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Cash and cash equivalents | 12 Months Ended
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Dec. 31, 2020
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Cash and cash equivalents | 19. Cash and cash equivalents
|  | 2020 $m |  |  | 2019 $m |
Cash at bank and in hand |  |  | 104 |  |  |  | 160 |
Short-term deposits |  |  | 358 |  |  |  | — |
Money market funds |  |  | 892 |  |  |  | 35 |
Repurchase agreements |  |  | 321 |  |  |  | — |
Cash and cash equivalents as recorded in the Group statement of financial position |  |  | 1,675 |  |  |  | 195 |
Bank overdrafts (note 22) |  |  | (51 | ) |  |  | (87 | )
Cash and cash equivalents as recorded in the Group statement of cash flows |  |  | 1,624 |  |  |  | 108 |
Cash at bank and in hand includes bank balances of $55m (2019: $95m) which are matched by bank overdrafts of $51m (2019: $87m) 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. Short-term deposits, money market funds and repurchase agreements are highly liquid investments with an original maturity of three months or less. At 31 December 2020, $5m (2019: $6m) is restricted for use on capital expenditure under hotel lease agreements and therefore not available for wider use by the Group. An additional $44m (2019: $16m) is held within countries from which funds are not currently able to be repatriated to the Group’s central treasury company. Details of the credit risk on cash and cash equivalents is included in note 24.

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- Definition The disclosure of cash and cash equivalents. [Refer: Cash and cash equivalents] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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