Issue link: http://itf.uberflip.com/i/1477103
ITF Trust Annual Report and Financial Statements 2021 37 The following are the undiscounted contractual maturi es of financial liabili es, including es mated interest payments and excluding the effect of ne ng agreements: Carrying amount 2021 $000 Contractual cash flows 2021 $000 1 year or less 2021 $000 Between 1 & 2 years 2021 $000 Carrying amount 2020 $000 Contractual cash flows 2020 $000 1 year or less 2020 $000 Between 1 & 2 years 2020 $000 Non-deriva ve financial liabili es Trade and other payables (6,363) (6,363) (6,363) - (2,725) (2,725) (2,725) - Accruals (14,575) (14,575) (14,575) - (3,433) (3,433) (3,433) - Lease liabili es (772) (772) (693) (79) (1,460) (1,499) (709) (790) Olympic loan - - - - (3,000) (3,000) (3,000) - Deriva ve financial liabili es Forward exchange contracts used for hedging: Ou low (32,630) (32,630) (25,807) (6,823) (38,121) (38,121) (29,801) (8,320) Inflow 32,467 32,467 25,601 6,866 40,189 40,189 31,567 8,622 (21,873) (21,873) (21,837) (36) (8,550) (8,589) (8,101) (488) Provisions carrying amount and contractual cash flows of $519,000 are payable in the year 2023 at the end of the associated lease. (d) Cash flow hedges The following table indicates the periods in which the cash flows associated with cash flow hedging instruments are expected to occur: Carrying amount 2021 $000 Contractual cash flows 2021 $000 1 year or less 2021 $000 Between 2 & 5 years 2021 $000 Carrying amount 2020 $000 Contractual cash flows 2020 $000 1 year or less 2020 $000 Between 2 & 5 years 2020 $000 Assets - - - - 2,068 2,068 1,766 302 Liabili es (163) (163) (206) 43 - - - - (163) (163) (206) 43 2,068 2,068 1,766 302 The forward exchange contracts are being used to hedge the foreign currency risk of the firm commitments. The hedge ra o is 1:1 (2020: 1:1). The change in value of the outstanding hedging instruments since 1 January 2021 is similar to the change in value of the hedged items used to determine hedge effec veness. The foreign currency forwards are denominated in the same currency as the highly probably future expenditure (GBP), therefore the hedge ra o is 1:1. In hedges of future cash flows, ineffec veness may arise if the ming of the forecast transac on changes from what was originally es mated, or if there are changes in the credit risk of the deriva ve counterparty or country in which they or the group are based. There was no ineffec veness during 2021 or 2020 in rela on to foreign exchange hedges.