Notes To The Financial Statements 31 March 2024 (Cont’d) 145 FINANCIAL STATEMENTS & OTHERS 13. CASH AND BANK BALANCES AND SHORT TERM FUNDS Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Fixed deposits with licensed banks 2,981 3,714 2,800 2,100 Cash and bank balances 1,934 6,880 117 258 4,915 10,594 2,917 2,358 Short term funds: - Investment in money market funds in Malaysia 380 2,200 380 2,200 5,295 12,794 3,297 4,558 (a) Cash and bank balances and short term funds are financial assets where cash and bank balances are measured at amortised cost, while short term funds are measured at fair value through profit or loss. (b) Investment in money market funds in Malaysia represent investments in highly liquid money market instruments, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value and hence, meet the definition to be classified as cash and cash equivalents. (c) Certain deposits with licensed banks are pledged to licensed banks as security for credit facilities granted to the Group and the Company as set out in Notes 21 to the financial statements. The fixed deposits of the Group and of the Company bear average interest of 2.51% (2023: 2.87%) and 2.53% (2023: 2.62%) per annum respectively. The fixed deposits of the Group and of the Company have maturity period between one (1) month to twelve (12) months (2023: one (1) month to twelve (12) months). (d) Included in the cash and bank balances of the Group is an amount of RM505,000 (2023: RM1,323,000) held under the Housing Development Accounts (Control and Licensing) Amendment Act, 2015 (“HDA”). Certain bank balances held under HDA are pledged to licensed bank as security for credit facilities granted to the Group as set out in Note 21 to the financial statements. (e) Information on financial risks of cash and bank balances and short term funds is disclosed in Note 33 to the financial statements. (f) The currency exposure profile of cash and bank balances and short term funds are as follows: Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Ringgit Malaysia 4,528 9,687 3,297 4,558 US Dollar 716 2,946 - - British Pound 51 161 - - 5,295 12,794 3,297 4,558 (g) No expected credit losses were recognised arising from the deposits with financial institutions because the probability of default by these institution were negligible.
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