Annual Report 2023

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023 138 The United Laboratories International Holdings Limited Annual Report 2023 39. 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 2022 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 Changes due to trade receivables recognised at 1 January 2023: – Impairment losses reversed (6,726) Newly originated trade receivables 12,346 At 31 December 2023 12,459