UEM EDGENTA BERHAD ANNUAL REPORT 2021 1 2 3 4 5 6 7 255 254 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FINANCIAL STATEMENTS 21. CONTRACT RELATED ASSETS AND LIABILITIES (CONTD.) (a) Contract assets and liabilities (contd.) Set out below is the amount of revenue recognised from: Group 2021 RM’000 2020 RM’000 Amounts included in contract liabilities at the beginning of the year 5,578 4,383 (b) Contract fulfillment asset Group 2021 RM’000 2020 RM’000 As at 1 January 9,402 2,970 Additions 2,128 7,438 Utilised during the year (6,819) (1,006) As at 31 December 4,711 9,402 22. SHORT TERM INVESTMENTS Group 2021 RM’000 2020 RM’000 Fair value through profit or loss investments: - unquoted unit trusts 28,310 11,721 - investment in Islamic funds - 78 28,310 11,799 Unquoted unit trusts represent investment funds invested with licensed fund managers in the funds approved by the Securities Commission. The portfolio of investments authorised by the Board of Directors comprises only deposits in both Islamic and conventional instruments with financial institutions. 23. CASH, BANK BALANCES AND DEPOSITS Group Company 2021 RM’000 2020 RM’000 2021 RM’000 2020 RM’000 Cash in hand and at banks 398,649 351,231 50,457 5,313 Deposits with licensed banks 201,742 326,771 - 9,500 600,391 678,002 50,457 14,813 (a) Included in cash at bank of the Group are amounts of RM26.4 million (2020: RM9.1 million) held pursuant to Section 7A of the Housing Development (Control and Licensing) Act 1966 and Section 8A of the Housing Development Account (Control and Licensing) Sabah Act, 1978 and are restricted for use in other operations. (b) Deposits with licensed banks of the Group amounting to RM3.9 million (2020: RM3.7 million) are on lien for bank guarantee facilities granted to certain subsidiaries. In the previous financial year, a subsidiary has utilised guarantee facilities amounting to RM0.9 million. (c) Deposits with licensed banks amounting to RM2.4 million (2020: RM2.1 million) are pledged to secure certain facilities granted to the Group. (d) Deposits with licensed banks of the Group amounting to RM20.6 million (2020: RM15.0 million) are pledged as securities for bank borrowing granted to subsidiaries. (e) Cash and fixed deposits of RM18.1 million (2020: RM17.2 million) from subsidiaries are pledged as collateral for performance of service under integrated facility management contract, and are therefore restricted from use in other operation. (f) Cash and bank balances amounting to RM0.7 million (2020: RM1.2 million) are held in trust to maintain and deposit all security deposits received by the Company as licensed Estate Agent held on behalf of its client. Other information on financial risks of cash, bank balances and deposits are disclosed in Note 39. 24. RETIREMENT BENEFIT OBLIGATIONS The Group operates an unfunded, defined benefit Retirement Benefit Scheme (“the Scheme”) for its eligible employees. The Scheme is closed to new employees. Under the Scheme, eligible employees are entitled to retirement benefits on attainment of the retirement age of 60 (2020: 60), on medical incapacity or on death. The present value of defined benefit obligation was based on the actuarial valuation report by independent actuarist dated 20 January 2019.
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