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  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00117": {
   "value": "<span>The accompanying notes on pages 121 to 159 form </span><div class=\"t s6_120\" id=\"t3r_120\" style=\"left:819px;bottom:784px;letter-spacing:0.11px;display:inline;\">an integral part of the financial statements on </div><div class=\"t s6_120\" id=\"t3s_120\" style=\"left:819px;bottom:767px;letter-spacing:0.11px;word-spacing:-0.1px;display:inline;\">pages 117 to 174. The financial statements were approved </div><div class=\"t s6_120\" id=\"t3t_120\" style=\"left:819px;bottom:750px;letter-spacing:0.11px;display:inline;\">by the Board of Directors and authorised for issue on </div><div class=\"t s6_120\" id=\"t3u_120\" style=\"left:819px;bottom:733px;letter-spacing:0.11px;display:inline;\">24 March 2025 and were signed on its behalf by: </div><div class=\"t s7_120\" id=\"t3v_120\" style=\"left:819px;bottom:651px;letter-spacing:0.14px;display:inline;\">Greg Smith </div><div class=\"t s7_120\" id=\"t3w_120\" style=\"left:1000px;bottom:651px;letter-spacing:0.16px;display:inline;\">David Baynes </div><div class=\"t s6_120\" id=\"t3x_120\" style=\"left:819px;bottom:635px;letter-spacing:0.1px;display:inline;\">Chief Executive Officer </div><span>Chief Financial Officer</span>",
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    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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  },
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    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
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    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
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    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
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    "concept": "ifrs-full:Equity",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2025-01-01T00:00:00",
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    "concept": "ifrs-full:Equity",
    "entity": "scheme:213800HG22UM138WFG43",
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    "entity": "scheme:213800HG22UM138WFG43",
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    "concept": "ifrs-full:Equity",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2025-01-01T00:00:00",
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  },
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   "value": "966000000.0",
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   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2025-01-01T00:00:00",
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  },
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    "concept": "ifrs-full:Equity",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2025-01-01T00:00:00",
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   "value": "952500000.0",
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    "concept": "ifrs-full:Equity",
    "entity": "scheme:213800HG22UM138WFG43",
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  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00118": {
   "value": "<span>1. Basis of preparation </span><div class=\"t s1_123\" id=\"t2_123\" style=\"left:87px;bottom:793px;letter-spacing:-0.1px;display:inline;\">A) Basis of preparation </div><div class=\"t s2_123\" id=\"t3_123\" style=\"left:87px;bottom:777px;letter-spacing:0.11px;display:inline;\">The Annual Report and Accounts of IP Group <span>plc</span> (\u201cIP Group\u201d or the \u201cCompany\u201d) </div><div class=\"t s2_123\" id=\"t4_123\" style=\"left:87px;bottom:760px;letter-spacing:0.11px;display:inline;\">and its subsidiary companies (together, the \u201cGroup\u201d) are for the year ended </div><div class=\"t s2_123\" id=\"t5_123\" style=\"left:87px;bottom:743px;letter-spacing:0.11px;display:inline;\">31 December 2024. The principal accounting policies adopted in the preparation of the </div><div class=\"t s2_123\" id=\"t6_123\" style=\"left:87px;bottom:726px;letter-spacing:0.11px;display:inline;\">financial statements are set out below. The policies have been consistently applied </div><div class=\"t s2_123\" id=\"t7_123\" style=\"left:87px;bottom:709px;letter-spacing:0.11px;display:inline;\">to all the years presented, unless otherwise stated. The Group financial statements </div><div class=\"t s2_123\" id=\"t8_123\" style=\"left:87px;bottom:692px;letter-spacing:0.12px;display:inline;\">have been prepared and approved by the Directors in accordance with UK\u2013adopted </div><div class=\"t s2_123\" id=\"t9_123\" style=\"left:87px;bottom:676px;letter-spacing:0.11px;display:inline;\">international accounting standards (\u201cUK\u2013adopted IFRS\u201d). </div><div class=\"t s2_123\" id=\"ta_123\" style=\"left:87px;bottom:650px;letter-spacing:0.11px;display:inline;\">The preparation of financial statements in compliance with IFRS requires the use of </div><div class=\"t s2_123\" id=\"tb_123\" style=\"left:87px;bottom:633px;letter-spacing:0.11px;display:inline;\">certain critical accounting estimates. It also requires Group management to exercise </div><div class=\"t s2_123\" id=\"tc_123\" style=\"left:87px;bottom:617px;letter-spacing:0.11px;display:inline;\">judgement in the most appropriate selection of the Group\u2019s accounting policies. The </div><div class=\"t s2_123\" id=\"td_123\" style=\"left:87px;bottom:600px;letter-spacing:0.12px;display:inline;\">areas where significant judgements and estimates have been made in preparing the </div><div class=\"t s2_123\" id=\"te_123\" style=\"left:87px;bottom:583px;letter-spacing:0.1px;display:inline;\">financial statements and their effect are disclosed in note 2. </div><div class=\"t s2_123\" id=\"tf_123\" style=\"left:87px;bottom:558px;letter-spacing:0.11px;display:inline;\">The financial statements are prepared on a historic cost bases except that the </div><div class=\"t s2_123\" id=\"tg_123\" style=\"left:87px;bottom:541px;letter-spacing:0.1px;display:inline;\">following assets and liabilities are stated at their fair value. </div><div class=\"t s3_123\" id=\"th_123\" style=\"left:87px;bottom:515px;letter-spacing:-0.14px;display:inline;\"><span>Going concern </span></div><div class=\"t s2_123\" id=\"ti_123\" style=\"left:87px;bottom:496px;letter-spacing:0.11px;display:inline;\">The financial statements are prepared on a going concern basis. The Directors have </div><div class=\"t s2_123\" id=\"tj_123\" style=\"left:87px;bottom:479px;letter-spacing:0.11px;display:inline;\">completed a detailed financial forecast alongside severe but plausible scenario\u2013 </div><div class=\"t s2_123\" id=\"tk_123\" style=\"left:87px;bottom:463px;letter-spacing:0.11px;display:inline;\">based downside stress\u2013testing, including the impact of declining portfolio values and </div><div class=\"t s2_123\" id=\"tl_123\" style=\"left:87px;bottom:446px;letter-spacing:0.1px;display:inline;\">a reduced ability to generate portfolio realisations. </div><div class=\"t s2_123\" id=\"tm_123\" style=\"left:87px;bottom:420px;letter-spacing:0.11px;display:inline;\">At the balance sheet date, the Group had cash and deposits of \u00a3285.6m, providing </div><div class=\"t s2_123\" id=\"tn_123\" style=\"left:87px;bottom:404px;letter-spacing:0.11px;display:inline;\">liquidity for around three years\u2019 operating expenses and portfolio investment at recent </div><div class=\"t s2_123\" id=\"to_123\" style=\"left:87px;bottom:387px;letter-spacing:0.11px;display:inline;\">levels, and scheduled debt repayments. Furthermore, the Group has a portfolio of </div><div class=\"t s2_123\" id=\"tp_123\" style=\"left:87px;bottom:370px;letter-spacing:0.11px;display:inline;\">investments valued at around \u00a30.9bn, which is anticipated to provide further liquidity </div><div class=\"t s2_123\" id=\"tq_123\" style=\"left:87px;bottom:353px;letter-spacing:0.11px;display:inline;\">over the forecast period. Accordingly, our forecasting indicates that the Group and it\u2019s </div><div class=\"t s2_123\" id=\"tr_123\" style=\"left:87px;bottom:336px;letter-spacing:0.11px;display:inline;\">parent Company has adequate resources to enable it to meet its obligations including </div><div class=\"t s2_123\" id=\"ts_123\" style=\"left:87px;bottom:320px;letter-spacing:0.11px;display:inline;\">its debt covenants and to continue in operational existence for at least the next twelve </div><div class=\"t s2_123\" id=\"tt_123\" style=\"left:87px;bottom:303px;letter-spacing:0.11px;display:inline;\">months from the approval date of the accounts. For further details see the Group\u2019s </div><div class=\"t s2_123\" id=\"tu_123\" style=\"left:87px;bottom:286px;letter-spacing:0.11px;display:inline;\"><span>viability statement on page 49.</span> </div><div class=\"t s3_123\" id=\"tv_123\" style=\"left:87px;bottom:260px;letter-spacing:-0.13px;display:inline;\"><span>Changes in accounting policies </span></div><div class=\"t s4_123\" id=\"tw_123\" style=\"left:87px;bottom:241px;letter-spacing:-0.13px;display:inline;\">(i) New standards, interpretations and amendments effective from </div><div class=\"t s4_123\" id=\"tx_123\" style=\"left:87px;bottom:224px;letter-spacing:-0.13px;display:inline;\">1 January 2024 </div><div class=\"t s2_123\" id=\"ty_123\" style=\"left:87px;bottom:206px;letter-spacing:0.11px;display:inline;\">No new standards, interpretations and amendments effective in the year have had a </div><div class=\"t s2_123\" id=\"tz_123\" style=\"left:87px;bottom:189px;letter-spacing:0.11px;display:inline;\">material effect on the Group\u2019s financial statements. </div><div class=\"t s4_123\" id=\"t10_123\" style=\"left:87px;bottom:163px;letter-spacing:-0.13px;display:inline;\">(ii) New standards, interpretations and amendments not yet effective </div><div class=\"t s2_123\" id=\"t11_123\" style=\"left:87px;bottom:144px;letter-spacing:0.11px;display:inline;\">No new standards, interpretations and amendments not yet effective are expected to </div><div class=\"t s2_123\" id=\"t12_123\" style=\"left:87px;bottom:128px;letter-spacing:0.11px;display:inline;\">have a material effect on the Group\u2019s future financial statements. </div><div class=\"t s2_123\" id=\"t13_123\" style=\"left:87px;bottom:102px;letter-spacing:0.11px;display:inline;\">The impact of the following is under assessment: IFRS 18 \u2018Primary financial statements\u2019, </div><div class=\"t s2_123\" id=\"t14_123\" style=\"left:87px;bottom:85px;letter-spacing:0.11px;display:inline;\">which will become effective in the consolidated Group financial statements for the </div><div class=\"t s2_123\" id=\"t15_123\" style=\"left:87px;bottom:69px;letter-spacing:0.11px;display:inline;\"><span>financial year ending 31 December 2027, subject to UK endorsement. </span></div><div class=\"t s1_123\" id=\"t16_123\" style=\"left:634px;bottom:819px;letter-spacing:-0.1px;display:inline;\"><span>B) Basis of consolidation </span></div><div class=\"t s3_123\" id=\"t17_123\" style=\"left:634px;bottom:802px;letter-spacing:-0.13px;display:inline;\">IFRS 10 Investment Entity Exemption </div><div class=\"t s2_123\" id=\"t18_123\" style=\"left:634px;bottom:783px;letter-spacing:0.11px;display:inline;\">IFRS 10 defines an investment entity as one which: </div><div class=\"t s2_123\" id=\"t19_123\" style=\"left:634px;bottom:758px;letter-spacing:0.06px;display:inline;\">a. </div><div class=\"t s2_123\" id=\"t1a_123\" style=\"left:656px;bottom:758px;letter-spacing:0.11px;display:inline;\">Obtains funds from one or more investors for the purpose of providing those </div><div class=\"t s2_123\" id=\"t1b_123\" style=\"left:656px;bottom:741px;letter-spacing:0.12px;display:inline;\">investors with investment management services </div><div class=\"t s2_123\" id=\"t1c_123\" style=\"left:634px;bottom:720px;letter-spacing:0.06px;display:inline;\">b. </div><div class=\"t s2_123\" id=\"t1d_123\" style=\"left:656px;bottom:720px;letter-spacing:0.1px;display:inline;\">Commits to its investors that its business purpose is to invest funds solely for </div><div class=\"t s2_123\" id=\"t1e_123\" style=\"left:656px;bottom:703px;letter-spacing:0.11px;display:inline;\">returns from capital appreciation, investment income or both </div><div class=\"t s2_123\" id=\"t1f_123\" style=\"left:634px;bottom:682px;letter-spacing:0.06px;display:inline;\">c. </div><div class=\"t s2_123\" id=\"t1g_123\" style=\"left:656px;bottom:682px;letter-spacing:0.11px;display:inline;\">Measures and evaluates the performance of substantially all of its investments on </div><div class=\"t s2_123\" id=\"t1h_123\" style=\"left:656px;bottom:665px;letter-spacing:0.1px;display:inline;\">a fair value basis </div><div class=\"t s2_123\" id=\"t1i_123\" style=\"left:634px;bottom:640px;letter-spacing:0.11px;display:inline;\">We believe that IP Group plc does not meet this definition of an investment entity with </div><div class=\"t s2_123\" id=\"t1j_123\" style=\"left:634px;bottom:623px;letter-spacing:0.11px;display:inline;\">the key factors behind this conclusion being: </div><div class=\"t s5_123\" id=\"t1k_123\" style=\"left:634px;bottom:597px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t1l_123\" style=\"left:656px;bottom:597px;letter-spacing:0.11px;display:inline;\">the absence of specific exit strategies for early\u2013stage assets (indicating condition </div><div class=\"t s2_123\" id=\"t1m_123\" style=\"left:656px;bottom:581px;letter-spacing:0.1px;display:inline;\">(b) above is not satisfied) </div><div class=\"t s5_123\" id=\"t1n_123\" style=\"left:634px;bottom:559px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t1o_123\" style=\"left:656px;bottom:559px;letter-spacing:0.1px;display:inline;\">the ability to hold investments indefinitely (indicating condition (b) above is not </div><div class=\"t s2_123\" id=\"t1p_123\" style=\"left:656px;bottom:543px;letter-spacing:0.1px;display:inline;\">satisfied) </div><div class=\"t s5_123\" id=\"t1q_123\" style=\"left:634px;bottom:522px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t1r_123\" style=\"left:656px;bottom:522px;letter-spacing:0.1px;display:inline;\">the flexibility to explore the direct commercialisation of intellectual property within </div><div class=\"t s2_123\" id=\"t1s_123\" style=\"left:656px;bottom:505px;letter-spacing:0.11px;display:inline;\">the Group if that is determined to be the most attractive means of generating </div><div class=\"t s2_123\" id=\"t1t_123\" style=\"left:656px;bottom:488px;letter-spacing:0.11px;display:inline;\">value for shareholders. (indicating condition (a) above is not satisfied) </div><div class=\"t s2_123\" id=\"t1u_123\" style=\"left:634px;bottom:462px;letter-spacing:0.11px;display:inline;\">Accordingly, we have applied IFRS 10 consolidation principles for each group of entities </div><div class=\"t s2_123\" id=\"t1v_123\" style=\"left:634px;bottom:446px;letter-spacing:0.1px;display:inline;\">as follows: </div><div class=\"t s4_123\" id=\"t1w_123\" style=\"left:634px;bottom:420px;letter-spacing:-0.12px;display:inline;\"><span>(i) Subsidiaries </span></div><div class=\"t s2_123\" id=\"t1x_123\" style=\"left:634px;bottom:401px;letter-spacing:0.1px;display:inline;\">Where the Group has control over an entity, it is classified as a subsidiary. Typically, </div><div class=\"t s2_123\" id=\"t1y_123\" style=\"left:634px;bottom:384px;letter-spacing:0.11px;display:inline;\">the Group owns a non\u2013controlling interest in its portfolio companies; however, in </div><div class=\"t s2_123\" id=\"t1z_123\" style=\"left:634px;bottom:368px;letter-spacing:0.11px;display:inline;\">certain circumstances, the Group takes a controlling interest and hence categorises </div><div class=\"t s2_123\" id=\"t20_123\" style=\"left:634px;bottom:351px;letter-spacing:0.11px;display:inline;\">the portfolio company as a subsidiary. As per IFRS 10, an entity is classed as under the </div><div class=\"t s2_123\" id=\"t21_123\" style=\"left:634px;bottom:334px;letter-spacing:0.11px;display:inline;\">control of the Group when all three of the following elements are present: power over </div><div class=\"t s2_123\" id=\"t22_123\" style=\"left:634px;bottom:317px;letter-spacing:0.1px;display:inline;\">the entity; exposure to variable returns from the entity; and the ability of the Group to </div><div class=\"t s2_123\" id=\"t23_123\" style=\"left:634px;bottom:300px;letter-spacing:0.1px;display:inline;\">use its power to affect those variable returns. </div><div class=\"t s2_123\" id=\"t24_123\" style=\"left:634px;bottom:275px;letter-spacing:0.11px;display:inline;\">In situations where the Company has the practical ability to direct the relevant </div><div class=\"t s2_123\" id=\"t25_123\" style=\"left:634px;bottom:258px;letter-spacing:0.1px;display:inline;\">activities of the investee without holding the majority of the voting rights, it is </div><div class=\"t s2_123\" id=\"t26_123\" style=\"left:634px;bottom:241px;letter-spacing:0.11px;display:inline;\">considered that de facto control exists. In determining whether de facto control exists </div><div class=\"t s2_123\" id=\"t27_123\" style=\"left:634px;bottom:225px;letter-spacing:0.11px;display:inline;\">the Group considers the relevant facts and circumstances, including: </div><div class=\"t s5_123\" id=\"t28_123\" style=\"left:634px;bottom:199px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t29_123\" style=\"left:656px;bottom:199px;letter-spacing:0.11px;display:inline;\">The size of the Company\u2019s voting rights relative to both the size and dispersion of </div><div class=\"t s2_123\" id=\"t2a_123\" style=\"left:656px;bottom:182px;letter-spacing:0.11px;display:inline;\">other parties who hold voting rights; </div><div class=\"t s5_123\" id=\"t2b_123\" style=\"left:634px;bottom:161px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t2c_123\" style=\"left:656px;bottom:161px;letter-spacing:0.11px;display:inline;\">Substantive potential voting rights held by the Company and by other parties; </div><div class=\"t s5_123\" id=\"t2d_123\" style=\"left:634px;bottom:140px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t2e_123\" style=\"left:656px;bottom:140px;letter-spacing:0.12px;display:inline;\">Other contractual arrangements; and </div><div class=\"t s5_123\" id=\"t2f_123\" style=\"left:634px;bottom:119px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t2g_123\" style=\"left:656px;bottom:119px;letter-spacing:0.11px;display:inline;\">Historic patterns in voting attendance. </div><div></div><div class=\"t s0_124\" id=\"t1_124\" style=\"left:87px;bottom:800px;letter-spacing:0.1px;display:inline;\">In assessing the IFRS 10 control criteria in respect of the Group\u2019s private portfolio </div><div class=\"t s0_124\" id=\"t2_124\" style=\"left:87px;bottom:783px;letter-spacing:0.11px;display:inline;\">companies, direction of the relevant activities of the company is usually considered </div><div class=\"t s0_124\" id=\"t3_124\" style=\"left:87px;bottom:766px;letter-spacing:0.11px;display:inline;\">to be exercised by the company\u2019s board, therefore the key control consideration is </div><div class=\"t s0_124\" id=\"t4_124\" style=\"left:87px;bottom:750px;letter-spacing:0.11px;display:inline;\">whether the Group currently has a majority of board seats on a given company\u2019s </div><div class=\"t s0_124\" id=\"t5_124\" style=\"left:87px;bottom:733px;letter-spacing:0.1px;display:inline;\">board, or is able to obtain a majority of board seats via the exercise of its voting rights. </div><div class=\"t s0_124\" id=\"t6_124\" style=\"left:87px;bottom:716px;letter-spacing:0.11px;display:inline;\">Control is reassessed whenever facts and circumstances indicate that there may be a </div><div class=\"t s0_124\" id=\"t7_124\" style=\"left:87px;bottom:699px;letter-spacing:0.11px;display:inline;\">change in any of these elements of control. </div><div class=\"t s0_124\" id=\"t8_124\" style=\"left:87px;bottom:674px;letter-spacing:0.11px;display:inline;\">The consolidated financial statements present the results of the Company and its </div><div class=\"t s0_124\" id=\"t9_124\" style=\"left:87px;bottom:657px;letter-spacing:0.11px;display:inline;\">subsidiaries as if they formed a single entity. Intercompany transactions and balances </div><div class=\"t s0_124\" id=\"ta_124\" style=\"left:87px;bottom:640px;letter-spacing:0.11px;display:inline;\">between Group companies are therefore eliminated in full. The consolidated financial </div><div class=\"t s0_124\" id=\"tb_124\" style=\"left:87px;bottom:623px;letter-spacing:0.11px;display:inline;\">statements incorporate the results of business combinations using the acquisition </div><div class=\"t s0_124\" id=\"tc_124\" style=\"left:87px;bottom:607px;letter-spacing:0.11px;display:inline;\">method. In the statement of financial position, the acquiree\u2019s identifiable assets and </div><div class=\"t s0_124\" id=\"td_124\" style=\"left:87px;bottom:590px;letter-spacing:0.1px;display:inline;\">liabilities are initially recognised at their fair values at the acquisition date. Contingent </div><div class=\"t s0_124\" id=\"te_124\" style=\"left:87px;bottom:573px;letter-spacing:0.11px;display:inline;\">liabilities dependent on the disposed value of an associated investment are only </div><div class=\"t s0_124\" id=\"tf_124\" style=\"left:87px;bottom:556px;letter-spacing:0.11px;display:inline;\">recognised when the fair value is above the associated threshold. The results of </div><div class=\"t s0_124\" id=\"tg_124\" style=\"left:87px;bottom:539px;letter-spacing:0.11px;display:inline;\">acquired operations are included in the consolidated statement of comprehensive </div><div class=\"t s0_124\" id=\"th_124\" style=\"left:87px;bottom:523px;letter-spacing:0.11px;display:inline;\">income from the date on which control is obtained. They are consolidated until the </div><div class=\"t s0_124\" id=\"ti_124\" style=\"left:87px;bottom:506px;letter-spacing:0.11px;display:inline;\"><span>date on which control ceases. </span></div><div class=\"t s1_124\" id=\"tj_124\" style=\"left:87px;bottom:480px;letter-spacing:-0.13px;display:inline;\"><span>(ii) Associates/portfolio companies </span></div><div class=\"t s0_124\" id=\"tk_124\" style=\"left:87px;bottom:461px;letter-spacing:0.11px;display:inline;\">The majority of the Group\u2019s portfolio companies are deemed to be Associates, as </div><div class=\"t s0_124\" id=\"tl_124\" style=\"left:87px;bottom:445px;letter-spacing:0.11px;display:inline;\">the Group has significant influence (generally accompanied by a shareholding of </div><div class=\"t s0_124\" id=\"tm_124\" style=\"left:87px;bottom:428px;letter-spacing:0.11px;display:inline;\">between 20% and 50% of the voting rights) but not control. A small number of the </div><div class=\"t s0_124\" id=\"tn_124\" style=\"left:87px;bottom:411px;letter-spacing:0.11px;display:inline;\">Group\u2019s portfolio companies are controlled and hence consolidated, as per section </div><div class=\"t s0_124\" id=\"to_124\" style=\"left:87px;bottom:394px;letter-spacing:0.1px;display:inline;\">(i) above. </div><div class=\"t s0_124\" id=\"tp_124\" style=\"left:87px;bottom:369px;letter-spacing:0.11px;display:inline;\">As permitted under IAS 28, the Group elects to hold investments in Associates at fair </div><div class=\"t s0_124\" id=\"tq_124\" style=\"left:87px;bottom:352px;letter-spacing:0.11px;display:inline;\">value through profit and loss in accordance with IFRS 9. This treatment is specified by </div><div class=\"t s0_124\" id=\"tr_124\" style=\"left:87px;bottom:335px;letter-spacing:0.11px;display:inline;\">IAS 28 Investment in Associates and Joint Ventures, which permits investments held by </div><div class=\"t s0_124\" id=\"ts_124\" style=\"left:87px;bottom:318px;letter-spacing:0.11px;display:inline;\">a venture capital organisation or similar entity to be excluded from its measurement </div><div class=\"t s0_124\" id=\"tt_124\" style=\"left:87px;bottom:301px;letter-spacing:0.11px;display:inline;\">methodology requirements where those investments are designated, upon initial </div><div class=\"t s0_124\" id=\"tu_124\" style=\"left:87px;bottom:285px;letter-spacing:0.11px;display:inline;\">recognition, as at fair value through profit or loss and accounted for in accordance </div><div class=\"t s0_124\" id=\"tv_124\" style=\"left:87px;bottom:268px;letter-spacing:0.11px;display:inline;\">with IFRS 9 Financial Instruments. Therefore, no associates are presented on the </div><div class=\"t s0_124\" id=\"tw_124\" style=\"left:87px;bottom:251px;letter-spacing:0.11px;display:inline;\">consolidated statement of financial position. </div><div class=\"t s0_124\" id=\"tx_124\" style=\"left:87px;bottom:226px;letter-spacing:0.1px;display:inline;\">Changes in fair value of associates are recognised in profit or loss in the period of </div><div class=\"t s0_124\" id=\"ty_124\" style=\"left:87px;bottom:209px;letter-spacing:0.11px;display:inline;\">the change. The Group has no interests in Associates through which it carries on its </div><div class=\"t s0_124\" id=\"tz_124\" style=\"left:87px;bottom:192px;letter-spacing:0.11px;display:inline;\">operating business. During 2023, the Group made a \u00a30.6m investment into a Joint </div><div class=\"t s0_124\" id=\"t10_124\" style=\"left:87px;bottom:175px;letter-spacing:0.11px;display:inline;\">Venture established in preparation for potential fund operations in China. Joint </div><div class=\"t s0_124\" id=\"t11_124\" style=\"left:87px;bottom:158px;letter-spacing:0.11px;display:inline;\">ventures are held at fair value with any change in value recognised through the </div><div class=\"t s0_124\" id=\"t12_124\" style=\"left:87px;bottom:141px;letter-spacing:0.12px;display:inline;\">income statement. </div><div class=\"t s0_124\" id=\"t13_124\" style=\"left:87px;bottom:116px;letter-spacing:0.11px;display:inline;\">The disclosures required by Section 409 of the Companies Act 2006 for associated </div><div class=\"t s0_124\" id=\"t14_124\" style=\"left:87px;bottom:99px;letter-spacing:0.11px;display:inline;\">undertakings are included in note 13 of the Company financial statements. Similarly, </div><div class=\"t s0_124\" id=\"t15_124\" style=\"left:87px;bottom:82px;letter-spacing:0.11px;display:inline;\">those investments which may not have qualified as an Associate but fall within the </div><div class=\"t s0_124\" id=\"t16_124\" style=\"left:87px;bottom:66px;letter-spacing:0.11px;display:inline;\">wider scope of significant holdings and so are subject to Section 409 disclosures of the </div><div class=\"t s0_124\" id=\"t17_124\" style=\"left:87px;bottom:49px;letter-spacing:0.11px;display:inline;\"><span>Companies Act 2006 are included in note 11 of the Company financial statements.</span> </div><div class=\"t s1_124\" id=\"t18_124\" style=\"left:634px;bottom:824px;letter-spacing:-0.12px;display:inline;\">(iii) Limited Partnerships and Limited Liability Partnerships (\u201cLimited </div><div class=\"t s1_124\" id=\"t19_124\" style=\"left:634px;bottom:807px;letter-spacing:-0.13px;display:inline;\">Partnerships\u201d) </div><div class=\"t s1_124\" id=\"t1a_124\" style=\"left:634px;bottom:788px;letter-spacing:-0.13px;display:inline;\">a) Consolidated Limited Partnership fund holdings </div><div class=\"t s0_124\" id=\"t1b_124\" style=\"left:634px;bottom:770px;letter-spacing:0.11px;display:inline;\">The Group has a holding in the following Limited Partnership fund, which it determines </div><div class=\"t s0_124\" id=\"t1c_124\" style=\"left:634px;bottom:753px;letter-spacing:0.11px;display:inline;\">that it controls and hence consolidates on a line by line basis: </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1e_124\" style=\"left:1041px;bottom:719px;letter-spacing:0.1px;display:inline;\">Interest in Limited </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1f_124\" style=\"left:1079px;bottom:704px;letter-spacing:0.12px;display:inline;\">partnership </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_124\" id=\"t1d_124\" style=\"left:634px;bottom:686px;letter-spacing:0.17px;display:inline;\">Name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1g_124\" style=\"left:1142px;bottom:686px;display:inline;\">% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_124\" id=\"t1h_124\" style=\"left:634px;bottom:662px;letter-spacing:0.1px;display:inline;\">IP Venture Fund II LP (\u201cIPVFII\u201d) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_124\" id=\"t1i_124\" style=\"left:1127px;bottom:662px;letter-spacing:0.11px;display:inline;\">33.3 </div></td></tr>\n                                        </table><div class=\"t s0_124\" id=\"t1j_124\" style=\"left:634px;bottom:638px;letter-spacing:0.11px;display:inline;\">In order to determine whether the Group controls the above funds, it has considered </div><div class=\"t s0_124\" id=\"t1k_124\" style=\"left:634px;bottom:621px;letter-spacing:0.1px;display:inline;\">the IFRS 10 control model and related application guidance. In respect of IPVFII, the </div><div class=\"t s0_124\" id=\"t1l_124\" style=\"left:634px;bottom:604px;letter-spacing:0.11px;display:inline;\">Group has power via its role as fund manager of the partnership, and exposure to </div><div class=\"t s0_124\" id=\"t1m_124\" style=\"left:634px;bottom:588px;letter-spacing:0.1px;display:inline;\">variable returns via its 33.3% ownership interest, resulting in the conclusion that the </div><div class=\"t s0_124\" id=\"t1n_124\" style=\"left:634px;bottom:571px;letter-spacing:0.11px;display:inline;\">Group controls and hence consolidates the fund. </div><div class=\"t s1_124\" id=\"t1o_124\" style=\"left:634px;bottom:545px;letter-spacing:-0.13px;display:inline;\">b) Other non-consolidated Limited Partnership fund holdings </div><div class=\"t s0_124\" id=\"t1p_124\" style=\"left:634px;bottom:526px;letter-spacing:0.11px;display:inline;\">In addition to Limited Partnerships where Group entities act as general partner and </div><div class=\"t s0_124\" id=\"t1q_124\" style=\"left:634px;bottom:510px;letter-spacing:0.11px;display:inline;\">investment manager, the Group has interests in three further entities which are </div><div class=\"t s0_124\" id=\"t1r_124\" style=\"left:634px;bottom:493px;letter-spacing:0.11px;display:inline;\">managed by third parties: </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1t_124\" style=\"left:1039px;bottom:459px;letter-spacing:0.1px;display:inline;\">Interest in Limited </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1u_124\" style=\"left:1077px;bottom:444px;letter-spacing:0.12px;display:inline;\">partnership </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_124\" id=\"t1s_124\" style=\"left:634px;bottom:426px;letter-spacing:0.17px;display:inline;\">Name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1v_124\" style=\"left:1140px;bottom:426px;display:inline;\">% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_124\" id=\"t1w_124\" style=\"left:634px;bottom:403px;letter-spacing:0.12px;display:inline;\">IPG Cayman LP </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_124\" id=\"t1x_124\" style=\"left:1126px;bottom:403px;letter-spacing:0.11px;display:inline;\">58.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_124\" id=\"t1y_124\" style=\"left:634px;bottom:382px;letter-spacing:0.12px;display:inline;\">UCL Technology Fund LP (\u201cUCL Fund\u201d) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_124\" id=\"t1z_124\" style=\"left:1123px;bottom:382px;letter-spacing:0.12px;display:inline;\">46.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_124\" id=\"t20_124\" style=\"left:634px;bottom:360px;letter-spacing:0.11px;display:inline;\">Technikos LLP (\u201cTechnikos\u201d) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_124\" id=\"t21_124\" style=\"left:1128px;bottom:360px;letter-spacing:0.1px;display:inline;\">17.8 </div></td></tr>\n                                        </table><div class=\"t s0_124\" id=\"t22_124\" style=\"left:634px;bottom:336px;letter-spacing:0.11px;display:inline;\">The rationale for IPG Cayman LP\u2019s categorisation as a non-consolidated fund is </div><div class=\"t s0_124\" id=\"t23_124\" style=\"left:634px;bottom:319px;letter-spacing:0.11px;display:inline;\">considered a significant accounting judgment and is set out in note 2. </div><div class=\"t s0_124\" id=\"t24_124\" style=\"left:634px;bottom:293px;letter-spacing:0.11px;display:inline;\">The Group has a 46.4% interest in the total capital commitments of the UCL Fund. The </div><div class=\"t s0_124\" id=\"t25_124\" style=\"left:634px;bottom:277px;letter-spacing:0.12px;display:inline;\">Group has committed \u00a324.8m to the fund alongside the European Investment Fund </div><div class=\"t s0_124\" id=\"t26_124\" style=\"left:634px;bottom:260px;letter-spacing:0.1px;display:inline;\">(\u201cEIF\u201d), University College London and other investors. Participation in the UCL Fund </div><div class=\"t s0_124\" id=\"t27_124\" style=\"left:634px;bottom:243px;letter-spacing:0.11px;display:inline;\">provides the Group with the opportunity to generate financial returns and visibility of </div><div class=\"t s0_124\" id=\"t28_124\" style=\"left:634px;bottom:226px;letter-spacing:0.11px;display:inline;\">potential intellectual property from across University College London\u2019s research base. </div><div class=\"t s0_124\" id=\"t29_124\" style=\"left:634px;bottom:201px;letter-spacing:0.11px;display:inline;\">The Group has an 17.8% interest in the total capital commitments of Technikos, a fund </div><div class=\"t s0_124\" id=\"t2a_124\" style=\"left:634px;bottom:184px;letter-spacing:0.11px;display:inline;\">with an exclusive pipeline agreement with Oxford University\u2019s Institute of Biomedical </div><div class=\"t s0_124\" id=\"t2b_124\" style=\"left:634px;bottom:167px;letter-spacing:0.11px;display:inline;\">Engineering. </div><div class=\"t s0_124\" id=\"t2c_124\" style=\"left:634px;bottom:142px;letter-spacing:0.11px;display:inline;\">See note 25 for disclosure of outstanding commitments in respect of Limited </div><div class=\"t s0_124\" id=\"t2d_124\" style=\"left:634px;bottom:125px;letter-spacing:0.11px;display:inline;\">Partnerships. </div><div></div><div class=\"t s0_125\" id=\"t1_125\" style=\"left:87px;bottom:817px;letter-spacing:0.15px;display:inline;\"> </div><div class=\"t s2_125\" id=\"t3_125\" style=\"left:87px;bottom:798px;letter-spacing:-0.14px;display:inline;\">iv) Other third-party funds under management </div><div class=\"t s3_125\" id=\"t4_125\" style=\"left:87px;bottom:780px;letter-spacing:0.11px;display:inline;\">In addition to the Limited Partnership fund IPVFII, described above, the Group also </div><div class=\"t s3_125\" id=\"t5_125\" style=\"left:87px;bottom:763px;letter-spacing:0.11px;display:inline;\">manages other third-party funds, including within its Parkwalk Advisors business unit, </div><div class=\"t s3_125\" id=\"t6_125\" style=\"left:87px;bottom:746px;letter-spacing:0.11px;display:inline;\">and on behalf of Australian superannuation fund Hostplus. In both cases, the Group </div><div class=\"t s3_125\" id=\"t7_125\" style=\"left:87px;bottom:729px;letter-spacing:0.11px;display:inline;\">has no direct beneficial interest in the assets being managed, and its sole exposure </div><div class=\"t s3_125\" id=\"t8_125\" style=\"left:87px;bottom:712px;letter-spacing:0.11px;display:inline;\">to variable returns relates to management fees and performance fees payable on </div><div class=\"t s3_125\" id=\"t9_125\" style=\"left:87px;bottom:696px;letter-spacing:0.11px;display:inline;\">exits above a specified hurdle. As a result, the Group is not deemed to control these </div><div class=\"t s3_125\" id=\"ta_125\" style=\"left:87px;bottom:679px;letter-spacing:0.12px;display:inline;\">managed assets under IFRS10 and they are not consolidated. </div><div class=\"t s2_125\" id=\"tb_125\" style=\"left:87px;bottom:653px;letter-spacing:-0.13px;display:inline;\"><span>v) Non\u2013controlling interests </span></div><div class=\"t s3_125\" id=\"tc_125\" style=\"left:87px;bottom:634px;letter-spacing:0.11px;display:inline;\">The total comprehensive income, assets and liabilities of non\u2013wholly owned entities </div><div class=\"t s3_125\" id=\"td_125\" style=\"left:87px;bottom:617px;letter-spacing:0.11px;display:inline;\">are attributed to owners of the parent and to the non\u2013controlling interests in </div><div class=\"t s3_125\" id=\"te_125\" style=\"left:87px;bottom:601px;letter-spacing:0.1px;display:inline;\"><span>proportion to their relative ownership interests. </span></div><div class=\"t s2_125\" id=\"tf_125\" style=\"left:87px;bottom:574px;letter-spacing:-0.13px;display:inline;\"><span>vi) Business combinations </span></div><div class=\"t s3_125\" id=\"tg_125\" style=\"left:87px;bottom:556px;letter-spacing:0.11px;display:inline;\">The Group accounts for business combinations using the acquisition method from </div><div class=\"t s3_125\" id=\"th_125\" style=\"left:87px;bottom:539px;letter-spacing:0.1px;display:inline;\">the date that control is transferred to the Group (see (i) Subsidiaries above). Both </div><div class=\"t s3_125\" id=\"ti_125\" style=\"left:87px;bottom:523px;letter-spacing:0.11px;display:inline;\">the identifiable net assets and the consideration transferred in the acquisition are </div><div class=\"t s3_125\" id=\"tj_125\" style=\"left:87px;bottom:506px;letter-spacing:0.11px;display:inline;\">measured at fair value at the date of acquisition and transaction costs are expensed </div><div class=\"t s3_125\" id=\"tk_125\" style=\"left:87px;bottom:489px;letter-spacing:0.1px;display:inline;\">as incurred. Goodwill arising on acquisitions is tested at least annually for impairment. </div><div class=\"t s3_125\" id=\"tl_125\" style=\"left:87px;bottom:472px;letter-spacing:0.11px;display:inline;\">In instances where the Group owns a non\u2013controlling stake prior to acquisition the </div><div class=\"t s3_125\" id=\"tm_125\" style=\"left:87px;bottom:455px;letter-spacing:0.11px;display:inline;\">step acquisition method is applied, and any gain or losses on the fair value of the pre\u2013 </div><div class=\"t s3_125\" id=\"tn_125\" style=\"left:87px;bottom:439px;letter-spacing:0.11px;display:inline;\">acquisition holding is recognised in the consolidated statement of comprehensive </div><div class=\"t s3_125\" id=\"to_125\" style=\"left:87px;bottom:422px;letter-spacing:0.13px;display:inline;\"><span>income.</span> </div><div class=\"t s4_125\" id=\"tp_125\" style=\"left:87px;bottom:391px;letter-spacing:-0.1px;display:inline;\">C) Other accounting policies </div><div class=\"t s5_125\" id=\"tq_125\" style=\"left:87px;bottom:374px;letter-spacing:-0.13px;display:inline;\">Regulated capital </div><div class=\"t s3_125\" id=\"tr_125\" style=\"left:87px;bottom:355px;letter-spacing:0.11px;display:inline;\">Top Technology Ventures Limited and Parkwalk Advisors Ltd, are Group subsidiaries </div><div class=\"t s3_125\" id=\"ts_125\" style=\"left:87px;bottom:338px;letter-spacing:0.11px;display:inline;\">which are subject to external capital requirements imposed by the Financial Conduct </div><div class=\"t s3_125\" id=\"tt_125\" style=\"left:87px;bottom:322px;letter-spacing:0.11px;display:inline;\">Authority (\u201cFCA\u201d). Similarly, the Group\u2019s subsidiary in Hong Kong IP Group Greater China </div><div class=\"t s3_125\" id=\"tu_125\" style=\"left:87px;bottom:305px;letter-spacing:0.11px;display:inline;\">Services Limited is subject to external capital requirements imposed by the Securities </div><div class=\"t s3_125\" id=\"tv_125\" style=\"left:87px;bottom:288px;letter-spacing:0.11px;display:inline;\">and Futures Commission of Hong Kong (\u201cSFC\u201d). As such these entities must ensure that </div><div class=\"t s3_125\" id=\"tw_125\" style=\"left:87px;bottom:271px;letter-spacing:0.11px;display:inline;\">they have sufficient capital to satisfy their respective requirements. The Group ensures </div><div class=\"t s3_125\" id=\"tx_125\" style=\"left:87px;bottom:254px;letter-spacing:0.11px;display:inline;\">it remains compliant with these requirements as described in their respective financial </div><div class=\"t s3_125\" id=\"ty_125\" style=\"left:87px;bottom:238px;letter-spacing:0.12px;display:inline;\">statements. </div><div class=\"t s5_125\" id=\"tz_125\" style=\"left:87px;bottom:212px;letter-spacing:-0.13px;display:inline;\"><span>Cash flow statement classification of portfolio investments </span></div><div class=\"t s3_125\" id=\"t10_125\" style=\"left:87px;bottom:193px;letter-spacing:0.11px;display:inline;\">Cash flow relating to portfolio investments have been presented as investing cash </div><div class=\"t s3_125\" id=\"t11_125\" style=\"left:87px;bottom:176px;letter-spacing:0.11px;display:inline;\">flows as opposed to cash flows from operating activities. Management considers </div><div class=\"t s3_125\" id=\"t12_125\" style=\"left:87px;bottom:160px;letter-spacing:0.11px;display:inline;\">this to be an appropriate classification reflecting the fact that these cashflows are </div><div class=\"t s3_125\" id=\"t13_125\" style=\"left:87px;bottom:143px;letter-spacing:0.11px;display:inline;\">allocated towards resources intended to generate future income and cash flows, in </div><span>line with the definition of investing activities within IAS 7.</span>",
   "dimensions": {
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    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "IP Group <span>plc</span>",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "IP Group <span>plc</span>",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "<span>plc</span>",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00114": {
   "value": "2024-12-31",
   "dimensions": {
    "concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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  },
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   "value": "<span>Going concern </span><div class=\"t s2_123\" id=\"ti_123\" style=\"left:87px;bottom:496px;letter-spacing:0.11px;display:inline;\">The financial statements are prepared on a going concern basis. The Directors have </div><div class=\"t s2_123\" id=\"tj_123\" style=\"left:87px;bottom:479px;letter-spacing:0.11px;display:inline;\">completed a detailed financial forecast alongside severe but plausible scenario\u2013 </div><div class=\"t s2_123\" id=\"tk_123\" style=\"left:87px;bottom:463px;letter-spacing:0.11px;display:inline;\">based downside stress\u2013testing, including the impact of declining portfolio values and </div><div class=\"t s2_123\" id=\"tl_123\" style=\"left:87px;bottom:446px;letter-spacing:0.1px;display:inline;\">a reduced ability to generate portfolio realisations. </div><div class=\"t s2_123\" id=\"tm_123\" style=\"left:87px;bottom:420px;letter-spacing:0.11px;display:inline;\">At the balance sheet date, the Group had cash and deposits of \u00a3285.6m, providing </div><div class=\"t s2_123\" id=\"tn_123\" style=\"left:87px;bottom:404px;letter-spacing:0.11px;display:inline;\">liquidity for around three years\u2019 operating expenses and portfolio investment at recent </div><div class=\"t s2_123\" id=\"to_123\" style=\"left:87px;bottom:387px;letter-spacing:0.11px;display:inline;\">levels, and scheduled debt repayments. Furthermore, the Group has a portfolio of </div><div class=\"t s2_123\" id=\"tp_123\" style=\"left:87px;bottom:370px;letter-spacing:0.11px;display:inline;\">investments valued at around \u00a30.9bn, which is anticipated to provide further liquidity </div><div class=\"t s2_123\" id=\"tq_123\" style=\"left:87px;bottom:353px;letter-spacing:0.11px;display:inline;\">over the forecast period. Accordingly, our forecasting indicates that the Group and it\u2019s </div><div class=\"t s2_123\" id=\"tr_123\" style=\"left:87px;bottom:336px;letter-spacing:0.11px;display:inline;\">parent Company has adequate resources to enable it to meet its obligations including </div><div class=\"t s2_123\" id=\"ts_123\" style=\"left:87px;bottom:320px;letter-spacing:0.11px;display:inline;\">its debt covenants and to continue in operational existence for at least the next twelve </div><div class=\"t s2_123\" id=\"tt_123\" style=\"left:87px;bottom:303px;letter-spacing:0.11px;display:inline;\">months from the approval date of the accounts. For further details see the Group\u2019s </div><span>viability statement on page 49.</span>",
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    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "<span>Changes in accounting policies </span><div class=\"t s4_123\" id=\"tw_123\" style=\"left:87px;bottom:241px;letter-spacing:-0.13px;display:inline;\">(i) New standards, interpretations and amendments effective from </div><div class=\"t s4_123\" id=\"tx_123\" style=\"left:87px;bottom:224px;letter-spacing:-0.13px;display:inline;\">1 January 2024 </div><div class=\"t s2_123\" id=\"ty_123\" style=\"left:87px;bottom:206px;letter-spacing:0.11px;display:inline;\">No new standards, interpretations and amendments effective in the year have had a </div><div class=\"t s2_123\" id=\"tz_123\" style=\"left:87px;bottom:189px;letter-spacing:0.11px;display:inline;\">material effect on the Group\u2019s financial statements. </div><div class=\"t s4_123\" id=\"t10_123\" style=\"left:87px;bottom:163px;letter-spacing:-0.13px;display:inline;\">(ii) New standards, interpretations and amendments not yet effective </div><div class=\"t s2_123\" id=\"t11_123\" style=\"left:87px;bottom:144px;letter-spacing:0.11px;display:inline;\">No new standards, interpretations and amendments not yet effective are expected to </div><div class=\"t s2_123\" id=\"t12_123\" style=\"left:87px;bottom:128px;letter-spacing:0.11px;display:inline;\">have a material effect on the Group\u2019s future financial statements. </div><div class=\"t s2_123\" id=\"t13_123\" style=\"left:87px;bottom:102px;letter-spacing:0.11px;display:inline;\">The impact of the following is under assessment: IFRS 18 \u2018Primary financial statements\u2019, </div><div class=\"t s2_123\" id=\"t14_123\" style=\"left:87px;bottom:85px;letter-spacing:0.11px;display:inline;\">which will become effective in the consolidated Group financial statements for the </div><span>financial year ending 31 December 2027, subject to UK endorsement. </span>",
   "dimensions": {
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    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "<span>Changes in accounting policies </span><div class=\"t s4_123\" id=\"tw_123\" style=\"left:87px;bottom:241px;letter-spacing:-0.13px;display:inline;\">(i) New standards, interpretations and amendments effective from </div><div class=\"t s4_123\" id=\"tx_123\" style=\"left:87px;bottom:224px;letter-spacing:-0.13px;display:inline;\">1 January 2024 </div><div class=\"t s2_123\" id=\"ty_123\" style=\"left:87px;bottom:206px;letter-spacing:0.11px;display:inline;\">No new standards, interpretations and amendments effective in the year have had a </div><div class=\"t s2_123\" id=\"tz_123\" style=\"left:87px;bottom:189px;letter-spacing:0.11px;display:inline;\">material effect on the Group\u2019s financial statements. </div><div class=\"t s4_123\" id=\"t10_123\" style=\"left:87px;bottom:163px;letter-spacing:-0.13px;display:inline;\">(ii) New standards, interpretations and amendments not yet effective </div><div class=\"t s2_123\" id=\"t11_123\" style=\"left:87px;bottom:144px;letter-spacing:0.11px;display:inline;\">No new standards, interpretations and amendments not yet effective are expected to </div><div class=\"t s2_123\" id=\"t12_123\" style=\"left:87px;bottom:128px;letter-spacing:0.11px;display:inline;\">have a material effect on the Group\u2019s future financial statements. </div><div class=\"t s2_123\" id=\"t13_123\" style=\"left:87px;bottom:102px;letter-spacing:0.11px;display:inline;\">The impact of the following is under assessment: IFRS 18 \u2018Primary financial statements\u2019, </div><div class=\"t s2_123\" id=\"t14_123\" style=\"left:87px;bottom:85px;letter-spacing:0.11px;display:inline;\">which will become effective in the consolidated Group financial statements for the </div><span>financial year ending 31 December 2027, subject to UK endorsement. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00122": {
   "value": "<span>B) Basis of consolidation </span><div class=\"t s3_123\" id=\"t17_123\" style=\"left:634px;bottom:802px;letter-spacing:-0.13px;display:inline;\">IFRS 10 Investment Entity Exemption </div><div class=\"t s2_123\" id=\"t18_123\" style=\"left:634px;bottom:783px;letter-spacing:0.11px;display:inline;\">IFRS 10 defines an investment entity as one which: </div><div class=\"t s2_123\" id=\"t19_123\" style=\"left:634px;bottom:758px;letter-spacing:0.06px;display:inline;\">a. </div><div class=\"t s2_123\" id=\"t1a_123\" style=\"left:656px;bottom:758px;letter-spacing:0.11px;display:inline;\">Obtains funds from one or more investors for the purpose of providing those </div><div class=\"t s2_123\" id=\"t1b_123\" style=\"left:656px;bottom:741px;letter-spacing:0.12px;display:inline;\">investors with investment management services </div><div class=\"t s2_123\" id=\"t1c_123\" style=\"left:634px;bottom:720px;letter-spacing:0.06px;display:inline;\">b. </div><div class=\"t s2_123\" id=\"t1d_123\" style=\"left:656px;bottom:720px;letter-spacing:0.1px;display:inline;\">Commits to its investors that its business purpose is to invest funds solely for </div><div class=\"t s2_123\" id=\"t1e_123\" style=\"left:656px;bottom:703px;letter-spacing:0.11px;display:inline;\">returns from capital appreciation, investment income or both </div><div class=\"t s2_123\" id=\"t1f_123\" style=\"left:634px;bottom:682px;letter-spacing:0.06px;display:inline;\">c. </div><div class=\"t s2_123\" id=\"t1g_123\" style=\"left:656px;bottom:682px;letter-spacing:0.11px;display:inline;\">Measures and evaluates the performance of substantially all of its investments on </div><div class=\"t s2_123\" id=\"t1h_123\" style=\"left:656px;bottom:665px;letter-spacing:0.1px;display:inline;\">a fair value basis </div><div class=\"t s2_123\" id=\"t1i_123\" style=\"left:634px;bottom:640px;letter-spacing:0.11px;display:inline;\">We believe that IP Group plc does not meet this definition of an investment entity with </div><div class=\"t s2_123\" id=\"t1j_123\" style=\"left:634px;bottom:623px;letter-spacing:0.11px;display:inline;\">the key factors behind this conclusion being: </div><div class=\"t s5_123\" id=\"t1k_123\" style=\"left:634px;bottom:597px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t1l_123\" style=\"left:656px;bottom:597px;letter-spacing:0.11px;display:inline;\">the absence of specific exit strategies for early\u2013stage assets (indicating condition </div><div class=\"t s2_123\" id=\"t1m_123\" style=\"left:656px;bottom:581px;letter-spacing:0.1px;display:inline;\">(b) above is not satisfied) </div><div class=\"t s5_123\" id=\"t1n_123\" style=\"left:634px;bottom:559px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t1o_123\" style=\"left:656px;bottom:559px;letter-spacing:0.1px;display:inline;\">the ability to hold investments indefinitely (indicating condition (b) above is not </div><div class=\"t s2_123\" id=\"t1p_123\" style=\"left:656px;bottom:543px;letter-spacing:0.1px;display:inline;\">satisfied) </div><div class=\"t s5_123\" id=\"t1q_123\" style=\"left:634px;bottom:522px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t1r_123\" style=\"left:656px;bottom:522px;letter-spacing:0.1px;display:inline;\">the flexibility to explore the direct commercialisation of intellectual property within </div><div class=\"t s2_123\" id=\"t1s_123\" style=\"left:656px;bottom:505px;letter-spacing:0.11px;display:inline;\">the Group if that is determined to be the most attractive means of generating </div><div class=\"t s2_123\" id=\"t1t_123\" style=\"left:656px;bottom:488px;letter-spacing:0.11px;display:inline;\">value for shareholders. (indicating condition (a) above is not satisfied) </div><div class=\"t s2_123\" id=\"t1u_123\" style=\"left:634px;bottom:462px;letter-spacing:0.11px;display:inline;\">Accordingly, we have applied IFRS 10 consolidation principles for each group of entities </div><div class=\"t s2_123\" id=\"t1v_123\" style=\"left:634px;bottom:446px;letter-spacing:0.1px;display:inline;\">as follows: </div><div class=\"t s4_123\" id=\"t1w_123\" style=\"left:634px;bottom:420px;letter-spacing:-0.12px;display:inline;\"><span>(i) Subsidiaries </span></div><div class=\"t s2_123\" id=\"t1x_123\" style=\"left:634px;bottom:401px;letter-spacing:0.1px;display:inline;\">Where the Group has control over an entity, it is classified as a subsidiary. Typically, </div><div class=\"t s2_123\" id=\"t1y_123\" style=\"left:634px;bottom:384px;letter-spacing:0.11px;display:inline;\">the Group owns a non\u2013controlling interest in its portfolio companies; however, in </div><div class=\"t s2_123\" id=\"t1z_123\" style=\"left:634px;bottom:368px;letter-spacing:0.11px;display:inline;\">certain circumstances, the Group takes a controlling interest and hence categorises </div><div class=\"t s2_123\" id=\"t20_123\" style=\"left:634px;bottom:351px;letter-spacing:0.11px;display:inline;\">the portfolio company as a subsidiary. As per IFRS 10, an entity is classed as under the </div><div class=\"t s2_123\" id=\"t21_123\" style=\"left:634px;bottom:334px;letter-spacing:0.11px;display:inline;\">control of the Group when all three of the following elements are present: power over </div><div class=\"t s2_123\" id=\"t22_123\" style=\"left:634px;bottom:317px;letter-spacing:0.1px;display:inline;\">the entity; exposure to variable returns from the entity; and the ability of the Group to </div><div class=\"t s2_123\" id=\"t23_123\" style=\"left:634px;bottom:300px;letter-spacing:0.1px;display:inline;\">use its power to affect those variable returns. </div><div class=\"t s2_123\" id=\"t24_123\" style=\"left:634px;bottom:275px;letter-spacing:0.11px;display:inline;\">In situations where the Company has the practical ability to direct the relevant </div><div class=\"t s2_123\" id=\"t25_123\" style=\"left:634px;bottom:258px;letter-spacing:0.1px;display:inline;\">activities of the investee without holding the majority of the voting rights, it is </div><div class=\"t s2_123\" id=\"t26_123\" style=\"left:634px;bottom:241px;letter-spacing:0.11px;display:inline;\">considered that de facto control exists. In determining whether de facto control exists </div><div class=\"t s2_123\" id=\"t27_123\" style=\"left:634px;bottom:225px;letter-spacing:0.11px;display:inline;\">the Group considers the relevant facts and circumstances, including: </div><div class=\"t s5_123\" id=\"t28_123\" style=\"left:634px;bottom:199px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t29_123\" style=\"left:656px;bottom:199px;letter-spacing:0.11px;display:inline;\">The size of the Company\u2019s voting rights relative to both the size and dispersion of </div><div class=\"t s2_123\" id=\"t2a_123\" style=\"left:656px;bottom:182px;letter-spacing:0.11px;display:inline;\">other parties who hold voting rights; </div><div class=\"t s5_123\" id=\"t2b_123\" style=\"left:634px;bottom:161px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t2c_123\" style=\"left:656px;bottom:161px;letter-spacing:0.11px;display:inline;\">Substantive potential voting rights held by the Company and by other parties; </div><div class=\"t s5_123\" id=\"t2d_123\" style=\"left:634px;bottom:140px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t2e_123\" style=\"left:656px;bottom:140px;letter-spacing:0.12px;display:inline;\">Other contractual arrangements; and </div><div class=\"t s5_123\" id=\"t2f_123\" style=\"left:634px;bottom:119px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t2g_123\" style=\"left:656px;bottom:119px;letter-spacing:0.11px;display:inline;\">Historic patterns in voting attendance. </div><div></div><div class=\"t s0_124\" id=\"t1_124\" style=\"left:87px;bottom:800px;letter-spacing:0.1px;display:inline;\">In assessing the IFRS 10 control criteria in respect of the Group\u2019s private portfolio </div><div class=\"t s0_124\" id=\"t2_124\" style=\"left:87px;bottom:783px;letter-spacing:0.11px;display:inline;\">companies, direction of the relevant activities of the company is usually considered </div><div class=\"t s0_124\" id=\"t3_124\" style=\"left:87px;bottom:766px;letter-spacing:0.11px;display:inline;\">to be exercised by the company\u2019s board, therefore the key control consideration is </div><div class=\"t s0_124\" id=\"t4_124\" style=\"left:87px;bottom:750px;letter-spacing:0.11px;display:inline;\">whether the Group currently has a majority of board seats on a given company\u2019s </div><div class=\"t s0_124\" id=\"t5_124\" style=\"left:87px;bottom:733px;letter-spacing:0.1px;display:inline;\">board, or is able to obtain a majority of board seats via the exercise of its voting rights. </div><div class=\"t s0_124\" id=\"t6_124\" style=\"left:87px;bottom:716px;letter-spacing:0.11px;display:inline;\">Control is reassessed whenever facts and circumstances indicate that there may be a </div><div class=\"t s0_124\" id=\"t7_124\" style=\"left:87px;bottom:699px;letter-spacing:0.11px;display:inline;\">change in any of these elements of control. </div><div class=\"t s0_124\" id=\"t8_124\" style=\"left:87px;bottom:674px;letter-spacing:0.11px;display:inline;\">The consolidated financial statements present the results of the Company and its </div><div class=\"t s0_124\" id=\"t9_124\" style=\"left:87px;bottom:657px;letter-spacing:0.11px;display:inline;\">subsidiaries as if they formed a single entity. Intercompany transactions and balances </div><div class=\"t s0_124\" id=\"ta_124\" style=\"left:87px;bottom:640px;letter-spacing:0.11px;display:inline;\">between Group companies are therefore eliminated in full. The consolidated financial </div><div class=\"t s0_124\" id=\"tb_124\" style=\"left:87px;bottom:623px;letter-spacing:0.11px;display:inline;\">statements incorporate the results of business combinations using the acquisition </div><div class=\"t s0_124\" id=\"tc_124\" style=\"left:87px;bottom:607px;letter-spacing:0.11px;display:inline;\">method. In the statement of financial position, the acquiree\u2019s identifiable assets and </div><div class=\"t s0_124\" id=\"td_124\" style=\"left:87px;bottom:590px;letter-spacing:0.1px;display:inline;\">liabilities are initially recognised at their fair values at the acquisition date. Contingent </div><div class=\"t s0_124\" id=\"te_124\" style=\"left:87px;bottom:573px;letter-spacing:0.11px;display:inline;\">liabilities dependent on the disposed value of an associated investment are only </div><div class=\"t s0_124\" id=\"tf_124\" style=\"left:87px;bottom:556px;letter-spacing:0.11px;display:inline;\">recognised when the fair value is above the associated threshold. The results of </div><div class=\"t s0_124\" id=\"tg_124\" style=\"left:87px;bottom:539px;letter-spacing:0.11px;display:inline;\">acquired operations are included in the consolidated statement of comprehensive </div><div class=\"t s0_124\" id=\"th_124\" style=\"left:87px;bottom:523px;letter-spacing:0.11px;display:inline;\">income from the date on which control is obtained. They are consolidated until the </div><div class=\"t s0_124\" id=\"ti_124\" style=\"left:87px;bottom:506px;letter-spacing:0.11px;display:inline;\"><span>date on which control ceases. </span></div><div class=\"t s1_124\" id=\"tj_124\" style=\"left:87px;bottom:480px;letter-spacing:-0.13px;display:inline;\"><span>(ii) Associates/portfolio companies </span></div><div class=\"t s0_124\" id=\"tk_124\" style=\"left:87px;bottom:461px;letter-spacing:0.11px;display:inline;\">The majority of the Group\u2019s portfolio companies are deemed to be Associates, as </div><div class=\"t s0_124\" id=\"tl_124\" style=\"left:87px;bottom:445px;letter-spacing:0.11px;display:inline;\">the Group has significant influence (generally accompanied by a shareholding of </div><div class=\"t s0_124\" id=\"tm_124\" style=\"left:87px;bottom:428px;letter-spacing:0.11px;display:inline;\">between 20% and 50% of the voting rights) but not control. A small number of the </div><div class=\"t s0_124\" id=\"tn_124\" style=\"left:87px;bottom:411px;letter-spacing:0.11px;display:inline;\">Group\u2019s portfolio companies are controlled and hence consolidated, as per section </div><div class=\"t s0_124\" id=\"to_124\" style=\"left:87px;bottom:394px;letter-spacing:0.1px;display:inline;\">(i) above. </div><div class=\"t s0_124\" id=\"tp_124\" style=\"left:87px;bottom:369px;letter-spacing:0.11px;display:inline;\">As permitted under IAS 28, the Group elects to hold investments in Associates at fair </div><div class=\"t s0_124\" id=\"tq_124\" style=\"left:87px;bottom:352px;letter-spacing:0.11px;display:inline;\">value through profit and loss in accordance with IFRS 9. This treatment is specified by </div><div class=\"t s0_124\" id=\"tr_124\" style=\"left:87px;bottom:335px;letter-spacing:0.11px;display:inline;\">IAS 28 Investment in Associates and Joint Ventures, which permits investments held by </div><div class=\"t s0_124\" id=\"ts_124\" style=\"left:87px;bottom:318px;letter-spacing:0.11px;display:inline;\">a venture capital organisation or similar entity to be excluded from its measurement </div><div class=\"t s0_124\" id=\"tt_124\" style=\"left:87px;bottom:301px;letter-spacing:0.11px;display:inline;\">methodology requirements where those investments are designated, upon initial </div><div class=\"t s0_124\" id=\"tu_124\" style=\"left:87px;bottom:285px;letter-spacing:0.11px;display:inline;\">recognition, as at fair value through profit or loss and accounted for in accordance </div><div class=\"t s0_124\" id=\"tv_124\" style=\"left:87px;bottom:268px;letter-spacing:0.11px;display:inline;\">with IFRS 9 Financial Instruments. Therefore, no associates are presented on the </div><div class=\"t s0_124\" id=\"tw_124\" style=\"left:87px;bottom:251px;letter-spacing:0.11px;display:inline;\">consolidated statement of financial position. </div><div class=\"t s0_124\" id=\"tx_124\" style=\"left:87px;bottom:226px;letter-spacing:0.1px;display:inline;\">Changes in fair value of associates are recognised in profit or loss in the period of </div><div class=\"t s0_124\" id=\"ty_124\" style=\"left:87px;bottom:209px;letter-spacing:0.11px;display:inline;\">the change. The Group has no interests in Associates through which it carries on its </div><div class=\"t s0_124\" id=\"tz_124\" style=\"left:87px;bottom:192px;letter-spacing:0.11px;display:inline;\">operating business. During 2023, the Group made a \u00a30.6m investment into a Joint </div><div class=\"t s0_124\" id=\"t10_124\" style=\"left:87px;bottom:175px;letter-spacing:0.11px;display:inline;\">Venture established in preparation for potential fund operations in China. Joint </div><div class=\"t s0_124\" id=\"t11_124\" style=\"left:87px;bottom:158px;letter-spacing:0.11px;display:inline;\">ventures are held at fair value with any change in value recognised through the </div><div class=\"t s0_124\" id=\"t12_124\" style=\"left:87px;bottom:141px;letter-spacing:0.12px;display:inline;\">income statement. </div><div class=\"t s0_124\" id=\"t13_124\" style=\"left:87px;bottom:116px;letter-spacing:0.11px;display:inline;\">The disclosures required by Section 409 of the Companies Act 2006 for associated </div><div class=\"t s0_124\" id=\"t14_124\" style=\"left:87px;bottom:99px;letter-spacing:0.11px;display:inline;\">undertakings are included in note 13 of the Company financial statements. Similarly, </div><div class=\"t s0_124\" id=\"t15_124\" style=\"left:87px;bottom:82px;letter-spacing:0.11px;display:inline;\">those investments which may not have qualified as an Associate but fall within the </div><div class=\"t s0_124\" id=\"t16_124\" style=\"left:87px;bottom:66px;letter-spacing:0.11px;display:inline;\">wider scope of significant holdings and so are subject to Section 409 disclosures of the </div><div class=\"t s0_124\" id=\"t17_124\" style=\"left:87px;bottom:49px;letter-spacing:0.11px;display:inline;\"><span>Companies Act 2006 are included in note 11 of the Company financial statements.</span> </div><div class=\"t s1_124\" id=\"t18_124\" style=\"left:634px;bottom:824px;letter-spacing:-0.12px;display:inline;\">(iii) Limited Partnerships and Limited Liability Partnerships (\u201cLimited </div><div class=\"t s1_124\" id=\"t19_124\" style=\"left:634px;bottom:807px;letter-spacing:-0.13px;display:inline;\">Partnerships\u201d) </div><div class=\"t s1_124\" id=\"t1a_124\" style=\"left:634px;bottom:788px;letter-spacing:-0.13px;display:inline;\">a) Consolidated Limited Partnership fund holdings </div><div class=\"t s0_124\" id=\"t1b_124\" style=\"left:634px;bottom:770px;letter-spacing:0.11px;display:inline;\">The Group has a holding in the following Limited Partnership fund, which it determines </div><div class=\"t s0_124\" id=\"t1c_124\" style=\"left:634px;bottom:753px;letter-spacing:0.11px;display:inline;\">that it controls and hence consolidates on a line by line basis: </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1e_124\" style=\"left:1041px;bottom:719px;letter-spacing:0.1px;display:inline;\">Interest in Limited </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1f_124\" style=\"left:1079px;bottom:704px;letter-spacing:0.12px;display:inline;\">partnership </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_124\" id=\"t1d_124\" style=\"left:634px;bottom:686px;letter-spacing:0.17px;display:inline;\">Name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1g_124\" style=\"left:1142px;bottom:686px;display:inline;\">% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_124\" id=\"t1h_124\" style=\"left:634px;bottom:662px;letter-spacing:0.1px;display:inline;\">IP Venture Fund II LP (\u201cIPVFII\u201d) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_124\" id=\"t1i_124\" style=\"left:1127px;bottom:662px;letter-spacing:0.11px;display:inline;\">33.3 </div></td></tr>\n                                        </table><div class=\"t s0_124\" id=\"t1j_124\" style=\"left:634px;bottom:638px;letter-spacing:0.11px;display:inline;\">In order to determine whether the Group controls the above funds, it has considered </div><div class=\"t s0_124\" id=\"t1k_124\" style=\"left:634px;bottom:621px;letter-spacing:0.1px;display:inline;\">the IFRS 10 control model and related application guidance. In respect of IPVFII, the </div><div class=\"t s0_124\" id=\"t1l_124\" style=\"left:634px;bottom:604px;letter-spacing:0.11px;display:inline;\">Group has power via its role as fund manager of the partnership, and exposure to </div><div class=\"t s0_124\" id=\"t1m_124\" style=\"left:634px;bottom:588px;letter-spacing:0.1px;display:inline;\">variable returns via its 33.3% ownership interest, resulting in the conclusion that the </div><div class=\"t s0_124\" id=\"t1n_124\" style=\"left:634px;bottom:571px;letter-spacing:0.11px;display:inline;\">Group controls and hence consolidates the fund. </div><div class=\"t s1_124\" id=\"t1o_124\" style=\"left:634px;bottom:545px;letter-spacing:-0.13px;display:inline;\">b) Other non-consolidated Limited Partnership fund holdings </div><div class=\"t s0_124\" id=\"t1p_124\" style=\"left:634px;bottom:526px;letter-spacing:0.11px;display:inline;\">In addition to Limited Partnerships where Group entities act as general partner and </div><div class=\"t s0_124\" id=\"t1q_124\" style=\"left:634px;bottom:510px;letter-spacing:0.11px;display:inline;\">investment manager, the Group has interests in three further entities which are </div><div class=\"t s0_124\" id=\"t1r_124\" style=\"left:634px;bottom:493px;letter-spacing:0.11px;display:inline;\">managed by third parties: </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1t_124\" style=\"left:1039px;bottom:459px;letter-spacing:0.1px;display:inline;\">Interest in Limited </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1u_124\" style=\"left:1077px;bottom:444px;letter-spacing:0.12px;display:inline;\">partnership </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_124\" id=\"t1s_124\" style=\"left:634px;bottom:426px;letter-spacing:0.17px;display:inline;\">Name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_124\" id=\"t1v_124\" style=\"left:1140px;bottom:426px;display:inline;\">% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_124\" id=\"t1w_124\" style=\"left:634px;bottom:403px;letter-spacing:0.12px;display:inline;\">IPG Cayman LP </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_124\" id=\"t1x_124\" style=\"left:1126px;bottom:403px;letter-spacing:0.11px;display:inline;\">58.