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70 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)ix. Financial assets and liabilities (continued)Financial assets and financial liabilities at fair value through profit or loss (continued)%u2022 The liabilities are part of a group of financial liabilities (or financial assets, or both under IAS 39), which are managed and their performance evaluated on a fair value basis, in accordance with a documented risk management or investment strategy; or%u2022 The liabilities containing one or more embedded derivatives, unless they do not significantly modify the cash flows that would otherwise be required by the contract, or it is clear with little or no analysis when a similar instrument is first considered that separation of the embedded derivative(s) is prohibited.Financial assets and financial liabilities at FVPL are recorded in the consolidated statement of financial position at fair value.Reclassification of financial assets and liabilitiesThe Group does not reclassify its financial assets subsequent to their initial recognition, apart from the exceptional circumstances in which the Group acquires, disposes of, or terminates a business line. Financial liabilities are never reclassified. The Group did not reclassify any of its financial assets or liabilities in 2021.%u2022 Financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when the rights to receive cash flows from the financial asset have expired. The Group also derecognises the financial asset if it has both transferred the financial asset and the transfer qualifies for derecognition.The Group has transferred the financial asset if, and only if, either:%u2022 The Group has transferred its contractual rights to receive cash flows from the financial asset; or%u2022 It retains the rights to the cash flows but has assumed an obligation to pay the received cash flows in full without material delay to a third party under a %u2018pass%u2013through%u2019 arrangement.