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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)21. Related party disclosures (continued)Operating lease commitments (Rental expenses) (continued)Rental expenses included within Administrative costs (Note 16) during 2018 amounted to $4.554 million (2017: $4.554 million).22. Fair values and fair value hierarchiesThe carrying amount of short%u2013term fnancial assets and liabilities comprising cash and cash equivalents, accounts receivable, short-term investments at amortised cost, accounts payable and accrued liabilities and current portion of borrowings, are a reasonable estimate of their fair values because of the short maturity of these instruments.The fair value information is based on information available to management as at the dates presented. Although management is not aware of any factors that will signifcantly afect the fair value amounts, such amounts have not been comprehensively revalued for the purposes of these fnancial statements and, therefore the current estimates of the fair value may be signifcantly diferent from the amounts presented herein.The following table summarises the carrying amount and fair values of the fnancial assets and liabilities:Carrying Fair Carrying Fair amount value amount value2018 2018 2017 2017 $ $ $ $Borrowings 1,082 952 1,537 1,309The fair value of borrowings has been estimated based on discounting the future cash-fows to maturity using current observable interest rate data, a Level 2 input. For all other fnancial assets and liabilities the carrying value is considered a reasonable approximation of fair value.Investment securities classifed as fair value through statement of income is a Level 1 fnancial asset. Included in the Level 1 category are fnancial assets that are measured in whole by reference to published quotes in an active market. A fnancial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm%u2019s length basis.FINANCIAL REPORT 101