b'Annual Report & Accounts 2022 Mercia Asset Management PLC 97As at 31 March 2022, an amount of 318,000 (2021: 285,000) 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.The ageing of trade receivables is as follows:Year ended 31 March 2022 Year ended 31 March 2021Expected creditExpected credit Gross loss allowance Gross loss allowance000 000 000 000Not past due 178 (11) 77 Past due 0-30 days 63 (6) 58 (14)Past due 31-60 days 90 (39) 47 (19)Past due more than 61 days 335 (262) 417 (252) Financial statements666 (318) 599 (285)A reconciliation from the opening balance to the closing balance of the expected credit loss allowance in respect of trade receivables is set out below:Year endedYear ended31 March 31 March2022 2021000 000As at 1 April 285 205Increase in loss allowance 180 235Amounts recovered (147) (155)As at 31 March 318 285The net increase in the expected credit loss allowance of 33,000 (2021: 80,000) 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 disclosed.19. Cash, cash equivalents, short-term liquidity investments and restricted cashAs at As at31 March 31 March2022 2021000 000Total cash and cash equivalents 56,049 54,491Total short-term liquidity investments 5,235 234Total restricted cash2,484As at 31 March 2022, the Group held 815,000 of proceeds from the disposal of Faradion Limited, a direct investment sold on 4 January 2022 (see note 17). Under the terms of sale, 5% of the equity sale proceeds were required to be ring-fenced for 90 days post completion. On 4 April 2022 the holding period lapsed and these proceeds became available for use by the Group. As at 31 March 2022 this amount is recorded within cash and cash equivalents.The Group no longer holds cash on behalf of third-party EIS investors (2021: 2,484,000).'