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66 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2022(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2. Significant accounting policies (continued)ix. Financial assets and liabilities (continued)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 2022.%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.Pass-through arrangements are transactions whereby the Group retains the contractual rights to receive the cash flows of a financial asset (the %u2018original asset%u2019), but assumes a contractual obligation to pay those cash flows to one or more entities (the %u2018eventual recipients%u2019), when all of the following three conditions are met:%u2022 The Group has no obligation to pay amounts to the eventual recipients unless it has collected equivalent amounts from the original asset, excluding short-term advances with the right to full recovery of the amount lent plus accrued interest at market rates%u2022 The Group cannot sell or pledge the original asset other than as security to the eventual recipients%u2022 The Group has to remit any cash flows it collects on behalf of the eventual recipients without material delay. In addition, the Group is not entitled to reinvest such cash flows, except for investments in cash or cash equivalents including interest earned, during the period between the collection date and the date of required remittance to the eventual recipients.