BT 2014 Annual Report Download - page 167
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164 Financial statements
23. Cash and cash equivalents
At 31 March
2014
£m
2013
£m
Cash at bank and in hand 380 329
Cash equivalents
Loans and receivables
US
deposits 55 59
UK deposits 257 526
European deposits –3
Other deposits 3 7
Total cash equivalents 315 595
Total cash and cash equivalents 695 924
Bank overdrafts (note 24) (11) (5)
Cash and cash equivalents per the cash Ʈow statement 684 919
The group has cross undertaking guarantee facilities across certain bank accounts which allow a legally enforceable right of set-o of the relevant
cash and overdraft balances on bank accounts included within each scheme.
The group’s cash at bank included restricted cash of £109m (2012/13 £91m), of which £106m (2012/13 £87m) were held in countries in which
prior approval is required to transfer funds abroad. Such funds can be used by the group within a reasonable period of time if it complies with these
requirements. The remaining balance of £3m (2012/13 £4m) was held in escrow accounts.
Cash and cash equivalents are classied as loans and receivables and are held on the group balance sheet at amortised cost which equates to fair value.
24. Loans and other borrowings
Capital management policy
The objective of the group’s capital management policy is to reduce net debt over time whilst investing in the business, supporting the pension
scheme and paying progressive dividends. In order to meet this objective, the group may issue or repay debt, issue new shares, repurchase shares,
or adjust the amount of dividends paid to shareholders. The group manages the capital structure and makes adjustments to it in the light of changes
in economic conditions and the risk characteristics of the group. The Board regularly reviews the capital structure. No changes were made to these
objectives and processes during 2013/14 and 2012/13. For details of share issues and repurchases in the year see note 20.
The group’s capital structure consists of net debt and shareholders’ equity. The analysis below summarises the components which the group manages
as capital.
At 31 March
2014
£m
2013
£m
Net debt 7,028 7,797
Total parent shareholders’ (decit) equitya(610) (276)
6,418 7,521
a Excludes non-controlling interests of £18m (201213: £14m).