Issue link: http://itf.uberflip.com/i/1503947
ITF Trust Annual Report and Financial Statements 2022 33 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). Fair values The fair values for each class of financial assets, contract assets and financial liabili es together with their carrying amounts shown in the balance sheet are as follows: Carrying amount 2022 $000 Fair value 2022 $000 Carrying amount 2021 $000 Fair value 2021 $000 Financial assets and contract assets Held at amor sed cost Cash at bank and in hand 19,319 19,319 14,951 14,951 Trade receivables 15,993 15,993 9,242 9,242 Other receivables and contract assets 12,232 12,232 5,098 5,098 Cash equivalents 6,038 6,038 25,725 25,725 Held at fair value through profit or loss Investments 34,641 34,641 39,640 39,640 Deriva ve financial instruments – cash flow hedges 83 83 - - Total financial assets 88,306 88,306 94,656 94,656 Financial liabili es Held at amor sed cost Trade payables 9,303 9,303 6,275 6,275 Other payables 205 205 88 88 Provisions 200 200 519 519 Accruals 14,114 14,114 14,575 14,575 Lease liabili es 71 71 772 772 Deriva ve financial instruments – cash flow hedges 1,897 1,897 163 163 Total financial liabili es 25,790 25,790 22,392 22,392