20. Financial Instruments

Capital and liquidity risk management

At 30th June the Group was contractually obliged to make repayments of principal and payments of interest as detailed below:

Within one year
or on demand
£'000
1–2 years
£'000
3–5 years
£'000
More than
5 years
£'000
Total
£'000
2014
Trade and other payables1,6061,606
2013
Trade and other payables1,9821,982

Categories and Fair Value of Financial Instruments Carrying value

2014
£'000
2013
£'000
Financial assets
Trade and other receivables (including cash and cash equivalents)5,3935,139
Financial liabilities
Trade and other payables(1,606)(1,982)

The fair values of the Group's financial assets and liabilities are not materially different from their carrying values.

Foreign Currency Risk Management

The Group undertakes transactions denominated in foreign currencies which gives rise to the risks associated with currency exchange rate fluctuations. Exposures are managed by a combination of matching foreign currency income and expenditure, maintaining foreign currency deposits and the use of forward exchange contracts. The carrying value of the Group's foreign currency assets and liabilities at the reporting date was:

AssetsLiabilities
2014
£'000
2013
£'000
2014
£'000
2013
£'000
Euro4592335133
US Dollar341426521

Foreign Currency Sensitivity Analysis

At 30th June 2014 the Group is mainly exposed to the Euro and the US Dollar. The following table details the effect of a 10% increase and decrease in the exchange rate of these currencies against Sterling when applied to outstanding monetary items denominated in foreign currency as at 30th June 2014. A positive number indicates that an increase in profit would arise from a 10% strengthening of Sterling against these currencies, a negative number indicates that a decrease would arise.

Strengthening
£'000
Weakening
£'000
Euro(37)45
US Dollar3(3)

Interest Rate Sensitivity Analysis

This sensitivity analysis was not performed as the Group had no exposure to interest rates for either derivatives or non-derivative instruments at the balance sheet date.

Forward Foreign Exchange Contracts

The Group had four (2013 — nine) open foreign exchange contracts at 30th June 2014. The values are shown below:

2014
£'000
2013
£'000
Principal value752285
Fair value(28)11

Capital Management

In line with the disclosure requirements of IAS 1, "Presentation of Financial Statements", the Company regards its capital as being the issued share capital together with its banking facilities, used to manage short-term working capital requirements. Note 23 to the financial statements provides details regarding the Company's share capital and movements in the period. There were no breaches of any requirements with regard to any relevant conditions imposed by the Company's Articles of Association during the periods under review.