11.
Other payables (cont'd)
2015
$
2014
$
Balance at beginning of the year
–
–
Grants received / receivable during the year
823,223
300,000
Utilised during the year
(337,382)
(300,000)
Balance at end of the year
485,841
–
12.
Financial instruments: information on financial risks
12A.
Categories of financial assets and liabilities
The following table summarises the carryingamount of financial assets and liabilities recordedat theendof the
reporting year by FRS 39 categories:
2015
$
2014
$
Financial assets:
Cash and cash equivalents
26,358,735
24,862,996
Other receivables
383,168
448,085
At end of the year
26,741,903
25,311,081
Financial liabilities:
Other payables
1,205,142
748,509
At endof the year
1,205,142
748,509
Further quantitative disclosures are included throughout these financial statements.
12B.
Financial riskmanagement
Themainpurpose for holdingor issuing financial instruments is to raiseandmanage the finances for theentity’s
operating, investingand financingactivities. There is exposure to the financial risks on the financial instruments
such as credit risk and liquidity risk. The management has certain practices for the management of financial
risks. However these are not documented in formal written documents. The following guidelines are followed:
All financial riskmanagement activities are carried out andmonitored by senior management staff. All financial
riskmanagement activities are carried out following goodmarket practices.
The Foundation is not exposed to significant interest rate and currency risks.
12C.
Fair Values of Financial Instruments
The analyses of financial instruments that aremeasured subsequent to initial recognition at fair value, grouped
into Levels 1 to 3 are disclosed in the relevant notes to the financial statements. These include both the
significant financial instruments stated at amortised cost and at fair value in the statement of financial position.
The carrying values of current financial instruments approximate their fair values due to the short-termmaturity
of these instrumentsand thedisclosuresof fair valuearenotmadewhen thecarryingamount of current financial
instruments is a reasonable approximation of the fair value.
12D.
Credit risk onfinancial assets
Financialassets thatarepotentiallysubject toconcentrationsofcredit riskand failuresbycounterparties todischarge
their obligations in full or ina timelymanner consist principally of cashbalanceswithbanks, cashequivalents, and
receivables. Themaximumexposure to credit risk is: the total of the fair valueof the financial assets; themaximum
amount theentitycouldhave topay if theguarantee iscalledon; and the full amount of anypayablecommitmentsat
theendof the reporting year. Credit riskon cashbalanceswithbanksandanyother financial instruments is limited
because the counter-parties are entities with acceptable credit ratings. For credit risk on receivables an ongoing
credit evaluation is performedon the financial conditionof thedebtors anda loss from impairment is recognised in
profit or loss.
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