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_124\" id=\"t1y_124\" style=\"left:634px;bottom:382px;letter-spacing:0.12px;display:inline;\">UCL Technology Fund LP (\u201cUCL Fund\u201d) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_124\" id=\"t1z_124\" style=\"left:1123px;bottom:382px;letter-spacing:0.12px;display:inline;\">46.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_124\" id=\"t20_124\" style=\"left:634px;bottom:360px;letter-spacing:0.11px;display:inline;\">Technikos LLP (\u201cTechnikos\u201d) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_124\" id=\"t21_124\" style=\"left:1128px;bottom:360px;letter-spacing:0.1px;display:inline;\">17.8 </div></td></tr>\n                                        </table><div class=\"t s0_124\" id=\"t22_124\" style=\"left:634px;bottom:336px;letter-spacing:0.11px;display:inline;\">The rationale for IPG Cayman LP\u2019s categorisation as a non-consolidated fund is </div><div class=\"t s0_124\" id=\"t23_124\" style=\"left:634px;bottom:319px;letter-spacing:0.11px;display:inline;\">considered a significant accounting judgment and is set out in note 2. </div><div class=\"t s0_124\" id=\"t24_124\" style=\"left:634px;bottom:293px;letter-spacing:0.11px;display:inline;\">The Group has a 46.4% interest in the total capital commitments of the UCL Fund. The </div><div class=\"t s0_124\" id=\"t25_124\" style=\"left:634px;bottom:277px;letter-spacing:0.12px;display:inline;\">Group has committed \u00a324.8m to the fund alongside the European Investment Fund </div><div class=\"t s0_124\" id=\"t26_124\" style=\"left:634px;bottom:260px;letter-spacing:0.1px;display:inline;\">(\u201cEIF\u201d), University College London and other investors. Participation in the UCL Fund </div><div class=\"t s0_124\" id=\"t27_124\" style=\"left:634px;bottom:243px;letter-spacing:0.11px;display:inline;\">provides the Group with the opportunity to generate financial returns and visibility of </div><div class=\"t s0_124\" id=\"t28_124\" style=\"left:634px;bottom:226px;letter-spacing:0.11px;display:inline;\">potential intellectual property from across University College London\u2019s research base. </div><div class=\"t s0_124\" id=\"t29_124\" style=\"left:634px;bottom:201px;letter-spacing:0.11px;display:inline;\">The Group has an 17.8% interest in the total capital commitments of Technikos, a fund </div><div class=\"t s0_124\" id=\"t2a_124\" style=\"left:634px;bottom:184px;letter-spacing:0.11px;display:inline;\">with an exclusive pipeline agreement with Oxford University\u2019s Institute of Biomedical </div><div class=\"t s0_124\" id=\"t2b_124\" style=\"left:634px;bottom:167px;letter-spacing:0.11px;display:inline;\">Engineering. </div><div class=\"t s0_124\" id=\"t2c_124\" style=\"left:634px;bottom:142px;letter-spacing:0.11px;display:inline;\">See note 25 for disclosure of outstanding commitments in respect of Limited </div><div class=\"t s0_124\" id=\"t2d_124\" style=\"left:634px;bottom:125px;letter-spacing:0.11px;display:inline;\">Partnerships. </div><div></div><div class=\"t s0_125\" id=\"t1_125\" style=\"left:87px;bottom:817px;letter-spacing:0.15px;display:inline;\"> </div><div class=\"t s2_125\" id=\"t3_125\" style=\"left:87px;bottom:798px;letter-spacing:-0.14px;display:inline;\">iv) Other third-party funds under management </div><div class=\"t s3_125\" id=\"t4_125\" style=\"left:87px;bottom:780px;letter-spacing:0.11px;display:inline;\">In addition to the Limited Partnership fund IPVFII, described above, the Group also </div><div class=\"t s3_125\" id=\"t5_125\" style=\"left:87px;bottom:763px;letter-spacing:0.11px;display:inline;\">manages other third-party funds, including within its Parkwalk Advisors business unit, </div><div class=\"t s3_125\" id=\"t6_125\" style=\"left:87px;bottom:746px;letter-spacing:0.11px;display:inline;\">and on behalf of Australian superannuation fund Hostplus. In both cases, the Group </div><div class=\"t s3_125\" id=\"t7_125\" style=\"left:87px;bottom:729px;letter-spacing:0.11px;display:inline;\">has no direct beneficial interest in the assets being managed, and its sole exposure </div><div class=\"t s3_125\" id=\"t8_125\" style=\"left:87px;bottom:712px;letter-spacing:0.11px;display:inline;\">to variable returns relates to management fees and performance fees payable on </div><div class=\"t s3_125\" id=\"t9_125\" style=\"left:87px;bottom:696px;letter-spacing:0.11px;display:inline;\">exits above a specified hurdle. As a result, the Group is not deemed to control these </div><div class=\"t s3_125\" id=\"ta_125\" style=\"left:87px;bottom:679px;letter-spacing:0.12px;display:inline;\">managed assets under IFRS10 and they are not consolidated. </div><div class=\"t s2_125\" id=\"tb_125\" style=\"left:87px;bottom:653px;letter-spacing:-0.13px;display:inline;\"><span>v) Non\u2013controlling interests </span></div><div class=\"t s3_125\" id=\"tc_125\" style=\"left:87px;bottom:634px;letter-spacing:0.11px;display:inline;\">The total comprehensive income, assets and liabilities of non\u2013wholly owned entities </div><div class=\"t s3_125\" id=\"td_125\" style=\"left:87px;bottom:617px;letter-spacing:0.11px;display:inline;\">are attributed to owners of the parent and to the non\u2013controlling interests in </div><div class=\"t s3_125\" id=\"te_125\" style=\"left:87px;bottom:601px;letter-spacing:0.1px;display:inline;\"><span>proportion to their relative ownership interests. </span></div><div class=\"t s2_125\" id=\"tf_125\" style=\"left:87px;bottom:574px;letter-spacing:-0.13px;display:inline;\"><span>vi) Business combinations </span></div><div class=\"t s3_125\" id=\"tg_125\" style=\"left:87px;bottom:556px;letter-spacing:0.11px;display:inline;\">The Group accounts for business combinations using the acquisition method from </div><div class=\"t s3_125\" id=\"th_125\" style=\"left:87px;bottom:539px;letter-spacing:0.1px;display:inline;\">the date that control is transferred to the Group (see (i) Subsidiaries above). Both </div><div class=\"t s3_125\" id=\"ti_125\" style=\"left:87px;bottom:523px;letter-spacing:0.11px;display:inline;\">the identifiable net assets and the consideration transferred in the acquisition are </div><div class=\"t s3_125\" id=\"tj_125\" style=\"left:87px;bottom:506px;letter-spacing:0.11px;display:inline;\">measured at fair value at the date of acquisition and transaction costs are expensed </div><div class=\"t s3_125\" id=\"tk_125\" style=\"left:87px;bottom:489px;letter-spacing:0.1px;display:inline;\">as incurred. Goodwill arising on acquisitions is tested at least annually for impairment. </div><div class=\"t s3_125\" id=\"tl_125\" style=\"left:87px;bottom:472px;letter-spacing:0.11px;display:inline;\">In instances where the Group owns a non\u2013controlling stake prior to acquisition the </div><div class=\"t s3_125\" id=\"tm_125\" style=\"left:87px;bottom:455px;letter-spacing:0.11px;display:inline;\">step acquisition method is applied, and any gain or losses on the fair value of the pre\u2013 </div><div class=\"t s3_125\" id=\"tn_125\" style=\"left:87px;bottom:439px;letter-spacing:0.11px;display:inline;\">acquisition holding is recognised in the consolidated statement of comprehensive </div><div class=\"t s3_125\" id=\"to_125\" style=\"left:87px;bottom:422px;letter-spacing:0.13px;display:inline;\"><span>income.</span> </div><div class=\"t s4_125\" id=\"tp_125\" style=\"left:87px;bottom:391px;letter-spacing:-0.1px;display:inline;\">C) Other accounting policies </div><div class=\"t s5_125\" id=\"tq_125\" style=\"left:87px;bottom:374px;letter-spacing:-0.13px;display:inline;\">Regulated capital </div><div class=\"t s3_125\" id=\"tr_125\" style=\"left:87px;bottom:355px;letter-spacing:0.11px;display:inline;\">Top Technology Ventures Limited and Parkwalk Advisors Ltd, are Group subsidiaries </div><div class=\"t s3_125\" id=\"ts_125\" style=\"left:87px;bottom:338px;letter-spacing:0.11px;display:inline;\">which are subject to external capital requirements imposed by the Financial Conduct </div><div class=\"t s3_125\" id=\"tt_125\" style=\"left:87px;bottom:322px;letter-spacing:0.11px;display:inline;\">Authority (\u201cFCA\u201d). Similarly, the Group\u2019s subsidiary in Hong Kong IP Group Greater China </div><div class=\"t s3_125\" id=\"tu_125\" style=\"left:87px;bottom:305px;letter-spacing:0.11px;display:inline;\">Services Limited is subject to external capital requirements imposed by the Securities </div><div class=\"t s3_125\" id=\"tv_125\" style=\"left:87px;bottom:288px;letter-spacing:0.11px;display:inline;\">and Futures Commission of Hong Kong (\u201cSFC\u201d). As such these entities must ensure that </div><div class=\"t s3_125\" id=\"tw_125\" style=\"left:87px;bottom:271px;letter-spacing:0.11px;display:inline;\">they have sufficient capital to satisfy their respective requirements. The Group ensures </div><div class=\"t s3_125\" id=\"tx_125\" style=\"left:87px;bottom:254px;letter-spacing:0.11px;display:inline;\">it remains compliant with these requirements as described in their respective financial </div><div class=\"t s3_125\" id=\"ty_125\" style=\"left:87px;bottom:238px;letter-spacing:0.12px;display:inline;\">statements. </div><div class=\"t s5_125\" id=\"tz_125\" style=\"left:87px;bottom:212px;letter-spacing:-0.13px;display:inline;\"><span>Cash flow statement classification of portfolio investments </span></div><div class=\"t s3_125\" id=\"t10_125\" style=\"left:87px;bottom:193px;letter-spacing:0.11px;display:inline;\">Cash flow relating to portfolio investments have been presented as investing cash </div><div class=\"t s3_125\" id=\"t11_125\" style=\"left:87px;bottom:176px;letter-spacing:0.11px;display:inline;\">flows as opposed to cash flows from operating activities. Management considers </div><div class=\"t s3_125\" id=\"t12_125\" style=\"left:87px;bottom:160px;letter-spacing:0.11px;display:inline;\">this to be an appropriate classification reflecting the fact that these cashflows are </div><div class=\"t s3_125\" id=\"t13_125\" style=\"left:87px;bottom:143px;letter-spacing:0.11px;display:inline;\">allocated towards resources intended to generate future income and cash flows, in </div><span>line with the definition of investing activities within IAS 7.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00125": {
   "value": "<span>(i) Subsidiaries </span><div class=\"t s2_123\" id=\"t1x_123\" style=\"left:634px;bottom:401px;letter-spacing:0.1px;display:inline;\">Where the Group has control over an entity, it is classified as a subsidiary. Typically, </div><div class=\"t s2_123\" id=\"t1y_123\" style=\"left:634px;bottom:384px;letter-spacing:0.11px;display:inline;\">the Group owns a non\u2013controlling interest in its portfolio companies; however, in </div><div class=\"t s2_123\" id=\"t1z_123\" style=\"left:634px;bottom:368px;letter-spacing:0.11px;display:inline;\">certain circumstances, the Group takes a controlling interest and hence categorises </div><div class=\"t s2_123\" id=\"t20_123\" style=\"left:634px;bottom:351px;letter-spacing:0.11px;display:inline;\">the portfolio company as a subsidiary. As per IFRS 10, an entity is classed as under the </div><div class=\"t s2_123\" id=\"t21_123\" style=\"left:634px;bottom:334px;letter-spacing:0.11px;display:inline;\">control of the Group when all three of the following elements are present: power over </div><div class=\"t s2_123\" id=\"t22_123\" style=\"left:634px;bottom:317px;letter-spacing:0.1px;display:inline;\">the entity; exposure to variable returns from the entity; and the ability of the Group to </div><div class=\"t s2_123\" id=\"t23_123\" style=\"left:634px;bottom:300px;letter-spacing:0.1px;display:inline;\">use its power to affect those variable returns. </div><div class=\"t s2_123\" id=\"t24_123\" style=\"left:634px;bottom:275px;letter-spacing:0.11px;display:inline;\">In situations where the Company has the practical ability to direct the relevant </div><div class=\"t s2_123\" id=\"t25_123\" style=\"left:634px;bottom:258px;letter-spacing:0.1px;display:inline;\">activities of the investee without holding the majority of the voting rights, it is </div><div class=\"t s2_123\" id=\"t26_123\" style=\"left:634px;bottom:241px;letter-spacing:0.11px;display:inline;\">considered that de facto control exists. In determining whether de facto control exists </div><div class=\"t s2_123\" id=\"t27_123\" style=\"left:634px;bottom:225px;letter-spacing:0.11px;display:inline;\">the Group considers the relevant facts and circumstances, including: </div><div class=\"t s5_123\" id=\"t28_123\" style=\"left:634px;bottom:199px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t29_123\" style=\"left:656px;bottom:199px;letter-spacing:0.11px;display:inline;\">The size of the Company\u2019s voting rights relative to both the size and dispersion of </div><div class=\"t s2_123\" id=\"t2a_123\" style=\"left:656px;bottom:182px;letter-spacing:0.11px;display:inline;\">other parties who hold voting rights; </div><div class=\"t s5_123\" id=\"t2b_123\" style=\"left:634px;bottom:161px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t2c_123\" style=\"left:656px;bottom:161px;letter-spacing:0.11px;display:inline;\">Substantive potential voting rights held by the Company and by other parties; </div><div class=\"t s5_123\" id=\"t2d_123\" style=\"left:634px;bottom:140px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t2e_123\" style=\"left:656px;bottom:140px;letter-spacing:0.12px;display:inline;\">Other contractual arrangements; and </div><div class=\"t s5_123\" id=\"t2f_123\" style=\"left:634px;bottom:119px;display:inline;\">\u2022 </div><div class=\"t s2_123\" id=\"t2g_123\" style=\"left:656px;bottom:119px;letter-spacing:0.11px;display:inline;\">Historic patterns in voting attendance. </div><div></div><div class=\"t s0_124\" id=\"t1_124\" style=\"left:87px;bottom:800px;letter-spacing:0.1px;display:inline;\">In assessing the IFRS 10 control criteria in respect of the Group\u2019s private portfolio </div><div class=\"t s0_124\" id=\"t2_124\" style=\"left:87px;bottom:783px;letter-spacing:0.11px;display:inline;\">companies, direction of the relevant activities of the company is usually considered </div><div class=\"t s0_124\" id=\"t3_124\" style=\"left:87px;bottom:766px;letter-spacing:0.11px;display:inline;\">to be exercised by the company\u2019s board, therefore the key control consideration is </div><div class=\"t s0_124\" id=\"t4_124\" style=\"left:87px;bottom:750px;letter-spacing:0.11px;display:inline;\">whether the Group currently has a majority of board seats on a given company\u2019s </div><div class=\"t s0_124\" id=\"t5_124\" style=\"left:87px;bottom:733px;letter-spacing:0.1px;display:inline;\">board, or is able to obtain a majority of board seats via the exercise of its voting rights. </div><div class=\"t s0_124\" id=\"t6_124\" style=\"left:87px;bottom:716px;letter-spacing:0.11px;display:inline;\">Control is reassessed whenever facts and circumstances indicate that there may be a </div><div class=\"t s0_124\" id=\"t7_124\" style=\"left:87px;bottom:699px;letter-spacing:0.11px;display:inline;\">change in any of these elements of control. </div><div class=\"t s0_124\" id=\"t8_124\" style=\"left:87px;bottom:674px;letter-spacing:0.11px;display:inline;\">The consolidated financial statements present the results of the Company and its </div><div class=\"t s0_124\" id=\"t9_124\" style=\"left:87px;bottom:657px;letter-spacing:0.11px;display:inline;\">subsidiaries as if they formed a single entity. Intercompany transactions and balances </div><div class=\"t s0_124\" id=\"ta_124\" style=\"left:87px;bottom:640px;letter-spacing:0.11px;display:inline;\">between Group companies are therefore eliminated in full. The consolidated financial </div><div class=\"t s0_124\" id=\"tb_124\" style=\"left:87px;bottom:623px;letter-spacing:0.11px;display:inline;\">statements incorporate the results of business combinations using the acquisition </div><div class=\"t s0_124\" id=\"tc_124\" style=\"left:87px;bottom:607px;letter-spacing:0.11px;display:inline;\">method. In the statement of financial position, the acquiree\u2019s identifiable assets and </div><div class=\"t s0_124\" id=\"td_124\" style=\"left:87px;bottom:590px;letter-spacing:0.1px;display:inline;\">liabilities are initially recognised at their fair values at the acquisition date. Contingent </div><div class=\"t s0_124\" id=\"te_124\" style=\"left:87px;bottom:573px;letter-spacing:0.11px;display:inline;\">liabilities dependent on the disposed value of an associated investment are only </div><div class=\"t s0_124\" id=\"tf_124\" style=\"left:87px;bottom:556px;letter-spacing:0.11px;display:inline;\">recognised when the fair value is above the associated threshold. The results of </div><div class=\"t s0_124\" id=\"tg_124\" style=\"left:87px;bottom:539px;letter-spacing:0.11px;display:inline;\">acquired operations are included in the consolidated statement of comprehensive </div><div class=\"t s0_124\" id=\"th_124\" style=\"left:87px;bottom:523px;letter-spacing:0.11px;display:inline;\">income from the date on which control is obtained. They are consolidated until the </div><span>date on which control ceases. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00128": {
   "value": "<span>(ii) Associates/portfolio companies </span><div class=\"t s0_124\" id=\"tk_124\" style=\"left:87px;bottom:461px;letter-spacing:0.11px;display:inline;\">The majority of the Group\u2019s portfolio companies are deemed to be Associates, as </div><div class=\"t s0_124\" id=\"tl_124\" style=\"left:87px;bottom:445px;letter-spacing:0.11px;display:inline;\">the Group has significant influence (generally accompanied by a shareholding of </div><div class=\"t s0_124\" id=\"tm_124\" style=\"left:87px;bottom:428px;letter-spacing:0.11px;display:inline;\">between 20% and 50% of the voting rights) but not control. A small number of the </div><div class=\"t s0_124\" id=\"tn_124\" style=\"left:87px;bottom:411px;letter-spacing:0.11px;display:inline;\">Group\u2019s portfolio companies are controlled and hence consolidated, as per section </div><div class=\"t s0_124\" id=\"to_124\" style=\"left:87px;bottom:394px;letter-spacing:0.1px;display:inline;\">(i) above. </div><div class=\"t s0_124\" id=\"tp_124\" style=\"left:87px;bottom:369px;letter-spacing:0.11px;display:inline;\">As permitted under IAS 28, the Group elects to hold investments in Associates at fair </div><div class=\"t s0_124\" id=\"tq_124\" style=\"left:87px;bottom:352px;letter-spacing:0.11px;display:inline;\">value through profit and loss in accordance with IFRS 9. This treatment is specified by </div><div class=\"t s0_124\" id=\"tr_124\" style=\"left:87px;bottom:335px;letter-spacing:0.11px;display:inline;\">IAS 28 Investment in Associates and Joint Ventures, which permits investments held by </div><div class=\"t s0_124\" id=\"ts_124\" style=\"left:87px;bottom:318px;letter-spacing:0.11px;display:inline;\">a venture capital organisation or similar entity to be excluded from its measurement </div><div class=\"t s0_124\" id=\"tt_124\" style=\"left:87px;bottom:301px;letter-spacing:0.11px;display:inline;\">methodology requirements where those investments are designated, upon initial </div><div class=\"t s0_124\" id=\"tu_124\" style=\"left:87px;bottom:285px;letter-spacing:0.11px;display:inline;\">recognition, as at fair value through profit or loss and accounted for in accordance </div><div class=\"t s0_124\" id=\"tv_124\" style=\"left:87px;bottom:268px;letter-spacing:0.11px;display:inline;\">with IFRS 9 Financial Instruments. Therefore, no associates are presented on the </div><div class=\"t s0_124\" id=\"tw_124\" style=\"left:87px;bottom:251px;letter-spacing:0.11px;display:inline;\">consolidated statement of financial position. </div><div class=\"t s0_124\" id=\"tx_124\" style=\"left:87px;bottom:226px;letter-spacing:0.1px;display:inline;\">Changes in fair value of associates are recognised in profit or loss in the period of </div><div class=\"t s0_124\" id=\"ty_124\" style=\"left:87px;bottom:209px;letter-spacing:0.11px;display:inline;\">the change. The Group has no interests in Associates through which it carries on its </div><div class=\"t s0_124\" id=\"tz_124\" style=\"left:87px;bottom:192px;letter-spacing:0.11px;display:inline;\">operating business. During 2023, the Group made a \u00a30.6m investment into a Joint </div><div class=\"t s0_124\" id=\"t10_124\" style=\"left:87px;bottom:175px;letter-spacing:0.11px;display:inline;\">Venture established in preparation for potential fund operations in China. Joint </div><div class=\"t s0_124\" id=\"t11_124\" style=\"left:87px;bottom:158px;letter-spacing:0.11px;display:inline;\">ventures are held at fair value with any change in value recognised through the </div><div class=\"t s0_124\" id=\"t12_124\" style=\"left:87px;bottom:141px;letter-spacing:0.12px;display:inline;\">income statement. </div><div class=\"t s0_124\" id=\"t13_124\" style=\"left:87px;bottom:116px;letter-spacing:0.11px;display:inline;\">The disclosures required by Section 409 of the Companies Act 2006 for associated </div><div class=\"t s0_124\" id=\"t14_124\" style=\"left:87px;bottom:99px;letter-spacing:0.11px;display:inline;\">undertakings are included in note 13 of the Company financial statements. Similarly, </div><div class=\"t s0_124\" id=\"t15_124\" style=\"left:87px;bottom:82px;letter-spacing:0.11px;display:inline;\">those investments which may not have qualified as an Associate but fall within the </div><div class=\"t s0_124\" id=\"t16_124\" style=\"left:87px;bottom:66px;letter-spacing:0.11px;display:inline;\">wider scope of significant holdings and so are subject to Section 409 disclosures of the </div><span>Companies Act 2006 are included in note 11 of the Company financial statements.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00129": {
   "value": "<span>v) Non\u2013controlling interests </span><div class=\"t s3_125\" id=\"tc_125\" style=\"left:87px;bottom:634px;letter-spacing:0.11px;display:inline;\">The total comprehensive income, assets and liabilities of non\u2013wholly owned entities </div><div class=\"t s3_125\" id=\"td_125\" style=\"left:87px;bottom:617px;letter-spacing:0.11px;display:inline;\">are attributed to owners of the parent and to the non\u2013controlling interests in </div><span>proportion to their relative ownership interests. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00132": {
   "value": "<span>vi) Business combinations </span><div class=\"t s3_125\" id=\"tg_125\" style=\"left:87px;bottom:556px;letter-spacing:0.11px;display:inline;\">The Group accounts for business combinations using the acquisition method from </div><div class=\"t s3_125\" id=\"th_125\" style=\"left:87px;bottom:539px;letter-spacing:0.1px;display:inline;\">the date that control is transferred to the Group (see (i) Subsidiaries above). Both </div><div class=\"t s3_125\" id=\"ti_125\" style=\"left:87px;bottom:523px;letter-spacing:0.11px;display:inline;\">the identifiable net assets and the consideration transferred in the acquisition are </div><div class=\"t s3_125\" id=\"tj_125\" style=\"left:87px;bottom:506px;letter-spacing:0.11px;display:inline;\">measured at fair value at the date of acquisition and transaction costs are expensed </div><div class=\"t s3_125\" id=\"tk_125\" style=\"left:87px;bottom:489px;letter-spacing:0.1px;display:inline;\">as incurred. Goodwill arising on acquisitions is tested at least annually for impairment. </div><div class=\"t s3_125\" id=\"tl_125\" style=\"left:87px;bottom:472px;letter-spacing:0.11px;display:inline;\">In instances where the Group owns a non\u2013controlling stake prior to acquisition the </div><div class=\"t s3_125\" id=\"tm_125\" style=\"left:87px;bottom:455px;letter-spacing:0.11px;display:inline;\">step acquisition method is applied, and any gain or losses on the fair value of the pre\u2013 </div><div class=\"t s3_125\" id=\"tn_125\" style=\"left:87px;bottom:439px;letter-spacing:0.11px;display:inline;\">acquisition holding is recognised in the consolidated statement of comprehensive </div><span>income.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00133": {
   "value": "<span>vi) Business combinations </span><div class=\"t s3_125\" id=\"tg_125\" style=\"left:87px;bottom:556px;letter-spacing:0.11px;display:inline;\">The Group accounts for business combinations using the acquisition method from </div><div class=\"t s3_125\" id=\"th_125\" style=\"left:87px;bottom:539px;letter-spacing:0.1px;display:inline;\">the date that control is transferred to the Group (see (i) Subsidiaries above). Both </div><div class=\"t s3_125\" id=\"ti_125\" style=\"left:87px;bottom:523px;letter-spacing:0.11px;display:inline;\">the identifiable net assets and the consideration transferred in the acquisition are </div><div class=\"t s3_125\" id=\"tj_125\" style=\"left:87px;bottom:506px;letter-spacing:0.11px;display:inline;\">measured at fair value at the date of acquisition and transaction costs are expensed </div><div class=\"t s3_125\" id=\"tk_125\" style=\"left:87px;bottom:489px;letter-spacing:0.1px;display:inline;\">as incurred. Goodwill arising on acquisitions is tested at least annually for impairment. </div><div class=\"t s3_125\" id=\"tl_125\" style=\"left:87px;bottom:472px;letter-spacing:0.11px;display:inline;\">In instances where the Group owns a non\u2013controlling stake prior to acquisition the </div><div class=\"t s3_125\" id=\"tm_125\" style=\"left:87px;bottom:455px;letter-spacing:0.11px;display:inline;\">step acquisition method is applied, and any gain or losses on the fair value of the pre\u2013 </div><div class=\"t s3_125\" id=\"tn_125\" style=\"left:87px;bottom:439px;letter-spacing:0.11px;display:inline;\">acquisition holding is recognised in the consolidated statement of comprehensive </div><span>income.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00136": {
   "value": "<span>Cash flow statement classification of portfolio investments </span><div class=\"t s3_125\" id=\"t10_125\" style=\"left:87px;bottom:193px;letter-spacing:0.11px;display:inline;\">Cash flow relating to portfolio investments have been presented as investing cash </div><div class=\"t s3_125\" id=\"t11_125\" style=\"left:87px;bottom:176px;letter-spacing:0.11px;display:inline;\">flows as opposed to cash flows from operating activities. Management considers </div><div class=\"t s3_125\" id=\"t12_125\" style=\"left:87px;bottom:160px;letter-spacing:0.11px;display:inline;\">this to be an appropriate classification reflecting the fact that these cashflows are </div><div class=\"t s3_125\" id=\"t13_125\" style=\"left:87px;bottom:143px;letter-spacing:0.11px;display:inline;\">allocated towards resources intended to generate future income and cash flows, in </div><span>line with the definition of investing activities within IAS 7.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00139": {
   "value": "<span>2. Significant accounting estimates and judgements </span><div class=\"t s3_125\" id=\"t16_125\" style=\"left:634px;bottom:799px;letter-spacing:0.12px;display:inline;\">The Directors have made the following judgements and estimates that have had </div><div class=\"t s3_125\" id=\"t17_125\" style=\"left:634px;bottom:782px;letter-spacing:0.1px;display:inline;\">the most significant effect on the carrying amounts of the assets and liabilities in </div><div class=\"t s3_125\" id=\"t18_125\" style=\"left:634px;bottom:765px;letter-spacing:0.11px;display:inline;\">the consolidated financial statements. Estimates and judgements are continually </div><div class=\"t s3_125\" id=\"t19_125\" style=\"left:634px;bottom:748px;letter-spacing:0.11px;display:inline;\">evaluated and are based on historical experience and other factors, such as </div><div class=\"t s3_125\" id=\"t1a_125\" style=\"left:634px;bottom:731px;letter-spacing:0.11px;display:inline;\">expectations of future events, and are believed to be reasonable under the </div><div class=\"t s3_125\" id=\"t1b_125\" style=\"left:634px;bottom:715px;letter-spacing:0.11px;display:inline;\">circumstances. Actual results may differ from these estimates. The estimates and </div><div class=\"t s3_125\" id=\"t1c_125\" style=\"left:634px;bottom:698px;letter-spacing:0.11px;display:inline;\">assumptions which have the most significant effects on the carrying amounts of the </div><div class=\"t s3_125\" id=\"t1d_125\" style=\"left:634px;bottom:681px;letter-spacing:0.11px;display:inline;\">assets and liabilities in the financial statements are discussed below. </div><div class=\"t s2_125\" id=\"t1e_125\" style=\"left:634px;bottom:655px;letter-spacing:-0.13px;display:inline;\">(i) Valuation of unquoted equity and debt investments and limited </div><div class=\"t s2_125\" id=\"t1f_125\" style=\"left:634px;bottom:638px;letter-spacing:-0.13px;display:inline;\">partnership interests (significant estimate) </div><div class=\"t s3_125\" id=\"t1g_125\" style=\"left:634px;bottom:620px;letter-spacing:0.11px;display:inline;\">The Group\u2019s accounting policy in respect of the valuation of unquoted equity and debt </div><div class=\"t s3_125\" id=\"t1h_125\" style=\"left:634px;bottom:603px;letter-spacing:0.1px;display:inline;\">investments is set out in note 13, and in respect of limited partnership interests in note </div><div class=\"t s3_125\" id=\"t1i_125\" style=\"left:634px;bottom:586px;letter-spacing:0.11px;display:inline;\">14. In applying this policy, the key areas over which judgement are exercised include: </div><div class=\"t s6_125\" id=\"t1j_125\" style=\"left:634px;bottom:561px;display:inline;\">\u2022 </div><div class=\"t s3_125\" id=\"t1k_125\" style=\"left:656px;bottom:561px;letter-spacing:0.11px;display:inline;\">Consideration of whether a funding round is at arm\u2019s length and therefore </div><div class=\"t s3_125\" id=\"t1l_125\" style=\"left:656px;bottom:544px;letter-spacing:0.1px;display:inline;\">representative of fair value. </div><div class=\"t s6_125\" id=\"t1m_125\" style=\"left:634px;bottom:523px;display:inline;\">\u2022 </div><div class=\"t s3_125\" id=\"t1n_125\" style=\"left:656px;bottom:523px;letter-spacing:0.11px;display:inline;\">The relevance of the price of recent investment as an input to fair value, which </div><div class=\"t s3_125\" id=\"t1o_125\" style=\"left:656px;bottom:506px;letter-spacing:0.11px;display:inline;\">typically becomes more subjective as the time elapsed between the recent </div><div class=\"t s3_125\" id=\"t1p_125\" style=\"left:656px;bottom:489px;letter-spacing:0.12px;display:inline;\">investment date and the balance sheet date increases. </div><div class=\"t s6_125\" id=\"t1q_125\" style=\"left:634px;bottom:468px;display:inline;\">\u2022 </div><div class=\"t s3_125\" id=\"t1r_125\" style=\"left:656px;bottom:468px;letter-spacing:0.11px;display:inline;\">In the case of companies with complex capital structures, the appropriate </div><div class=\"t s3_125\" id=\"t1s_125\" style=\"left:656px;bottom:451px;letter-spacing:0.11px;display:inline;\">methodology for assigning value to different classes of equity based on their </div><div class=\"t s3_125\" id=\"t1t_125\" style=\"left:656px;bottom:434px;letter-spacing:0.11px;display:inline;\">differing economic rights. </div><div class=\"t s6_125\" id=\"t1u_125\" style=\"left:634px;bottom:413px;display:inline;\">\u2022 </div><div class=\"t s3_125\" id=\"t1v_125\" style=\"left:656px;bottom:413px;letter-spacing:0.12px;display:inline;\">Where an upwards or downwards calibration adjustment to a funding transaction </div><div class=\"t s3_125\" id=\"t1w_125\" style=\"left:656px;bottom:396px;letter-spacing:0.11px;display:inline;\">valuation to reflect positive or negative developments within the company in </div><div class=\"t s3_125\" id=\"t1x_125\" style=\"left:656px;bottom:380px;letter-spacing:0.11px;display:inline;\">question, the size of the adjustment made. </div><div class=\"t s6_125\" id=\"t1y_125\" style=\"left:634px;bottom:358px;display:inline;\">\u2022 </div><div class=\"t s3_125\" id=\"t1z_125\" style=\"left:656px;bottom:358px;letter-spacing:0.12px;display:inline;\">Where using valuation methods such as discounted cash flows or revenue </div><div class=\"t s3_125\" id=\"t20_125\" style=\"left:656px;bottom:342px;letter-spacing:0.11px;display:inline;\">multiples, the assumptions around inputs including the drug development timeline, </div><div class=\"t s3_125\" id=\"t21_125\" style=\"left:656px;bottom:325px;letter-spacing:0.1px;display:inline;\">probability of clinical trial success, the selection of relevant comparable deal sizes, </div><div class=\"t s3_125\" id=\"t22_125\" style=\"left:656px;bottom:308px;letter-spacing:0.11px;display:inline;\">the probability of securing a pharmaceutical partner, drug sales profiles, royalty </div><div class=\"t s3_125\" id=\"t23_125\" style=\"left:656px;bottom:291px;letter-spacing:0.11px;display:inline;\">rates, discount rates and drug development costs </div><div class=\"t s6_125\" id=\"t24_125\" style=\"left:634px;bottom:270px;display:inline;\">\u2022 </div><div class=\"t s3_125\" id=\"t25_125\" style=\"left:656px;bottom:270px;letter-spacing:0.11px;display:inline;\">Where valuations are based on future events such as sales processes or </div><div class=\"t s3_125\" id=\"t26_125\" style=\"left:656px;bottom:253px;letter-spacing:0.11px;display:inline;\">future funding rounds, the appropriate level of execution risk to be applied to </div><div class=\"t s3_125\" id=\"t27_125\" style=\"left:656px;bottom:236px;letter-spacing:0.11px;display:inline;\">the anticipated event when assessing its valuation impact as at the balance </div><div class=\"t s3_125\" id=\"t28_125\" style=\"left:656px;bottom:220px;letter-spacing:0.11px;display:inline;\">sheet date. </div><div class=\"t s6_125\" id=\"t29_125\" style=\"left:634px;bottom:199px;display:inline;\">\u2022 </div><div class=\"t s3_125\" id=\"t2a_125\" style=\"left:656px;bottom:199px;letter-spacing:0.11px;display:inline;\">Debt investments typically represent convertible debt; in such cases judgement </div><div class=\"t s3_125\" id=\"t2b_125\" style=\"left:656px;bottom:182px;letter-spacing:0.11px;display:inline;\">is exercised in respect of the estimated equity value received on conversion of </div><div class=\"t s3_125\" id=\"t2c_125\" style=\"left:656px;bottom:165px;letter-spacing:0.1px;display:inline;\">the loan. </div><div class=\"t s6_125\" id=\"t2d_125\" style=\"left:634px;bottom:148px;display:inline;\">\u2022 </div><div class=\"t s3_125\" id=\"t2e_125\" style=\"left:656px;bottom:148px;letter-spacing:0.11px;display:inline;\">For limited partnership investments, the above considerations are applied to the </div><div class=\"t s3_125\" id=\"t2f_125\" style=\"left:656px;bottom:131px;letter-spacing:0.11px;display:inline;\">fund in question\u2019s equity and debt investments in determining whether the fund </div><div class=\"t s3_125\" id=\"t2g_125\" style=\"left:656px;bottom:114px;letter-spacing:0.12px;display:inline;\">manager\u2019s Net Asset Value statement values are appropriate. </div><div></div><div class=\"t s0_126\" id=\"t1_126\" style=\"left:87px;bottom:780px;letter-spacing:-0.01px;display:inline;\">Valuations are based on management\u2019s judgement after consideration of the above </div><div class=\"t s0_126\" id=\"t2_126\" style=\"left:87px;bottom:763px;letter-spacing:-0.01px;display:inline;\">and upon available information believed to be reliable, which may be affected by </div><div class=\"t s0_126\" id=\"t3_126\" style=\"left:87px;bottom:747px;letter-spacing:-0.02px;display:inline;\">conditions in the financial markets. Due to the inherent uncertainty of the investment </div><div class=\"t s0_126\" id=\"t4_126\" style=\"left:87px;bottom:730px;letter-spacing:-0.02px;display:inline;\">valuations, the estimated values may differ significantly from the values that would have </div><div class=\"t s0_126\" id=\"t5_126\" style=\"left:87px;bottom:713px;letter-spacing:-0.01px;display:inline;\">been used had a ready market for the investments existed, and the differences could be </div><div class=\"t s0_126\" id=\"t6_126\" style=\"left:87px;bottom:696px;letter-spacing:-0.02px;display:inline;\">material. Note 13 provides disclosure details on sensitivity and estimation uncertainty. </div><div class=\"t s0_126\" id=\"t7_126\" style=\"left:87px;bottom:671px;letter-spacing:0.1px;display:inline;\">Critical estimates in respect of the Group\u2019s investment in Istesso Limited, including </div><div class=\"t s0_126\" id=\"t8_126\" style=\"left:87px;bottom:654px;letter-spacing:0.11px;display:inline;\">DCF model assumptions in respect of the Phase 2b success rates, selected pharma </div><div class=\"t s0_126\" id=\"t9_126\" style=\"left:87px;bottom:637px;letter-spacing:0.11px;display:inline;\">partner deal size, pharma partnership probability and royalty rates including sensitivity </div><div class=\"t s0_126\" id=\"ta_126\" style=\"left:87px;bottom:620px;letter-spacing:0.1px;display:inline;\">disclosures in respect of these estimates are disclosed in Note 13. </div><div class=\"t s1_126\" id=\"tb_126\" style=\"left:87px;bottom:594px;letter-spacing:-0.12px;display:inline;\">(ii) Application of IFRS 10 in respect of Istesso Limited and IPG Cayman LP </div><div class=\"t s1_126\" id=\"tc_126\" style=\"left:87px;bottom:577px;letter-spacing:-0.13px;display:inline;\">(significant judgement) </div><div class=\"t s0_126\" id=\"td_126\" style=\"left:87px;bottom:559px;letter-spacing:0.11px;display:inline;\">The judgments in respect of non-consolidation of Istesso Limited and IPG Cayman </div><div class=\"t s0_126\" id=\"te_126\" style=\"left:87px;bottom:542px;letter-spacing:0.11px;display:inline;\">LP remain unchanged from the conclusion of our assessment in the prior year, and </div><div class=\"t s0_126\" id=\"tf_126\" style=\"left:87px;bottom:525px;letter-spacing:0.11px;display:inline;\">there have been no material changes in the facts and circumstances during the year. </div><div class=\"t s0_126\" id=\"tg_126\" style=\"left:87px;bottom:509px;letter-spacing:0.11px;display:inline;\">The specific considerations in respect of Istesso Limited and IPG Cayman LP are set </div><div class=\"t s0_126\" id=\"th_126\" style=\"left:87px;bottom:492px;letter-spacing:0.11px;display:inline;\">out below: </div><div class=\"t s2_126\" id=\"ti_126\" style=\"left:87px;bottom:466px;letter-spacing:-0.13px;display:inline;\">Istesso Limited </div><div class=\"t s0_126\" id=\"tj_126\" style=\"left:87px;bottom:447px;letter-spacing:-0.01px;display:inline;\">In respect of Istesso Limited, although the Group has a 56.5% undiluted economic </div><div class=\"t s0_126\" id=\"tk_126\" style=\"left:87px;bottom:431px;letter-spacing:-0.02px;display:inline;\">interest in the company, the Group holds a significant proportion of its equity via non\u2013 </div><div class=\"t s0_126\" id=\"tl_126\" style=\"left:87px;bottom:414px;letter-spacing:-0.02px;display:inline;\">voting shares resulting in it holding less than 50% of the voting rights at the company. </div><div class=\"t s0_126\" id=\"tm_126\" style=\"left:87px;bottom:397px;letter-spacing:-0.02px;display:inline;\">Under Istesso\u2019s Articles of Association, strategic and day-to-day decisions over running </div><div class=\"t s0_126\" id=\"tn_126\" style=\"left:87px;bottom:380px;letter-spacing:-0.02px;display:inline;\">of the business rest with Istesso\u2019s board of directors rather than through shareholder </div><div class=\"t s0_126\" id=\"to_126\" style=\"left:87px;bottom:363px;letter-spacing:-0.02px;display:inline;\">voting rights attached to direct ownership of equity interests held in the entity. In this </div><div class=\"t s0_126\" id=\"tp_126\" style=\"left:87px;bottom:347px;letter-spacing:-0.02px;display:inline;\">respect, power over Istesso is exercised predominantly through directors\u2019 meetings, on </div><div class=\"t s0_126\" id=\"tq_126\" style=\"left:87px;bottom:330px;letter-spacing:-0.02px;display:inline;\">which IP Group is not deemed to have majority representation. As such, the relationship </div><div class=\"t s0_126\" id=\"tr_126\" style=\"left:87px;bottom:313px;letter-spacing:-0.02px;display:inline;\">between Istesso and IP Group is designed in such a way that \u201cshareholder\u201d voting rights </div><div class=\"t s0_126\" id=\"ts_126\" style=\"left:87px;bottom:296px;letter-spacing:-0.02px;display:inline;\">are not the dominant factor in deciding who directs the investee\u2019s relevant activities, but </div><div class=\"t s0_126\" id=\"tt_126\" style=\"left:87px;bottom:279px;letter-spacing:-0.02px;display:inline;\">it is the directors who do so. IP Group does not control the board of Istesso Limited via </div><div class=\"t s0_126\" id=\"tu_126\" style=\"left:87px;bottom:263px;letter-spacing:-0.02px;display:inline;\">a majority of board directors, and is specifically prevented from appointing additional </div><div class=\"t s0_126\" id=\"tv_126\" style=\"left:87px;bottom:246px;letter-spacing:-0.02px;display:inline;\">directors to gain control of the board via restrictions in Istesso\u2019s Articles of Association. </div><div class=\"t s0_126\" id=\"tw_126\" style=\"left:87px;bottom:220px;letter-spacing:0.11px;display:inline;\">During the year, the Group advanced a further \u00a310m convertible loan to Istesso </div><div class=\"t s0_126\" id=\"tx_126\" style=\"left:87px;bottom:203px;letter-spacing:0.11px;display:inline;\">Limited, being the second tranche of a total \u00a323.5m convertible loan which was legally </div><div class=\"t s0_126\" id=\"ty_126\" style=\"left:87px;bottom:187px;letter-spacing:0.12px;display:inline;\">committed in 2023 and whose drawdown therefore did not have any additional </div><div class=\"t s0_126\" id=\"tz_126\" style=\"left:87px;bottom:170px;letter-spacing:0.11px;display:inline;\">substantive impact. This was in addition to a \u00a310m convertible loan which was </div><div class=\"t s0_126\" id=\"t10_126\" style=\"left:87px;bottom:153px;letter-spacing:0.11px;display:inline;\">provided in 2022. The terms of the loans contain specific provisions preventing their </div><div class=\"t s0_126\" id=\"t11_126\" style=\"left:87px;bottom:136px;letter-spacing:0.11px;display:inline;\">conversion where this would result in IP Group obtaining control of Istesso. </div><div class=\"t s0_126\" id=\"t12_126\" style=\"left:87px;bottom:111px;letter-spacing:-0.01px;display:inline;\">Based on an updated control assessment, including considerations around whether </div><div class=\"t s0_126\" id=\"t13_126\" style=\"left:87px;bottom:94px;letter-spacing:-0.02px;display:inline;\">IP Group has \u2018de facto\u2019 control of Istesso including inter alia the number of voting shares </div><div class=\"t s0_126\" id=\"t14_126\" style=\"left:87px;bottom:77px;letter-spacing:-0.02px;display:inline;\">held by the Group and its connected parties and the dispersion of other parties\u2019 voting </div><div class=\"t s0_126\" id=\"t15_126\" style=\"left:87px;bottom:60px;letter-spacing:-0.02px;display:inline;\">rights, we have concluded that the Group does not control Istesso Limited under IFRS 10. </div><div class=\"t s0_126\" id=\"t16_126\" style=\"left:634px;bottom:826px;letter-spacing:0.11px;display:inline;\">Had the Directors concluded that consolidation in the current year was appropriate, </div><div class=\"t s0_126\" id=\"t17_126\" style=\"left:634px;bottom:809px;letter-spacing:0.11px;display:inline;\">the impact on the Group Balance Sheet would have been to recognise Istesso </div><div class=\"t s0_126\" id=\"t18_126\" style=\"left:634px;bottom:792px;letter-spacing:0.1px;display:inline;\">Limited\u2019s assets and liabilities and to recognise additional intangible assets including </div><div class=\"t s0_126\" id=\"t19_126\" style=\"left:634px;bottom:776px;letter-spacing:0.11px;display:inline;\">goodwill based on the fair value of the company at acquisition. The impact on the </div><div class=\"t s0_126\" id=\"t1a_126\" style=\"left:634px;bottom:759px;letter-spacing:0.11px;display:inline;\">Group Income Statement would have been the recognition of Istesso Limited\u2019s costs </div><div class=\"t s0_126\" id=\"t1b_126\" style=\"left:634px;bottom:742px;letter-spacing:0.11px;display:inline;\">from the point of acquisition. Furthermore, any subsequent fair value movements in </div><div class=\"t s0_126\" id=\"t1c_126\" style=\"left:634px;bottom:725px;letter-spacing:0.11px;display:inline;\">the debt and equity of Istesso Limited would not be recognised until the point where </div><div class=\"t s0_126\" id=\"t1d_126\" style=\"left:634px;bottom:708px;letter-spacing:0.11px;display:inline;\">IP Group was no longer deemed to control Istesso Limited. </div><div class=\"t s2_126\" id=\"t1e_126\" style=\"left:634px;bottom:682px;letter-spacing:-0.15px;display:inline;\">IPG Cayman LP </div><div class=\"t s0_126\" id=\"t1f_126\" style=\"left:634px;bottom:664px;letter-spacing:0.11px;display:inline;\">The Group\u2019s US portfolio is held via a limited partnership fund, IPG Cayman LP, which </div><div class=\"t s0_126\" id=\"t1g_126\" style=\"left:634px;bottom:647px;letter-spacing:0.1px;display:inline;\">was set up in 2018 to facilitate third-party investment into this portfolio. The fund is </div><div class=\"t s0_126\" id=\"t1h_126\" style=\"left:634px;bottom:630px;letter-spacing:0.11px;display:inline;\">managed by Longview Innovations Inc., formerly an operating subsidiary of the Group. </div><div class=\"t s0_126\" id=\"t1i_126\" style=\"left:634px;bottom:614px;letter-spacing:0.11px;display:inline;\">Prior to 2021, the Group was judged to control both IPG Cayman LP and Longview </div><div class=\"t s0_126\" id=\"t1j_126\" style=\"left:634px;bottom:597px;letter-spacing:0.11px;display:inline;\">innovations Inc. under IFRS 10 and hence both entities were consolidated. </div><div class=\"t s0_126\" id=\"t1k_126\" style=\"left:634px;bottom:571px;letter-spacing:0.11px;display:inline;\">In 2021, several events took place which caused us to reassess the Group\u2019s control of </div><div class=\"t s0_126\" id=\"t1l_126\" style=\"left:634px;bottom:555px;letter-spacing:0.1px;display:inline;\">both entities: </div><div class=\"t s3_126\" id=\"t1m_126\" style=\"left:634px;bottom:529px;display:inline;\">\u2022 </div><div class=\"t s0_126\" id=\"t1n_126\" style=\"left:656px;bottom:529px;letter-spacing:0.1px;display:inline;\">IPG Cayman LP raised additional third\u2013party funds in the first half of 2021, which </div><div class=\"t s0_126\" id=\"t1o_126\" style=\"left:656px;bottom:512px;letter-spacing:0.11px;display:inline;\">reduced the Group\u2019s stake in the fund from 80.7% to 58.1% and revised the fund\u2019s </div><div class=\"t s0_126\" id=\"t1p_126\" style=\"left:656px;bottom:495px;letter-spacing:0.11px;display:inline;\">Limited Partnership Agreement to reduced the Group\u2019s rights to replace the fund </div><div class=\"t s0_126\" id=\"t1q_126\" style=\"left:656px;bottom:479px;letter-spacing:0.13px;display:inline;\">manager. </div><div class=\"t s3_126\" id=\"t1r_126\" style=\"left:634px;bottom:457px;display:inline;\">\u2022 </div><div class=\"t s0_126\" id=\"t1s_126\" style=\"left:656px;bottom:457px;letter-spacing:0.11px;display:inline;\">Investors in the 2021 IPG Cayman LP funding round hold a 5 year option to </div><div class=\"t s0_126\" id=\"t1t_126\" style=\"left:656px;bottom:441px;letter-spacing:0.1px;display:inline;\">subscribe additional funds which, if exercised, would result in IP Group holding less </div><div class=\"t s0_126\" id=\"t1u_126\" style=\"left:656px;bottom:424px;letter-spacing:0.11px;display:inline;\">than 50% in the fund. </div><div class=\"t s3_126\" id=\"t1v_126\" style=\"left:634px;bottom:403px;display:inline;\">\u2022 </div><div class=\"t s0_126\" id=\"t1w_126\" style=\"left:656px;bottom:403px;letter-spacing:0.11px;display:inline;\">In November 2021 the Group disposed of its equity in IPG Cayman LP\u2019s fund </div><div class=\"t s0_126\" id=\"t1x_126\" style=\"left:656px;bottom:386px;letter-spacing:0.11px;display:inline;\">manager, Longview Innovations Inc. and hence no longer controls the fund </div><div class=\"t s0_126\" id=\"t1y_126\" style=\"left:656px;bottom:369px;letter-spacing:0.13px;display:inline;\">manager. </div><div class=\"t s0_126\" id=\"t1z_126\" style=\"left:634px;bottom:344px;letter-spacing:0.11px;display:inline;\">As a result of these changes, our control assessment concluded that Longview </div><div class=\"t s0_126\" id=\"t20_126\" style=\"left:634px;bottom:327px;letter-spacing:0.11px;display:inline;\">Innovations Inc, is acting as an agent on behalf of all investors in the Cayman LP and </div><div class=\"t s0_126\" id=\"t21_126\" style=\"left:634px;bottom:310px;letter-spacing:0.11px;display:inline;\">not solely IPG plc, therefore the Group no longer controls IPG Cayman LP. The Group </div><div class=\"t s0_126\" id=\"t22_126\" style=\"left:634px;bottom:293px;letter-spacing:0.11px;display:inline;\">therefore ceased to consolidate it from November 2021. </div><div class=\"t s0_126\" id=\"t23_126\" style=\"left:634px;bottom:268px;letter-spacing:0.11px;display:inline;\">Arriving at this conclusion required the application of judgement, most significantly </div><div class=\"t s0_126\" id=\"t24_126\" style=\"left:634px;bottom:251px;letter-spacing:0.11px;display:inline;\">in assessing the application guidance contained in IFRS 10 B19 which suggests that </div><div class=\"t s0_126\" id=\"t25_126\" style=\"left:634px;bottom:234px;letter-spacing:0.11px;display:inline;\">in some instances a special relationship may exist (such as the fact that we remain </div><div class=\"t s0_126\" id=\"t26_126\" style=\"left:634px;bottom:217px;letter-spacing:0.11px;display:inline;\">the largest individual investor in the fund), implying that an investor has a more than </div><div class=\"t s0_126\" id=\"t27_126\" style=\"left:634px;bottom:201px;letter-spacing:0.11px;display:inline;\">passive interest in the investee. Having considered this guidance we have concluded </div><div class=\"t s0_126\" id=\"t28_126\" style=\"left:634px;bottom:184px;letter-spacing:0.12px;display:inline;\">that on balance the Group does not have power over IPG Cayman LP and hence does </div><div class=\"t s0_126\" id=\"t29_126\" style=\"left:634px;bottom:167px;letter-spacing:0.09px;display:inline;\">not control it. </div><div class=\"t s0_126\" id=\"t2a_126\" style=\"left:634px;bottom:141px;letter-spacing:0.12px;display:inline;\">During 2024, the Group advanced $0.9m into IPG Cayman LP via a Simple Agreement </div><div class=\"t s0_126\" id=\"t2b_126\" style=\"left:634px;bottom:125px;letter-spacing:0.11px;display:inline;\">for Future Equity (\u201cSAFE\u201d). This was in addition to a $10m SAFE investment made in 2023. </div><div class=\"t s0_126\" id=\"t2c_126\" style=\"left:634px;bottom:108px;letter-spacing:0.11px;display:inline;\">The terms of these SAFEs were such that they did not confer any additional substantive </div><div class=\"t s0_126\" id=\"t2d_126\" style=\"left:634px;bottom:91px;letter-spacing:0.11px;word-spacing:-0.01px;display:inline;\">rights to the Group in the normal course of business and as a result did not change the </div><span>consolidation conclusion in respect of IPG Cayman LP. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00142": {
   "value": "<span>3. Financial risk management </span><div class=\"t s1_127\" id=\"t2_127\" style=\"left:87px;bottom:799px;letter-spacing:0.11px;display:inline;\">As set out in the principal risks and uncertainties section on pages 40 to 48, the Group </div><div class=\"t s1_127\" id=\"t3_127\" style=\"left:87px;bottom:782px;letter-spacing:0.11px;display:inline;\">is exposed, through its normal operations, to a number of financial risks, the most </div><div class=\"t s1_127\" id=\"t4_127\" style=\"left:87px;bottom:765px;letter-spacing:0.1px;display:inline;\">significant of which are market, liquidity and credit risks. </div><div class=\"t s1_127\" id=\"t5_127\" style=\"left:87px;bottom:739px;letter-spacing:0.11px;display:inline;\">In general, risk management is carried out throughout the Group under policies </div><div class=\"t s1_127\" id=\"t6_127\" style=\"left:87px;bottom:723px;letter-spacing:0.11px;display:inline;\">approved by the Board of Directors. The following further describes the Group\u2019s </div><div class=\"t s1_127\" id=\"t7_127\" style=\"left:87px;bottom:706px;letter-spacing:0.11px;display:inline;\">objectives, policies and processes for managing those risks and the methods used to </div><div class=\"t s1_127\" id=\"t8_127\" style=\"left:87px;bottom:689px;letter-spacing:0.11px;display:inline;\">measure them. Further quantitative information in respect of these risks is presented </div><div class=\"t s1_127\" id=\"t9_127\" style=\"left:87px;bottom:672px;letter-spacing:0.11px;display:inline;\">throughout these financial statements. </div><div class=\"t s2_127\" id=\"ta_127\" style=\"left:87px;bottom:642px;letter-spacing:-0.1px;display:inline;\"><span>A) Market risk </span></div><div class=\"t s3_127\" id=\"tb_127\" style=\"left:87px;bottom:624px;letter-spacing:-0.11px;display:inline;\">(i) Price risk </div><div class=\"t s1_127\" id=\"tc_127\" style=\"left:87px;bottom:606px;letter-spacing:0.1px;display:inline;\">The Group is exposed to equity securities price risk as a result of the equity and </div><div class=\"t s1_127\" id=\"td_127\" style=\"left:87px;bottom:589px;letter-spacing:0.11px;display:inline;\">debt investments, and investments in Limited Partnerships held by the Group and </div><div class=\"t s1_127\" id=\"te_127\" style=\"left:87px;bottom:572px;letter-spacing:0.1px;display:inline;\">recognised as at fair value through profit or loss. </div><div class=\"t s1_127\" id=\"tf_127\" style=\"left:87px;bottom:547px;letter-spacing:0.11px;display:inline;\">The Group mitigates this risk by having established investment appraisal processes </div><div class=\"t s1_127\" id=\"tg_127\" style=\"left:87px;bottom:530px;letter-spacing:0.11px;display:inline;\">and asset monitoring procedures which are subject to overall review by the Board. </div><div class=\"t s1_127\" id=\"th_127\" style=\"left:87px;bottom:504px;letter-spacing:0.12px;display:inline;\">The Group holds nine investments valued at \u00a3140m at 31 December 2024 which are </div><div class=\"t s1_127\" id=\"ti_127\" style=\"left:87px;bottom:488px;letter-spacing:0.11px;display:inline;\">publicly traded (2023: ten investments; \u00a3203.8m), and the remainder of its investments </div><div class=\"t s1_127\" id=\"tj_127\" style=\"left:87px;bottom:471px;letter-spacing:0.11px;display:inline;\">are not traded on an active market. </div><div class=\"t s1_127\" id=\"tk_127\" style=\"left:87px;bottom:445px;letter-spacing:0.11px;display:inline;\">The net portfolio loss in 2024 of \u00a3195.0m represents a 17% decrease against the opening </div><div class=\"t s1_127\" id=\"tl_127\" style=\"left:87px;bottom:429px;letter-spacing:0.11px;display:inline;\">balance (2023: loss of 160.5m; 13% decrease). Sensitivity analysis showing the impact </div><div class=\"t s1_127\" id=\"tm_127\" style=\"left:87px;bottom:412px;letter-spacing:0.11px;display:inline;\">of movements in quoted equity and debt investments is disclosed in note 13, and </div><div class=\"t s1_127\" id=\"tn_127\" style=\"left:87px;bottom:395px;letter-spacing:0.11px;display:inline;\"><span>movements in Limited and Limited Liability interests is shown in note 14.</span> </div><div class=\"t s3_127\" id=\"to_127\" style=\"left:87px;bottom:369px;letter-spacing:-0.12px;display:inline;\"><span>(ii) Foreign exchange risk </span></div><div class=\"t s1_127\" id=\"tp_127\" style=\"left:87px;bottom:350px;letter-spacing:0.11px;display:inline;\">The Group\u2019s main exposure to foreign currency risk is via its investment portfolio, which </div><div class=\"t s1_127\" id=\"tq_127\" style=\"left:87px;bottom:334px;letter-spacing:0.11px;display:inline;\">is partially denominated in US dollars, Australian dollars, Euros and Swedish Krona. </div><div class=\"t s1_127\" id=\"tr_127\" style=\"left:87px;bottom:317px;letter-spacing:0.1px;display:inline;\">Further details of currency exposure in the portfolio are given in notes 13 and 14. </div><div class=\"t s1_127\" id=\"ts_127\" style=\"left:87px;bottom:291px;letter-spacing:0.11px;display:inline;\">The Group\u2019s US dollar-denominated proceeds included in deferred consideration at </div><div class=\"t s1_127\" id=\"tt_127\" style=\"left:87px;bottom:275px;letter-spacing:0.12px;display:inline;\">December 2024 was \u00a32.5m (2023: \u00a39.4m). </div><div class=\"t s1_127\" id=\"tu_127\" style=\"left:87px;bottom:249px;letter-spacing:0.11px;display:inline;\">The Group periodically enters into forward foreign exchange contracts to mitigate </div><div class=\"t s1_127\" id=\"tv_127\" style=\"left:87px;bottom:232px;letter-spacing:0.11px;display:inline;\">risk of exchange rate exposure in respect of non GBP-denominated proceeds. As </div><div class=\"t s1_127\" id=\"tw_127\" style=\"left:87px;bottom:216px;letter-spacing:0.11px;display:inline;\">at 31 December 2024 there were no contract forward foreign exchange contracts </div><div class=\"t s1_127\" id=\"tx_127\" style=\"left:87px;bottom:199px;letter-spacing:0.11px;display:inline;\"><span>outstanding.</span> </div><div class=\"t s3_127\" id=\"ty_127\" style=\"left:634px;bottom:824px;letter-spacing:-0.11px;display:inline;\">(iii) Interest rate risk </div><div class=\"t s1_127\" id=\"tz_127\" style=\"left:634px;bottom:806px;letter-spacing:0.11px;display:inline;\">The Group holds a debt facility with the European Investment Bank and a loan note </div><div class=\"t s1_127\" id=\"t10_127\" style=\"left:634px;bottom:789px;letter-spacing:0.11px;display:inline;\">facility primarily with Phoenix Group with the overall balance as at 31 December 2024 </div><div class=\"t s1_127\" id=\"t11_127\" style=\"left:634px;bottom:772px;letter-spacing:0.11px;display:inline;\">amounting to \u00a3129.4m (excluding setup costs). These loans all bear a fixed rate of </div><div class=\"t s1_127\" id=\"t12_127\" style=\"left:634px;bottom:755px;letter-spacing:0.11px;display:inline;\">interest, with the annual average interest rate being 5.09% (2023: 4.99%). </div><div class=\"t s1_127\" id=\"t13_127\" style=\"left:634px;bottom:730px;letter-spacing:0.11px;display:inline;\">For further details of the Group\u2019s loans including covenant details see note 19. </div><div class=\"t s1_127\" id=\"t14_127\" style=\"left:634px;bottom:704px;letter-spacing:0.11px;display:inline;\">The other primary impact of interest rate risk to the Group is the impact on the income </div><div class=\"t s1_127\" id=\"t15_127\" style=\"left:634px;bottom:687px;letter-spacing:0.11px;display:inline;\">and operating cash flows as a result of the interest\u2013bearing deposits and cash and </div><div class=\"t s1_127\" id=\"t16_127\" style=\"left:634px;bottom:671px;letter-spacing:0.11px;display:inline;\">cash equivalents held by the Group. </div><div class=\"t s3_127\" id=\"t17_127\" style=\"left:634px;bottom:644px;letter-spacing:-0.12px;display:inline;\">(iv) Concentrations of risk </div><div class=\"t s1_127\" id=\"t18_127\" style=\"left:634px;bottom:626px;letter-spacing:0.1px;display:inline;\">The Group is exposed to concentration risk via the significant majority of the portfolio </div><div class=\"t s1_127\" id=\"t19_127\" style=\"left:634px;bottom:609px;letter-spacing:0.12px;display:inline;\">being UK\u2013based companies and thus potentially impacted by the performance of </div><div class=\"t s1_127\" id=\"t1a_127\" style=\"left:634px;bottom:593px;letter-spacing:0.11px;display:inline;\">the UK economy. In recent years, the Group has decreased the scale of its operations </div><div class=\"t s1_127\" id=\"t1b_127\" style=\"left:634px;bottom:576px;letter-spacing:0.1px;display:inline;\">in the US as a result of the dilution of its holding in IPG Cayman LP. The group has, </div><div class=\"t s1_127\" id=\"t1c_127\" style=\"left:634px;bottom:559px;letter-spacing:0.1px;display:inline;\">however, increased the scale of its operations in Australia as a result of additional </div><div class=\"t s1_127\" id=\"t1d_127\" style=\"left:634px;bottom:542px;letter-spacing:0.11px;display:inline;\">investment in this geography and portfolio value gains. </div><div class=\"t s1_127\" id=\"t1e_127\" style=\"left:634px;bottom:517px;letter-spacing:0.1px;display:inline;\">The Group mitigates Market risk, in co\u2013ordination with liquidity risk, by managing its </div><div class=\"t s1_127\" id=\"t1f_127\" style=\"left:634px;bottom:500px;letter-spacing:0.11px;display:inline;\">proportion of fixed to floating rate financial assets. The table on page 126 summarises </div><div class=\"t s1_127\" id=\"t1g_127\" style=\"left:634px;bottom:483px;letter-spacing:0.1px;display:inline;\">the interest rate profile of the Group. </div><div></div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"4\" rowspan=\"1\" style=\"text-align: center;\"> <div class=\"t s0_128\" id=\"t1_128\" style=\"left:626px;bottom:771px;letter-spacing:0.14px;display:inline;\">2024 </div>  </td><td colspan=\"4\" rowspan=\"1\" style=\"text-align: center;\"> <div class=\"t s1_128\" id=\"t2_128\" style=\"left:973px;bottom:771px;letter-spacing:0.13px;display:inline;\">2023 </div>  </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"t5_128\" style=\"left:582px;bottom:746px;letter-spacing:0.1px;display:inline;\">Floating </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"t8_128\" style=\"left:671px;bottom:746px;letter-spacing:0.1px;display:inline;\">Interest </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"tf_128\" style=\"left:928px;bottom:746px;letter-spacing:0.1px;display:inline;\">Floating </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"ti_128\" style=\"left:1018px;bottom:746px;letter-spacing:0.1px;display:inline;\">Interest </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"t3_128\" style=\"left:485px;bottom:730px;letter-spacing:0.11px;display:inline;\">Fixed rate </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"t6_128\" style=\"left:607px;bottom:730px;letter-spacing:0.12px;display:inline;\">rate </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"t9_128\" style=\"left:695px;bottom:730px;letter-spacing:0.11px;display:inline;\">free </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"tb_128\" style=\"left:774px;bottom:730px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"td_128\" style=\"left:831px;bottom:730px;letter-spacing:0.11px;display:inline;\">Fixed rate </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"tg_128\" style=\"left:953px;bottom:730px;letter-spacing:0.12px;display:inline;\">rate </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"tj_128\" style=\"left:1041px;bottom:730px;letter-spacing:0.11px;display:inline;\">free </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"tl_128\" style=\"left:1121px;bottom:730px;letter-spacing:0.11px;display:inline;\">Total </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"t4_128\" style=\"left:525px;bottom:713px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"t7_128\" style=\"left:611px;bottom:713px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"ta_128\" style=\"left:698px;bottom:713px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_128\" id=\"tc_128\" style=\"left:785px;bottom:713px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"te_128\" style=\"left:871px;bottom:713px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"th_128\" style=\"left:958px;bottom:713px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"tk_128\" style=\"left:1045px;bottom:713px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_128\" id=\"tm_128\" style=\"left:1131px;bottom:713px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"tn_128\" style=\"left:87px;bottom:689px;letter-spacing:0.11px;display:inline;\">Financial assets </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"to_128\" style=\"left:87px;bottom:667px;letter-spacing:0.11px;display:inline;\">Equity investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"tp_128\" style=\"left:537px;bottom:667px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"tq_128\" style=\"left:624px;bottom:667px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"tr_128\" style=\"left:689px;bottom:667px;letter-spacing:0.11px;display:inline;\">713.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"ts_128\" style=\"left:776px;bottom:667px;letter-spacing:0.11px;display:inline;\">713.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"tt_128\" style=\"left:884px;bottom:667px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"tu_128\" style=\"left:971px;bottom:667px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"tv_128\" style=\"left:1035px;bottom:667px;letter-spacing:0.08px;display:inline;\">1,011.