land and buildings amounting to RM33,454,000 (2020: RM40,249,000); and (b) deposits paid for subscription of shares amounting to RM nil (2020: RM55,421,000). (iv) 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 NOTES TO THE For the financial year ended 31 December 2021 Annual Report 2021 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 304 305
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