Annual Report 2022

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2022 142 The United Laboratories International Holdings Limited Annual Report 2022 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 2021 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 Changes due to trade receivables recognised at 1 January 2022: – Impairment losses reversed (21,130) Newly originated trade receivables 5,660 At 31 December 2022 6,839