179 ANNUAL REPORT 2023 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 12. CASH AND BANK BALANCES Group Company 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Short-term deposits 795 742 − − Cash at banks and on hand 37,585 23,404 3,321 1,115 Restricted cash from acquisition of subsidiaries and disposal of a property 1,046 10,065 − − 39,426 34,211 3,321 1,115 Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between 1 month and one year (2022: 6 months and one year) depending on the immediate cash requirements of the Group, and earn interest ranging from 1.25% to 7.1% (2022: 0.02% to 5.1%) per annum. The fixed deposits qualify as cash equivalents because there is effectively no penalty for early withdrawal as the interest earned is substantially consistent with what the Group would have earned on a similar deposit type for a similar term of less than three months. Cash and short-term deposits denominated in foreign currencies other than functional currencies of respective entities at 31 December are as follows: Group Company 2023 2022 2023 2022 $’000 $’000 $’000 $’000 United States Dollars 4,249 1,792 1,417 472 British Pounds Sterling 618 52 122 33 Australian Dollars 100 68 100 68 Euro 122 192 70 101 Singapore Dollars 32 32 − − Included in cash and bank balances are funds held in escrow amounting to $1,046,000 (2022: $10,065,000) which are not freely remissible for use by the Group.
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