The accounting classification of each class of the Group’s financial assets and financial liabilities, together with their fair values, is as follows:
| All figures in £ millions | Notes | 2010 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Fair value | Amortised cost | Total carrying value | Total market value | ||||||
| Available for sale | Derivatives deemed held for trading | Derivatives in hedging relationships | Other liabilities | Loans and receivables | Other liabilities | ||||
| Investments in unlisted securities | 15 | 58 | – | – | – | – | – | 58 | 58 |
| Cash and cash equivalents | 17 | – | – | – | – | 1,736 | – | 1,736 | 1,736 |
| Marketable securities | 12 | – | – | – | – | – | 12 | 12 | |
| Derivative financial instruments | 16 | – | 28 | 112 | – | – | – | 140 | 140 |
| Trade receivables | 22 | – | – | – | – | 1,031 | – | 1,031 | 1,031 |
| Total financial assets | 70 | 28 | 112 | – | 2,767 | – | 2,977 | 2,977 | |
| Derivative financial instruments | 16 | – | (6) | – | – | – | – | (6) | (6) |
| Trade payables | 24 | – | – | – | – | – | (470) | (470) | (470) |
| Other financial liabilities – put option over non-controlling interest | 24 | – | – | – | (25) | – | – | (25) | (25) |
| Bank loans and overdrafts | 18 | – | – | – | – | – | (73) | (73) | (73) |
| Borrowings due within one year | 18 | – | – | – | – | – | (331) | (331) | (333) |
| Borrowings due after more than one year | 18 | – | – | – | – | – | (1,908) | (1,908) | (1,939) |
| Total financial liabilities | – | (6) | – | (25) | – | (2,782) | (2,813) | (2,846) | |
| All figures in £ millions | Notes | 2009 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Fair value | Amortised cost | Total carrying value | Total market value | ||||||
| Available for sale | Derivatives deemed held for trading | Derivatives in hedging relationships | Other liabilities | Loans and receivables | Other liabilities | ||||
| Investments in unlisted securities | 15 | 62 | – | – | – | – | – | 62 | 62 |
| Cash and cash equivalents | 17 | – | – | – | – | 750 | – | 750 | 750 |
| Marketable securities | 63 | – | – | – | – | – | 63 | 63 | |
| Derivative financial instruments | 16 | – | 42 | 70 | – | – | – | 112 | 112 |
| Trade receivables | 22 | – | – | – | – | 989 | – | 989 | 989 |
| Total financial assets | 125 | 42 | 70 | – | 1,739 | – | 1,976 | 1,976 | |
| Derivative financial instruments | 16 | – | (9) | – | – | – | – | (9) | (9) |
| Trade payables | 24 | – | – | – | – | – | (461) | (461) | (461) |
| Other financial liabilities – put option over non-controlling interest | 24 | – | – | – | (23) | – | – | (23) | (23) |
| Bank loans and overdrafts | 18 | – | – | – | – | – | (70) | (70) | (70) |
| Borrowings due within one year | 18 | – | – | – | – | – | (4) | (4) | (4) |
| Borrowings due after more than one year | 18 | – | – | – | – | – | (1,934) | (1,934) | (1,969) |
| Total financial liabilities | – | (9) | – | (23) | – | (2,469) | (2,501) | (2,536) | |
Certain of the Group’s derivative financial instruments are classified as held for trading either as they do not meet the hedge accounting criteria specified in IAS 39 ‘Financial Instruments: Recognition and Measurement’ or the Group has chosen not to seek hedge accounting for these instruments. None of these derivatives are held for speculative trading purposes. Transactions in derivative financial instruments are only undertaken to manage risks arising from underlying business activity, in accordance with the Group’s treasury policy as described in note 19.
The Group designates certain qualifying derivative financial instruments as hedges of the fair value of its bonds (fair value hedges). Changes in the fair value of these derivative financial instruments are recorded in the income statement, together with any change in the fair value of the hedged liability attributable to the hedged risk.
The Group also designates certain of its borrowings and derivative financial instruments as hedges of its investments in foreign operations (net investment hedges). Movements in the fair value of these financial instruments (to the extent they are effective) are recognised in other comprehensive income.
None of the Group’s financial assets or liabilities are designated at fair value through the income statement upon initial recognition.
More detail on the Group’s accounting for financial instruments is included in the Group’s accounting policies. The Group’s approach to managing risks in relation to financial instruments is described in note 19.