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Annual Report & Accounts 2013 - NOTES
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22. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued 22.7 Summary of Financial Assets and Liabilities by Category The carrying amounts of the Group's financial assets and liabilities recognised at the balance sheet date are categorised as follows: 2013 2012 €000's €000's Current assets: Financial assets measured as loans and receivables: - Trade and Other receivables 19,885 15,386 - Cash and cash equivalents 18,808 6,632 Total current assets 38,693 22,018 Current liabilities: Financial liabilities measured at amortised cost: - Trade and other payables 37,387 18,982 Non-current liabilities - Interest bearing loans and borrowings 1,221 - - Non-interest loans and borrowings 5,148 - - Deferred consideration 7,582 12,283 Total non-current liabilities 13,951 12,283 23 RELATED PARTIES 23.1 Identity of Related Parties The Group has a related party relationship with its subsidiaries (see note 24), with its Directors and executive officers and under the AIM rules with East Pioneer Corporation B.V. (see note 26.7). 23.2 Transactions with Directors and Key Management Personnel Nigel Blythe-Tinker (stepped down from the board on 17 January 2014) is the Executive chairman of Pentasia Limited, a leading recruiter in the field of internet gaming. During the year ended 31 December 2013, Pentasia provided recruitment services to various members of the Group to a value of €15,000 (2012: €17,689). Karl Diacono is the Chief Executive Officer of Fenlex Corporate Services Limited, a corporate service provider incorporated in Malta. During the year ended 31 December 2013, Fenlex received €49,968 from the Group in relation to Company secretarial matters arising in Malta (2012: €55,391). Richard Cooper received dividends during the year of €350. The wife of Richard Cooper received dividends during the year of €59,850 (2012: €35,100) in respect of her interest in the ordinary share capital of the Group. Lee Feldman received dividends during the year of €23,786 (2012: €19,162) in respect of his beneficial interest in the ordinary share capital of the Group. Lee Feldman is the Managing Partner of Twin Lakes Capital, a private equity firm based in New York. During the year ended 31 December 2013, Twin Lakes Capital received £50,000 (€59,209) (2011: £50,000 (€62,697)) in relation to office services. The wife of Kenneth Alexander received dividends during the year of €106,003 (2012: €81,467) in respect of her interest in the ordinary share capital of the Group. 23.3 Transactions with Directors and Key Management Personnel Details of the remuneration of key management are detailed below: 2013 2012 €000's €000's Salaries and employee benefits 6,916 3,973 Share based payments 348 257 7,264 4,230 Details of Directors' remuneration is given in the Report of the Remuneration Committee on page 63. ANNUAL REPORT 2013 58 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 31 December 2013