b'Strategic report Governance Financial statementsThe ageing of trade receivables at the year end was as follows:Expected credit Gross loss allowance000 000Not past due 117 (14)Past due 0-30 days 15 (3)Past due 31-60 days 74 (40)Past due 61-90 daysPast due more than 91 days 371 (148)577 (205)A reconciliation from the opening balance to the closing balance of the expected credit loss allowance in respect of trade receivables is set outbelow:000As at 1 April 2019 184Change in loss allowance due to new trade receivables originated 125Amounts recovered (101)Amounts written off (3)As at 31 March 2020 205The increase in the expected credit loss allowance of 125,000 (2019: 72,000 increase) has been recorded against revenue in the consolidated statement of comprehensive income. The maximum exposure to credit risk of the receivables at the balance sheet date is the fair value of each class of receivable shown above.20. Cash, cash equivalents and short-term liquidity investmentsAs at As at31 March 31 March2020 2019000 000Cash at bank and in hand 24,438 25,210Total cash and cash equivalents 24,438 25,210Total short-term liquidity investments 6,215 5,188Included within cash and cash equivalents is 467,000 (2019: 629,000) of cash held on behalf of third-party EIS investors which is not available for use by the Group.21. Trade and other payablesAs at As at31 March 31 March2020 2019000 000Trade payables 729 206Tax and social security 244 225Other payables 908 794Accruals and deferred income 2,924 2,5054,805 3,730Other payables includes 467,000 (2019: 629,000) of cash held on behalf of third-party EIS investors.22. Lease liabilities The only impact on the Group relates to leases for use of office premises at various locations. These were earlier classified as operating leases under IAS 17, with lease rentals charged to operating expenses on a straight-line basis over the lease term. As required by IFRS 16, as a lessee, the Group has recognised a lease liability representing the present value of the obligation to make lease payments, and a related right-of-use asset. In calculating the present value of the obligation to make lease payments, the Groups incremental borrowing rate has been used as the discount rate, as the rates implicit in the leases are not evident. The incremental rate referred to by IFRS 16 indicates the rate of interest that a lessee would have to pay to borrow over a similar term, with similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. The weighted average lessees incremental borrowing rate applied to lease liabilities recognised in the Groups consolidated balance sheet as at 31 March 2020 is 3.25%. Mercia Asset Management PLC 95Annual Report and Accounts 2020'