Notes to the Financial Statements 102 continued 28. Financial risk management and instruments  A change of 100 basis points (“bps”’) in interest rate at the reporting date would have increased / (decreased) equity and profit or loss by the amounts  shown below. This analysis assumes that all other variables, in particular foreign exchange rates, remain constant.  Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers including,  outstanding receivables and committed transactions. The Group has no significant concentrations of credit risk. The sale of gold and other cash transactions are limited to counterparties with sound credit  ratings. The maximum exposure to credit risk is represented by the carrying value of the Group’s financial assets in the statement of financial position. The maximum  exposure to credit risk at reporting date was: (b) Credit risk (c) Liquidity risk The Group’s liquidity requirements are based upon cash flow forecasts which are based upon forward production, operations, exploration and capital projections. Liquidity management, including debt / equity management, is carried out under policies approved by the Board and forecast material liquidity  changes are discussed at Board meetings. The following table analyses the Company’s financial assets and liabilities into relevant maturity groupings based  on the remaining period at the reporting date. The amounts disclosed are the contractual undiscounted cash flows. www.kingsgate.com.au Carrying  amount   $’000 1 year or less  $’000 1–2 years   $’000 2–5 years   $’000 More than 5 years   $’000 Total   $’000 2013 Payables 47,10 6 41,185 – 3,373 4,327 48,885 Borrowings 202,565 94,432 30,458 85,138 13,521 223,549 Derivatives held for trading 1,271  1,271  – – – 1,271 Total financial liabilities 2013 250,942 136,888 30,458 88,511 17,848 273,705 2012 Payables 49,278 42,597 4,637 2,044 – 49,278 Borrowings 157,5 4 4 45,474 75,260 66,359 – 187,0 9 3 Derivatives held for trading 2,685 2,685 – – – 2,685 Total financial liabilities 2012 209,507 90,756 79,897 68,403 – 239,056 2013  $’000 2012  $’000 Cash and cash equivalents 32,987 90,623 Receivables 9,431 12,226 Restricted cash 5,474 – Other financial assets 7,808 4,670 Total exposure to credit risk at year end 55,700 107,519 100 bps increase 100 bps decrease Profit  $’000 Equity  $’000 Profit  $’000 Equity  $’000 Variable rate instrument – 2013 1,920 – (1,920) – Variable rate instrument – 2012 481 – (481) –