26 OTHER ASSETS.


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Note

Shareholder
2011
£m

Non profit non-unit linked
2011
£m

With-profits
2011
£m

Unit linked
2011
£m

Total
2011
£m

Reinsurance receivables

 

31

10

41

Receivables under finance leases

26(i)

93

93

Accrued interest and rent

 

1

3

40

107

151

Prepayments and accrued income

 

171

8

1

323

503

Other receivables

 

402

159

128

416

1,105

Other assets

 

605

273

169

846

1,893

Due within 12 months

 

 

 

 

 

1,785

Due after 12 months

 

 

 

 

 

108

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Note

Shareholder
2010
£m

Non profit non-unit linked
2010
£m

With-profits
2010
£m

Unit linked
2010
£m

Total
2010
£m

Reinsurance receivables

 

33

13

46

Receivables under finance leases

26(i)

Accrued interest and rent

 

1

50

94

145

Prepayments and accrued income

 

141

5

1

260

407

Other receivables

 

323

99

140

427

989

Other assets

 

498

117

191

781

1,587

Due within 12 months

 

 

 

 

 

1,571

Due after 12 months

 

 

 

 

 

16

(i) Receivables under finance leases

On creation of a finance lease, the leased asset is derecognised from the balance sheet and replaced with a debtor equivalent to the present value of the minimum lease payments receivable at the balance sheet date. Finance income is recognised in the income statement on a straight line basis, reflecting the periodic rate of return on the Group’s net investment in the lease.

The Group acts as a lessor of a single finance lease, which is of 45 years duration and relates to the provision of student accommodation. The other party, as lessee, is regarded to be the economic owner of the leased asset.

The future minimum lease payments under this arrangement, together with their present value, are disclosed below:

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Total
future
payments
2011
£m

Unearned
interest
income
2011
£m

Present
value
2011
£m

Total
future
payments
2010
£m

Unearned
interest
income
2010
£m

Present
value
2010
£m

Not later than 1 year

4

4

Between 1 and 5 years

18

(3)

15

Later than 5 years

224

(150)

74

Total

246

(153)

93

No allowance has been recognised for uncollectible future minimum lease payments in the period (2010: £nil).

Total contingent rents recognised in rental income under the arrangement amounted to £nil (2010: £nil).

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