69 KATHMANDU A NNUAL REPORT  2013 (d) Fair values Term liabilities Foreign exchange contracts and interest rate swaps Guarantees and overdraft facilities The fair value of the Group’s term liabilities is estimated based  on current market rates available to the Group for debt of similar  maturity. The only financial instruments held by the Group that are  measured at fair value are over the counter derivatives. These  derivatives have all been determined to be within level 2 (for the  purposes of NZ IFRS7) of the fair value hierarchy as all significant  inputs required to ascertain the fair value of these derivatives are  observable.  The following methods and assumptions were used to estimate  the fair values for each class of financial instrument. The carrying value of these items is equivalent to their fair value. The fair value of these instruments is estimated on the basis that  management do not expect settlement at face value to arise. The  carrying value and fair value of these instruments is nil. Details of  guarantees are included in note 23. All guarantees are repayable  on demand. The fair value of these instruments is estimated based on the  quoted market price of these instruments. Trade debtors, trade creditors and bank balances Financial instruments by category Loans and  receivables Derivatives  used  for hedging Measured at  amortised cost Total NZ$’000 NZ$’000 NZ$’000 NZ$’000 Group At 31 July 2013 Cash and cash equivalents 2,345 - - 2,345 Trade and other receivables 1,008 - - 1,008 Derivative financial instrument assets - 7,914 - 7,914 Total financial assets 3,353 7,914 - 11,267 Trade and other payables - - 29,901 29,901 Interest bearing liabilities - - 42,309 42,309 Derivative financial instrument liabilities - 686 - 686 Total financial liabilities - 686 72,210 72,896 At 31 July 2012 Cash and cash equivalents 1,811 - - 1,811 Trade and other receivables 1,422 - - 1,422 Total financial assets 3,233 - - 3,233 Trade and other payables - - 26,521 26,521 Interest bearing liabilities - - 53,737 53,737 Derivative financial instrument liabilities - 3,879 - 3,879 Total financial liabilities - 3,879 80,258 84,137 Parent At 31 July 2013 Cash and cash equivalents 5 - - 5 Related party receivable 81,944 - - 81,944 Total financial assets 81,949 - - 81,949 Trade and other payables - - 257 257 Total financial liabilities - - 257 257 At 31 July 2012 Cash and cash equivalents 26 - - 26 Related party receivable 82,885 - - 82,885 Total financial assets 82,911 - - 82,911 Trade and other payables - - 48 48 Total financial liabilities - - 48 48