Notes on the accounts

Available for sale investments

15 Available-for-sale investments

	2011 £m	2010 £m
1 January	87	83
Differences on exchange	(1)	(1)
Additions and advances	55	1
Revaluations	13	4
Disposals and repayments	(57)
31 December	97	87

Current	57	58
Non-current	40	29
	97	87

The classification of these investments under the IFRS 7 fair value hierarchy is given in note 24.

Investments have the following maturities:

	As per balance sheet
	2011 £m	2010 £m
Equity investments	40	30
Non-equity investments
– within one year	46	44
– beyond one year and within two years	10	11
– beyond two years and within three years		1
– beyond five years	1	1
	97	87

There is no material difference between the maturity profile of investments in the table above and the maturity profile on a gross contractual basis where the values in each year include the investments maturing in that year together with forecast interest receipts on all investments which are due for all or part of that year.

Investments are denominated in the functional currency of the subsidiary undertaking or other currencies as shown below:

	2011 £m	2010 £m
Functional currencies	82	83
US dollar	1	2
Other currencies	14	2
	97	87

Non-equity investments of £57 million (2010: £57 million) are principally denominated in UK sterling and have an effective interest rate of 5.1 per cent
(2010: 1.4 per cent).