
	Notes	Borrowings £m	Financing derivatives used to hedge debt £m	Total liabilities from financing activities £m	Cash and cash equivalents £m	Financial investments £m	Other financing derivatives £m	Total1 £m
At 1 April 2023		(42,985)	(793)	(43,778)	163	2,605	37	(40,973)
Net increase in cash and cash equivalents		—	—	—	427	—	—	427
Included within financing cash flows:
Proceeds received from loans		(5,563)	—	(5,563)	—	—	—	(5,563)
Repayment of loans		1,701	—	1,701	—	—	—	1,701
Payments of lease liabilities		118	—	118	—	—	—	118
Net movements in short-term borrowings		(544)	—	(544)	—	—	—	(544)
Cash inflows on derivatives		—	(86)	(86)	—	—	—	(86)
Cash outflows on derivatives		—	58	58	—	—	—	58
Interest paid		1,330	297	1,627	—	—	—	1,627
Non-net debt financing cash flows		(18)	—	(18)	—	—	—	(18)
Included within investing cash flows:
Net movements in short-term financial investments		—	—	—	—	1,141	—	1,141
Cash inflows on derivatives		—	—	—	—	—	(123)	(123)
Cash outflows on derivatives		—	—	—	—	—	—	—
Derivative cash flows included in capital expenditure		—	—	—	—	—	5	5
Interest received		—	—	—	—	(148)	—	(148)
Derivative cash flows included in revenue		—	—	—	—	—	(11)	(11)
Fair value gains and losses		(69)	40	(29)	—	4	60	35
Foreign exchange movements		718	—	718	(1)	(49)	—	668
Interest (charges)/income	6	(1,564)	(284)	(1,848)	—	152	7	(1,689)
Other non-cash movements		(209)	4	(205)	—	—	(4)	(209)
Reclassification to held for sale2	10	13	—	13	(30)	(6)	—	(23)
At 31 March 2024		(47,072)	(764)	(47,836)	559	3,699	(29)	(43,607)
Balances at 31 March 2024 comprise:
Non-current assets		—	310	310	—	—	5	315
Current assets		—	1	1	559	3,699	17	4,276
Current liabilities		(4,859)	(231)	(5,090)	—	—	(18)	(5,108)
Non-current liabilities		(42,213)	(844)	(43,057)	—	—	(33)	(43,090)
		(47,072)	(764)	(47,836)	559	3,699	(29)	(43,607)


	Notes	Borrowings £m	Financing derivatives used to hedge debt £m	Total liabilities from financing activities £m	Cash and cash equivalents1 £m	Financial investments £m	Other financing derivatives £m	Total² £m
At 1 April 2022		(45,465)	(750)	(46,215)	204	3,145	57	(42,809)
Net decrease in cash and cash equivalents		—	—	—	(48)	—	—	(48)
Included within financing cash flows:
Proceeds received from loans		(11,908)	—	(11,908)	—	—	—	(11,908)
Repayment of loans		15,260	—	15,260	—	—	—	15,260
Payments of lease liabilities		155	—	155	—	—	—	155
Net movements in short-term borrowings		511	—	511	—	—	—	511
Cash inflows on derivatives		—	(190)	(190)	—	—	—	(190)
Cash outflows on derivatives		—	118	118	—	—	—	118
Interest paid		1,277	153	1,430	—	—		1,430
Non-net debt financing cash flows		(27)	—	(27)	—	—	—	(27)
Included within investing cash flows:
Net movements in short-term financial investments		—	—	—	—	(586)	—	(586)
Cash outflows on derivatives		—	—	—	—	—	362	362
Derivative cash outflow in relation to capital expenditure		—	—	—	—	—	12	12
Interest received		—	—	—	—	(65)		(65)
Fair value gains and losses		367	46	413	—	(18)	(394)	1
Foreign exchange movements		(1,311)	—	(1,311)	7	61	—	(1,243)
Interest (charges)/income	6	(1,658)	(170)	(1,828)	—	73	—	(1,755)
Other non-cash movements		(283)	—	(283)	—	—	—	(283)
Reclassification to held for sale3		97	—	97	—	(5)	—	92
At 31 March 2023		(42,985)	(793)	(43,778)	163	2,605	37	(40,973)


	Notes	Borrowings £m	Financing derivatives used to hedge debt £m	Total liabilities from financing activities £m	Cash and cash equivalents1 £m	Financial investments £m	Other financing derivatives £m	Total² £m
At 1 April 2021		(31,220)	96	(31,124)	157	2,342	79	(28,546)
Net increase in cash and cash equivalents		—	—	—	9	—	—	9
Included within financing cash flows:
Proceeds received from loans		(12,347)	—	(12,347)	—	—	—	(12,347)
Repayment of loans		1,261	—	1,261	—	—	—	1,261
Payments of lease liabilities		117	—	117	—	—	—	117
Net movements in short-term borrowings		11	—	11	—	—	—	11
Cash inflows on derivatives		—	(20)	(20)	—	—	—	(20)
Cash outflows on derivatives		—	114	114	—	—	—	114
Interest paid		998	55	1,053	—	—	—	1,053
Non-net debt financing cash flows		(33)	—	(33)	—	—	—	(33)
Included within investing cash flows:
Net movements in short-term financial investments		—	—	—	—	781	—	781
Cash inflows on derivatives		—	—	—	—	—	(17)	(17)
Cash outflows on derivatives		—	—	—	—	—	122	122
Derivative cash outflow in relation to capital expenditure		—	—	—	—	—	8	8
Interest received		—	—	—	—	(40)	—	(40)
Fair value gains and losses		286	(472)	(186)	—	(12)	(132)	(330)
Foreign exchange movements		(652)	—	(652)	5	53	—	(594)
Interest (charges)/income	6	(1,177)	(54)	(1,231)	—	54	(5)	(1,182)
Other non-cash movements		34	—	34	—	(15)	—	19
Acquisition of NGED		(8,286)	26	(8,260)	44	69	—	(8,147)
Reclassification to held for sale3		5,543	(495)	5,048	(11)	(87)	2	4,952
At 31 March 2022		(45,465)	(750)	(46,215)	204	3,145	57	(42,809)