CTFA Annual Report 2021

NOTES TO THE FINANCIAL STATEMENTS 8. Other financial liabilities Cash and cash equivalents Cash and cash equivalents includes cash on hand, demand deposits and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. Trade and other payables Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Other financial liabilities Other financial liabilities are recognised initially at the transaction price, including transaction costs except where the liability will subsequently be measured at fair value. Where the fair value of other financial liabilities can be measured reliably without undue cost or effort, these liabilities are subsequently measured at fair value with the changes in fair value being recognised in profit or loss. Debt instruments are subsequently stated at amortised cost. Interest expense is recognised on the basis of the effective interest method and is included in finance costs. Other financial liabilities are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. 8.2 Carrying amount of other financial liabilities by category Debt instruments at amortised cost Total Year ended 31 December 2021 Operating lease payable (Note 10) 97,438 97,438 Trade and other payables excluding non-financial liabilities (Note 9) 42,657 42,657 Credit card (Note 6) 2,465 2,465 142,560 142,560 Year ended 31 December 2020 Operating lease payable (Note 10) 100,684 100,684 Trade and other payables excluding non-financial liabilities (Note 9) 24,522 24,522 Credit card (Note 6) 1,974 1,974 127,180 127,180 FIGURES IN R 2021 2020 COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 36