ANNUAL REPORT 2024 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 FINANCIAL STATEMENTS NOTES TO THE 205 49. FINANCIAL INSTRUMENTS (CONT’D) 49.4 FAIR VALUE INFORMATION (CONT’D) (a) Fair Value of Financial Instruments Carried at Fair Value (i) The fair values above have been determined using the following basis:- (aa) The fair value of the club membership is estimated based on its market price. (bb) The fair value of the unquoted ordinary shares is determined to approximate its initial cost of investment incurred as the investee has not commenced business operations during the financial year. (cc) The fair values of short-term investments are determined by reference to statements provided by the respective financial institutions, with which the investments were entered into. (ii) There were no transfers between level 1 and level 2 during the financial year. (b) Fair Value of Financial Instruments not Carried at Fair Value The fair values, which are for disclosure purposes, have been determined using the following basis:- (i) The fair value of term loans, term financing and trade financing that carry floating interest rates approximated their carrying amounts as they are repriced to market interest rates on or near the reporting date. (ii) The fair values of hire purchase payables are determined by discounting the relevant cash flows using current market interest rates for similar instruments at the end of the financial year. The interest rates used to discount the estimated cash flows are as follows:- Group Company 2024 2023 2024 2023 % % % % Hire purchase payables 3.39 - 3.39 -
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