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"tw_128\" style=\"left:1122px;bottom:667px;letter-spacing:0.08px;display:inline;\">1,011.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"tx_128\" style=\"left:87px;bottom:646px;letter-spacing:0.12px;display:inline;\">Debt investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"ty_128\" style=\"left:537px;bottom:646px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"tz_128\" style=\"left:624px;bottom:646px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t10_128\" style=\"left:696px;bottom:646px;letter-spacing:0.11px;display:inline;\">51.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t11_128\" style=\"left:782px;bottom:646px;letter-spacing:0.11px;display:inline;\">51.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t12_128\" style=\"left:884px;bottom:646px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t13_128\" style=\"left:971px;bottom:646px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t14_128\" style=\"left:1042px;bottom:646px;letter-spacing:0.11px;display:inline;\">83.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t15_128\" style=\"left:1129px;bottom:646px;letter-spacing:0.11px;display:inline;\">83.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t16_128\" style=\"left:87px;bottom:624px;letter-spacing:0.1px;display:inline;\">Limited and limited liability partnership interests </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t17_128\" style=\"left:537px;bottom:624px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t18_128\" style=\"left:624px;bottom:624px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t19_128\" style=\"left:696px;bottom:624px;letter-spacing:0.11px;display:inline;\">58.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1a_128\" style=\"left:782px;bottom:624px;letter-spacing:0.11px;display:inline;\">58.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1b_128\" style=\"left:884px;bottom:624px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1c_128\" style=\"left:971px;bottom:624px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1d_128\" style=\"left:1041px;bottom:624px;letter-spacing:0.11px;display:inline;\">69.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1e_128\" style=\"left:1128px;bottom:624px;letter-spacing:0.11px;display:inline;\">69.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1f_128\" style=\"left:87px;bottom:603px;letter-spacing:0.11px;display:inline;\">Assets held for sale </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1g_128\" style=\"left:537px;bottom:603px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1h_128\" style=\"left:624px;bottom:603px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1i_128\" style=\"left:696px;bottom:603px;letter-spacing:0.1px;display:inline;\">13.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1j_128\" style=\"left:783px;bottom:603px;letter-spacing:0.1px;display:inline;\">13.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1k_128\" style=\"left:884px;bottom:603px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1l_128\" style=\"left:971px;bottom:603px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1m_128\" style=\"left:1058px;bottom:603px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1n_128\" style=\"left:1144px;bottom:603px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1o_128\" style=\"left:87px;bottom:581px;letter-spacing:0.12px;display:inline;\">Trade receivables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1p_128\" style=\"left:537px;bottom:581px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1q_128\" style=\"left:624px;bottom:581px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1r_128\" style=\"left:701px;bottom:581px;letter-spacing:0.11px;display:inline;\">0.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1s_128\" style=\"left:788px;bottom:581px;letter-spacing:0.11px;display:inline;\">0.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1t_128\" style=\"left:884px;bottom:581px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1u_128\" style=\"left:971px;bottom:581px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1v_128\" style=\"left:1048px;bottom:581px;letter-spacing:0.11px;display:inline;\">0.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1w_128\" style=\"left:1135px;bottom:581px;letter-spacing:0.11px;display:inline;\">0.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t1x_128\" style=\"left:87px;bottom:560px;letter-spacing:0.11px;display:inline;\">Other receivables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1y_128\" style=\"left:537px;bottom:560px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t1z_128\" style=\"left:624px;bottom:560px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t20_128\" style=\"left:700px;bottom:560px;letter-spacing:0.11px;display:inline;\">5.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t21_128\" style=\"left:787px;bottom:560px;letter-spacing:0.11px;display:inline;\">5.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t22_128\" style=\"left:884px;bottom:560px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t23_128\" style=\"left:971px;bottom:560px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t24_128\" style=\"left:1049px;bottom:560px;letter-spacing:0.1px;display:inline;\">7.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t25_128\" style=\"left:1136px;bottom:560px;letter-spacing:0.1px;display:inline;\">7.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t26_128\" style=\"left:87px;bottom:538px;letter-spacing:0.11px;display:inline;\">Receivable on sale of debt and equity investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t27_128\" style=\"left:537px;bottom:538px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t28_128\" style=\"left:624px;bottom:538px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t29_128\" style=\"left:697px;bottom:538px;letter-spacing:0.1px;display:inline;\">20.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2a_128\" style=\"left:783px;bottom:538px;letter-spacing:0.1px;display:inline;\">20.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2b_128\" style=\"left:884px;bottom:538px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2c_128\" style=\"left:971px;bottom:538px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2d_128\" style=\"left:1049px;bottom:538px;letter-spacing:0.1px;display:inline;\">9.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2e_128\" style=\"left:1135px;bottom:538px;letter-spacing:0.1px;display:inline;\">9.2 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2f_128\" style=\"left:87px;bottom:517px;letter-spacing:0.12px;display:inline;\">Deposits </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2g_128\" style=\"left:516px;bottom:517px;letter-spacing:0.11px;display:inline;\">170.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2h_128\" style=\"left:624px;bottom:517px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2i_128\" style=\"left:711px;bottom:517px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2j_128\" style=\"left:776px;bottom:517px;letter-spacing:0.11px;display:inline;\">170.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2k_128\" style=\"left:864px;bottom:517px;letter-spacing:0.1px;display:inline;\">126.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2l_128\" style=\"left:971px;bottom:517px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2m_128\" style=\"left:1058px;bottom:517px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2n_128\" style=\"left:1124px;bottom:517px;letter-spacing:0.1px;display:inline;\">126.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2o_128\" style=\"left:87px;bottom:495px;letter-spacing:0.12px;display:inline;\">Cash and cash equivalents </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2p_128\" style=\"left:523px;bottom:495px;letter-spacing:0.11px;display:inline;\">10.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2q_128\" style=\"left:601px;bottom:495px;letter-spacing:0.12px;display:inline;\">104.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2r_128\" style=\"left:692px;bottom:495px;letter-spacing:0.12px;display:inline;\">0.40 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2s_128\" style=\"left:778px;bottom:495px;letter-spacing:0.1px;display:inline;\">115.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2t_128\" style=\"left:871px;bottom:495px;letter-spacing:0.1px;display:inline;\">16.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2u_128\" style=\"left:954px;bottom:495px;letter-spacing:0.11px;display:inline;\">83.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2v_128\" style=\"left:1049px;bottom:495px;letter-spacing:0.1px;display:inline;\">0.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t2w_128\" style=\"left:1124px;bottom:495px;letter-spacing:0.1px;display:inline;\">100.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2x_128\" style=\"left:87px;bottom:474px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2y_128\" style=\"left:515px;bottom:474px;letter-spacing:0.11px;display:inline;\">180.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t2z_128\" style=\"left:601px;bottom:474px;letter-spacing:0.12px;display:inline;\">104.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t30_128\" style=\"left:685px;bottom:474px;letter-spacing:0.12px;display:inline;\">864.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t31_128\" style=\"left:767px;bottom:474px;letter-spacing:0.1px;display:inline;\">1,149.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t32_128\" style=\"left:865px;bottom:474px;letter-spacing:0.1px;display:inline;\">142.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t33_128\" style=\"left:954px;bottom:474px;letter-spacing:0.11px;display:inline;\">83.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t34_128\" style=\"left:1032px;bottom:474px;letter-spacing:0.09px;display:inline;\">1,182.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t35_128\" style=\"left:1115px;bottom:474px;letter-spacing:0.1px;display:inline;\">1,409.2 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t36_128\" style=\"left:87px;bottom:452px;letter-spacing:0.1px;display:inline;\">Financial liabilities </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t37_128\" style=\"left:87px;bottom:431px;letter-spacing:0.12px;display:inline;\">Trade payables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t38_128\" style=\"left:537px;bottom:431px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t39_128\" style=\"left:624px;bottom:431px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3a_128\" style=\"left:695px;bottom:431px;letter-spacing:0.11px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3b_128\" style=\"left:782px;bottom:431px;letter-spacing:0.11px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3c_128\" style=\"left:885px;bottom:431px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3d_128\" style=\"left:971px;bottom:431px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3e_128\" style=\"left:1043px;bottom:431px;letter-spacing:0.1px;display:inline;\">(0.5) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3f_128\" style=\"left:1130px;bottom:431px;letter-spacing:0.1px;display:inline;\">(0.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3g_128\" style=\"left:87px;bottom:409px;letter-spacing:0.12px;display:inline;\">Other accruals and deferred income </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3h_128\" style=\"left:538px;bottom:409px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3i_128\" style=\"left:624px;bottom:409px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3j_128\" style=\"left:692px;bottom:409px;letter-spacing:0.1px;display:inline;\">(12.2) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3k_128\" style=\"left:778px;bottom:409px;letter-spacing:0.1px;display:inline;\">(12.2) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3l_128\" style=\"left:885px;bottom:409px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3m_128\" style=\"left:971px;bottom:409px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3n_128\" style=\"left:1040px;bottom:409px;letter-spacing:0.09px;display:inline;\">(16.5) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3o_128\" style=\"left:1126px;bottom:409px;letter-spacing:0.09px;display:inline;\">(16.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3p_128\" style=\"left:87px;bottom:388px;letter-spacing:0.11px;display:inline;\">Borrowings </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3q_128\" style=\"left:514px;bottom:388px;letter-spacing:0.1px;display:inline;\">(129.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3r_128\" style=\"left:624px;bottom:388px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3s_128\" style=\"left:711px;bottom:388px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3t_128\" style=\"left:773px;bottom:388px;letter-spacing:0.1px;display:inline;\">(129.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3u_128\" style=\"left:860px;bottom:388px;letter-spacing:0.1px;display:inline;\">(135.2) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3v_128\" style=\"left:971px;bottom:388px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3w_128\" style=\"left:1058px;bottom:388px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3x_128\" style=\"left:1120px;bottom:388px;letter-spacing:0.1px;display:inline;\">(135.2) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t3y_128\" style=\"left:87px;bottom:366px;letter-spacing:0.1px;display:inline;\">Carried interest plan liability </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t3z_128\" style=\"left:538px;bottom:366px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t40_128\" style=\"left:624px;bottom:366px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t41_128\" style=\"left:689px;bottom:366px;letter-spacing:0.11px;display:inline;\">(27.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t42_128\" style=\"left:776px;bottom:366px;letter-spacing:0.11px;display:inline;\">(27.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t43_128\" style=\"left:885px;bottom:366px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t44_128\" style=\"left:971px;bottom:366px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t45_128\" style=\"left:1036px;bottom:366px;letter-spacing:0.11px;display:inline;\">(38.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t46_128\" style=\"left:1123px;bottom:366px;letter-spacing:0.11px;display:inline;\">(38.0) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t47_128\" style=\"left:87px;bottom:345px;letter-spacing:0.1px;display:inline;\">Deferred tax liability </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t48_128\" style=\"left:538px;bottom:345px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t49_128\" style=\"left:624px;bottom:345px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4a_128\" style=\"left:694px;bottom:345px;letter-spacing:0.11px;display:inline;\">(4.5) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4b_128\" style=\"left:781px;bottom:345px;letter-spacing:0.11px;display:inline;\">(4.5) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4c_128\" style=\"left:885px;bottom:345px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4d_128\" style=\"left:971px;bottom:345px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4e_128\" style=\"left:1043px;bottom:345px;letter-spacing:0.1px;display:inline;\">(4.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4f_128\" style=\"left:1130px;bottom:345px;letter-spacing:0.1px;display:inline;\">(4.8) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4g_128\" style=\"left:87px;bottom:323px;letter-spacing:0.11px;display:inline;\">Loans from Limited Partners of consolidated funds </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4h_128\" style=\"left:538px;bottom:323px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4i_128\" style=\"left:624px;bottom:323px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4j_128\" style=\"left:691px;bottom:323px;letter-spacing:0.11px;display:inline;\">(19.9) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4k_128\" style=\"left:777px;bottom:323px;letter-spacing:0.11px;display:inline;\">(19.9) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4l_128\" style=\"left:885px;bottom:323px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4m_128\" style=\"left:971px;bottom:323px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4n_128\" style=\"left:1040px;bottom:323px;letter-spacing:0.09px;display:inline;\">(19.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4o_128\" style=\"left:1126px;bottom:323px;letter-spacing:0.09px;display:inline;\">(19.8) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4p_128\" style=\"left:87px;bottom:302px;letter-spacing:0.1px;display:inline;\">Other non-current liabilities </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4q_128\" style=\"left:538px;bottom:302px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4r_128\" style=\"left:624px;bottom:302px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4s_128\" style=\"left:694px;bottom:302px;letter-spacing:0.11px;display:inline;\">(5.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4t_128\" style=\"left:781px;bottom:302px;letter-spacing:0.11px;display:inline;\">(5.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4u_128\" style=\"left:885px;bottom:302px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4v_128\" style=\"left:971px;bottom:302px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4w_128\" style=\"left:1043px;bottom:302px;letter-spacing:0.1px;display:inline;\">(6.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t4x_128\" style=\"left:1130px;bottom:302px;letter-spacing:0.1px;display:inline;\">(6.4) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4y_128\" style=\"left:87px;bottom:280px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t4z_128\" style=\"left:514px;bottom:280px;letter-spacing:0.1px;display:inline;\">(129.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t50_128\" style=\"left:624px;bottom:280px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t51_128\" style=\"left:687px;bottom:280px;letter-spacing:0.12px;display:inline;\">(69.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_128\" id=\"t52_128\" style=\"left:770px;bottom:280px;letter-spacing:0.11px;display:inline;\">(198.7) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t53_128\" style=\"left:860px;bottom:280px;letter-spacing:0.1px;display:inline;\">(135.2) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t54_128\" style=\"left:971px;bottom:280px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t55_128\" style=\"left:1036px;bottom:280px;letter-spacing:0.11px;display:inline;\">(86.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_128\" id=\"t56_128\" style=\"left:1121px;bottom:280px;letter-spacing:0.1px;display:inline;\">(221.2) </div></td></tr>\n                                        </table><div></div><div class=\"t s0_129\" id=\"t1_129\" style=\"left:87px;bottom:797px;letter-spacing:0.11px;display:inline;\">At 31 December 2024, if interest rates had been 1% higher/lower, post-tax loss for the </div><div class=\"t s0_129\" id=\"t2_129\" style=\"left:87px;bottom:780px;letter-spacing:0.11px;display:inline;\">year, and other components of equity, would have been \u00a31.8m (2023: \u00a32.2m) higher/ </div><div class=\"t s0_129\" id=\"t3_129\" style=\"left:87px;bottom:763px;letter-spacing:0.11px;display:inline;\">lower as a result of higher interest received on cash and deposits. </div><div class=\"t s1_129\" id=\"t4_129\" style=\"left:87px;bottom:733px;letter-spacing:-0.09px;display:inline;\"><span>B) Liquidity risk </span></div><div class=\"t s0_129\" id=\"t5_129\" style=\"left:87px;bottom:716px;letter-spacing:0.1px;display:inline;\">The Group seeks to manage liquidity risk, to ensure sufficient liquidity is available to </div><div class=\"t s0_129\" id=\"t6_129\" style=\"left:87px;bottom:699px;letter-spacing:0.11px;display:inline;\">meet foreseeable needs and to invest cash assets safely and profitably. The Group\u2019s </div><div class=\"t s0_129\" id=\"t7_129\" style=\"left:87px;bottom:682px;letter-spacing:0.12px;display:inline;\">treasury management policy asserts that no more than 60% of the Group\u2019s cash and </div><div class=\"t s0_129\" id=\"t8_129\" style=\"left:87px;bottom:665px;letter-spacing:0.11px;display:inline;\">cash equivalents will be placed in fixed-term deposits with a holding period greater </div><div class=\"t s0_129\" id=\"t9_129\" style=\"left:87px;bottom:649px;letter-spacing:0.11px;display:inline;\">than three months at any one point in time. Accordingly, the Group only invests </div><div class=\"t s0_129\" id=\"ta_129\" style=\"left:87px;bottom:632px;letter-spacing:0.11px;display:inline;\">working capital in short-term instruments issued by a pre-approved list of reputable </div><div class=\"t s0_129\" id=\"tb_129\" style=\"left:87px;bottom:615px;letter-spacing:0.11px;display:inline;\">counterparties. The Group continually monitors rolling cash flow forecasts to ensure </div><div class=\"t s0_129\" id=\"tc_129\" style=\"left:87px;bottom:598px;letter-spacing:0.11px;display:inline;\"><span>sufficient cash is available for anticipated cash requirements. </span></div><div class=\"t s1_129\" id=\"td_129\" style=\"left:87px;bottom:568px;letter-spacing:-0.09px;display:inline;\"><span>C) Credit risk </span></div><div class=\"t s0_129\" id=\"te_129\" style=\"left:87px;bottom:551px;letter-spacing:0.05px;display:inline;\">The Group\u2019s credit risk is primarily attributable to its deposits, cash and cash </div><div class=\"t s0_129\" id=\"tf_129\" style=\"left:87px;bottom:534px;letter-spacing:0.06px;display:inline;\">equivalents, debt investments and trade receivables. The Group seeks to mitigate </div><div class=\"t s0_129\" id=\"tg_129\" style=\"left:87px;bottom:517px;letter-spacing:0.06px;display:inline;\">its credit risk on cash and cash equivalents by making short-term deposits with </div><div class=\"t s0_129\" id=\"th_129\" style=\"left:87px;bottom:500px;letter-spacing:0.06px;display:inline;\">counterparties, or by investing in treasury funds with an \u201cAAA\u201d credit rating or above </div><div class=\"t s0_129\" id=\"ti_129\" style=\"left:87px;bottom:483px;letter-spacing:0.06px;display:inline;\">managed by institutions. Short-term deposit counterparties are required to have </div><div class=\"t s0_129\" id=\"tj_129\" style=\"left:87px;bottom:467px;letter-spacing:0.06px;display:inline;\">where applicable, a prime short-term credit rating at the time of investment (ratings </div><div class=\"t s0_129\" id=\"tk_129\" style=\"left:87px;bottom:450px;letter-spacing:0.06px;display:inline;\">are generally determined by Moody\u2019s or Standard &amp; Poor\u2019s). Moody\u2019s prime credit </div><div class=\"t s0_129\" id=\"tl_129\" style=\"left:87px;bottom:433px;letter-spacing:0.05px;display:inline;\">ratings of \u201cP1\u201d, \u201cP2\u201d and \u201cP3\u201d indicate respectively that the rating agency considers the </div><div class=\"t s0_129\" id=\"tm_129\" style=\"left:87px;bottom:416px;letter-spacing:0.06px;display:inline;\">counterparty to have a \u201csuperior\u201d, \u201cstrong\u201d or \u201cacceptable\u201d ability to repay short-term </div><div class=\"t s0_129\" id=\"tn_129\" style=\"left:87px;bottom:399px;letter-spacing:0.06px;display:inline;\">debt obligations (generally defined as having an original maturity not exceeding 13 </div><div class=\"t s0_129\" id=\"to_129\" style=\"left:87px;bottom:383px;letter-spacing:0.06px;display:inline;\">months). An analysis of the Group\u2019s deposits and cash and cash equivalents balance </div><div class=\"t s0_129\" id=\"tp_129\" style=\"left:87px;bottom:366px;letter-spacing:0.06px;display:inline;\">analysed by credit rating as at the reporting date is shown in the table opposite. All </div><div class=\"t s0_129\" id=\"tq_129\" style=\"left:87px;bottom:349px;letter-spacing:0.06px;display:inline;\">other financial assets are unrated. </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_129\" id=\"ts_129\" style=\"left:488px;bottom:315px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_129\" id=\"tu_129\" style=\"left:575px;bottom:315px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_129\" id=\"tr_129\" style=\"left:87px;bottom:298px;letter-spacing:0.11px;display:inline;\">Credit rating </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_129\" id=\"tt_129\" style=\"left:497px;bottom:298px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_129\" id=\"tv_129\" style=\"left:583px;bottom:298px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"tw_129\" style=\"left:87px;bottom:274px;letter-spacing:0.1px;display:inline;\">P1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"tx_129\" style=\"left:484px;bottom:274px;letter-spacing:0.12px;display:inline;\">206.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"ty_129\" style=\"left:576px;bottom:274px;letter-spacing:0.1px;display:inline;\">158.9 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_129\" id=\"tz_129\" style=\"left:87px;bottom:252px;letter-spacing:0.15px;display:inline;\">AAAMMF </div><div class=\"t s5_129\" id=\"t10_129\" style=\"vertical-align: super;left:137px;bottom:259px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"t11_129\" style=\"left:492px;bottom:252px;letter-spacing:0.12px;display:inline;\">78.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"t12_129\" style=\"left:580px;bottom:252px;letter-spacing:0.11px;display:inline;\">66.7 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_129\" id=\"t13_129\" style=\"left:87px;bottom:231px;letter-spacing:0.12px;display:inline;\">Other </div><div class=\"t s6_129\" id=\"t14_129\" style=\"vertical-align: super;left:120px;bottom:237px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"t15_129\" style=\"left:502px;bottom:231px;letter-spacing:0.09px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"t16_129\" style=\"left:591px;bottom:231px;letter-spacing:0.08px;display:inline;\">1.3 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"t17_129\" style=\"left:87px;bottom:209px;letter-spacing:0.12px;display:inline;\">Total deposits and cash and cash equivalents </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"t18_129\" style=\"left:484px;bottom:209px;letter-spacing:0.12px;display:inline;\">285.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"t19_129\" style=\"left:573px;bottom:209px;letter-spacing:0.11px;display:inline;\">226.9 </div></td></tr>\n                                        </table>\n<div class=\"t s7_129\" id=\"t1a_129\" style=\"left:87px;bottom:192px;display:inline;\">1 </div><div class=\"t s8_129\" id=\"t1b_129\" style=\"left:100px;bottom:189px;letter-spacing:-0.16px;display:inline;\">The Group holds \u00a378.6m (2023: \u00a366.7m) with JP Morgan GBP liquidity fund, which has a AAAMMF </div><div class=\"t s8_129\" id=\"t1c_129\" style=\"left:100px;bottom:175px;letter-spacing:-0.14px;display:inline;\">credit rating with Fitch. </div><div class=\"t s7_129\" id=\"t1d_129\" style=\"left:87px;bottom:160px;display:inline;\">2 </div><div class=\"t s8_129\" id=\"t1e_129\" style=\"left:100px;bottom:157px;letter-spacing:-0.15px;display:inline;\">The Group holds \u00a30.1m (2023: \u00a31.3m) with Arbuthnot Latham, a private bank with no debt in </div><div class=\"t s8_129\" id=\"t1f_129\" style=\"left:100px;bottom:143px;letter-spacing:-0.15px;display:inline;\">issue and, accordingly, on which a credit rating is not applicable. Bloomberg assess Arbuthnot </div><div class=\"t s8_129\" id=\"t1g_129\" style=\"left:100px;bottom:129px;letter-spacing:-0.15px;display:inline;\">Latham\u2019s 1-year default probability at 0.021279% (2023: 0.020408%). </div><div class=\"t s0_129\" id=\"t1h_129\" style=\"left:634px;bottom:826px;letter-spacing:0.11px;display:inline;\">The Group has no significant concentration of credit risk, with exposure spread over a </div><div class=\"t s0_129\" id=\"t1i_129\" style=\"left:634px;bottom:809px;letter-spacing:0.11px;display:inline;\">large number of counterparties and customers. The Group has detailed policies and </div><div class=\"t s0_129\" id=\"t1j_129\" style=\"left:634px;bottom:792px;letter-spacing:0.11px;display:inline;\">strategies which seek to minimise these associated risks including defining maximum </div><div class=\"t s0_129\" id=\"t1k_129\" style=\"left:634px;bottom:776px;letter-spacing:0.11px;display:inline;\">counterparty exposure limits for term deposits based on their perceived financial </div><div class=\"t s0_129\" id=\"t1l_129\" style=\"left:634px;bottom:759px;letter-spacing:0.11px;display:inline;\">strength at the commencement of the deposit. The single counterparty limit for fixed </div><div class=\"t s0_129\" id=\"t1m_129\" style=\"left:634px;bottom:742px;letter-spacing:0.11px;display:inline;\">term deposits in excess of 3 months at 31 December 2024 was the greater of 60% of </div><div class=\"t s0_129\" id=\"t1n_129\" style=\"left:634px;bottom:725px;letter-spacing:0.11px;display:inline;\">total group cash or \u00a350m (2023: 60%; \u00a350m). In addition, no single institution may hold </div><div class=\"t s0_129\" id=\"t1o_129\" style=\"left:634px;bottom:708px;letter-spacing:0.11px;display:inline;\">more than the higher of 50% of total cash or \u00a350m. (2023: 50%; \u00a350m). </div><div class=\"t s0_129\" id=\"t1p_129\" style=\"left:634px;bottom:683px;letter-spacing:0.11px;display:inline;\">The group\u2019s exposure to credit risk on debt investments is managed in a similar way </div><div class=\"t s0_129\" id=\"t1q_129\" style=\"left:634px;bottom:666px;letter-spacing:0.11px;display:inline;\">to equity security price risk, as described above, through the Group\u2019s investment </div><div class=\"t s0_129\" id=\"t1r_129\" style=\"left:634px;bottom:649px;letter-spacing:0.11px;display:inline;\">appraisal processes and asset monitoring procedures which are subject to overall </div><div class=\"t s0_129\" id=\"t1s_129\" style=\"left:634px;bottom:633px;letter-spacing:0.11px;display:inline;\">review by the Board. The maximum exposure to credit risk for debt investments, </div><span>receivables and other financial assets is represented by their carrying amount.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00143": {
   "value": "<span>A) Market risk </span><div class=\"t s3_127\" id=\"tb_127\" style=\"left:87px;bottom:624px;letter-spacing:-0.11px;display:inline;\">(i) Price risk </div><div class=\"t s1_127\" id=\"tc_127\" style=\"left:87px;bottom:606px;letter-spacing:0.1px;display:inline;\">The Group is exposed to equity securities price risk as a result of the equity and </div><div class=\"t s1_127\" id=\"td_127\" style=\"left:87px;bottom:589px;letter-spacing:0.11px;display:inline;\">debt investments, and investments in Limited Partnerships held by the Group and </div><div class=\"t s1_127\" id=\"te_127\" style=\"left:87px;bottom:572px;letter-spacing:0.1px;display:inline;\">recognised as at fair value through profit or loss. </div><div class=\"t s1_127\" id=\"tf_127\" style=\"left:87px;bottom:547px;letter-spacing:0.11px;display:inline;\">The Group mitigates this risk by having established investment appraisal processes </div><div class=\"t s1_127\" id=\"tg_127\" style=\"left:87px;bottom:530px;letter-spacing:0.11px;display:inline;\">and asset monitoring procedures which are subject to overall review by the Board. </div><div class=\"t s1_127\" id=\"th_127\" style=\"left:87px;bottom:504px;letter-spacing:0.12px;display:inline;\">The Group holds nine investments valued at \u00a3140m at 31 December 2024 which are </div><div class=\"t s1_127\" id=\"ti_127\" style=\"left:87px;bottom:488px;letter-spacing:0.11px;display:inline;\">publicly traded (2023: ten investments; \u00a3203.8m), and the remainder of its investments </div><div class=\"t s1_127\" id=\"tj_127\" style=\"left:87px;bottom:471px;letter-spacing:0.11px;display:inline;\">are not traded on an active market. </div><div class=\"t s1_127\" id=\"tk_127\" style=\"left:87px;bottom:445px;letter-spacing:0.11px;display:inline;\">The net portfolio loss in 2024 of \u00a3195.0m represents a 17% decrease against the opening </div><div class=\"t s1_127\" id=\"tl_127\" style=\"left:87px;bottom:429px;letter-spacing:0.11px;display:inline;\">balance (2023: loss of 160.5m; 13% decrease). Sensitivity analysis showing the impact </div><div class=\"t s1_127\" id=\"tm_127\" style=\"left:87px;bottom:412px;letter-spacing:0.11px;display:inline;\">of movements in quoted equity and debt investments is disclosed in note 13, and </div><span>movements in Limited and Limited Liability interests is shown in note 14.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00144": {
   "value": "<span>(ii) Foreign exchange risk </span><div class=\"t s1_127\" id=\"tp_127\" style=\"left:87px;bottom:350px;letter-spacing:0.11px;display:inline;\">The Group\u2019s main exposure to foreign currency risk is via its investment portfolio, which </div><div class=\"t s1_127\" id=\"tq_127\" style=\"left:87px;bottom:334px;letter-spacing:0.11px;display:inline;\">is partially denominated in US dollars, Australian dollars, Euros and Swedish Krona. </div><div class=\"t s1_127\" id=\"tr_127\" style=\"left:87px;bottom:317px;letter-spacing:0.1px;display:inline;\">Further details of currency exposure in the portfolio are given in notes 13 and 14. </div><div class=\"t s1_127\" id=\"ts_127\" style=\"left:87px;bottom:291px;letter-spacing:0.11px;display:inline;\">The Group\u2019s US dollar-denominated proceeds included in deferred consideration at </div><div class=\"t s1_127\" id=\"tt_127\" style=\"left:87px;bottom:275px;letter-spacing:0.12px;display:inline;\">December 2024 was \u00a32.5m (2023: \u00a39.4m). </div><div class=\"t s1_127\" id=\"tu_127\" style=\"left:87px;bottom:249px;letter-spacing:0.11px;display:inline;\">The Group periodically enters into forward foreign exchange contracts to mitigate </div><div class=\"t s1_127\" id=\"tv_127\" style=\"left:87px;bottom:232px;letter-spacing:0.11px;display:inline;\">risk of exchange rate exposure in respect of non GBP-denominated proceeds. As </div><div class=\"t s1_127\" id=\"tw_127\" style=\"left:87px;bottom:216px;letter-spacing:0.11px;display:inline;\">at 31 December 2024 there were no contract forward foreign exchange contracts </div><span>outstanding.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00145": {
   "value": "<span>B) Liquidity risk </span><div class=\"t s0_129\" id=\"t5_129\" style=\"left:87px;bottom:716px;letter-spacing:0.1px;display:inline;\">The Group seeks to manage liquidity risk, to ensure sufficient liquidity is available to </div><div class=\"t s0_129\" id=\"t6_129\" style=\"left:87px;bottom:699px;letter-spacing:0.11px;display:inline;\">meet foreseeable needs and to invest cash assets safely and profitably. The Group\u2019s </div><div class=\"t s0_129\" id=\"t7_129\" style=\"left:87px;bottom:682px;letter-spacing:0.12px;display:inline;\">treasury management policy asserts that no more than 60% of the Group\u2019s cash and </div><div class=\"t s0_129\" id=\"t8_129\" style=\"left:87px;bottom:665px;letter-spacing:0.11px;display:inline;\">cash equivalents will be placed in fixed-term deposits with a holding period greater </div><div class=\"t s0_129\" id=\"t9_129\" style=\"left:87px;bottom:649px;letter-spacing:0.11px;display:inline;\">than three months at any one point in time. Accordingly, the Group only invests </div><div class=\"t s0_129\" id=\"ta_129\" style=\"left:87px;bottom:632px;letter-spacing:0.11px;display:inline;\">working capital in short-term instruments issued by a pre-approved list of reputable </div><div class=\"t s0_129\" id=\"tb_129\" style=\"left:87px;bottom:615px;letter-spacing:0.11px;display:inline;\">counterparties. The Group continually monitors rolling cash flow forecasts to ensure </div><span>sufficient cash is available for anticipated cash requirements. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00146": {
   "value": "<span>C) Credit risk </span><div class=\"t s0_129\" id=\"te_129\" style=\"left:87px;bottom:551px;letter-spacing:0.05px;display:inline;\">The Group\u2019s credit risk is primarily attributable to its deposits, cash and cash </div><div class=\"t s0_129\" id=\"tf_129\" style=\"left:87px;bottom:534px;letter-spacing:0.06px;display:inline;\">equivalents, debt investments and trade receivables. The Group seeks to mitigate </div><div class=\"t s0_129\" id=\"tg_129\" style=\"left:87px;bottom:517px;letter-spacing:0.06px;display:inline;\">its credit risk on cash and cash equivalents by making short-term deposits with </div><div class=\"t s0_129\" id=\"th_129\" style=\"left:87px;bottom:500px;letter-spacing:0.06px;display:inline;\">counterparties, or by investing in treasury funds with an \u201cAAA\u201d credit rating or above </div><div class=\"t s0_129\" id=\"ti_129\" style=\"left:87px;bottom:483px;letter-spacing:0.06px;display:inline;\">managed by institutions. Short-term deposit counterparties are required to have </div><div class=\"t s0_129\" id=\"tj_129\" style=\"left:87px;bottom:467px;letter-spacing:0.06px;display:inline;\">where applicable, a prime short-term credit rating at the time of investment (ratings </div><div class=\"t s0_129\" id=\"tk_129\" style=\"left:87px;bottom:450px;letter-spacing:0.06px;display:inline;\">are generally determined by Moody\u2019s or Standard &amp; Poor\u2019s). Moody\u2019s prime credit </div><div class=\"t s0_129\" id=\"tl_129\" style=\"left:87px;bottom:433px;letter-spacing:0.05px;display:inline;\">ratings of \u201cP1\u201d, \u201cP2\u201d and \u201cP3\u201d indicate respectively that the rating agency considers the </div><div class=\"t s0_129\" id=\"tm_129\" style=\"left:87px;bottom:416px;letter-spacing:0.06px;display:inline;\">counterparty to have a \u201csuperior\u201d, \u201cstrong\u201d or \u201cacceptable\u201d ability to repay short-term </div><div class=\"t s0_129\" id=\"tn_129\" style=\"left:87px;bottom:399px;letter-spacing:0.06px;display:inline;\">debt obligations (generally defined as having an original maturity not exceeding 13 </div><div class=\"t s0_129\" id=\"to_129\" style=\"left:87px;bottom:383px;letter-spacing:0.06px;display:inline;\">months). An analysis of the Group\u2019s deposits and cash and cash equivalents balance </div><div class=\"t s0_129\" id=\"tp_129\" style=\"left:87px;bottom:366px;letter-spacing:0.06px;display:inline;\">analysed by credit rating as at the reporting date is shown in the table opposite. All </div><div class=\"t s0_129\" id=\"tq_129\" style=\"left:87px;bottom:349px;letter-spacing:0.06px;display:inline;\">other financial assets are unrated. </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_129\" id=\"ts_129\" style=\"left:488px;bottom:315px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_129\" id=\"tu_129\" style=\"left:575px;bottom:315px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_129\" id=\"tr_129\" style=\"left:87px;bottom:298px;letter-spacing:0.11px;display:inline;\">Credit rating </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_129\" id=\"tt_129\" style=\"left:497px;bottom:298px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_129\" id=\"tv_129\" style=\"left:583px;bottom:298px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"tw_129\" style=\"left:87px;bottom:274px;letter-spacing:0.1px;display:inline;\">P1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"tx_129\" style=\"left:484px;bottom:274px;letter-spacing:0.12px;display:inline;\">206.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"ty_129\" style=\"left:576px;bottom:274px;letter-spacing:0.1px;display:inline;\">158.9 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_129\" id=\"tz_129\" style=\"left:87px;bottom:252px;letter-spacing:0.15px;display:inline;\">AAAMMF </div><div class=\"t s5_129\" id=\"t10_129\" style=\"vertical-align: super;left:137px;bottom:259px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"t11_129\" style=\"left:492px;bottom:252px;letter-spacing:0.12px;display:inline;\">78.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"t12_129\" style=\"left:580px;bottom:252px;letter-spacing:0.11px;display:inline;\">66.7 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_129\" id=\"t13_129\" style=\"left:87px;bottom:231px;letter-spacing:0.12px;display:inline;\">Other </div><div class=\"t s6_129\" id=\"t14_129\" style=\"vertical-align: super;left:120px;bottom:237px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"t15_129\" style=\"left:502px;bottom:231px;letter-spacing:0.09px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"t16_129\" style=\"left:591px;bottom:231px;letter-spacing:0.08px;display:inline;\">1.3 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"t17_129\" style=\"left:87px;bottom:209px;letter-spacing:0.12px;display:inline;\">Total deposits and cash and cash equivalents </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_129\" id=\"t18_129\" style=\"left:484px;bottom:209px;letter-spacing:0.12px;display:inline;\">285.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_129\" id=\"t19_129\" style=\"left:573px;bottom:209px;letter-spacing:0.11px;display:inline;\">226.9 </div></td></tr>\n                                        </table>\n<div class=\"t s7_129\" id=\"t1a_129\" style=\"left:87px;bottom:192px;display:inline;\">1 </div><div class=\"t s8_129\" id=\"t1b_129\" style=\"left:100px;bottom:189px;letter-spacing:-0.16px;display:inline;\">The Group holds \u00a378.6m (2023: \u00a366.7m) with JP Morgan GBP liquidity fund, which has a AAAMMF </div><div class=\"t s8_129\" id=\"t1c_129\" style=\"left:100px;bottom:175px;letter-spacing:-0.14px;display:inline;\">credit rating with Fitch. </div><div class=\"t s7_129\" id=\"t1d_129\" style=\"left:87px;bottom:160px;display:inline;\">2 </div><div class=\"t s8_129\" id=\"t1e_129\" style=\"left:100px;bottom:157px;letter-spacing:-0.15px;display:inline;\">The Group holds \u00a30.1m (2023: \u00a31.3m) with Arbuthnot Latham, a private bank with no debt in </div><div class=\"t s8_129\" id=\"t1f_129\" style=\"left:100px;bottom:143px;letter-spacing:-0.15px;display:inline;\">issue and, accordingly, on which a credit rating is not applicable. Bloomberg assess Arbuthnot </div><div class=\"t s8_129\" id=\"t1g_129\" style=\"left:100px;bottom:129px;letter-spacing:-0.15px;display:inline;\">Latham\u2019s 1-year default probability at 0.021279% (2023: 0.020408%). </div><div class=\"t s0_129\" id=\"t1h_129\" style=\"left:634px;bottom:826px;letter-spacing:0.11px;display:inline;\">The Group has no significant concentration of credit risk, with exposure spread over a </div><div class=\"t s0_129\" id=\"t1i_129\" style=\"left:634px;bottom:809px;letter-spacing:0.11px;display:inline;\">large number of counterparties and customers. The Group has detailed policies and </div><div class=\"t s0_129\" id=\"t1j_129\" style=\"left:634px;bottom:792px;letter-spacing:0.11px;display:inline;\">strategies which seek to minimise these associated risks including defining maximum </div><div class=\"t s0_129\" id=\"t1k_129\" style=\"left:634px;bottom:776px;letter-spacing:0.11px;display:inline;\">counterparty exposure limits for term deposits based on their perceived financial </div><div class=\"t s0_129\" id=\"t1l_129\" style=\"left:634px;bottom:759px;letter-spacing:0.11px;display:inline;\">strength at the commencement of the deposit. The single counterparty limit for fixed </div><div class=\"t s0_129\" id=\"t1m_129\" style=\"left:634px;bottom:742px;letter-spacing:0.11px;display:inline;\">term deposits in excess of 3 months at 31 December 2024 was the greater of 60% of </div><div class=\"t s0_129\" id=\"t1n_129\" style=\"left:634px;bottom:725px;letter-spacing:0.11px;display:inline;\">total group cash or \u00a350m (2023: 60%; \u00a350m). In addition, no single institution may hold </div><div class=\"t s0_129\" id=\"t1o_129\" style=\"left:634px;bottom:708px;letter-spacing:0.11px;display:inline;\">more than the higher of 50% of total cash or \u00a350m. (2023: 50%; \u00a350m). </div><div class=\"t s0_129\" id=\"t1p_129\" style=\"left:634px;bottom:683px;letter-spacing:0.11px;display:inline;\">The group\u2019s exposure to credit risk on debt investments is managed in a similar way </div><div class=\"t s0_129\" id=\"t1q_129\" style=\"left:634px;bottom:666px;letter-spacing:0.11px;display:inline;\">to equity security price risk, as described above, through the Group\u2019s investment </div><div class=\"t s0_129\" id=\"t1r_129\" style=\"left:634px;bottom:649px;letter-spacing:0.11px;display:inline;\">appraisal processes and asset monitoring procedures which are subject to overall </div><div class=\"t s0_129\" id=\"t1s_129\" style=\"left:634px;bottom:633px;letter-spacing:0.11px;display:inline;\">review by the Board. The maximum exposure to credit risk for debt investments, </div><span>receivables and other financial assets is represented by their carrying amount.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": {
   "value": "<span>Accounting Policy: </span><div class=\"t s2_130\" id=\"t3_130\" style=\"left:100px;bottom:760px;letter-spacing:0.11px;display:inline;\">Revenue from services and other income is generated primarily from within the </div><div class=\"t s2_130\" id=\"t4_130\" style=\"left:100px;bottom:743px;letter-spacing:0.11px;display:inline;\">United Kingdom and is stated exclusive of value added tax, with further revenue </div><div class=\"t s2_130\" id=\"t5_130\" style=\"left:100px;bottom:726px;letter-spacing:0.11px;display:inline;\">generated in the Group\u2019s Australian operations. Revenue is recognised when the </div><div class=\"t s2_130\" id=\"t6_130\" style=\"left:100px;bottom:709px;letter-spacing:0.11px;display:inline;\">Group satisfies its performance obligations, in line with IFRS 15. Revenue breakdown </div><div class=\"t s2_130\" id=\"t7_130\" style=\"left:100px;bottom:692px;letter-spacing:0.11px;display:inline;\">and disclosure requirements under IFRS 15 have not been presented as they are </div><div class=\"t s2_130\" id=\"t8_130\" style=\"left:100px;bottom:676px;letter-spacing:0.12px;display:inline;\">considered immaterial. Revenue from services and other income comprises: </div><div class=\"t s3_130\" id=\"t9_130\" style=\"left:100px;bottom:649px;letter-spacing:-0.15px;display:inline;\">Fund management services </div><div class=\"t s2_130\" id=\"ta_130\" style=\"left:100px;bottom:631px;letter-spacing:0.12px;display:inline;\">Fund management fees include: </div><div class=\"t s4_130\" id=\"tb_130\" style=\"left:100px;bottom:606px;display:inline;\">\u2022 </div><div class=\"t s2_130\" id=\"tc_130\" style=\"left:121px;bottom:606px;letter-spacing:0.11px;display:inline;\">fund management fees which are earned either as a fixed percentage of total </div><div class=\"t s2_130\" id=\"td_130\" style=\"left:121px;bottom:589px;letter-spacing:0.12px;display:inline;\">funds under management or a fixed percentage of capital subscribed, and </div><div class=\"t s2_130\" id=\"te_130\" style=\"left:121px;bottom:572px;letter-spacing:0.11px;display:inline;\">are recognised as the related services are provided and </div><div class=\"t s4_130\" id=\"tf_130\" style=\"left:100px;bottom:551px;display:inline;\">\u2022 </div><div class=\"t s2_130\" id=\"tg_130\" style=\"left:121px;bottom:551px;letter-spacing:0.11px;display:inline;\">performance fees payable from realisations in excess of an agreed return to </div><div class=\"t s2_130\" id=\"th_130\" style=\"left:121px;bottom:534px;letter-spacing:0.11px;display:inline;\">investors which are recognised upon realisation of assets. </div><div class=\"t s3_130\" id=\"ti_130\" style=\"left:100px;bottom:508px;letter-spacing:-0.13px;display:inline;\">Licence and royalty income </div><div class=\"t s2_130\" id=\"tj_130\" style=\"left:100px;bottom:490px;letter-spacing:0.11px;display:inline;\">The Group\u2019s Intellectual Property licences typically constitute separate </div><div class=\"t s2_130\" id=\"tk_130\" style=\"left:100px;bottom:473px;letter-spacing:0.11px;display:inline;\">performance obligations, being separate from other promised goods or services. </div><div class=\"t s2_130\" id=\"tl_130\" style=\"left:100px;bottom:456px;letter-spacing:0.11px;display:inline;\">Revenue is recognised in line with the performance obligations included in the </div><div class=\"t s2_130\" id=\"tm_130\" style=\"left:100px;bottom:439px;letter-spacing:0.12px;display:inline;\">licence, which can include sales-based, usage-based or milestone-based </div><div class=\"t s2_130\" id=\"tn_130\" style=\"left:100px;bottom:422px;letter-spacing:0.1px;display:inline;\">royalties. </div><div class=\"t s3_130\" id=\"to_130\" style=\"left:100px;bottom:396px;letter-spacing:-0.13px;display:inline;\">Advisory and corporate finance fees </div><div class=\"t s2_130\" id=\"tp_130\" style=\"left:100px;bottom:378px;letter-spacing:0.11px;display:inline;\">Fees earned from the provision of business support services including executive </div><div class=\"t s2_130\" id=\"tq_130\" style=\"left:100px;bottom:361px;letter-spacing:0.11px;display:inline;\">search services and fees for IP Group representation on portfolio company </div><div class=\"t s2_130\" id=\"tr_130\" style=\"left:100px;bottom:344px;letter-spacing:0.11px;display:inline;\">boards are recognised as the related services are provided. Corporate finance </div><div class=\"t s2_130\" id=\"ts_130\" style=\"left:100px;bottom:328px;letter-spacing:0.11px;display:inline;\">advisory fees are generally earned as a fixed percentage of total funds raised and </div><div class=\"t s2_130\" id=\"tt_130\" style=\"left:100px;bottom:311px;letter-spacing:0.11px;display:inline;\">recognised at the time the related transaction is successfully concluded. In some </div><div class=\"t s2_130\" id=\"tu_130\" style=\"left:100px;bottom:294px;letter-spacing:0.11px;display:inline;\">instances, these fees are settled via the issue of equity in the company receiving </div><div class=\"t s2_130\" id=\"tv_130\" style=\"left:100px;bottom:277px;letter-spacing:0.11px;display:inline;\">the corporate finance services at the same price per share as equity issued as </div><span>part of the financing round to which the advisory fees apply.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": {
   "value": "<span>Accounting Policy: </span><div class=\"t s2_130\" id=\"t3_130\" style=\"left:100px;bottom:760px;letter-spacing:0.11px;display:inline;\">Revenue from services and other income is generated primarily from within the </div><div class=\"t s2_130\" id=\"t4_130\" style=\"left:100px;bottom:743px;letter-spacing:0.11px;display:inline;\">United Kingdom and is stated exclusive of value added tax, with further revenue </div><div class=\"t s2_130\" id=\"t5_130\" style=\"left:100px;bottom:726px;letter-spacing:0.11px;display:inline;\">generated in the Group\u2019s Australian operations. Revenue is recognised when the </div><div class=\"t s2_130\" id=\"t6_130\" style=\"left:100px;bottom:709px;letter-spacing:0.11px;display:inline;\">Group satisfies its performance obligations, in line with IFRS 15. Revenue breakdown </div><div class=\"t s2_130\" id=\"t7_130\" style=\"left:100px;bottom:692px;letter-spacing:0.11px;display:inline;\">and disclosure requirements under IFRS 15 have not been presented as they are </div><div class=\"t s2_130\" id=\"t8_130\" style=\"left:100px;bottom:676px;letter-spacing:0.12px;display:inline;\">considered immaterial. Revenue from services and other income comprises: </div><div class=\"t s3_130\" id=\"t9_130\" style=\"left:100px;bottom:649px;letter-spacing:-0.15px;display:inline;\">Fund management services </div><div class=\"t s2_130\" id=\"ta_130\" style=\"left:100px;bottom:631px;letter-spacing:0.12px;display:inline;\">Fund management fees include: </div><div class=\"t s4_130\" id=\"tb_130\" style=\"left:100px;bottom:606px;display:inline;\">\u2022 </div><div class=\"t s2_130\" id=\"tc_130\" style=\"left:121px;bottom:606px;letter-spacing:0.11px;display:inline;\">fund management fees which are earned either as a fixed percentage of total </div><div class=\"t s2_130\" id=\"td_130\" style=\"left:121px;bottom:589px;letter-spacing:0.12px;display:inline;\">funds under management or a fixed percentage of capital subscribed, and </div><div class=\"t s2_130\" id=\"te_130\" style=\"left:121px;bottom:572px;letter-spacing:0.11px;display:inline;\">are recognised as the related services are provided and </div><div class=\"t s4_130\" id=\"tf_130\" style=\"left:100px;bottom:551px;display:inline;\">\u2022 </div><div class=\"t s2_130\" id=\"tg_130\" style=\"left:121px;bottom:551px;letter-spacing:0.11px;display:inline;\">performance fees payable from realisations in excess of an agreed return to </div><div class=\"t s2_130\" id=\"th_130\" style=\"left:121px;bottom:534px;letter-spacing:0.11px;display:inline;\">investors which are recognised upon realisation of assets. </div><div class=\"t s3_130\" id=\"ti_130\" style=\"left:100px;bottom:508px;letter-spacing:-0.13px;display:inline;\">Licence and royalty income </div><div class=\"t s2_130\" id=\"tj_130\" style=\"left:100px;bottom:490px;letter-spacing:0.11px;display:inline;\">The Group\u2019s Intellectual Property licences typically constitute separate </div><div class=\"t s2_130\" id=\"tk_130\" style=\"left:100px;bottom:473px;letter-spacing:0.11px;display:inline;\">performance obligations, being separate from other promised goods or services. </div><div class=\"t s2_130\" id=\"tl_130\" style=\"left:100px;bottom:456px;letter-spacing:0.11px;display:inline;\">Revenue is recognised in line with the performance obligations included in the </div><div class=\"t s2_130\" id=\"tm_130\" style=\"left:100px;bottom:439px;letter-spacing:0.12px;display:inline;\">licence, which can include sales-based, usage-based or milestone-based </div><div class=\"t s2_130\" id=\"tn_130\" style=\"left:100px;bottom:422px;letter-spacing:0.1px;display:inline;\">royalties. </div><div class=\"t s3_130\" id=\"to_130\" style=\"left:100px;bottom:396px;letter-spacing:-0.13px;display:inline;\">Advisory and corporate finance fees </div><div class=\"t s2_130\" id=\"tp_130\" style=\"left:100px;bottom:378px;letter-spacing:0.11px;display:inline;\">Fees earned from the provision of business support services including executive </div><div class=\"t s2_130\" id=\"tq_130\" style=\"left:100px;bottom:361px;letter-spacing:0.11px;display:inline;\">search services and fees for IP Group representation on portfolio company </div><div class=\"t s2_130\" id=\"tr_130\" style=\"left:100px;bottom:344px;letter-spacing:0.11px;display:inline;\">boards are recognised as the related services are provided. Corporate finance </div><div class=\"t s2_130\" id=\"ts_130\" style=\"left:100px;bottom:328px;letter-spacing:0.11px;display:inline;\">advisory fees are generally earned as a fixed percentage of total funds raised and </div><div class=\"t s2_130\" id=\"tt_130\" style=\"left:100px;bottom:311px;letter-spacing:0.11px;display:inline;\">recognised at the time the related transaction is successfully concluded. In some </div><div class=\"t s2_130\" id=\"tu_130\" style=\"left:100px;bottom:294px;letter-spacing:0.11px;display:inline;\">instances, these fees are settled via the issue of equity in the company receiving </div><div class=\"t s2_130\" id=\"tv_130\" style=\"left:100px;bottom:277px;letter-spacing:0.11px;display:inline;\">the corporate finance services at the same price per share as equity issued as </div><span>part of the financing round to which the advisory fees apply.</span><span>Accounting Policy: </span><div class=\"t s6_133\" id=\"t1s_133\" style=\"left:647px;bottom:759px;letter-spacing:-0.14px;display:inline;\">Employee benefits </div><div class=\"t s7_133\" id=\"t1t_133\" style=\"left:647px;bottom:740px;letter-spacing:-0.13px;display:inline;\">Pension obligations </div><div class=\"t s1_133\" id=\"t1u_133\" style=\"left:647px;bottom:722px;letter-spacing:0.04px;display:inline;\">The Group operates a company defined contribution pension scheme for which </div><div class=\"t s1_133\" id=\"t1v_133\" style=\"left:647px;bottom:705px;letter-spacing:0.03px;display:inline;\">all employees are eligible. The assets of the scheme are held separately from </div><div class=\"t s1_133\" id=\"t1w_133\" style=\"left:647px;bottom:688px;letter-spacing:0.04px;display:inline;\">those of the Group in independently administered funds. The Group currently </div><div class=\"t s1_133\" id=\"t1x_133\" style=\"left:647px;bottom:671px;letter-spacing:0.04px;display:inline;\">makes contributions on behalf of employees to this scheme or to employee </div><div class=\"t s1_133\" id=\"t1y_133\" style=\"left:647px;bottom:654px;letter-spacing:0.04px;display:inline;\">personal pension schemes on an individual basis. The Group has no further </div><div class=\"t s1_133\" id=\"t1z_133\" style=\"left:647px;bottom:638px;letter-spacing:0.04px;display:inline;\">payment obligations once the contributions have been paid. The contributions are </div><div class=\"t s1_133\" id=\"t20_133\" style=\"left:647px;bottom:621px;letter-spacing:0.04px;display:inline;\">recognised as employee benefit expenses when they are due. </div><div class=\"t s7_133\" id=\"t21_133\" style=\"left:647px;bottom:595px;letter-spacing:-0.15px;display:inline;\"><span>Share\u2013based payments </span></div><div class=\"t s1_133\" id=\"t22_133\" style=\"left:647px;bottom:576px;letter-spacing:0.12px;display:inline;\">The Group engages in equity-settled share-based payment transactions in </div><div class=\"t s1_133\" id=\"t23_133\" style=\"left:647px;bottom:560px;letter-spacing:0.11px;display:inline;\">respect of services receivable from employees, by granting employees conditional </div><div class=\"t s1_133\" id=\"t24_133\" style=\"left:647px;bottom:543px;letter-spacing:0.11px;display:inline;\">awards of ordinary shares subject to certain vesting conditions. Conditional </div><div class=\"t s1_133\" id=\"t25_133\" style=\"left:647px;bottom:526px;letter-spacing:0.11px;display:inline;\">awards of shares are made pursuant to the Group\u2019s Long-Term Incentive Plan </div><div class=\"t s1_133\" id=\"t26_133\" style=\"left:647px;bottom:509px;letter-spacing:0.11px;display:inline;\">(\u201cLTIP\u201d) awards and/or the Group\u2019s Annual Incentive Scheme (\u201cAIS\u201d). The fair value </div><div class=\"t s1_133\" id=\"t27_133\" style=\"left:647px;bottom:492px;letter-spacing:0.11px;display:inline;\">of the shares is estimated at the date of grant, taking into account the terms and </div><div class=\"t s1_133\" id=\"t28_133\" style=\"left:647px;bottom:476px;letter-spacing:0.11px;display:inline;\">conditions of the award, including market-based performance conditions. </div><div class=\"t s1_133\" id=\"t29_133\" style=\"left:647px;bottom:450px;letter-spacing:0.11px;display:inline;\">The fair value at the date of grant is recognised as an expense over the period </div><div class=\"t s1_133\" id=\"t2a_133\" style=\"left:647px;bottom:433px;letter-spacing:0.11px;display:inline;\">that the employee provides services, generally the period between the start of the </div><div class=\"t s1_133\" id=\"t2b_133\" style=\"left:647px;bottom:416px;letter-spacing:0.11px;display:inline;\">performance period and the vesting date of the shares. The corresponding credit </div><div class=\"t s1_133\" id=\"t2c_133\" style=\"left:647px;bottom:400px;letter-spacing:0.1px;display:inline;\">is recognised in retained earnings within total equity. The fair value of services </div><div class=\"t s1_133\" id=\"t2d_133\" style=\"left:647px;bottom:383px;letter-spacing:0.11px;display:inline;\">is calculated using the market value on the date of award and is adjusted for </div><div class=\"t s1_133\" id=\"t2e_133\" style=\"left:647px;bottom:366px;letter-spacing:0.11px;display:inline;\">expected and actual levels of vesting. Where conditional awards of shares lapse, </div><div class=\"t s1_133\" id=\"t2f_133\" style=\"left:647px;bottom:349px;letter-spacing:0.11px;display:inline;\">the expense recognised to date is credited to the statement of comprehensive </div><div class=\"t s1_133\" id=\"t2g_133\" style=\"left:647px;bottom:332px;letter-spacing:0.11px;display:inline;\">income in the year in which they lapse. Where the terms for an equity-settled </div><div class=\"t s1_133\" id=\"t2h_133\" style=\"left:647px;bottom:316px;letter-spacing:0.11px;display:inline;\">award are modified, and the modification increases the total fair value of the </div><div class=\"t s1_133\" id=\"t2i_133\" style=\"left:647px;bottom:299px;letter-spacing:0.11px;display:inline;\">share-based payment or is otherwise beneficial to the employee at the date of </div><div class=\"t s1_133\" id=\"t2j_133\" style=\"left:647px;bottom:282px;letter-spacing:0.11px;display:inline;\">modification, the incremental fair value is amortised over the vesting period. </div><div class=\"t s1_133\" id=\"t2k_133\" style=\"left:647px;bottom:257px;letter-spacing:0.11px;display:inline;\">See the audited section of the Directors\u2019 Remuneration Report on pages 78 to 100 </div><span>and note 21 for further details.</span><span>Accounting Policy: </span><div class=\"t s6_134\" id=\"t11_134\" style=\"left:100px;bottom:388px;letter-spacing:-0.13px;display:inline;\"><span>Deferred tax </span></div><div class=\"t s0_134\" id=\"t12_134\" style=\"left:100px;bottom:369px;letter-spacing:0.11px;display:inline;\">Full provision is made for deferred tax on all temporary differences resulting </div><div class=\"t s0_134\" id=\"t13_134\" style=\"left:100px;bottom:353px;letter-spacing:0.1px;display:inline;\">from the carrying value of an asset or liability and its tax base. Deferred tax is </div><div class=\"t s0_134\" id=\"t14_134\" style=\"left:100px;bottom:336px;letter-spacing:0.11px;display:inline;\">determined using tax rates (and laws) that have been enacted or substantively </div><div class=\"t s0_134\" id=\"t15_134\" style=\"left:100px;bottom:319px;letter-spacing:0.11px;display:inline;\">enacted by the reporting date and are expected to apply when the related </div><div class=\"t s0_134\" id=\"t16_134\" style=\"left:100px;bottom:302px;letter-spacing:0.1px;display:inline;\">deferred tax asset is realised or deferred tax liability settled. Deferred tax assets </div><div class=\"t s0_134\" id=\"t17_134\" style=\"left:100px;bottom:285px;letter-spacing:0.1px;display:inline;\">are recognised to the extent that it is probable that the deferred tax asset will be </div><span>recovered in the future.</span><span>Accounting policy: </span><div class=\"t s2_136\" id=\"t3_136\" style=\"left:100px;bottom:763px;letter-spacing:-0.12px;display:inline;\">Financial assets and liabilities </div><div class=\"t s3_136\" id=\"t4_136\" style=\"left:100px;bottom:744px;letter-spacing:0.11px;display:inline;\">Financial assets and liabilities are recognised in the balance sheet when the relevant Group entity becomes a party to the contractual provisions of the instrument. De\u2013 </div><div class=\"t s3_136\" id=\"t5_136\" style=\"left:100px;bottom:726px;letter-spacing:0.11px;display:inline;\">recognition occurs when rights to cash flows from a financial asset expire, or when a liability is extinguished. </div><div class=\"t s3_136\" id=\"t6_136\" style=\"left:100px;bottom:700px;letter-spacing:0.11px;display:inline;\">Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market </div><div class=\"t s3_136\" id=\"t7_136\" style=\"left:100px;bottom:682px;letter-spacing:0.11px;display:inline;\">prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when </div><div class=\"t s3_136\" id=\"t8_136\" style=\"left:100px;bottom:665px;letter-spacing:0.1px;display:inline;\">their fair value is positive and as a financial liability whey their fair value is negative. The Group\u2019s derivative financial instruments are not designated as hedging instruments. </div><div class=\"t s2_136\" id=\"t9_136\" style=\"left:100px;bottom:639px;letter-spacing:-0.13px;display:inline;\"><span>Financial assets </span></div><div class=\"t s3_136\" id=\"ta_136\" style=\"left:100px;bottom:620px;letter-spacing:-0.01px;display:inline;\">In respect of regular way purchases or sales, the Group uses trade date accounting to recognise or derecognise financial assets. </div><div class=\"t s3_136\" id=\"tb_136\" style=\"left:100px;bottom:593px;letter-spacing:0.11px;display:inline;\">The Group classifies its financial assets into one of the categories listed below, depending on the purpose for which the asset was acquired. </div><div class=\"t s4_136\" id=\"tc_136\" style=\"left:100px;bottom:567px;letter-spacing:-0.12px;display:inline;\"><span>At fair value through profit or loss </span></div><div class=\"t s3_136\" id=\"td_136\" style=\"left:100px;bottom:548px;letter-spacing:0.11px;display:inline;\">Held for trading and financial assets are recognised at fair value through profit and loss. This category includes equity investments, debt investments and investments in </div><div class=\"t s3_136\" id=\"te_136\" style=\"left:100px;bottom:531px;letter-spacing:0.11px;display:inline;\">limited partnerships. Investments in associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as </div><div class=\"t s3_136\" id=\"tf_136\" style=\"left:100px;bottom:513px;letter-spacing:0.11px;display:inline;\">at fair value through profit or loss. This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited </div><div class=\"t s3_136\" id=\"tg_136\" style=\"left:100px;bottom:496px;letter-spacing:0.11px;display:inline;\">partnerships and associated undertakings is evaluated on a fair value basis in accordance with an established investment strategy. </div><div class=\"t s3_136\" id=\"th_136\" style=\"left:100px;bottom:469px;letter-spacing:0.11px;display:inline;\">Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in </div><div class=\"t s3_136\" id=\"ti_136\" style=\"left:100px;bottom:452px;letter-spacing:0.11px;display:inline;\"><span>profit or loss in the statement of comprehensive income in the period which they arise.</span> </div><div class=\"t s4_136\" id=\"tj_136\" style=\"left:100px;bottom:426px;letter-spacing:-0.13px;display:inline;\"><span>At amortised cost </span></div><div class=\"t s3_136\" id=\"tk_136\" style=\"left:100px;bottom:407px;letter-spacing:0.11px;display:inline;\">These assets are non\u2013derivative financial assets with fixed and determinable payments that are not quoted in an active market. They arise principally through the provision </div><div class=\"t s3_136\" id=\"tl_136\" style=\"left:100px;bottom:389px;letter-spacing:0.11px;display:inline;\"><span>of services to customers (trade receivables) and are carried at cost less provision for impairment.