257 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 24. Trade and other receivables (continued) (a) Trade receivables Movements in trade receivables allowance for impairment account are as follows: Group 2023 RM million 2022 RM million At 1 February 11 8 Impairment (Note 9) - 3 Written off (2) - Disposal of a subsidiary (8) - At 31 January 1 11 Included in the Group’s trade receivables as at 31 January 2023 is an amount of RM197 million related to retention sums due from a customer. Trade receivables that are individually determined to be impaired at the reporting date related to debtors that are in significant financial difficulties and/or have defaulted on payments. These receivables are not secured by any collateral or credit enhancements. (b) Other receivables (i) Included in current deposits is an amount of RM53 million (2022: RM21 million) relating to an option agreement with a vendor to secure a vessel for an anticipated FPSO project. (ii) Included in non-current deposits is an amount of RM26 million (2022: NIL) relating to fixed deposits with more than 12-month maturity period as at 31 January 2023. (iii) Included in sundry receivables is an amount of RM81 million (USD19 million) (2022: RM91 million (USD22 million)) relating to a contractual settlement arrangement with a customer for receivables relating to an FPSO project, which is unsecured and repayable over a period of 7 years. The amount receivable was adjusted to its fair value upon initial recognition, and is subsequently carried at amortised cost. As at 31 January 2023, the amounts classified as current and non-current were RM13 million (USD3 million) (2022: RM11 million (USD3 million)) and RM68 million (USD16 million) (2022: RM80 million (USD19 million)) respectively. (iv) Loan to an associate is unsecured and bears interest of 8% per annum. (v) Amounts due from subsidiaries bear interest of COF + 0.50% per annum and are denominated in RM. The amounts are unsecured and revolving on daily basis, except for amounts of RM11 million as at 31 January 2023 (2022: RM14 million) which were not expected to be recovered within the next 12 months. (vi) Amounts due from subsidiaries which are non-interest bearing are denominated in USD and RM. These amounts are unsecured and revolving on daily basis, except for amounts of RM319 million as at 31 January 2023 (2022: RM379 million) which were not expected to be recovered within the next 12 months. (vii) Amounts due from joint ventures were unsecured and non-interest bearing.
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