Issue link: http://itf.uberflip.com/i/1122517
33. DEFERRED INCOME Current Receipts in advance Olympic deferred income Grand Slam Development Fund Non-current Olympic deferred income Olympic income for Rio de Janeiro 2016 totalled $24,340,000 with direct event-related expenses of $1,214,000. A er alloca on of the transac on price to the event-related performance obliga ons on a cost plus margin basis, remaining income recognised evenly over the 4 years of the Olympiad from 2016 to 2019 was $23,126,000. $5,773,000 was recognised as income in 2018 and the remainder has been deferred and will be released evenly to the consolidated income and expenditure account in 2019. 34. FINANCIAL INSTRUMENTS a) Fair values of financial instruments Investments in debt and equity securi es The fair value of financial assets at fair value through profit or loss is determined by reference to their quoted bid price at the balance sheet date. Trade and other receivables The fair value of trade and other receivables is es mated as the present value of future cash flows, discounted at the market rate of interest at the balance sheet date if the effect is material. Trade and other payables The fair value of trade and other payables is es mated as the present value of future cash flows, discounted at the market rate of interest at the balance sheet date if the effect is material. Cash and cash equivalents The fair value of cash and cash equivalents is es mated as its carrying amount where the cash is repayable on demand. Where it is not repayable on demand then the fair value is es mated at the present value of future cash flows, discounted at the market rate of interest at the balance sheet date. Deriva ve financial instruments The fair value of forward exchange contracts is based on their listed market price, if available. If a listed market price is not available, then fair value is es mated by discoun ng the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). Notes (Forming part of the financial statements) 2018 $000 2017 $000 32,440 5,774 1,189 39,403 - 19,142 5,773 1,169 26,084 5,773 ITF ANNUAL REPORT AND FINANCIAL STATEMENTS / 30