Issue link: http://itf.uberflip.com/i/1377961
NOTES (CONT.) (FORMING PART OF THE FINANCIAL STATEMENTS) 35. Financial instruments (continued) (b) Credit risk (continued) Impairment of financial assets (continued) 2020 2019 $000 $000 Balance at 1 January 267 302 Receivables written off during the year as uncollectable (35) (48) Increase in loss allowance recognised in profit or loss during the year 44 13 Balance at 31 December 276 267 (c) Liquidity risk Financial risk management Carrying Contractual 1 year Between 1 Carrying Contractual 1 year Between 1 amount cash flows or less & 2 years amount cash flows or less & 2 years $000 $000 $000 $000 $000 $000 $000 $000 Non-derivative financial liabilities Trade and other payables (2,725) (2,725) (2,725) - (6,746) (6,746) (6,746) - Accruals (3,433) (3,433) (3,433) - (9,633) (9,633) (9,633) - Lease liabilities (1,460) (1,499) (709) (790) (1,996) (2,064) (688) (1,376) Olympic loan (3,000) (3,000) (3,000) - - - - - Derivative financial liabilities Forward exchange contracts used for hedging: Outflow (38,121) (38,121) (29,801) (8,320) (32,224) (32,224) (28,071) (4,153) Inflow 40,189 40,189 31,567 8,622 32,942 32,942 28,651 4,291 (8,550) (8,589) (8,101) (488) (17,657) (17,725) (16,487) (1,238) (d) Cash flow hedges Carrying Contractual 1 year Between 2 Carrying Contractual 1 year Between 2 amount cash flows or less & 5 years amount cash flows or less & 5 years $000 $000 $000 $000 $000 $000 $000 $000 Assets 2,068 2,068 1,766 302 718 718 580 138 Liabilities - - - - - - - - 2,068 2,068 1,766 302 718 718 580 138 2020 2019 Provisions carrying amount and contractual cash flows of $519,000 are payable in the year 2023 at the end of the associated lease. The closing loss allowances for trade receivables as at 31 December 2020 reconcile to the opening loss allowances as follows: Liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due. The group has substantial cash and liquid investment balances and does not require any external funding of its operations. Processes are in place to issue invoices on a timely basis, monitor cash collection closely and chase overdue balances promptly, in order to minimise liquidity risk. This is particularly the case in respect of sponsorship income collection, where the amounts involved can be significant. The following are the undiscounted contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements: The following table indicates the periods in which the cash flows associated with cash flow hedging instruments are expected to occur: 2020 2019 30