HALF-YEARLY FINANCIAL REPORT 2024 - Flipbook - Page 23
THE EDINBURGH INVESTMENT TRUST PLC / FINANCIAL REVIEW / 21
7. CLASSIFICATION UNDER FAIR VALUE HIERARCHY
All except two of the Company’s portfolio of investments are in the Level 1 category as defined in FRS 102 as amended for fair
value 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 the
measurement date.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the
asset 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 value
measurement of each relevant asset/liability. The valuation techniques used by the Company are explained in the accounting
policies note.
The fair value hierarchy analysis for investments and related forward currency contracts held at fair value at the period end is
as follows:
30 September
2024
(Unaudited)
£’000
31 March
2024
(Audited)
£’000
1,253,317
1,206,563
Financial assets designated at fair value through profit or loss:
Level 1
Level 3
Total for financial assets
–
–
1,253,317
1,206,563
There 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 was
unchanged 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 on
the company’s Russian businesses. At the period end, the shares remain delisted and recorded a fair value of £nil (31 March
2024: £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 SHARE
Refer to Alternative Performance Measures for definitions of ‘NAV – debt at par’ and ‘NAV – debt at fair value’.
NAV - debt at par
The shareholders’ funds and NAV per share in the Condensed Balance Sheet on page 17 are accounted for in accordance
with 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 Alternative
Performance Measures on page 27.
