227 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 FINANCIAL STATEMENTS 14. Cash and bank balances Group Fund 2023 2022 2023 2022 RM RM RM RM Islamic fixed deposits with licensed banks 33,065,000 30,683,000 25,335,000 25,153,000 Cash and bank balances 5,772,380 13,584,627 5,743,845 13,455,715 38,837,380 44,267,627 31,078,845 38,608,715 Less: Islamic fixed deposits with licensed banks with maturity period of more than 3 months (9,425,000) (7,183,000) (1,695,000) (1,653,000) Cash and cash equivalents 29,412,380 37,084,627 29,383,845 36,955,715 At the reporting date, the weighted average deposit rate per annum and average remaining maturity period of fixed deposits with licensed banks are as follows: Group Fund 2023 2022 2023 2022 Weighted average deposit rate (%) 3.29% 2.82% 2.47% 2.40% Average remaining maturity period 37 36 24 32 The deposits with licensed banks of the Group and of the Fund of RM9,425,000 and RM1,695,000 (2022: RM7,183,000 and RM1,653,000) respectively are placed as reserve for repayment of finance costs on long-term Islamic financing as mentioned in Note 17 and hence, are not available for general use. 15. Deferred tax liability Group and Fund 2023 2022 RM RM At 1 January 1,813,829 1,228,748 Recognised in profit or loss (Note 7) 181,565 585,081 At 31 December 1,995,394 1,813,829 The deferred tax liability relates to fair value gain on investment properties which is expected to be recovered through sale. The amount of deferred tax recognised is measured using the tax rates that would apply on the sale of those assets at their carrying values at the reporting date unless the property is held with the objective to consume substantially all the economic benefits embodied in the property over time, rather than through sale. Based on the Finance Act 2019 which was gazetted in December 2019, it was clarified that the RPGT rate of 10% is prescribed for disposal of investment properties held for more than 5 years for a trustee of a trust.
RkJQdWJsaXNoZXIy NDgzMzc=