electricity network assets. The customers’ contributions are expected to be recognised as revenue over a period of 20 years, being the estimated average useful life of the electricity network assets used to connect the customers to the electricity supply. Other trade contract liabilities within the Group are relating to students fees. All other trade contract liabilities are expected to be recognised as revenue over the next 12 months. (d) Non-trade contract assets and liabilities Non-trade contract balances are pertaining to insurance and reinsurance contracts which are recognised in accordance to MFRS 4 ‘Insurance Contracts’. These balances have been classified as receivables (Note 21) and payables (Note 23) respectively as at 1 January 2023 upon adoption of MFRS 17. 17 CONTRACT BALANCES (CONTINUED) The Group and the Company have recognisedthe following assets and liabilities related to contracts with customers: Group Company Note 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Contract cost assets - Current 99.5 165.5 0 0 - Non-current 4.7 1.3 0 0 Contract assets - Trade (a) 4,446.8 3,586.0 4,226.9 3,430.0 - Non-trade 0 239.9 0 0 4,446.8 3,825.9 4,226.9 3,430.0 Contract liabilities - Current trade 338.6 320.0 244.9 237.1 - Non-current trade 5,449.7 4,783.1 4,651.3 4,039.7 (b) 5,788.3 5,103.1 4,896.2 4,276.8 - Current non-trade 0 253.4 0 0 5,788.3 5,356.5 4,896.2 4,276.8 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 249 17 CONTRACT BALANCES (CONTINUED) The Group and the Company have recognised the following assets and liabilities related to contracts with customers: (continued) Group Company Note 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million (a) Trade contract assets (i) As at the beginning of the financial year 3,586.0 3,169.7 3,430.0 2,982.0 Performance obligations completed 4,647.0 3,853.7 4,265.1 3,464.4 Transfer to receivables (3,738.0) (3,400.4) (3,430.0) (2,982.0) Less: Loss allowances (48.2) (37.0) (38.2) (34.4) As at the end of the