b'Annual Report & Accounts 2022 Mercia Asset Management PLC 9517. InvestmentsThe net change in the value of investments for the year is an increase of 23,338,000 (2021: 8,749,000 increase). The table below reconciles the opening to closing value of investments for both the current and prior years. Level 1Level 3Totalfinancialfinancialfinancial assets assets assets000 000 000As at 1 April 2021 4,488 91,732 96,220Investments made during the year19,884 19,884Investee company loan repayment(1,500) (1,500)Disposal(6,431) (6,431)Unrealised fair value gains on investments15,122 15,122Unrealised fair value losses on investments (2,856) (881) (3,737)As at 31 March 2022 1,632 117,926 119,558 Financial statementsLevel 1Level 3Totalfinancialfinancialfinancial assets assets assets000 000 000As at 1 April 2020 475 86,996 87,471Investments made during the year 504 15,143 15,647Investee company loan repayments(250) (250)Disposals(16,736) (16,736)Unrealised fair value gains on investments 3,509 7,264 10,773Unrealised fair value losses on investments(685) (685)As at 31 March 2021 4,488 91,732 96,220On 8 June 2020, Crowd Reactive Limited repaid a 150,000 debt investment made by the Group.On 9 July 2020, the Group sold its investment in The Native Antigen Company Limited for a total cash consideration of 5,248,000, recognising a realised gain of 1,755,000.On 19 October 2020, the Group sold its investment in Clear Review Limited for a total cash consideration of 1,043,000, recognising a realised gain of 543,000. On 1 March 2021, the Group sold its investment in Oxford Genetics Limited for a total cash consideration of 30,696,000, recognising a realised gain of 17,953,000.On 4 January 2022, the Group completed the sale of its investment in Faradion Limited, generating a realised gain of 9,878,000. Total cash proceeds of 19,402,000 were received upon completion, comprising 16,309,000 from the sale of the Groups equity holding, a loan repayment of 1,500,000, a loan redemption premium of 1,500,000 and loan interest of 93,000. Additional loan redemption premiums and interest, totalling 738,000, converted into equity immediately prior to disposal of the Groups total equity holding.Investments held as part of the Groups direct investment portfolio are carried at fair value in accordance with the IFRS 10 Investment Entity exemption. The measurement basis for determining the fair value of investments held at 31 March is as follows:As atAs at 31 March 31 March20222021 000 000Listed investment 1,632 4,488Price of last investment round 62,233 48,210Enterprise value 37,772 26,717Cost 5,625 3,245Impaired value 1 12,296 13,560119,558 96,2201Valued using valuation methodologies consistent with the Groups accounting policy'