S E C T I O N 6 F I N A N C I A L R E P O R T S 167 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 (CONT’D) 14. Cash and cash equivalents Group Fund 2021 2020 2021 2020 RM RM RM RM Fixed deposits with licensed banks 26,352,000 27,970,000 20,822,000 22,500,000 Cash and bank balances 9,804,187 6,340,983 9,734,366 6,329,870 36,156,187 34,310,983 30,556,366 28,829,870 Less: Restricted cash (Note (a)) (69,821) (11,113) - - Pledged deposits with licensed banks (Note (b)) (7,782,000) (7,077,107) (2,252,000) (1,607,107) 28,304,366 27,222,763 28,304,366 27,222,763 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 2021 2020 2021 2020 Weighted average deposit rate (%) 1.43% 1.49% 1.43% 1.45% Average remaining maturity period 33 32 15 5 (a) The Group has restricted cash which serves as reserve for prepayment of finance cost on Sukuk Ijarah amounting to RM69,821 (2020: RM11,113), which are not available for general use. (b) The deposits with licensed banks of the Group and of the Fund of RM7,782,000 and RM2,252,000 (2020: RM7,077,107 and RM1,607,107) 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 2021 2020 RM RM At 1 January 1,245,581 - Recognised in profit or loss (Note 7) (16,833) 1,245,581 At 31 December 1,228,748 1,245,581 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.
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