Cash and cash equivalents

12 Months Ended

Dec. 31, 2023

18. Cash and cash equivalents


	2023 $m			2022 $m

Cash at bank and in hand		179			165

Short-term deposits		632			421

Money market funds		375			360

Repurchase agreements		136			30

Cash and cash equivalents as recorded in the Group statement of financial position		1,322			976

Bank overdrafts		(44	)		(55	)

Cash and cash equivalents as recorded in the Group statement of cash flows		1,278			921

Cash at bank and in hand includes bank balances of $51m (2022: $86m) which are matched by bank overdrafts of $44m (2022: $55m) 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


	2023 $m		2022 $m

Countries with restrictions on repatriation		30		24

Capital expenditure under lease agreements		14		11

Other restrictions		12		12

		56		47

Details of the credit risk on cash and cash equivalents is included in note 24.