15 Other assets.

15 Other assets.
(XLS:) Other assets

 

Note

Total
2013
£m

Total
2012
£m

Reinsurance receivables

 

51

40

Receivables under finance leases

(i)

118

118

Accrued interest and rent

 

152

164

Prepayments and accrued income

 

438

388

Other receivables

 

1,356

854

Other assets

 

2,115

1,564

 

 

 

 

Due within 12 months

 

1,854

1,333

Due after 12 months

 

261

231

(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:) Future minimum lease payments

 

Total future payments
2013
£m

Unearned interest income
2013
£m

Present value
2013
£m

Total future payments
2012
£m

Unearned interest income
2012
£m

Present value
2012
£m

Not later than 1 year

6

(1)

5

6

(1)

5

Between 1 and 5 years

23

(3)

20

23

(4)

19

Later than 5 years

273

(180)

93

278

(184)

94

Total

302

(184)

118

307

(189)

118

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