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182 AUSTRALIAN SPORTS COMMISSION ANNUAL REPORT 201415 CHAPTER 5 AUSTRALIAN SPORTS FOUNDATION AUSTRALIAN SPORTS FOUNDATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL REPORT For the year ended 30 June 2015 2015 2014 Note 15 Financial Instruments Note 15A Categories of Financial Instruments Financial Assets Loans and receivables Cash and cash equivalents 15649576 10515419 Trade and other receivables 535585 1830498 Total loans and receivables 16185161 12345917 Total financial assets 16185161 12345917 Financial Liabilities Financial liabilities measured at amortised cost Trade creditors 112879 460301 Other payables 30109 15000 Total financial liabilities measured at amortised cost 142988 475301 Total financial liabilities 142988 475301 Note 15B Net Gains or Losses on Financial Assets Loans and receivables Interest revenue 146538 187280 Net gains losses on loans and receivables 146538 187280 Net gains losses on financial assets 146538 187280 Note 15C Fair Value of Financial Instruments The fair value of all financial assets and liabilities of the Foundation equals the carrying value. Financial assets and liabilities are disclosed in the Statement of Financial Position and related notes. Note 15D Credit risk The Foundation is exposed to minimal credit risk as the majority of receivables are cash interest or amounts owed by the Australian Taxation Office in the form of Goods and Services Tax refund. The maximum exposure to credit risk is the risk that arises from potential default of a debtor. This amount is equal to the total amount of trade receivables 2015 535585 and 2014 1830498 The Foundation has assessed the risk of the default on payment and has allocated Nil in 2015 2014 Nil to an impairment allowance account. The Foundation has policies and procedures in place to manage its credit risk. The Foundation holds no collateral to mitigate against credit risk.