20. CASH AND BANK BALANCES (continued) (d) For the purpose of the statements of cash flows, cash and cash equivalents comprise the following as at the end of each reporting period: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Cash and bank balances Cash and bank balances 27,044 19,958 112 508 Deposits placed with financial institutions 10,697 14,916 - - As reported in statements 37,741 34,874 112 508 of financial position Less: Bank overdraft (Note 24) (433) (272) - - Deposits placed with financial institutions with original maturity of more than three (3) months (6,094) (12,854) - - Restricted cash (727) (727) - - As reported in statements of cash flows 30,487 21,021 112 508 (e) No expected credit losses were recognised arising from the deposits with financial institutions because the probability of default by these financial institutions were negligible. (f) Information on financial risks of cash and bank balances is disclosed in Note 38 to the financial statements. 21. BANK BALANCES HELD ON BEHALF OF CLIENTS (a) In the previous financial year, the Group maintained segregated trust accounts with licensed banks to hold clients’ monies arising from its normal course of business. The Group classified the clients’ monies as bank trust account balances under the current assets section of the consolidated statement of financial position and recognised the corresponding accounts payable to respective clients on the ground that it was liable for any loss or misappropriation of the client’s monies. The Group was not permitted to use the clients’ monies to settle its own obligations. (b) Bank balances held on behalf of clients were denominated in Hong Kong Dollar. NOTES TO THE FINANCIAL STATEMENTS P R G H O L D I N G S B E R H A D A N N U A L R E P O R T 2 0 2 1 152 31 December 2021 (cont’d)
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