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v3.20.4

System Fund | 12 Months Ended
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Dec. 31, 2020
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System Fund | 33. System Fund System Fund revenues comprise:
|  | 2020 $m |  |  | 2019 $m |  |  | 2018 $m |
Assessment fees and contributions received from hotels |  |  | 490 |  |  |  | 1,036 |  |  |  | 979 |
Loyalty programme revenues, net of the cost of point redemptions |  |  | 275 |  |  |  | 337 |  |  |  | 254 |
|  |  | 765 |  |  |  | 1,373 |  |  |  | 1,233 |
System Fund expenses include:
|  | 2020 $m |  |  | 2019 $m |  |  | 2018 $m |
Marketing |  |  | 109 |  |  |  | 461 |  |  |  | 427 |
Payroll costs (note 4) |  |  | 242 |  |  |  | 313 |  |  |  | 347 |
Depreciation and amortisation |  |  | 62 |  |  |  | 54 |  |  |  | 49 |
Impairment loss on financial assets (note 18) |  |  | 24 |  |  |  | 12 |  |  |  | 11 |
Other impairment charges |  |  | 41 |  |  |  | — |  |  |  | — |

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