Lendlease Annual Report 2022

Financial Statements 141 Section C. Liquidity and Working Capital The ability of the Group to fund the continued investment in the development pipeline, invest in new opportunities and meet current commitments is dependent on available cash, undrawn debt facilities and access to third party capital. This section contains disclosures on the financial assets, financial liabilities, cash flows and equity that are required to finance the Group’s activities, including existing commitments and the liquidity risk exposure associated with financial liabilities. The section also contains disclosures for the Group’s trading assets, excluding inventories, and the trading liabilities incurred as a result of trading activities used to generate the Group’s performance. 14. Cash and Cash Equivalents Accounting Policies Cash and cash equivalents include cash on hand, deposits held at call with banks, bank overdrafts and other short term highly liquid investments that are readily convertible to known amounts of cash within three months and which are subject to an insignificant risk of changes in value. Bank overdrafts (if applicable) are shown as a current liability on the Statement of Financial Position and are shown as a reduction to the cash balance in the Statement of Cash Flows. June 2022 June 2021 $m $m Cash 1,128 1,303 Short term investments 1 169 359 Total cash and cash equivalents 1,297 1,662 1. Short term investments earned variable rates of interest which averaged 0.5 per cent per annum during the financial year (30 June 2021: 0.5 per cent).