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FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2022

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:

$	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.