Note 14d Classification of Financial Instruments

31 March 202531 March 2026
Financial Assets held at Fair Value through Profit and Loss £000'sFinancial Assets held at Amortised cost £000'sFinancial Liabilities at Amortised cost £000'sFinancial Assets held at Fair Value through Profit and Loss £000'sFinancial Assets held at Amortised cost £000'sFinancial Liabilities at Amortised cost £000's
Equities150--150--
Bonds319,738--430,808--
Pooled investment vehicles
Fixed Income Unit Trusts13,367--12,483--
Property70,979--122,283--
Infrastructure Funds62,22676,989
Global Equity1,098,652--1,010,249--
Private Debt55,279--61,401--
Multi Asset Credit68,510--72,564-
5Private Equity4,837--4,037-
Cash Instruments
Cash deposits53,117--104,731--
Unsettled sales-1,600----
Accrued income-6,193--4,765-
Total investment assets1,673,5087,793-1,895,7654,765-
Investment Liabilities
Unsettled Purchases--(2,882)--(734)
Net Investment assets1,673,5087,793(2,882)1,895,7654,765(734)
Other financial assets
Contributions due-1,976--6,492-
Cash balances-35,846--11,541-
Other debtors-242--561-
Sub total1,673,50845,858(2,882)1,895,76523,359(734)
Financial Liabilities
Current liabilities*--(1,932)--(2,387)
Sub total--(1,932)--(2,387)
Total1,673,50845,858(4,814)1,895,76523,359(3,121)
Grand Total1,714,5521,916,003

* The classification of current liabilities excludes the Fund's liability for PAYE of £952k (2025: £874k). HMRC payments are statutory obligation arising from tax law, and not contractual arrangements, therefore not classified as a financial instrument.

531 March 2025 balances have been revised for consistency with 31 March 2026, to reflect Private Equity and Multi Asset credit separately