MKH Annual Report 2019

184 A N N U A L R E P O R T 2 0 1 9 23. CASH, BANK BALANCES, TERM DEPOSITS AND FIXED INCOME FUNDS (CONT’D) The Company 30.9.2019 30.9.2018 1.10.2017 RM RM RM Cash and bank balances 593,455 3,941,479 12,145,700 The deposits bear effective interest at rates ranging from 2.19% to 3.86% (30.9.2018: 1.56% to 5.05%; 1.10.2017: 1.56% to 3.67%) per annum with maturity period ranging from 30 days to 365 days (30.9.2018 and 1.10.2017: 15 days to 365 days). Fixed income funds represent investment in highly liquid money market funds, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Cash held under housing development accounts represent amounts placed in Housing Development Accounts (“HDA”) in accordance with Section 7(A) of the Housing Development (Control and Licensing) Act, 1966 (Amended 2002). These HDA accounts, which consist of monies received from purchasers, are for the payment of property development costs incurred. The surplus monies in these accounts, if any, will be released to the Group in accordance with the provisions of the Act. The non-short term and highly liquid fixed deposits of RM8,113,020 (30.9.2018: RM10,105,200; 1.10.2017: RM4,312,380) included in deposit with licensed banks have maturity period of more than 3 months. Cash and cash equivalents held by the Group which are not freely available for general use are as follows: (i) deposits amounting to RM2,000,000 (30.9.2018 and 1.10.2017: RM2,000,000) pledged for bank guarantee facilities granted to a subsidiary; (ii) bank balances of RM13,649,248 (30.9.2018: RM16,142,455; 1.10.2017: RM16,480,238) pledged as restricted fund held as security for the credit facilities as disclosed in Note 29; and (iii) deposit and bank balances of RM33,614 (30.9.2018: RM27,795; 1.10.2017: RM24,377) held under sinking fund account for the recreational club. 24. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE The Group 2019 2018 RM RM At cost: At beginning of year - 22,549,538 Transfer (to)/from land held for property  development (Note 16) 1,543,550 (12,521,988) Disposals - (10,027,550) At end of year 1,543,550 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2019