Issue link: http://itf.uberflip.com/i/1503947
ITF Trust Annual Report and Financial Statements 2022 36 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 2022 $000 Contractual cash flows 2022 $000 1 year or less 2022 $000 Between 1 & 2 years 2022 $000 Carrying amount 2021 $000 Contractual cash flows 2021 $000 1 year or less 2021 $000 Between 1 & 2 years 2021 $000 Non-deriva ve financial liabili es Trade and other payables (9,508) (9,508) (9,508) - (6,363) (6,363) (6,363) - Accruals (14,114) (14,114) (14,114) - (14,575) (14,575) (14,575) - Lease liabili es (71) (71) (71) - (772) (772) (693) (79) Olympic loan - - - - - - - - Deriva ve financial liabili es Forward exchange contracts used for hedging: Ou low (34,755) (34,755) (27,053) (7,702) (32,630) (32,630) (25,807) (6,823) Inflow 32,940 32,940 25,156 7,784 32,467 32,467 25,601 6,866 (25,508) (25,508) (25,590) 82 (21,873) (21,873) (21,837) (36) Provisions carrying amount and contractual cash flows of $200,000 are payable in over 2 years 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 2022 $000 Contractual cash flows 2022 $000 1 year or less 2022 $000 Between 2 & 5 years 2022 $000 Carrying amount 2021 $000 Contractual cash flows 2021 $000 1 year or less 2021 $000 Between 2 & 5 years 2021 $000 Assets 83 83 - 83 - - - - Liabili es (1,897) (1,897) (1,897) - (163) (163) (206) 43 (1,814) (1,814) (1,897) 83 (163) (163) (206) 43 The forward exchange contracts are being used to hedge the foreign currency risk of the firm commitments. The hedge ra o is 1:1 (2021: 1:1). The change in value of the outstanding hedging instruments since 1 January 2022 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. Notes (continued, forming part of the financial statements) 36. Financial instruments (con nued) c) Liquidity risk (con nued) Financial risk management