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20. Trade and other receivables

  2008 2007
US$ million Due within
one year
Due after
one year
Total Due within
one year
Due after
one year
Total
Trade receivables 1,969 57 2,026 3,000 30 3,030
Amounts owed by related parties 13 13 16 16
Other receivables 725 33 758 420 125 545
Prepayments and accrued income 222 4 226 136 4 140
  2,929 94 3,023 3,572 159 3,731

The historical level of customer default is minimal and as a result the ‘credit quality' of year end trade receivables which are not past due is considered to be high. Of the year end trade receivables balance the following were past due at 31 December (stated after associated impairment provision):

US$ million 2008 2007
Less than 1 month 85 232
Between 1-2 months 30 54
Between 2-3 months 10 16
Greater than 3 months 25 35
  150 337

The overdue debtor ageing profile above is typical of the industry in which certain of the Group's businesses operate. Given this, existing insurance cover (including letters of credit from financial institutions) and the nature of the related counterparties these amounts are considered recoverable.

Total trade receivables are stated net of the following impairment provision:

  US$ million
At 1 January 2007 75
Charge for the year 10
Release of provision (7)
Disposal and demerger of businesses (56)
Uncollectible amounts written off, net of recoveries (3)
Currency movements 3
At 1 January 2008 22
Charge for the year 16
Reclassification 14
Transfer to assets held for sale (2)
Currency movements (9)
At 31 December 2008 41

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