Cash and cash equivalents

12 Months Ended

Dec. 31, 2024

Disclosure [Abstract]

Cash and cash equivalents

17. Cash and cash equivalents

	2024 $m			2023 $m
Cash at bank and in hand		142			179
Short-term deposits		411			632
Money market funds		415			375
Repurchase agreements		40			136
Cash and cash equivalents as recorded in the Group statement of financial position		1,008			1,322
Bank overdrafts		(17	)		(44	)
Cash and cash equivalents as recorded in the Group statement of cash flows		991			1,278

Cash at bank and in hand includes bank balances of $33m (2023: $51m) which are matched by bank overdrafts of $17m (2023: $44m) under the Group’s cash pooling arrangements. Under these arrangements, each pool contains a number of bank accounts with the same financial institution and interest is paid/received on pooled net balances for each currency. 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, which are repayable on demand, 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

	2024 $m		2023 $m
Countries with restrictions on repatriation		2		30
Capital expenditure under lease agreements		15		14
Other restrictions		5		12
		22		56

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