National Grid 2011 Annual Report Download - page 53

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National Grid Gas plc Annual Report and Accounts 2010/11 51
15. Financial investments
2011 2010
£m £m
Curren
t
A
vailable-for-sale investments - investments in short-term money funds 223 307
Loans and receivables - amounts due from fellow subsidiaries 19 19
242 326
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
2011 2010
£m £m
Cash at bank and short-term deposits 83 1
Cash and cash equivalents excluding bank overdraft
s
83 1
Bank overdrafts (34) (15)
Net cash and cash equivalents 49 (14)
The fair values of cash and cash equivalents and bank overdrafts approximate to their carrying 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.