Page 72 - Stellar IAR2015

NOTES TO THE ANNUAL FINANCIAL STATEMENTS (CONTINUED)5. LOANS TO PORTFOLIO COMPANIES (Continued)Balances are not considered to be past due or impaired at year end. The carrying amount of the loan investments is considered to approximate fair value as the current interest rates charged are commensurate with the credit risks associated with each loan and are therefore considered to be market-related. A relief period was granted to Praxis from 1 January to 30 June 2015, over which time interest was not serviced monthly, but was capitalised to the loan balance. Once the relief period had ended, Praxis returned to a monthly repayment schedule and has since repaid all accrued interest to date at year end. A description of the Group’s nancial instrument risks, including risk management objectives and policies is detailed in note 31.68 | STELLAR CAPITAL PARTNERS