ITF

Carrying amount Fair value Carrying amount Fair value 2014 2014 2013 2013 $000 $000 $000 $000 Cash and cash equivalents 10,645 10,645 13,859 13,859 Available for sale financial assets 52,190 52,190 54,451 54,451 Trade receivables 6,847 6,847 7,881 7,881 Other receivables and accrued income 4,063 4,063 4,852 4,852 Financial assets held for trading (note 26) 354 354 1,370 1,370 Total financial assets 74,099 74,099 82,413 82,413 Carrying amount Fair value Carrying amount Fair value 2014 2014 2013 2013 $000 $000 $000 $000 Financial liabilities at amortised cost Financial liabilities held for trading (including all derivatives) (note 28) 450 450 91 91 Trade payables 695 695 655 655 Other payables 670 670 943 943 Other taxation and social security 401 401 428 428 Deferred income 14,322 14,322 23,926 23,926 Provisions 519 519 519 519 Accruals 6,292 6,292 5,911 5,911 Total financial liabilities 23,349 32,473 32,473 32,473 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: NOTES (FORMING PART OF THE FINANCIAL STATEMENTS) ITF FINANCIAL STATEMENTS 67

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