Issue link: http://itf.uberflip.com/i/1524404
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 2023 $000 Contractual cash flows 2023 $000 1 year or less 2023 $000 Between 1 & 2 years 2023 $000 Carrying amount 2022 $000 Contractual cash flows 2022 $000 1 year or less 2022 $000 Between 1 & 2 years 2022 $000 Non-deriva ve financial liabili es Trade and other payables (19,780) (19,780) (19,780) - (9,508) (9,508) (9,508) - Accruals (16,486) (16,486) (16,486) - (14,114) (14,114) (14,114) - Lease liabili es - - - - (71) (71) (71) - Deriva ve financial liabili es Forward exchange contracts used for hedging: Ou low (39,235) (39,235) (28,102) (11,133) (34,755) (34,755) (27,053) (7,702) Inflow 40,179 40,179 25,156 15,023 32,940 32,940 25,156 7,784 (35,322) (35,322) (39,212) 3,890 (25,508) (25,508) (25,590) 82 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 2023 $000 Contractual cash flows 2023 $000 1 year or less 2023 $000 Between 2 & 5 years 2023 $000 Carrying amount 2022 $000 Contractual cash flows 2022 $000 1 year or less 2022 $000 Between 2 & 5 years 2022 $000 Assets 944 944 793 151 83 83 - 83 Liabili es - - - - (1,897) (1,897) (1,897) - 944 944 793 151 (1,814) (1,814) (1,897) 83 The forward exchange contracts are being used to hedge the foreign currency risk of the firm commitments. The hedge ra o is 1:1 (2022: 1:1). The change in value of the outstanding hedging instruments since 1 January 2023 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 2023 or 2022 in rela on to foreign exchange hedges. ITF Annual Report and Financial Statements 2023