Notes to the consolidated financial statements

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31 March

 

2010
£m

2009
£m

Non-current trade and other receivables

 

 

Trade receivables

1

Prepayments and accrued income

1

Other receivables

2

3

Total

2

5

 

 

 

 

31 March

 

2010
£m

2009
£m

Current trade and other receivables

 

 

Trade receivables

329

475

Less: provision for impairment of receivables

(24)

(21)

Trade receivables – net

305

454

Prepayments and accrued income

28

40

Margin deposits

45

151

Government grants receivable

3

12

Other receivables

43

66

Total

424

723

The fair values of the non-current trade and other receivables are not materially different from their carrying values. The fair values of the current trade and other receivables are equivalent to their carrying values due to being short-term in nature.

There are no amounts within trade receivables in respect of securitised receivables (2009 – £98 million). The receivables securitisation was fully repaid during the year (Note 28). There is no concentration of credit risk with respect to trade receivables, as the Group has a large number of internationally dispersed customers. The carrying value of trade and other receivables represents the maximum credit exposure.

Government grants are receivable under the Transitional Aid and Restructuring Aid provisions of the EU Sugar Regime. These amounts were receivable subject to audit by the governments of the jurisdictions to which they relate.

The carrying amount of trade and other receivables are denominated in the following currencies:

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31 March

 

2010
£m

2009
£m

US dollar

231

455

Euro (note a)

98

183

Sterling

31

38

Other

66

52

Total

426

728

  1. (a)Includes £3 million of government grants receivable under the Transitional Aid and Restructuring Aid provisions of the EU Sugar Regime (2009 – £12 million).

Provision for impairment of receivables

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31 March

 

2010
£m

2009
£m

At 1 April

(21)

(9)

Charge for the year

(3)

(14)

Reversal of impairment

1

3

Disposal of businesses

2

Exchange

(1)

(3)

At 31 March

(24)

(21)

The creation and release of provision for impaired receivables have been included in the income statement.

The Group recognised a loss of £3 million (2009 – £14 million) for impairment of its trade receivables during the year. Of this loss £3 million (2009 – £2 million) from continuing operations and £nil million (2009 – £3 million) from discontinued operations has been included in operating profit in the income statement (Note 6) and £nil million (2009 – £9 million) has been included in exceptional items.

As at 31 March 2010, trade receivables of £63 million (2009 – £66 million) were past due but not impaired. The ageing analysis of these trade receivables is as follows:

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31 March

 

2010
£m

2009
£m

Up to 30 days past due

42

37

1-3 months past due

4

16

Over 3 months past due

17

13

Total

63

66