Page 21 - NYAA FY2024

Docusign Envelope ID: F067D57E-6E60-4F26-8227-97F17DC4DBB9

NATIONAL YOUTH ACHIEVEMENT AWARD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2024

5. Cash and bank deposits

2024 2023
$ $

Cash at bank and on hand 150,367 -
Short-term bank deposits 300,000 300,000
450,367 300,000

For the purpose of presentation in the statement of cash flows, the cash and cash
equivalents comprise the following:

2024 2023
$ $

Cash and bank deposits (as above) 450,367 300,000
Less: Fixed deposits pledged to a financial institution (300,000) (300,000)
Less: Bank overdraft - (74,470)
Cash and cash equivalents per statement of cash
flows 150,367 (74,470)

(a) The fixed deposit with a financial institution matures within 3 (2023: 3
months) from the financial year-end. The weighted average effective interest
rate of this deposit as at 31 December 2024 was 2.808% (2023: 2.625%)
per annum.

(b) The bank overdraft facility (Note 12) is secured over the Association's fixed
deposit with the bank and the investment property (Note 7). This facility
bears interest at 5.25% per annum.

6. Other current assets

2024 2023
$ $

Prepayments 31,475 10,802
Other receivables 1,871 26,408
33,346 37,210

The other receivables from non-related parties were unsecured, interest-free and
repayable on demand.

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