Notes to the consolidated financial statements

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31 March

 

2011
£m

2010
£m

Non-current trade and other receivables

 

 

Other receivables

1

2

Total

1

2

 

 

 

 

31 March

 

2011
£m

2010
£m

Current trade and other receivables

 

 

Trade receivables

263

329

Less: provision for impairment of receivables

(19)

(24)

Trade receivables – net

244

305

Prepayments and accrued income

18

28

Margin deposits

5

45

Government grants receivable

3

Other receivables

24

43

Total

291

424

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 is limited credit risk with respect to trade receivables, as the Group has a number of key quality customers and a large number of internationally dispersed customers. The carrying value of trade and other receivables represents the maximum credit exposure.

Government grants receivable relate to 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

 

2011
£m

2010
£m

US dollar

142

231

Euro (note a)

75

98

Sterling

19

31

Other

56

66

Total

292

426

  1. (a) Includes £nil of government grants receivable under the Transitional Aid and Restructuring Aid provisions of the EU Sugar Regime (2010 – £3 million).

Provision for impairment of receivables

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31 March

 

2011
£m

2010
£m

At 1 April

(24)

(21)

Charge for the year

(1)

(3)

Reversal of impairment

1

Disposal of businesses

5

Exchange

1

(1)

At 31 March

(19)

(24)

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

The Group recognised a loss of £1 million (2010 – £3 million) for impairment of its trade receivables during the year. The loss is solely from continuing operations and has been included in operating profit in the income statement (Note 6).

As at 31 March 2011, trade receivables of £37 million (2010 – £63 million) were past due but not impaired. The ageing analysis of these trade receivables is as follows:

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31 March

 

2011
£m

2010
£m

Up to 30 days past due

26

42

1–3 months past due

1

4

Over 3 months past due

10

17

Total

37

63