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131 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS Note 15 Financial instruments Note 15C Fair value of financial instruments Carrying Fair Carrying Fair amount value amount value 2015 2015 2014 2014 000 000 000 000 Financial assets Cash and cash equivalents 1 11798 11798 12914 12914 Receivables for goods and services 1 2315 2315 3808 3808 Interest receivable 1 326 326 522 522 Investments 65000 65000 60077 60077 Loans 2721 2461 - - Total financial assets 82160 81900 77321 77321 Financial liabilities Trade creditors 1 2764 2764 2113 2113 Grants payable 1 40 40 1608 1608 Financial guarantee - - 77 77 Total financial liabilities 2804 2804 3798 3798 Note 15D Credit risk The Commission has a significant exposure to Authorised Deposit-taking Institutions ADIs as the majority of its cash- holdings and investments are with Australian-owned ADIs. Given that ADIs are all regulated by the Australian Prudential Regulation Authority in accordance with the Banking Act 1959 the level of credit risk is considered low. In addition the Commission has an Investment Policy to only deposit funds with financial institutions with credit ratings of A-2 or greater and to diversify across these financial institutions which further reduces the Commissions exposure to credit risk. The ASC has policies and procedures in place to manage its credit risk including general security deeds. AUSTRALIAN SPORTS COMMISSION For the year ended 30 June 2015 1 The net fair values of cash and non-interest bearing financial assets and liabilities approximate their carrying value due to the short term nature of these balances. The investments are short-term in nature and as such the fair value of these investments at year end approximate their carrying value. The Commission is exposed to low overall credit risk. The majority of loans and receivables are cash and receivables for goods and services. Investments held-to-maturity represent investments held with financial institutions with an approved credit rating in accordance with the Commissions Investment Policy. The maximum exposure to credit risk is the risk that arises from potential default of a debtor or financial institution. The Commissions maximum exposure to credit risk at the reporting date in relation to each class of recognised financial assets is the gross amount of those assets as indicated in the Statement of Financial Position 5468000 in 2014-15 and 4441000 in 2013-14. The Commission has assessed the risks of default on payments and has allocated 106000 in 2014-15 2013-14 111000 to an impairment allowance account.