212 Annual Report 2022 Notes to the Financial Statements For the Financial Year Ended 30 September 2022 FINANCIAL INSTRUMENTS Categories of financial instruments The following table analyses the financial assets and financial liabilities in the statements of financial position by the class of financial instruments to which they are assigned, and therefore by the measurement basis: 43. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the development of the Group’s businesses whilst managing its risks. The Group operates within clearly defined guidelines that are approved by the Board and the Group's policy is not to engage in speculative transactions. The main risks and corresponding management policies arising from the Group’s normal course of business are as follows: 44. 2022 RM The Company 2021 RM 2021 RM 2022 RM The Group 355,820 196,871,803 - - 775,849 186,154,468 At amortised cost: Receivables and deposits 351,874,478 68,809,762 427,546,675 391,251,444 33,763,775 7,008,055 Cash, bank balances, term deposits and short-term placements Financial assets At FVTPL: Other investment 933,964,454 843,611 600,511 945,201,067 Financial liabilities At amortised cost: Payables and accruals 19,085,882 - - 19,384,155 Lease liability 529,808,719 150,200,000 138,031,600 401,298,526 Loans and borrowings (i) Credit risk Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. The Group’s and the Company’s exposure to credit risk primarily arises from the receivables. For other financial assets, the Group minimises credit risk by dealing with high credit rating counterparties. The maximum risk associated with recognised financial assets is the carrying amounts as presented in the statements of financial position and corporate guarantee provided by the Company to banks on subsidiaries’ credit facilities. The Group has a credit policy in place and the exposure to credit risk is managed through the application of credit approvals, credit limits and monitoring procedures.
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