Financial Statements For the year ended

Association of Chartered Certified Accountants
Notes to the Financial Statements for the year ended 31 March 2022
18
Derivative financial instruments
31 Mar 2022
31 Mar 2021
Assets
Liabilities
Assets
Liabilities
£’000
£’000
£’000
£’000
Forward foreign exchange contracts
520
(14)
54
(952)
520
(14)
54
(952)
The contracts entered into by ACCA are principally denominated in the geographic areas in which
ACCA operates. The fair value of these contracts is recorded in the balance sheet and is determined by mark-to-market valuations and have been valued by the providers of the contracts. The valuation methods used are consistent with the principles in IFRS 13: Fair Value Measurement and use significant unobservable inputs, such that the fair value measurement of the contracts, has been classified as Level 3 in the fair value hierarchy. No contracts are designated as hedging instruments, as defined in IFRS 9, and consequently all changes in fair value are taken to the statement of comprehensive income.
The amount recognised in the statement of comprehensive income that arises from the forward foreign exchange contracts amounted to again of m (31 March 2021: loss of £0.1m).

Forward foreign exchange contracts
The notional principal amounts of the outstanding forward foreign exchange contracts at 31 March
2022 was m (31 March 2021: £28.2m).
19
Cash and cash equivalents
31 Mar
2022
£’000
31 Mar
2021
£’000
Cash at bank and in hand
34,340
40,918
ACCA had no short-term bank deposits in place at the balance sheet date. Cash and cash equivalents comprise cash on hand, demand and short-term deposits, as appropriate, with banks and similar institutions which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value.

Association of Chartered Certified Accountants
Notes to the Financial Statements for the year ended 31 March 2022

Download 0.68 Mb.

Share with your friends: