Annual Report 2021

171 Notes to the Financial Statements Miramar Hotel and Investment Company, Limited Annual Report 2021 23 Financial risk management and fair values (Continued) (e) Fair value measurement (continued) (i) Financial assets measured at fair value (continued) During the years ended 31 December 2021 and 2020, there were no transfers between instruments in Level 1 and Level 2, or transfers into or out of Level 3. The Group’s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur. Valuation techniques and inputs used in Level 2 fair value measurements The fair value of unlisted debt securities outside Hong Kong in Level 2 was determined by a present value technique that took into account the future cash flows that a market participant would expect to receive from holding the liability or debt instrument as an asset. The fair value of unlisted investment fund is represented by the reported fair value of their net assets. (ii) Fair values of financial assets and liabilities carried at other than fair value The fair values of receivables, bank balances and other current assets, payables and accruals and current borrowings are assumed to approximate their carrying amounts due to the short- term maturities of these assets and liabilities. All financial instruments are carried at amounts not materially different from their fair values as at 31 December 2021 and 2020. Amounts due from/(to) subsidiaries, associates and holders of non-controlling interests of subsidiaries are unsecured, interest free and have no fixed repayment terms. Given these terms, it is not meaningful to disclose fair values. 24 Capital commitments Capital commitments outstanding at 31 December 2021 not provided for in the financial statements were as follows: 2021 2020 HK$’000 HK$’000 Future expenditure relating to properties: Contracted for 16,834 12,924 Authorised but not contracted for 18,210 98 35,044 13,022