</span> </div><div class=\"t s4_136\" id=\"tm_136\" style=\"left:100px;bottom:363px;letter-spacing:-0.14px;display:inline;\">Deposits </div><div class=\"t s3_136\" id=\"tn_136\" style=\"left:100px;bottom:344px;letter-spacing:0.11px;display:inline;\">Deposits comprise longer\u2013term deposits held with financial institutions with an original maturity of greater than three months and, in line with IAS 7 are not included within </div><div class=\"t s3_136\" id=\"to_136\" style=\"left:100px;bottom:326px;letter-spacing:0.11px;display:inline;\">cash and cash equivalents. Cash flows related to investments in, and maturities of amounts held on deposit are presented within investing activities in the consolidated </div><div class=\"t s3_136\" id=\"tp_136\" style=\"left:100px;bottom:309px;letter-spacing:0.11px;display:inline;\">statement of cash flows. Interest income related to deposits is included within cashflows from operating activities. </div><div class=\"t s4_136\" id=\"tq_136\" style=\"left:100px;bottom:282px;letter-spacing:-0.14px;display:inline;\"><span>Cash and cash equivalents </span></div><div class=\"t s3_136\" id=\"tr_136\" style=\"left:100px;bottom:263px;letter-spacing:0.11px;display:inline;\">Cash and cash equivalents include cash in hand and short-term deposits held with financial institutions with an original maturity of three months or less. Interest income </div><div class=\"t s3_136\" id=\"ts_136\" style=\"left:100px;bottom:246px;letter-spacing:0.11px;display:inline;\"><span>related to cash is included within cashflows from operating activities.</span> </div><div class=\"t s4_136\" id=\"tt_136\" style=\"left:100px;bottom:220px;letter-spacing:-0.11px;display:inline;\"><span>Financial liabilities </span></div><div class=\"t s3_136\" id=\"tu_136\" style=\"left:100px;bottom:201px;letter-spacing:0.11px;display:inline;\">Current financial liabilities are composed of trade payables and other short\u2013term monetary liabilities, which are recognised at amortised cost. </div><div class=\"t s3_136\" id=\"tv_136\" style=\"left:100px;bottom:174px;letter-spacing:0.11px;display:inline;\">Non\u2013current liabilities are composed of loans from Limited Partners of consolidated funds, outstanding amounts drawn down from a debt facility provided by the European </div><div class=\"t s3_136\" id=\"tw_136\" style=\"left:100px;bottom:157px;letter-spacing:0.1px;display:inline;\">Investment Bank, loan notes provided by Phoenix Group, carried interest plans liabilities, and other liabilities. </div><div class=\"t s3_136\" id=\"tx_136\" style=\"left:100px;bottom:131px;letter-spacing:0.11px;display:inline;\">Unless otherwise indicated, the carrying amounts of the Group\u2019s financial liabilities are a reasonable approximation to their fair value. Non\u2013current liabilities are recognised </div><span>initially at fair value net of transaction costs incurred, and subsequently at amortised cost.</span><span>Accounting policy: </span><div class=\"t s2_138\" id=\"t3_138\" style=\"left:100px;bottom:763px;letter-spacing:-0.13px;display:inline;\">Fair value hierarchy </div><div class=\"t s3_138\" id=\"t4_138\" style=\"left:100px;bottom:745px;letter-spacing:0.11px;display:inline;\">The Group classifies financial assets using a fair value hierarchy that reflects the significance of the inputs used in making the related fair value measurements. The </div><div class=\"t s3_138\" id=\"t5_138\" style=\"left:100px;bottom:728px;letter-spacing:0.1px;display:inline;\">level in the fair value hierarchy, within which a financial asset is classified, is determined on the basis of the lowest level input that is significant to that asset\u2019s fair value </div><div class=\"t s3_138\" id=\"t6_138\" style=\"left:100px;bottom:711px;letter-spacing:0.11px;display:inline;\">measurement. The fair value hierarchy has the following levels: </div><div class=\"t s3_138\" id=\"t7_138\" style=\"left:100px;bottom:686px;letter-spacing:0.11px;display:inline;\">Level 1 \u2013 Quoted prices in active markets. </div><div class=\"t s3_138\" id=\"t8_138\" style=\"left:100px;bottom:669px;letter-spacing:0.11px;display:inline;\">Level 2 \u2013 Inputs other than quoted prices that are observable, such as prices from market transactions. </div><div class=\"t s3_138\" id=\"t9_138\" style=\"left:100px;bottom:652px;letter-spacing:0.11px;display:inline;\">Level 3 \u2013 One or more inputs that are not based on observable market data. </div><div class=\"t s4_138\" id=\"ta_138\" style=\"left:100px;bottom:626px;letter-spacing:-0.14px;display:inline;\">Equity investments </div><div class=\"t s3_138\" id=\"tb_138\" style=\"left:100px;bottom:608px;letter-spacing:0.11px;display:inline;\">Fair value is the underlying principle and is defined as \u201cthe price that would be received to sell an asset in an orderly transaction between market participants at the </div><div class=\"t s3_138\" id=\"tc_138\" style=\"left:100px;bottom:591px;letter-spacing:0.11px;display:inline;\">measurement date\u201d (IPEV guidelines, December 2022). </div><div class=\"t s3_138\" id=\"td_138\" style=\"left:100px;bottom:566px;letter-spacing:0.11px;display:inline;\">Where the equity structure of a portfolio company involves different class rights in a sale or liquidity event, the Group takes these different rights into account when forming </div><div class=\"t s3_138\" id=\"te_138\" style=\"left:100px;bottom:549px;letter-spacing:0.11px;display:inline;\">a view on the value of its investment. </div><div class=\"t s4_138\" id=\"tf_138\" style=\"left:100px;bottom:523px;letter-spacing:-0.14px;display:inline;\">Valuation techniques used </div><div class=\"t s3_138\" id=\"tg_138\" style=\"left:100px;bottom:504px;letter-spacing:0.11px;display:inline;\">The fair value of unlisted securities is established using appropriate valuation techniques in line with December 2022 IPEV guidelines. The selection of appropriate valuation </div><div class=\"t s3_138\" id=\"th_138\" style=\"left:100px;bottom:488px;letter-spacing:0.11px;display:inline;\">techniques is considered on an individual basis in light of the nature, facts and circumstances of the investment and in the expected view of market participants. The Group </div><div class=\"t s3_138\" id=\"ti_138\" style=\"left:100px;bottom:471px;letter-spacing:0.12px;display:inline;\">selects valuation techniques which make maximum use of market\u2013based inputs. Techniques are applied consistently from period to period, except where a change would </div><div class=\"t s3_138\" id=\"tj_138\" style=\"left:100px;bottom:454px;letter-spacing:0.11px;display:inline;\">result in better estimates of fair value. Several valuation techniques may be used so that the results of one technique may be used as a cross check/corroboration of an </div><div class=\"t s3_138\" id=\"tk_138\" style=\"left:100px;bottom:437px;letter-spacing:0.11px;display:inline;\">alternative technique. </div><div class=\"t s3_138\" id=\"tl_138\" style=\"left:100px;bottom:412px;letter-spacing:0.11px;display:inline;\">Valuation techniques used include: </div><div class=\"t s5_138\" id=\"tm_138\" style=\"left:100px;bottom:386px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"tn_138\" style=\"left:121px;bottom:386px;letter-spacing:0.11px;display:inline;\">Quoted bid price: The fair values of quoted investments are based on bid prices in an active market at the reporting date. </div><div class=\"t s5_138\" id=\"to_138\" style=\"left:100px;bottom:365px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"tp_138\" style=\"left:121px;bottom:365px;letter-spacing:0.11px;display:inline;\">Funding transaction: The fair value of unquoted investments which have recently raised equity financing may be calculated with reference to the price of the recent </div><div class=\"t s3_138\" id=\"tq_138\" style=\"left:121px;bottom:348px;letter-spacing:0.1px;display:inline;\">investment. For investments for which the capital structure involves different class rights in a sale or liquidity event, a full scenario analysis via the use of the probability\u2013 </div><div class=\"t s3_138\" id=\"tr_138\" style=\"left:121px;bottom:331px;letter-spacing:0.11px;display:inline;\">weighted expected return method (\u201cPWERM\u201d) is used to calculate the implied values of the existing share classes. </div><div class=\"t s5_138\" id=\"ts_138\" style=\"left:100px;bottom:310px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"tt_138\" style=\"left:121px;bottom:310px;letter-spacing:0.11px;display:inline;\">Other: Future market/commercial events: Scenario analysis is used, which is a forward\u2013looking method that considers one or more possible future scenarios. These </div><div class=\"t s3_138\" id=\"tu_138\" style=\"left:121px;bottom:293px;letter-spacing:0.11px;display:inline;\">methods include simplified scenario analysis and relative value scenario analysis, which tie to the fully diluted (\u201cpost\u2013money\u201d) equity value. The PWERM method may be </div><div class=\"t s3_138\" id=\"tv_138\" style=\"left:121px;bottom:277px;letter-spacing:0.1px;display:inline;\">utilised for this valuation technique for investments which have an equity structure which involves different class rights in a sale or liquidity event. </div><div class=\"t s5_138\" id=\"tw_138\" style=\"left:100px;bottom:256px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"tx_138\" style=\"left:121px;bottom:256px;letter-spacing:0.12px;display:inline;\">Other: Adjusted funding transaction price based on past performance \u2013 upwards/downwards: The milestone approach involves making an assessment as to whether </div><div class=\"t s3_138\" id=\"ty_138\" style=\"left:121px;bottom:239px;letter-spacing:0.11px;display:inline;\">there is an indication of change in fair value based on a consideration of the relevant milestones, typically agreed at the time of making the investment decision. </div><div class=\"t s5_138\" id=\"tz_138\" style=\"left:100px;bottom:218px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"t10_138\" style=\"left:121px;bottom:218px;letter-spacing:0.11px;display:inline;\">Other: Discounted cash flows: deriving the value of a business by calculating the present value of expected future cash flows. </div><div class=\"t s5_138\" id=\"t11_138\" style=\"left:100px;bottom:196px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"t12_138\" style=\"left:121px;bottom:196px;letter-spacing:0.11px;display:inline;\">Other: Revenue multiple: the application of an appropriate multiple to a performance measure (such as earnings or revenue) of the investee company in order to derive </div><div class=\"t s3_138\" id=\"t13_138\" style=\"left:121px;bottom:180px;letter-spacing:0.11px;display:inline;\">a value for the business. </div><div class=\"t s3_138\" id=\"t14_138\" style=\"left:100px;bottom:154px;letter-spacing:-0.01px;display:inline;\">The fair value indicated by a recent transaction is used to calibrate inputs used with valuation techniques including those noted above. At each measurement date, an </div><div class=\"t s3_138\" id=\"t15_138\" style=\"left:100px;bottom:137px;letter-spacing:-0.01px;display:inline;\">assessment is made as to whether changes or events subsequent to the relevant transaction would imply a change in the investment\u2019s fair value. The price of a recent </div><div class=\"t s3_138\" id=\"t16_138\" style=\"left:100px;bottom:121px;letter-spacing:-0.01px;display:inline;\">investment is not considered a standalone valuation technique (see further considerations below). Where the current fair value of an investment is unchanged from the price of </div><div class=\"t s3_138\" id=\"t17_138\" style=\"left:100px;bottom:104px;letter-spacing:-0.02px;display:inline;\">a funding transaction, the Group refers to the valuation basis as \u2018Funding transaction\u2019. </div><div></div><div class=\"t s0_139\" id=\"t1_139\" style=\"left:100px;bottom:782px;letter-spacing:-0.12px;display:inline;\">Price of recent investment as an input in assessing fair value </div><div class=\"t s1_139\" id=\"t2_139\" style=\"left:100px;bottom:763px;letter-spacing:0.11px;display:inline;\">The Group considers that fair value estimates which are based primarily on observable market data will be of greater reliability than those based on assumptions. Given </div><div class=\"t s1_139\" id=\"t3_139\" style=\"left:100px;bottom:746px;letter-spacing:0.11px;display:inline;\">the nature of the Group\u2019s investments in seed, start\u2013up and early\u2013stage companies, where there are often no current and no short\u2013term future earnings or positive cash </div><div class=\"t s1_139\" id=\"t4_139\" style=\"left:100px;bottom:730px;letter-spacing:0.11px;display:inline;\">flows, it can be difficult to gauge the probability and financial impact of the success or failure of development or research activities and to make reliable cash flow forecasts. </div><div class=\"t s1_139\" id=\"t5_139\" style=\"left:100px;bottom:713px;letter-spacing:0.11px;display:inline;\">Consequently, in many cases the most appropriate approach to fair value is a valuation technique which is based on market data such as the price of a recent investment, </div><div class=\"t s1_139\" id=\"t6_139\" style=\"left:100px;bottom:696px;letter-spacing:0.12px;display:inline;\">and market participant assumptions as to potential outcomes. </div><div class=\"t s1_139\" id=\"t7_139\" style=\"left:100px;bottom:671px;letter-spacing:0.11px;display:inline;\">Calibrating such scenarios or milestones may result in a fair value equal to price of recent investment for a limited period of time. Often qualitative milestones provide a </div><div class=\"t s1_139\" id=\"t8_139\" style=\"left:100px;bottom:654px;letter-spacing:0.11px;display:inline;\">directional indication of the movement of fair value. </div><div class=\"t s1_139\" id=\"t9_139\" style=\"left:100px;bottom:628px;letter-spacing:0.11px;display:inline;\">In applying a calibrated scenario or milestone-approach to determine fair value, consideration is given to performance against milestones that were set at the time of </div><div class=\"t s1_139\" id=\"ta_139\" style=\"left:100px;bottom:612px;letter-spacing:0.11px;display:inline;\">the original investment decision, as well as taking into consideration the key market drivers of the investee company and the overall economic environment. Factors that </div><div class=\"t s1_139\" id=\"tb_139\" style=\"left:100px;bottom:595px;letter-spacing:0.11px;display:inline;\">the Group considers include, inter alia, technical measures such as product development phases and patent approvals, financial measures such as cash burn rate and </div><div class=\"t s1_139\" id=\"tc_139\" style=\"left:100px;bottom:578px;letter-spacing:0.11px;display:inline;\">profitability expectations, and market and sales measures such as testing phases, product launches and market introduction. </div><div class=\"t s1_139\" id=\"td_139\" style=\"left:100px;bottom:552px;letter-spacing:0.11px;display:inline;\">Where the Group considers that there is an indication that the fair value has changed, an estimation is made of the required amount of any adjustment from the last price of </div><div class=\"t s1_139\" id=\"te_139\" style=\"left:100px;bottom:536px;letter-spacing:0.11px;display:inline;\">recent investment. </div><div class=\"t s1_139\" id=\"tf_139\" style=\"left:100px;bottom:510px;letter-spacing:0.11px;display:inline;\">Where a deterioration in value has occurred, the Group reduces the carrying value of the investment to reflect the estimated decrease. If there is evidence of value creation </div><div class=\"t s1_139\" id=\"tg_139\" style=\"left:100px;bottom:493px;letter-spacing:0.11px;display:inline;\">the Group may consider increasing the carrying value of the investment; however, in the absence of additional financing rounds or profit generation it can be difficult to </div><div class=\"t s1_139\" id=\"th_139\" style=\"left:100px;bottom:477px;letter-spacing:0.11px;display:inline;\">determine the value that a market participant may place on positive developments given the potential outcome and the costs and risks to achieving that outcome and </div><div class=\"t s1_139\" id=\"ti_139\" style=\"left:100px;bottom:460px;letter-spacing:0.11px;display:inline;\">accordingly caution is applied. </div><div class=\"t s2_139\" id=\"tj_139\" style=\"left:100px;bottom:434px;letter-spacing:-0.14px;display:inline;\">Debt investments </div><div class=\"t s1_139\" id=\"tk_139\" style=\"left:100px;bottom:415px;letter-spacing:0.11px;display:inline;\">Debt investments are generally unquoted debt instruments which are convertible to equity at a future point in time. Such instruments are considered to be hybrid </div><div class=\"t s1_139\" id=\"tl_139\" style=\"left:100px;bottom:399px;letter-spacing:0.11px;display:inline;\">instruments containing a fixed rate debt host contract with an embedded equity derivative. The Group designates the entire hybrid contract at fair value through profit or </div><div class=\"t s1_139\" id=\"tm_139\" style=\"left:100px;bottom:382px;letter-spacing:0.11px;display:inline;\">loss on initial recognition and, accordingly, the embedded derivative is not separated from the host contract and accounted for separately. The price at which the debt </div><div class=\"t s1_139\" id=\"tn_139\" style=\"left:100px;bottom:365px;letter-spacing:0.11px;display:inline;\">investment was made may be a reliable indicator of fair value at that date depending on facts and circumstances. Any subsequent remeasurement will be recognised as </div><div class=\"t s1_139\" id=\"to_139\" style=\"left:100px;bottom:348px;letter-spacing:0.11px;display:inline;\">changes in fair value in the statement of comprehensive income. </div><div class=\"t s2_139\" id=\"tp_139\" style=\"left:100px;bottom:322px;letter-spacing:-0.13px;display:inline;\">Disclosure of unrealised and realised gains and losses </div><div class=\"t s1_139\" id=\"tq_139\" style=\"left:100px;bottom:304px;letter-spacing:0.11px;display:inline;\">\u2018Change in fair value of equity and debt investments\u2019 per the Group Income Statement represents unrealised revaluation gains and losses on the Group\u2019s portfolio of </div><div class=\"t s1_139\" id=\"tr_139\" style=\"left:100px;bottom:287px;letter-spacing:0.11px;display:inline;\">investment. </div><div class=\"t s1_139\" id=\"ts_139\" style=\"left:100px;bottom:261px;letter-spacing:0.11px;display:inline;\">Gains on disposal of equity investments represents the difference between the fair value of consideration received and the carrying value at the start of the accounting </div><div class=\"t s1_139\" id=\"tt_139\" style=\"left:100px;bottom:245px;letter-spacing:0.11px;display:inline;\">period for the investment in question. </div><div class=\"t s1_139\" id=\"tu_139\" style=\"left:100px;bottom:219px;letter-spacing:0.11px;display:inline;\">Changes in fair values of investments do not constitute revenue. </div><div class=\"t s2_139\" id=\"tv_139\" style=\"left:100px;bottom:193px;letter-spacing:-0.12px;display:inline;\">Assets held for sale </div><div class=\"t s1_139\" id=\"tw_139\" style=\"left:100px;bottom:175px;letter-spacing:0.11px;display:inline;\">During 2024, an element of the Group\u2019s investments in Artios Pharma Limited, Nexeon Limited and Mission Therapeutics Limited were included in a secondary sale of shares </div><div class=\"t s1_139\" id=\"tx_139\" style=\"left:100px;bottom:158px;letter-spacing:0.11px;display:inline;\">which was agreed within the year but which had not completed at year end. In addition, the Group had commenced selling a pre-specified proportion of its shares in </div><div class=\"t s1_139\" id=\"ty_139\" style=\"left:100px;bottom:141px;letter-spacing:0.11px;display:inline;\">Centessa Pharmaceuticals plc prior to year end, with the share disposal completing in early 2025. Accordingly these investments met the classification criteria as assets held </div><span>for sale and were hence reclassified from Equity Investments to assets held for sale. </span><span>Accounting Policy: </span><div class=\"t s2_145\" id=\"t4_145\" style=\"left:100px;bottom:738px;letter-spacing:0.11px;display:inline;\">Valuations in respect of Limited and Limited Liability Funds are based on IP Group\u2019s </div><div class=\"t s2_145\" id=\"t5_145\" style=\"left:100px;bottom:721px;letter-spacing:0.11px;display:inline;\">share of the Net Asset Value of the fund as per the audited financial statements </div><div class=\"t s2_145\" id=\"t6_145\" style=\"left:100px;bottom:705px;letter-spacing:0.11px;display:inline;\">prepared by the fund manager. The key judgments in the preparation of these </div><div class=\"t s2_145\" id=\"t7_145\" style=\"left:100px;bottom:688px;letter-spacing:0.12px;display:inline;\">accounts relate to the valuation of unquoted investments. Management conduct </div><div class=\"t s2_145\" id=\"t8_145\" style=\"left:100px;bottom:671px;letter-spacing:0.11px;display:inline;\">an analysis of the appropriateness of valuations of specific equity and debt </div><div class=\"t s2_145\" id=\"t9_145\" style=\"left:100px;bottom:654px;letter-spacing:0.11px;display:inline;\">investments in portfolio companies held within the fund in question. In making </div><div class=\"t s2_145\" id=\"ta_145\" style=\"left:100px;bottom:637px;letter-spacing:0.11px;display:inline;\">these assessments, the Group has applied a valuation methodology consistent </div><div class=\"t s2_145\" id=\"tb_145\" style=\"left:100px;bottom:621px;letter-spacing:0.11px;display:inline;\">with that set out in note 13. Where a significant divergence from the Group\u2019s </div><div class=\"t s2_145\" id=\"tc_145\" style=\"left:100px;bottom:604px;letter-spacing:0.11px;display:inline;\">valuation methodology is identified, an adjustment is made to the fund manager </div><div class=\"t s2_145\" id=\"td_145\" style=\"left:100px;bottom:587px;letter-spacing:0.11px;display:inline;\">NAV statement to bring the value of the fund investment in line with the Group\u2019s </div><div class=\"t s2_145\" id=\"te_145\" style=\"left:100px;bottom:570px;letter-spacing:0.11px;display:inline;\">accounting policy in respect of debt and equity investments. </div><div class=\"t s2_145\" id=\"tf_145\" style=\"left:100px;bottom:545px;letter-spacing:0.11px;display:inline;\">Investments in these Limited and Limited Liability Partnerships are recognised at </div><div class=\"t s2_145\" id=\"tg_145\" style=\"left:100px;bottom:528px;letter-spacing:0.11px;display:inline;\">fair value through profit and loss in accordance with IFRS 9. </div><div class=\"t s2_145\" id=\"th_145\" style=\"left:100px;bottom:502px;letter-spacing:0.11px;display:inline;\">\u2018Changes in fair value of Limited Partnership investments\u2019 per the Group Income </div><div class=\"t s2_145\" id=\"ti_145\" style=\"left:100px;bottom:486px;letter-spacing:0.11px;display:inline;\">Statement represents revaluation gains and losses on the Group\u2019s investment in </div><span>Limited Partnership funds.</span><span>Accounting Policy: </span><div class=\"t s3_146\" id=\"t1g_146\" style=\"left:647px;bottom:760px;letter-spacing:0.11px;display:inline;\">Consideration in respect of the sale of debt and equity investments may include </div><div class=\"t s3_146\" id=\"t1h_146\" style=\"left:647px;bottom:743px;letter-spacing:0.11px;display:inline;\">elements of deferred consideration where payment is received at a pre\u2013agreed </div><div class=\"t s3_146\" id=\"t1i_146\" style=\"left:647px;bottom:726px;letter-spacing:0.11px;display:inline;\">future date, and/or elements of contingent consideration where payment is </div><div class=\"t s3_146\" id=\"t1j_146\" style=\"left:647px;bottom:709px;letter-spacing:0.11px;display:inline;\">received based on, for example, achievement of specific drug development </div><div class=\"t s3_146\" id=\"t1k_146\" style=\"left:647px;bottom:692px;letter-spacing:0.11px;display:inline;\">milestones. In such instances, these amounts are designated at fair value through </div><div class=\"t s3_146\" id=\"t1l_146\" style=\"left:647px;bottom:676px;letter-spacing:0.11px;display:inline;\">profit and loss on initial recognition. Any subsequent remeasurement will be </div><span>recognised as changes in fair value in the statement of comprehensive income.</span><span>Accounting Policy: </span><div class=\"t s3_147\" id=\"t1o_147\" style=\"left:647px;bottom:744px;letter-spacing:0.11px;display:inline;\">The Group consolidates the assets of a co\u2013investment fund, IP Venture Fund II LP, </div><div class=\"t s3_147\" id=\"t1p_147\" style=\"left:647px;bottom:727px;letter-spacing:0.11px;display:inline;\">which it manages. Loans from third parties of consolidated funds represent third\u2013 </div><div class=\"t s3_147\" id=\"t1q_147\" style=\"left:647px;bottom:710px;letter-spacing:0.1px;display:inline;\">party LP loans into this partnership. Under the terms of the Limited Partnership </div><div class=\"t s3_147\" id=\"t1r_147\" style=\"left:647px;bottom:693px;letter-spacing:0.11px;display:inline;\">Agreement, these loans are repayable only upon these funds generating sufficient </div><div class=\"t s3_147\" id=\"t1s_147\" style=\"left:647px;bottom:676px;letter-spacing:0.11px;display:inline;\">realisations to repay the Limited Partners. Management anticipates that the funds </div><div class=\"t s3_147\" id=\"t1t_147\" style=\"left:647px;bottom:660px;letter-spacing:0.11px;display:inline;\">will generate the required returns and consequently recognises the full associated </div><span>liabilities.</span><span>Accounting Policy: </span><div class=\"t s1_148\" id=\"t3_148\" style=\"left:100px;bottom:734px;letter-spacing:0.11px;display:inline;\">Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the </div><div class=\"t s1_148\" id=\"t4_148\" style=\"left:100px;bottom:717px;letter-spacing:0.11px;display:inline;\">proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of comprehensive income over the period of the borrowing using </div><div class=\"t s1_148\" id=\"t5_148\" style=\"left:100px;bottom:701px;letter-spacing:0.11px;display:inline;\">the effective interest rate method. Costs incurred in the course of issuing additional debt are recognised on the balance sheet and charged to the income statement on a </div><span>straight line basis over the term of the borrowings.</span><span>Accounting Policy: </span><div class=\"t s2_150\" id=\"t3_150\" style=\"left:100px;bottom:760px;letter-spacing:0.1px;display:inline;\">Financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the Group\u2019s assets after deducting all liabilities. The objective of </div><div class=\"t s2_150\" id=\"t4_150\" style=\"left:100px;bottom:743px;letter-spacing:0.11px;display:inline;\">the Group is to manage capital so as to provide shareholders with above-average returns through capital growth over the medium-to-long term. The Group considers its </div><span>capital to comprise its share capital, share premium, merger reserve and retained earnings.</span><span>Accounting Policy: </span><div class=\"t s2_153\" id=\"t4_153\" style=\"left:100px;bottom:738px;letter-spacing:0.11px;display:inline;\">The Group operates a number of Long-Term Incentive Carry Schemes (\u201cLTICS\u201d) for </div><div class=\"t s2_153\" id=\"t5_153\" style=\"left:100px;bottom:721px;letter-spacing:0.11px;display:inline;\">eligible employees which may result in payments to scheme participants relating </div><div class=\"t s2_153\" id=\"t6_153\" style=\"left:100px;bottom:705px;letter-spacing:0.11px;display:inline;\">to returns from investments. </div><div class=\"t s2_153\" id=\"t7_153\" style=\"left:100px;bottom:679px;letter-spacing:0.11px;display:inline;\">Under the Group\u2019s LTICS arrangements, a profit\u2013sharing mechanism exists </div><div class=\"t s2_153\" id=\"t8_153\" style=\"left:100px;bottom:662px;letter-spacing:0.11px;display:inline;\">whereby if a specific vintage (being a group investment made within a defined </div><div class=\"t s2_153\" id=\"t9_153\" style=\"left:100px;bottom:646px;letter-spacing:0.11px;display:inline;\">time period) delivers returns in excess of the base cost of investments together </div><div class=\"t s2_153\" id=\"ta_153\" style=\"left:100px;bottom:629px;letter-spacing:0.11px;display:inline;\">with an agreed hurdle rate, scheme participants receive a share of excess returns. </div><div class=\"t s2_153\" id=\"tb_153\" style=\"left:100px;bottom:612px;letter-spacing:0.11px;display:inline;\">Of the Group\u2019s total equity and debt investments 65% are included in LTICS </div><div class=\"t s2_153\" id=\"tc_153\" style=\"left:100px;bottom:595px;letter-spacing:0.12px;display:inline;\">arrangements (2023: 69.0%). </div><div class=\"t s2_153\" id=\"td_153\" style=\"left:100px;bottom:570px;letter-spacing:0.1px;display:inline;\">The calculation of the liability in respect of the Group\u2019s LTICS is derived from the </div><div class=\"t s2_153\" id=\"te_153\" style=\"left:100px;bottom:553px;letter-spacing:0.11px;display:inline;\">fair value estimates for the relevant portfolio investments and does not involve </div><div class=\"t s2_153\" id=\"tf_153\" style=\"left:100px;bottom:536px;letter-spacing:0.1px;display:inline;\">significant additional judgement (although the fair value of the portfolio is a </div><div class=\"t s2_153\" id=\"tg_153\" style=\"left:100px;bottom:519px;letter-spacing:0.11px;display:inline;\">significant accounting estimate). The actual amounts of carried interest paid </div><div class=\"t s2_153\" id=\"th_153\" style=\"left:100px;bottom:502px;letter-spacing:0.11px;display:inline;\">will depend on the cash realisations of individual vintages, and valuations may </div><div class=\"t s2_153\" id=\"ti_153\" style=\"left:100px;bottom:486px;letter-spacing:0.1px;display:inline;\">change significantly in the next financial year. Movements in the liability are </div><span>recognised in the consolidated statement of comprehensive income.</span>",
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   "value": "<span>Revenue from services is derived from the provision of advisory and venture capital </span><div class=\"t s2_130\" id=\"ty_130\" style=\"left:87px;bottom:211px;letter-spacing:0.11px;display:inline;\">fund management services or from licensing activities, royalty revenues and patent </div><span>cost recoveries.</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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  },
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   "value": "<span>Revenue from services is derived from the provision of advisory and venture capital </span><div class=\"t s2_130\" id=\"ty_130\" style=\"left:87px;bottom:211px;letter-spacing:0.11px;display:inline;\">fund management services or from licensing activities, royalty revenues and patent </div><span>cost recoveries.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "<span>5. Operating segments </span><div class=\"t s2_130\" id=\"t11_130\" style=\"left:634px;bottom:799px;letter-spacing:0.12px;display:inline;\">For both the year ended 31 December 2024 and the year ended 31 December 2023, </div><div class=\"t s2_130\" id=\"t12_130\" style=\"left:634px;bottom:782px;letter-spacing:0.11px;display:inline;\">the Group\u2019s revenue and profit before taxation were derived largely from its principal </div><div class=\"t s2_130\" id=\"t13_130\" style=\"left:634px;bottom:765px;letter-spacing:0.1px;display:inline;\">activities within the UK. </div><div class=\"t s2_130\" id=\"t14_130\" style=\"left:634px;bottom:739px;letter-spacing:0.11px;display:inline;\">For management reporting purposes, the Group is currently organised into five </div><div class=\"t s2_130\" id=\"t15_130\" style=\"left:634px;bottom:723px;letter-spacing:0.12px;display:inline;\">operating segments: </div><div class=\"t s2_130\" id=\"t16_130\" style=\"left:634px;bottom:697px;letter-spacing:0.03px;display:inline;\">i. </div><div class=\"t s2_130\" id=\"t17_130\" style=\"left:656px;bottom:697px;letter-spacing:0.11px;display:inline;\">Venture Capital investing within our \u2018Healthier future\u2019 thematic area </div><div class=\"t s2_130\" id=\"t18_130\" style=\"left:634px;bottom:676px;letter-spacing:0.04px;display:inline;\">ii. </div><div class=\"t s2_130\" id=\"t19_130\" style=\"left:656px;bottom:676px;letter-spacing:0.11px;display:inline;\">Venture Capital investing within our \u2018Tech-enriched future\u2019 thematic area </div><div class=\"t s2_130\" id=\"t1a_130\" style=\"left:634px;bottom:655px;letter-spacing:0.04px;display:inline;\">iii. </div><div class=\"t s2_130\" id=\"t1b_130\" style=\"left:656px;bottom:655px;letter-spacing:0.11px;display:inline;\">Venture Capital investing within our \u2018Regenerative future\u2019 thematic area </div><div class=\"t s2_130\" id=\"t1c_130\" style=\"left:634px;bottom:634px;letter-spacing:0.05px;display:inline;\">iv. </div><div class=\"t s2_130\" id=\"t1d_130\" style=\"left:656px;bottom:634px;letter-spacing:0.11px;display:inline;\">Venture Capital investing: Other, representing investments not included within our </div><div class=\"t s2_130\" id=\"t1e_130\" style=\"left:656px;bottom:617px;letter-spacing:0.11px;display:inline;\">three thematic areas above, including platform investments </div><div class=\"t s2_130\" id=\"t1f_130\" style=\"left:634px;bottom:596px;letter-spacing:0.05px;display:inline;\">v. </div><div class=\"t s2_130\" id=\"t1g_130\" style=\"left:656px;bottom:596px;letter-spacing:0.11px;display:inline;\">the management of third-party funds and the provision of corporate </div><div class=\"t s2_130\" id=\"t1h_130\" style=\"left:656px;bottom:579px;letter-spacing:0.12px;display:inline;\">finance advice </div><div></div><div class=\"t s0_131\" id=\"t1_131\" style=\"left:87px;bottom:796px;letter-spacing:0.11px;display:inline;\">Reporting line items within Venture Capital investing which are not allocated by thematic sector are presented in the \u2018Venture Capital investing: other\u2019 segment. The element of </div>\n<div class=\"t s0_131\" id=\"t2_131\" style=\"left:87px;bottom:779px;letter-spacing:0.11px;display:inline;\">our \u2018Healthier future\u2019 thematic area relating to Oxford Nanopore Technologies Limited is disclosed separately given its size. </div>\n<div class=\"t s0_131\" id=\"t3_131\" style=\"left:87px;bottom:753px;letter-spacing:0.1px;display:inline;\">These activities are described in further detail in the strategic report on pages 16 to 20. </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"8\" rowspan=\"1\" style=\"text-align: center;\">   <div class=\"t s1_131\" id=\"t4_131\" style=\"left:694px;bottom:720px;letter-spacing:0.13px;display:inline;\">Year ended 31 December 2024 </div>    </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tg_131\" style=\"left:622px;bottom:695px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t6_131\" style=\"left:448px;bottom:679px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"th_131\" style=\"left:628px;bottom:679px;letter-spacing:0.1px;display:inline;\">capital </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tn_131\" style=\"left:721px;bottom:679px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t7_131\" style=\"left:454px;bottom:664px;letter-spacing:0.1px;display:inline;\">capital </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"ti_131\" style=\"left:611px;bottom:664px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"to_131\" style=\"left:727px;bottom:664px;letter-spacing:0.1px;display:inline;\">capital </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tt_131\" style=\"left:808px;bottom:664px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"ty_131\" style=\"left:895px;bottom:664px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t8_131\" style=\"left:437px;bottom:649px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_131\" id=\"tc_131\" style=\"left:530px;bottom:649px;letter-spacing:0.11px;display:inline;\">Of which </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tj_131\" style=\"left:634px;bottom:649px;letter-spacing:0.14px;display:inline;\">Tech- </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tp_131\" style=\"left:710px;bottom:649px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tu_131\" style=\"left:814px;bottom:649px;letter-spacing:0.1px;display:inline;\">capital </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tz_131\" style=\"left:900px;bottom:649px;letter-spacing:0.1px;display:inline;\">capital </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t13_131\" style=\"left:976px;bottom:651px;letter-spacing:0.11px;display:inline;\">Third-party </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t9_131\" style=\"left:441px;bottom:634px;letter-spacing:0.1px;display:inline;\">Healthier </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_131\" id=\"td_131\" style=\"left:543px;bottom:634px;letter-spacing:0.11px;display:inline;\">Oxford </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tk_131\" style=\"left:616px;bottom:634px;letter-spacing:0.11px;display:inline;\">enriched </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tq_131\" style=\"left:688px;bottom:634px;letter-spacing:0.12px;display:inline;\">Regenerative </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tv_131\" style=\"left:797px;bottom:634px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t10_131\" style=\"left:883px;bottom:634px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t14_131\" style=\"left:1019px;bottom:636px;letter-spacing:0.1px;display:inline;\">fund </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"ta_131\" style=\"left:460px;bottom:618px;letter-spacing:0.11px;display:inline;\">future </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_131\" id=\"te_131\" style=\"left:523px;bottom:618px;letter-spacing:0.12px;display:inline;\">Nanopore </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tl_131\" style=\"left:634px;bottom:618px;letter-spacing:0.11px;display:inline;\">future </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tr_131\" style=\"left:733px;bottom:618px;letter-spacing:0.11px;display:inline;\">future </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tw_131\" style=\"left:823px;bottom:618px;letter-spacing:0.13px;display:inline;\">Other </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t11_131\" style=\"left:913px;bottom:618px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t15_131\" style=\"left:962px;bottom:618px;letter-spacing:0.16px;display:inline;\">management </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t17_131\" style=\"left:1068px;bottom:618px;letter-spacing:0.13px;display:inline;\">Consolidated </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_131\" id=\"t5_131\" style=\"left:87px;bottom:601px;letter-spacing:0.13px;display:inline;\">Statement of comprehensive Income </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tb_131\" style=\"left:477px;bottom:601px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tf_131\" style=\"left:564px;bottom:601px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tm_131\" style=\"left:650px;bottom:601px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"ts_131\" style=\"left:750px;bottom:601px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"tx_131\" style=\"left:837px;bottom:601px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t12_131\" style=\"left:923px;bottom:601px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t16_131\" style=\"left:1027px;bottom:601px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s1_131\" id=\"t18_131\" style=\"left:1131px;bottom:601px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_131\" id=\"t19_131\" style=\"left:87px;bottom:578px;letter-spacing:0.11px;display:inline;\">Portfolio return and revenue </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_131\" id=\"t1a_131\" style=\"left:87px;bottom:558px;letter-spacing:0.11px;display:inline;\">Change in fair value of equity and debt investments </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1b_131\" style=\"left:462px;bottom:558px;letter-spacing:0.11px;display:inline;\">(126.0) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t1c_131\" style=\"left:552px;bottom:558px;letter-spacing:0.12px;display:inline;\">(65.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1d_131\" style=\"left:638px;bottom:558px;letter-spacing:0.12px;display:inline;\">(45.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1e_131\" style=\"left:743px;bottom:558px;letter-spacing:0.1px;display:inline;\">(75.1) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1f_131\" style=\"left:839px;bottom:558px;letter-spacing:0.09px;display:inline;\">0.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1g_131\" style=\"left:908px;bottom:558px;letter-spacing:0.11px;display:inline;\">(246.1) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1h_131\" style=\"left:1039px;bottom:558px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1i_131\" style=\"left:1116px;bottom:558px;letter-spacing:0.11px;display:inline;\">(246.1) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_131\" id=\"t1j_131\" style=\"left:87px;bottom:538px;letter-spacing:0.11px;word-spacing:-0.01px;display:inline;\">(Loss)/gain on disposal of equity and debt investments </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1k_131\" style=\"left:480px;bottom:538px;letter-spacing:0.08px;display:inline;\">7.5 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t1l_131\" style=\"left:561px;bottom:538px;letter-spacing:0.11px;display:inline;\">(0.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1m_131\" style=\"left:648px;bottom:538px;letter-spacing:0.08px;display:inline;\">56.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1n_131\" style=\"left:762px;bottom:538px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1o_131\" style=\"left:842px;bottom:538px;letter-spacing:0.07px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1p_131\" style=\"left:919px;bottom:538px;letter-spacing:0.09px;display:inline;\">63.7 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1q_131\" style=\"left:1040px;bottom:538px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1r_131\" style=\"left:1127px;bottom:538px;letter-spacing:0.09px;display:inline;\">63.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_131\" id=\"t1s_131\" style=\"left:87px;bottom:518px;letter-spacing:0.1px;display:inline;\">Change in fair value of limited and limited liability </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_131\" id=\"t1t_131\" style=\"left:87px;bottom:501px;letter-spacing:0.11px;display:inline;\">partnership interests </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> <div class=\"t s4_131\" id=\"t1u_131\" style=\"left:829px;bottom:518px;letter-spacing:0.1px;display:inline;\">(12.6) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> <div class=\"t s4_131\" id=\"t1v_131\" style=\"left:916px;bottom:518px;letter-spacing:0.1px;display:inline;\">(12.6) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> <div class=\"t s4_131\" id=\"t1w_131\" style=\"left:1040px;bottom:518px;display:inline;\">\u2013 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> <div class=\"t s4_131\" id=\"t1x_131\" style=\"left:1124px;bottom:518px;letter-spacing:0.1px;display:inline;\">(12.6) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_131\" id=\"t1y_131\" style=\"left:87px;bottom:481px;letter-spacing:0.12px;display:inline;\">Revenue from services and other income </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t1z_131\" style=\"left:839px;bottom:481px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t20_131\" style=\"left:926px;bottom:481px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t21_131\" style=\"left:1030px;bottom:481px;letter-spacing:0.11px;display:inline;\">5.2 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t22_131\" style=\"left:1133px;bottom:481px;letter-spacing:0.11px;display:inline;\">5.5 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t23_131\" style=\"left:464px;bottom:461px;letter-spacing:0.1px;display:inline;\">(118.5) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t24_131\" style=\"left:553px;bottom:461px;letter-spacing:0.11px;display:inline;\">(66.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t25_131\" style=\"left:648px;bottom:461px;letter-spacing:0.08px;display:inline;\">10.5 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t26_131\" style=\"left:743px;bottom:461px;letter-spacing:0.1px;display:inline;\">(75.1) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t27_131\" style=\"left:832px;bottom:461px;letter-spacing:0.1px;display:inline;\">(11.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t28_131\" style=\"left:908px;bottom:461px;letter-spacing:0.11px;display:inline;\">(194.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t29_131\" style=\"left:1030px;bottom:461px;letter-spacing:0.08px;display:inline;\">5.2 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2a_131\" style=\"left:1115px;bottom:461px;letter-spacing:0.11px;display:inline;\">(189.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s4_131\" id=\"t2b_131\" style=\"left:87px;bottom:440px;letter-spacing:0.12px;display:inline;\">Administrative expenses </div><div class=\"t s6_131\" id=\"t2c_131\" style=\"vertical-align: super;left:241px;bottom:447px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_131\" id=\"t2d_131\" style=\"left:87px;bottom:420px;letter-spacing:0.1px;display:inline;\">Carried interest plan credit </div> <div class=\"t s6_131\" id=\"t2e_131\" style=\"vertical-align: super;left:252px;bottom:426px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2f_131\" style=\"left:840px;bottom:420px;letter-spacing:0.11px;display:inline;\">7.9 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2g_131\" style=\"left:927px;bottom:420px;letter-spacing:0.11px;display:inline;\">7.9 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2h_131\" style=\"left:1039px;bottom:420px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2i_131\" style=\"left:1134px;bottom:420px;letter-spacing:0.11px;display:inline;\">7.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_131\" id=\"t2j_131\" style=\"left:87px;bottom:400px;letter-spacing:0.13px;display:inline;\">Share-based payment charge </div><div class=\"t s6_131\" id=\"t2k_131\" style=\"vertical-align: super;left:272px;bottom:406px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2l_131\" style=\"left:836px;bottom:400px;letter-spacing:0.1px;display:inline;\">(1.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2m_131\" style=\"left:923px;bottom:400px;letter-spacing:0.1px;display:inline;\">(1.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2n_131\" style=\"left:1024px;bottom:400px;letter-spacing:0.11px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2o_131\" style=\"left:1131px;bottom:400px;letter-spacing:0.1px;display:inline;\">(1.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_131\" id=\"t2p_131\" style=\"left:87px;bottom:380px;letter-spacing:0.12px;display:inline;\">Other administrative expenses </div><div class=\"t s6_131\" id=\"t2q_131\" style=\"vertical-align: super;left:271px;bottom:386px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2r_131\" style=\"left:828px;bottom:380px;letter-spacing:0.11px;display:inline;\">(19.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2s_131\" style=\"left:915px;bottom:380px;letter-spacing:0.11px;display:inline;\">(19.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2t_131\" style=\"left:1023px;bottom:380px;letter-spacing:0.11px;display:inline;\">(5.5) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2u_131\" style=\"left:1121px;bottom:380px;letter-spacing:0.11px;display:inline;\">(25.3) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2v_131\" style=\"left:829px;bottom:360px;letter-spacing:0.1px;display:inline;\">(13.5) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2w_131\" style=\"left:915px;bottom:360px;letter-spacing:0.1px;display:inline;\">(13.5) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2x_131\" style=\"left:1023px;bottom:360px;letter-spacing:0.11px;display:inline;\">(5.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t2y_131\" style=\"left:1123px;bottom:360px;letter-spacing:0.1px;display:inline;\">(19.3) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_131\" id=\"t2z_131\" style=\"left:87px;bottom:339px;letter-spacing:0.12px;display:inline;\">Operating loss </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t30_131\" style=\"left:464px;bottom:339px;letter-spacing:0.1px;display:inline;\">(118.5) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t31_131\" style=\"left:553px;bottom:339px;letter-spacing:0.11px;display:inline;\">(66.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t32_131\" style=\"left:648px;bottom:339px;letter-spacing:0.11px;display:inline;\">10.5 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t33_131\" style=\"left:743px;bottom:339px;letter-spacing:0.1px;display:inline;\">(75.1) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t34_131\" style=\"left:829px;bottom:339px;letter-spacing:0.1px;display:inline;\">(25.1) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t35_131\" style=\"left:905px;bottom:339px;letter-spacing:0.12px;display:inline;\">(208.2) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t36_131\" style=\"left:1023px;bottom:339px;letter-spacing:0.11px;display:inline;\">(0.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t37_131\" style=\"left:1112px;bottom:339px;letter-spacing:0.12px;display:inline;\">(208.8) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_131\" id=\"t38_131\" style=\"left:87px;bottom:319px;letter-spacing:0.13px;display:inline;\">Finance income </div><div class=\"t s6_131\" id=\"t39_131\" style=\"vertical-align: super;left:184px;bottom:325px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3a_131\" style=\"left:842px;bottom:319px;letter-spacing:0.09px;display:inline;\">8.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3b_131\" style=\"left:929px;bottom:319px;letter-spacing:0.09px;display:inline;\">8.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3c_131\" style=\"left:1030px;bottom:319px;letter-spacing:0.11px;display:inline;\">0.7 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3d_131\" style=\"left:1133px;bottom:319px;letter-spacing:0.11px;display:inline;\">8.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_131\" id=\"t3e_131\" style=\"left:87px;bottom:299px;letter-spacing:0.12px;display:inline;\">Finance costs </div><div class=\"t s6_131\" id=\"t3f_131\" style=\"vertical-align: super;left:170px;bottom:305px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3g_131\" style=\"left:834px;bottom:299px;letter-spacing:0.11px;display:inline;\">(6.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3h_131\" style=\"left:920px;bottom:299px;letter-spacing:0.11px;display:inline;\">(6.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3i_131\" style=\"left:1039px;bottom:299px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3j_131\" style=\"left:1128px;bottom:299px;letter-spacing:0.11px;display:inline;\">(6.7) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_131\" id=\"t3k_131\" style=\"left:87px;bottom:279px;letter-spacing:0.11px;display:inline;\">Loss before taxation </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3l_131\" style=\"left:464px;bottom:279px;letter-spacing:0.1px;display:inline;\">(118.5) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t3m_131\" style=\"left:553px;bottom:279px;letter-spacing:0.11px;display:inline;\">(66.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3n_131\" style=\"left:648px;bottom:279px;letter-spacing:0.11px;display:inline;\">10.5 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3o_131\" style=\"left:743px;bottom:279px;letter-spacing:0.1px;display:inline;\">(75.1) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3p_131\" style=\"left:827px;bottom:279px;letter-spacing:0.11px;display:inline;\">(23.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3q_131\" style=\"left:904px;bottom:279px;letter-spacing:0.12px;display:inline;\">(206.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3r_131\" style=\"left:1033px;bottom:279px;letter-spacing:0.09px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3s_131\" style=\"left:1113px;bottom:279px;letter-spacing:0.12px;display:inline;\">(206.7) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_131\" id=\"t3t_131\" style=\"left:87px;bottom:259px;letter-spacing:0.12px;display:inline;\">Taxation </div><div class=\"t s6_131\" id=\"t3u_131\" style=\"vertical-align: super;left:138px;bottom:265px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3v_131\" style=\"left:833px;bottom:259px;letter-spacing:0.11px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3w_131\" style=\"left:920px;bottom:259px;letter-spacing:0.11px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3x_131\" style=\"left:1039px;bottom:259px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t3y_131\" style=\"left:1128px;bottom:259px;letter-spacing:0.11px;display:inline;\">(0.3) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_131\" id=\"t3z_131\" style=\"left:87px;bottom:238px;letter-spacing:0.11px;display:inline;\">Loss for the year </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t40_131\" style=\"left:464px;bottom:238px;letter-spacing:0.1px;display:inline;\">(118.5) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t41_131\" style=\"left:553px;bottom:238px;letter-spacing:0.11px;display:inline;\">(66.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t42_131\" style=\"left:648px;bottom:238px;letter-spacing:0.11px;display:inline;\">10.5 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t43_131\" style=\"left:743px;bottom:238px;letter-spacing:0.1px;display:inline;\">(75.1) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t44_131\" style=\"left:825px;bottom:238px;letter-spacing:0.12px;display:inline;\">(24.0) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t45_131\" style=\"left:909px;bottom:238px;letter-spacing:0.11px;display:inline;\">(207.1) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t46_131\" style=\"left:1033px;bottom:238px;letter-spacing:0.09px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t47_131\" style=\"left:1113px;bottom:238px;letter-spacing:0.12px;display:inline;\">(207.0) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_131\" id=\"t48_131\" style=\"left:87px;bottom:198px;letter-spacing:0.13px;display:inline;\">STATEMENT OF FINANCIAL POSITION </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_131\" id=\"t49_131\" style=\"left:87px;bottom:178px;letter-spacing:0.12px;display:inline;\">Assets </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4a_131\" style=\"left:467px;bottom:178px;letter-spacing:0.09px;display:inline;\">463.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t4b_131\" style=\"left:554px;bottom:178px;letter-spacing:0.09px;display:inline;\">106.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4c_131\" style=\"left:647px;bottom:178px;letter-spacing:0.07px;display:inline;\">101.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4d_131\" style=\"left:741px;bottom:178px;letter-spacing:0.09px;display:inline;\">215.9 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4e_131\" style=\"left:824px;bottom:178px;letter-spacing:0.1px;display:inline;\">352.0 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4f_131\" style=\"left:910px;bottom:178px;letter-spacing:0.08px;display:inline;\">1,132.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4g_131\" style=\"left:1028px;bottom:178px;letter-spacing:0.07px;display:inline;\">19.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4h_131\" style=\"left:1118px;bottom:178px;letter-spacing:0.08px;display:inline;\">1,151.2 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s0_131\" id=\"t4i_131\" style=\"left:87px;bottom:158px;letter-spacing:0.09px;display:inline;\">Liabilities </div><div class=\"t s6_131\" id=\"t4j_131\" style=\"vertical-align: super;left:140px;bottom:164px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> </td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4k_131\" style=\"left:824px;bottom:158px;letter-spacing:0.1px;display:inline;\">(191.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4l_131\" style=\"left:911px;bottom:158px;letter-spacing:0.1px;display:inline;\">(191.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4m_131\" style=\"left:1023px;bottom:158px;letter-spacing:0.11px;display:inline;\">(6.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4n_131\" style=\"left:1116px;bottom:158px;letter-spacing:0.11px;display:inline;\">(198.7) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_131\" id=\"t4o_131\" style=\"left:87px;bottom:137px;letter-spacing:0.12px;display:inline;\">Net Assets </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4p_131\" style=\"left:467px;bottom:137px;letter-spacing:0.09px;display:inline;\">463.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t4q_131\" style=\"left:554px;bottom:137px;letter-spacing:0.09px;display:inline;\">106.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4r_131\" style=\"left:647px;bottom:137px;letter-spacing:0.07px;display:inline;\">101.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4s_131\" style=\"left:741px;bottom:137px;letter-spacing:0.09px;display:inline;\">215.9 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4t_131\" style=\"left:827px;bottom:137px;letter-spacing:0.11px;display:inline;\">160.2 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4u_131\" style=\"left:910px;bottom:137px;letter-spacing:0.12px;display:inline;\">940.3 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4v_131\" style=\"left:1026px;bottom:137px;letter-spacing:0.1px;display:inline;\">12.2 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4w_131\" style=\"left:1118px;bottom:137px;letter-spacing:0.12px;display:inline;\">952.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_131\" id=\"t4x_131\" style=\"left:87px;bottom:117px;letter-spacing:0.13px;display:inline;\">Other segment items </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_131\" id=\"t4y_131\" style=\"left:87px;bottom:97px;letter-spacing:0.11px;display:inline;\">Portfolio investment </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t4z_131\" style=\"left:466px;bottom:97px;letter-spacing:0.11px;display:inline;\">(36.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t50_131\" style=\"left:564px;bottom:97px;letter-spacing:0.1px;display:inline;\">(1.0) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t51_131\" style=\"left:646px;bottom:97px;letter-spacing:0.11px;display:inline;\">(8.5) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t52_131\" style=\"left:743px;bottom:97px;letter-spacing:0.1px;display:inline;\">(15.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t53_131\" style=\"left:834px;bottom:97px;letter-spacing:0.11px;display:inline;\">(2.5) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t54_131\" style=\"left:912px;bottom:97px;letter-spacing:0.12px;display:inline;\">(63.0) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t55_131\" style=\"left:1040px;bottom:97px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t56_131\" style=\"left:1120px;bottom:97px;letter-spacing:0.12px;display:inline;\">(63.0) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_131\" id=\"t57_131\" style=\"left:87px;bottom:77px;letter-spacing:0.13px;display:inline;\">Cash proceeds </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t58_131\" style=\"left:472px;bottom:77px;letter-spacing:0.12px;display:inline;\">30.4 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s5_131\" id=\"t59_131\" style=\"left:570px;bottom:77px;letter-spacing:0.09px;display:inline;\">1.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t5a_131\" style=\"left:640px;bottom:77px;letter-spacing:0.11px;display:inline;\">148.9 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t5b_131\" style=\"left:762px;bottom:77px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t5c_131\" style=\"left:842px;bottom:77px;letter-spacing:0.1px;display:inline;\">4.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t5d_131\" style=\"left:913px;bottom:77px;letter-spacing:0.11px;display:inline;\">183.4 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t5e_131\" style=\"left:1040px;bottom:77px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s4_131\" id=\"t5f_131\" style=\"left:1121px;bottom:77px;letter-spacing:0.11px;display:inline;\">183.4 </div></td></tr>\n                                        </table>\n\n\n\n<div class=\"t sc_131\" id=\"t5o_131\" style=\"left:87px;bottom:816px;letter-spacing:0.18px;display:inline;\"> </div><div class=\"t sd_131\" id=\"t5p_131\" style=\"left:304px;bottom:819px;letter-spacing:0.13px;display:inline;\"> </div><div></div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"8\" rowspan=\"1\" style=\"text-align: center;\">   <div class=\"t s0_132\" id=\"t1_132\" style=\"left:694px;bottom:790px;letter-spacing:0.13px;display:inline;\">Year ended 31 December 2023 </div>    </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"td_132\" style=\"left:622px;bottom:765px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t3_132\" style=\"left:448px;bottom:749px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"te_132\" style=\"left:628px;bottom:749px;letter-spacing:0.1px;display:inline;\">capital </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tk_132\" style=\"left:721px;bottom:749px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t4_132\" style=\"left:454px;bottom:734px;letter-spacing:0.1px;display:inline;\">capital </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tf_132\" style=\"left:611px;bottom:734px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tl_132\" style=\"left:727px;bottom:734px;letter-spacing:0.1px;display:inline;\">capital </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tq_132\" style=\"left:808px;bottom:734px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tv_132\" style=\"left:895px;bottom:734px;letter-spacing:0.11px;display:inline;\">Venture </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t5_132\" style=\"left:437px;bottom:719px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t9_132\" style=\"left:531px;bottom:719px;letter-spacing:0.11px;display:inline;\">Of which </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tg_132\" style=\"left:634px;bottom:719px;letter-spacing:0.14px;display:inline;\">Tech- </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tm_132\" style=\"left:710px;bottom:719px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tr_132\" style=\"left:814px;bottom:719px;letter-spacing:0.1px;display:inline;\">capital </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tw_132\" style=\"left:900px;bottom:719px;letter-spacing:0.1px;display:inline;\">capital </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t10_132\" style=\"left:1009px;bottom:719px;letter-spacing:0.12px;display:inline;\">Third- </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t6_132\" style=\"left:441px;bottom:703px;letter-spacing:0.1px;display:inline;\">Healthier </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"ta_132\" style=\"left:543px;bottom:703px;letter-spacing:0.11px;display:inline;\">Oxford </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"th_132\" style=\"left:616px;bottom:703px;letter-spacing:0.11px;display:inline;\">enriched </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tn_132\" style=\"left:688px;bottom:703px;letter-spacing:0.12px;display:inline;\">Regenerative </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"ts_132\" style=\"left:797px;bottom:703px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tx_132\" style=\"left:883px;bottom:703px;letter-spacing:0.1px;display:inline;\">investing: </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t11_132\" style=\"left:983px;bottom:703px;letter-spacing:0.11px;display:inline;\">party fund </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t7_132\" style=\"left:460px;bottom:688px;letter-spacing:0.11px;display:inline;\">future </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tb_132\" style=\"left:523px;bottom:688px;letter-spacing:0.12px;display:inline;\">Nanopore </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"ti_132\" style=\"left:634px;bottom:688px;letter-spacing:0.11px;display:inline;\">future </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"to_132\" style=\"left:733px;bottom:688px;letter-spacing:0.11px;display:inline;\">future </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tt_132\" style=\"left:823px;bottom:688px;letter-spacing:0.13px;display:inline;\">Other </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"ty_132\" style=\"left:913px;bottom:688px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t12_132\" style=\"left:962px;bottom:688px;letter-spacing:0.16px;display:inline;\">management </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t14_132\" style=\"left:1068px;bottom:688px;letter-spacing:0.13px;display:inline;\">Consolidated </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_132\" id=\"t2_132\" style=\"left:87px;bottom:671px;letter-spacing:0.13px;display:inline;\">Statement of Comprehensive Income </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t8_132\" style=\"left:477px;bottom:671px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tc_132\" style=\"left:564px;bottom:671px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tj_132\" style=\"left:650px;bottom:671px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tp_132\" style=\"left:750px;bottom:671px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tu_132\" style=\"left:837px;bottom:671px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"tz_132\" style=\"left:923px;bottom:671px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t13_132\" style=\"left:1027px;bottom:671px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s0_132\" id=\"t15_132\" style=\"left:1131px;bottom:671px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_132\" id=\"t16_132\" style=\"left:87px;bottom:648px;letter-spacing:0.11px;display:inline;\">Portfolio return and revenue </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_132\" id=\"t17_132\" style=\"left:87px;bottom:628px;letter-spacing:0.11px;display:inline;\">Change in fair value of equity and debt investments </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t18_132\" style=\"left:468px;bottom:628px;letter-spacing:0.11px;display:inline;\">(92.