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Financial Statements
21. Financial and other investments
| 2007 £m |
2006 £m |
|
|---|---|---|
| Non-current | ||
| Available-for-sale investments | 132 | 142 |
| Loans and receivables | - | 6 |
| 132 | 148 |
| 2007 £m |
2006 £m |
|
|---|---|---|
| Current | ||
| Available-for-sale investments | 1,800 | 254 |
| Loans and receivables | 298 | 130 |
| 2,098 | 384 | |
| Total financial and other investments | 2,230 | 532 |
Financial and other investments include the following:
| 2007 £m |
2006 £m |
|
|---|---|---|
| Investments in short-term UK money funds | 1,591 | 30 |
| UK managed investments in equity and bonds | 213 | 254 |
| US managed investments in equity and bonds | 74 | 79 |
| Bank deposits | 250 | - |
| Restricted cash balances | 44 | 100 |
| Cash surrender value of life insurance policies | 53 | 59 |
| Other investments | 5 | 10 |
| 2,230 | 532 |
Available-for-sale investments are recorded at fair value. The carrying value of loans and receivables approximates their fair value.
The maximum exposure to credit risk at the reporting date is the fair value of the financial investments - refer to note 23 for further information on our treasury related credit risk. None of the financial investments is past due or impaired.
Included within current financial and other investments are £1,872m (2006: £100m) of floating-rate, interest-bearing investments. The remaining balance is non interest-bearing, being investments in equity securities and other similar investments.
Included within restricted cash balances is £22m (2006: £20m) in respect of cash posted by the Company and its subsidiaries under collateral agreements.
The carrying amounts of financial and other investments are denominated in the following currencies:
| 2007 £m |
2006 £m |
|
|---|---|---|
| Non-current | ||
| US dollar | 132 | 148 |
| 132 | 148 | |
| Current | ||
| Sterling | 1,663 | 338 |
| US dollar | 345 | 46 |
| Euro | 61 | - |
| Other | 29 | - |
| 2,098 | 384 |