Vodafone 2015 Annual Report Download - page 141
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15. Trade and other receivables
Our trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay
to our suppliers in advance. Trade receivables are shown net of an allowance for bad or doubtful debts. Derivative
nancial instruments with a positive market value are reported within this note.
Accounting policies
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable
amounts. Estimated irrecoverable amounts are based on the ageing of the receivable balances and historical experience. Individual trade
receivables are written off when management deems them not to be collectible.
2015 2014
£m £m
Included within non-current assets:
Trade receivables 288 232
Amounts owed by associates and joint ventures 85 51
Other receivables 190 150
Prepayments and accrued income1566 592
Derivative nancial instruments 3,736 2,245
4,865 3,270
Included within current assets:
Trade receivables 3,944 3,627
Amounts owed by associates and joint ventures 133 68
Other receivables 930 1,233
Prepayments and accrued income22,777 3,760
Derivative nancial instruments 269 198
8,053 8,886
Notes:
1 31 March 2015 amount includes prepayments of £566 million and accrued income of £nil.
2 31 March 2015 amount includes prepayments of £938 million and accrued income of £1,839 million.
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 asfollows:
2015 2014 2013
£m £m £m
1 April 589 770 799
Exchange movements (60) (67) (10)
Amounts charged to administrative expenses 541 347 360
Trade receivables written off (268) (461) (379)
31 March 802 589 770
The carrying amounts of trade and other receivables approximate their fair value and are predominantly non-interest bearing. The fair values of the
derivative nancial instruments are calculated by discounting the future cash ows to net present values using appropriate market interest rates and
foreign currency rates prevailing at 31 March.
2015 2014
£m £m
Included within “Derivative nancial instruments”:
Fair value through the income statement (held for trading):
Interest rate swaps 2,378 1,262
Cross currency interest rate swaps 218 158
Foreign exchange contracts 33 68
2,629 1,488
Designated hedge relationships:
Interest rate swaps 88 609
Cross currency interest rate swaps 1,288 346
4,005 2,443
Overview Strategy review Performance Governance Financials Additional information Vodafone Group Plc
Annual Report 2015
139