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t19_132\" style=\"left:559px;bottom:628px;letter-spacing:0.09px;display:inline;\">(31.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1a_132\" style=\"left:650px;bottom:628px;letter-spacing:0.1px;display:inline;\">(7.0) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1b_132\" style=\"left:745px;bottom:628px;letter-spacing:0.1px;display:inline;\">(8.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1c_132\" style=\"left:836px;bottom:628px;letter-spacing:0.1px;display:inline;\">(2.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1d_132\" style=\"left:914px;bottom:628px;letter-spacing:0.09px;display:inline;\">(110.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1e_132\" style=\"left:1040px;bottom:628px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1f_132\" style=\"left:1122px;bottom:628px;letter-spacing:0.09px;display:inline;\">(110.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_132\" id=\"t1g_132\" style=\"left:87px;bottom:608px;letter-spacing:0.11px;word-spacing:-0.01px;display:inline;\">(Loss)/gain on disposal of equity and debt investments </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1h_132\" style=\"left:473px;bottom:608px;letter-spacing:0.09px;display:inline;\">(12.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t1i_132\" style=\"left:577px;bottom:608px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1j_132\" style=\"left:659px;bottom:608px;letter-spacing:0.08px;display:inline;\">2.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1k_132\" style=\"left:759px;bottom:608px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1l_132\" style=\"left:850px;bottom:608px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1m_132\" style=\"left:918px;bottom:608px;letter-spacing:0.09px;display:inline;\">(10.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1n_132\" style=\"left:1040px;bottom:608px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1o_132\" style=\"left:1126px;bottom:608px;letter-spacing:0.09px;display:inline;\">(10.8) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_132\" id=\"t1p_132\" style=\"left:87px;bottom:588px;letter-spacing:0.1px;display:inline;\">Change in fair value of limited and limited liability </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_132\" id=\"t1q_132\" style=\"left:87px;bottom:571px;letter-spacing:0.11px;display:inline;\">partnership interests </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0<div class=\"t s2_132\" id=\"t1r_132\" style=\"left:828px;bottom:588px;letter-spacing:0.11px;display:inline;\">(38.8) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0<div class=\"t s2_132\" id=\"t1s_132\" style=\"left:914px;bottom:588px;letter-spacing:0.11px;display:inline;\">(38.8) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0<div class=\"t s2_132\" id=\"t1t_132\" style=\"left:1040px;bottom:588px;display:inline;\">\u2013 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0<div class=\"t s2_132\" id=\"t1u_132\" style=\"left:1122px;bottom:588px;letter-spacing:0.11px;display:inline;\">(38.8) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_132\" id=\"t1v_132\" style=\"left:87px;bottom:551px;letter-spacing:0.12px;display:inline;\">Revenue from services and other income </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1w_132\" style=\"left:845px;bottom:551px;letter-spacing:0.08px;display:inline;\">1.3 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1x_132\" style=\"left:931px;bottom:551px;letter-spacing:0.08px;display:inline;\">1.3 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1y_132\" style=\"left:1031px;bottom:551px;letter-spacing:0.11px;display:inline;\">4.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t1z_132\" style=\"left:1135px;bottom:551px;letter-spacing:0.11px;display:inline;\">5.9 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t20_132\" style=\"left:464px;bottom:530px;letter-spacing:0.1px;display:inline;\">(105.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t21_132\" style=\"left:559px;bottom:530px;letter-spacing:0.09px;display:inline;\">(31.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t22_132\" style=\"left:649px;bottom:530px;letter-spacing:0.1px;display:inline;\">(4.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t23_132\" style=\"left:745px;bottom:530px;letter-spacing:0.1px;display:inline;\">(8.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t24_132\" style=\"left:828px;bottom:530px;letter-spacing:0.11px;display:inline;\">(39.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t25_132\" style=\"left:911px;bottom:530px;letter-spacing:0.1px;display:inline;\">(159.2) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t26_132\" style=\"left:1031px;bottom:530px;letter-spacing:0.11px;display:inline;\">4.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t27_132\" style=\"left:1118px;bottom:530px;letter-spacing:0.1px;display:inline;\">(154.6) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_132\" id=\"t28_132\" style=\"left:87px;bottom:510px;letter-spacing:0.12px;display:inline;\">Administrative expenses </div><div class=\"t s4_132\" id=\"t29_132\" style=\"vertical-align: super;left:241px;bottom:517px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_132\" id=\"t2a_132\" style=\"left:87px;bottom:490px;letter-spacing:0.11px;display:inline;\">Carried interest plan credit </div><div class=\"t s4_132\" id=\"t2b_132\" style=\"vertical-align: super;left:249px;bottom:496px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2c_132\" style=\"left:841px;bottom:490px;letter-spacing:0.1px;display:inline;\">4.7 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2d_132\" style=\"left:928px;bottom:490px;letter-spacing:0.1px;display:inline;\">4.7 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2e_132\" style=\"left:1040px;bottom:490px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2f_132\" style=\"left:1136px;bottom:490px;letter-spacing:0.1px;display:inline;\">4.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_132\" id=\"t2g_132\" style=\"left:87px;bottom:470px;letter-spacing:0.13px;display:inline;\">Share-based payment charge </div><div class=\"t s4_132\" id=\"t2h_132\" style=\"vertical-align: super;left:272px;bottom:476px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2i_132\" style=\"left:836px;bottom:470px;letter-spacing:0.1px;display:inline;\">(2.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2j_132\" style=\"left:923px;bottom:470px;letter-spacing:0.1px;display:inline;\">(2.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2k_132\" style=\"left:1026px;bottom:470px;letter-spacing:0.1px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2l_132\" style=\"left:1130px;bottom:470px;letter-spacing:0.1px;display:inline;\">(2.6) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_132\" id=\"t2m_132\" style=\"left:87px;bottom:450px;letter-spacing:0.12px;display:inline;\">Other administrative expenses </div><div class=\"t s4_132\" id=\"t2n_132\" style=\"vertical-align: super;left:271px;bottom:456px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2o_132\" style=\"left:828px;bottom:450px;letter-spacing:0.1px;display:inline;\">(22.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2p_132\" style=\"left:915px;bottom:450px;letter-spacing:0.1px;display:inline;\">(22.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2q_132\" style=\"left:1026px;bottom:450px;letter-spacing:0.1px;display:inline;\">(5.4) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2r_132\" style=\"left:1122px;bottom:450px;letter-spacing:0.1px;display:inline;\">(28.0) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2s_132\" style=\"left:829px;bottom:429px;letter-spacing:0.1px;display:inline;\">(20.2) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2t_132\" style=\"left:915px;bottom:429px;letter-spacing:0.1px;display:inline;\">(20.2) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2u_132\" style=\"left:1027px;bottom:429px;letter-spacing:0.1px;display:inline;\">(5.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2v_132\" style=\"left:1122px;bottom:429px;letter-spacing:0.11px;display:inline;\">(25.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_132\" id=\"t2w_132\" style=\"left:87px;bottom:409px;letter-spacing:0.12px;display:inline;\">Operating loss </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2x_132\" style=\"left:464px;bottom:409px;letter-spacing:0.1px;display:inline;\">(105.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t2y_132\" style=\"left:559px;bottom:409px;letter-spacing:0.09px;display:inline;\">(31.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t2z_132\" style=\"left:649px;bottom:409px;letter-spacing:0.1px;display:inline;\">(4.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t30_132\" style=\"left:745px;bottom:409px;letter-spacing:0.1px;display:inline;\">(8.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t31_132\" style=\"left:827px;bottom:409px;letter-spacing:0.11px;display:inline;\">(60.0) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t32_132\" style=\"left:912px;bottom:409px;letter-spacing:0.1px;display:inline;\">(179.4) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t33_132\" style=\"left:1034px;bottom:409px;letter-spacing:0.07px;display:inline;\">(1.1) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t34_132\" style=\"left:1118px;bottom:409px;letter-spacing:0.1px;display:inline;\">(180.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_132\" id=\"t35_132\" style=\"left:87px;bottom:389px;letter-spacing:0.13px;display:inline;\">Finance income </div><div class=\"t s4_132\" id=\"t36_132\" style=\"vertical-align: super;left:184px;bottom:395px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t37_132\" style=\"left:840px;bottom:389px;letter-spacing:0.11px;display:inline;\">9.4 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t38_132\" style=\"left:927px;bottom:389px;letter-spacing:0.11px;display:inline;\">9.4 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t39_132\" style=\"left:1031px;bottom:389px;letter-spacing:0.1px;display:inline;\">0.4 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3a_132\" style=\"left:1134px;bottom:389px;letter-spacing:0.11px;display:inline;\">9.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_132\" id=\"t3b_132\" style=\"left:87px;bottom:369px;letter-spacing:0.12px;display:inline;\">Finance costs </div><div class=\"t s4_132\" id=\"t3c_132\" style=\"vertical-align: super;left:170px;bottom:375px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3d_132\" style=\"left:835px;bottom:369px;letter-spacing:0.1px;display:inline;\">(5.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3e_132\" style=\"left:922px;bottom:369px;letter-spacing:0.1px;display:inline;\">(5.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3f_132\" style=\"left:1040px;bottom:369px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3g_132\" style=\"left:1129px;bottom:369px;letter-spacing:0.1px;display:inline;\">(5.6) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_132\" id=\"t3h_132\" style=\"left:87px;bottom:349px;letter-spacing:0.11px;display:inline;\">Loss before taxation </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3i_132\" style=\"left:464px;bottom:349px;letter-spacing:0.1px;display:inline;\">(105.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t3j_132\" style=\"left:559px;bottom:349px;letter-spacing:0.09px;display:inline;\">(31.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3k_132\" style=\"left:649px;bottom:349px;letter-spacing:0.1px;display:inline;\">(4.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3l_132\" style=\"left:745px;bottom:349px;letter-spacing:0.1px;display:inline;\">(8.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3m_132\" style=\"left:828px;bottom:349px;letter-spacing:0.11px;display:inline;\">(56.2) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3n_132\" style=\"left:911px;bottom:349px;letter-spacing:0.1px;display:inline;\">(175.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3o_132\" style=\"left:1027px;bottom:349px;letter-spacing:0.1px;display:inline;\">(0.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3p_132\" style=\"left:1120px;bottom:349px;letter-spacing:0.1px;display:inline;\">(176.3) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_132\" id=\"t3q_132\" style=\"left:87px;bottom:328px;letter-spacing:0.12px;display:inline;\">Taxation </div><div class=\"t s4_132\" id=\"t3r_132\" style=\"vertical-align: super;left:138px;bottom:335px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3s_132\" style=\"left:844px;bottom:328px;letter-spacing:0.08px;display:inline;\">1.9 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3t_132\" style=\"left:931px;bottom:328px;letter-spacing:0.08px;display:inline;\">1.9 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3u_132\" style=\"left:1040px;bottom:328px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3v_132\" style=\"left:1139px;bottom:328px;letter-spacing:0.08px;display:inline;\">1.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_132\" id=\"t3w_132\" style=\"left:87px;bottom:308px;letter-spacing:0.11px;display:inline;\">Loss for the year </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3x_132\" style=\"left:464px;bottom:308px;letter-spacing:0.1px;display:inline;\">(105.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t3y_132\" style=\"left:559px;bottom:308px;letter-spacing:0.09px;display:inline;\">(31.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t3z_132\" style=\"left:649px;bottom:308px;letter-spacing:0.1px;display:inline;\">(4.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t40_132\" style=\"left:745px;bottom:308px;letter-spacing:0.1px;display:inline;\">(8.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t41_132\" style=\"left:828px;bottom:308px;letter-spacing:0.11px;display:inline;\">(54.3) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t42_132\" style=\"left:913px;bottom:308px;letter-spacing:0.09px;display:inline;\">(173.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t43_132\" style=\"left:1027px;bottom:308px;letter-spacing:0.1px;display:inline;\">(0.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t44_132\" style=\"left:1120px;bottom:308px;letter-spacing:0.1px;display:inline;\">(174.4) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_132\" id=\"t45_132\" style=\"left:87px;bottom:268px;letter-spacing:0.13px;display:inline;\">STATEMENT OF FINANCIAL POSITION </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_132\" id=\"t46_132\" style=\"left:87px;bottom:248px;letter-spacing:0.12px;display:inline;\">Assets </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t47_132\" style=\"left:467px;bottom:248px;letter-spacing:0.11px;display:inline;\">576.5 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t48_132\" style=\"left:558px;bottom:248px;letter-spacing:0.1px;display:inline;\">173.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t49_132\" style=\"left:644px;bottom:248px;letter-spacing:0.1px;display:inline;\">231.4 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4a_132\" style=\"left:736px;bottom:248px;letter-spacing:0.11px;display:inline;\">275.3 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4b_132\" style=\"left:830px;bottom:248px;letter-spacing:0.1px;display:inline;\">310.2 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4c_132\" style=\"left:907px;bottom:248px;letter-spacing:0.1px;display:inline;\">1,393.4 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4d_132\" style=\"left:1028px;bottom:248px;letter-spacing:0.09px;display:inline;\">18.2 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4e_132\" style=\"left:1122px;bottom:248px;letter-spacing:0.08px;display:inline;\">1,411.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_132\" id=\"t4f_132\" style=\"left:87px;bottom:227px;letter-spacing:0.09px;display:inline;\">Liabilities </div><div class=\"t s4_132\" id=\"t4g_132\" style=\"vertical-align: super;left:140px;bottom:234px;display:inline;\">1 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4h_132\" style=\"left:826px;bottom:227px;letter-spacing:0.1px;display:inline;\">(214.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4i_132\" style=\"left:912px;bottom:227px;letter-spacing:0.1px;display:inline;\">(214.7) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4j_132\" style=\"left:1025px;bottom:227px;letter-spacing:0.1px;display:inline;\">(6.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4k_132\" style=\"left:1120px;bottom:227px;letter-spacing:0.1px;display:inline;\">(221.3) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_132\" id=\"t4l_132\" style=\"left:87px;bottom:207px;letter-spacing:0.12px;display:inline;\">Net Assets </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4m_132\" style=\"left:467px;bottom:207px;letter-spacing:0.11px;display:inline;\">576.5 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t4n_132\" style=\"left:558px;bottom:207px;letter-spacing:0.1px;display:inline;\">173.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4o_132\" style=\"left:644px;bottom:207px;letter-spacing:0.1px;display:inline;\">231.4 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4p_132\" style=\"left:736px;bottom:207px;letter-spacing:0.11px;display:inline;\">275.3 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4q_132\" style=\"left:833px;bottom:207px;letter-spacing:0.11px;display:inline;\">95.5 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4r_132\" style=\"left:912px;bottom:207px;letter-spacing:0.08px;display:inline;\">1,178.7 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4s_132\" style=\"left:1031px;bottom:207px;letter-spacing:0.08px;display:inline;\">11.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4t_132\" style=\"left:1118px;bottom:207px;letter-spacing:0.09px;display:inline;\">1,190.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_132\" id=\"t4u_132\" style=\"left:87px;bottom:187px;letter-spacing:0.13px;display:inline;\">Other segment items </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_132\" id=\"t4v_132\" style=\"left:87px;bottom:167px;letter-spacing:0.11px;display:inline;\">Portfolio investment </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4w_132\" style=\"left:469px;bottom:167px;letter-spacing:0.1px;display:inline;\">(33.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t4x_132\" style=\"left:577px;bottom:167px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4y_132\" style=\"left:649px;bottom:167px;letter-spacing:0.08px;display:inline;\">(11.9) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t4z_132\" style=\"left:741px;bottom:167px;letter-spacing:0.09px;display:inline;\">(17.6) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t50_132\" style=\"left:835px;bottom:167px;letter-spacing:0.1px;display:inline;\">(9.8) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t51_132\" style=\"left:916px;bottom:167px;letter-spacing:0.1px;display:inline;\">(73.2) </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t52_132\" style=\"left:1040px;bottom:167px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t53_132\" style=\"left:1124px;bottom:167px;letter-spacing:0.1px;display:inline;\">(73.2) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_132\" id=\"t54_132\" style=\"left:87px;bottom:147px;letter-spacing:0.13px;display:inline;\">Cash proceeds </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t55_132\" style=\"left:482px;bottom:147px;letter-spacing:0.1px;display:inline;\">3.7 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s3_132\" id=\"t56_132\" style=\"left:577px;bottom:147px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t57_132\" style=\"left:648px;bottom:147px;letter-spacing:0.11px;display:inline;\">33.2 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t58_132\" style=\"left:753px;bottom:147px;letter-spacing:0.08px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t59_132\" style=\"left:844px;bottom:147px;letter-spacing:0.08px;display:inline;\">1.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t5a_132\" style=\"left:919px;bottom:147px;letter-spacing:0.11px;display:inline;\">38.6 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t5b_132\" style=\"left:1040px;bottom:147px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\" style=\"text-align: right;\"><div class=\"t s2_132\" id=\"t5c_132\" style=\"left:1127px;bottom:147px;letter-spacing:0.11px;display:inline;\">38.6 </div></td></tr>\n                                        </table>\n<div class=\"t s5_132\" id=\"t5d_132\" style=\"left:87px;bottom:130px;display:inline;\">1 </div><span>These amounts cannot be apportioned to the individual segments of the venture capital investing business.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00151": {
   "value": "<span>6. Auditor\u2019s remuneration </span><div class=\"t s1_133\" id=\"t2_133\" style=\"left:87px;bottom:799px;letter-spacing:0.11px;display:inline;\">Details of the auditor\u2019s remuneration are set out below: </div>\n\n<table>\n\t\n\t\t<tr>\n\t\t\t<td>                                            \u00a0</td>\n\t\t\t<td>                                        \u00a0</td>\n\t\t</tr>\n\t\n\t\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_133\" id=\"t3_133\" style=\"left:488px;bottom:765px;letter-spacing:0.14px;display:inline;\">2024 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_133\" id=\"t5_133\" style=\"left:575px;bottom:765px;letter-spacing:0.13px;display:inline;\">2023 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_133\" id=\"t4_133\" style=\"left:486px;bottom:747px;letter-spacing:0.14px;display:inline;\">\u00a3000 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_133\" id=\"t6_133\" style=\"left:572px;bottom:747px;letter-spacing:0.14px;display:inline;\">\u00a3000 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t7_133\" style=\"left:87px;bottom:723px;letter-spacing:0.11px;display:inline;\">Audit of these financial statements (KPMG LLP) </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t8_133\" style=\"left:484px;bottom:723px;letter-spacing:0.12px;display:inline;\">635.9 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t9_133\" style=\"left:573px;bottom:723px;letter-spacing:0.11px;display:inline;\">525.3 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"ta_133\" style=\"left:87px;bottom:702px;letter-spacing:0.11px;display:inline;\">Audit of financial statements of funds and </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"tc_133\" style=\"left:487px;bottom:702px;letter-spacing:0.11px;display:inline;\">153.5 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"td_133\" style=\"left:577px;bottom:702px;letter-spacing:0.1px;display:inline;\">139.2 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"tb_133\" style=\"left:87px;bottom:685px;letter-spacing:0.11px;display:inline;\">subsidiaries of the companies (KPMG LLP) </div></td>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"te_133\" style=\"left:87px;bottom:664px;letter-spacing:0.11px;display:inline;\">Audit related assurance services (KPMG LLP) </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"tf_133\" style=\"left:492px;bottom:664px;letter-spacing:0.11px;display:inline;\">74.3 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"tg_133\" style=\"left:581px;bottom:664px;letter-spacing:0.1px;display:inline;\">72.3 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"th_133\" style=\"left:87px;bottom:642px;letter-spacing:0.12px;display:inline;\">Total assurance services </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"ti_133\" style=\"left:485px;bottom:642px;letter-spacing:0.12px;display:inline;\">863.7 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"tj_133\" style=\"left:573px;bottom:642px;letter-spacing:0.11px;display:inline;\">736.8 </div></td>\n\t\t</tr>\n\t\n</table>\n",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00166": {
   "value": "<span>7. Operating loss </span><div class=\"t s1_133\" id=\"tl_133\" style=\"left:87px;bottom:592px;letter-spacing:0.11px;display:inline;\">Operating loss has been arrived at after charging: </div>\n\n<table>\n\t\n\t\t<tr>\n\t\t\t<td>                                            \u00a0</td>\n\t\t\t<td>                                        \u00a0</td>\n\t\t</tr>\n\t\n\t\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_133\" id=\"tm_133\" style=\"left:488px;bottom:558px;letter-spacing:0.14px;display:inline;\">2024 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_133\" id=\"to_133\" style=\"left:575px;bottom:558px;letter-spacing:0.13px;display:inline;\">2023 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_133\" id=\"tn_133\" style=\"left:497px;bottom:541px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_133\" id=\"tp_133\" style=\"left:583px;bottom:541px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"tq_133\" style=\"left:87px;bottom:517px;letter-spacing:0.1px;display:inline;\">Depreciation of right-of-use asset, property, </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"ts_133\" style=\"left:493px;bottom:517px;letter-spacing:0.11px;display:inline;\">(0.6) </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"tt_133\" style=\"left:582px;bottom:517px;letter-spacing:0.1px;display:inline;\">(0.6) </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"tr_133\" style=\"left:87px;bottom:500px;letter-spacing:0.12px;display:inline;\">plant and equipment </div></td>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"tu_133\" style=\"left:87px;bottom:478px;letter-spacing:0.11px;display:inline;\">Total employee costs (see note 9) </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"tv_133\" style=\"left:488px;bottom:478px;letter-spacing:0.11px;display:inline;\">(19.0) </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"tw_133\" style=\"left:578px;bottom:478px;letter-spacing:0.09px;display:inline;\">(19.0) </div></td>\n\t\t</tr>\n\t\n</table>\n",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00150": {
   "value": "<span>8. Other administrative expenses </span><div class=\"t s1_133\" id=\"ty_133\" style=\"left:87px;bottom:428px;letter-spacing:0.12px;display:inline;\">Other administrative expenses comprise: </div>\n\n<table>\n\t\n\t\t<tr>\n\t\t\t<td>                                            \u00a0</td>\n\t\t\t<td>                                        \u00a0</td>\n\t\t</tr>\n\t\n\t\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_133\" id=\"tz_133\" style=\"left:488px;bottom:394px;letter-spacing:0.14px;display:inline;\">2024 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_133\" id=\"t11_133\" style=\"left:575px;bottom:394px;letter-spacing:0.13px;display:inline;\">2023 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_133\" id=\"t10_133\" style=\"left:497px;bottom:377px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_133\" id=\"t12_133\" style=\"left:583px;bottom:377px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t13_133\" style=\"left:87px;bottom:353px;letter-spacing:0.12px;display:inline;\">Employee costs (less share-based payment charge) </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t14_133\" style=\"left:495px;bottom:353px;letter-spacing:0.1px;display:inline;\">14.7 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t15_133\" style=\"left:583px;bottom:353px;letter-spacing:0.1px;display:inline;\">16.4 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t16_133\" style=\"left:87px;bottom:332px;letter-spacing:0.11px;display:inline;\">Professional services </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t17_133\" style=\"left:500px;bottom:332px;letter-spacing:0.11px;display:inline;\">3.2 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t18_133\" style=\"left:587px;bottom:332px;letter-spacing:0.1px;display:inline;\">4.2 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t19_133\" style=\"left:87px;bottom:310px;letter-spacing:0.11px;display:inline;\">Depreciation of tangible assets </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1a_133\" style=\"left:499px;bottom:310px;letter-spacing:0.11px;display:inline;\">0.6 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1b_133\" style=\"left:587px;bottom:310px;letter-spacing:0.11px;display:inline;\">0.6 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1c_133\" style=\"left:87px;bottom:289px;letter-spacing:0.12px;display:inline;\">Other expenses </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1d_133\" style=\"left:502px;bottom:289px;letter-spacing:0.1px;display:inline;\">4.1 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1e_133\" style=\"left:587px;bottom:289px;letter-spacing:0.11px;display:inline;\">6.8 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1f_133\" style=\"left:492px;bottom:267px;letter-spacing:0.11px;display:inline;\">22.6 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1g_133\" style=\"left:580px;bottom:267px;letter-spacing:0.11px;display:inline;\">28.0 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1h_133\" style=\"left:87px;bottom:246px;letter-spacing:0.11px;display:inline;\">Restructuring costs \u2013 labour </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1i_133\" style=\"left:499px;bottom:246px;letter-spacing:0.11px;display:inline;\">2.4 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1j_133\" style=\"left:596px;bottom:246px;display:inline;\">\u2013 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1k_133\" style=\"left:87px;bottom:224px;letter-spacing:0.11px;display:inline;\">Restructuring costs \u2013 professional services </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1l_133\" style=\"left:499px;bottom:224px;letter-spacing:0.11px;display:inline;\">0.3 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1m_133\" style=\"left:596px;bottom:224px;display:inline;\">\u2013 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1n_133\" style=\"left:87px;bottom:203px;letter-spacing:0.11px;display:inline;\">Total </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1o_133\" style=\"left:492px;bottom:203px;letter-spacing:0.12px;display:inline;\">25.3 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1p_133\" style=\"left:580px;bottom:203px;letter-spacing:0.11px;display:inline;\">28.0 </div></td>\n\t\t</tr>\n\t\n</table>\n",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00169": {
   "value": "<span>8. Other administrative expenses </span><div class=\"t s1_133\" id=\"ty_133\" style=\"left:87px;bottom:428px;letter-spacing:0.12px;display:inline;\">Other administrative expenses comprise: </div>\n\n<table>\n\t\n\t\t<tr>\n\t\t\t<td>                                            \u00a0</td>\n\t\t\t<td>                                        \u00a0</td>\n\t\t</tr>\n\t\n\t\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_133\" id=\"tz_133\" style=\"left:488px;bottom:394px;letter-spacing:0.14px;display:inline;\">2024 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_133\" id=\"t11_133\" style=\"left:575px;bottom:394px;letter-spacing:0.13px;display:inline;\">2023 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_133\" id=\"t10_133\" style=\"left:497px;bottom:377px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_133\" id=\"t12_133\" style=\"left:583px;bottom:377px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t13_133\" style=\"left:87px;bottom:353px;letter-spacing:0.12px;display:inline;\">Employee costs (less share-based payment charge) </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t14_133\" style=\"left:495px;bottom:353px;letter-spacing:0.1px;display:inline;\">14.7 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t15_133\" style=\"left:583px;bottom:353px;letter-spacing:0.1px;display:inline;\">16.4 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t16_133\" style=\"left:87px;bottom:332px;letter-spacing:0.11px;display:inline;\">Professional services </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t17_133\" style=\"left:500px;bottom:332px;letter-spacing:0.11px;display:inline;\">3.2 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t18_133\" style=\"left:587px;bottom:332px;letter-spacing:0.1px;display:inline;\">4.2 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t19_133\" style=\"left:87px;bottom:310px;letter-spacing:0.11px;display:inline;\">Depreciation of tangible assets </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1a_133\" style=\"left:499px;bottom:310px;letter-spacing:0.11px;display:inline;\">0.6 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1b_133\" style=\"left:587px;bottom:310px;letter-spacing:0.11px;display:inline;\">0.6 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1c_133\" style=\"left:87px;bottom:289px;letter-spacing:0.12px;display:inline;\">Other expenses </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1d_133\" style=\"left:502px;bottom:289px;letter-spacing:0.1px;display:inline;\">4.1 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1e_133\" style=\"left:587px;bottom:289px;letter-spacing:0.11px;display:inline;\">6.8 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1f_133\" style=\"left:492px;bottom:267px;letter-spacing:0.11px;display:inline;\">22.6 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1g_133\" style=\"left:580px;bottom:267px;letter-spacing:0.11px;display:inline;\">28.0 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1h_133\" style=\"left:87px;bottom:246px;letter-spacing:0.11px;display:inline;\">Restructuring costs \u2013 labour </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1i_133\" style=\"left:499px;bottom:246px;letter-spacing:0.11px;display:inline;\">2.4 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1j_133\" style=\"left:596px;bottom:246px;display:inline;\">\u2013 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1k_133\" style=\"left:87px;bottom:224px;letter-spacing:0.11px;display:inline;\">Restructuring costs \u2013 professional services </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1l_133\" style=\"left:499px;bottom:224px;letter-spacing:0.11px;display:inline;\">0.3 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1m_133\" style=\"left:596px;bottom:224px;display:inline;\">\u2013 </div></td>\n\t\t</tr>\n\t\t<tr>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1n_133\" style=\"left:87px;bottom:203px;letter-spacing:0.11px;display:inline;\">Total </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_133\" id=\"t1o_133\" style=\"left:492px;bottom:203px;letter-spacing:0.12px;display:inline;\">25.3 </div></td>\n\t\t\t<td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_133\" id=\"t1p_133\" style=\"left:580px;bottom:203px;letter-spacing:0.11px;display:inline;\">28.0 </div></td>\n\t\t</tr>\n\t\n</table>\n",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": {
   "value": "<span>Accounting Policy: </span><div class=\"t s6_133\" id=\"t1s_133\" style=\"left:647px;bottom:759px;letter-spacing:-0.14px;display:inline;\">Employee benefits </div><div class=\"t s7_133\" id=\"t1t_133\" style=\"left:647px;bottom:740px;letter-spacing:-0.13px;display:inline;\">Pension obligations </div><div class=\"t s1_133\" id=\"t1u_133\" style=\"left:647px;bottom:722px;letter-spacing:0.04px;display:inline;\">The Group operates a company defined contribution pension scheme for which </div><div class=\"t s1_133\" id=\"t1v_133\" style=\"left:647px;bottom:705px;letter-spacing:0.03px;display:inline;\">all employees are eligible. The assets of the scheme are held separately from </div><div class=\"t s1_133\" id=\"t1w_133\" style=\"left:647px;bottom:688px;letter-spacing:0.04px;display:inline;\">those of the Group in independently administered funds. The Group currently </div><div class=\"t s1_133\" id=\"t1x_133\" style=\"left:647px;bottom:671px;letter-spacing:0.04px;display:inline;\">makes contributions on behalf of employees to this scheme or to employee </div><div class=\"t s1_133\" id=\"t1y_133\" style=\"left:647px;bottom:654px;letter-spacing:0.04px;display:inline;\">personal pension schemes on an individual basis. The Group has no further </div><div class=\"t s1_133\" id=\"t1z_133\" style=\"left:647px;bottom:638px;letter-spacing:0.04px;display:inline;\">payment obligations once the contributions have been paid. The contributions are </div><div class=\"t s1_133\" id=\"t20_133\" style=\"left:647px;bottom:621px;letter-spacing:0.04px;display:inline;\">recognised as employee benefit expenses when they are due. </div><div class=\"t s7_133\" id=\"t21_133\" style=\"left:647px;bottom:595px;letter-spacing:-0.15px;display:inline;\"><span>Share\u2013based payments </span></div><div class=\"t s1_133\" id=\"t22_133\" style=\"left:647px;bottom:576px;letter-spacing:0.12px;display:inline;\">The Group engages in equity-settled share-based payment transactions in </div><div class=\"t s1_133\" id=\"t23_133\" style=\"left:647px;bottom:560px;letter-spacing:0.11px;display:inline;\">respect of services receivable from employees, by granting employees conditional </div><div class=\"t s1_133\" id=\"t24_133\" style=\"left:647px;bottom:543px;letter-spacing:0.11px;display:inline;\">awards of ordinary shares subject to certain vesting conditions. Conditional </div><div class=\"t s1_133\" id=\"t25_133\" style=\"left:647px;bottom:526px;letter-spacing:0.11px;display:inline;\">awards of shares are made pursuant to the Group\u2019s Long-Term Incentive Plan </div><div class=\"t s1_133\" id=\"t26_133\" style=\"left:647px;bottom:509px;letter-spacing:0.11px;display:inline;\">(\u201cLTIP\u201d) awards and/or the Group\u2019s Annual Incentive Scheme (\u201cAIS\u201d). The fair value </div><div class=\"t s1_133\" id=\"t27_133\" style=\"left:647px;bottom:492px;letter-spacing:0.11px;display:inline;\">of the shares is estimated at the date of grant, taking into account the terms and </div><div class=\"t s1_133\" id=\"t28_133\" style=\"left:647px;bottom:476px;letter-spacing:0.11px;display:inline;\">conditions of the award, including market-based performance conditions. </div><div class=\"t s1_133\" id=\"t29_133\" style=\"left:647px;bottom:450px;letter-spacing:0.11px;display:inline;\">The fair value at the date of grant is recognised as an expense over the period </div><div class=\"t s1_133\" id=\"t2a_133\" style=\"left:647px;bottom:433px;letter-spacing:0.11px;display:inline;\">that the employee provides services, generally the period between the start of the </div><div class=\"t s1_133\" id=\"t2b_133\" style=\"left:647px;bottom:416px;letter-spacing:0.11px;display:inline;\">performance period and the vesting date of the shares. The corresponding credit </div><div class=\"t s1_133\" id=\"t2c_133\" style=\"left:647px;bottom:400px;letter-spacing:0.1px;display:inline;\">is recognised in retained earnings within total equity. The fair value of services </div><div class=\"t s1_133\" id=\"t2d_133\" style=\"left:647px;bottom:383px;letter-spacing:0.11px;display:inline;\">is calculated using the market value on the date of award and is adjusted for </div><div class=\"t s1_133\" id=\"t2e_133\" style=\"left:647px;bottom:366px;letter-spacing:0.11px;display:inline;\">expected and actual levels of vesting. Where conditional awards of shares lapse, </div><div class=\"t s1_133\" id=\"t2f_133\" style=\"left:647px;bottom:349px;letter-spacing:0.11px;display:inline;\">the expense recognised to date is credited to the statement of comprehensive </div><div class=\"t s1_133\" id=\"t2g_133\" style=\"left:647px;bottom:332px;letter-spacing:0.11px;display:inline;\">income in the year in which they lapse. Where the terms for an equity-settled </div><div class=\"t s1_133\" id=\"t2h_133\" style=\"left:647px;bottom:316px;letter-spacing:0.11px;display:inline;\">award are modified, and the modification increases the total fair value of the </div><div class=\"t s1_133\" id=\"t2i_133\" style=\"left:647px;bottom:299px;letter-spacing:0.11px;display:inline;\">share-based payment or is otherwise beneficial to the employee at the date of </div><div class=\"t s1_133\" id=\"t2j_133\" style=\"left:647px;bottom:282px;letter-spacing:0.11px;display:inline;\">modification, the incremental fair value is amortised over the vesting period. </div><div class=\"t s1_133\" id=\"t2k_133\" style=\"left:647px;bottom:257px;letter-spacing:0.11px;display:inline;\">See the audited section of the Directors\u2019 Remuneration Report on pages 78 to 100 </div><span>and note 21 for further details.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": {
   "value": "<span>Share\u2013based payments </span><div class=\"t s1_133\" id=\"t22_133\" style=\"left:647px;bottom:576px;letter-spacing:0.12px;display:inline;\">The Group engages in equity-settled share-based payment transactions in </div><div class=\"t s1_133\" id=\"t23_133\" style=\"left:647px;bottom:560px;letter-spacing:0.11px;display:inline;\">respect of services receivable from employees, by granting employees conditional </div><div class=\"t s1_133\" id=\"t24_133\" style=\"left:647px;bottom:543px;letter-spacing:0.11px;display:inline;\">awards of ordinary shares subject to certain vesting conditions. Conditional </div><div class=\"t s1_133\" id=\"t25_133\" style=\"left:647px;bottom:526px;letter-spacing:0.11px;display:inline;\">awards of shares are made pursuant to the Group\u2019s Long-Term Incentive Plan </div><div class=\"t s1_133\" id=\"t26_133\" style=\"left:647px;bottom:509px;letter-spacing:0.11px;display:inline;\">(\u201cLTIP\u201d) awards and/or the Group\u2019s Annual Incentive Scheme (\u201cAIS\u201d). The fair value </div><div class=\"t s1_133\" id=\"t27_133\" style=\"left:647px;bottom:492px;letter-spacing:0.11px;display:inline;\">of the shares is estimated at the date of grant, taking into account the terms and </div><div class=\"t s1_133\" id=\"t28_133\" style=\"left:647px;bottom:476px;letter-spacing:0.11px;display:inline;\">conditions of the award, including market-based performance conditions. </div><div class=\"t s1_133\" id=\"t29_133\" style=\"left:647px;bottom:450px;letter-spacing:0.11px;display:inline;\">The fair value at the date of grant is recognised as an expense over the period </div><div class=\"t s1_133\" id=\"t2a_133\" style=\"left:647px;bottom:433px;letter-spacing:0.11px;display:inline;\">that the employee provides services, generally the period between the start of the </div><div class=\"t s1_133\" id=\"t2b_133\" style=\"left:647px;bottom:416px;letter-spacing:0.11px;display:inline;\">performance period and the vesting date of the shares. The corresponding credit </div><div class=\"t s1_133\" id=\"t2c_133\" style=\"left:647px;bottom:400px;letter-spacing:0.1px;display:inline;\">is recognised in retained earnings within total equity. The fair value of services </div><div class=\"t s1_133\" id=\"t2d_133\" style=\"left:647px;bottom:383px;letter-spacing:0.11px;display:inline;\">is calculated using the market value on the date of award and is adjusted for </div><div class=\"t s1_133\" id=\"t2e_133\" style=\"left:647px;bottom:366px;letter-spacing:0.11px;display:inline;\">expected and actual levels of vesting. Where conditional awards of shares lapse, </div><div class=\"t s1_133\" id=\"t2f_133\" style=\"left:647px;bottom:349px;letter-spacing:0.11px;display:inline;\">the expense recognised to date is credited to the statement of comprehensive </div><div class=\"t s1_133\" id=\"t2g_133\" style=\"left:647px;bottom:332px;letter-spacing:0.11px;display:inline;\">income in the year in which they lapse. Where the terms for an equity-settled </div><div class=\"t s1_133\" id=\"t2h_133\" style=\"left:647px;bottom:316px;letter-spacing:0.11px;display:inline;\">award are modified, and the modification increases the total fair value of the </div><div class=\"t s1_133\" id=\"t2i_133\" style=\"left:647px;bottom:299px;letter-spacing:0.11px;display:inline;\">share-based payment or is otherwise beneficial to the employee at the date of </div><div class=\"t s1_133\" id=\"t2j_133\" style=\"left:647px;bottom:282px;letter-spacing:0.11px;display:inline;\">modification, the incremental fair value is amortised over the vesting period. </div><div class=\"t s1_133\" id=\"t2k_133\" style=\"left:647px;bottom:257px;letter-spacing:0.11px;display:inline;\">See the audited section of the Directors\u2019 Remuneration Report on pages 78 to 100 </div><span>and note 21 for further details.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00170": {
   "value": "<span>Employee costs (including Executive Directors) comprise: </span><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_134\" id=\"t2_134\" style=\"left:488px;bottom:762px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_134\" id=\"t4_134\" style=\"left:575px;bottom:762px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_134\" id=\"t3_134\" style=\"left:497px;bottom:745px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_134\" id=\"t5_134\" style=\"left:583px;bottom:745px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t6_134\" style=\"left:87px;bottom:721px;letter-spacing:0.11px;display:inline;\">Salaries </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t7_134\" style=\"left:494px;bottom:721px;letter-spacing:0.11px;display:inline;\">10.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t8_134\" style=\"left:588px;bottom:721px;letter-spacing:0.08px;display:inline;\">11.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t9_134\" style=\"left:87px;bottom:699px;letter-spacing:0.11px;display:inline;\">Defined contribution pension cost </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"ta_134\" style=\"left:505px;bottom:699px;letter-spacing:0.07px;display:inline;\">1.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"tb_134\" style=\"left:595px;bottom:699px;letter-spacing:0.06px;display:inline;\">1.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"tc_134\" style=\"left:87px;bottom:678px;letter-spacing:0.12px;display:inline;\">Other bonuses accrued in the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"td_134\" style=\"left:502px;bottom:678px;letter-spacing:0.09px;display:inline;\">1.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"te_134\" style=\"left:587px;bottom:678px;letter-spacing:0.1px;display:inline;\">2.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"tf_134\" style=\"left:87px;bottom:656px;letter-spacing:0.11px;display:inline;\">Social security </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"tg_134\" style=\"left:503px;bottom:656px;letter-spacing:0.09px;display:inline;\">1.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"th_134\" style=\"left:591px;bottom:656px;letter-spacing:0.08px;display:inline;\">1.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"ti_134\" style=\"left:87px;bottom:635px;letter-spacing:0.11px;display:inline;\">Restructuring costs \u2013 labour </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"tj_134\" style=\"left:499px;bottom:635px;letter-spacing:0.11px;display:inline;\">2.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"tk_134\" style=\"left:596px;bottom:635px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"tl_134\" style=\"left:87px;bottom:613px;letter-spacing:0.13px;display:inline;\">Employee costs </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"tm_134\" style=\"left:499px;bottom:613px;letter-spacing:0.09px;display:inline;\">17.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"tn_134\" style=\"left:583px;bottom:613px;letter-spacing:0.1px;display:inline;\">16.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"to_134\" style=\"left:87px;bottom:592px;letter-spacing:0.12px;display:inline;\">Share\u2013based payment charge (see note 21) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"tp_134\" style=\"left:502px;bottom:592px;letter-spacing:0.09px;display:inline;\">1.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"tq_134\" style=\"left:587px;bottom:592px;letter-spacing:0.1px;display:inline;\">2.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"tr_134\" style=\"left:87px;bottom:570px;letter-spacing:0.12px;display:inline;\">Total employee costs </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"ts_134\" style=\"left:494px;bottom:570px;letter-spacing:0.11px;display:inline;\">19.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"tt_134\" style=\"left:583px;bottom:570px;letter-spacing:0.1px;display:inline;\">19.0 </div></td></tr></table>\n<div class=\"t s0_134\" id=\"tu_134\" style=\"left:87px;bottom:546px;letter-spacing:0.11px;display:inline;\"><span>The average monthly number of persons (including Executive Directors) employed </span></div><div class=\"t s0_134\" id=\"tv_134\" style=\"left:87px;bottom:529px;letter-spacing:0.12px;display:inline;\">by the Group during the year was 98, all of whom were involved in management and </div><div class=\"t s0_134\" id=\"tw_134\" style=\"left:87px;bottom:512px;letter-spacing:0.1px;display:inline;\"><span>administration activities (2023: 101).</span> General details of the Directors\u2019 remuneration </div><div class=\"t s0_134\" id=\"tx_134\" style=\"left:87px;bottom:495px;letter-spacing:0.11px;display:inline;\">can be found in the audited sections of the Directors\u2019 Remuneration Report on </div><span>pages 78 to 100.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00171": {
   "value": "<span>The average monthly number of persons (including Executive Directors) employed </span><div class=\"t s0_134\" id=\"tv_134\" style=\"left:87px;bottom:529px;letter-spacing:0.12px;display:inline;\">by the Group during the year was 98, all of whom were involved in management and </div><span>administration activities (2023: 101).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00172": {
   "value": "<span>10. Taxation </span><div class=\"t s5_134\" id=\"t10_134\" style=\"left:100px;bottom:405px;letter-spacing:-0.1px;display:inline;\"><span>Accounting Policy: </span></div><div class=\"t s6_134\" id=\"t11_134\" style=\"left:100px;bottom:388px;letter-spacing:-0.13px;display:inline;\"><span>Deferred tax </span></div><div class=\"t s0_134\" id=\"t12_134\" style=\"left:100px;bottom:369px;letter-spacing:0.11px;display:inline;\">Full provision is made for deferred tax on all temporary differences resulting </div><div class=\"t s0_134\" id=\"t13_134\" style=\"left:100px;bottom:353px;letter-spacing:0.1px;display:inline;\">from the carrying value of an asset or liability and its tax base. Deferred tax is </div><div class=\"t s0_134\" id=\"t14_134\" style=\"left:100px;bottom:336px;letter-spacing:0.11px;display:inline;\">determined using tax rates (and laws) that have been enacted or substantively </div><div class=\"t s0_134\" id=\"t15_134\" style=\"left:100px;bottom:319px;letter-spacing:0.11px;display:inline;\">enacted by the reporting date and are expected to apply when the related </div><div class=\"t s0_134\" id=\"t16_134\" style=\"left:100px;bottom:302px;letter-spacing:0.1px;display:inline;\">deferred tax asset is realised or deferred tax liability settled. Deferred tax assets </div><div class=\"t s0_134\" id=\"t17_134\" style=\"left:100px;bottom:285px;letter-spacing:0.1px;display:inline;\">are recognised to the extent that it is probable that the deferred tax asset will be </div><div class=\"t s0_134\" id=\"t18_134\" style=\"left:100px;bottom:269px;letter-spacing:0.11px;display:inline;\"><span>recovered in the future.</span> </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_134\" id=\"t19_134\" style=\"left:488px;bottom:222px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_134\" id=\"t1b_134\" style=\"left:575px;bottom:222px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_134\" id=\"t1a_134\" style=\"left:497px;bottom:204px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_134\" id=\"t1c_134\" style=\"left:583px;bottom:204px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1d_134\" style=\"left:87px;bottom:180px;letter-spacing:0.11px;display:inline;\">Current tax </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1e_134\" style=\"left:87px;bottom:159px;letter-spacing:0.11px;display:inline;\">UK corporation tax on profits for the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1f_134\" style=\"left:509px;bottom:159px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1g_134\" style=\"left:596px;bottom:159px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1h_134\" style=\"left:87px;bottom:137px;letter-spacing:0.11px;display:inline;\">Foreign tax </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1i_134\" style=\"left:509px;bottom:137px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1j_134\" style=\"left:596px;bottom:137px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1k_134\" style=\"left:509px;bottom:116px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1l_134\" style=\"left:596px;bottom:116px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1m_134\" style=\"left:87px;bottom:94px;letter-spacing:0.11px;display:inline;\">Deferred tax charge/(credit) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1n_134\" style=\"left:499px;bottom:94px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1o_134\" style=\"left:586px;bottom:94px;letter-spacing:0.09px;display:inline;\">(1.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1p_134\" style=\"left:87px;bottom:73px;letter-spacing:0.11px;display:inline;\">Total tax </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1q_134\" style=\"left:499px;bottom:73px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1r_134\" style=\"left:586px;bottom:73px;letter-spacing:0.09px;display:inline;\">(1.9) </div></td></tr></table>\n<div class=\"t s0_134\" id=\"t1s_134\" style=\"left:634px;bottom:826px;letter-spacing:0.11px;display:inline;\">The Group primarily seeks to generate capital gains from its holdings in spin-out </div><div class=\"t s0_134\" id=\"t1t_134\" style=\"left:634px;bottom:809px;letter-spacing:0.11px;display:inline;\">companies over the longer term. The majority of these capital gains qualify for UK </div><div class=\"t s0_134\" id=\"t1u_134\" style=\"left:634px;bottom:792px;letter-spacing:0.11px;display:inline;\">Substantial Shareholding Exemption (\u201cSSE\u201d) and are therefore not taxable, resulting </div><div class=\"t s0_134\" id=\"t1v_134\" style=\"left:634px;bottom:776px;letter-spacing:0.11px;display:inline;\">in the Group making annual net operating losses from its operations from a UK tax </div><div class=\"t s0_134\" id=\"t1w_134\" style=\"left:634px;bottom:759px;letter-spacing:0.1px;display:inline;\">perspective. </div><div class=\"t s0_134\" id=\"t1x_134\" style=\"left:634px;bottom:733px;letter-spacing:0.1px;display:inline;\">Gains arising on sales of holdings which do not qualify for SSE will ordinarily give rise </div><div class=\"t s0_134\" id=\"t1y_134\" style=\"left:634px;bottom:717px;letter-spacing:0.1px;display:inline;\">to taxable profits for the Group, to the extent that these exceed the Group\u2019s ability to </div><div class=\"t s0_134\" id=\"t1z_134\" style=\"left:634px;bottom:700px;letter-spacing:0.11px;display:inline;\">offset gains against current and brought forward tax losses (subject to the relevant </div><div class=\"t s0_134\" id=\"t20_134\" style=\"left:634px;bottom:683px;letter-spacing:0.1px;display:inline;\">restrictions on the use of brought\u2013forward losses). In such cases, a deferred tax liability </div><div class=\"t s0_134\" id=\"t21_134\" style=\"left:634px;bottom:666px;letter-spacing:0.11px;display:inline;\"><span>is recognised in respect of estimated tax amount payable.</span> </div><div class=\"t s0_134\" id=\"t22_134\" style=\"left:634px;bottom:641px;letter-spacing:0.11px;display:inline;\">The amount for the year can be reconciled to the loss per the statement of </div><div class=\"t s0_134\" id=\"t23_134\" style=\"left:634px;bottom:624px;letter-spacing:0.12px;display:inline;\">comprehensive income as follows: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_134\" id=\"t24_134\" style=\"left:1035px;bottom:590px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_134\" id=\"t26_134\" style=\"left:1123px;bottom:590px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_134\" id=\"t25_134\" style=\"left:1045px;bottom:573px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_134\" id=\"t27_134\" style=\"left:1131px;bottom:573px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t28_134\" style=\"left:634px;bottom:549px;letter-spacing:0.11px;display:inline;\">Loss before tax </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t29_134\" style=\"left:1027px;bottom:549px;letter-spacing:0.12px;display:inline;\">(206.7) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2a_134\" style=\"left:1120px;bottom:549px;letter-spacing:0.1px;display:inline;\">(176.3) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2b_134\" style=\"left:634px;bottom:527px;letter-spacing:0.11px;display:inline;\">Tax at the UK corporation tax rate of 25% (2023: 23.52%) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t2c_134\" style=\"left:1037px;bottom:527px;letter-spacing:0.1px;display:inline;\">(51.7) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2d_134\" style=\"left:1126px;bottom:527px;letter-spacing:0.09px;display:inline;\">(41.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2e_134\" style=\"left:634px;bottom:506px;letter-spacing:0.11px;display:inline;\">Expenses not deductible for tax purposes </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t2f_134\" style=\"left:1044px;bottom:506px;letter-spacing:0.1px;display:inline;\">(1.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2g_134\" style=\"left:1137px;bottom:506px;letter-spacing:0.07px;display:inline;\">(1.1) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2h_134\" style=\"left:634px;bottom:484px;letter-spacing:0.12px;display:inline;\">Income not taxable </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t2i_134\" style=\"left:1036px;bottom:484px;letter-spacing:0.11px;display:inline;\">(15.9) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2j_134\" style=\"left:1135px;bottom:484px;letter-spacing:0.1px;display:inline;\">2.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2k_134\" style=\"left:634px;bottom:463px;letter-spacing:0.11px;display:inline;\">Fair value movement on investments qualifying for SSE </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t2l_134\" style=\"left:1039px;bottom:463px;letter-spacing:0.12px;display:inline;\">65.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2m_134\" style=\"left:1127px;bottom:463px;letter-spacing:0.11px;display:inline;\">40.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2n_134\" style=\"left:634px;bottom:441px;letter-spacing:0.13px;display:inline;\">Movement on share\u2013based payments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t2o_134\" style=\"left:1047px;bottom:441px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2p_134\" style=\"left:1135px;bottom:441px;letter-spacing:0.11px;display:inline;\">0.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2q_134\" style=\"left:634px;bottom:420px;letter-spacing:0.11px;display:inline;\">Movement in tax losses arising not recognised </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t2r_134\" style=\"left:1047px;bottom:420px;letter-spacing:0.11px;display:inline;\">3.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2s_134\" style=\"left:1139px;bottom:420px;letter-spacing:0.08px;display:inline;\">0.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2t_134\" style=\"left:634px;bottom:398px;letter-spacing:0.11px;display:inline;\">CIR (Corporate Interest Rate) reactivation </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t2u_134\" style=\"left:1057px;bottom:398px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2v_134\" style=\"left:1134px;bottom:398px;letter-spacing:0.08px;display:inline;\">(3.1) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2w_134\" style=\"left:634px;bottom:377px;letter-spacing:0.11px;display:inline;\">Foreign tax </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t2x_134\" style=\"left:1057px;bottom:377px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2y_134\" style=\"left:1139px;bottom:377px;letter-spacing:0.08px;display:inline;\">0.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t2z_134\" style=\"left:634px;bottom:355px;letter-spacing:0.12px;display:inline;\">Rate change on deferred tax </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t30_134\" style=\"left:1057px;bottom:355px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t31_134\" style=\"left:1130px;bottom:355px;letter-spacing:0.1px;display:inline;\">(0.4) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t32_134\" style=\"left:634px;bottom:334px;letter-spacing:0.11px;display:inline;\">Total tax charge/(credit) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t33_134\" style=\"left:1047px;bottom:334px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t34_134\" style=\"left:1133px;bottom:334px;letter-spacing:0.09px;display:inline;\">(1.9) </div></td></tr></table>\n<div class=\"t s4_134\" id=\"t39_134\" style=\"left:87px;bottom:816px;letter-spacing:0.17px;display:inline;\"> </div><div class=\"t sa_134\" id=\"t3a_134\" style=\"left:258px;bottom:819px;letter-spacing:0.13px;display:inline;\"></div><div></div><div class=\"t s0_135\" id=\"t1_135\" style=\"left:87px;bottom:797px;letter-spacing:0.11px;display:inline;\">At 31 December 2024, deductible temporary differences and unused tax losses, for </div><div class=\"t s0_135\" id=\"t2_135\" style=\"left:87px;bottom:780px;letter-spacing:0.11px;display:inline;\">which no deferred tax asset has been recognised, totalled \u00a3333.0m (2023: \u00a3298.3m). </div><div class=\"t s0_135\" id=\"t3_135\" style=\"left:87px;bottom:763px;letter-spacing:0.11px;display:inline;\">An analysis is shown below: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s1_135\" id=\"t4_135\" style=\"left:338px;bottom:730px;letter-spacing:0.14px;display:inline;\">2024 </div> </td><td class=\"tcs-selected\" colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s2_135\" id=\"t5_135\" style=\"left:512px;bottom:730px;letter-spacing:0.13px;display:inline;\">2023 </div> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t8_135\" style=\"left:377px;bottom:704px;letter-spacing:0.11px;display:inline;\">Deferred </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"td_135\" style=\"left:550px;bottom:704px;letter-spacing:0.11px;display:inline;\">Deferred </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t6_135\" style=\"left:294px;bottom:687px;letter-spacing:0.15px;display:inline;\">Amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t9_135\" style=\"left:411px;bottom:687px;letter-spacing:0.12px;display:inline;\">tax </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"tb_135\" style=\"left:467px;bottom:687px;letter-spacing:0.15px;display:inline;\">Amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"te_135\" style=\"left:585px;bottom:687px;letter-spacing:0.12px;display:inline;\">tax </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t7_135\" style=\"left:323px;bottom:670px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"ta_135\" style=\"left:410px;bottom:670px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"tc_135\" style=\"left:497px;bottom:670px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"tf_135\" style=\"left:583px;bottom:670px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"tg_135\" style=\"left:87px;bottom:646px;letter-spacing:0.13px;display:inline;\">Share\u2013based payment </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"tj_135\" style=\"left:312px;bottom:646px;letter-spacing:0.12px;display:inline;\">(52.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"tk_135\" style=\"left:406px;bottom:646px;letter-spacing:0.09px;display:inline;\">(13.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"tl_135\" style=\"left:491px;bottom:646px;letter-spacing:0.09px;display:inline;\">(48.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"tm_135\" style=\"left:579px;bottom:646px;letter-spacing:0.09px;display:inline;\">(12.0) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"th_135\" style=\"left:87px;bottom:629px;letter-spacing:0.11px;display:inline;\">costs and other temporary </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"ti_135\" style=\"left:87px;bottom:612px;letter-spacing:0.11px;display:inline;\">differences </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"tn_135\" style=\"left:87px;bottom:590px;letter-spacing:0.11px;display:inline;\">Unused tax losses </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"to_135\" style=\"left:306px;bottom:590px;letter-spacing:0.11px;display:inline;\">(279.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"tp_135\" style=\"left:399px;bottom:590px;letter-spacing:0.12px;display:inline;\">(69.9) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"tq_135\" style=\"left:481px;bottom:590px;letter-spacing:0.11px;display:inline;\">(250.2) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"tr_135\" style=\"left:574px;bottom:590px;letter-spacing:0.11px;display:inline;\">(62.6) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"ts_135\" style=\"left:87px;bottom:569px;letter-spacing:0.12px;display:inline;\">Total unrecognised </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"tt_135\" style=\"left:87px;bottom:552px;letter-spacing:0.11px;display:inline;\">deferred tax asset </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"tu_135\" style=\"left:305px;bottom:552px;letter-spacing:0.12px;display:inline;\">(333.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"tv_135\" style=\"left:399px;bottom:552px;letter-spacing:0.12px;display:inline;\">(83.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"tw_135\" style=\"left:481px;bottom:552px;letter-spacing:0.11px;display:inline;\">(298.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"tx_135\" style=\"left:575px;bottom:552px;letter-spacing:0.1px;display:inline;\">(74.6) </div></td></tr></table>\n<div class=\"t s0_135\" id=\"ty_135\" style=\"left:87px;bottom:528px;letter-spacing:0.11px;display:inline;\">At 31 December 2024, deductible temporary differences and unused tax losses, for </div><div class=\"t s0_135\" id=\"tz_135\" style=\"left:87px;bottom:511px;letter-spacing:0.11px;display:inline;\">which a deferred tax liability has been recognised, totalled \u00a318.0m (2023: \u00a318.9m). An </div><div class=\"t s0_135\" id=\"t10_135\" style=\"left:87px;bottom:494px;letter-spacing:0.11px;display:inline;\">analysis is shown below: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s1_135\" id=\"t11_135\" style=\"left:334px;bottom:460px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td class=\"tcs-selected\" colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s2_135\" id=\"t12_135\" style=\"left:499px;bottom:460px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t15_135\" style=\"left:368px;bottom:435px;letter-spacing:0.11px;display:inline;\">Deferred </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t1a_135\" style=\"left:533px;bottom:435px;letter-spacing:0.11px;display:inline;\">Deferred </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t13_135\" style=\"left:290px;bottom:418px;letter-spacing:0.15px;display:inline;\">Amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t16_135\" style=\"left:403px;bottom:418px;letter-spacing:0.12px;display:inline;\">tax </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t18_135\" style=\"left:454px;bottom:418px;letter-spacing:0.15px;display:inline;\">Amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t1b_135\" style=\"left:567px;bottom:418px;letter-spacing:0.12px;display:inline;\">tax </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t14_135\" style=\"left:319px;bottom:400px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t17_135\" style=\"left:401px;bottom:400px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t19_135\" style=\"left:484px;bottom:400px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t1c_135\" style=\"left:566px;bottom:400px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t1d_135\" style=\"left:87px;bottom:376px;letter-spacing:0.12px;display:inline;\">Temporary timing differences </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t1e_135\" style=\"left:314px;bottom:376px;letter-spacing:0.12px;display:inline;\">39.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t1f_135\" style=\"left:404px;bottom:376px;letter-spacing:0.11px;display:inline;\">9.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t1g_135\" style=\"left:484px;bottom:376px;letter-spacing:0.09px;display:inline;\">54.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t1h_135\" style=\"left:566px;bottom:376px;letter-spacing:0.09px;display:inline;\">13.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t1i_135\" style=\"left:87px;bottom:355px;letter-spacing:0.11px;display:inline;\">Unused tax losses </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t1j_135\" style=\"left:312px;bottom:355px;letter-spacing:0.1px;display:inline;\">(21.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t1k_135\" style=\"left:397px;bottom:355px;letter-spacing:0.11px;display:inline;\">(5.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t1l_135\" style=\"left:475px;bottom:355px;letter-spacing:0.1px;display:inline;\">(35.2) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t1m_135\" style=\"left:565px;bottom:355px;letter-spacing:0.1px;display:inline;\">(8.7) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t1n_135\" style=\"left:87px;bottom:333px;letter-spacing:0.11px;display:inline;\">Total recognised </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\">\u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t1o_135\" style=\"left:87px;bottom:317px;letter-spacing:0.1px;display:inline;\">deferred tax liability </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t1p_135\" style=\"left:317px;bottom:317px;letter-spacing:0.11px;display:inline;\">18.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t1q_135\" style=\"left:403px;bottom:317px;letter-spacing:0.12px;display:inline;\">4.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t1r_135\" style=\"left:483px;bottom:317px;letter-spacing:0.1px;display:inline;\">18.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t1s_135\" style=\"left:569px;bottom:317px;letter-spacing:0.11px;display:inline;\">4.8 </div></td></tr></table>\n",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": {
