68Spire Healthcare Annual Review 2010Spire Healthcare Limited PartnershipNotes to the financial statementsFor the year ended 31 December 201025. Financial risk managementThe Group has exposure to the following risks from its use of financial instruments:. credit risk. liquidity risk. market riskThis note presents information about the Group's exposure to each of the above risks, the Group's objectives, policies and processes for measuring and managing risk. Further quantitative disclosures are included throughout these consolidated financial statements.The General Partner has overall responsibility for the establishment and oversight of the Group's risk management framework.The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits.Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group's receivables from customers and investment securities.. Trade and other receivablesThe Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group's exposure to credit risk from trade receivables is considered to be low because of the nature of its customers and policies in place to prevent credit risk occurring Most revenues arise from insured patients' business and the NHS. Insured revenues give rise to trade receivables which are mainly due from large insurance institutions, who have high creditworthiness. The remainder of revenues arise from individual self-pay patients and consultants.The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. This allowance is composed of specific losses that relate to individual exposures and also a collective loss component established in respect of losses that have been incurred but not yet identified, determined based on historical data of payment statistics.Note 13 shows the ageing and customer profiles of trade receivables outstanding at the period end.. InvestmentsThe Group limits its exposure to credit risk by only investing in short-term money market deposits with large financial institutions, which must be rated at least AA by key rating agenciesLiquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.Liquidity is managed across the Group and consideration is taken of the segregation of accounts for regulatory purposes. Short-term operational working capital requirements are met by cash in hand and overdraft facilities.

69Spire Healthcare Limited PartnershipTypically the Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of at least 90 days, including the servicing of financial obligations. In addition, the Group has available the following lines of credit:. £56 million acquisition/capex facilities, of which £11.1 million was undrawn as at 31 December 2010. £55 million of revolving credit facilities, of which £37.3 million was undrawn as at 31 December 2010The following are the contractual maturities of financial liabilities, including interest payments and excluding the impact of netting arrangements:At 31 December 2010Carrying amount£000Contractual cash flows£0001 year or less£0001-2 years£000More than 2 years£000Non-derivative financial liabilitiesAmount due to ultimate parent undertakings601,827 (926,898) - - (926,898)Secured bank facilities1,293,653 (1,512,574)(38,134)(47,422)(1,427,018)Obligations under finance leases74,046 (230,469)(6,560)(6,767)(217,142)Trade and other payables56,057 (56,057)(56,057) - - Derivative financial liabilitiesInterest rate swaps210,615 (214,923)(53,128)(45,278)(116,517)Interest rate collars(1,085)581 - - 581 2,235,113 (2,940,340)(153,879)(99,467)(2,686,994)At 31 December 2009Carrying amount£000Contractual cash flows£0001 year or less£0001-2 years£000More than 2 years£000Non-derivative financial liabilitiesAmount due to ultimate parent undertakings537,243 (926,898) - - (926,898)Secured bank facility1,297,275 (1,708,868)(35,667)(56,422)(1,616,779)Other loans24,704 (60,554)(1,976)(1,976)(56,602)Trade and other payables39,314 (39,314)(39,314) - - Derivative financial liabilitiesInterest rate swaps170,872 (184,585)(55,328)(38,768)(90,489)Interest rate collars4,490 (4,560)(4,560) - - 2,073,898 (2,924,779)(136,845)(97,166)(2,690,768)The contractual cash flows for the amounts due to the ultimate parent undertakings have been calculated on the basis that they will be repaid, at the latest, when the bank facilities will mature. The amounts due to the ultimate parent undertakings are repayable on the occurrence of predetermined conditions of the loans, which are assumed to occur no later than the maturity date of the relevant bank facility.