Notes to the Consolidated Financial Statements for the year ended 30 June 2023 9. Income tax (continued) Reconciliation of unrecognised deferred tax balances is as follows: 2023 $’000 2022 $’000 Unrecognised deferred tax Joint venture investment (29,543) (25,961) Carried forward tax losses 16,032 12,473 Other timing differences 837 752 Unrecognised deferred tax liabilities (12,674) (12,736) Deferred tax liabilities are not recognised as the balance is associated with the interest in the joint venture, the timing of the reversal of the temporary difference can be controlled and it is probable that it will not be reversed in the foreseeable future. 10. Cash and cash equivalents Cash comprises of cash at bank and in hand. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash. Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of up to three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. The Group’s cash and cash equivalents are as follows: 2023 $’000 2022 $’000 Current assets Cash at bank and on hand 1,881 27,723 Short-term deposits 22,526 12,500 24,407 40,223 Reconciliation of cash used in operating activities is as follows: 2023 $’000 2022 $’000 Profit/(Loss) after income tax (8,610) 26,079 Adjustments for non-cash items Income tax benefit – (1,088) Share-based payments expenses 914 1,160 Gain on disposal of assets – (29,160) Share of joint venture loss 5,368 866 Net foreign exchange gain (4) – Changes in assets and liabilities (Increase)/Decrease in trade and other receivables (22) 231 Increase/(Decrease) in trade and other payables 71 (223) Increase in provisions 57 7 Net cash used in operating activities (2,226) (2,128) 50 Sheffield Resources Limited Annual Report 2023
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