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Trade and other receivables
 12 Months Ended
Dec. 31, 2021
Text Block [Abstract]  
Trade and other receivables
18. Trade and other receivables
 
         
            2021
$m
         
            2020
$m
  
Trade receivables
a
      
 
399
 
       
 
309
 
Other receivables
       
 
102
 
       
 
129
 
Prepayments
       
 
73
 
       
 
76
 
 
       
 
574
 
       
 
514
 
 
a
 
Including cost reimbursements of $23m (2020: $26m).
Other receivables includes $53m (2020: $77m) relating to the UK portfolio rent. The Group has deferred certain rent payments due since 1 April 2020 with consideration given to the UK Government and other commercial tenant protection measures which are in place up to 31 March 2022. A rent reconciliation was finalised in 2021 which resulted in credit notes being received against unpaid 2020 rentals. A further reconciliation will be performed in 2022, at which point amounts due at the end of 2021 will be eliminated. $29m (2020: $65m) has been recognised within trade and other payables in relation to the rents due under the leases at 31 December 2021, with the receivable balance reflecting the recovery of both amounts due and amounts paid in the year.
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 are immaterial.
 
        
2021
         
2020
  
         
Gross
$m
     
    Credit loss
allowance
$m
    
              Net
$m
         
Gross
$m
     
    Credit loss
allowance
$m
    
              Net
$m
  
Not past due
       
 
249
 
   
 
(2
) 
  
 
247
 
       
 
153
 
   
 
(1
) 
  
 
152
 
Past due 1 to 30 days
       
 
66
 
   
 
(5
) 
  
 
61
 
       
 
59
 
   
 
(2
) 
  
 
57
 
Past due 31 to 90 days
       
 
52
 
   
 
(7
) 
  
 
45
 
       
 
61
 
   
 
(6
) 
  
 
55
 
Past due 91 to 180 days
       
 
36
 
   
 
(9
) 
  
 
27
 
       
 
40
 
   
 
(7
) 
  
 
33
 
Past due 181 to 360 days
       
 
38
 
   
 
(21
) 
  
 
17
 
       
 
74
 
   
 
(62
) 
  
 
12
 
Past due more than 361 days
       
 
91
 
   
 
(89
) 
  
 
2
 
       
 
n/a
 
   
 
n/a
 
  
 
n/a
 
 
       
 
532
 
   
 
(133
) 
  
 
399
 
       
 
387
 
   
 
(78
) 
  
 
309
 
As a result of the increased credit risk faced from customers due to the pandemic the Group has increased its focus on older receivables. In 2021, this has resulted in both an increase in cash collections relating to older receivables and a reassessment of those receivables previously considered to be irrecoverable. $60m of fully provided receivables have been reinstated leading to an increase in both gross receivables and the expected credit loss provision. In addition, debts older than 180 days have been disclosed into further ageing categories. These changes have no impact on total amounts receivable, total credit loss provisions or the impairment loss recorded in the Group income statement.
 
         
           2021
$m
         
           2020
$m
  
Movement in the allowance for expected lifetime credit losses
       
 
 
 
       
 
 
 
At 1 January
       
 
(78
) 
       
 
(18
) 
Fully provided receivables reinstated
       
 
(60
) 
       
 
–
 
Impairment loss
a
      
 
(4
) 
       
 
(40
) 
System Fund impairment reversal/(loss)
       
 
6
 
       
 
(24
) 
Amounts written off
       
 
8
 
       
 
7
 
Exchange and other adjustments
       
 
(5
) 
       
 
(3
) 
At 31 December
       
 
(133
) 
       
 
(78
) 
 
a
 
The impairment loss on financial assets disclosed on the face of the Group income statement also includes a gain of $4m (2020: loss of $48m) related to trade deposits and loans.
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:
 
         
              2021
$m
         
              2020
$m
  
Americas
       
 
275
 
       
 
212
 
EMEAA
       
 
172
 
       
 
183
 
Greater China
       
 
54
 
       
 
43
 
 
       
 
501
 
       
 
438