Notes to the consolidated financial statements
15. Financial and other investments
| 2009 £m |
2008 £m |
||||||
|---|---|---|---|---|---|---|---|
| Non-current | |||||||
| Available-for-sale investments | 193 | 180 | |||||
| Investments in joint ventures and associates | 168 | 71 | |||||
| 361 | 251 | ||||||
| Current | |||||||
| Available-for-sale investments | 2,038 | 2,062 | |||||
| Loans and receivables | 159 | 33 | |||||
| 2,197 | 2,095 | ||||||
| Total financial and other investments | 2,558 | 2,346 | |||||
| Financial and other investments include the following: | |||||||
| Investments in short-term money funds | 1,758 | 1,803 | |||||
| UK managed investments in equity and bonds | 240 | 224 | |||||
| US managed investments in equity and bonds | 123 | 107 | |||||
| Restricted cash balances Collateral |
159 | 17 | |||||
| Other | – | 10 | |||||
| Cash surrender value of life insurance policies | 102 | 101 | |||||
| Investment in joint ventures and associates | 168 | 71 | |||||
| Other investments | 8 | 13 | |||||
| 2,558 | 2,346 |
Available-for-sale investments are recorded at fair value. Due to their short maturities 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. For further information on our treasury-related credit risk, refer to note 33. None of the financial investments are past due or impaired.