BT 2010 Annual Report Download - page 123

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FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
121BT GROUP PLC ANNUAL REPORT & FORM 20-F
FINANCIAL STATEMENTSADDITIONAL INFORMATION REPORT OF THE DIRECTORS REVIEW OF THE YEAR OVERVIEW
19. Derivative financial instruments continued
The credit rating of counterparties with which derivative financial assets were held is detailed in the table below.
2010 2009
At 31 March £m £m
Moody’s/S&P credit ratinga
Aa2/AA 89 200
Aa3/AA– 480 650
A1/A+ 708 1,030
A2/A 318 719
A3/A– 105 101
1,700 2,700
aDerivative financial instrument balances with counterparties have been classified at the lower of their Moody’s and S&P rating.
In 2010 derivative financial assets were held with 18 counterparties (2009: 19 counterparties). After applying the legal right of set off
under the group’s International Swaps and Derivative Association (ISDA) documentation, the group had a net exposure to derivative
counterparties of £1,303m (2009: £2,282m). Of this, 85% (2009: 85%) was with 6 counterparties (2009: 6). Details of hedges in which
the derivative financial instruments are utilised are disclosed in note 32.
20. Trade and other payables
2010 2009
At 31 March £m £m
Current
Trade payables 3,668 4,367
Other taxation and social security 516 489
Other payables 506 527
Accrued expenses 498 460
Deferred income 1,343 1,372
6,531 7,215
2010 2009
At 31 March £m £m
Non current
Other payables 734 718
Deferred income 70 76
804 794
Non current payables mainly relate to operating lease liabilities and deferred gains on a prior period sale and finance leaseback transaction.