NOTES TO FINANCIAL STATEMENTS NOTES TO F I NANC I AL STATEMENTS 9. CASH AND CASH EQUIVALENTS The Company considers all time deposits and highly liquid instruments with an original maturity of ninety days or less as cash equivalents. Figures in USD 31 DEC 2023 31 DEC 2022 Cash at bank with Bank of Butterfield 19,967,192 21,825,032 Cash at bank with First National Bank 10,386 12,794 Cash at bank with HSBC 165,622 117,103 Cash and cash equivalents with Bank of New York Mellon 11,541,593 19,110,291 Cash and cash equivalents with investment managers 4,776,966 3,600,751 Cash and cash equivalents 36,461,759 44,665,971 The range of interest rates earned during the period was between 0% and 9% (2022: 0% and 9%). Cash is held in Bermuda with Bank of Butterfield and HSBC, which were rated BBB+ (2022: BBB+) and A- (2022: A-), respectively at year end. Cash is held in South Africa with First National Bank, a division of FirstRand Bank Ltd. which was rated BB- (2022: BB-) at year end. Cash and cash equivalents are held in the United Kingdom with one custodian, Bank of New York Mellon, which was rated AA- (2022: AA-) at year end. In addition, cash and cash equivalents of $214,763 (2022: $86,842) are held in restricted margin accounts with Goldman Sachs in the United States, which was rated A-1 (2022: A-1) at year end. There are securities held as collateral in the amount of $239,000 (2022: $690,000). This collateral is required by Goldman Sachs for particular trades. Accordingly, management considers there to be limited credit risk associated with cash and cash equivalent balances. 108
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