Finance income and charges (Tables)

6 Months Ended

Dec. 31, 2022

Analysis of income and expense [abstract]


	Six months ended 31 December 2022	Six months ended 31 December 2021
	£ million	£ million

Interest income	86	61
Fair value gain on financial instruments	142	58
Total interest income	228	119
Interest charge on bank loans, bonds and overdrafts	(235)	(181)
Interest charge on leases	(8)	(5)
Fair value loss on financial instruments	(142)	(59)
Interest charge on other borrowings	(125)	(36)
Total interest charges	(510)	(281)
Net interest charges	(282)	(162)

Net finance income in respect of post employment plans in surplus	29	10
Hyperinflation adjustment in respect of Venezuela (a)	—	1


Total other finance income	29	11
Net finance charge in respect of post employment plans in deficit	(7)	(5)
Foreign exchange revaluation of monetary items in respect of Lebanon (a)	—	(2)
Unwinding of discounts	(5)	(6)
Interest charge in respect of direct and indirect tax	(17)	(8)
Change in financial liability (Level 3)	—	(7)
Hyperinflation adjustment in respect of Turkey (a)	(6)	—
Guarantee fees	(1)	—
Other finance charges	(3)	(1)
Total other finance charges	(39)	(29)
Net other finance charges	(10)	(18)

Schedule of the contribution of the Group's Venezuelan operations

The following table presents the contribution of the group’s Venezuelan operations to the consolidated income statement, cash flow statement and net assets for the six months ended 31 December 2022 and 31 December 2021 and with the amounts that would have resulted if the official reference exchange rate had been applied:


	Six months ended 31 December 2022		Six months ended 31 December 2021
	At estimated exchange rate	At official reference exchange rate	At estimated exchange rate	At official reference exchange rate
	1,540 VES/£	21 VES/£	593 VES/£	6 VES/£
	£ million	£ million	£ million	£ million
Net sales	—	7	—	8
Operating profit	—	2	—	2
Other finance income - hyperinflation adjustment	—	—	1	120
Net cash outflow from operating activities	—	(1)	—	(3)
Net assets	20	1,467	37	3,501

Sterling amounts presented at the official reference exchange rate are results of simple mathematical conversion.