ITF

NOTES (FORMING PART OF THE FINANCIAL STATEMENTS) 67 ITF FINANCIAL STATEMENTS Carrying amount Fair value Carrying amount Fair value 2013 2013 2012 2012 $000 $000 $000 $000 Cash and cash equivalents 13,859 13,859 31,337 31,337 Available for sale financial assets 54,451 54,451 36,476 36,476 Trade receivables 7,881 7,881 10,247 10,247 Other receivables and accrued income 4,852 4,852 5,587 5,587 Financial assets held for trading (note 26) 1,370 1,370 371 371 Total financial assets 82,413 82,413 84,018 84,018 Carrying amount Fair value Carrying amount Fair value 2013 2013 2012 2012 $000 $000 $000 $000 Financial liabilities at amortised cost Financial liabilities held for trading 91 91 109 109 (including all derivatives) (note 28) Trade payables 655 655 1,249 1,249 Other payables 943 943 639 639 Other taxation and social security 428 428 613 613 Deferred income 23,926 23,926 30,934 30,934 Provisions 519 519 519 519 Accruals 5,911 5,911 4,445 4,445 Total financial liabilities 32,473 32,473 38,508 38,508 31. Financial instruments (cont.) Trade and other payables The fair value of trade and other payables is estimated 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 estimated as its carrying amount where the cash is repayable on demand. Where it is not repayable on demand then the fair value is estimated at the present value of future cash flows, discounted at the market rate of interest at the balance sheet date. Derivative 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 estimated by discounting 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 liabilities together with their carrying amounts shown in the balance sheet are as follows: 66 Dilapidations provision $000 Balance at 1 January 2013 and 31 December 2013 519 Non-current 519 Current - 519 2013 2012 $000 $000 (a) Current Receipts in advance 8,151 10,028 Olympic deferred income 6,077 5,383 Hopman Cup Pty Ltd 3,102 4,335 Grand Slam Development Fund 520 421 17,850 20,167 (b) Non-current Olympic deferred income 6,076 10,767 The dilapidations provision relates to the Roehampton property. The deferred income in Hopman Cup has arisen because of the revenue recognition policy described in note 5a. Further expenses will be incurred in 2014 and the anticipated net surplus after taxation from the event, which will be reflected in the financial statements for 2014, is expected to amount to A$195,000. Olympic income for London 2012 totalled $25,170,000 with direct event related expenses of $1,557,000 (net $23,613,000) for the four-year Olympiad from 2012 to 2015 inclusive. $5,383,000 was recognised as income in 2012. The final tranche of Olympic income was received in 2013 and therefore spread over the remaining three years. As a result, $6,076,000 was recognised in 2013 and the remainder has been deferred and will be released evenly to the consolidated income and expenditure account in 2014 and 2015. 31. Financial instruments (a) Fair values of financial instruments Investments in debt and equity securities The fair value of available-for-sale financial assets is determined by reference to their quoted bid price at the balance sheet date. Trade and other receivables The fair value of trade and other receivables is estimated 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. 30. Deferred income 29. Provisions ITF FINANCIAL STATEMENTS

• Cover