The fund has considered the current market trends, and also consulted with independent investment advisors, and has determined that the valuation methods described above are likely to be accurate to within the following ranges and has set out below the resulting potential impact on the closing value of investments held at 31 March 2026.
| Assets type | Value | 1 year expected Volatility % | Value on Increase | Value on decrease |
|---|---|---|---|---|
| £000's | £000's | £000's | ||
| As at 31 March 2026 | ||||
| Private Debt | 61,401 | 7.4 | 65,944 | 56,857 |
| Infrastructure | 76,989 | 14.6 | 88,152 | 65,825 |
| Private Equity | 4,037 | 27.0 | 5,127 | 2,947 |
| Pooled Property | 40,412 | 15.9 | 46,837 | 33,986 |
| Total | 182,839 | 206,061 | 159,616 | |
| As at 31 March 2025 | ||||
| Private Debt | 55,278 | 7.6 | 59,479 | 51,077 |
| Infrastructure | 57,388 | 14.5 | 65,710 | 49,067 |
| Private Equity | 4,838 | 26.6 | 6,125 | 3,551 |
| Pooled Property | 75,119 | 15.2 | 86,537 | 63,701 |
| Total | 192,624 | 217,851 | 167,396 |
The value of the bonds of £3.778m and share capital of £220k are not included in the above analysis. The bond portfolio is assessed in its entirety rather than by levels. Share capital has also been excluded as it represents a fixed, non-judgemental input and does not have a direct impact on valuation or cash flow outcomes.
The table below provides an analysis of the financial assets and liabilities of the Fund grouped into levels 1 to 3, based on the level at which fair value has been observed:
| 31 March 2025 | 31 March 2026 | |||||
| Quoted market price Level 1 £000's | Using observable inputs Level 2 £000's | With significant unobservable inputs Level 3 £000's | Quoted market price Level 1 £000's | Using observable inputs Level 2 £000's | With significant unobservable inputs Level 3 £000's | |
|---|---|---|---|---|---|---|
| Financial Assets | ||||||
| Held at fair value through profit and loss | 59,978 | 1,416,978 | 196,552 | 107,956 | 1,601,918 | 185,893 |
| Held at amortised cost | 43,882 | 16,867 | - | - | ||
| Sub Total | 103,860 | 1,416,978 | 196,552 | 124,823 | 1,601,918 | 185,893 |
| Financial Liabilities | ||||||
| Payables | (2,882) | - | - | (734) | ||
| Sub Total | 100,978 | 1,416,978 | 196,552 | 124,089 | 1,601,918 | 185,893 |
| Grand Total | 1,714,508 | 1,911,900 | ||||