Vodafone 2024 Annual Report

183 Vodafone Group Plc Annual Report 2024 183

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Vodafone Group Plc Annual Report 2024

15. Trade and other payables Trade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and contract liabilities relating to consideration received from customers in advance. They also include taxes and social security amounts due in relation to the Group’s role as an employer. Derivative financial instruments with a negative market value are reported within this note. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value. Re-presented 1 2024 2023 €m €m Included within non-current liabilities Other payables 222 263 Insurance liabilities 254 257 Accruals 41 48 Contract liabilities 343 500 Derivative financial instruments 2 1,468 1,116 2,328 2,184 Included within current liabilities Trade payables 5,613 7,599 Amounts owed to associates and joint ventures 346 329 Other taxes and social security payable 887 1,013 Other payables 846 2,080 Insurance liabilities 48 63 Accruals 4,037 4,814 Contract liabilities 1,565 2,043 Derivative financial instruments 2 56 306 13,398 18,247 Notes: 1. The insurance liabilities comparatives for the year-end 31 March 2023 have been re-presented for the adoption of IFRS 17 ‘Insurance Contracts’ although there is no impact on the total amounts. See note 1 ‘Basis of preparation’ for more information. 2. Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. The carrying amounts of trade and other payables approximate their fair value. Materially all of the €2,043 million recorded as current contract liabilities at 1 April 2023 was recognised as revenue during the year with the exception of Vodacom Italy and Vodafone Spain whose revenue of €299 million will be reported as part of the discontinued operation. See note 7 ‘Discontinued operations and assets held for sale’ for more information. Insurance liabilities included within non-current liabilities include €254 million (2023: €257 million) in respect of the re-insurance of a third party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.

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