184 Annual Report 2021 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 440,985 metric tonnes (“MT”) of FFB (2020: 477,158 MT). 25. CASH, BANK BALANCES, TERM DEPOSITS AND FIXED INCOME FUNDS The Group The Company 2021 2020 2021 2020 RM RM RM RM Deposits with licensed banks 12,345,487 6,872,443 - - Cash and bank balances 142,406,575 105,888,495 7,484,069 1,900,392 Cash held under housing development accounts 215,276,195 247,109,816 - - Short-term placements 20,005,995 - 20,005,995 - Fixed income funds: Redeemable at call 2,495,946 6,910,278 - - Redeemable upon 1 day notice 35,016,477 7,872,623 6,273,711 - 427,546,675 374,653,655 33,763,775 1,900,392 The deposits bear effective interest at rates ranging from 0.9% to 7.0% (2020: 1.60% to 3.10%) per annum with maturity period ranging from 1 day to 183 days (2020: 1 days to 35 days). Short-term placements of the Group and of the Company represents investment in trust funds managed by licensed investment management companies, which is tax exempt, fixed-deposit-linked and allows prompt redemption at any time. 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 RM3,887,499 (2020: RMNil) included in deposit with licensed banks have maturity period of more than 3 months. Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
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