McConnell Dowell Group Annual Review 2021 77 13. Trade and other payables All figures are in A$000's Note 2021 2020 Trade payables* 57,262 31,187 Project accruals 140,607 92,420 Progress billings in advance 7(c) 145,443 97,667 Other payables and accruals 16,050 18,111 Payables to other related parties 17 102 841 Payables to associates - Dutco McConnell Dowell (ME) LLC 167 125 Total trade and other payables 359,631 240,351 Consolidated 14. Ultimate parent The ultimate parent of the Group is Aveng Limited (a company incorporated in South Africa). Aveng Limited owns 100% of the issued ordinary shares in Aveng Australia Holdings Pty Ltd. The immediate Australian parent of the Group is Aveng Australia Holdings Pty Ltd. Aveng Australia Holdings Pty Ltd owns 100% of the issued ordinary shares in McConnell Dowell Corporation Limited. * Trade payables are non-interest bearing and are normally settled on 30-45 day terms. Due to the short term nature of these payables, their carrying value is assumed to approximate their fair value. There is no collateral provided as security. Information regarding foreign exchange, interest rate and liquidity risk exposure is set out in Note 20.
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