Issue link: http://itf.uberflip.com/i/515304
68 ITF FINANCIAL STATEMENTS NOTES (FORMING PART OF THE FINANCIAL STATEMENTS) Gross Fair value Gross Fair value 2014 2014 2013 2013 $000 $000 $000 $000 Not past due 3,649 3,649 6,772 6,772 Past due (0-30 days) 1,713 1,713 207 207 Past due (31-180 days) 867 867 571 571 More than 180 days 618 618 331 331 Fair values 6,847 6,847 7,881 7,881 2014 2013 Carrying Contractual 1 year Carrying Contractual 1 year amount cash flows or less amount cash flows or less $000 $000 $000 $000 $000 $000 Non-derivative financial liabilities Trade and other payables* (1,365) (1,365) (1,365) (1,598) (1,598) (1,598) Derivative financial liabilities Forward exchange contracts used for hedging: Outflow (17,108) (17,108) (17,108) (20,712) (20,712) (20,712) Inflow 17,012 17,012 17,012 21,991 21,991 21,991 (1,461) (1,461) (1,461) (319) (319) (319) * Excludes derivatives (shown separately above) 31. Financial instruments (cont.) (b) Credit risk The group trades only with recognised, creditworthy third parties 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 section (a), above. Based on the contractual conditions trade and other payables are due within one month. Credit quality of financial assets and impairment losses The ageing of trade receivables at the balance sheet date was: (c) Liquidity risk Financial risk management Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group has substantial cash balances and does not require any external funding of its operations. Processes are in place to issue invoices on a timely basis, monitor cash collection closely and chase overdue balances promptly, in order to minimise liquidity risk. This is particularly the case in respect of sponsorship income collection, where the amounts involved can be significant. Liquidity risk: The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements: