HKSI Institute AR2023

69 HKSI Institute Annual Report 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) (Expressed in Hong Kong dollars unless otherwise indicated) 10 INTANGIBLE ASSETS The costs of development and enhancement of the ALP Project of HK$11,836,756 (2022: HK$11,836,756) are capitalized as intangible assets. The costs have been fully funded by the grant from the SFC which is subject to a repayment clause (see note 21). 11 DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES The rental deposit of HK$1,405,169 (2022: HK$1,405,169) is expected to be recovered after one year. All of the other deposits, prepayments and other receivables are unsecured, interest-free and expected to be recovered or expensed in profit or loss within one year. As at 31 March 2023, an amount of HK$915 (2022: HK$4) other receivables was recorded in relation to the Pilot Programme (see note 15). 12 CASH AND BANK BALANCES 2023 2022 Deposits with banks $ 26,387,753 $ 34,126,635 Cash in hand 32,667 29,644 Total cash and bank balances $ 26,420,420 $ 34,156,279 Less: Time deposits with bank (13,450,582) (16,195,450) Cash and bank balances $ 12,969,838 $ 17,960,829 As at 31 March 2023, an amount of HK$1,753,114 (2022: HK$4,834,879) cash and bank balances was held by the Group on behalf of the Government of the Hong Kong Special Administrative Region for the restrictive use for the Pilot Programme. Details of the Pilot Programme are set out in note 15. Analysis of the balances of cash and cash equivalents: 2023 2022 Cash and bank balances $ 12,969,838 $ 17,960,829 Less: Restricted cash balances (1,753,114) (4,834,879) Total cash and cash equivalents $ 11,216,724 $ 13,125,950