16 Other assets

 

Note

Total
2014
£m

Total
20132
£m

1.

Other receivables include amounts receivable from brokers and clients for investing activities, unsettled cash and other sundry balances.

2.

This has been restated to reflect the adoption by the group of IRFS 10, ‘Consolidated Financial Statements’. Further details are contained in Note 1.

Reinsurance receivables

 

46

51

Receivables under finance leases

16(i)

118

118

Accrued interest and rent

 

181

153

Prepayments and accrued income

 

478

438

Insurance and intermediaries receivables

 

354

305

Other receivables1

 

1,072

1,056

Other assets

 

2,249

2,121

Due within 12 months

 

2,013

1,860

Due after 12 months

 

236

261

(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:

 

Total future payments
2014
£m

Unearned interest income
2014
£m

Present value
2014
£m

Total future payments
2013
£m

Unearned interest income
2013
£m

Present value
2013
£m

Not later than 1 year

6

(1)

5

6

(1)

5

Between 1 and 5 years

24

(4)

20

23

(3)

20

Later than 5 years

265

(172)

93

273

(180)

93

Total

295

(177)

118

302

(184)

118