Issue link: http://itf.uberflip.com/i/1477103
ITF Trust Annual Report and Financial Statements 2021 34 36. Financial instruments (con nued) (a) Fair values of financial instruments (con nued) 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). Fair values The fair values for each class of financial assets and financial liabili es together with their carrying amounts shown in the balance sheet are as follows: * Re-presented to be consistent with FY21 to appropriately reflect the presenta on of investments as detailed in note 29. Carrying amount 2021 $000 Fair value 2021 $000 Carrying amount 2020 $000 Fair value 2020 $000 Financial assets Held at amor sed cost Cash at bank and in hand 14,951 14,951 14,225 14,225 Trade receivables 9,242 9,242 5,514 5,514 Other receivables and contract assets 5,098 5,098 2,446 2,446 Cash equivalents* 25,725 25,725 6,437 6,437 Held at fair value through profit or loss Investments* 39,640 39,640 43,221 43,221 Deriva ve financial instruments – cash flow hedges - - 2,068 2,068 Total financial assets 94,656 94,656 73,911 73,911 Financial liabili es Held at amor sed cost Trade payables 6,275 6,275 2,587 2,587 Other payables 88 88 138 138 Provisions 519 519 519 519 Accruals 14,575 14,575 3,433 3,433 Lease liabili es 772 772 1,460 1,460 Olympic loan - - 3,000 3,000 Deriva ve financial instruments – cash flow hedges 163 163 - - Total financial liabili es 22,392 22,392 11,137 11,137 Notes (continued, forming part of the financial statements)