John Lewis Partnership plc annual report and accounts 2013

Notes to the accounts continued

14 Trade and other receivables (continued)

As of 26 January 2013, trade and other receivables of £2.3m (2012: £1.2m) were impaired and fully provided for. Movements in the provision for impairment of receivables were as follows:

Consolidated - 2013 £m - 2012 £m

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At start of year (1.2) (1.0)

Charged to income statement (1.4) (0.5)

Utilised – 0.1

Released to income statement 0.3 0.2

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At end of year (2.3) (1.2)

The creation and release of the provision for impaired receivables have been included in operating expenses in the income statement.  As of 26 January 2013, trade and other receivables of £21.0m (2012: £20.4m) were past due  but not impaired. The ageing analysis of the past due amounts is as follows:

Consolidated - 2013 £m - 2012 £m 

Up to 3 months past due 18.1 18.0

3 to 12 months past due 2.0 1.8

Over 12 months past due 0.9 0.6

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21.0 20.4

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15 Cash and cash equivalents

Consolidated - 2013 £m - 2012 £m

Cash at bank and in hand 120.0 83.6

Short-term investments 414.4 467.2

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534.4 550.8

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For the year ended 26 January 2013, the effective interest rate on short-term investments was 0.5% (2012: 0.6%) and these deposits had an average maturity of 1 day (2012: 2 days).

At 26 January 2013, £34.4m (2012: £32.1m) of the Group’s cash balance and £0.1m (2012: £0.1m) of the Group’s accrued interest balance was pledged as collateral. This is part of the Partnership’s insurance arrangements and the release of these funds is subject to approval from the third parties.

In the consolidated statement of cash flows, net cash and cash equivalents are shown after deducting bank overdrafts, as follows:

Consolidated - 2013 £m - 2012 £m

Cash and cash equivalents, as above 534.4 550.8

Less bank overdrafts (56.3) (60.1)

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Net cash and cash equivalents 478.1 490.7

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