91 www.excelforce.com.my Notes to the Financial Statements (cont’d) 14. Other Receivables Group Company 2024 2023 2024 2023 RM RM RM RM Other receivables 233,641 211,930 182,884 204,904 Deposits paid 22,089,371 21,324,061 21,916,649 21,324,061 Prepayments 974,499 846,100 21,636 792,387 23,297,511 22,382,091 22,121,169 22,321,352 Included in deposits of the Group and of the Company are an amount of RM21,687,010 (2023: RM20,922,900) represents refundable deposits paid for renovation of office and acquisition of shares. 15. Amount Due (to)/from Subsidiary Companies Amount due (to)/from subsidiary companies are unsecured, non-trade related with non-interest bearing and repayable on demand. 16. Deposits, Cash and Bank Balances and Short-term Funds Group Company 2024 2023 2024 2023 RM RM RM RM Cash in hand 6,965 5,567 3,954 5,063 Cash at banks 9,364,573 25,698,722 9,264,709 25,490,809 Deposits with licensed banks: - Fixed deposits 245,955 243,227 245,955 243,227 - Short-term fund deposits 7,865,086 2,584,000 4,763,000 1,672,000 17,482,579 28,531,516 14,277,618 27,411,099 Short-term funds At fair value through profit or loss (“FVTPL”) - Investments in fixed income trust fund in Malaysia 3,521,799 2,639,206 3,521,799 2,639,206 Cash and cash equivalents 21,004,378 31,170,722 17,799,417 30,050,305 (a) Investments in fixed income trust funds in Malaysia represents investments in high liquid money market instruments, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. (b) The effective interest rates for short-term funds and deposits with licensed banks of the Group and of the Company at the end of the reporting period range from 0.25% to 2.50% (2023: 0.25% to 2.50%) per annum. (c) Short-term funds and deposits of the Group and of the Company have an average maturity period range from overnight to 30 days (2023: overnight to 30 days). Bank balances are deposits held at call with banks.
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