Trade and other receivables

12 Months Ended

Dec. 31, 2019

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Trade and other receivables

22. Trade and other receivables

All figures in £ millions	2019		2018
Current
Trade receivables		903		874
Royalty advances		4		5
Prepayments		138		103
Investment in finance lease receivable		25		—
Deferred contract costs		—		1
Accrued income		11		2
Other receivables		194		193
		1,275		1,178
Non-current
Trade receivables		15		30
Royalty advances		—		21
Prepayments		7		13
Investment in finance lease receivable		171		—
Deferred contract costs		—		1
Accrued income		5		10
Other receivables		115		25
		313		100

Accrued income represents contract assets which are unbilled amounts generally resulting from assessments and services revenue streams where revenue to be recognised over time has been recognised in excess of customer billings to date. Impairment charges on accrued income assets are £nil (2018: £nil). The carrying value of the Group’s trade and other receivables approximates its fair value. Trade receivables are stated net of provisions for bad and doubtful debts.

The movements in the provision for bad and doubtful debts are as follows:

All figures in £ millions	2019			2018
At beginning of year		(96	)		(116	)
Adjustment on initial application of IFRS 9		—			(12	)
Exchange differences		3			2
Income statement movements		(35	)		(1	)
Utilised		36			31
At end of year		(92	)		(96	)

Concentrations of credit risk with respect to trade receivables are limited due to the Group’s large number of customers, who are internationally dispersed.

The ageing of the Group’s trade receivables is as follows:

All figures in £ millions	2019		2018
Within due date		654		606
Up to three months past due date		155		172
Three to six months past due date		35		72
Six to nine months past due date		9		16
Nine to 12 months past due date		14		24
More than 12 months past due date		51		14
Net trade receivables		918		904

The Group reviews its bad debt provision at least twice a year following a detailed review of receivable balances and historical payment profiles, and assessment of forward looking risk factors. Management believes all the remaining receivable balances are fully recoverable.