Annual Report 2021

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2021 141 The United Laboratories International Holdings Limited Annual Report 2021 38. FINANCIAL INSTRUMENTS (Continued) Financial risk management objectives and policies (Continued) Credit risk and impairment assessment (Continued) The following table shows the movement in lifetime ECL that has been recognised for all trade receivables under the simplified approach. Lifetime ECL (not credit- impaired) RMB’000 At 1 January 2020 23,167 Changes due to trade receivables recognised at 1 January 2020: Impairment losses reversed (23,167) Newly originated trade receivables 19,697 At 31 December 2020 19,697 Changes due to trade receivables recognised at 1 January 2021: Impairment losses reversed (19,697) Newly originated trade receivables 22,309 At 31 December 2021 22,309