CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 9. Income tax (continued) Reconciliation of unrecognised deferred tax balances is as follows: 2024 $’000 2023 $’000 Unrecognised deferred tax assets/(liabilities) Investment in joint venture – (29,543) Financial assets at fair value through profit or loss 408 – Carried forward tax losses 17,008 16,032 Other timing differences 492 837 17,908 (12,674) 10. Cash and cash equivalents Cash and cash equivalents are short term and are highly liquid investments. Short-term deposits are usually between one to three months depending on the cash flow requirements of the Group. The Group’s cash and cash equivalents are as follows: 2024 $’000 2023 $’000 Current assets Cash at bank and on hand 9,878 1,881 Short-term deposits – 22,526 9,878 24,407 Reconciliation of cash used in operating activities is as follows: 2024 $’000 2023 $’000 Loss after income tax (32,191) (8,610) Adjustments for non-cash items Income tax benefit – – Share-based payments expenses 706 914 Net fair value change on financial assets 1,361 – Share of joint venture results 27,638 5,368 Net foreign exchange movements (6) (4) Changes in assets and liabilities (Increase)/Decrease in trade and other receivables 11 (22) Increase in trade and other payables 152 71 Increase in provisions 24 57 Net cash used in operating activities (2,305) (2,226) 61 Sheffield Resources Limited Annual Report 2024
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