Note 9

9(a). Non-current other financial assets – available for sale

9(a). Non-current other financial assets – available for sale

 

2009
£m

2008
£m

At 30 March 2008

–

–

Additions at cost

212.6

–

Disposals at fair value

(31.6)

–

 

181.0

–

Net gains on disposals – profit and loss account

4.0

–

Net fair value loss – statement of recognised income and expense

(0.5)

–

At 29 March 2009

184.5

–


Other financial assets include the following:

 

 

Hedge funds

100.9

–

Managed funds

74.0

–

Short term funds held for reinvestment

9.6

–

 

184.5

–


The fair value of fund assets is based on their current bid prices in an active market.

 

 


Other financial assets are denominated in the following currencies:

 

 

Sterling

76.3

–

US Dollar

108.2

–

 

184.5

–

The fair value of financial instruments traded in active markets are based on quoted market prices at the balance sheet date.

The fair value of financial instruments that are not traded in active markets are determined using fund manager statements which are based on broker pricing or their own valuation.

9(b). Profit on disposal of subsidiaries

In June 2007, the Group sold, to Apax Partners Europe, 49.9% of its interest in Trader Media Investments Limited, a wholly owned subsidiary of Trader Media Group Limited generating a profit of £334.8 million. In addition, during 2007/08, the Group disposed of certain trade and assets of a subsidiary company generating a profit of £0.4 million.

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