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68 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2021 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2021(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2. Significant accounting policies (continued)viii. Financial instruments (continued)Initial measurement of financial instrumentsThe classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the instruments, as described below. Financial instruments are initially measured at their fair value (as defined in Note 22), except in the case of financial assets and financial liabilities recorded at FVPL, transaction costs are added to, or subtracted from, this amount. Trade receivables are measured at the transaction price.The Group classifies all of its financial assets based on the business model for managing the assets and the asset%u2019s contractual terms, measured at either amortised cost, FVOCI or FVPL, as explained in Note 2 (ix) below.ix. Financial assets and liabilitiesFinancial investments at amortised costThe Group only measures financial investments at amortised cost if both of the following conditions are met:%u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows%u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.The Group%u2019s financial assets at amortised cost includes trade and other receivables.Debt instruments at FVOCIThe Group applies the categorisation of debt instruments measured at FVOCI when both of the following conditions are met:%u2022 The instrument is held within a business model, the objective of which is achieved by both collecting contractual cash flows and selling financial assets.%u2022 The contractual terms of the financial asset meet the SPPI test.