NOTES TO THE FINANCIAL STATEMENTS 24. Trade and Other Receivables Accounting Policy Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components. Other receivables are recognised initially at fair value. Trade and other receivables are subsequently measured at amortised cost using the effective interest method, less provision for loss allowance. Trade and other receivables in the consolidated statement of financial position are stated net of such provisions. 2023 2022 HK$M HK$M Trade debtors 500 385 Prepayments and accrued income 116 85 Amounts due from an intermediate holding company 1 5 Other financial assets at amortised cost – 520 Other receivables 2,889 1,839 3,506 2,834 The analysis of the age of trade debtors at the year end (based on their invoice dates) is as follows: 2023 2022 HK$M HK$M Up to 3 months 468 354 Between 3 and 6 months 14 15 Over 6 months 18 16 500 385 Other financial assets at amortised cost represented a deferred payment for the sale of the Group’s interest in the Cityplaza One office tower in Hong Kong in 2020. The deferred payment was recognised at amortised cost using an effective interest rate of 3% per annum. The deferred payment of HK$535 million was received during the year in accordance with the sale and purchase agreement. Other receivables include rent free and other lease incentives to tenants of HK$1,451 million (2022: HK$1,198 million), which are amortised over the relevant lease terms. There is no concentration of credit risk with respect to trade and other receivables, as the Group has a large number of customers. The Group does not grant any credit terms to its customers, except to corporate customers in the hotel division where commercial trade credit terms are given. The Group also holds non-interest-bearing rental deposits as security against trade debtors. At 31st December 2023, trade debtors of HK$154 million (2022: HK$145 million) were past due. The majority of the amount past due is under three months. These relate to a number of independent customers for whom there is no recent history of default. The other classes within trade and other receivables do not contain impaired assets. The maximum exposure to credit risk at 31st December 2023 and 31st December 2022 is the carrying value of trade debtors and other receivables disclosed above. The carrying value of rental deposits from tenants held as security against trade debtors at 31st December 2023 was HK$2,965 million (2022: HK$2,715 million). 182