Cash and cash equivalents

12 Months Ended

Dec. 31, 2022

18. Cash and cash equivalents


	2022 $m			2021 $m
Cash at bank and in hand		165			124
Short-term deposits		421			301
Money market funds		360			1,025
Repurchase agreements		30			–
Cash and cash equivalents as recorded in the Group statement of financial position		976			1,450
Bank overdrafts (note 21)		(55	)		(59	)
Cash and cash equivalents as recorded in the Group statement of cash flows		921			1,391

Cash at bank and in hand includes bank balances of $86m (2021: $67m) which are matched by bank overdrafts of $55m (2021: $59m) under the Group’s cash pooling arrangements. Under these arrangements, each pool contains a number of bank accounts with the same financial institution and the Group pays interest on net overdraft balances within each pool. The cash pools are used for

day-to-day

cash management purposes and are managed as closely as possible to a zero balance on a net basis for each pool. Overseas subsidiaries are typically in a cash-positive position with the matching overdrafts held by the Group’s central treasury company in the UK. Accordingly, bank overdrafts are included within cash and cash equivalents for the purposes of the cash flow statement.

Cash and cash equivalents with restrictions on use


	2022 $m		2021 $m
Countries with restrictions on repatriation		24		77
Capital expenditure under lease agreements		11		9
Other restrictions		12		–
		47		86

Details of the credit risk on cash and cash equivalents is included in note 23.