CLOSE FILE X 70 VILLAGE ROADSHOW LIMITED From 1 July 1998, ordinary share capital has been increased based on the proceeds received from shares issued (less direct share issue costs), and  decreased based on the buy-back cost (including direct buy-back costs). Prior to that date, ordinary share capital was recognised at the par value of the  amount paid up, and any excess between the par value and the issue price was recorded in the share premium reserve. Details of shares issued and the  terms and conditions of options outstanding over ordinary shares at reporting date are set out in Note 19. Set out below is a comparison by category of carrying amounts and fair values of all of the Group’s financial instruments recognised in the financial  statements, excluding any classified under discontinued operations. The Group uses the following methods in calculating or estimating the fair value of a financial instrument: Level 1: Fair value is calculated using quoted prices in active markets. Level 2: Fair value is estimated using inputs other than quoted prices that are observable for the asset or liability, either directly (as prices) or indirectly  (derived from prices). The fair value of the financial instruments as well as methods used to estimate the fair value are summarised in the  table below. Level 3: Fair value is estimated using inputs for the asset that are not based on observable market data. The net fair values of the secured and unsecured borrowings are determined based on the weighted average market-based interest rates that are  applicable to the borrowings. The carrying amount approximates fair value because of short-term maturity. The fair values of non current receivables are estimated using discounted cash flow analysis, based on current incremental lending rates for similar types  of arrangements. The carrying amount approximates fair value because of short-term maturity. Borrowings – non current: Borrowings – current: Receivables – non current: Cash, cash equivalents and short-term deposits: Receivables and accounts payable – current: The carrying amount approximates fair value because of short-term maturity. The following methods and assumptions are used to determine the fair values of financial assets and liabilities: (d) Fair values Ordinary shares: TOTAL CARRYING AMOUNT AS PER  CONSOLIDATED STATEMENT OF  FINANCIAL POSITION AGGREGATE NET FAIR VALUE CONSOLIDATED 2014  $’000 2013  $’000 2014  $’000 2013  $’000 Financial assets: Cash 130,382 146,909 130,382 146,909 Trade and other receivables 121,807 126,830 121,807 126,830 Unsecured advances – 1,351 – 1,351 Available for sale investments 483 520 483 520 Derivatives 254 5,035 254 5,035 Security Deposits 49 1,425 49 1,425 Total financial assets 252,975 282,070 252,975 282,070 Financial liabilities: Trade and other payables 242,155 292,173 242,155 292,173 Secured and unsecured borrowings 480,868 418,487 471,269 408,010 Derivatives 1,957 7,588 1,957 7,588 Total financial liabilities 724,980 718,248 715,381 707,771 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  (CONTINUED) For the year ended 30 June 2014 (iii) Equity Recognised Financial Instruments  (continued) (c) Terms, conditions and accounting policies  (continued) 30 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES  (continued)