Notes to the financial statements Year ended 31 December 2024 29. CAPITAL AND FINANCIAL RISK MANAGEMENT (continued) Accounting classifications and fair values (continued) Carrying amount Fair value Note Amortised cost Fair value to statement of total return Fair value – hedging instruments Other financial liabilities Total carrying amount Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Trust 2023 Financial assets not measured at fair value Loans to subsidiaries 6 200,736 – – – 200,736 – – 191,596 191,596 Non-trade amounts due from subsidiaries 6 2,007,031 – – – 2,007,031 – – 1,915,642 1,915,642 Trade and other receivables(1) 8 644 – – – 644 – – – – Cash and cash equivalents 9 1,208 – – – 1,208 – – – – 2,209,619 – – – 2,209,619 Financial assets measured at fair value Financial derivative assets 7 – 570 19,657 – 20,227 – 20,227 – 20,227 Financial liabilities not measured at fair value Trade and other payables 11 – – – 158,650 158,650 – – 141,384(2) 141,384(2) Interest-bearing borrowings 12 – – – 1,605,056 1,605,056 – 1,590,775 – 1,590,775 – – – 1,763,706 1,763,706 Financial liabilities measured at fair value Financial derivative liabilities 7 – 767 4,582 – 5,349 – 5,349 – 5,349 (1) Excluding prepayments (2) Relates to non-trade amounts due to subsidiaries Estimation of fair value The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments of the Group and Trust. Financial derivatives The fair values of deliverable forwards and interest rates are based on banks’ quotes. These quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the measurement date. Fair values reflect the credit risk of the Group entity and counterparties when appropriate. Interest-bearing borrowings Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. Other financial assets and liabilities The carrying amounts of financial assets and liabilities (including trade and other receivables, cash and cash equivalents, trade and other payables and current security deposits) are assumed to approximate their fair values because they are either short term in nature, or effect of discounting is immaterial. All other financial assets and liabilities (non-current security deposits) are discounted to determine their fair values. 159 Annual Report 2024
RkJQdWJsaXNoZXIy NTM2MDQ5