   "value": "<span>Accounting Policy: </span><div class=\"t s6_134\" id=\"t11_134\" style=\"left:100px;bottom:388px;letter-spacing:-0.13px;display:inline;\"><span>Deferred tax </span></div><div class=\"t s0_134\" id=\"t12_134\" style=\"left:100px;bottom:369px;letter-spacing:0.11px;display:inline;\">Full provision is made for deferred tax on all temporary differences resulting </div><div class=\"t s0_134\" id=\"t13_134\" style=\"left:100px;bottom:353px;letter-spacing:0.1px;display:inline;\">from the carrying value of an asset or liability and its tax base. Deferred tax is </div><div class=\"t s0_134\" id=\"t14_134\" style=\"left:100px;bottom:336px;letter-spacing:0.11px;display:inline;\">determined using tax rates (and laws) that have been enacted or substantively </div><div class=\"t s0_134\" id=\"t15_134\" style=\"left:100px;bottom:319px;letter-spacing:0.11px;display:inline;\">enacted by the reporting date and are expected to apply when the related </div><div class=\"t s0_134\" id=\"t16_134\" style=\"left:100px;bottom:302px;letter-spacing:0.1px;display:inline;\">deferred tax asset is realised or deferred tax liability settled. Deferred tax assets </div><div class=\"t s0_134\" id=\"t17_134\" style=\"left:100px;bottom:285px;letter-spacing:0.1px;display:inline;\">are recognised to the extent that it is probable that the deferred tax asset will be </div><span>recovered in the future.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": {
   "value": "<span>Deferred tax </span><div class=\"t s0_134\" id=\"t12_134\" style=\"left:100px;bottom:369px;letter-spacing:0.11px;display:inline;\">Full provision is made for deferred tax on all temporary differences resulting </div><div class=\"t s0_134\" id=\"t13_134\" style=\"left:100px;bottom:353px;letter-spacing:0.1px;display:inline;\">from the carrying value of an asset or liability and its tax base. Deferred tax is </div><div class=\"t s0_134\" id=\"t14_134\" style=\"left:100px;bottom:336px;letter-spacing:0.11px;display:inline;\">determined using tax rates (and laws) that have been enacted or substantively </div><div class=\"t s0_134\" id=\"t15_134\" style=\"left:100px;bottom:319px;letter-spacing:0.11px;display:inline;\">enacted by the reporting date and are expected to apply when the related </div><div class=\"t s0_134\" id=\"t16_134\" style=\"left:100px;bottom:302px;letter-spacing:0.1px;display:inline;\">deferred tax asset is realised or deferred tax liability settled. Deferred tax assets </div><div class=\"t s0_134\" id=\"t17_134\" style=\"left:100px;bottom:285px;letter-spacing:0.1px;display:inline;\">are recognised to the extent that it is probable that the deferred tax asset will be </div><div class=\"t s0_134\" id=\"t18_134\" style=\"left:100px;bottom:269px;letter-spacing:0.11px;display:inline;\"><span>recovered in the future.</span> </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_134\" id=\"t19_134\" style=\"left:488px;bottom:222px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_134\" id=\"t1b_134\" style=\"left:575px;bottom:222px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_134\" id=\"t1a_134\" style=\"left:497px;bottom:204px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_134\" id=\"t1c_134\" style=\"left:583px;bottom:204px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1d_134\" style=\"left:87px;bottom:180px;letter-spacing:0.11px;display:inline;\">Current tax </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1e_134\" style=\"left:87px;bottom:159px;letter-spacing:0.11px;display:inline;\">UK corporation tax on profits for the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1f_134\" style=\"left:509px;bottom:159px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1g_134\" style=\"left:596px;bottom:159px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1h_134\" style=\"left:87px;bottom:137px;letter-spacing:0.11px;display:inline;\">Foreign tax </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1i_134\" style=\"left:509px;bottom:137px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1j_134\" style=\"left:596px;bottom:137px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1k_134\" style=\"left:509px;bottom:116px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1l_134\" style=\"left:596px;bottom:116px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1m_134\" style=\"left:87px;bottom:94px;letter-spacing:0.11px;display:inline;\">Deferred tax charge/(credit) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1n_134\" style=\"left:499px;bottom:94px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1o_134\" style=\"left:586px;bottom:94px;letter-spacing:0.09px;display:inline;\">(1.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1p_134\" style=\"left:87px;bottom:73px;letter-spacing:0.11px;display:inline;\">Total tax </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_134\" id=\"t1q_134\" style=\"left:499px;bottom:73px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_134\" id=\"t1r_134\" style=\"left:586px;bottom:73px;letter-spacing:0.09px;display:inline;\">(1.9) </div></td></tr></table>\n<div class=\"t s0_134\" id=\"t1s_134\" style=\"left:634px;bottom:826px;letter-spacing:0.11px;display:inline;\">The Group primarily seeks to generate capital gains from its holdings in spin-out </div><div class=\"t s0_134\" id=\"t1t_134\" style=\"left:634px;bottom:809px;letter-spacing:0.11px;display:inline;\">companies over the longer term. The majority of these capital gains qualify for UK </div><div class=\"t s0_134\" id=\"t1u_134\" style=\"left:634px;bottom:792px;letter-spacing:0.11px;display:inline;\">Substantial Shareholding Exemption (\u201cSSE\u201d) and are therefore not taxable, resulting </div><div class=\"t s0_134\" id=\"t1v_134\" style=\"left:634px;bottom:776px;letter-spacing:0.11px;display:inline;\">in the Group making annual net operating losses from its operations from a UK tax </div><div class=\"t s0_134\" id=\"t1w_134\" style=\"left:634px;bottom:759px;letter-spacing:0.1px;display:inline;\">perspective. </div><div class=\"t s0_134\" id=\"t1x_134\" style=\"left:634px;bottom:733px;letter-spacing:0.1px;display:inline;\">Gains arising on sales of holdings which do not qualify for SSE will ordinarily give rise </div><div class=\"t s0_134\" id=\"t1y_134\" style=\"left:634px;bottom:717px;letter-spacing:0.1px;display:inline;\">to taxable profits for the Group, to the extent that these exceed the Group\u2019s ability to </div><div class=\"t s0_134\" id=\"t1z_134\" style=\"left:634px;bottom:700px;letter-spacing:0.11px;display:inline;\">offset gains against current and brought forward tax losses (subject to the relevant </div><div class=\"t s0_134\" id=\"t20_134\" style=\"left:634px;bottom:683px;letter-spacing:0.1px;display:inline;\">restrictions on the use of brought\u2013forward losses). In such cases, a deferred tax liability </div><span>is recognised in respect of estimated tax amount payable.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": {
   "value": "<span>11. Earnings per share </span><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t1v_135\" style=\"left:1035px;bottom:790px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t1x_135\" style=\"left:1123px;bottom:790px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t1u_135\" style=\"left:634px;bottom:773px;letter-spacing:0.12px;display:inline;\">Earnings </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t1w_135\" style=\"left:1045px;bottom:773px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t1y_135\" style=\"left:1131px;bottom:773px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t1z_135\" style=\"left:634px;bottom:749px;letter-spacing:0.11px;display:inline;\">Earnings for the purposes of basic and dilutive earnings </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t21_135\" style=\"left:1027px;bottom:749px;letter-spacing:0.12px;display:inline;\">(202.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t22_135\" style=\"left:1124px;bottom:749px;letter-spacing:0.09px;display:inline;\">(171.3) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t20_135\" style=\"left:634px;bottom:732px;letter-spacing:0.12px;display:inline;\">per share </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr></table><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t24_135\" style=\"left:1033px;bottom:693px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t27_135\" style=\"left:1125px;bottom:693px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t25_135\" style=\"left:998px;bottom:676px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t28_135\" style=\"left:1089px;bottom:676px;letter-spacing:0.12px;display:inline;\">Number of </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t23_135\" style=\"left:634px;bottom:660px;letter-spacing:0.13px;display:inline;\">Number of shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t26_135\" style=\"left:1021px;bottom:660px;letter-spacing:0.13px;display:inline;\">shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t29_135\" style=\"left:1112px;bottom:660px;letter-spacing:0.13px;display:inline;\">shares </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2a_135\" style=\"left:634px;bottom:636px;letter-spacing:0.11px;display:inline;\">Weighted average number of ordinary shares for the </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t2c_135\" style=\"left:984px;bottom:636px;letter-spacing:0.11px;display:inline;\">1,014,672,586 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2d_135\" style=\"left:1077px;bottom:636px;letter-spacing:0.11px;display:inline;\">1,036,400,406 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2b_135\" style=\"left:634px;bottom:620px;letter-spacing:0.11px;display:inline;\">purposes of basic earnings per share </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2e_135\" style=\"left:634px;bottom:598px;letter-spacing:0.1px;display:inline;\">Effect of dilutive potential ordinary shares: </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t2g_135\" style=\"left:1055px;bottom:598px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2h_135\" style=\"left:1146px;bottom:598px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2f_135\" style=\"left:634px;bottom:581px;letter-spacing:0.11px;display:inline;\">Options or contingently issuable shares </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2i_135\" style=\"left:634px;bottom:560px;letter-spacing:0.11px;display:inline;\">Weighted average number of ordinary shares for the </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2j_135\" style=\"left:634px;bottom:543px;letter-spacing:0.11px;display:inline;\">purposes of diluted earnings per share </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t2k_135\" style=\"left:984px;bottom:543px;letter-spacing:0.11px;display:inline;\">1,014,672,586 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2l_135\" style=\"left:1077px;bottom:543px;letter-spacing:0.11px;display:inline;\">1,036,400,406 </div></td></tr></table><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t2m_135\" style=\"left:1035px;bottom:504px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t2o_135\" style=\"left:1123px;bottom:504px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_135\" id=\"t2n_135\" style=\"left:1027px;bottom:487px;letter-spacing:0.14px;display:inline;\">pence </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_135\" id=\"t2p_135\" style=\"left:1113px;bottom:487px;letter-spacing:0.14px;display:inline;\">pence </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2q_135\" style=\"left:634px;bottom:463px;letter-spacing:0.1px;display:inline;\">Basic </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t2r_135\" style=\"left:1030px;bottom:463px;letter-spacing:0.11px;display:inline;\">(19.97) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2s_135\" style=\"left:1119px;bottom:463px;letter-spacing:0.1px;display:inline;\">(16.53) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2t_135\" style=\"left:634px;bottom:441px;letter-spacing:0.11px;display:inline;\">Diluted </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_135\" id=\"t2u_135\" style=\"left:1030px;bottom:441px;letter-spacing:0.11px;display:inline;\">(19.97) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_135\" id=\"t2v_135\" style=\"left:1119px;bottom:441px;letter-spacing:0.1px;display:inline;\">(16.53) </div></td></tr></table>\n<div class=\"t s0_135\" id=\"t2w_135\" style=\"left:634px;bottom:417px;letter-spacing:0.11px;display:inline;\">No adjustment has been made to the basic loss per share in the years ended </div><div class=\"t s0_135\" id=\"t2x_135\" style=\"left:634px;bottom:400px;letter-spacing:0.11px;display:inline;\">31 December 2024 and 31 December 2023, as the exercise of share options would have </div><div class=\"t s0_135\" id=\"t2y_135\" style=\"left:634px;bottom:383px;letter-spacing:0.1px;display:inline;\">the effect of reducing the loss per ordinary share and therefore is not dilutive. </div><div class=\"t s0_135\" id=\"t2z_135\" style=\"left:634px;bottom:358px;letter-spacing:0.11px;display:inline;\">Potentially dilutive ordinary shares include contingently issuable shares arising under </div><div class=\"t s0_135\" id=\"t30_135\" style=\"left:634px;bottom:341px;letter-spacing:0.11px;display:inline;\">the Group\u2019s LTIP arrangements, and options issued as part of the Group\u2019s Sharesave </div><div class=\"t s0_135\" id=\"t31_135\" style=\"left:634px;bottom:324px;letter-spacing:0.12px;display:inline;\">schemes and Deferred Bonus Share Plan (for annual bonuses deferred under the </div><span>terms of the Group\u2019s Annual Incentive Scheme). </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": {
   "value": "<span>12. Categorisation of financial instruments </span><div class=\"t s1_136\" id=\"t2_136\" style=\"left:100px;bottom:780px;letter-spacing:-0.1px;display:inline;\"><span>Accounting policy: </span></div><div class=\"t s2_136\" id=\"t3_136\" style=\"left:100px;bottom:763px;letter-spacing:-0.12px;display:inline;\">Financial assets and liabilities </div><div class=\"t s3_136\" id=\"t4_136\" style=\"left:100px;bottom:744px;letter-spacing:0.11px;display:inline;\">Financial assets and liabilities are recognised in the balance sheet when the relevant Group entity becomes a party to the contractual provisions of the instrument. De\u2013 </div><div class=\"t s3_136\" id=\"t5_136\" style=\"left:100px;bottom:726px;letter-spacing:0.11px;display:inline;\">recognition occurs when rights to cash flows from a financial asset expire, or when a liability is extinguished. </div><div class=\"t s3_136\" id=\"t6_136\" style=\"left:100px;bottom:700px;letter-spacing:0.11px;display:inline;\">Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market </div><div class=\"t s3_136\" id=\"t7_136\" style=\"left:100px;bottom:682px;letter-spacing:0.11px;display:inline;\">prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when </div><div class=\"t s3_136\" id=\"t8_136\" style=\"left:100px;bottom:665px;letter-spacing:0.1px;display:inline;\">their fair value is positive and as a financial liability whey their fair value is negative. The Group\u2019s derivative financial instruments are not designated as hedging instruments. </div><div class=\"t s2_136\" id=\"t9_136\" style=\"left:100px;bottom:639px;letter-spacing:-0.13px;display:inline;\"><span>Financial assets </span></div><div class=\"t s3_136\" id=\"ta_136\" style=\"left:100px;bottom:620px;letter-spacing:-0.01px;display:inline;\">In respect of regular way purchases or sales, the Group uses trade date accounting to recognise or derecognise financial assets. </div><div class=\"t s3_136\" id=\"tb_136\" style=\"left:100px;bottom:593px;letter-spacing:0.11px;display:inline;\">The Group classifies its financial assets into one of the categories listed below, depending on the purpose for which the asset was acquired. </div><div class=\"t s4_136\" id=\"tc_136\" style=\"left:100px;bottom:567px;letter-spacing:-0.12px;display:inline;\"><span>At fair value through profit or loss </span></div><div class=\"t s3_136\" id=\"td_136\" style=\"left:100px;bottom:548px;letter-spacing:0.11px;display:inline;\">Held for trading and financial assets are recognised at fair value through profit and loss. This category includes equity investments, debt investments and investments in </div><div class=\"t s3_136\" id=\"te_136\" style=\"left:100px;bottom:531px;letter-spacing:0.11px;display:inline;\">limited partnerships. Investments in associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as </div><div class=\"t s3_136\" id=\"tf_136\" style=\"left:100px;bottom:513px;letter-spacing:0.11px;display:inline;\">at fair value through profit or loss. This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited </div><div class=\"t s3_136\" id=\"tg_136\" style=\"left:100px;bottom:496px;letter-spacing:0.11px;display:inline;\">partnerships and associated undertakings is evaluated on a fair value basis in accordance with an established investment strategy. </div><div class=\"t s3_136\" id=\"th_136\" style=\"left:100px;bottom:469px;letter-spacing:0.11px;display:inline;\">Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in </div><div class=\"t s3_136\" id=\"ti_136\" style=\"left:100px;bottom:452px;letter-spacing:0.11px;display:inline;\"><span>profit or loss in the statement of comprehensive income in the period which they arise.</span> </div><div class=\"t s4_136\" id=\"tj_136\" style=\"left:100px;bottom:426px;letter-spacing:-0.13px;display:inline;\"><span>At amortised cost </span></div><div class=\"t s3_136\" id=\"tk_136\" style=\"left:100px;bottom:407px;letter-spacing:0.11px;display:inline;\">These assets are non\u2013derivative financial assets with fixed and determinable payments that are not quoted in an active market. They arise principally through the provision </div><div class=\"t s3_136\" id=\"tl_136\" style=\"left:100px;bottom:389px;letter-spacing:0.11px;display:inline;\"><span>of services to customers (trade receivables) and are carried at cost less provision for impairment.</span> </div><div class=\"t s4_136\" id=\"tm_136\" style=\"left:100px;bottom:363px;letter-spacing:-0.14px;display:inline;\">Deposits </div><div class=\"t s3_136\" id=\"tn_136\" style=\"left:100px;bottom:344px;letter-spacing:0.11px;display:inline;\">Deposits comprise longer\u2013term deposits held with financial institutions with an original maturity of greater than three months and, in line with IAS 7 are not included within </div><div class=\"t s3_136\" id=\"to_136\" style=\"left:100px;bottom:326px;letter-spacing:0.11px;display:inline;\">cash and cash equivalents. Cash flows related to investments in, and maturities of amounts held on deposit are presented within investing activities in the consolidated </div><div class=\"t s3_136\" id=\"tp_136\" style=\"left:100px;bottom:309px;letter-spacing:0.11px;display:inline;\">statement of cash flows. Interest income related to deposits is included within cashflows from operating activities. </div><div class=\"t s4_136\" id=\"tq_136\" style=\"left:100px;bottom:282px;letter-spacing:-0.14px;display:inline;\"><span>Cash and cash equivalents </span></div><div class=\"t s3_136\" id=\"tr_136\" style=\"left:100px;bottom:263px;letter-spacing:0.11px;display:inline;\">Cash and cash equivalents include cash in hand and short-term deposits held with financial institutions with an original maturity of three months or less. Interest income </div><div class=\"t s3_136\" id=\"ts_136\" style=\"left:100px;bottom:246px;letter-spacing:0.11px;display:inline;\"><span>related to cash is included within cashflows from operating activities.</span> </div><div class=\"t s4_136\" id=\"tt_136\" style=\"left:100px;bottom:220px;letter-spacing:-0.11px;display:inline;\"><span>Financial liabilities </span></div><div class=\"t s3_136\" id=\"tu_136\" style=\"left:100px;bottom:201px;letter-spacing:0.11px;display:inline;\">Current financial liabilities are composed of trade payables and other short\u2013term monetary liabilities, which are recognised at amortised cost. </div><div class=\"t s3_136\" id=\"tv_136\" style=\"left:100px;bottom:174px;letter-spacing:0.11px;display:inline;\">Non\u2013current liabilities are composed of loans from Limited Partners of consolidated funds, outstanding amounts drawn down from a debt facility provided by the European </div><div class=\"t s3_136\" id=\"tw_136\" style=\"left:100px;bottom:157px;letter-spacing:0.1px;display:inline;\">Investment Bank, loan notes provided by Phoenix Group, carried interest plans liabilities, and other liabilities. </div><div class=\"t s3_136\" id=\"tx_136\" style=\"left:100px;bottom:131px;letter-spacing:0.11px;display:inline;\">Unless otherwise indicated, the carrying amounts of the Group\u2019s financial liabilities are a reasonable approximation to their fair value. Non\u2013current liabilities are recognised </div><div class=\"t s3_136\" id=\"ty_136\" style=\"left:100px;bottom:113px;letter-spacing:0.11px;display:inline;\"><span>initially at fair value net of transaction costs incurred, and subsequently at amortised cost.</span> </div><div></div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"t2_137\" style=\"left:941px;bottom:791px;letter-spacing:0.08px;display:inline;\">At fair </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"t3_137\" style=\"left:944px;bottom:775px;letter-spacing:0.1px;display:inline;\">value </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"t4_137\" style=\"left:929px;bottom:760px;letter-spacing:0.11px;display:inline;\">through </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"t5_137\" style=\"left:930px;bottom:745px;letter-spacing:0.09px;display:inline;\">profit or </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"t8_137\" style=\"left:1000px;bottom:745px;letter-spacing:0.12px;display:inline;\">Amortised </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> \u00a0</td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"t6_137\" style=\"left:954px;bottom:730px;letter-spacing:0.11px;display:inline;\">loss </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"t9_137\" style=\"left:1039px;bottom:730px;letter-spacing:0.12px;display:inline;\">cost </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"tb_137\" style=\"left:1121px;bottom:730px;letter-spacing:0.11px;display:inline;\">Total </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_137\" id=\"t1_137\" style=\"left:87px;bottom:712px;letter-spacing:0.11px;display:inline;\">Financial assets </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"t7_137\" style=\"left:958px;bottom:712px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"ta_137\" style=\"left:1045px;bottom:712px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_137\" id=\"tc_137\" style=\"left:1131px;bottom:712px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"td_137\" style=\"left:87px;bottom:688px;letter-spacing:0.11px;display:inline;\">Equity investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"te_137\" style=\"left:949px;bottom:688px;letter-spacing:0.11px;display:inline;\">713.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tf_137\" style=\"left:1057px;bottom:688px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tg_137\" style=\"left:1123px;bottom:688px;letter-spacing:0.11px;display:inline;\">713.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"th_137\" style=\"left:87px;bottom:667px;letter-spacing:0.12px;display:inline;\">Debt investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"ti_137\" style=\"left:955px;bottom:667px;letter-spacing:0.11px;display:inline;\">51.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tj_137\" style=\"left:1057px;bottom:667px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tk_137\" style=\"left:1129px;bottom:667px;letter-spacing:0.11px;display:inline;\">51.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"tl_137\" style=\"left:87px;bottom:645px;letter-spacing:0.1px;display:inline;\">Limited and limited liability partnership interests </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tm_137\" style=\"left:955px;bottom:645px;letter-spacing:0.11px;display:inline;\">58.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tn_137\" style=\"left:1057px;bottom:645px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"to_137\" style=\"left:1129px;bottom:645px;letter-spacing:0.11px;display:inline;\">58.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"tp_137\" style=\"left:87px;bottom:624px;letter-spacing:0.11px;display:inline;\">Assets held for sale </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tq_137\" style=\"left:956px;bottom:624px;letter-spacing:0.1px;display:inline;\">13.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tr_137\" style=\"left:1057px;bottom:624px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"ts_137\" style=\"left:1129px;bottom:624px;letter-spacing:0.1px;display:inline;\">13.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"tt_137\" style=\"left:87px;bottom:602px;letter-spacing:0.12px;display:inline;\">Trade and other receivables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tu_137\" style=\"left:970px;bottom:602px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tv_137\" style=\"left:1047px;bottom:602px;letter-spacing:0.11px;display:inline;\">6.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tw_137\" style=\"left:1134px;bottom:602px;letter-spacing:0.11px;display:inline;\">6.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"tx_137\" style=\"left:87px;bottom:581px;letter-spacing:0.11px;display:inline;\">Receivables on sale of debt and equity investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"ty_137\" style=\"left:956px;bottom:581px;letter-spacing:0.1px;display:inline;\">20.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"tz_137\" style=\"left:1057px;bottom:581px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t10_137\" style=\"left:1130px;bottom:581px;letter-spacing:0.1px;display:inline;\">20.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t11_137\" style=\"left:87px;bottom:559px;letter-spacing:0.12px;display:inline;\">Deposits </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t12_137\" style=\"left:970px;bottom:559px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t13_137\" style=\"left:1035px;bottom:559px;letter-spacing:0.11px;display:inline;\">170.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t14_137\" style=\"left:1122px;bottom:559px;letter-spacing:0.11px;display:inline;\">170.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t15_137\" style=\"left:87px;bottom:538px;letter-spacing:0.12px;display:inline;\">Cash and cash equivalents </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t16_137\" style=\"left:970px;bottom:538px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t17_137\" style=\"left:1038px;bottom:538px;letter-spacing:0.1px;display:inline;\">115.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t18_137\" style=\"left:1124px;bottom:538px;letter-spacing:0.1px;display:inline;\">115.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t19_137\" style=\"left:87px;bottom:516px;letter-spacing:0.12px;display:inline;\">At 31 December 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t1a_137\" style=\"left:945px;bottom:516px;letter-spacing:0.12px;display:inline;\">857.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t1b_137\" style=\"left:1036px;bottom:516px;letter-spacing:0.11px;display:inline;\">291.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_137\" id=\"t1c_137\" style=\"left:1105px;bottom:516px;letter-spacing:0.11px;display:inline;\">1,149.40 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1d_137\" style=\"left:87px;bottom:473px;letter-spacing:0.11px;display:inline;\">Equity investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1e_137\" style=\"left:949px;bottom:473px;letter-spacing:0.08px;display:inline;\">1,011.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1f_137\" style=\"left:1058px;bottom:473px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1g_137\" style=\"left:1122px;bottom:473px;letter-spacing:0.08px;display:inline;\">1,011.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1h_137\" style=\"left:87px;bottom:452px;letter-spacing:0.12px;display:inline;\">Debt investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1i_137\" style=\"left:955px;bottom:452px;letter-spacing:0.11px;display:inline;\">83.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1j_137\" style=\"left:1058px;bottom:452px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1k_137\" style=\"left:1129px;bottom:452px;letter-spacing:0.11px;display:inline;\">83.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1l_137\" style=\"left:87px;bottom:430px;letter-spacing:0.1px;display:inline;\">Limited and limited liability partnership interests </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1m_137\" style=\"left:955px;bottom:430px;letter-spacing:0.11px;display:inline;\">69.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1n_137\" style=\"left:1058px;bottom:430px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1o_137\" style=\"left:1128px;bottom:430px;letter-spacing:0.11px;display:inline;\">69.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1p_137\" style=\"left:87px;bottom:409px;letter-spacing:0.12px;display:inline;\">Trade and other receivables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1q_137\" style=\"left:971px;bottom:409px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1r_137\" style=\"left:1049px;bottom:409px;letter-spacing:0.1px;display:inline;\">8.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1s_137\" style=\"left:1135px;bottom:409px;letter-spacing:0.1px;display:inline;\">8.2 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1t_137\" style=\"left:87px;bottom:387px;letter-spacing:0.11px;display:inline;\">Receivables on sale of debt and equity investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1u_137\" style=\"left:962px;bottom:387px;letter-spacing:0.1px;display:inline;\">9.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1v_137\" style=\"left:1058px;bottom:387px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1w_137\" style=\"left:1135px;bottom:387px;letter-spacing:0.1px;display:inline;\">9.2 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1x_137\" style=\"left:87px;bottom:366px;letter-spacing:0.12px;display:inline;\">Deposits </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1y_137\" style=\"left:971px;bottom:366px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t1z_137\" style=\"left:1038px;bottom:366px;letter-spacing:0.1px;display:inline;\">126.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t20_137\" style=\"left:1124px;bottom:366px;letter-spacing:0.1px;display:inline;\">126.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t21_137\" style=\"left:87px;bottom:344px;letter-spacing:0.12px;display:inline;\">Cash and cash equivalents </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t22_137\" style=\"left:971px;bottom:344px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t23_137\" style=\"left:1037px;bottom:344px;letter-spacing:0.1px;display:inline;\">100.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t24_137\" style=\"left:1124px;bottom:344px;letter-spacing:0.1px;display:inline;\">100.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t25_137\" style=\"left:87px;bottom:323px;letter-spacing:0.12px;display:inline;\">At 31 December 2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t26_137\" style=\"left:950px;bottom:323px;letter-spacing:0.08px;display:inline;\">1,174.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t27_137\" style=\"left:1038px;bottom:323px;letter-spacing:0.1px;display:inline;\">235.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_137\" id=\"t28_137\" style=\"left:1115px;bottom:323px;letter-spacing:0.1px;display:inline;\">1,409.2 </div></td></tr></table>\n<div class=\"t s2_137\" id=\"t29_137\" style=\"left:87px;bottom:298px;letter-spacing:0.09px;display:inline;\">In light of the credit ratings applicable to the Group\u2019s cash and cash equivalent and deposits, (see note 3 for further details), we estimate expected credit losses on the Group\u2019s </div><div class=\"t s2_137\" id=\"t2a_137\" style=\"left:87px;bottom:281px;letter-spacing:0.09px;display:inline;\">receivables to be under \u00a30.1m and therefore not disclosed further (2023: less than \u00a30.1m), similarly we have not presented an analysis of credit ratings of trade and other </div><div class=\"t s2_137\" id=\"t2b_137\" style=\"left:87px;bottom:265px;letter-spacing:0.1px;display:inline;\">receivable and receivables on sale of debt and equity investments. </div><div class=\"t s2_137\" id=\"t2c_137\" style=\"left:87px;bottom:239px;letter-spacing:0.1px;display:inline;\">All net fair value gains in the year are attributable to financial assets designated at fair value through profit or loss on initial recognition (2023: all net fair value gains in the year </div><div class=\"t s2_137\" id=\"t2d_137\" style=\"left:87px;bottom:222px;letter-spacing:0.1px;display:inline;\">are attributable to financial assets designated at fair value through profit or loss on initial recognition). </div><span>Interest income of \u00a3nil (2023: \u00a3nil) is attributable to financial assets classified as fair value through profit and loss.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": {
   "value": "<span>Accounting policy: </span><div class=\"t s2_136\" id=\"t3_136\" style=\"left:100px;bottom:763px;letter-spacing:-0.12px;display:inline;\">Financial assets and liabilities </div><div class=\"t s3_136\" id=\"t4_136\" style=\"left:100px;bottom:744px;letter-spacing:0.11px;display:inline;\">Financial assets and liabilities are recognised in the balance sheet when the relevant Group entity becomes a party to the contractual provisions of the instrument. De\u2013 </div><div class=\"t s3_136\" id=\"t5_136\" style=\"left:100px;bottom:726px;letter-spacing:0.11px;display:inline;\">recognition occurs when rights to cash flows from a financial asset expire, or when a liability is extinguished. </div><div class=\"t s3_136\" id=\"t6_136\" style=\"left:100px;bottom:700px;letter-spacing:0.11px;display:inline;\">Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market </div><div class=\"t s3_136\" id=\"t7_136\" style=\"left:100px;bottom:682px;letter-spacing:0.11px;display:inline;\">prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when </div><div class=\"t s3_136\" id=\"t8_136\" style=\"left:100px;bottom:665px;letter-spacing:0.1px;display:inline;\">their fair value is positive and as a financial liability whey their fair value is negative. The Group\u2019s derivative financial instruments are not designated as hedging instruments. </div><div class=\"t s2_136\" id=\"t9_136\" style=\"left:100px;bottom:639px;letter-spacing:-0.13px;display:inline;\"><span>Financial assets </span></div><div class=\"t s3_136\" id=\"ta_136\" style=\"left:100px;bottom:620px;letter-spacing:-0.01px;display:inline;\">In respect of regular way purchases or sales, the Group uses trade date accounting to recognise or derecognise financial assets. </div><div class=\"t s3_136\" id=\"tb_136\" style=\"left:100px;bottom:593px;letter-spacing:0.11px;display:inline;\">The Group classifies its financial assets into one of the categories listed below, depending on the purpose for which the asset was acquired. </div><div class=\"t s4_136\" id=\"tc_136\" style=\"left:100px;bottom:567px;letter-spacing:-0.12px;display:inline;\"><span>At fair value through profit or loss </span></div><div class=\"t s3_136\" id=\"td_136\" style=\"left:100px;bottom:548px;letter-spacing:0.11px;display:inline;\">Held for trading and financial assets are recognised at fair value through profit and loss. This category includes equity investments, debt investments and investments in </div><div class=\"t s3_136\" id=\"te_136\" style=\"left:100px;bottom:531px;letter-spacing:0.11px;display:inline;\">limited partnerships. Investments in associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as </div><div class=\"t s3_136\" id=\"tf_136\" style=\"left:100px;bottom:513px;letter-spacing:0.11px;display:inline;\">at fair value through profit or loss. This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited </div><div class=\"t s3_136\" id=\"tg_136\" style=\"left:100px;bottom:496px;letter-spacing:0.11px;display:inline;\">partnerships and associated undertakings is evaluated on a fair value basis in accordance with an established investment strategy. </div><div class=\"t s3_136\" id=\"th_136\" style=\"left:100px;bottom:469px;letter-spacing:0.11px;display:inline;\">Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in </div><div class=\"t s3_136\" id=\"ti_136\" style=\"left:100px;bottom:452px;letter-spacing:0.11px;display:inline;\"><span>profit or loss in the statement of comprehensive income in the period which they arise.</span> </div><div class=\"t s4_136\" id=\"tj_136\" style=\"left:100px;bottom:426px;letter-spacing:-0.13px;display:inline;\"><span>At amortised cost </span></div><div class=\"t s3_136\" id=\"tk_136\" style=\"left:100px;bottom:407px;letter-spacing:0.11px;display:inline;\">These assets are non\u2013derivative financial assets with fixed and determinable payments that are not quoted in an active market. They arise principally through the provision </div><div class=\"t s3_136\" id=\"tl_136\" style=\"left:100px;bottom:389px;letter-spacing:0.11px;display:inline;\"><span>of services to customers (trade receivables) and are carried at cost less provision for impairment.</span> </div><div class=\"t s4_136\" id=\"tm_136\" style=\"left:100px;bottom:363px;letter-spacing:-0.14px;display:inline;\">Deposits </div><div class=\"t s3_136\" id=\"tn_136\" style=\"left:100px;bottom:344px;letter-spacing:0.11px;display:inline;\">Deposits comprise longer\u2013term deposits held with financial institutions with an original maturity of greater than three months and, in line with IAS 7 are not included within </div><div class=\"t s3_136\" id=\"to_136\" style=\"left:100px;bottom:326px;letter-spacing:0.11px;display:inline;\">cash and cash equivalents. Cash flows related to investments in, and maturities of amounts held on deposit are presented within investing activities in the consolidated </div><div class=\"t s3_136\" id=\"tp_136\" style=\"left:100px;bottom:309px;letter-spacing:0.11px;display:inline;\">statement of cash flows. Interest income related to deposits is included within cashflows from operating activities. </div><div class=\"t s4_136\" id=\"tq_136\" style=\"left:100px;bottom:282px;letter-spacing:-0.14px;display:inline;\"><span>Cash and cash equivalents </span></div><div class=\"t s3_136\" id=\"tr_136\" style=\"left:100px;bottom:263px;letter-spacing:0.11px;display:inline;\">Cash and cash equivalents include cash in hand and short-term deposits held with financial institutions with an original maturity of three months or less. Interest income </div><div class=\"t s3_136\" id=\"ts_136\" style=\"left:100px;bottom:246px;letter-spacing:0.11px;display:inline;\"><span>related to cash is included within cashflows from operating activities.</span> </div><div class=\"t s4_136\" id=\"tt_136\" style=\"left:100px;bottom:220px;letter-spacing:-0.11px;display:inline;\"><span>Financial liabilities </span></div><div class=\"t s3_136\" id=\"tu_136\" style=\"left:100px;bottom:201px;letter-spacing:0.11px;display:inline;\">Current financial liabilities are composed of trade payables and other short\u2013term monetary liabilities, which are recognised at amortised cost. </div><div class=\"t s3_136\" id=\"tv_136\" style=\"left:100px;bottom:174px;letter-spacing:0.11px;display:inline;\">Non\u2013current liabilities are composed of loans from Limited Partners of consolidated funds, outstanding amounts drawn down from a debt facility provided by the European </div><div class=\"t s3_136\" id=\"tw_136\" style=\"left:100px;bottom:157px;letter-spacing:0.1px;display:inline;\">Investment Bank, loan notes provided by Phoenix Group, carried interest plans liabilities, and other liabilities. </div><div class=\"t s3_136\" id=\"tx_136\" style=\"left:100px;bottom:131px;letter-spacing:0.11px;display:inline;\">Unless otherwise indicated, the carrying amounts of the Group\u2019s financial liabilities are a reasonable approximation to their fair value. Non\u2013current liabilities are recognised </div><span>initially at fair value net of transaction costs incurred, and subsequently at amortised cost.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": {
   "value": "<span>Financial assets </span><div class=\"t s3_136\" id=\"ta_136\" style=\"left:100px;bottom:620px;letter-spacing:-0.01px;display:inline;\">In respect of regular way purchases or sales, the Group uses trade date accounting to recognise or derecognise financial assets. </div><div class=\"t s3_136\" id=\"tb_136\" style=\"left:100px;bottom:593px;letter-spacing:0.11px;display:inline;\">The Group classifies its financial assets into one of the categories listed below, depending on the purpose for which the asset was acquired. </div><div class=\"t s4_136\" id=\"tc_136\" style=\"left:100px;bottom:567px;letter-spacing:-0.12px;display:inline;\"><span>At fair value through profit or loss </span></div><div class=\"t s3_136\" id=\"td_136\" style=\"left:100px;bottom:548px;letter-spacing:0.11px;display:inline;\">Held for trading and financial assets are recognised at fair value through profit and loss. This category includes equity investments, debt investments and investments in </div><div class=\"t s3_136\" id=\"te_136\" style=\"left:100px;bottom:531px;letter-spacing:0.11px;display:inline;\">limited partnerships. Investments in associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as </div><div class=\"t s3_136\" id=\"tf_136\" style=\"left:100px;bottom:513px;letter-spacing:0.11px;display:inline;\">at fair value through profit or loss. This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited </div><div class=\"t s3_136\" id=\"tg_136\" style=\"left:100px;bottom:496px;letter-spacing:0.11px;display:inline;\">partnerships and associated undertakings is evaluated on a fair value basis in accordance with an established investment strategy. </div><div class=\"t s3_136\" id=\"th_136\" style=\"left:100px;bottom:469px;letter-spacing:0.11px;display:inline;\">Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in </div><div class=\"t s3_136\" id=\"ti_136\" style=\"left:100px;bottom:452px;letter-spacing:0.11px;display:inline;\"><span>profit or loss in the statement of comprehensive income in the period which they arise.</span> </div><div class=\"t s4_136\" id=\"tj_136\" style=\"left:100px;bottom:426px;letter-spacing:-0.13px;display:inline;\"><span>At amortised cost </span></div><div class=\"t s3_136\" id=\"tk_136\" style=\"left:100px;bottom:407px;letter-spacing:0.11px;display:inline;\">These assets are non\u2013derivative financial assets with fixed and determinable payments that are not quoted in an active market. They arise principally through the provision </div><div class=\"t s3_136\" id=\"tl_136\" style=\"left:100px;bottom:389px;letter-spacing:0.11px;display:inline;\"><span>of services to customers (trade receivables) and are carried at cost less provision for impairment.</span> </div><div class=\"t s4_136\" id=\"tm_136\" style=\"left:100px;bottom:363px;letter-spacing:-0.14px;display:inline;\">Deposits </div><div class=\"t s3_136\" id=\"tn_136\" style=\"left:100px;bottom:344px;letter-spacing:0.11px;display:inline;\">Deposits comprise longer\u2013term deposits held with financial institutions with an original maturity of greater than three months and, in line with IAS 7 are not included within </div><div class=\"t s3_136\" id=\"to_136\" style=\"left:100px;bottom:326px;letter-spacing:0.11px;display:inline;\">cash and cash equivalents. Cash flows related to investments in, and maturities of amounts held on deposit are presented within investing activities in the consolidated </div><div class=\"t s3_136\" id=\"tp_136\" style=\"left:100px;bottom:309px;letter-spacing:0.11px;display:inline;\">statement of cash flows. Interest income related to deposits is included within cashflows from operating activities. </div><div class=\"t s4_136\" id=\"tq_136\" style=\"left:100px;bottom:282px;letter-spacing:-0.14px;display:inline;\"><span>Cash and cash equivalents </span></div><div class=\"t s3_136\" id=\"tr_136\" style=\"left:100px;bottom:263px;letter-spacing:0.11px;display:inline;\">Cash and cash equivalents include cash in hand and short-term deposits held with financial institutions with an original maturity of three months or less. Interest income </div><span>related to cash is included within cashflows from operating activities.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": {
   "value": "<span>At fair value through profit or loss </span><div class=\"t s3_136\" id=\"td_136\" style=\"left:100px;bottom:548px;letter-spacing:0.11px;display:inline;\">Held for trading and financial assets are recognised at fair value through profit and loss. This category includes equity investments, debt investments and investments in </div><div class=\"t s3_136\" id=\"te_136\" style=\"left:100px;bottom:531px;letter-spacing:0.11px;display:inline;\">limited partnerships. Investments in associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as </div><div class=\"t s3_136\" id=\"tf_136\" style=\"left:100px;bottom:513px;letter-spacing:0.11px;display:inline;\">at fair value through profit or loss. This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited </div><div class=\"t s3_136\" id=\"tg_136\" style=\"left:100px;bottom:496px;letter-spacing:0.11px;display:inline;\">partnerships and associated undertakings is evaluated on a fair value basis in accordance with an established investment strategy. </div><div class=\"t s3_136\" id=\"th_136\" style=\"left:100px;bottom:469px;letter-spacing:0.11px;display:inline;\">Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in </div><span>profit or loss in the statement of comprehensive income in the period which they arise.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": {
   "value": "<span>At fair value through profit or loss </span><div class=\"t s3_136\" id=\"td_136\" style=\"left:100px;bottom:548px;letter-spacing:0.11px;display:inline;\">Held for trading and financial assets are recognised at fair value through profit and loss. This category includes equity investments, debt investments and investments in </div><div class=\"t s3_136\" id=\"te_136\" style=\"left:100px;bottom:531px;letter-spacing:0.11px;display:inline;\">limited partnerships. Investments in associated undertakings, which are held by the Group with a view to the ultimate realisation of capital gains, are also categorised as </div><div class=\"t s3_136\" id=\"tf_136\" style=\"left:100px;bottom:513px;letter-spacing:0.11px;display:inline;\">at fair value through profit or loss. This measurement basis is consistent with the fact that the Group\u2019s performance in respect of investments in equity investments, limited </div><div class=\"t s3_136\" id=\"tg_136\" style=\"left:100px;bottom:496px;letter-spacing:0.11px;display:inline;\">partnerships and associated undertakings is evaluated on a fair value basis in accordance with an established investment strategy. </div><div class=\"t s3_136\" id=\"th_136\" style=\"left:100px;bottom:469px;letter-spacing:0.11px;display:inline;\">Financial assets at fair value through profit or loss are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in </div><span>profit or loss in the statement of comprehensive income in the period which they arise.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": {
   "value": "<span>At amortised cost </span><div class=\"t s3_136\" id=\"tk_136\" style=\"left:100px;bottom:407px;letter-spacing:0.11px;display:inline;\">These assets are non\u2013derivative financial assets with fixed and determinable payments that are not quoted in an active market. They arise principally through the provision </div><span>of services to customers (trade receivables) and are carried at cost less provision for impairment.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": {
   "value": "<span>Cash and cash equivalents </span><div class=\"t s3_136\" id=\"tr_136\" style=\"left:100px;bottom:263px;letter-spacing:0.11px;display:inline;\">Cash and cash equivalents include cash in hand and short-term deposits held with financial institutions with an original maturity of three months or less. Interest income </div><span>related to cash is included within cashflows from operating activities.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": {
   "value": "<span>Financial liabilities </span><div class=\"t s3_136\" id=\"tu_136\" style=\"left:100px;bottom:201px;letter-spacing:0.11px;display:inline;\">Current financial liabilities are composed of trade payables and other short\u2013term monetary liabilities, which are recognised at amortised cost. </div><div class=\"t s3_136\" id=\"tv_136\" style=\"left:100px;bottom:174px;letter-spacing:0.11px;display:inline;\">Non\u2013current liabilities are composed of loans from Limited Partners of consolidated funds, outstanding amounts drawn down from a debt facility provided by the European </div><div class=\"t s3_136\" id=\"tw_136\" style=\"left:100px;bottom:157px;letter-spacing:0.1px;display:inline;\">Investment Bank, loan notes provided by Phoenix Group, carried interest plans liabilities, and other liabilities. </div><div class=\"t s3_136\" id=\"tx_136\" style=\"left:100px;bottom:131px;letter-spacing:0.11px;display:inline;\">Unless otherwise indicated, the carrying amounts of the Group\u2019s financial liabilities are a reasonable approximation to their fair value. Non\u2013current liabilities are recognised </div><span>initially at fair value net of transaction costs incurred, and subsequently at amortised cost.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00177": {
   "value": "<span>13. Portfolio: Equity and debt investments and Assets Held for Sale </span><div class=\"t s1_138\" id=\"t2_138\" style=\"left:100px;bottom:781px;letter-spacing:-0.1px;display:inline;\"><span>Accounting policy: </span></div><div class=\"t s2_138\" id=\"t3_138\" style=\"left:100px;bottom:763px;letter-spacing:-0.13px;display:inline;\">Fair value hierarchy </div><div class=\"t s3_138\" id=\"t4_138\" style=\"left:100px;bottom:745px;letter-spacing:0.11px;display:inline;\">The Group classifies financial assets using a fair value hierarchy that reflects the significance of the inputs used in making the related fair value measurements. The </div><div class=\"t s3_138\" id=\"t5_138\" style=\"left:100px;bottom:728px;letter-spacing:0.1px;display:inline;\">level in the fair value hierarchy, within which a financial asset is classified, is determined on the basis of the lowest level input that is significant to that asset\u2019s fair value </div><div class=\"t s3_138\" id=\"t6_138\" style=\"left:100px;bottom:711px;letter-spacing:0.11px;display:inline;\">measurement. The fair value hierarchy has the following levels: </div><div class=\"t s3_138\" id=\"t7_138\" style=\"left:100px;bottom:686px;letter-spacing:0.11px;display:inline;\">Level 1 \u2013 Quoted prices in active markets. </div><div class=\"t s3_138\" id=\"t8_138\" style=\"left:100px;bottom:669px;letter-spacing:0.11px;display:inline;\">Level 2 \u2013 Inputs other than quoted prices that are observable, such as prices from market transactions. </div><div class=\"t s3_138\" id=\"t9_138\" style=\"left:100px;bottom:652px;letter-spacing:0.11px;display:inline;\">Level 3 \u2013 One or more inputs that are not based on observable market data. </div><div class=\"t s4_138\" id=\"ta_138\" style=\"left:100px;bottom:626px;letter-spacing:-0.14px;display:inline;\">Equity investments </div><div class=\"t s3_138\" id=\"tb_138\" style=\"left:100px;bottom:608px;letter-spacing:0.11px;display:inline;\">Fair value is the underlying principle and is defined as \u201cthe price that would be received to sell an asset in an orderly transaction between market participants at the </div><div class=\"t s3_138\" id=\"tc_138\" style=\"left:100px;bottom:591px;letter-spacing:0.11px;display:inline;\">measurement date\u201d (IPEV guidelines, December 2022). </div><div class=\"t s3_138\" id=\"td_138\" style=\"left:100px;bottom:566px;letter-spacing:0.11px;display:inline;\">Where the equity structure of a portfolio company involves different class rights in a sale or liquidity event, the Group takes these different rights into account when forming </div><div class=\"t s3_138\" id=\"te_138\" style=\"left:100px;bottom:549px;letter-spacing:0.11px;display:inline;\">a view on the value of its investment. </div><div class=\"t s4_138\" id=\"tf_138\" style=\"left:100px;bottom:523px;letter-spacing:-0.14px;display:inline;\">Valuation techniques used </div><div class=\"t s3_138\" id=\"tg_138\" style=\"left:100px;bottom:504px;letter-spacing:0.11px;display:inline;\">The fair value of unlisted securities is established using appropriate valuation techniques in line with December 2022 IPEV guidelines. The selection of appropriate valuation </div><div class=\"t s3_138\" id=\"th_138\" style=\"left:100px;bottom:488px;letter-spacing:0.11px;display:inline;\">techniques is considered on an individual basis in light of the nature, facts and circumstances of the investment and in the expected view of market participants. The Group </div><div class=\"t s3_138\" id=\"ti_138\" style=\"left:100px;bottom:471px;letter-spacing:0.12px;display:inline;\">selects valuation techniques which make maximum use of market\u2013based inputs. Techniques are applied consistently from period to period, except where a change would </div><div class=\"t s3_138\" id=\"tj_138\" style=\"left:100px;bottom:454px;letter-spacing:0.11px;display:inline;\">result in better estimates of fair value. Several valuation techniques may be used so that the results of one technique may be used as a cross check/corroboration of an </div><div class=\"t s3_138\" id=\"tk_138\" style=\"left:100px;bottom:437px;letter-spacing:0.11px;display:inline;\">alternative technique. </div><div class=\"t s3_138\" id=\"tl_138\" style=\"left:100px;bottom:412px;letter-spacing:0.11px;display:inline;\">Valuation techniques used include: </div><div class=\"t s5_138\" id=\"tm_138\" style=\"left:100px;bottom:386px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"tn_138\" style=\"left:121px;bottom:386px;letter-spacing:0.11px;display:inline;\">Quoted bid price: The fair values of quoted investments are based on bid prices in an active market at the reporting date. </div><div class=\"t s5_138\" id=\"to_138\" style=\"left:100px;bottom:365px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"tp_138\" style=\"left:121px;bottom:365px;letter-spacing:0.11px;display:inline;\">Funding transaction: The fair value of unquoted investments which have recently raised equity financing may be calculated with reference to the price of the recent </div><div class=\"t s3_138\" id=\"tq_138\" style=\"left:121px;bottom:348px;letter-spacing:0.1px;display:inline;\">investment. For investments for which the capital structure involves different class rights in a sale or liquidity event, a full scenario analysis via the use of the probability\u2013 </div><div class=\"t s3_138\" id=\"tr_138\" style=\"left:121px;bottom:331px;letter-spacing:0.11px;display:inline;\">weighted expected return method (\u201cPWERM\u201d) is used to calculate the implied values of the existing share classes. </div><div class=\"t s5_138\" id=\"ts_138\" style=\"left:100px;bottom:310px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"tt_138\" style=\"left:121px;bottom:310px;letter-spacing:0.11px;display:inline;\">Other: Future market/commercial events: Scenario analysis is used, which is a forward\u2013looking method that considers one or more possible future scenarios. These </div><div class=\"t s3_138\" id=\"tu_138\" style=\"left:121px;bottom:293px;letter-spacing:0.11px;display:inline;\">methods include simplified scenario analysis and relative value scenario analysis, which tie to the fully diluted (\u201cpost\u2013money\u201d) equity value. The PWERM method may be </div><div class=\"t s3_138\" id=\"tv_138\" style=\"left:121px;bottom:277px;letter-spacing:0.1px;display:inline;\">utilised for this valuation technique for investments which have an equity structure which involves different class rights in a sale or liquidity event. </div><div class=\"t s5_138\" id=\"tw_138\" style=\"left:100px;bottom:256px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"tx_138\" style=\"left:121px;bottom:256px;letter-spacing:0.12px;display:inline;\">Other: Adjusted funding transaction price based on past performance \u2013 upwards/downwards: The milestone approach involves making an assessment as to whether </div><div class=\"t s3_138\" id=\"ty_138\" style=\"left:121px;bottom:239px;letter-spacing:0.11px;display:inline;\">there is an indication of change in fair value based on a consideration of the relevant milestones, typically agreed at the time of making the investment decision. </div><div class=\"t s5_138\" id=\"tz_138\" style=\"left:100px;bottom:218px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"t10_138\" style=\"left:121px;bottom:218px;letter-spacing:0.11px;display:inline;\">Other: Discounted cash flows: deriving the value of a business by calculating the present value of expected future cash flows. </div><div class=\"t s5_138\" id=\"t11_138\" style=\"left:100px;bottom:196px;display:inline;\">\u2022 </div><div class=\"t s3_138\" id=\"t12_138\" style=\"left:121px;bottom:196px;letter-spacing:0.11px;display:inline;\">Other: Revenue multiple: the application of an appropriate multiple to a performance measure (such as earnings or revenue) of the investee company in order to derive </div><div class=\"t s3_138\" id=\"t13_138\" style=\"left:121px;bottom:180px;letter-spacing:0.11px;display:inline;\">a value for the business. </div><div class=\"t s3_138\" id=\"t14_138\" style=\"left:100px;bottom:154px;letter-spacing:-0.01px;display:inline;\">The fair value indicated by a recent transaction is used to calibrate inputs used with valuation techniques including those noted above. At each measurement date, an </div><div class=\"t s3_138\" id=\"t15_138\" style=\"left:100px;bottom:137px;letter-spacing:-0.01px;display:inline;\">assessment is made as to whether changes or events subsequent to the relevant transaction would imply a change in the investment\u2019s fair value. The price of a recent </div><div class=\"t s3_138\" id=\"t16_138\" style=\"left:100px;bottom:121px;letter-spacing:-0.01px;display:inline;\">investment is not considered a standalone valuation technique (see further considerations below). Where the current fair value of an investment is unchanged from the price of </div><div class=\"t s3_138\" id=\"t17_138\" style=\"left:100px;bottom:104px;letter-spacing:-0.02px;display:inline;\">a funding transaction, the Group refers to the valuation basis as \u2018Funding transaction\u2019. </div><div></div><div class=\"t s0_139\" id=\"t1_139\" style=\"left:100px;bottom:782px;letter-spacing:-0.12px;display:inline;\">Price of recent investment as an input in assessing fair value </div><div class=\"t s1_139\" id=\"t2_139\" style=\"left:100px;bottom:763px;letter-spacing:0.11px;display:inline;\">The Group considers that fair value estimates which are based primarily on observable market data will be of greater reliability than those based on assumptions. Given </div><div class=\"t s1_139\" id=\"t3_139\" style=\"left:100px;bottom:746px;letter-spacing:0.11px;display:inline;\">the nature of the Group\u2019s investments in seed, start\u2013up and early\u2013stage companies, where there are often no current and no short\u2013term future earnings or positive cash </div><div class=\"t s1_139\" id=\"t4_139\" style=\"left:100px;bottom:730px;letter-spacing:0.11px;display:inline;\">flows, it can be difficult to gauge the probability and financial impact of the success or failure of development or research activities and to make reliable cash flow forecasts. </div><div class=\"t s1_139\" id=\"t5_139\" style=\"left:100px;bottom:713px;letter-spacing:0.11px;display:inline;\">Consequently, in many cases the most appropriate approach to fair value is a valuation technique which is based on market data such as the price of a recent investment, </div><div class=\"t s1_139\" id=\"t6_139\" style=\"left:100px;bottom:696px;letter-spacing:0.12px;display:inline;\">and market participant assumptions as to potential outcomes. </div><div class=\"t s1_139\" id=\"t7_139\" style=\"left:100px;bottom:671px;letter-spacing:0.11px;display:inline;\">Calibrating such scenarios or milestones may result in a fair value equal to price of recent investment for a limited period of time. Often qualitative milestones provide a </div><div class=\"t s1_139\" id=\"t8_139\" style=\"left:100px;bottom:654px;letter-spacing:0.11px;display:inline;\">directional indication of the movement of fair value. </div><div class=\"t s1_139\" id=\"t9_139\" style=\"left:100px;bottom:628px;letter-spacing:0.11px;display:inline;\">In applying a calibrated scenario or milestone-approach to determine fair value, consideration is given to performance against milestones that were set at the time of </div><div class=\"t s1_139\" id=\"ta_139\" style=\"left:100px;bottom:612px;letter-spacing:0.11px;display:inline;\">the original investment decision, as well as taking into consideration the key market drivers of the investee company and the overall economic environment. Factors that </div><div class=\"t s1_139\" id=\"tb_139\" style=\"left:100px;bottom:595px;letter-spacing:0.11px;display:inline;\">the Group considers include, inter alia, technical measures such as product development phases and patent approvals, financial measures such as cash burn rate and </div><div class=\"t s1_139\" id=\"tc_139\" style=\"left:100px;bottom:578px;letter-spacing:0.11px;display:inline;\">profitability expectations, and market and sales measures such as testing phases, product launches and market introduction. </div><div class=\"t s1_139\" id=\"td_139\" style=\"left:100px;bottom:552px;letter-spacing:0.11px;display:inline;\">Where the Group considers that there is an indication that the fair value has changed, an estimation is made of the required amount of any adjustment from the last price of </div><div class=\"t s1_139\" id=\"te_139\" style=\"left:100px;bottom:536px;letter-spacing:0.11px;display:inline;\">recent investment. </div><div class=\"t s1_139\" id=\"tf_139\" style=\"left:100px;bottom:510px;letter-spacing:0.11px;display:inline;\">Where a deterioration in value has occurred, the Group reduces the carrying value of the investment to reflect the estimated decrease. If there is evidence of value creation </div><div class=\"t s1_139\" id=\"tg_139\" style=\"left:100px;bottom:493px;letter-spacing:0.11px;display:inline;\">the Group may consider increasing the carrying value of the investment; however, in the absence of additional financing rounds or profit generation it can be difficult to </div><div class=\"t s1_139\" id=\"th_139\" style=\"left:100px;bottom:477px;letter-spacing:0.11px;display:inline;\">determine the value that a market participant may place on positive developments given the potential outcome and the costs and risks to achieving that outcome and </div><div class=\"t s1_139\" id=\"ti_139\" style=\"left:100px;bottom:460px;letter-spacing:0.11px;display:inline;\">accordingly caution is applied. </div><div class=\"t s2_139\" id=\"tj_139\" style=\"left:100px;bottom:434px;letter-spacing:-0.14px;display:inline;\">Debt investments </div><div class=\"t s1_139\" id=\"tk_139\" style=\"left:100px;bottom:415px;letter-spacing:0.11px;display:inline;\">Debt investments are generally unquoted debt instruments which are convertible to equity at a future point in time. Such instruments are considered to be hybrid </div><div class=\"t s1_139\" id=\"tl_139\" style=\"left:100px;bottom:399px;letter-spacing:0.11px;display:inline;\">instruments containing a fixed rate debt host contract with an embedded equity derivative. The Group designates the entire hybrid contract at fair value through profit or </div><div class=\"t s1_139\" id=\"tm_139\" style=\"left:100px;bottom:382px;letter-spacing:0.11px;display:inline;\">loss on initial recognition and, accordingly, the embedded derivative is not separated from the host contract and accounted for separately. The price at which the debt </div><div class=\"t s1_139\" id=\"tn_139\" style=\"left:100px;bottom:365px;letter-spacing:0.11px;display:inline;\">investment was made may be a reliable indicator of fair value at that date depending on facts and circumstances. Any subsequent remeasurement will be recognised as </div><div class=\"t s1_139\" id=\"to_139\" style=\"left:100px;bottom:348px;letter-spacing:0.11px;display:inline;\">changes in fair value in the statement of comprehensive income. </div><div class=\"t s2_139\" id=\"tp_139\" style=\"left:100px;bottom:322px;letter-spacing:-0.13px;display:inline;\">Disclosure of unrealised and realised gains and losses </div><div class=\"t s1_139\" id=\"tq_139\" style=\"left:100px;bottom:304px;letter-spacing:0.11px;display:inline;\">\u2018Change in fair value of equity and debt investments\u2019 per the Group Income Statement represents unrealised revaluation gains and losses on the Group\u2019s portfolio of </div><div class=\"t s1_139\" id=\"tr_139\" style=\"left:100px;bottom:287px;letter-spacing:0.11px;display:inline;\">investment. </div><div class=\"t s1_139\" id=\"ts_139\" style=\"left:100px;bottom:261px;letter-spacing:0.11px;display:inline;\">Gains on disposal of equity investments represents the difference between the fair value of consideration received and the carrying value at the start of the accounting </div><div class=\"t s1_139\" id=\"tt_139\" style=\"left:100px;bottom:245px;letter-spacing:0.11px;display:inline;\">period for the investment in question. </div><div class=\"t s1_139\" id=\"tu_139\" style=\"left:100px;bottom:219px;letter-spacing:0.11px;display:inline;\">Changes in fair values of investments do not constitute revenue. </div><div class=\"t s2_139\" id=\"tv_139\" style=\"left:100px;bottom:193px;letter-spacing:-0.12px;display:inline;\">Assets held for sale </div><div class=\"t s1_139\" id=\"tw_139\" style=\"left:100px;bottom:175px;letter-spacing:0.11px;display:inline;\">During 2024, an element of the Group\u2019s investments in Artios Pharma Limited, Nexeon Limited and Mission Therapeutics Limited were included in a secondary sale of shares </div><div class=\"t s1_139\" id=\"tx_139\" style=\"left:100px;bottom:158px;letter-spacing:0.11px;display:inline;\">which was agreed within the year but which had not completed at year end. In addition, the Group had commenced selling a pre-specified proportion of its shares in </div><div class=\"t s1_139\" id=\"ty_139\" style=\"left:100px;bottom:141px;letter-spacing:0.11px;display:inline;\">Centessa Pharmaceuticals plc prior to year end, with the share disposal completing in early 2025. Accordingly these investments met the classification criteria as assets held </div><div class=\"t s1_139\" id=\"tz_139\" style=\"left:100px;bottom:124px;letter-spacing:0.11px;display:inline;\"><span>for sale and were hence reclassified from Equity Investments to assets held for sale. </span></div><div class=\"t s8_139\" id=\"t18_139\" style=\"left:87px;bottom:817px;letter-spacing:0.16px;display:inline;\"> </div><div class=\"t s9_139\" id=\"t19_139\" style=\"left:471px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><div class=\"t s0_140\" id=\"t1_140\" style=\"left:87px;bottom:795px;letter-spacing:-0.13px;display:inline;\">Equity and Debt Investments within the Top 10 by holding value </div>\n<div class=\"t s1_140\" id=\"t2_140\" style=\"left:87px;bottom:776px;letter-spacing:0.11px;display:inline;\">The following table lists information on the debt and equity investments within the most valuable 10 portfolio company investments, representing 58% of the total portfolio value </div>\n<div class=\"t s1_140\" id=\"t3_140\" style=\"left:87px;bottom:759px;letter-spacing:0.11px;display:inline;\">(2023: 61%). Detail on the performance of these companies is included in the portfolio review section of the Strategic Report. </div>\n<div class=\"t s1_140\" id=\"t4_140\" style=\"left:87px;bottom:734px;letter-spacing:0.11px;display:inline;\">The Group engages third-party valuation specialists to provide valuation support where required; during the period we commissioned third-party valuations on four out of the </div>\n<div class=\"t s1_140\" id=\"t5_140\" style=\"left:87px;bottom:717px;letter-spacing:0.1px;display:inline;\">top 10 holdings (2023: 6). </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_140\" id=\"t8_140\" style=\"left:1006px;bottom:683px;letter-spacing:0.1px;display:inline;\">Fair value </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_140\" id=\"td_140\" style=\"left:1093px;bottom:683px;letter-spacing:0.1px;display:inline;\">Fair value </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_140\" id=\"t9_140\" style=\"left:1014px;bottom:668px;letter-spacing:0.11px;display:inline;\">of Group </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_140\" id=\"te_140\" style=\"left:1100px;bottom:668px;letter-spacing:0.11px;display:inline;\">of Group </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_140\" id=\"ta_140\" style=\"left:1004px;bottom:653px;letter-spacing:0.1px;display:inline;\">holding at </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_140\" id=\"tf_140\" style=\"left:1090px;bottom:653px;letter-spacing:0.1px;display:inline;\">holding at </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_140\" id=\"tb_140\" style=\"left:996px;bottom:635px;letter-spacing:0.12px;display:inline;\">31 Dec 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_140\" id=\"tg_140\" style=\"left:1083px;bottom:635px;letter-spacing:0.12px;display:inline;\">31 Dec 2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_140\" id=\"t6_140\" style=\"left:87px;bottom:618px;letter-spacing:0.15px;display:inline;\">Company name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_140\" id=\"t7_140\" style=\"left:408px;bottom:618px;letter-spacing:0.12px;display:inline;\">Primary valuation basis </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_140\" id=\"tc_140\" style=\"left:1046px;bottom:618px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_140\" id=\"th_140\" style=\"left:1133px;bottom:618px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"ti_140\" style=\"left:87px;bottom:594px;letter-spacing:0.12px;display:inline;\">Oxford Nanopore Technologies plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tj_140\" style=\"left:408px;bottom:594px;letter-spacing:0.12px;display:inline;\">Quoted bid price </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"tk_140\" style=\"left:1036px;bottom:594px;letter-spacing:0.09px;display:inline;\">106.