Notes to the consolidated
financial statements
25. Trade and other payables
| 2010 £m | 2009 £m |
|
|---|---|---|
| Included within non-current liabilities: | ||
| Other payables | 76 | 91 |
| Accruals and deferred income | 379 | 322 |
| Derivative financial instruments | 361 | 398 |
| 816 | 811 | |
| Included within current liabilities: | ||
| Trade payables | 3,254 | 3,160 |
| Amounts owed to associates | 17 | 18 |
| Other taxes and social security payable | 998 | 762 |
| Other payables | 650 | 1,163 |
| Accruals and deferred income | 9,064 | 8,258 |
| Derivative financial instruments | 99 | 37 |
| 14,082 | 13,398 |
The carrying amounts of trade and other payables approximate their fair value. The fair values of the derivative 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.
| 2010 £m | 2009 £m |
|
|---|---|---|
| Included within “Derivative financial instruments”: | ||
| Fair value through the income statement (held for trading): | ||
| Interest rate swaps | 330 | 381 |
| Foreign exchange swaps | 95 | 37 |
| 425 | 418 | |
| Fair value hedges: | ||
| Interest rate swaps | 35 | 17 |
| 460 | 435 |
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