Sustainability and Governance Report
[Notes
Notes to the
to the FINANCIAL STATEMENTS
13.
Other receivables (cont'd)
The amounts due from related parties are non-trade related, unsecured, non-interest bearing and are expected to be settled in cash. The non-current portion is repayable in
monthly instalments with final repayment in 2024.
Related parties relate to companies where certain of its directors are also directors of the Company. These directors have agreed to provide continuing financial support to
these related parties to enable them to meet their financial obligations as and when they fall due, including undertaking to repay balances due from these related parties to
the Group.
During the year, a subsidiary of the Group advanced an amount of $736,000 to one of these related parties, of which $638,000 remained outstanding as at 31 March 2020.
This outstanding balance has been fully repaid as at the date of these financial statements.
The amounts due from subsidiaries and associate are non-trade, unsecured, non-interest bearing and are repayable in cash upon demand.
Expected credit losses
The movement in allowance for expected credit losses of other receivables computed based on lifetime ECL are as follows:
Movement in allowance accounts:
At 1 April
Charge for the year
At 31 March
Group
2020
2019
$'000
$'000
70
70
14. Cash and bank balances
For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise the following at the balance sheet date:
Group
Company
2020
2019
2020
2019
$'000
$'000
$'000
$'000
Cash at banks and on hand
Fixed deposits
Cash and bank balances
Less: Fixed deposits - restricted
Cash and cash equivalents
6,173
4,773
4,940
1,802
921
1,021
7,094
5,794
4,940
1,802
(888)
(1,021)
6,206
4,773
4,940
1,802
Fixed deposits - restricted are placed with various banks to provide security for banking facilities granted to subsidiaries.
Cash at banks earns interest at floating rates based on daily bank deposit rates. The fixed deposits with financial institutions mature on varying dates within 1 to 3 months
(2019: 1 to 3 months) from the financial year end. The interest rates of the fixed deposits as at 31 March 2020 range from 0.19% to 2.90% (2019: 0.19% to 1.03%) per annum.
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