Notes to the consolidated
financial statements
17. Trade and other receivables
| 2010 £m | 2009 £m |
|
|---|---|---|
| Included within non-current assets: | ||
| Trade receivables | 59 | 56 |
| Other receivables | 678 | 423 |
| Prepayments and accrued income | 148 | 132 |
| Derivative financial instruments | 1,946 | 2,458 |
| 2,831 | 3,069 | |
| Included within current assets: | ||
| Trade receivables | 4,008 | 3,751 |
| Amounts owed by associates | 24 | 50 |
| Other receivables | 1,122 | 744 |
| Prepayments and accrued income | 3,448 | 2,868 |
| Derivative financial instruments | 182 | 249 |
| 8,784 | 7,662 |
The Group’s trade receivables are stated after allowances for bad and doubtful debts based on management’s assessment of creditworthiness, an analysis of which is as follows:
| 2010 £m | 2009 £m |
|
|---|---|---|
| 1 April | 874 | 664 |
| Exchange movements | (27) | 101 |
| Amounts charged to administrative expenses | 465 | 423 |
| Trade receivables written off | (383) | (314) |
| 31 March | 929 | 874 |
The carrying amounts of trade and other receivables approximate their fair value. Trade and other receivables are predominantly non-interest bearing.
| 2010 £m | 2009 £m |
|
|---|---|---|
| Included within “Derivative financial instruments”: | ||
| Fair value through the income statement (held for trading): | ||
| Interest rate swaps | 1,031 | 16 |
| Foreign exchange swaps | 132 | 104 |
| 1,163 | 120 | |
| Fair value hedges: | ||
| Interest rate swaps | 965 | 2,587 |
| 2,128 | 2,707 |
The fair values of these financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest and foreign currency rates prevailing at 31 March.
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