BT 2014 Annual Report Download - page 166
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163
Financial statements
Financial statements
22. Investments
At 31 March
2014
£m
2013
£m
Non-current assets
Available-for-sale 25 53
Fair value through prot or loss 911
34 64
Current assets
Available-for-sale 1,774 530
Loans and receivablesa– 1
1,774 531
a /oans and receivables are held on balance sheet at amortised cost.
Fair value hierarchy
At 31 March 2014
Level 1
£m
Level 2
£m
Level 3
£m
Total held at
fair value
£m
Non-current and current investments
Available-for-sale investments 18 1,774 7 1,799
Fair value through prot or loss 9 – – 9
Total 27 1,774 71,808
At 31 March 2013
Level 1
£m
Level 2
£m
Level 3
£m
Total held at
fair value
£m
Non-current and current investments
Available-for-sale investments 45 530 8 583
Fair value through prot or loss 11 – – 11
Total 56 530 8594
The three levels of valuation methodology used are
Level 1 – uses quoted prices in active markets for identical assets or liabilities
Level 2 – uses inputs for the asset or liability other than quoted prices, that are observable either directly or indirectly
Level 3 – uses inputs for the asset or liability that are not based on observable market data, such as internal models or other valuation methods.
Level 1 balances consist of available-for-sale investments of £18m (2012/13 £45m) and listed investments of £9m (2012/13 £11m) designated
at fair value through prot and loss.
Level 2 balances consist of investments in AAA rated liquidity funds denominated in Sterling of £1,774m (2012/13 £530m) are classied as
available-for-sale.
Level 3 balances consist of available-for-sale investments of £7m (2012/13 £8m) which represent investments in a number of private companies.
In the absence of specic market data, these investments are held at cost, adjusted as necessary for impairments, which approximates to fair value.
There were no losses recognised in the income statement in respect of Level 3 assets held at 31 March 2014 (2012/13 £nil).