ITF

34 37. 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: Carrying amount 2023 $000 Fair value 2023 $000 Carrying amount 2022 $000 Fair value 2022 $000 Financial assets Held at amor sed cost Cash at bank and in hand 5,825 5,825 19,319 19,319 Trade receivables 36,955 36,955 15,993 15,993 Other receivables 3,592 3,592 4,157 4,157 Cash equivalents 165 165 6,038 6,038 Held at fair value through profit or loss Investments 20,755 20,755 34,641 34,641 Deriva ve financial instruments – cash flow hedges 944 944 83 83 Total financial assets 68,236 68,236 80,231 80,231 Financial liabili es Held at amor sed cost Trade payables 19,570 19,570 9,303 9,303 Other payables 210 210 205 205 Provisions 200 200 200 200 Accruals 16,486 16,486 14,114 14,114 Lease liabili es - - 71 71 Deriva ve financial instruments – cash flow hedges - - 1,897 1,897 Total financial liabili es 36,466 36,466 25,790 25,790 NOTES (CONTINUED, FORMING PART OF THE FINANCIAL STATEMENTS) Notes

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