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FINANCIAL INSTRUMENTS | 12 Months Ended
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Mar. 31, 2022
Financial Instruments |
FINANCIAL INSTRUMENTS | 16. FINANCIAL INSTRUMENTS The main risks arising from the Group’s financial instruments are liquidity risk, interest rate risk and credit risk. The Directors regularly review and agree policies for managing each of these risks which are summarized below. Liquidity risk The Group’s policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves of cash to meet its liquidity requirements in the short and long term. The Group ordinarily finances its activities through cash generated from by private and public offerings of equity and debt securities. The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments: SUMMARY OF FINANCIAL LIABILITIES BASED ON CONTRACTUAL UNDISCOUNTED PAYMENTS
$ |  | Less than 3 months |  |  | 3 to 12 months |  |  | Total |
Group |  | 2022 |
$ |  | Less than 3 months |  |  | 3 to 12 months |  |  | Total |
Trade and other payables |  |  | 649,624 |  |  |  | 92,186 |  |  |  | 741,810 |
Related party payables |  |  | 47,041 |  |  |  | - |  |  |  | 47,041 |
Total |  |  | 696,665 |  |  |  | 92,186 |  |  |  | 788,851 |
$ |  | Less than 3 months |  |  | 3 to 12 months |  |  | Total |
Group |  | 2021 |
$ |  | Less than 3 months |  |  | 3 to 12 months |  |  | Total |
Trade and other payables |  |  | 110,179 |  |  |  | 100,813 |  |  |  | 210,992 |
Related party payables |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | 110,179 |  |  |  | 100,813 |  |  |  | 210,992 |
Credit risk Credit risk is managed on a Group basis. Credit risk arises principally from cash and cash equivalents and deposits with banks and financial institutions.as well as outstanding receivables. The Group reviews its banking arrangements carefully to minimize such risks and currently has no customers and therefore this risk is viewed as minimal. Management monitor loans between members of the Group as part of their internal reporting and assess outstanding receivables for ability to be repaid. Interest rate risk The Group has limited exposure to interest-rate risk arising from its bank deposits and convertible loan note instruments. These deposit accounts are held at variable interest rates based on Barclays bank & Penn base rates. The Directors do not consider the impact of possible interest rate changes based on current market conditions to be material to the net result for the year or the equity position at the year-end for either the year ended 31 March 2022 or 31 March 2021.

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- Definition The entire disclosure for financial instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS07_g3-5A_TI -URIDate 2021-03-24 + Details
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