43 Other assets.

(XLS:) Other assets 2012

 

Note

Share­holder
2012
£m

Non profit non-unit linked
2012
£m

With-profits
2012
£m

Unit linked
2012
£m

Total
2012
£m

Reinsurance receivables

 

33

7

40

Receivables under finance leases

43(i)

118

118

Accrued interest and rent

 

1

11

36

116

164

Prepayments and accrued income

 

164

5

1

218

388

Other receivables

 

378

164

163

149

854

Other assets

 

576

305

200

483

1,564

Due within 12 months

 

 

 

 

 

1,333

Due after 12 months

 

 

 

 

 

231

(XLS:) Other assets 2011

 

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

43(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

(i) Receivables under finance leases

On creation of a finance lease, the leased asset is derecognised from the balance sheet and replaced with a receivable equivalent to the net investment in the lease at the balance sheet date. Finance income is recognised in the income statement on a pattern reflecting a constant periodic rate of return on the Group’s net investment in the lease.

The Group acts as a lessor of two finance leases, which are both of 45 years duration and relate to the provision of student accommodation. The other party, as lessee, is regarded to be the economic owner of the leased assets.

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

(XLS:) Other assets – receivables under finance leases

 

Total future payments
2012
£m

Unearned interest income
2012
£m

Present value
2012
£m

Total future payments
2011
£m

Unearned interest income
2011
£m

Present value
2011
£m

Not later than 1 year

6

(1)

5

4

4

Between 1 and 5 years

23

(4)

19

18

(3)

15

Later than 5 years

278

(184)

94

224

(150)

74

Total

307

(189)

118

246

(153)

93

No allowance has been recognised for uncollectable future minimum lease payments in the period (2011: £nil).

Total contingent rents recognised in rental income under these arrangements amounted to £nil (2011: £nil).