National Grid 2010 Annual Report Download - page 57

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National Grid Gas plc Annual Report and Accounts 2009/10 55
15. Financial investments
2010 2009
£m £m
Curren
t
A
vailable-for-sale investments - investments in short term money funds 307 990
Loans and receivables - amounts due from fellow subsidiaries 19 19
326 1,009
A
vailable-for-sale investments are recorded at their fair value. The fair value of loans and receivables approximates to their book value.
16. Cash and cash equivalents
2010 2009
£m £m
Cash at bank and short-term deposits 1-
Cash and cash equivalents excluding bank overdrafts 1-
Bank overdrafts (15) (10)
Net cash and cash equivalents (14) (10)
The fair values of cash and cash equivalents and bank overdrafts approximate to their book amounts.
The maximum exposure to credit risk at the reporting date is the fair value of the financial instruments - for further information on our treasury
related credit risk refer to note 28. None of the financial investments are past due or impaired.
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for various periods ranging
between one day and three months, depending on immediate cash requirements, and earn interest at the respective short-term deposit rates.