ITF

ITF FINANCIAL STATEMENTS I 67 31. Financial Instruments (continued) 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 fl ows, discounted at the market rate of interest at the balance sheet date. Derivative fi nancial 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 fi nancial assets and fi nancial liabilities together with their carrying amounts shown in the balance sheet are as follows: Carrying amount Fair value Carrying amount Fair value 2015 2015 2014 2014 $000 $000 $000 $000 Financial assets Cash and cash equivalents 10,306 10,306 10,645 10,645 Available for sale fi nancial assets 48,324 48,324 52,190 52,190 Trade Receivables 8,292 8,292 6,847 6,847 Other receivables and accrued income 3,253 3,253 4,063 4,063 Financial assets held for trading (note 26) 64 64 354 354 Total fi nancial assets 70,239 70,239 74,099 74,099 Carrying amount Fair value Carrying amount Fair value 2015 2015 2014 2014 $000 $000 $000 $000 Financial liabilities Financial liabilities held for trading (including all derivatives) (note 28) 660 660 450 450 Trade payables 3,541 3,541 695 695 Other payables 215 215 670 670 Other taxation and social security 454 454 401 401 Deferred income 10,504 10,504 14,322 14,322 Provisions 519 519 519 519 Accruals 6,970 6,970 6,292 6,292 Total fi nancial liabilities 22,863 22,863 23,349 23,349 Notes (forming part of the fi nancial statements)

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