Issue link: http://itf.uberflip.com/i/1537492
33 Carrying amount 2024 $000 Fair value 2024 $000 Carrying amount 2023 $000 Fair value 2023 $000 Financial liabili es Held at amor sed cost Trade payables 7,646 7,646 19,570 19,570 Other payables 621 621 210 210 Provisions 200 200 200 200 Accruals 15,827 15,827 16,486 16,486 Lease liabili es - - - - Deriva ve financial instruments – cash flow hedges (918) (918) - - Total financial liabili es 23,376 23,376 36,466 36,466 Fair value hierarchy 2024 $000 Fair value hierarchy 2023 $000 Financial assets Financial assets at fair value through profit or loss Level 1 22,583 Level 1 20,755 Hedging deriva ves – foreign currency forwards Level 2 - Level 2 944 22,583 21,699 Financial liabili es Hedging deriva ves – foreign currency forwards Level 2 (918) Level 2 - Recurring fair value measurements There were no transfers between hierarchy levels. Level 1 - financial instruments traded in ac ve markets - is based on quoted market prices. Level 2 - financial instruments not traded in an ac ve market - is determined using valua on techniques maximising the use of observable market data. For the foreign currency forwards observable market data is the present value of future cash flows based on the forward exchange rates at the balance sheet date. Level 3 - if one or more significant inputs is not based on observable market data. (b) Credit risk Credit risk is managed on a group basis. For banks and financial ins tu ons, only independently rated par es with a minimum ra ng of 'A' are accepted. The group trades only with na onal tennis associa ons and recognised, creditworthy third par es and its debtor balances are monitored on an ongoing basis with a result that the group's exposure to bad debts is not significant. The maximum exposure is the carrying amount as disclosed in sec on (a) above. Based on the contractual condi ons trade and other payables are due within one month. For some trade receivables the group may obtain security in the form of guarantees, deeds of undertaking or le ers of credit which can be called upon if the counterparty is in default under the terms of the agreement.