REA Group Ltd Annual Report 2021

Notes to the Consolidated Financial Statements for the year ended 30 June 2021 REA Group Ltd | Annual Report 2021 14. Trade and other receivables and contract assets (continued) (a) Ageing of trade receivables 2021 $ʼ000 2020 $ʼ000 Not due 103,649 75,896 1-30 days past due not impaired 9,531 6,964 31-60 days past due not impaired 1,001 1,993 61+ days past due not impaired 5,385 2,035 Provisions for expected credit losses 5,528 6,611 Total gross trade receivables 125,094 93,499 During the year, a total expense of $1.0 million (2020: $1.2 million) was recognised in the Consolidated Income Statement in relation to trade receivables written off. Information about the Groupʼs exposure to foreign currency, interest rate and credit risk in relation to trade and other receivables is provided in Note 9. (b) Contract assets Contracts assets relate to the provision of services in advance of consideration being received or due because the consideration to be received is conditional. Upon achievement of these conditions, the amount recognised as a contract asset will be reclassified to trade receivables. As at 30 June 2021, the Group has nil contract assets (2020: $5.6 million). 15. Trade and other payables Accounting policies Trade and other payables are carried at amortised cost and are not discounted. These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are paid in accordance with vendor terms. 2021 $ʼ000 2020 $ʼ000 Trade payables 5,909 23,498 Accrued expenses 78,183 33,902 Other payables 11,581 21,078 Total trade and other payables 95,673 78,478 98 Financial Statements