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tl_140\" style=\"left:1127px;bottom:594px;letter-spacing:0.08px;display:inline;\">173.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tm_140\" style=\"left:87px;bottom:573px;letter-spacing:0.1px;display:inline;\">Istesso Limited * </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tn_140\" style=\"left:408px;bottom:573px;letter-spacing:0.15px;display:inline;\">DCF </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"to_140\" style=\"left:1044px;bottom:573px;letter-spacing:0.08px;display:inline;\">91.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tp_140\" style=\"left:1130px;bottom:573px;letter-spacing:0.07px;display:inline;\">113.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tq_140\" style=\"left:87px;bottom:551px;letter-spacing:0.11px;display:inline;\">Hysata Pty Ltd </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tr_140\" style=\"left:408px;bottom:551px;letter-spacing:0.12px;display:inline;\">Funding transaction &lt; 12 months, PWERM </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"ts_140\" style=\"left:1042px;bottom:551px;letter-spacing:0.09px;display:inline;\">76.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tt_140\" style=\"left:1130px;bottom:551px;letter-spacing:0.09px;display:inline;\">70.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tu_140\" style=\"left:87px;bottom:530px;letter-spacing:0.12px;display:inline;\">Oxa Autonomy Limited * </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tv_140\" style=\"left:408px;bottom:530px;letter-spacing:0.12px;display:inline;\">Adjusted funding \u2013 downwards </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"tw_140\" style=\"left:1042px;bottom:530px;letter-spacing:0.09px;display:inline;\">42.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tx_140\" style=\"left:1130px;bottom:530px;letter-spacing:0.09px;display:inline;\">65.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"ty_140\" style=\"left:87px;bottom:508px;letter-spacing:0.1px;display:inline;\">Hinge Health, Inc.* </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"tz_140\" style=\"left:408px;bottom:508px;letter-spacing:0.12px;display:inline;\">Adjusted funding \u2013 downwards </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"t10_140\" style=\"left:1041px;bottom:508px;letter-spacing:0.1px;display:inline;\">36.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t11_140\" style=\"left:1129px;bottom:508px;letter-spacing:0.09px;display:inline;\">34.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t12_140\" style=\"left:87px;bottom:487px;letter-spacing:0.1px;display:inline;\">First Light Fusion Limited * </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t13_140\" style=\"left:408px;bottom:487px;letter-spacing:0.11px;display:inline;\">Future event </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"t14_140\" style=\"left:1041px;bottom:487px;letter-spacing:0.09px;display:inline;\">25.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t15_140\" style=\"left:1129px;bottom:487px;letter-spacing:0.09px;display:inline;\">64.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t16_140\" style=\"left:87px;bottom:465px;letter-spacing:0.12px;display:inline;\">Pulmocide Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t17_140\" style=\"left:408px;bottom:465px;letter-spacing:0.12px;display:inline;\">Adjusted funding \u2013 upwards </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"t18_140\" style=\"left:1045px;bottom:465px;letter-spacing:0.08px;display:inline;\">23.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t19_140\" style=\"left:1133px;bottom:465px;letter-spacing:0.07px;display:inline;\">19.2 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1a_140\" style=\"left:87px;bottom:444px;letter-spacing:0.11px;display:inline;\">Mission Therapeutics Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1b_140\" style=\"left:408px;bottom:444px;letter-spacing:0.12px;display:inline;\">Funding transaction &lt; 12 months, PWERM </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"t1c_140\" style=\"left:1042px;bottom:444px;letter-spacing:0.09px;display:inline;\">22.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1d_140\" style=\"left:1133px;bottom:444px;letter-spacing:0.08px;display:inline;\">15.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1e_140\" style=\"left:87px;bottom:422px;letter-spacing:0.12px;display:inline;\">Nexeon Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1f_140\" style=\"left:408px;bottom:422px;letter-spacing:0.11px;display:inline;\">Future event </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"t1g_140\" style=\"left:1044px;bottom:422px;letter-spacing:0.08px;display:inline;\">19.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1h_140\" style=\"left:1137px;bottom:422px;letter-spacing:0.06px;display:inline;\">11.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1i_140\" style=\"left:87px;bottom:401px;letter-spacing:0.11px;display:inline;\">Artios Pharma Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1j_140\" style=\"left:408px;bottom:401px;letter-spacing:0.12px;display:inline;\">Adjusted funding \u2013 downwards </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"t1k_140\" style=\"left:1045px;bottom:401px;letter-spacing:0.08px;display:inline;\">17.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1l_140\" style=\"left:1134px;bottom:401px;letter-spacing:0.07px;display:inline;\">17.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"t1m_140\" style=\"left:87px;bottom:379px;letter-spacing:0.11px;display:inline;\">Total </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_140\" id=\"t1n_140\" style=\"left:1033px;bottom:379px;letter-spacing:0.12px;display:inline;\">462.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_140\" id=\"t1o_140\" style=\"left:1122px;bottom:379px;letter-spacing:0.12px;display:inline;\">586.2 </div></td></tr></table>\n<div class=\"t s5_140\" id=\"t1p_140\" style=\"left:87px;bottom:358px;letter-spacing:-0.15px;display:inline;\">* Third-party valuation specialists used for 31 December 2024 valuation. In these instances, the valuation basis is management\u2019s assessment of the primary valuation input used by the third-party </div>\n<div class=\"t s5_140\" id=\"t1q_140\" style=\"left:95px;bottom:345px;letter-spacing:-0.14px;display:inline;\">valuation specialist. </div>\n\n\n<div class=\"t s8_140\" id=\"t1v_140\" style=\"left:87px;bottom:817px;letter-spacing:0.16px;display:inline;\"> </div><div class=\"t s9_140\" id=\"t1w_140\" style=\"left:471px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"t1_141\" style=\"left:827px;bottom:791px;letter-spacing:0.1px;display:inline;\">Level 1 </div></td><td colspan=\"3\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s0_141\" id=\"t2_141\" style=\"left:949px;bottom:791px;letter-spacing:0.11px;display:inline;\">Level 3 </div>  </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"t3_141\" style=\"left:828px;bottom:766px;letter-spacing:0.1px;display:inline;\">Equity </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"t9_141\" style=\"left:900px;bottom:766px;letter-spacing:0.12px;display:inline;\">Unquoted </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"tf_141\" style=\"left:1027px;bottom:766px;letter-spacing:0.11px;display:inline;\">Debt </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"t4_141\" style=\"left:789px;bottom:750px;letter-spacing:0.12px;display:inline;\">investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"ta_141\" style=\"left:922px;bottom:750px;letter-spacing:0.1px;display:inline;\">equity </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"tg_141\" style=\"left:979px;bottom:750px;letter-spacing:0.12px;display:inline;\">investments </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"t5_141\" style=\"left:807px;bottom:735px;letter-spacing:0.11px;display:inline;\">in quoted </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"tb_141\" style=\"left:884px;bottom:735px;letter-spacing:0.12px;display:inline;\">investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"th_141\" style=\"left:981px;bottom:735px;letter-spacing:0.11px;display:inline;\">in unquoted </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"t6_141\" style=\"left:811px;bottom:720px;letter-spacing:0.11px;display:inline;\">spin\u2013out </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"tc_141\" style=\"left:891px;bottom:720px;letter-spacing:0.11px;display:inline;\">in spin\u2013out </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"ti_141\" style=\"left:1001px;bottom:720px;letter-spacing:0.11px;display:inline;\">spin\u2013out </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"t7_141\" style=\"left:796px;bottom:705px;letter-spacing:0.14px;display:inline;\">companies </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"td_141\" style=\"left:891px;bottom:705px;letter-spacing:0.14px;display:inline;\">companies </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"tj_141\" style=\"left:986px;bottom:705px;letter-spacing:0.14px;display:inline;\">companies </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"tl_141\" style=\"left:1121px;bottom:705px;letter-spacing:0.09px;display:inline;\">Total </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"t8_141\" style=\"left:845px;bottom:687px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"te_141\" style=\"left:941px;bottom:687px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"tk_141\" style=\"left:1036px;bottom:687px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_141\" id=\"tm_141\" style=\"left:1131px;bottom:687px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"tn_141\" style=\"left:87px;bottom:664px;letter-spacing:0.12px;display:inline;\">At 1 January 2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"to_141\" style=\"left:834px;bottom:664px;letter-spacing:0.12px;display:inline;\">228.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"tp_141\" style=\"left:931px;bottom:664px;letter-spacing:0.11px;display:inline;\">892.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"tq_141\" style=\"left:1034px;bottom:664px;letter-spacing:0.1px;display:inline;\">38.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"tr_141\" style=\"left:1113px;bottom:664px;letter-spacing:0.1px;display:inline;\">1,158.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"ts_141\" style=\"left:87px;bottom:643px;letter-spacing:0.12px;display:inline;\">Investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"tt_141\" style=\"left:858px;bottom:643px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"tu_141\" style=\"left:937px;bottom:643px;letter-spacing:0.09px;display:inline;\">32.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"tv_141\" style=\"left:1032px;bottom:643px;letter-spacing:0.09px;display:inline;\">30.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"tw_141\" style=\"left:1127px;bottom:643px;letter-spacing:0.11px;display:inline;\">63.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"tx_141\" style=\"left:87px;bottom:623px;letter-spacing:0.11px;display:inline;\">Transaction\u2013based reclassifications </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"ty_141\" style=\"left:858px;bottom:623px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"tz_141\" style=\"left:945px;bottom:623px;letter-spacing:0.07px;display:inline;\">7.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t10_141\" style=\"left:1035px;bottom:623px;letter-spacing:0.1px;display:inline;\">(7.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t11_141\" style=\"left:1144px;bottom:623px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t12_141\" style=\"left:87px;bottom:602px;letter-spacing:0.11px;display:inline;\">Other transfers between hierarchy levels </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t13_141\" style=\"left:853px;bottom:602px;letter-spacing:0.06px;display:inline;\">1.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t14_141\" style=\"left:943px;bottom:602px;letter-spacing:0.09px;display:inline;\">(1.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t15_141\" style=\"left:1049px;bottom:602px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t16_141\" style=\"left:1144px;bottom:602px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t17_141\" style=\"left:87px;bottom:581px;letter-spacing:0.12px;display:inline;\">Disposals </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t18_141\" style=\"left:848px;bottom:581px;letter-spacing:0.09px;display:inline;\">(1.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t19_141\" style=\"left:940px;bottom:581px;letter-spacing:0.1px;display:inline;\">(7.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1a_141\" style=\"left:1035px;bottom:581px;letter-spacing:0.1px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1b_141\" style=\"left:1129px;bottom:581px;letter-spacing:0.1px;display:inline;\">(9.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1c_141\" style=\"left:87px;bottom:561px;letter-spacing:0.11px;display:inline;\">Fees settled via equity </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1d_141\" style=\"left:858px;bottom:561px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1e_141\" style=\"left:948px;bottom:561px;letter-spacing:0.06px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1f_141\" style=\"left:1049px;bottom:561px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1g_141\" style=\"left:1139px;bottom:561px;letter-spacing:0.08px;display:inline;\">0.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1h_141\" style=\"left:87px;bottom:540px;letter-spacing:0.11px;display:inline;\">Other change in portfolio value </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1i_141\" style=\"left:858px;bottom:540px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1j_141\" style=\"left:939px;bottom:540px;letter-spacing:0.1px;display:inline;\">(6.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1k_141\" style=\"left:1049px;bottom:540px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1l_141\" style=\"left:1129px;bottom:540px;letter-spacing:0.1px;display:inline;\">(6.8) </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_141\" id=\"t1m_141\" style=\"left:87px;bottom:520px;letter-spacing:0.11px;display:inline;\">Change in fair value </div><div class=\"t s3_141\" id=\"t1n_141\" style=\"vertical-align: super;left:209px;bottom:526px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1o_141\" style=\"left:837px;bottom:520px;letter-spacing:0.1px;display:inline;\">(24.5) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1p_141\" style=\"left:929px;bottom:520px;letter-spacing:0.1px;display:inline;\">(103.7) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1q_141\" style=\"left:1033px;bottom:520px;letter-spacing:0.09px;display:inline;\">23.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1r_141\" style=\"left:1119px;bottom:520px;letter-spacing:0.1px;display:inline;\">(104.7) </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_141\" id=\"t1s_141\" style=\"left:87px;bottom:499px;letter-spacing:0.12px;display:inline;\">Change in FX </div><div class=\"t s3_141\" id=\"t1t_141\" style=\"vertical-align: super;left:166px;bottom:505px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1u_141\" style=\"left:844px;bottom:499px;letter-spacing:0.1px;display:inline;\">(0.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1v_141\" style=\"left:940px;bottom:499px;letter-spacing:0.1px;display:inline;\">(5.2) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1w_141\" style=\"left:1034px;bottom:499px;letter-spacing:0.1px;display:inline;\">(0.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t1x_141\" style=\"left:1130px;bottom:499px;letter-spacing:0.1px;display:inline;\">(6.2) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t1y_141\" style=\"left:87px;bottom:478px;letter-spacing:0.12px;display:inline;\">At 1 January 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t1z_141\" style=\"left:833px;bottom:478px;letter-spacing:0.12px;display:inline;\">203.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t20_141\" style=\"left:929px;bottom:478px;letter-spacing:0.12px;display:inline;\">807.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t21_141\" style=\"left:1032px;bottom:478px;letter-spacing:0.11px;display:inline;\">83.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t22_141\" style=\"left:1111px;bottom:478px;letter-spacing:0.11px;display:inline;\">1,095.2 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t23_141\" style=\"left:87px;bottom:458px;letter-spacing:0.12px;display:inline;\">Investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t24_141\" style=\"left:853px;bottom:458px;letter-spacing:0.08px;display:inline;\">1.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t25_141\" style=\"left:937px;bottom:458px;letter-spacing:0.11px;display:inline;\">40.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t26_141\" style=\"left:1036px;bottom:458px;letter-spacing:0.1px;display:inline;\">18.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t27_141\" style=\"left:1127px;bottom:458px;letter-spacing:0.11px;display:inline;\">60.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t28_141\" style=\"left:87px;bottom:437px;letter-spacing:0.11px;display:inline;\">Transaction\u2013based reclassifications </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t29_141\" style=\"left:849px;bottom:437px;letter-spacing:0.1px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2a_141\" style=\"left:937px;bottom:437px;letter-spacing:0.11px;display:inline;\">49.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2b_141\" style=\"left:1027px;bottom:437px;letter-spacing:0.11px;display:inline;\">(49.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2c_141\" style=\"left:1144px;bottom:437px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2d_141\" style=\"left:87px;bottom:416px;letter-spacing:0.11px;display:inline;\">Other transfers between hierarchy levels </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2e_141\" style=\"left:858px;bottom:416px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2f_141\" style=\"left:953px;bottom:416px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2g_141\" style=\"left:1049px;bottom:416px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2h_141\" style=\"left:1144px;bottom:416px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2i_141\" style=\"left:87px;bottom:396px;letter-spacing:0.12px;display:inline;\">Disposals </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2j_141\" style=\"left:844px;bottom:396px;letter-spacing:0.08px;display:inline;\">(11.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2k_141\" style=\"left:932px;bottom:396px;letter-spacing:0.09px;display:inline;\">(116.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2l_141\" style=\"left:1038px;bottom:396px;letter-spacing:0.09px;display:inline;\">(1.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2m_141\" style=\"left:1119px;bottom:396px;letter-spacing:0.1px;display:inline;\">(129.4) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2n_141\" style=\"left:87px;bottom:375px;letter-spacing:0.1px;display:inline;\">Reclassification to Assets Held for Sale </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2o_141\" style=\"left:849px;bottom:375px;letter-spacing:0.08px;display:inline;\">(7.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2p_141\" style=\"left:939px;bottom:375px;letter-spacing:0.1px;display:inline;\">(6.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2q_141\" style=\"left:1049px;bottom:375px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2r_141\" style=\"left:1126px;bottom:375px;letter-spacing:0.09px;display:inline;\">(13.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2s_141\" style=\"left:87px;bottom:355px;letter-spacing:0.11px;display:inline;\">Other change in portfolio value </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2t_141\" style=\"left:858px;bottom:355px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2u_141\" style=\"left:947px;bottom:355px;letter-spacing:0.07px;display:inline;\">(1.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2v_141\" style=\"left:1038px;bottom:355px;letter-spacing:0.09px;display:inline;\">(0.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2w_141\" style=\"left:1134px;bottom:355px;letter-spacing:0.08px;display:inline;\">(1.2) </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_141\" id=\"t2x_141\" style=\"left:87px;bottom:334px;letter-spacing:0.11px;display:inline;\">Change in fair value </div><div class=\"t s3_141\" id=\"t2y_141\" style=\"vertical-align: super;left:209px;bottom:340px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t2z_141\" style=\"left:838px;bottom:334px;letter-spacing:0.1px;display:inline;\">(53.7) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t30_141\" style=\"left:929px;bottom:334px;letter-spacing:0.1px;display:inline;\">(187.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t31_141\" style=\"left:1044px;bottom:334px;letter-spacing:0.07px;display:inline;\">1.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t32_141\" style=\"left:1115px;bottom:334px;letter-spacing:0.11px;display:inline;\">(239.4) </div></td></tr><tr><td class=\"tcs-selection-enabled tcs-selected\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_141\" id=\"t33_141\" style=\"left:87px;bottom:313px;letter-spacing:0.12px;display:inline;\">Change in FX </div><div class=\"t s3_141\" id=\"t34_141\" style=\"vertical-align: super;left:166px;bottom:320px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t35_141\" style=\"left:853px;bottom:313px;letter-spacing:0.08px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t36_141\" style=\"left:939px;bottom:313px;letter-spacing:0.1px;display:inline;\">(5.5) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t37_141\" style=\"left:1039px;bottom:313px;letter-spacing:0.08px;display:inline;\">(1.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_141\" id=\"t38_141\" style=\"left:1130px;bottom:313px;letter-spacing:0.1px;display:inline;\">(6.7) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t39_141\" style=\"left:87px;bottom:293px;letter-spacing:0.12px;display:inline;\">At 31 December 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t3a_141\" style=\"left:839px;bottom:293px;letter-spacing:0.1px;display:inline;\">133.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t3b_141\" style=\"left:928px;bottom:293px;letter-spacing:0.12px;display:inline;\">580.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t3c_141\" style=\"left:1033px;bottom:293px;letter-spacing:0.11px;display:inline;\">51.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_141\" id=\"t3d_141\" style=\"left:1118px;bottom:293px;letter-spacing:0.12px;display:inline;\">765.4 </div></td></tr></table>\n<div class=\"t s4_141\" id=\"t3e_141\" style=\"left:87px;bottom:275px;display:inline;\">1 </div>\n<div class=\"t s5_141\" id=\"t3f_141\" style=\"left:100px;bottom:272px;letter-spacing:-0.15px;display:inline;\">The total unrealised change in fair value and FX in respect of Level 3 investments was a loss of \u00a3192.5m (2023: loss of \u00a385.8m). </div>\n<div class=\"t s2_141\" id=\"t3g_141\" style=\"left:87px;bottom:246px;letter-spacing:0.11px;display:inline;\">Unquoted equity and debt investment are measured in accordance with IPEV guidelines with reference to the most appropriate information available at the time of </div>\n<div class=\"t s2_141\" id=\"t3h_141\" style=\"left:87px;bottom:229px;letter-spacing:0.11px;display:inline;\">measurement. Where relevant, several valuation approaches are used in arriving at an estimate of fair value for an individual asset. </div>\n<div class=\"t s2_141\" id=\"t3i_141\" style=\"left:87px;bottom:204px;letter-spacing:0.11px;display:inline;\">For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re- </div>\n<div class=\"t s2_141\" id=\"t3j_141\" style=\"left:87px;bottom:187px;letter-spacing:0.11px;display:inline;\">assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Transfers between </div>\n<div class=\"t s2_141\" id=\"t3k_141\" style=\"left:87px;bottom:170px;letter-spacing:0.1px;display:inline;\">levels are then made as if the transfer took place on the first day of the period in question, except in the cases of transfers between tiers based on an initial public offering (\u201cIPO\u201d) </div>\n<div class=\"t s2_141\" id=\"t3l_141\" style=\"left:87px;bottom:153px;letter-spacing:0.11px;display:inline;\">of an investment wherein the changes in value prior to the IPO are calculated and reported in level 3, and those changes post are attributed to level 1. </div>\n<div class=\"t s2_141\" id=\"t3m_141\" style=\"left:87px;bottom:128px;letter-spacing:0.11px;display:inline;\">Transfers between level 3 and level 1 occur when a previously unquoted investment undertakes an initial public offering, resulting in its equity becoming quoted on an active </div>\n<div class=\"t s2_141\" id=\"t3n_141\" style=\"left:87px;bottom:111px;letter-spacing:0.11px;display:inline;\">market. In the current period, transfers of this nature amounted to \u00a3nil (2023: \u00a31.8m). Transfers between level 1 and level 3 would occur when a quoted investment\u2019s market </div>\n<div class=\"t s2_141\" id=\"t3o_141\" style=\"left:87px;bottom:94px;letter-spacing:0.1px;display:inline;\">becomes inactive, or the portfolio company elects to delist. There have been no instances in the current year, totalling \u00a3nil (2023: one instance, totalling \u00a3nil). </div>\n<div class=\"t s2_141\" id=\"t3p_141\" style=\"left:87px;bottom:69px;letter-spacing:-0.14px;display:inline;\">Transfers between level 3 debt and level 3 equity occur upon conversion of convertible debt into equity. In the current year, transfers of this nature amounted to \u00a349.8m (2023: \u00a37.8m). </div>\n\n\n\n<div class=\"t sa_141\" id=\"t3y_141\" style=\"left:87px;bottom:817px;letter-spacing:0.16px;display:inline;\"> </div><div class=\"t sb_141\" id=\"t3z_141\" style=\"left:471px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><div class=\"t s0_142\" id=\"t1_142\" style=\"left:87px;bottom:797px;letter-spacing:0.11px;display:inline;\">In the year, a transfer between level 3 debt and level 1 equity of \u00a30.3m (2023: nil) occurred when a convertible loan issued to a listed company (Abliva AB) was converted into </div>\n<div class=\"t s0_142\" id=\"t2_142\" style=\"left:87px;bottom:780px;letter-spacing:0.09px;display:inline;\">listed equity. </div>\n<div class=\"t s0_142\" id=\"t3_142\" style=\"left:87px;bottom:755px;letter-spacing:0.11px;display:inline;\">The Group has considered the impact of ESG and climate change issues on its portfolio, including performing a materiality assessment (see summary TCFD disclosures on </div>\n<div class=\"t s0_142\" id=\"t4_142\" style=\"left:87px;bottom:738px;letter-spacing:0.11px;display:inline;\">page 32) which suggested the Group\u2019s portfolio has a relatively low level of climate change risk, and clear areas of opportunity via the Group\u2019s Cleantech investments. For an </div>\n<div class=\"t s0_142\" id=\"t5_142\" style=\"left:87px;bottom:721px;letter-spacing:0.11px;display:inline;\">overview of the portfolio split by sector, please refer to the Managing Partner\u2019s Portfolio Review on page 17. We believe the Group\u2019s current valuation approach, reflects market </div>\n<div class=\"t s0_142\" id=\"t6_142\" style=\"left:87px;bottom:704px;letter-spacing:0.11px;display:inline;\">participant assessment of the ESG and climate risks and opportunities of our portfolio. </div>\n<div class=\"t s1_142\" id=\"t7_142\" style=\"left:87px;bottom:674px;letter-spacing:-0.1px;display:inline;\">Valuation inputs and sensitivities </div>\n<div class=\"t s0_142\" id=\"t8_142\" style=\"left:87px;bottom:657px;letter-spacing:0.11px;display:inline;\">Unobservable inputs are typically portfolio company-specific and, based on a materiality assessment, are not considered significant either at an individual company level or in </div>\n<div class=\"t s0_142\" id=\"t9_142\" style=\"left:87px;bottom:640px;letter-spacing:0.12px;display:inline;\">aggregate where relevant for common factors such as discount rates. </div>\n<div class=\"t s0_142\" id=\"ta_142\" style=\"left:87px;bottom:614px;letter-spacing:0.11px;display:inline;\">The sensitivity analysis table below has been prepared in recognition of the fact that some of the valuation methodologies applied by the Group in valuing the portfolio </div>\n<div class=\"t s0_142\" id=\"tb_142\" style=\"left:87px;bottom:598px;letter-spacing:0.11px;display:inline;\">investments involve subjectivity in their significant unobservable inputs. Furthermore, given that many of the Group\u2019s portfolio are the early stage or growth stage of development, </div>\n<div class=\"t s0_142\" id=\"tc_142\" style=\"left:87px;bottom:581px;letter-spacing:0.11px;display:inline;\">their valuations can be significantly impacted by factors including, but not limited to, the availability of financing, technical and commercial setbacks, market developments and </div>\n<div class=\"t s0_142\" id=\"td_142\" style=\"left:87px;bottom:564px;letter-spacing:0.11px;display:inline;\">regulatory approvals. </div>\n<div class=\"t s0_142\" id=\"te_142\" style=\"left:87px;bottom:539px;letter-spacing:0.1px;display:inline;\">The table illustrates the possible impact on valuation of different sensitivities. The varying levels of sensitivity applied in the table below are intended to reflect the relative level of </div>\n<div class=\"t s0_142\" id=\"tf_142\" style=\"left:87px;bottom:522px;letter-spacing:0.11px;display:inline;\">judgment in applying the valuation approach. Additional analysis for Istesso Limited and Hinge Health, Inc is provided after the table below, which merit specific focus in light of </div>\n<div class=\"t s0_142\" id=\"tg_142\" style=\"left:87px;bottom:505px;letter-spacing:0.11px;display:inline;\">the specific facts and circumstances of these investments. </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tl_142\" style=\"left:675px;bottom:471px;letter-spacing:0.11px;display:inline;\">Variable </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_142\" id=\"ti_142\" style=\"left:241px;bottom:456px;letter-spacing:0.1px;display:inline;\">Fair value of </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tm_142\" style=\"left:695px;bottom:456px;letter-spacing:0.1px;display:inline;\">input </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tq_142\" style=\"left:1076px;bottom:456px;letter-spacing:0.1px;display:inline;\">Fair value of </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"th_142\" style=\"left:93px;bottom:440px;letter-spacing:0.12px;display:inline;\">Valuation technique </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_142\" id=\"tj_142\" style=\"left:239px;bottom:440px;letter-spacing:0.13px;display:inline;\">investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tk_142\" style=\"left:336px;bottom:440px;letter-spacing:0.12px;display:inline;\">Variable inputs </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tn_142\" style=\"left:664px;bottom:440px;letter-spacing:0.1px;display:inline;\">sensitivity </div></td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s2_142\" id=\"to_142\" style=\"left:796px;bottom:440px;letter-spacing:0.12px;display:inline;\">Positive impact </div></td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s2_142\" id=\"tp_142\" style=\"left:953px;bottom:440px;letter-spacing:0.13px;display:inline;\">Negative impact </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tr_142\" style=\"left:1074px;bottom:440px;letter-spacing:0.13px;display:inline;\">investments </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_142\" id=\"ts_142\" style=\"left:286px;bottom:414px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tz_142\" style=\"left:1123px;bottom:414px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_142\" id=\"tt_142\" style=\"left:295px;bottom:397px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tu_142\" style=\"left:717px;bottom:397px;display:inline;\">% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tv_142\" style=\"left:789px;bottom:397px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tw_142\" style=\"left:838px;bottom:397px;letter-spacing:0.12px;display:inline;\">% of NAV </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"tx_142\" style=\"left:954px;bottom:397px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"ty_142\" style=\"left:1002px;bottom:397px;letter-spacing:0.12px;display:inline;\">% of NAV </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_142\" id=\"t10_142\" style=\"left:1131px;bottom:397px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t11_142\" style=\"left:87px;bottom:373px;letter-spacing:0.14px;display:inline;\">Quoted </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_142\" id=\"t12_142\" style=\"left:289px;bottom:373px;letter-spacing:0.1px;display:inline;\">133.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t13_142\" style=\"left:333px;bottom:373px;letter-spacing:0.13px;display:inline;\">n/a </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t14_142\" style=\"left:706px;bottom:373px;letter-spacing:0.13px;display:inline;\">n/a </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t15_142\" style=\"left:788px;bottom:373px;letter-spacing:0.13px;display:inline;\">n/a </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t16_142\" style=\"left:871px;bottom:373px;letter-spacing:0.13px;display:inline;\">n/a </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t17_142\" style=\"left:953px;bottom:373px;letter-spacing:0.13px;display:inline;\">n/a </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t18_142\" style=\"left:1035px;bottom:373px;letter-spacing:0.13px;display:inline;\">n/a </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t19_142\" style=\"left:1120px;bottom:373px;letter-spacing:0.11px;display:inline;\">203.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1a_142\" style=\"left:87px;bottom:351px;letter-spacing:0.11px;display:inline;\">Funding transaction </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_142\" id=\"t1c_142\" style=\"left:287px;bottom:351px;letter-spacing:0.11px;display:inline;\">217.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_142\" id=\"t1d_142\" style=\"left:333px;bottom:351px;display:inline;\">\u2022 </div><div class=\"t s0_142\" id=\"t1e_142\" style=\"left:355px;bottom:351px;letter-spacing:0.11px;display:inline;\">Inputs used in PWERM models to quantify the </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1h_142\" style=\"left:699px;bottom:351px;letter-spacing:0.13px;display:inline;\">+/\u20135 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1i_142\" style=\"left:789px;bottom:351px;letter-spacing:0.1px;display:inline;\">10.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1j_142\" style=\"left:883px;bottom:351px;letter-spacing:0.06px;display:inline;\">1.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1k_142\" style=\"left:948px;bottom:351px;letter-spacing:0.09px;display:inline;\">(10.9) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1l_142\" style=\"left:1042px;bottom:351px;letter-spacing:0.07px;display:inline;\">(1.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1m_142\" style=\"left:1124px;bottom:351px;letter-spacing:0.1px;display:inline;\">187.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1b_142\" style=\"left:87px;bottom:334px;letter-spacing:0.12px;display:inline;\">&lt;12 months </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1f_142\" style=\"left:355px;bottom:334px;letter-spacing:0.11px;display:inline;\">impact of funding transactions on subordinate </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1g_142\" style=\"left:355px;bottom:317px;letter-spacing:0.1px;display:inline;\">securities including exit values and timelines. </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1n_142\" style=\"left:87px;bottom:296px;letter-spacing:0.11px;display:inline;\">Funding transaction </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_142\" id=\"t1p_142\" style=\"left:289px;bottom:296px;letter-spacing:0.12px;display:inline;\">54.9 </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1q_142\" style=\"left:699px;bottom:296px;letter-spacing:0.13px;display:inline;\">+/\u20135 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1r_142\" style=\"left:794px;bottom:296px;letter-spacing:0.1px;display:inline;\">2.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1s_142\" style=\"left:875px;bottom:296px;letter-spacing:0.1px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1t_142\" style=\"left:953px;bottom:296px;letter-spacing:0.09px;display:inline;\">(2.7) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1u_142\" style=\"left:1035px;bottom:296px;letter-spacing:0.1px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1v_142\" style=\"left:1125px;bottom:296px;letter-spacing:0.1px;display:inline;\">162.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1o_142\" style=\"left:87px;bottom:279px;letter-spacing:0.12px;display:inline;\">&gt;12 months </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1w_142\" style=\"left:87px;bottom:258px;letter-spacing:0.11px;display:inline;\">Other: Future market/ </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_142\" id=\"t1y_142\" style=\"left:291px;bottom:258px;letter-spacing:0.12px;display:inline;\">60.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_142\" id=\"t1z_142\" style=\"left:333px;bottom:258px;display:inline;\">\u2022 </div><div class=\"t s0_142\" id=\"t20_142\" style=\"left:355px;bottom:258px;letter-spacing:0.11px;display:inline;\">Estimated impact of future event </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2c_142\" style=\"left:695px;bottom:258px;letter-spacing:0.12px;display:inline;\">+/\u201310 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2d_142\" style=\"left:796px;bottom:258px;letter-spacing:0.08px;display:inline;\">6.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2e_142\" style=\"left:875px;bottom:258px;letter-spacing:0.11px;display:inline;\">0.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2f_142\" style=\"left:956px;bottom:258px;letter-spacing:0.09px;display:inline;\">(6.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2g_142\" style=\"left:1034px;bottom:258px;letter-spacing:0.1px;display:inline;\">(0.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2h_142\" style=\"left:1128px;bottom:258px;letter-spacing:0.11px;display:inline;\">25.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t1x_142\" style=\"left:87px;bottom:241px;letter-spacing:0.13px;display:inline;\">commercial events </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_142\" id=\"t21_142\" style=\"left:333px;bottom:239px;display:inline;\">\u2022 </div><div class=\"t s0_142\" id=\"t22_142\" style=\"left:355px;bottom:239px;letter-spacing:0.11px;display:inline;\">Execution risk discount applied to future event </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t23_142\" style=\"left:355px;bottom:222px;letter-spacing:0.11px;display:inline;\">(where positive) </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_142\" id=\"t24_142\" style=\"left:333px;bottom:203px;display:inline;\">\u2022 </div><div class=\"t s0_142\" id=\"t25_142\" style=\"left:355px;bottom:203px;letter-spacing:0.11px;display:inline;\">Scenario probabilities </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_142\" id=\"t26_142\" style=\"left:333px;bottom:184px;display:inline;\">\u2022 </div><div class=\"t s0_142\" id=\"t27_142\" style=\"left:355px;bottom:184px;letter-spacing:0.11px;display:inline;\">Discount rates </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_142\" id=\"t28_142\" style=\"left:333px;bottom:165px;display:inline;\">\u2022 </div><div class=\"t s0_142\" id=\"t29_142\" style=\"left:355px;bottom:165px;letter-spacing:0.1px;display:inline;\">Extent to which future event is indicative of facts </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2a_142\" style=\"left:355px;bottom:148px;letter-spacing:0.11px;display:inline;\">and circumstances in existence at the balance </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2b_142\" style=\"left:355px;bottom:131px;letter-spacing:0.12px;display:inline;\">sheet date </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2i_142\" style=\"left:87px;bottom:110px;letter-spacing:0.11px;display:inline;\">Other: Adjusted </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_142\" id=\"t2m_142\" style=\"left:290px;bottom:110px;letter-spacing:0.12px;display:inline;\">35.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_142\" id=\"t2n_142\" style=\"left:333px;bottom:110px;display:inline;\">\u2022 </div><div class=\"t s0_142\" id=\"t2o_142\" style=\"left:355px;bottom:110px;letter-spacing:0.11px;display:inline;\">Company-specific milestone analysis resulting </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2r_142\" style=\"left:695px;bottom:110px;letter-spacing:0.12px;display:inline;\">+/\u201310 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2s_142\" style=\"left:793px;bottom:110px;letter-spacing:0.1px;display:inline;\">3.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2t_142\" style=\"left:875px;bottom:110px;letter-spacing:0.1px;display:inline;\">0.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2u_142\" style=\"left:952px;bottom:110px;letter-spacing:0.1px;display:inline;\">(3.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2v_142\" style=\"left:1034px;bottom:110px;letter-spacing:0.1px;display:inline;\">(0.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2w_142\" style=\"left:1127px;bottom:110px;letter-spacing:0.11px;display:inline;\">99.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2j_142\" style=\"left:87px;bottom:93px;letter-spacing:0.11px;display:inline;\">financing price based </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2p_142\" style=\"left:355px;bottom:93px;letter-spacing:0.11px;display:inline;\">in a positive calibration adjustment versus the </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2k_142\" style=\"left:87px;bottom:76px;letter-spacing:0.12px;display:inline;\">on past performance \u2013 </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2q_142\" style=\"left:355px;bottom:76px;letter-spacing:0.11px;display:inline;\">previous funding transaction price </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_142\" id=\"t2l_142\" style=\"left:87px;bottom:59px;letter-spacing:0.13px;display:inline;\">Upwards* </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr></table>\n\n\n<div class=\"t s9_142\" id=\"t31_142\" style=\"left:87px;bottom:817px;letter-spacing:0.16px;display:inline;\"> </div><div class=\"t sa_142\" id=\"t32_142\" style=\"left:471px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"t5_143\" style=\"left:675px;bottom:790px;letter-spacing:0.11px;display:inline;\">Variable </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_143\" id=\"t2_143\" style=\"left:241px;bottom:775px;letter-spacing:0.1px;display:inline;\">Fair value of </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"t6_143\" style=\"left:695px;bottom:775px;letter-spacing:0.1px;display:inline;\">input </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"ta_143\" style=\"left:1076px;bottom:775px;letter-spacing:0.1px;display:inline;\">Fair value of </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"t1_143\" style=\"left:93px;bottom:760px;letter-spacing:0.12px;display:inline;\">Valuation technique </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_143\" id=\"t3_143\" style=\"left:239px;bottom:760px;letter-spacing:0.13px;display:inline;\">investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"t4_143\" style=\"left:336px;bottom:760px;letter-spacing:0.12px;display:inline;\">Variable inputs </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"t7_143\" style=\"left:664px;bottom:760px;letter-spacing:0.1px;display:inline;\">sensitivity </div></td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s0_143\" id=\"t8_143\" style=\"left:796px;bottom:760px;letter-spacing:0.12px;display:inline;\">Positive impact </div> </td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s0_143\" id=\"t9_143\" style=\"left:953px;bottom:760px;letter-spacing:0.13px;display:inline;\">Negative impact </div> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"tb_143\" style=\"left:1074px;bottom:760px;letter-spacing:0.13px;display:inline;\">investments </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_143\" id=\"tc_143\" style=\"left:286px;bottom:734px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"tj_143\" style=\"left:1123px;bottom:734px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_143\" id=\"td_143\" style=\"left:295px;bottom:717px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"te_143\" style=\"left:717px;bottom:717px;display:inline;\">% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"tf_143\" style=\"left:789px;bottom:717px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"tg_143\" style=\"left:838px;bottom:717px;letter-spacing:0.12px;display:inline;\">% of NAV </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"th_143\" style=\"left:954px;bottom:717px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"ti_143\" style=\"left:1002px;bottom:717px;letter-spacing:0.12px;display:inline;\">% of NAV </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_143\" id=\"tk_143\" style=\"left:1131px;bottom:717px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"tl_143\" style=\"left:87px;bottom:692px;letter-spacing:0.11px;display:inline;\">Other: Adjusted </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"tp_143\" style=\"left:287px;bottom:692px;letter-spacing:0.11px;display:inline;\">152.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"tq_143\" style=\"left:333px;bottom:692px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"tr_143\" style=\"left:355px;bottom:692px;letter-spacing:0.11px;display:inline;\">Company-specific milestone analysis resulting </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"tu_143\" style=\"left:695px;bottom:692px;letter-spacing:0.12px;display:inline;\">+/\u201310 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"tv_143\" style=\"left:789px;bottom:692px;letter-spacing:0.09px;display:inline;\">15.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"tw_143\" style=\"left:879px;bottom:692px;letter-spacing:0.08px;display:inline;\">1.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"tx_143\" style=\"left:949px;bottom:692px;letter-spacing:0.09px;display:inline;\">(15.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"ty_143\" style=\"left:1038px;bottom:692px;letter-spacing:0.09px;display:inline;\">(1.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"tz_143\" style=\"left:1120px;bottom:692px;letter-spacing:0.11px;display:inline;\">203.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"tm_143\" style=\"left:87px;bottom:676px;letter-spacing:0.11px;display:inline;\">financing price based </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"ts_143\" style=\"left:355px;bottom:676px;letter-spacing:0.11px;display:inline;\">in a negative calibration adjustment versus the </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"tcs-selection-enabled emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"tn_143\" style=\"left:87px;bottom:659px;letter-spacing:0.12px;display:inline;\">on past performance \u2013 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"tt_143\" style=\"left:355px;bottom:659px;letter-spacing:0.11px;display:inline;\">previous funding transaction price </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"to_143\" style=\"left:87px;bottom:642px;letter-spacing:0.14px;display:inline;\">Downwards* </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t10_143\" style=\"left:87px;bottom:621px;letter-spacing:0.11px;display:inline;\">Other: Revenue </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"t12_143\" style=\"left:297px;bottom:621px;letter-spacing:0.09px;display:inline;\">13.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t13_143\" style=\"left:333px;bottom:621px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t14_143\" style=\"left:355px;bottom:621px;letter-spacing:0.11px;display:inline;\">Estimate of future recurring revenues </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t19_143\" style=\"left:695px;bottom:621px;letter-spacing:0.12px;display:inline;\">+/\u201310 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1a_143\" style=\"left:797px;bottom:621px;letter-spacing:0.08px;display:inline;\">1.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1b_143\" style=\"left:879px;bottom:621px;letter-spacing:0.08px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1c_143\" style=\"left:956px;bottom:621px;letter-spacing:0.08px;display:inline;\">(1.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1d_143\" style=\"left:1038px;bottom:621px;letter-spacing:0.09px;display:inline;\">(0.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1e_143\" style=\"left:1127px;bottom:621px;letter-spacing:0.11px;display:inline;\">85.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t11_143\" style=\"left:87px;bottom:604px;letter-spacing:0.11px;display:inline;\">multiple* </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t15_143\" style=\"left:333px;bottom:602px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t16_143\" style=\"left:355px;bottom:602px;letter-spacing:0.12px;display:inline;\">Selection of comparable companies </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t17_143\" style=\"left:333px;bottom:583px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t18_143\" style=\"left:355px;bottom:583px;letter-spacing:0.12px;display:inline;\">Discount/premium to multiple </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1f_143\" style=\"left:87px;bottom:561px;letter-spacing:0.11px;display:inline;\">Other: DCF* </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"t1g_143\" style=\"left:292px;bottom:561px;letter-spacing:0.11px;display:inline;\">97.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t1h_143\" style=\"left:333px;bottom:561px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t1i_143\" style=\"left:355px;bottom:561px;letter-spacing:0.11px;display:inline;\">Discount rate </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1w_143\" style=\"left:692px;bottom:561px;letter-spacing:0.13px;display:inline;\">+/\u201320 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1x_143\" style=\"left:789px;bottom:561px;letter-spacing:0.1px;display:inline;\">19.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1y_143\" style=\"left:875px;bottom:561px;letter-spacing:0.1px;display:inline;\">2.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1z_143\" style=\"left:948px;bottom:561px;letter-spacing:0.09px;display:inline;\">(19.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t20_143\" style=\"left:1035px;bottom:561px;letter-spacing:0.1px;display:inline;\">(2.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t21_143\" style=\"left:1124px;bottom:561px;letter-spacing:0.1px;display:inline;\">126.6 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t1j_143\" style=\"left:333px;bottom:542px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t1k_143\" style=\"left:355px;bottom:542px;letter-spacing:0.11px;display:inline;\">Clinical trial and drug approval success rates </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t1l_143\" style=\"left:333px;bottom:523px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t1m_143\" style=\"left:355px;bottom:523px;letter-spacing:0.1px;display:inline;\">Estimate of likelihood, value and structure of a </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_143\" id=\"t1n_143\" style=\"left:355px;bottom:506px;letter-spacing:0.12px;display:inline;\">potential pharmaceutical partnership </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t1o_143\" style=\"left:333px;bottom:487px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t1p_143\" style=\"left:355px;bottom:487px;letter-spacing:0.12px;display:inline;\">Estimate of addressable market </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t1q_143\" style=\"left:333px;bottom:468px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t1r_143\" style=\"left:355px;bottom:468px;letter-spacing:0.11px;display:inline;\">Market share and royalty rates </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t1s_143\" style=\"left:333px;bottom:449px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t1t_143\" style=\"left:355px;bottom:449px;letter-spacing:0.1px;display:inline;\">Probability estimation of liquidity event </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_143\" id=\"t1u_143\" style=\"left:333px;bottom:431px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t1v_143\" style=\"left:355px;bottom:431px;letter-spacing:0.12px;display:inline;\">Estimate of forward exchange rates </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"t22_143\" style=\"left:87px;bottom:409px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"t23_143\" style=\"left:282px;bottom:409px;letter-spacing:0.12px;display:inline;\">765.4 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"t24_143\" style=\"left:784px;bottom:409px;letter-spacing:0.12px;display:inline;\">59.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"t25_143\" style=\"left:877px;bottom:409px;letter-spacing:0.09px;display:inline;\">6.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"t26_143\" style=\"left:942px;bottom:409px;letter-spacing:0.11px;display:inline;\">(59.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"t27_143\" style=\"left:1035px;bottom:409px;letter-spacing:0.1px;display:inline;\">(6.