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Financial Instruments | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
FINANCIAL INSTRUMENTS | 16. FINANCIAL INSTRUMENTS The main risks arising from the Group’s financial instruments are liquidity risk, foreign currency risk and credit risk. The directors regularly review and agree policies for managing each of these risks which are summarized below. Market risk Market risk encompasses three types of risk, being foreign currency exchange risk, price risk and fair value interest rate risk. The Group policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled “interest rate risk” below. The Directors do not consider the Group’s exposure to price risk to be significant. The Group’s risk management is coordinated by the Directors and focuses on actively securing the Group’s short to medium term cash flows by minimizing the exposure to financial markets. The Group does not engage in the trading of financial assets for speculative purposes. Credit risk Credit risk is managed on a Group basis. Credit risk arises principally from cash and cash equivalents and deposits with banks and financial institutions as well as credit exposure to customers including committed transactions and outstanding receivables. The Group reviews its banking arrangements carefully to minimize such risks and currently has no customers and therefore this risk is viewed as minimal. Management monitor loans between members of the Group as part of their internal reporting and assesses outstanding receivables for ability to be repaid. Liquidity risk The Group’s policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves of cash to meet its liquidity requirements in the short and long term. The Group ordinarily finances its activities through cash generated from private and public offerings of equity and debt securities. The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:
|  | 2023 |
$000 |  | Less than 3 months |  |  | 3 to 12 months |  |  | Total |
Trade payables |  |  | 2,223 |  |  |  | 1,914 |  |  |  | 4,137 |
Lease liabilities |  |  | 34 |  |  |  | 104 |  |  |  | 138 |
Related party payables |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | 2,354 |  |  |  | 1,921 |  |  |  | 4,275 |
|  | 2022 |
$000 |  | Less than 3 months |  |  | 3 to 12 months |  |  | Total |
Trade payables |  |  | 1,230 |  |  |  | 3,732 |  |  |  | 4,962 |
Lease liabilities |  |  | 32 |  |  |  | 98 |  |  |  | 130 |
Related party payables |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | 1,262 |  |  |  | 3,830 |  |  |  | 5,092 |
Interest rate risk The Group has limited exposure to interest-rate risk arising from its bank deposits. These deposit accounts are held at variable interest rates based on Bank of America base rate. The Directors do not consider the impact of possible interest rate changes based on current market conditions to be material to the net result for the year or the equity position as of year-end for either the year ended 31 December 2023 or 31 December 2022. Foreign currency risk The Group operates internationally although the majority of its operations are based in the United Kingdom and the United States, and the majority of assets and liabilities are denominated in US Dollars, with a small amount denominated in Pound Sterling. It therefore is exposed to some foreign exchange risk arising from exposure to various currencies primarily the Pound Sterling. The Group monitors currency exchange rates and makes judgments as to whether to enter into currency hedging contracts. Currently no such hedging contracts are in place. Sensitivity analysis A reasonably possible strengthening (weakening) of the US dollar or Sterling against all other currencies at 31 December 2023 would have affected the measurement of the financial instruments denominated in a foreign currency and affected equity and profit and loss by the amounts shown below. This analysis assumes that all other variables remain constant.
|  | Profit or loss and equity |
December 31, 2023 |  | Strengthening |  |  | Weakening |
USD (5% movement) |  |  | 467 |  |  |  | (467 | )

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- Definition The entire disclosure for financial instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Section Scope -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS07_g3-5A_TI -URIDate 2023-03-23 + Details
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