National Grid 2008 Annual Report Download - page 666

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 40541
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 139
Description: EXHIBIT 15.1
0/5335.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/335/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 40541
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 139 Description: EXHIBIT 15.1
0/5335.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/335/5*
Table of Contents
Annual Report and Accounts 2007/08
147
21. Borrowings continued
Charges over property, plant and other assets were provided as collateral over borrowings totalling £388m at 31 March 2008
(2007: £418m).
The notional amount outstanding of the debt portfolio at 31 March 2008 was £21,143m (2007: £16,042m).
Collateral is placed with or received from any counterparty where we have entered into a credit support annex to the ISDA
Master Agreement once the current mark-to-market valuation of the trades between the parties exceeds an agreed threshold.
Included in current bank loans is £345m (2007: £134m) in respect of cash received under collateral agreements. Cash placed
under collateral agreements is shown in note 15.
Obligations under finance leases at the balance sheet dates are analysed as follows:
For further details of our bonds in issue and borrowing facilities, refer to note 35.
22. Trade and other payables
Due to their short maturities, the fair value of trade and other payables (excluding deferred income) approximates their book
value. Commodity contract liabilities are recorded at fair value. For further details of commodity risk, refer to note 34. All other
trade and other payables are recorded at amortised cost.
23. Other non-current liabilities
Commodity contract liabilities are recorded at fair value. For further details of commodity risk, refer to note 34. All other non-
current liabilities are recorded at amortised cost. The fair value of other payables at 31 March 2008 was £332m (2007: £204m).
2008 2007
£m £m
Gross finance lease liabilities re
p
a
y
able as follows:
In one year or less 266 17
In more than one
y
ear, but not more than five
y
ears 120 48
In more than five
y
ears 99 94
485 159
Less: finance char
g
es allocated to future
p
eriods
(
64
)
(
57
)
421 102
The
p
resent value of finance lease liabilities is as follows:
In one
y
ear or less 256 10
In more than one year, but not more than five years 94 21
In more than five
y
ears 71 71
421 102
2008 2007
£m £m
Trade
p
a
y
ables 1,708 1,246
Commodit
y
contract liabilities 36 138
Social securit
y
and other taxes 114 108
Other payables 482 279
Deferred income 99 81
2,439 1,852
2008 2007
£m £m
Commodit
y
contract liabilities 88 130
Other payables 347 214
Deferred income 1,286 1,131
1,721 1,475