166 CSE Global Limited 11. Trade and other receivables (cont’d) Expected credit losses The movement in allowance for expected credit losses of trade receivables and contract assets computed based on lifetime ECL are as follows: Group Trade receivables 2024 2023 $’000 $’000 Movement in allowance accounts At 1 January 4,491 1,494 Charge for the year, net 1,588 3,179 Acquisition of subsidiaries 696 108 Written off (2,536) (181) Currency realignment (113) (109) At 31 December 4,126 4,491 There is no expected credit loss made on the Company’s trade receivables on 31 December 2023 and 31 December 2024. 12. Cash and bank balances Group Company 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Short-term deposits 1,107 795 − − Cash at banks and on hand 56,294 37,585 9,455 3,321 Restricted cash from acquisition of subsidiaries and disposal of a property − 1,046 − − 57,401 39,426 9,455 3,321 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 18 months (2023: 6 months and one year) depending on the immediate cash requirements of the Group, and earn interest ranging from 1.25% to 7.25% (2023: 1.25% to 7.10%) 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. NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024
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