14. Cash and bank balances Group Fund 2024 2023 2024 2023 RM RM RM RM Islamic fixed deposits with licensed banks 31,053,000 33,065,000 23,046,000 25,335,000 Cash and bank balances 4,691,360 5,772,380 4,661,341 5,743,845 35,744,360 38,837,380 27,707,341 31,078,845 Less: Islamic fixed deposits with licensed banks with maturity period of more than 3 months (9,753,000) (9,425,000) (1,746,000) (1,695,000) Cash and cash equivalents 25,991,360 29,412,380 25,961,341 29,383,845 At the reporting date, the weighted average deposit rate per annum and average remaining maturity period of fixed deposits with licensed banks are as follows: Group Fund 2024 2023 2024 2023 Weighted average deposit rate (%) 2.91% 2.67% 3.29% 2.82% Average remaining maturity period 37 25 37 36 The deposits with licensed banks of the Group and of the Fund of RM9,753,000 and RM1,746,000 (2023: RM9,425,000 and RM1,695,000) respectively are placed as reserve for repayment of finance costs on long-term Islamic financing as mentioned in Note 17 and hence, are not available for general use. 15. Deferred tax liability Group and Fund 2024 2023 RM RM At 1 January 1,995,394 1,813,829 Recognised in profit or loss (Note 7) 247,559 181,565 At 31 December 2,242,953 1,995,394 The deferred tax liability relates to fair value gain on investment properties which is expected to be recovered through sale. The amount of deferred tax recognised is measured using the tax rates that would apply on the sale of those assets at their carrying values at the reporting date unless the property is held with the objective to consume substantially all the economic benefits embodied in the property over time, rather than through sale. Based on the Finance Act 2019 which was gazetted in December 2019, it was clarified that the RPGT rate of 10% is prescribed for disposal of investment properties held for more than 5 years for a trustee of a trust. Notes to the Financial Statements - 31 December 2024 224 AL-SALĀM REIT ANNUAL REPORT 2024
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