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Trade and other receivables | 12 Months Ended
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Dec. 31, 2022
Text Block [Abstract] |
Trade and other receivables | 17. Trade and other receivables
|  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |
Trade receivables |  |  |  |  |  |  | 493 |  |  |  |  |  |  |  | 399 |
Other receivables |  |  |  |  |  |  | 49 |  |  |  |  |  |  |  | 102 |
Prepayments |  |  |  |  |  |  | 104 |  |  |  |  |  |  |  | 73 |
|  |  |  |  |  |  | 646 |  |  |  |  |  |  |  | 574 |
In 2021, other receivables included $53m relating to the UK portfolio rent. The Group had deferred certain rent payments due since 1 April 2020 with consideration given to the UK Government and other commercial tenant protection measures which were in place up to 31 March 2022. A rent reconciliation was finalised in 2022 as part of the restructuring of the UK portfolio leases which resulted in the settlement of outstanding receivables and payables. Expected credit losses The ageing of trade receivables shown below reflects the initial terms under the invoice rather than the revised terms where payment flexibility has been provided to owners. The net balances presented in the table below could result in additional credit losses if they are ultimately found to be uncollectable. Expected credit losses relating to other receivables following their initial recognition are immaterial.
|  |  |  |  |  |  |  |  |  |  | 2022 |  |  |  |  |  |  |  |  |  |  |  | 2021 |
|  |  |  |  | Gross $m |  |  | Credit loss allowance $m |  |  | Net $m |  |  |  |  |  | Gross $m |  |  | Credit loss allowance $m |  |  | Net $m |
Not past due |  |  |  |  |  |  | 307 |  |  |  | (1 | ) |  |  | 306 |  |  |  |  |  |  |  | 249 |  |  |  | (2 | ) |  |  | 247 |
Past due 1 to 30 days |  |  |  |  |  |  | 76 |  |  |  | (7 | ) |  |  | 69 |  |  |  |  |  |  |  | 66 |  |  |  | (5 | ) |  |  | 61 |
Past due 31 to 90 days |  |  |  |  |  |  | 57 |  |  |  | (6 | ) |  |  | 51 |  |  |  |  |  |  |  | 52 |  |  |  | (7 | ) |  |  | 45 |
Past due 91 to 180 days |  |  |  |  |  |  | 46 |  |  |  | (9 | ) |  |  | 37 |  |  |  |  |  |  |  | 36 |  |  |  | (9 | ) |  |  | 27 |
Past due 181 to 360 days |  |  |  |  |  |  | 34 |  |  |  | (11 | ) |  |  | 23 |  |  |  |  |  |  |  | 38 |  |  |  | (21 | ) |  |  | 17 |
Past due more than 361 days |  |  |  |  |  |  | 90 |  |  |  | (83 | ) |  |  | 7 |  |  |  |  |  |  |  | 91 |  |  |  | (89 | ) |  |  | 2 |
|  |  |  |  |  |  | 610 |  |  |  | (117 | ) |  |  | 493 |  |  |  |  |  |  |  | 532 |  |  |  | (133 | ) |  |  | 399 |
Movement in the allowance for expected lifetime credit losses |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |
At 1 January |  |  |  |  |  |  | (133 | ) |  |  |  |  |  |  | (78 | )
Fully provided receivables reinstated a |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (60 | )
Reclassification to other receivables b |  |  |  |  |  |  | 9 |  |  |  |  |  |  |  | – |
Impairment loss c |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (4 | )
System Fund impairment (loss)/reversal |  |  |  |  |  |  | (7 | ) |  |  |  |  |  |  | 6 |
Amounts written off |  |  |  |  |  |  | 17 |  |  |  |  |  |  |  | 8 |
Exchange and other adjustments |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | (5 | )
At 31 December |  |  |  |  |  |  | (117 | ) |  |  |  |  |  |  | (133 | )
a | In 2021, fully provided receivables were reinstated reflecting the Group’s increased focus on older receivables. There was no impact to total amounts receivable, total credit loss provisions or the impairment loss recorded in the Group income statement.
b | In 2022, net receivables of $1m relating to finance charges on overdue receivables have been reclassified to other receivables. Provisions of $9m, which includes expected credit losses at initial recognition, associated with these receivables have been removed from the reconciliation. Expected credit losses following initial recognition are immaterial.
c | In 2021, the impairment loss on financial assets disclosed on the face of the Group income statement also included a gain of $4m related to trade deposits and loans.
As a result of recent collection experience of older balances for some owner groups in Greater China the regional provision matrix has been extended, with $4m (2021: $nil) of the net balance past due more than 361 days relating to Greater China. If the regional provision matrix was applied to all owner groups (rather than by reference to other sources of data), the provision would reduce by $15m, or $12m if the regional provision matrix had not been extended (2021: $16m). Credit risk The Group trades only with recognised, creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. The maximum exposure to credit risk for trade and other receivables, excluding prepayments, at the end of the reporting period by geographic region is as follows:
|  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |
Americas |  |  |  |  |  |  | 318 |  |  |  |  |  |  |  | 275 |
EMEAA |  |  |  |  |  |  | 152 |  |  |  |  |  |  |  | 172 |
Greater China |  |  |  |  |  |  | 72 |  |  |  |  |  |  |  | 54 |
|  |  |  |  |  |  | 542 |  |  |  |  |  |  |  | 501 |

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- Definition The disclosure of trade and other receivables. [Refer: Trade and other receivables] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition Text block [abstract] + References No definition available. + Details
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