Urban Renewal Authority 2018-19 Annual Report

141 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 3. Financial risk management and fair value of financial instruments (Continued) (a) Financial risk factors (Continued) (iii) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through committed credit facilities. Management monitors rolling forecasts of the Group’s cash and bank balances on the basis of expected cash flow. The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts (except for debt securities issued which include interest element), as the impact of discounting is insignificant. 2019 2018 $’000 $’000 Less than 1 year Trade and other payables 2,560,714 2,959,980 Amounts due to joint development projects 257,442 436,973 Debt securities issued 1,061,265 65,772 Between 1 to 3 years Trade and other payables 42,000 299,200 Debt securities issued 777,507 1,806,550 Between 3 to 5 years Trade and other payables 10,600 7,300 Debt securities issued 653,168 364,462 Over 5 years Trade and other payables 359,700 369,500 Debt securities issued 538,447 859,375 (iv) Price risk Price risk arising from uncertainties about future prices of the underlying investments held at FVPL. Price risk sensitivity As at 31 March 2018, if the respective market price of the quoted investments had been increased/ decreased by 1% with all other variables held constant, the surplus of the Group would increase/ decrease by approximately $4,780,000 resulting from the change in fair value of the investments at FVPL. All of the Group’s investments at FVPL had been disposed of during the year ended 31 March 2019.