MKH Annual Report 2020

186 FINANCIAL STATEMENTS ANNUAL REPORT 2020 24. BIOLOGICAL ASSETS (CONT’D) The fair value measurement of the biological assets is valued using present value of net cashflows expected to be generated from the sale of FFB, adjusted for estimated oil content of unharvested FFB, less harvesting, transport and other costs to sell and is categorised within Level 3 of the fair value hierarchy is disclosed in Note 45. During the financial year, the Group harvested approximately 477,158 metric tonnes (“MT”) of FFB (2019: 459,222 MT). 25. CASH, BANK BALANCES, TERM DEPOSITS AND FIXED INCOME FUNDS The Group The Company 2020 RM 2019 RM 2020 RM 2019 RM Deposits with licensed banks 6,872,443 10,325,296 - - Cash and bank balances 105,888,495 128,387,261 1,900,392 593,455 Cash held under housing development  accounts 247,109,816 241,678,107 - - Fixed income funds: - -  Redeemable at call 6,910,278 8,862,827 - -  Redeemable upon 1 day notice 7,872,623 13,643,057 - -  Redeemable upon 5 days notice - 2,259,458 - - 374,653,655 405,156,006 1,900,392 593,455 The deposits bear effective interest at rates ranging from 1.60% to 3.10% (2019: 2.19% to 3.86%) per annum with maturity period ranging from 1 day to 35 days (2019: 30 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 Housing Development (Control and Licensing) Act, 1966 (Amended 2002). The non-short term and highly liquid fixed deposits of RMNil (2019: RM8,113,020) included in deposit with licensed banks have maturity period of more than 3 months.