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Note 21 Financial instruments continued
Offsetting of financial assets and liabilities
The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements.
At 22 February 2014
Financial assets offset
Gross
amounts of
recognised
financial
assets/
(liabilities)
£m
Gross
amounts of
financial
assets/
(liabilities) set
off in the
Group
Balance Sheet
£m
Net amounts
presented in
the Group
Balance
Sheet
£m
Related amounts not set off
in the Group Balance Sheet
Net amount
£m
Financial
instruments
£m
Collateral
£m
Cash and cash equivalents 2,882 (376) 2,506 – – 2,506
Derivative financial instruments 1,576 –1,576 (336) (6) 1,234
Trade and other receivables 2,737 (547) 2,190 – – 2,190
Total 7,195 (923) 6,272 (336) (6) 5,930
Financial liabilities offset
Bank loans and overdrafts (1,206) 376 (830) – – (830)
Repurchases, securities lending and similar agreements*(765) –(765) 765 – –
Derivative financial instruments (869) –(869) 336 16 (517 )
Trade payables (11,142) 547 (10,595) – – (10,595)
Total (13,982) 923 (13,059) 1,101 16 (11,942)
* Repurchases, securities lending and similar agreements are included within the Deposits by Banks balance of £780m in the Group Balance Sheet.
At 23 February 2013
Financial assets offset
Gross
amounts of
recognised
financial
assets/
(liabilities)
£m
Gross
amounts of
financial
assets/
(liabilities) set
off in the
Group
Balance Sheet
£m
Net amounts
presented in
the Group
Balance
Sheet
£m
Related amounts not set off
in the Group Balance Sheet
Net amount
£m
Financial
instruments
£m
Collateral
£m
Cash and cash equivalents 3,243 ( 731) 2,512 – – 2, 512
Derivative financial instruments 2,023 –2,023 (308) (2) 1,713
Trade and other receivables 3,018 (493) 2,525 – – 2,525
Total 8,284 (1,224) 7, 06 0 (308) (2) 6,750
Financial liabilities offset
Bank loans and overdrafts (1,461) 731 (730) – – (730)
Repurchases, securities lending and similar agreements** (5) –(5) 5 – –
Derivative financial instruments (880) –(880) 308 –(572)
Trade payables (11, 587 ) 493 (11,094) – – (11,094)
Total (13,933) 1,224 (12,709) 313 –(12,396)
** Repurchases, securities lending and similar agreements are included within the Deposits by Banks balance of £15m in the Group Balance Sheet.
For the financial assets and liabilities subject to enforceable master netting arrangements above, each agreement between the Group and the counterparty
allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial
assets and liabilities will be settled on a gross basis, however each party to the master netting agreement or similar agreements will have the option to settle
all such amounts on a net basis in the event of default of the other party.
Other information
Governance Financial statementsStrategic report
Tesco PLC Annual Report and Financial Statements 2014 103