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The carrying amounts presented in the Statement of Financial Position relate to the following categories of assets and liabilities:

Note2014
£000
2013
£000
Financial assets
Listed investments held for trading1811
Loans and receivables
Loan to Howarth (former associate)171,000
Trade and other receivables1613,28714,270
Cash and cash equivalents1911,16912,154
24,45627,424
Financial liabilities
Financial liabilities measured at amortised cost:
— current borrowings28,4236,323
— trade and other payables229,0182,923
— Zero Dividend Preference shares2311,5529,721
— other financial liabilities239,3247,947
58,31726,914

The fair values are presented in the related notes.

Current borrowings consist of housebuilding loan facilities of £41.8 million, of which £26.4 million (2013: £5.5 million) is drawn down, and further loans of £2 million secured against land (2013: £0.8 million). The loans attract interest at varying rates.

The table below analyses the Group's financial contractual liabilities into relevant maturity groupings based on the remaining period at the Statement of Financial Position date to the contractual maturity date. The amounts disclosed are the contractual undiscounted cash flows.

20142013
Trade
and other
payables
£000
Zero
Dividend
Preference
shares
£000
Purchase
consideration
£000
Trade
and other
payables
£000
Zero
Dividend
Preference
shares
£000
Purchase
consideration
£000
Less than one year37,3889,3249,1998,004
More than one year and less than five11,552
Over five years9,721
37,38811,5529,3249,1999,7218,004

The following tables present financial assets and liabilities measured at fair value in the Group Statement of Financial Position in accordance with the fair value hierarchy. This hierarchy groups financial assets and liabilities into three levels based on the significance of inputs used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the following levels:

Level 1:

quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2:

inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3:

inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement.

The financial assets and liabilities measured at fair value in the Group Statement of Financial Position are grouped into the fair value hierarchy as follows:

AssetsNoteLevel 1
£000
Level 2
£000
Level 3
£000
Total
£000
Net fair value at 1 July 201327(a) & (b)111,00011,001
Fair value movements during the year(822)(822)
Net fair value at 30 June 2014110,17810,179
LiabilitiesNoteLevel 1
£000
Level 2
£000
Level 3
£000
Total
£000
Net fair value at 1 July 201327(a)10,26210,262
Additions1,1081,108
Fair value movements during the year1,3831,383
Net fair value at 30 June 201412,75312,753

(a) Listed securities and debentures

All the listed equity securities and debentures are denominated in Sterling and are publicly traded in the United Kingdom. Fair values have been determined by reference to their quoted mid prices at the reporting date. The ZDP shares are carried at their accrued value of 111.34p per share (2013: 103.78p) however their closing price on the main market of the London Stock Exchange on 30 June 2014 was 124.00p (2013: 109.75p). During the year 934,900 shares were issued at a price of 118.5p per share.

(b) Assets not based on observable market data

The option to purchase the share of Drayton Garden Village Limited is measured at fair value annually and a fair value loss was recognised during the year. The investment property is stated at cost and reviewed annually for impairment. The current carrying value is £7.68 million. The Investment Property was valued by CBRE Ltd in March 2013 in accordance with the current edition of the RICS Valuation Professional Standards, published by the Royal Institution of Chartered Surveyors, at £9.64 million. The method used involved the calculation of the gross development value of the site (using the comparable method) based on the planning permission in place and the resulting residual land value. The key assumptions relate to property prices, construction prices and the extent of any remediation required with a profit margin of 17% of gross development value. The Directors consider this to be a reasonable approximation of fair value.