ITF

68 I ITF FINANCIAL STATEMENTS INTERNATIONAL TENNIS FEDERATION • ANNUAL REPORT AND ACCOUNTS 2015 31. Financial Instruments (continued) (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 signifi cant. 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 fi nancial assets and impairment losses The ageing of trade receivables at the balance sheet date was: * Excludes derivatives (shown separately above) (c) Liquidity risk Financial risk management – Liquidity risk is the risk that the Group will not be able to meet its fi nancial 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 signifi cant. Liquidity risk: The following are the contractual maturities of fi nancial liabilities, including estimated interest payments and excluding the effect of netting agreements: Gross Fair value Gross Fair value 2015 2015 2014 2014 $000 $000 $000 $000 Not past due 6,730 6,730 3,649 3,649 Past due (0-30 days) 320 320 1,713 1,713 Past due (31-180 days) 574 574 867 867 Past due (more than 180 days) 668 668 618 618 Fair values 8,292 8,292 6,847 6,847 2015 2014 Carrying Contractual 1 year Carrying Contractual 1 year amount cash fl ows or less amount cash fl ows or less $000 $000 $000 $000 $000 $000 Non-derivative fi nancial liabilities Trade and other payables* (3,756 (3,756 (3,756 (1,365 (1,365 (1,365 Derivative fi nancial liabilities Forward exchange contracts used for hedging: Outfl ow (17,005 (17,005 (17,005 (17,108 (17,108 (17,108 Infl ow 16,410 16,410 16,410 17,012 17,012 17,012 Total fi nancial assets (4,351 (4,351 (4,351 (1,461 (1,461 (1,461 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) Notes (forming part of the fi nancial statements)

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