BP Annual Report and Form 20-F 2011 - Company Reporting

Notes on financial statements29. Trade and other receivables$ million2011 2010Current Non-current Current Non-currentFinancial assetsTrade receivables 27,929 508 24,255 –Amounts receivable from jointly controlled entities 1,004 612 751 601Amounts receivable from associates 492 159 448 220Other receivables 5,429 746 4,763 1,34234,854 2,025 30,217 2,163Non-financial assetsGulf of Mexico oil spill trust fund reimbursement asset a 8,233 1,642 5,943 3,601Other receivables 439 670 389 534aSee Note 2 for further information.Trade and other receivables are predominantly non-interest bearing. See Note 26 for further information.30. Cash and cash equivalents8,672 2,312 6,332 4,13543,526 4,337 36,549 6,298$ million2011 2010Cash at bank and in hand 4,872 8,209Term bank deposits 4,878 5,253Cash equivalents 4,317 5,09414,067 18,556Cash and cash equivalents comprise cash in hand; current balances with banks and similar institutions; term deposits of three months or less with banksand similar institutions; and short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to insignificant risk ofchanges in value and have a maturity of three months or less from the date of acquisition. The carrying amounts of cash at bank and in hand and termbank deposits approximate their fair values. All of the other cash equivalents are categorized within level 1 of the fair value hierarchy.Cash and cash equivalents at 31 December 2011 includes $901 million (2010 $982 million) that is restricted. This relates principally to amountsrequired to cover initial margins on trading exchanges.See Note 26 for further information.31. Valuation and qualifying accountsDoubtfuldebts$ million2011 2010 2009Fixed assets – Doubtful Fixed assets – Doubtful Fixed assets –investmentsdebts investmentsdebts investmentsAt 1 January 428 540 430 349 391 935Charged to costs and expenses 115 111 150 376 157 66Charged to other accounts a (16) (3) (9) (3) 12 6Deductions (195) (5) (143) (182) (130) (658)At 31 December 332 643 428 540 430 349aPrincipally currency transactions.Valuation and qualifying accounts are deducted in the balance sheet from the assets to which they apply.Financial statementsBP Annual Report and Form 20-F 2011 223