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Note 33 - Financial Instruments | 12 Months Ended
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Dec. 31, 2020
Statement Line Items [Line Items] |
Disclosure of financial instruments [text block] |
33 | Financial Instruments
(a) | Credit risk
Exposure to credit risk The carrying amount of financial assets as disclosed in the statements of financial position and related notes represents the maximum credit exposure. The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was:
Carrying amount |  |  | 2020 |  |  |  | 2019 |  |  |  | January 1, 2019 |
Zimbabwe |  |  | 1,581 |  |  |  | 3,123 |  |  |  | 3,639 |
Jersey, Channel Islands |  |  | 1,100 |  |  |  | 2,003 |  |  |  | – |
Other regions |  |  | 3 |  |  |  | 20 |  |  |  | 10 |
|  |  | 2,684 |  |  |  | 5,146 |  |  |  | 3,649 |
(b) | Liquidity risk
The following are the contractual maturities of financial liabilities, including contractual interest payments and excluding the impact of netting agreements. Non-derivative financial liabilities
December 31, 2020 |  |  | Carrying amount |  |  |  | 12 months or less |  |  |  | 1-3 Years |
Trade and other payables |  |  | 4,622 |  |  |  | 4,622 |  |  |  | - |
Term loan facility |  |  | 408 |  |  |  | 408 |  |  |  | - |
|  |  | 5,030 |  |  |  | 5,030 |  |  |  | - |
December 31, 2019 |  |  | Carrying amount |  |  |  | 12 months or less |  |  |  | 1-3 Years |
Trade and other payables |  |  | 5,116 |  |  |  | 5,116 |  |  |  | - |
Term loan facility |  |  | 2,471 |  |  |  | - |  |  |  | 2,471 |
|  |  | 7,587 |  |  |  | 5,116 |  |  |  | 2,471 |
January 1, 2019 |  |  | Carrying amount |  |  |  | 12 months or less |  |  |  | 1-3 Years |
Trade and other payables |  |  | 7,493 |  |  |  | 7,493 |  |  |  | - |
Term loan facility |  |  | 5,960 |  |  |  | - |  |  |  | 5,960 |
|  |  | 13,453 |  |  |  | 7,493 |  |  |  | 5,960 |
(c) | Currency risk
The Group is exposed to currency risk to the extent that there is a mismatch between the currency that it transacts in and the functional currency. The results of the Group's operations are subject to currency transaction risk and currency translation risk. The operating results and financial position of the Group are reported in US Dollar in the Group's consolidated financial statements. The fluctuation of the US Dollar in relation to other currencies that entities within the Group may transact in will consequently have an effect upon the profitability of the Group and may also effect the value of the Group's assets and liabilities. As noted below, the Group has certain financial assets and liabilities denominated in currencies other than the functional currency of the Company. To reduce exposure to currency transaction risk, the Group regularly reviews the currency in which it spends its cash to identify and avoid specific expenditures in currencies that experience inflationary pressures. The Group invested in a Gold ETF to avoid fluctuations in South African Rands. Further, the Group aims to maintain cash and cash equivalents in US Dollar to avoid foreign exchange exposure and to meet short-term liquidity requirements. Sensitivity analysis As a result of the Group's monetary assets and liabilities denominated in foreign currencies which is different to the functional currency of the underlying entities, the profit or loss and equity in the underlying entities could be affected by movements between the functional currency and the foreign currency. The table below indicates consolidated monetary assets/(liabilities) in the Group that have a different functional currency and foreign currency.
|  | 2020 |  | 2019 |  | January 1, 2019
|  | $'000 |  | $'000 |  | $'000
|  | Functional currency |  | Functional currency |  | Functional currency
|  | ZAR |  | $ |  | ZAR |  | $ |  | ZAR |  | $
Cash and cash equivalents |  |  | 59 |  |  |  | 1,959 |  |  |  | 57 |  |  |  | 4,176 |  |  |  | 57 |  |  |  | 8,147 |
Trade and other receivables |  |  | - |  |  |  | 249 |  |  |  | - |  |  |  | 1,735 |  |  |  | - |  |  |  | 126 |
Trade and other payables |  |  | - |  |  |  | (174 | ) |  |  | - |  |  |  | (179 | ) |  |  | - |  |  |  | (345 | )
Term loan |  |  | - |  |  |  | 408 |  |  |  | - |  |  |  | (2,471 | ) |  |  | - |  |  |  | (5,960 | )
Overdraft |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (490 | ) |  |  | - |  |  |  | - |
|  |  | 59 |  |  |  | 2,442 |  |  |  | 57 |  |  |  | 2,771 |  |  |  | 57 |  |  |  | 1,968 |
A reasonably possible strengthening or weakening of 5% of the various functional currencies against the foreign currencies would have the following equal or opposite effect on profit or loss and equity for the Group:
|  | 2020 |  | 2019 |  | January 1, 2019
|  | $'000 |  | $'000 |  | $'000
|  | Functional currency |  | Functional currency |  | Functional currency
|  | ZAR |  | $ |  | ZAR |  | $ |  | ZAR |  | $
Cash and cash equivalents |  |  | 3 |  |  |  | 103 |  |  |  | 3 |  |  |  | 199 |  |  |  | 3 |  |  |  | 388 |
Trade and other receivables |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | 82 |  |  |  | - |  |  |  | 6 |
Trade and other payables |  |  | - |  |  |  | (8 | ) |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | (16 | )
Term loan |  |  | - |  |  |  | 19 |  |  |  | - |  |  |  | (117 | ) |  |  | - |  |  |  | (283 | )
Overdraft |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (23 | ) |  |  | - |  |  |  | - |
|  |  | 3 |  |  |  | 126 |  |  |  | 3 |  |  |  | 150 |  |  |  | 3 |  |  |  | 95 |
(d) | Interest rate risk
The Group's interest rate risk arises from Loans and borrowings, overdraft facility and cash held. The Loans and borrowings, overdraft facility and cash held have variable interest rates. Variable rates expose the Group to cash flow interest rate risk. The Group has not entered into interest rate swap agreements. The Group's assets and liabilities exposed to interest rate fluctuations as at year end is summarised as follows:
|  |  | 2020 |  |  |  | 2019 |  |  |  | January 1, 2019 |
Cash and cash equivalents |  |  | 19,092 |  |  |  | 9,383 |  |  |  | 11,187 |
Term loan |  |  | (408 | ) |  |  | (2,471 | ) |  |  | (5,960 | )
Overdraft |  |  | – |  |  |  | (490 | ) |  |  | – |
Interest rate risk arising from borrowings is offset by interest from available cash and cash equivalents. The table below summarises the effect of a change in finance cost on the Group's profit or loss and equity, had the rates charged differed.
Sensitivity analysis - Cash and cash equivalents |  |  | 2020 |  |  |  | 2019 |  |  |  | January 1, 2019 |
Increase by 100 basis points |  |  | 191 |  |  |  | 94 |  |  |  | 111 |
Decrease by 100 basis points |  |  | (191 | ) |  |  | (94 | ) |  |  | (111 | )
Sensitivity analysis - Term loan |  |  |  |  |  |  |  |  |  |  |  |
Increase by 100 basis points |  |  | 4 |  |  |  | (25 | ) |  |  | (60 | )
Decrease by 100 basis points |  |  | (4 | ) |  |  | 25 |  |  |  | 60 |
Sensitivity analysis - Overdraft |  |  |  |  |  |  |  |  |  |  |  |
Increase by 100 basis points |  |  | - |  |  |  | (5 | ) |  |  | - |
Decrease by 100 basis points |  |  | - |  |  |  | 5 |  |  |  | - |

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