THE EDINBURGH INVESTMENT TRUST PLC / FINANCIAL REVIEW / 217. CLASSIFICATION UNDER FAIR VALUE HIERARCHYAll except two of the Company’s portfolio of investments are in the Level 1 category as defined in FRS 102 as amended for fairvalue hierarchy disclosures (March 16). The three levels set out in this follow.Level 1 - The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at themeasurement date.Level 2 - Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for theasset or liability, either directly or indirectly.Level 3 - Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.Categorisation within the hierarchy is determined on the basis of the lowest level input that is significant to the fair valuemeasurement of each relevant asset/liability. The valuation techniques used by the Company are explained in the accountingpolicies note.The fair value hierarchy analysis for investments and related forward currency contracts held at fair value at the period end isas follows:30 September2024(Unaudited)£’00031 March2024(Audited)£’0001,253,3171,206,563Financial assets designated at fair value through profit or loss:Level 1Level 3Total for financial assets––1,253,3171,206,563There were two investments in Level 3 at the period end (31 March 2024: two investments) totalling £nil (31 March 2024: £nil).Eurovestech is an unquoted investment. The holding in Eurovestech did not change during the period and the fair value wasunchanged at £nil (31 March 2024: £nil).Raven Property is a delisted investment. The issued preference shares were suspended in March 2022 due to the sanctions onthe company’s Russian businesses. At the period end, the shares remain delisted and recorded a fair value of £nil (31 March2024: £nil).There was no change to the position size or fair value for either of the Level 3 holdings.8. NET ASSET VALUE PER ORDINARY SHARERefer to Alternative Performance Measures for definitions of ‘NAV – debt at par’ and ‘NAV – debt at fair value’.NAV - debt at parThe shareholders’ funds and NAV per share in the Condensed Balance Sheet on page 17 are accounted for in accordancewith accounting standards. The Unsecured Senior Loan Notes were issued at and being recorded at their par value of £120m.A reconciliation showing the NAV per share and Shareholders’ funds using debt at fair value is shown in the AlternativePerformance Measures on page 27.
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