b'Notes to the consolidated financial statements continuedFor the year ended 31 March 202018. InvestmentsThe net change in the value of investments for the year is a decrease of 188,000 (2019: 21,589,000 increase).The table below sets out the movement in the balance sheet value of investments from the start to the end of the year, showing investments made, investee company loans repaid and the direct investment fair value movements.000As at 1 April 2019 87,659Investments made during the year 17,449Investee company loan repayments (1,793)Unrealised gains on the revaluation of investments 3,351Unrealised losses on the revaluation of investments (19,195)As at 31 March 2020 87,471In accordance with the Groups accounting policy in respect of direct investments, investments that are held as part of the Groups direct investment portfolio are carried in the balance sheet at fair value even though the Group may have significant influence over those companies. This treatment is permitted by IAS 28, Investments in Associates. As at 31 March 2020 the Group had investments where it holds an economic interest of 20% or more as follows:Interest Net assets/ Profit/held (liabilities) (loss) Date of% 000 000 financial statementsWarwick Acoustics Limited 52.9 2,790 (2,054) 30 September 2019LM Technologies 39.4 119 (383) 31 December 2019nDreams Limited 36.4 (828) (1,510) 31 March 2019Soccer Manager Limited 34.8 (2,689) (930) 31 October 2019Oxford Genetics Limited t/a OXGENE 30.2 8,945 (3,963) 30 April 2019Medherant Limited 30.1 1,171 (2,363) 31 March 2019The Native Antigen Company Limited 29.3 1,835 451 30 September 2019Nightingale-EOS Limited 28.5 1,028 (12) 31 July 2019Ton UK Limited t/a Intelligent Positioning 28.2 1,172 (190) 31 December 2018Intechnica Limited 27.5 3,243 (3,176) 31 March 2019Impression Technologies Limited 25.9 4,402 (2,763) 31 December 2018VirtTrade Limited t/a Avid Games 25.8 (3,025) (1,201) 31 August 2019Crowd Reactive Limited 22.6 683 121 31 December 2018Concepta PLC 22.4 2,234 (2,150) 31 December 2019sureCore Limited 22.0 984 (805) 30 June 2019Edge Case Games Limited 21.2 1,942 183 30 September 201919. Trade and other receivablesAs at As at31 March 31 March2020 2019000 000Current:Trade and other receivables 577 569Less: expected credit loss allowance (205) (184)Net trade receivables 372 385Other receivables 11 4Prepayments and accrued income 915 3931,298 782The expected credit losses on trade receivables are estimated by reference to past default experience of the debtors and an analysis of the debtors current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast conditions at the reporting date. The Group has defined a default as the failure of a counterparty, including debtors, to discharge a contractual obligation or commitment into which it has entered with the Group.As at 31 March 2020, an amount of 205,000 (2019: 184,000) has been estimated as an expected credit loss allowance in accordance with IFRS 9, in respect of trade receivables primarily from portfolio companies in the managed funds, and recorded against revenue in the consolidated statement of comprehensive income. The Directors believe that the credit quality of trade receivables which are within the Groups typical payment terms is good.94 Mercia Asset Management PLCAnnual Report and Accounts 2020'