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_143\" id=\"t28_143\" style=\"left:1111px;bottom:409px;letter-spacing:0.11px;display:inline;\">1,095.2 </div></td></tr></table>\n<div class=\"t s5_143\" id=\"t29_143\" style=\"left:87px;bottom:388px;letter-spacing:-0.15px;display:inline;\">* Due to the large number of inputs used in the valuation of these assets, unobservable inputs are below a size threshold that would warrant disclosure under IFRS 13, paragraph 93(d). Due to the large </div>\n<div class=\"t s5_143\" id=\"t2a_143\" style=\"left:95px;bottom:375px;letter-spacing:-0.15px;display:inline;\">number of inputs, any range of reasonably possible alternative assumptions does not significantly impact the fair value and hence no valuation sensitivity is required under IFRS 13 paragraph 93(h)(ii). </div>\n<div class=\"t s2_143\" id=\"t2b_143\" style=\"left:87px;bottom:348px;letter-spacing:0.11px;display:inline;\">Within the \u2018Other: DCF\u2019 category is Istesso Limited, in which we value the equity of IP Group\u2019s holding at \u00a355.0m at 31 December 2024 (2023: \u00a386.7m). </div>\n<div class=\"t s2_143\" id=\"t2c_143\" style=\"left:87px;bottom:323px;letter-spacing:0.11px;display:inline;\">The Group was notified of the outcome of Istesso\u2019s Phase 2b trial for Leramistat in February 2025, reflecting information which Istesso Limited had received prior to </div>\n<div class=\"t s2_143\" id=\"t2d_143\" style=\"left:87px;bottom:306px;letter-spacing:0.11px;display:inline;\">31 December 2024. As a result, the outcome of the trial was judged by management to be an adjusting post balance sheet event, reflecting facts and circumstances which were </div>\n<div class=\"t s2_143\" id=\"t2e_143\" style=\"left:87px;bottom:289px;letter-spacing:0.12px;display:inline;\">knowable at 31 December 2024. </div>\n<div class=\"t s2_143\" id=\"t2f_143\" style=\"left:87px;bottom:264px;letter-spacing:0.11px;display:inline;\">The valuation of the equity in this company is based on a DCF model which assesses the value of the future cash flows arising from the continued development of the company\u2019s </div>\n<div class=\"t s2_143\" id=\"t2g_143\" style=\"left:87px;bottom:247px;letter-spacing:0.11px;display:inline;\">lead asset Leramistat via an additional focussed Phase 2b trial, followed by a pharmaceutical partnership, after which the drug would be taken into a Phase 3 trial followed by </div>\n<div class=\"t s2_143\" id=\"t2h_143\" style=\"left:87px;bottom:230px;letter-spacing:0.11px;display:inline;\">regulatory approval. This DCF model has been updated to reflect the outcome of Istesso\u2019s Phase 2b trial, with the main impact being a delay in market launch of the drug by 3\u00bd </div>\n<div class=\"t s2_143\" id=\"t2i_143\" style=\"left:87px;bottom:213px;letter-spacing:0.11px;display:inline;\">years. The inputs in the DCF model include: </div>\n<div class=\"t s4_143\" id=\"t2j_143\" style=\"left:87px;bottom:188px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t2k_143\" style=\"left:108px;bottom:188px;letter-spacing:0.12px;display:inline;\">the drug development timeline, based on the current development pathway which would see the drug being approved in mid-2031 if successful </div>\n<div class=\"t s4_143\" id=\"t2l_143\" style=\"left:87px;bottom:167px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t2m_143\" style=\"left:108px;bottom:167px;letter-spacing:0.11px;display:inline;\">probability of Ph2b and Ph3 clinical trial success, based on comparable clinical trial success rates within autoimmune indications in Ph2 and Ph2 trials, with an estimate of the </div>\n<div class=\"t s2_143\" id=\"t2n_143\" style=\"left:108px;bottom:150px;letter-spacing:0.11px;display:inline;\">overall Ph2 rate split between Ph2a (now complete) and Ph2b </div>\n<div class=\"t s4_143\" id=\"t2o_143\" style=\"left:87px;bottom:129px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t2p_143\" style=\"left:108px;bottom:129px;letter-spacing:0.12px;display:inline;\">the selection of relevant comparable deal sizes, based on comparable publicly announced deals within the autoimmune space </div>\n<div class=\"t s4_143\" id=\"t2q_143\" style=\"left:87px;bottom:108px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t2r_143\" style=\"left:108px;bottom:108px;letter-spacing:0.11px;display:inline;\">the probability of securing a pharmaceutical partner post Ph2b </div>\n<div class=\"t s4_143\" id=\"t2s_143\" style=\"left:87px;bottom:87px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t2t_143\" style=\"left:108px;bottom:87px;letter-spacing:0.11px;display:inline;\">Leramistat\u2019s sales profile based on a bottom up model which estimates the number of patients failing 1st line biological drug treatment, with the assumption that Leramistat </div>\n<div class=\"t s2_143\" id=\"t2u_143\" style=\"left:108px;bottom:70px;letter-spacing:0.11px;display:inline;\">would address this available patient population </div>\n<div class=\"t s4_143\" id=\"t2v_143\" style=\"left:87px;bottom:49px;display:inline;\">\u2022 </div><div class=\"t s2_143\" id=\"t2w_143\" style=\"left:108px;bottom:49px;letter-spacing:0.11px;display:inline;\">royalty rates receivable by Istesso of drug sales, based on comparable publicly announced deals within the autoimmune space </div>\n\n\n\n<div class=\"t sa_143\" id=\"t35_143\" style=\"left:87px;bottom:817px;letter-spacing:0.16px;display:inline;\"> </div><div class=\"t sb_143\" id=\"t36_143\" style=\"left:471px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><div class=\"t s0_144\" id=\"t1_144\" style=\"left:87px;bottom:797px;display:inline;\">\u2022 </div><div class=\"t s1_144\" id=\"t2_144\" style=\"left:108px;bottom:797px;letter-spacing:0.11px;display:inline;\">discount rate, based on the WACC of a large pharma partner which would take on </div><div class=\"t s1_144\" id=\"t3_144\" style=\"left:108px;bottom:780px;letter-spacing:0.12px;display:inline;\">development of the drug for Phase 3 and onwards </div><div class=\"t s0_144\" id=\"t4_144\" style=\"left:87px;bottom:759px;display:inline;\">\u2022 </div><div class=\"t s1_144\" id=\"t5_144\" style=\"left:108px;bottom:759px;letter-spacing:0.11px;display:inline;\">The remaining costs to develop Leramistat up until the point of drug partnership </div><div class=\"t s1_144\" id=\"t6_144\" style=\"left:87px;bottom:733px;letter-spacing:0.1px;display:inline;\">The valuation is sensitive to the inputs noted above. It is in the Group\u2019s view that the </div><div class=\"t s1_144\" id=\"t7_144\" style=\"left:87px;bottom:717px;letter-spacing:0.11px;display:inline;\">valuation would be impacted by a combination of changes to these inputs but to </div><div class=\"t s1_144\" id=\"t8_144\" style=\"left:87px;bottom:700px;letter-spacing:0.1px;display:inline;\">provide context to the sensitivity of each input to the valuation as required IAS 1, the </div><div class=\"t s1_144\" id=\"t9_144\" style=\"left:87px;bottom:683px;letter-spacing:0.1px;display:inline;\">table below sets out the impact on valuation of changing critical inputs in isolation. </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"te_144\" style=\"left:456px;bottom:649px;letter-spacing:0.12px;display:inline;\">Impact on </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"tf_144\" style=\"left:457px;bottom:634px;letter-spacing:0.1px;display:inline;\">IPG equity </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"tb_144\" style=\"left:280px;bottom:619px;letter-spacing:0.12px;display:inline;\">Assumption </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"tg_144\" style=\"left:472px;bottom:619px;letter-spacing:0.11px;display:inline;\">holding </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"ti_144\" style=\"left:544px;bottom:619px;letter-spacing:0.12px;display:inline;\">Impact % </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"ta_144\" style=\"left:87px;bottom:603px;letter-spacing:0.12px;display:inline;\">Input </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"tc_144\" style=\"left:325px;bottom:603px;letter-spacing:0.14px;display:inline;\">used </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"td_144\" style=\"left:373px;bottom:603px;letter-spacing:0.11px;display:inline;\">Sensitivity </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"th_144\" style=\"left:499px;bottom:603px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_144\" id=\"tj_144\" style=\"left:558px;bottom:603px;letter-spacing:0.13px;display:inline;\">of NAV </div><div class=\"t s3_144\" id=\"tk_144\" style=\"vertical-align: super;left:599px;bottom:610px;display:inline;\">1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tl_144\" style=\"left:87px;bottom:579px;letter-spacing:0.12px;display:inline;\">Phase 2b success rate </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tm_144\" style=\"left:331px;bottom:579px;letter-spacing:0.14px;display:inline;\">63% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tn_144\" style=\"left:393px;bottom:579px;letter-spacing:0.12px;display:inline;\">+/\u2013 10% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"to_144\" style=\"left:489px;bottom:579px;letter-spacing:0.14px;display:inline;\">\u00a312m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tp_144\" style=\"left:556px;bottom:579px;letter-spacing:0.11px;display:inline;\">+/\u2013 1.2% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tq_144\" style=\"left:87px;bottom:558px;letter-spacing:0.12px;display:inline;\">Selected pharma partner </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"ts_144\" style=\"left:311px;bottom:558px;letter-spacing:0.11px;display:inline;\">Bottom </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tr_144\" style=\"left:87px;bottom:541px;letter-spacing:0.11px;display:inline;\">deal size </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tt_144\" style=\"left:309px;bottom:541px;letter-spacing:0.11px;display:inline;\">quartile </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tu_144\" style=\"left:392px;bottom:541px;letter-spacing:0.14px;display:inline;\">Median </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tv_144\" style=\"left:485px;bottom:541px;letter-spacing:0.16px;display:inline;\">\u00a360m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tw_144\" style=\"left:568px;bottom:541px;letter-spacing:0.12px;display:inline;\">+6.2% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tx_144\" style=\"left:87px;bottom:520px;letter-spacing:0.11px;display:inline;\">Pharma partnership probability </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"ty_144\" style=\"left:331px;bottom:520px;letter-spacing:0.15px;display:inline;\">90% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"tz_144\" style=\"left:393px;bottom:520px;letter-spacing:0.12px;display:inline;\">+/\u2013 10% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t10_144\" style=\"left:493px;bottom:520px;letter-spacing:0.16px;display:inline;\">\u00a37m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t11_144\" style=\"left:552px;bottom:520px;letter-spacing:0.11px;display:inline;\">+/\u2013 0.7% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t12_144\" style=\"left:87px;bottom:498px;letter-spacing:0.11px;display:inline;\">Royalty rate </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t13_144\" style=\"left:335px;bottom:498px;letter-spacing:0.12px;display:inline;\">15% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t14_144\" style=\"left:396px;bottom:498px;letter-spacing:0.12px;display:inline;\">+/\u2013 5% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t15_144\" style=\"left:489px;bottom:498px;letter-spacing:0.14px;display:inline;\">\u00a314m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t16_144\" style=\"left:555px;bottom:498px;letter-spacing:0.11px;display:inline;\">+/\u2013 1.4% </div></td></tr></table><div class=\"t s4_144\" id=\"t17_144\" style=\"left:87px;bottom:481px;display:inline;\">1 </div><div class=\"t s5_144\" id=\"t18_144\" style=\"left:100px;bottom:477px;letter-spacing:-0.15px;display:inline;\">Being impact on IPG equity holding as a proportion of the Group\u2019s Net Asset Value </div><div class=\"t s1_144\" id=\"t19_144\" style=\"left:87px;bottom:451px;letter-spacing:0.11px;display:inline;\">Under the DCF methodology, in the event that the drug fails to progress to the market </div><div class=\"t s1_144\" id=\"t1a_144\" style=\"left:87px;bottom:434px;letter-spacing:0.1px;display:inline;\">as a result of trial failures (at either Phase 2b or Phase 3), failure to receive regulatory </div><div class=\"t s1_144\" id=\"t1b_144\" style=\"left:87px;bottom:418px;letter-spacing:0.11px;display:inline;\">approval or failure to partner with a pharmaceutical partner, the model assumes a </div><div class=\"t s1_144\" id=\"t1c_144\" style=\"left:87px;bottom:401px;letter-spacing:0.12px;display:inline;\">zero value outcome. </div><div class=\"t s1_144\" id=\"t1d_144\" style=\"left:87px;bottom:375px;letter-spacing:0.12px;display:inline;\">The modelling approach focuses on a core drug development scenario as outlined </div><div class=\"t s1_144\" id=\"t1e_144\" style=\"left:87px;bottom:359px;letter-spacing:0.12px;display:inline;\">above, however other outcomes such as the requirement to conduct more than one </div><div class=\"t s1_144\" id=\"t1f_144\" style=\"left:87px;bottom:342px;letter-spacing:0.11px;display:inline;\">additional Phase 2b study are possible. In this outcome, the value of the programme </div><div class=\"t s1_144\" id=\"t1g_144\" style=\"left:87px;bottom:325px;letter-spacing:0.11px;display:inline;\">would be materially lower than the concluded fair value estimate. </div><div class=\"t s1_144\" id=\"t1h_144\" style=\"left:87px;bottom:300px;letter-spacing:0.11px;display:inline;\">A valuation range was not calculated in respect of the Group\u2019s debt investment in </div><div class=\"t s1_144\" id=\"t1i_144\" style=\"left:87px;bottom:283px;letter-spacing:0.11px;display:inline;\">Istesso Limited, which totals \u00a336.9m (2023: \u00a327.0m). In the event of a negative outcome </div><div class=\"t s1_144\" id=\"t1j_144\" style=\"left:87px;bottom:266px;letter-spacing:0.11px;display:inline;\">in terms of the drug development pathway, this would be anticipated to have a </div><div class=\"t s1_144\" id=\"t1k_144\" style=\"left:87px;bottom:249px;letter-spacing:0.11px;display:inline;\">material negative impact on the value of the Group\u2019s debt investment. </div><div class=\"t s1_144\" id=\"t1l_144\" style=\"left:87px;bottom:224px;letter-spacing:0.11px;display:inline;\">Within the \u2018Other: Adjusted financing price based on past performance \u2013 Downwards\u2019 </div><div class=\"t s1_144\" id=\"t1m_144\" style=\"left:87px;bottom:207px;letter-spacing:0.11px;display:inline;\">category is Hinge Health, Inc, whose equity value is \u00a336.6m at 31 December 2024 </div><div class=\"t s1_144\" id=\"t1n_144\" style=\"left:87px;bottom:190px;letter-spacing:0.11px;display:inline;\">(2023: \u00a334.0m). The valuation of this company is based on the last financing round </div><div class=\"t s1_144\" id=\"t1o_144\" style=\"left:87px;bottom:173px;letter-spacing:0.11px;display:inline;\">price, with a downwards calibration adjustment applied. Our estimated range for the </div><div class=\"t s1_144\" id=\"t1p_144\" style=\"left:87px;bottom:156px;letter-spacing:0.11px;display:inline;\">value of the Group\u2019s equity investment in Hinge Health, Inc. as at 31 December 2024 is </div><div class=\"t s1_144\" id=\"t1q_144\" style=\"left:87px;bottom:140px;letter-spacing:0.11px;display:inline;\">\u00a330m to \u00a338m (2023: \u00a336m to \u00a350m). In March 2025, the company filed a registration </div><div class=\"t s1_144\" id=\"t1r_144\" style=\"left:87px;bottom:123px;letter-spacing:0.11px;display:inline;\">statement with the US SEC for an intended NYSE IPO; as at the publication date of the </div><div class=\"t s1_144\" id=\"t1s_144\" style=\"left:87px;bottom:106px;letter-spacing:0.11px;display:inline;\">accounts the outcome and pricing range of the IPO is uncertain, but could result in a </div><div class=\"t s1_144\" id=\"t1t_144\" style=\"left:87px;bottom:89px;letter-spacing:0.11px;display:inline;\">material post year end movement in the Group\u2019s valuation. </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_144\" id=\"t1v_144\" style=\"left:1035px;bottom:820px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"t1x_144\" style=\"left:1123px;bottom:820px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"t1u_144\" style=\"left:634px;bottom:803px;letter-spacing:0.11px;display:inline;\">Change in fair value in the year (including fx) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_144\" id=\"t1w_144\" style=\"left:1045px;bottom:803px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"t1y_144\" style=\"left:1131px;bottom:803px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t1z_144\" style=\"left:634px;bottom:778px;letter-spacing:0.11px;display:inline;\">Fair value gains </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t20_144\" style=\"left:1040px;bottom:778px;letter-spacing:0.11px;display:inline;\">42.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t21_144\" style=\"left:1128px;bottom:778px;letter-spacing:0.11px;display:inline;\">97.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t22_144\" style=\"left:634px;bottom:757px;letter-spacing:0.11px;display:inline;\">Fair value losses </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t23_144\" style=\"left:1026px;bottom:757px;letter-spacing:0.12px;display:inline;\">(288.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t24_144\" style=\"left:1115px;bottom:757px;letter-spacing:0.11px;display:inline;\">(208.3) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t25_144\" style=\"left:634px;bottom:735px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t26_144\" style=\"left:1029px;bottom:735px;letter-spacing:0.11px;display:inline;\">(246.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t27_144\" style=\"left:1122px;bottom:735px;letter-spacing:0.09px;display:inline;\">(110.9) </div></td></tr></table><div class=\"t s1_144\" id=\"t28_144\" style=\"left:634px;bottom:711px;letter-spacing:0.11px;display:inline;\">The Company\u2019s interests in subsidiary undertakings are listed in note 11 to the </div><div class=\"t s1_144\" id=\"t29_144\" style=\"left:634px;bottom:694px;letter-spacing:0.12px;display:inline;\">Company\u2019s financial statements. </div><div class=\"t s8_144\" id=\"t2a_144\" style=\"left:634px;bottom:664px;letter-spacing:-0.1px;display:inline;\">Currency risk </div><div class=\"t s1_144\" id=\"t2b_144\" style=\"left:634px;bottom:647px;letter-spacing:0.11px;display:inline;\">Exposure to currency risk through asset allocation, which is calculated by reference </div><div class=\"t s1_144\" id=\"t2c_144\" style=\"left:634px;bottom:630px;letter-spacing:0.11px;display:inline;\">to the currency in which the asset is quoted, is shown below. A +/-1% sensitivity has </div><div class=\"t s1_144\" id=\"t2d_144\" style=\"left:634px;bottom:613px;letter-spacing:0.11px;display:inline;\">been included to demonstrate the effect of fluctuations in foreign exchange rates. 1% is </div><div class=\"t s1_144\" id=\"t2e_144\" style=\"left:634px;bottom:596px;letter-spacing:0.11px;display:inline;\">considered to be appropriate due to the stable currencies in which we hold cash. </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s6_144\" id=\"t2f_144\" style=\"left:1007px;bottom:563px;letter-spacing:0.12px;display:inline;\">At 31 December 2024 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_144\" id=\"t2g_144\" style=\"left:988px;bottom:538px;letter-spacing:0.12px;display:inline;\">Investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_144\" id=\"t2i_144\" style=\"left:1088px;bottom:538px;letter-spacing:0.1px;display:inline;\">Sensitivity </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_144\" id=\"t2h_144\" style=\"left:1045px;bottom:522px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_144\" id=\"t2j_144\" style=\"left:1089px;bottom:522px;letter-spacing:0.13px;display:inline;\">+/- 1% \u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2k_144\" style=\"left:634px;bottom:498px;letter-spacing:0.11px;display:inline;\">US dollar </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2l_144\" style=\"left:1039px;bottom:498px;letter-spacing:0.12px;display:inline;\">96.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2m_144\" style=\"left:1136px;bottom:498px;letter-spacing:0.09px;display:inline;\">1.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2n_144\" style=\"left:634px;bottom:477px;letter-spacing:0.11px;display:inline;\">Australian dollar </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2o_144\" style=\"left:1039px;bottom:477px;letter-spacing:0.12px;display:inline;\">94.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2p_144\" style=\"left:1133px;bottom:477px;letter-spacing:0.11px;display:inline;\">0.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2q_144\" style=\"left:634px;bottom:455px;letter-spacing:0.12px;display:inline;\">Euro </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2r_144\" style=\"left:1043px;bottom:455px;letter-spacing:0.1px;display:inline;\">12.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2s_144\" style=\"left:1136px;bottom:455px;letter-spacing:0.09px;display:inline;\">0.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2t_144\" style=\"left:634px;bottom:434px;letter-spacing:0.13px;display:inline;\">Swedish Krona </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2u_144\" style=\"left:1048px;bottom:434px;letter-spacing:0.11px;display:inline;\">5.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2v_144\" style=\"left:1136px;bottom:434px;letter-spacing:0.09px;display:inline;\">0.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2w_144\" style=\"left:634px;bottom:412px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2x_144\" style=\"left:1032px;bottom:412px;letter-spacing:0.12px;display:inline;\">209.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t2y_144\" style=\"left:1137px;bottom:412px;letter-spacing:0.09px;display:inline;\">2.1 </div></td></tr></table><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"tcs-selected\" colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s2_144\" id=\"t2z_144\" style=\"left:1007px;bottom:354px;letter-spacing:0.12px;display:inline;\">At 31 December 2023 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"t30_144\" style=\"left:988px;bottom:329px;letter-spacing:0.12px;display:inline;\">Investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"t32_144\" style=\"left:1088px;bottom:329px;letter-spacing:0.1px;display:inline;\">Sensitivity </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"t31_144\" style=\"left:1045px;bottom:314px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_144\" id=\"t33_144\" style=\"left:1089px;bottom:314px;letter-spacing:0.13px;display:inline;\">+/- 1% \u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t34_144\" style=\"left:634px;bottom:291px;letter-spacing:0.11px;display:inline;\">US dollar </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t35_144\" style=\"left:1040px;bottom:291px;letter-spacing:0.11px;display:inline;\">85.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t36_144\" style=\"left:1135px;bottom:291px;letter-spacing:0.11px;display:inline;\">0.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t37_144\" style=\"left:634px;bottom:269px;letter-spacing:0.11px;display:inline;\">Australian dollar </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t38_144\" style=\"left:1040px;bottom:269px;letter-spacing:0.11px;display:inline;\">99.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t39_144\" style=\"left:1139px;bottom:269px;letter-spacing:0.08px;display:inline;\">1.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t3a_144\" style=\"left:634px;bottom:248px;letter-spacing:0.12px;display:inline;\">Euro </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t3b_144\" style=\"left:1049px;bottom:248px;letter-spacing:0.1px;display:inline;\">6.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t3c_144\" style=\"left:1139px;bottom:248px;letter-spacing:0.08px;display:inline;\">0.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t3d_144\" style=\"left:634px;bottom:226px;letter-spacing:0.12px;display:inline;\">Swedish Krona </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t3e_144\" style=\"left:1052px;bottom:226px;letter-spacing:0.08px;display:inline;\">1.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t3f_144\" style=\"left:1144px;bottom:226px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_144\" id=\"t3g_144\" style=\"left:634px;bottom:205px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t3h_144\" style=\"left:1038px;bottom:205px;letter-spacing:0.1px;display:inline;\">193.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_144\" id=\"t3i_144\" style=\"left:1139px;bottom:205px;letter-spacing:0.08px;display:inline;\">1.9 </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": {
   "value": "<span>14. Portfolio: Limited and limited liability </span><div class=\"t s0_145\" id=\"t2_145\" style=\"left:87px;bottom:796px;letter-spacing:0.17px;display:inline;\">partnership interests </div><div class=\"t s1_145\" id=\"t3_145\" style=\"left:100px;bottom:755px;letter-spacing:-0.1px;display:inline;\"><span>Accounting Policy: </span></div><div class=\"t s2_145\" id=\"t4_145\" style=\"left:100px;bottom:738px;letter-spacing:0.11px;display:inline;\">Valuations in respect of Limited and Limited Liability Funds are based on IP Group\u2019s </div><div class=\"t s2_145\" id=\"t5_145\" style=\"left:100px;bottom:721px;letter-spacing:0.11px;display:inline;\">share of the Net Asset Value of the fund as per the audited financial statements </div><div class=\"t s2_145\" id=\"t6_145\" style=\"left:100px;bottom:705px;letter-spacing:0.11px;display:inline;\">prepared by the fund manager. The key judgments in the preparation of these </div><div class=\"t s2_145\" id=\"t7_145\" style=\"left:100px;bottom:688px;letter-spacing:0.12px;display:inline;\">accounts relate to the valuation of unquoted investments. Management conduct </div><div class=\"t s2_145\" id=\"t8_145\" style=\"left:100px;bottom:671px;letter-spacing:0.11px;display:inline;\">an analysis of the appropriateness of valuations of specific equity and debt </div><div class=\"t s2_145\" id=\"t9_145\" style=\"left:100px;bottom:654px;letter-spacing:0.11px;display:inline;\">investments in portfolio companies held within the fund in question. In making </div><div class=\"t s2_145\" id=\"ta_145\" style=\"left:100px;bottom:637px;letter-spacing:0.11px;display:inline;\">these assessments, the Group has applied a valuation methodology consistent </div><div class=\"t s2_145\" id=\"tb_145\" style=\"left:100px;bottom:621px;letter-spacing:0.11px;display:inline;\">with that set out in note 13. Where a significant divergence from the Group\u2019s </div><div class=\"t s2_145\" id=\"tc_145\" style=\"left:100px;bottom:604px;letter-spacing:0.11px;display:inline;\">valuation methodology is identified, an adjustment is made to the fund manager </div><div class=\"t s2_145\" id=\"td_145\" style=\"left:100px;bottom:587px;letter-spacing:0.11px;display:inline;\">NAV statement to bring the value of the fund investment in line with the Group\u2019s </div><div class=\"t s2_145\" id=\"te_145\" style=\"left:100px;bottom:570px;letter-spacing:0.11px;display:inline;\">accounting policy in respect of debt and equity investments. </div><div class=\"t s2_145\" id=\"tf_145\" style=\"left:100px;bottom:545px;letter-spacing:0.11px;display:inline;\">Investments in these Limited and Limited Liability Partnerships are recognised at </div><div class=\"t s2_145\" id=\"tg_145\" style=\"left:100px;bottom:528px;letter-spacing:0.11px;display:inline;\">fair value through profit and loss in accordance with IFRS 9. </div><div class=\"t s2_145\" id=\"th_145\" style=\"left:100px;bottom:502px;letter-spacing:0.11px;display:inline;\">\u2018Changes in fair value of Limited Partnership investments\u2019 per the Group Income </div><div class=\"t s2_145\" id=\"ti_145\" style=\"left:100px;bottom:486px;letter-spacing:0.11px;display:inline;\">Statement represents revaluation gains and losses on the Group\u2019s investment in </div><div class=\"t s2_145\" id=\"tj_145\" style=\"left:100px;bottom:469px;letter-spacing:0.1px;display:inline;\"><span>Limited Partnership funds.</span> </div><div class=\"t s2_145\" id=\"tk_145\" style=\"left:87px;bottom:436px;letter-spacing:0.11px;display:inline;\">Fund interests are valued on a net asset basis, estimated based on the managers\u2019 </div><div class=\"t s2_145\" id=\"tl_145\" style=\"left:87px;bottom:420px;letter-spacing:0.11px;display:inline;\">NAVs. Manager\u2019s NAVs apply valuation techniques consistent with IFRS and are subject </div><div class=\"t s2_145\" id=\"tm_145\" style=\"left:87px;bottom:403px;letter-spacing:0.11px;display:inline;\">to audit. Where audited accounts are received in arrears of the publication of the </div><div class=\"t s2_145\" id=\"tn_145\" style=\"left:87px;bottom:386px;letter-spacing:0.11px;display:inline;\">Group\u2019s results hence these are marked as unaudited in the table below, however a </div><div class=\"t s2_145\" id=\"to_145\" style=\"left:87px;bottom:369px;letter-spacing:0.11px;display:inline;\">retrospective review of audited accounts versus earlier unaudited results is carried out. </div><div class=\"t s2_145\" id=\"tp_145\" style=\"left:87px;bottom:352px;letter-spacing:0.11px;display:inline;\">Managers\u2019 NAVs are usually published quarterly, two to four months after the quarter </div><div class=\"t s2_145\" id=\"tq_145\" style=\"left:87px;bottom:336px;letter-spacing:0.11px;display:inline;\">end. The below table analyses the fund valuations with reference to manager NAV </div><div class=\"t s2_145\" id=\"tr_145\" style=\"left:87px;bottom:319px;letter-spacing:0.12px;display:inline;\">dates used at 31 December. </div><table>\n                                            <tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_145\" id=\"ts_145\" style=\"left:87px;bottom:293px;letter-spacing:0.1px;display:inline;\">Limited &amp; Limited Liability </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_145\" id=\"tu_145\" style=\"left:281px;bottom:292px;letter-spacing:0.11px;display:inline;\">Functional </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_145\" id=\"tx_145\" style=\"left:490px;bottom:294px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_145\" id=\"tz_145\" style=\"left:577px;bottom:294px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_145\" id=\"tt_145\" style=\"left:87px;bottom:276px;letter-spacing:0.11px;display:inline;\">Partnerships </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_145\" id=\"tv_145\" style=\"left:291px;bottom:276px;letter-spacing:0.13px;display:inline;\">currency </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_145\" id=\"tw_145\" style=\"left:394px;bottom:276px;letter-spacing:0.12px;display:inline;\">Status </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_145\" id=\"ty_145\" style=\"left:499px;bottom:276px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_145\" id=\"t10_145\" style=\"left:586px;bottom:276px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t11_145\" style=\"left:87px;bottom:252px;letter-spacing:0.11px;display:inline;\">IPG Cayman Fund L.P. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t13_145\" style=\"left:323px;bottom:252px;letter-spacing:0.14px;display:inline;\">USD </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t14_145\" style=\"left:370px;bottom:252px;letter-spacing:0.11px;display:inline;\">Unaudited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t15_145\" style=\"left:496px;bottom:252px;letter-spacing:0.11px;display:inline;\">37.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t16_145\" style=\"left:582px;bottom:252px;letter-spacing:0.11px;display:inline;\">46.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t12_145\" style=\"left:87px;bottom:235px;letter-spacing:0.12px;display:inline;\">(Longview Innovation) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t17_145\" style=\"left:87px;bottom:214px;letter-spacing:0.11px;display:inline;\">UCL Technology Fund L.P. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t18_145\" style=\"left:323px;bottom:214px;letter-spacing:0.14px;display:inline;\">GBP </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t19_145\" style=\"left:370px;bottom:214px;letter-spacing:0.13px;display:inline;\">Unaudited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t1a_145\" style=\"left:497px;bottom:214px;letter-spacing:0.11px;display:inline;\">18.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1b_145\" style=\"left:584px;bottom:214px;letter-spacing:0.11px;display:inline;\">20.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1c_145\" style=\"left:87px;bottom:192px;letter-spacing:0.11px;display:inline;\">Technikos LLP </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1d_145\" style=\"left:323px;bottom:192px;letter-spacing:0.14px;display:inline;\">GBP </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1e_145\" style=\"left:370px;bottom:192px;letter-spacing:0.11px;display:inline;\">Unaudited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t1f_145\" style=\"left:502px;bottom:192px;letter-spacing:0.11px;display:inline;\">2.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1g_145\" style=\"left:590px;bottom:192px;letter-spacing:0.1px;display:inline;\">3.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t1h_145\" style=\"left:87px;bottom:171px;letter-spacing:0.11px;display:inline;\">Total </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t1i_145\" style=\"left:497px;bottom:171px;letter-spacing:0.11px;display:inline;\">58.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1j_145\" style=\"left:583px;bottom:171px;letter-spacing:0.11px;display:inline;\">69.7 </div></td></tr>\n                                        </table><div class=\"t s2_145\" id=\"t1k_145\" style=\"left:87px;bottom:147px;letter-spacing:0.12px;display:inline;\">We reviewed the underlying valuation methodologies adopted by our Fund </div><div class=\"t s2_145\" id=\"t1l_145\" style=\"left:87px;bottom:130px;letter-spacing:0.11px;display:inline;\">managers for all Fund investments of material value. Following our review of valuation </div><div class=\"t s2_145\" id=\"t1m_145\" style=\"left:87px;bottom:113px;letter-spacing:0.11px;display:inline;\">methodologies we were satisfied that the techniques utilised were appropriate. </div><table>\n                                            <tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_145\" id=\"t1n_145\" style=\"left:634px;bottom:820px;letter-spacing:0.11px;display:inline;\">Limited &amp; Limited Liability Partnerships movements in year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_145\" id=\"t1o_145\" style=\"left:1131px;bottom:820px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t1p_145\" style=\"left:634px;bottom:797px;letter-spacing:0.12px;display:inline;\">At 1 January 2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t1q_145\" style=\"left:1126px;bottom:797px;letter-spacing:0.12px;display:inline;\">99.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1r_145\" style=\"left:634px;bottom:775px;letter-spacing:0.11px;display:inline;\">Investments during the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1s_145\" style=\"left:1134px;bottom:775px;letter-spacing:0.11px;display:inline;\">9.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1t_145\" style=\"left:634px;bottom:754px;letter-spacing:0.11px;display:inline;\">Distribution from Limited Partnership funds </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1u_145\" style=\"left:1129px;bottom:754px;letter-spacing:0.1px;display:inline;\">(0.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1v_145\" style=\"left:634px;bottom:732px;letter-spacing:0.11px;display:inline;\">Change in fair value during the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1w_145\" style=\"left:1122px;bottom:732px;letter-spacing:0.11px;display:inline;\">(36.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1x_145\" style=\"left:634px;bottom:711px;letter-spacing:0.12px;display:inline;\">Currency revaluation </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t1y_145\" style=\"left:1130px;bottom:711px;letter-spacing:0.1px;display:inline;\">(2.3) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t1z_145\" style=\"left:634px;bottom:689px;letter-spacing:0.12px;display:inline;\">At 1 January 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t20_145\" style=\"left:1127px;bottom:689px;letter-spacing:0.12px;display:inline;\">69.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t21_145\" style=\"left:634px;bottom:668px;letter-spacing:0.11px;display:inline;\">Investments during the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t22_145\" style=\"left:1136px;bottom:668px;letter-spacing:0.1px;display:inline;\">2.2 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t23_145\" style=\"left:634px;bottom:646px;letter-spacing:0.11px;display:inline;\">Distribution from Limited Partnership funds </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t24_145\" style=\"left:1134px;bottom:646px;letter-spacing:0.08px;display:inline;\">(1.2) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t25_145\" style=\"left:634px;bottom:625px;letter-spacing:0.11px;display:inline;\">Change in fair value during the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t26_145\" style=\"left:1130px;bottom:625px;letter-spacing:0.08px;display:inline;\">(13.1) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t27_145\" style=\"left:634px;bottom:603px;letter-spacing:0.12px;display:inline;\">Currency revaluation </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_145\" id=\"t28_145\" style=\"left:1135px;bottom:603px;letter-spacing:0.1px;display:inline;\">0.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t29_145\" style=\"left:634px;bottom:582px;letter-spacing:0.12px;display:inline;\">At 31 December 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_145\" id=\"t2a_145\" style=\"left:1129px;bottom:582px;letter-spacing:0.11px;display:inline;\">58.1 </div></td></tr>\n                                        </table><div class=\"t s2_145\" id=\"t2b_145\" style=\"left:634px;bottom:557px;letter-spacing:0.1px;display:inline;\">The Group considers interests in limited and limited liability partnerships to be level 3 in </div><div class=\"t s2_145\" id=\"t2c_145\" style=\"left:634px;bottom:540px;letter-spacing:0.11px;display:inline;\">the fair value hierarchy throughout the current and previous financial years. </div><div class=\"t s2_145\" id=\"t2d_145\" style=\"left:634px;bottom:515px;letter-spacing:0.1px;display:inline;\">The valuation of the Group\u2019s interests in limited and limited liability partnerships is a </div><div class=\"t s2_145\" id=\"t2e_145\" style=\"left:634px;bottom:498px;letter-spacing:0.12px;word-spacing:-0.06px;display:inline;\">significant accounting estimate, as management has applied judgment in considering </div><div class=\"t s2_145\" id=\"t2f_145\" style=\"left:634px;bottom:481px;letter-spacing:0.11px;display:inline;\">whether to adjust the NAV estimates provided by the fund manager. This assessment </div><div class=\"t s2_145\" id=\"t2g_145\" style=\"left:634px;bottom:465px;letter-spacing:0.11px;display:inline;\">was based on an analysis of the appropriateness of valuations of specific equity and </div><div class=\"t s2_145\" id=\"t2h_145\" style=\"left:634px;bottom:448px;letter-spacing:0.11px;display:inline;\">debt investments in portfolio companies held within the fund in question. In making </div><div class=\"t s2_145\" id=\"t2i_145\" style=\"left:634px;bottom:431px;letter-spacing:0.11px;display:inline;\">these assessments, the Group has applied a valuation methodology consistent with </div><div class=\"t s2_145\" id=\"t2j_145\" style=\"left:634px;bottom:414px;letter-spacing:0.11px;display:inline;\">that set out in note 13. Unobservable inputs are portfolio company-specific and, based </div><div class=\"t s2_145\" id=\"t2k_145\" style=\"left:634px;bottom:397px;letter-spacing:0.11px;display:inline;\">on a materiality assessment, are not considered individually significant either at an </div><div class=\"t s2_145\" id=\"t2l_145\" style=\"left:634px;bottom:381px;letter-spacing:0.11px;display:inline;\">individual company level or in aggregate where relevant for common factors such as </div><span>discount rates.</span>",
   "dimensions": {
    "concept": "ipo:DisclosureOfPortfolioLimitedAndLimitedLiabilityPartnershipInterestsExplanatoryTextBlock",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00179": {
   "value": "<span>15. Gain/(loss) on disposal of equity and debt investments </span><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_146\" id=\"t2_146\" style=\"left:488px;bottom:786px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"t4_146\" style=\"left:575px;bottom:786px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_146\" id=\"t3_146\" style=\"left:497px;bottom:769px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"t5_146\" style=\"left:583px;bottom:769px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t6_146\" style=\"left:87px;bottom:744px;letter-spacing:0.11px;display:inline;\">Proceeds from sale of equity and debt investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t7_146\" style=\"left:488px;bottom:744px;letter-spacing:0.11px;display:inline;\">182.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t8_146\" style=\"left:582px;bottom:744px;letter-spacing:0.1px;display:inline;\">37.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t9_146\" style=\"left:87px;bottom:723px;letter-spacing:0.12px;display:inline;\">Movement in amounts receivable on sale of debt and </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"tb_146\" style=\"left:494px;bottom:723px;letter-spacing:0.11px;display:inline;\">10.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"tc_146\" style=\"left:574px;bottom:723px;letter-spacing:0.11px;display:inline;\">(39.0) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"ta_146\" style=\"left:87px;bottom:706px;letter-spacing:0.11px;display:inline;\">equity investments </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"td_146\" style=\"left:87px;bottom:685px;letter-spacing:0.11px;display:inline;\">Carrying value of investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"te_146\" style=\"left:481px;bottom:685px;letter-spacing:0.11px;display:inline;\">(129.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"tf_146\" style=\"left:582px;bottom:685px;letter-spacing:0.1px;display:inline;\">(9.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"tg_146\" style=\"left:87px;bottom:663px;letter-spacing:0.12px;display:inline;\">Gain/(loss) on disposal </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"th_146\" style=\"left:493px;bottom:663px;letter-spacing:0.11px;display:inline;\">63.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"ti_146\" style=\"left:578px;bottom:663px;letter-spacing:0.09px;display:inline;\">(10.8) </div></td></tr></table><div class=\"t s3_146\" id=\"tj_146\" style=\"left:87px;bottom:639px;letter-spacing:0.11px;display:inline;\">Gain/(loss) on disposal of investments is calculated as disposal proceeds plus </div><div class=\"t s3_146\" id=\"tk_146\" style=\"left:87px;bottom:622px;letter-spacing:0.11px;display:inline;\">deferred and contingent consideration receivable in respect of the sale, less the </div><div class=\"t s3_146\" id=\"tl_146\" style=\"left:87px;bottom:605px;letter-spacing:0.1px;display:inline;\">carrying value of the investment at the point of disposal. </div><div class=\"t s3_146\" id=\"tm_146\" style=\"left:87px;bottom:580px;letter-spacing:0.11px;display:inline;\">The subsequent receipt of deferred and contingent consideration amounts is reflected </div><div class=\"t s3_146\" id=\"tn_146\" style=\"left:87px;bottom:563px;letter-spacing:0.11px;display:inline;\">in the above table as a positive amount of disposal proceeds and a negative </div><div class=\"t s3_146\" id=\"to_146\" style=\"left:87px;bottom:546px;letter-spacing:0.11px;display:inline;\">movement in amounts receivable on sale of debt and equity investments, resulting in </div><span>no overall movement in profit on disposal.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": {
   "value": "<span>16. Trade and other receivables </span><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_146\" id=\"ts_146\" style=\"left:488px;bottom:470px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"tu_146\" style=\"left:575px;bottom:470px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"tr_146\" style=\"left:87px;bottom:452px;letter-spacing:0.12px;display:inline;\">Current assets </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_146\" id=\"tt_146\" style=\"left:497px;bottom:452px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"tv_146\" style=\"left:583px;bottom:452px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"tw_146\" style=\"left:87px;bottom:428px;letter-spacing:0.12px;display:inline;\">Trade debtors </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"tx_146\" style=\"left:500px;bottom:428px;letter-spacing:0.11px;display:inline;\">0.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"ty_146\" style=\"left:587px;bottom:428px;letter-spacing:0.11px;display:inline;\">0.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"tz_146\" style=\"left:87px;bottom:407px;letter-spacing:0.13px;display:inline;\">Prepayments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t10_146\" style=\"left:499px;bottom:407px;letter-spacing:0.11px;display:inline;\">0.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t11_146\" style=\"left:587px;bottom:407px;letter-spacing:0.11px;display:inline;\">0.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t12_146\" style=\"left:87px;bottom:385px;letter-spacing:0.11px;display:inline;\">Interest receivable </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t13_146\" style=\"left:503px;bottom:385px;letter-spacing:0.09px;display:inline;\">1.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t14_146\" style=\"left:587px;bottom:385px;letter-spacing:0.1px;display:inline;\">2.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t15_146\" style=\"left:87px;bottom:364px;letter-spacing:0.11px;display:inline;\">Other receivables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t16_146\" style=\"left:499px;bottom:364px;letter-spacing:0.11px;display:inline;\">3.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t17_146\" style=\"left:587px;bottom:364px;letter-spacing:0.1px;display:inline;\">3.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t18_146\" style=\"left:87px;bottom:342px;letter-spacing:0.12px;display:inline;\">Trade and other receivables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t19_146\" style=\"left:499px;bottom:342px;letter-spacing:0.11px;display:inline;\">6.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t1a_146\" style=\"left:587px;bottom:342px;letter-spacing:0.1px;display:inline;\">8.2 </div></td></tr>\n                                        </table><div class=\"t s3_146\" id=\"t1b_146\" style=\"left:87px;bottom:318px;letter-spacing:0.11px;display:inline;\">The Directors consider the carrying amount of trade and other receivables at </div><div class=\"t s3_146\" id=\"t1c_146\" style=\"left:87px;bottom:301px;letter-spacing:0.1px;display:inline;\">amortised cost to approximate their fair value. All receivables are interest free, </div><div class=\"t s3_146\" id=\"t1d_146\" style=\"left:87px;bottom:284px;letter-spacing:0.13px;display:inline;\">repayable on demand and unsecured. </div><div class=\"t s0_146\" id=\"t1e_146\" style=\"left:634px;bottom:817px;letter-spacing:0.17px;display:inline;\">17. Receivable on sale of debt and equity investments </div><div class=\"t s5_146\" id=\"t1f_146\" style=\"left:647px;bottom:777px;letter-spacing:-0.1px;display:inline;\"><span>Accounting Policy: </span></div><div class=\"t s3_146\" id=\"t1g_146\" style=\"left:647px;bottom:760px;letter-spacing:0.11px;display:inline;\">Consideration in respect of the sale of debt and equity investments may include </div><div class=\"t s3_146\" id=\"t1h_146\" style=\"left:647px;bottom:743px;letter-spacing:0.11px;display:inline;\">elements of deferred consideration where payment is received at a pre\u2013agreed </div><div class=\"t s3_146\" id=\"t1i_146\" style=\"left:647px;bottom:726px;letter-spacing:0.11px;display:inline;\">future date, and/or elements of contingent consideration where payment is </div><div class=\"t s3_146\" id=\"t1j_146\" style=\"left:647px;bottom:709px;letter-spacing:0.11px;display:inline;\">received based on, for example, achievement of specific drug development </div><div class=\"t s3_146\" id=\"t1k_146\" style=\"left:647px;bottom:692px;letter-spacing:0.11px;display:inline;\">milestones. In such instances, these amounts are designated at fair value through </div><div class=\"t s3_146\" id=\"t1l_146\" style=\"left:647px;bottom:676px;letter-spacing:0.11px;display:inline;\">profit and loss on initial recognition. Any subsequent remeasurement will be </div><div class=\"t s3_146\" id=\"t1m_146\" style=\"left:647px;bottom:659px;letter-spacing:0.11px;display:inline;\"><span>recognised as changes in fair value in the statement of comprehensive income.</span> </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_146\" id=\"t1n_146\" style=\"left:1037px;bottom:612px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"t1p_146\" style=\"left:1124px;bottom:612px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_146\" id=\"t1o_146\" style=\"left:1046px;bottom:595px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"t1q_146\" style=\"left:1133px;bottom:595px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t1r_146\" style=\"left:634px;bottom:571px;letter-spacing:0.12px;display:inline;\">Deferred and contingent consideration (non-current) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t1s_146\" style=\"left:1044px;bottom:571px;letter-spacing:0.11px;display:inline;\">18.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t1t_146\" style=\"left:1137px;bottom:571px;letter-spacing:0.1px;display:inline;\">7.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t1u_146\" style=\"left:634px;bottom:549px;letter-spacing:0.11px;display:inline;\">Deferred and contingent consideration (current) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t1v_146\" style=\"left:1052px;bottom:549px;letter-spacing:0.09px;display:inline;\">1.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t1w_146\" style=\"left:1140px;bottom:549px;letter-spacing:0.08px;display:inline;\">1.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t1x_146\" style=\"left:634px;bottom:528px;letter-spacing:0.12px;display:inline;\">Total deferred and contingent consideration </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t1y_146\" style=\"left:1045px;bottom:528px;letter-spacing:0.1px;display:inline;\">20.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t1z_146\" style=\"left:1137px;bottom:528px;letter-spacing:0.1px;display:inline;\">9.2 </div></td></tr></table><div class=\"t s3_146\" id=\"t20_146\" style=\"left:634px;bottom:503px;letter-spacing:0.11px;display:inline;\">The following table summarises the primary valuation basis used to value the deferred </div><div class=\"t s3_146\" id=\"t21_146\" style=\"left:634px;bottom:486px;letter-spacing:0.11px;display:inline;\">and contingent consideration: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_146\" id=\"t24_146\" style=\"left:1035px;bottom:453px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"t26_146\" style=\"left:1123px;bottom:453px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"t22_146\" style=\"left:634px;bottom:435px;letter-spacing:0.13px;display:inline;\">Investment </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"t23_146\" style=\"left:764px;bottom:435px;letter-spacing:0.12px;display:inline;\">Primary Valuation Basis </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_146\" id=\"t25_146\" style=\"left:1045px;bottom:435px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_146\" id=\"t27_146\" style=\"left:1131px;bottom:435px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t28_146\" style=\"left:634px;bottom:411px;letter-spacing:0.13px;display:inline;\">Featurespace </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t29_146\" style=\"left:764px;bottom:411px;letter-spacing:0.12px;display:inline;\">Discounted sale amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t2a_146\" style=\"left:1049px;bottom:411px;letter-spacing:0.07px;display:inline;\">11.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2b_146\" style=\"left:1144px;bottom:411px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2c_146\" style=\"left:634px;bottom:390px;letter-spacing:0.12px;display:inline;\">Oxular </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2d_146\" style=\"left:764px;bottom:390px;letter-spacing:0.12px;display:inline;\">Discounted sale amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t2e_146\" style=\"left:1050px;bottom:390px;letter-spacing:0.09px;display:inline;\">1.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2f_146\" style=\"left:1144px;bottom:390px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2g_146\" style=\"left:634px;bottom:368px;letter-spacing:0.13px;display:inline;\">Kynos </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2h_146\" style=\"left:764px;bottom:368px;letter-spacing:0.12px;display:inline;\">Discounted sale amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t2i_146\" style=\"left:1046px;bottom:368px;letter-spacing:0.11px;display:inline;\">0.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2j_146\" style=\"left:1144px;bottom:368px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2k_146\" style=\"left:634px;bottom:347px;letter-spacing:0.12px;display:inline;\">Garrison </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2l_146\" style=\"left:764px;bottom:347px;letter-spacing:0.12px;display:inline;\">Discounted sale amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t2m_146\" style=\"left:1048px;bottom:347px;letter-spacing:0.11px;display:inline;\">0.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2n_146\" style=\"left:1144px;bottom:347px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2o_146\" style=\"left:634px;bottom:325px;letter-spacing:0.1px;display:inline;\">Enterprise </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2r_146\" style=\"left:764px;bottom:325px;letter-spacing:0.11px;display:inline;\">Probability-weighted DCF model </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t2u_146\" style=\"left:1046px;bottom:325px;letter-spacing:0.12px;display:inline;\">4.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2v_146\" style=\"left:1137px;bottom:325px;letter-spacing:0.09px;display:inline;\">7.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2p_146\" style=\"left:634px;bottom:308px;letter-spacing:0.11px;display:inline;\">Therapeutics </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2s_146\" style=\"left:764px;bottom:308px;letter-spacing:0.1px;display:inline;\">reflecting potential milestone </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2q_146\" style=\"left:634px;bottom:292px;letter-spacing:0.11px;display:inline;\">Holdings Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2t_146\" style=\"left:764px;bottom:292px;letter-spacing:0.14px;display:inline;\">payments </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2w_146\" style=\"left:634px;bottom:270px;letter-spacing:0.11px;display:inline;\">Zihipp Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2x_146\" style=\"left:764px;bottom:270px;letter-spacing:0.11px;display:inline;\">Probability-weighted DCF model </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t30_146\" style=\"left:1050px;bottom:270px;letter-spacing:0.09px;display:inline;\">1.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t31_146\" style=\"left:1139px;bottom:270px;letter-spacing:0.08px;display:inline;\">1.5 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2y_146\" style=\"left:764px;bottom:253px;letter-spacing:0.1px;display:inline;\">reflecting potential milestone </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t2z_146\" style=\"left:764px;bottom:236px;letter-spacing:0.14px;display:inline;\">payments </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t32_146\" style=\"left:634px;bottom:215px;letter-spacing:0.11px;display:inline;\">Total </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_146\" id=\"t33_146\" style=\"left:1043px;bottom:215px;letter-spacing:0.1px;display:inline;\">20.1 </div></td><td class=\"cke_table-faked-selection-temp\" colspan=\"1\" rowspan=\"1\"><div class=\"t s3_146\" id=\"t34_146\" style=\"left:1135px;bottom:215px;letter-spacing:0.1px;display:inline;\">9.2 </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00181": {
   "value": "<span>18. Trade and other payables </span><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_147\" id=\"t3_147\" style=\"left:488px;bottom:790px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_147\" id=\"t5_147\" style=\"left:575px;bottom:790px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_147\" id=\"t2_147\" style=\"left:87px;bottom:773px;letter-spacing:0.1px;display:inline;\">Current liabilities </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_147\" id=\"t4_147\" style=\"left:497px;bottom:773px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_147\" id=\"t6_147\" style=\"left:583px;bottom:773px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t7_147\" style=\"left:87px;bottom:749px;letter-spacing:0.12px;display:inline;\">Trade payables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"t8_147\" style=\"left:499px;bottom:749px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t9_147\" style=\"left:587px;bottom:749px;letter-spacing:0.1px;display:inline;\">0.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"ta_147\" style=\"left:87px;bottom:727px;letter-spacing:0.11px;display:inline;\">Social security expenses </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"tb_147\" style=\"left:499px;bottom:727px;letter-spacing:0.11px;display:inline;\">0.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"tc_147\" style=\"left:587px;bottom:727px;letter-spacing:0.11px;display:inline;\">0.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"td_147\" style=\"left:87px;bottom:706px;letter-spacing:0.12px;display:inline;\">Bonus accrual </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"te_147\" style=\"left:501px;bottom:706px;letter-spacing:0.1px;display:inline;\">2.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"tf_147\" style=\"left:587px;bottom:706px;letter-spacing:0.1px;display:inline;\">3.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"tg_147\" style=\"left:87px;bottom:684px;letter-spacing:0.1px;display:inline;\">Lease liability </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"th_147\" style=\"left:502px;bottom:684px;letter-spacing:0.09px;display:inline;\">1.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"ti_147\" style=\"left:591px;bottom:684px;letter-spacing:0.08px;display:inline;\">1.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"tj_147\" style=\"left:87px;bottom:663px;letter-spacing:0.11px;display:inline;\">Payable to Imperial College and other third parties </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"tl_147\" style=\"left:499px;bottom:663px;letter-spacing:0.11px;display:inline;\">3.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"tm_147\" style=\"left:587px;bottom:663px;letter-spacing:0.11px;display:inline;\">6.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"tk_147\" style=\"left:87px;bottom:646px;letter-spacing:0.11px;display:inline;\">under revenue share obligations </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"tn_147\" style=\"left:87px;bottom:625px;letter-spacing:0.12px;display:inline;\">Other accruals and deferred income </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"to_147\" style=\"left:498px;bottom:625px;letter-spacing:0.12px;display:inline;\">4.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"tp_147\" style=\"left:588px;bottom:625px;letter-spacing:0.1px;display:inline;\">4.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"tq_147\" style=\"left:87px;bottom:603px;letter-spacing:0.12px;display:inline;\">Trade and other payables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"tr_147\" style=\"left:495px;bottom:603px;letter-spacing:0.1px;display:inline;\">12.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"ts_147\" style=\"left:588px;bottom:603px;letter-spacing:0.07px;display:inline;\">17.1 </div></td></tr>\n                                        </table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00182": {
   "value": "<span>19. Borrowings and Loans from Limited Partners </span><div class=\"t s0_147\" id=\"tu_147\" style=\"left:87px;bottom:550px;letter-spacing:0.18px;display:inline;\">of consolidated funds </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_147\" id=\"tw_147\" style=\"left:488px;bottom:523px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_147\" id=\"ty_147\" style=\"left:575px;bottom:523px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_147\" id=\"tv_147\" style=\"left:87px;bottom:506px;letter-spacing:0.1px;display:inline;\">Current liabilities </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_147\" id=\"tx_147\" style=\"left:497px;bottom:506px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_147\" id=\"tz_147\" style=\"left:583px;bottom:506px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t10_147\" style=\"left:87px;bottom:482px;letter-spacing:0.12px;display:inline;\">Borrowings </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"t11_147\" style=\"left:499px;bottom:482px;letter-spacing:0.11px;display:inline;\">6.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t12_147\" style=\"left:587px;bottom:482px;letter-spacing:0.1px;display:inline;\">6.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"t13_147\" style=\"left:87px;bottom:460px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"t14_147\" style=\"left:499px;bottom:460px;letter-spacing:0.11px;display:inline;\">6.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t15_147\" style=\"left:587px;bottom:460px;letter-spacing:0.1px;display:inline;\">6.3 </div></td></tr>\n                                        </table><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_147\" id=\"t17_147\" style=\"left:488px;bottom:421px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_147\" id=\"t19_147\" style=\"left:575px;bottom:421px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_147\" id=\"t16_147\" style=\"left:87px;bottom:404px;letter-spacing:0.11px;display:inline;\">Non\u2013current liabilities </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_147\" id=\"t18_147\" style=\"left:497px;bottom:404px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_147\" id=\"t1a_147\" style=\"left:583px;bottom:404px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t1b_147\" style=\"left:87px;bottom:380px;letter-spacing:0.11px;display:inline;\">Loans drawn down from the Limited Partners </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"t1d_147\" style=\"left:495px;bottom:380px;letter-spacing:0.1px;display:inline;\">19.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t1e_147\" style=\"left:583px;bottom:380px;letter-spacing:0.1px;display:inline;\">19.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t1c_147\" style=\"left:87px;bottom:363px;letter-spacing:0.11px;display:inline;\">of consolidated funds </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t1f_147\" style=\"left:87px;bottom:342px;letter-spacing:0.12px;display:inline;\">Borrowings </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"t1g_147\" style=\"left:488px;bottom:342px;letter-spacing:0.11px;display:inline;\">122.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t1h_147\" style=\"left:576px;bottom:342px;letter-spacing:0.1px;display:inline;\">128.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"t1i_147\" style=\"left:87px;bottom:320px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_147\" id=\"t1j_147\" style=\"left:488px;bottom:320px;letter-spacing:0.11px;display:inline;\">142.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_147\" id=\"t1k_147\" style=\"left:577px;bottom:320px;letter-spacing:0.1px;display:inline;\">148.7 </div></td></tr>\n                                        </table><div class=\"t s5_147\" id=\"t1l_147\" style=\"left:634px;bottom:819px;letter-spacing:-0.1px;display:inline;\">Loans drawn down from the Limited Partners of </div><div class=\"t s5_147\" id=\"t1m_147\" style=\"left:634px;bottom:799px;letter-spacing:-0.11px;display:inline;\">consolidated funds </div><div class=\"t s5_147\" id=\"t1n_147\" style=\"left:647px;bottom:760px;letter-spacing:-0.1px;display:inline;\"><span>Accounting Policy: </span></div><div class=\"t s3_147\" id=\"t1o_147\" style=\"left:647px;bottom:744px;letter-spacing:0.11px;display:inline;\">The Group consolidates the assets of a co\u2013investment fund, IP Venture Fund II LP, </div><div class=\"t s3_147\" id=\"t1p_147\" style=\"left:647px;bottom:727px;letter-spacing:0.11px;display:inline;\">which it manages. Loans from third parties of consolidated funds represent third\u2013 </div><div class=\"t s3_147\" id=\"t1q_147\" style=\"left:647px;bottom:710px;letter-spacing:0.1px;display:inline;\">party LP loans into this partnership. Under the terms of the Limited Partnership </div><div class=\"t s3_147\" id=\"t1r_147\" style=\"left:647px;bottom:693px;letter-spacing:0.11px;display:inline;\">Agreement, these loans are repayable only upon these funds generating sufficient </div><div class=\"t s3_147\" id=\"t1s_147\" style=\"left:647px;bottom:676px;letter-spacing:0.11px;display:inline;\">realisations to repay the Limited Partners. Management anticipates that the funds </div><div class=\"t s3_147\" id=\"t1t_147\" style=\"left:647px;bottom:660px;letter-spacing:0.11px;display:inline;\">will generate the required returns and consequently recognises the full associated </div><div class=\"t s3_147\" id=\"t1u_147\" style=\"left:647px;bottom:643px;letter-spacing:0.08px;display:inline;\"><span>liabilities.</span> </div><div class=\"t s3_147\" id=\"t1v_147\" style=\"left:634px;bottom:610px;letter-spacing:0.11px;display:inline;\">The classification of these loans as non\u2013current reflects the forecast timing of returns </div><div class=\"t s3_147\" id=\"t1w_147\" style=\"left:634px;bottom:594px;letter-spacing:0.11px;display:inline;\">and subsequent repayment of loans, which is not anticipated to occur within one year. </div><div class=\"t s3_147\" id=\"t1x_147\" style=\"left:634px;bottom:568px;letter-spacing:0.11px;display:inline;\">As at 31 December, loans from Limited Partners of consolidated funds comprised loans </div><div class=\"t s3_147\" id=\"t1y_147\" style=\"left:634px;bottom:551px;letter-spacing:0.1px;display:inline;\">into IP Venture Fund II LP \u00a319.9m (2023: \u00a319.8m). </div><div></div><div class=\"t s0_148\" id=\"t1_148\" style=\"left:87px;bottom:790px;letter-spacing:-0.11px;display:inline;\">Borrowings </div><div class=\"t s0_148\" id=\"t2_148\" style=\"left:100px;bottom:751px;letter-spacing:-0.1px;display:inline;\"><span>Accounting Policy: </span></div><div class=\"t s1_148\" id=\"t3_148\" style=\"left:100px;bottom:734px;letter-spacing:0.11px;display:inline;\">Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the </div><div class=\"t s1_148\" id=\"t4_148\" style=\"left:100px;bottom:717px;letter-spacing:0.11px;display:inline;\">proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of comprehensive income over the period of the borrowing using </div><div class=\"t s1_148\" id=\"t5_148\" style=\"left:100px;bottom:701px;letter-spacing:0.11px;display:inline;\">the effective interest rate method. Costs incurred in the course of issuing additional debt are recognised on the balance sheet and charged to the income statement on a </div><div class=\"t s1_148\" id=\"t6_148\" style=\"left:100px;bottom:684px;letter-spacing:0.11px;display:inline;\"><span>straight line basis over the term of the borrowings.</span> </div><div class=\"t s1_148\" id=\"t7_148\" style=\"left:87px;bottom:651px;letter-spacing:0.11px;display:inline;\">In 2023, the Group drew a second \u00a360m tranche of the \u00a3120m private placing it agreed with investors including Phoenix Group in 2022. The terms of the facilities are </div><div class=\"t s1_148\" id=\"t8_148\" style=\"left:87px;bottom:635px;letter-spacing:0.13px;display:inline;\">summarised below: </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_148\" id=\"tb_148\" style=\"left:610px;bottom:601px;letter-spacing:0.12px;display:inline;\">Outstanding </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_148\" id=\"tf_148\" style=\"left:972px;bottom:601px;letter-spacing:0.14px;display:inline;\">Repayment commencement </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_148\" id=\"t9_148\" style=\"left:87px;bottom:586px;letter-spacing:0.12px;display:inline;\">Description </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_148\" id=\"ta_148\" style=\"left:484px;bottom:586px;letter-spacing:0.11px;display:inline;\">Initial amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_148\" id=\"tc_148\" style=\"left:639px;bottom:586px;letter-spacing:0.15px;display:inline;\">amount </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_148\" id=\"td_148\" style=\"left:733px;bottom:586px;letter-spacing:0.13px;display:inline;\">Date drawn </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_148\" id=\"te_148\" style=\"left:846px;bottom:586px;letter-spacing:0.11px;display:inline;\">Interest rate </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_148\" id=\"tg_148\" style=\"left:1071px;bottom:586px;letter-spacing:0.11px;display:inline;\">date &amp; terms </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"th_148\" style=\"left:87px;bottom:562px;letter-spacing:0.08px;display:inline;\">EIB Facility </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"ti_148\" style=\"left:527px;bottom:562px;letter-spacing:0.14px;display:inline;\">\u00a350.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tj_148\" style=\"left:651px;bottom:562px;letter-spacing:0.14px;display:inline;\">\u00a39.4m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tk_148\" style=\"left:756px;bottom:562px;letter-spacing:0.11px;display:inline;\">Feb 2017 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tl_148\" style=\"left:848px;bottom:562px;letter-spacing:0.11px;display:inline;\">Fixed 3.026% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tm_148\" style=\"left:978px;bottom:562px;letter-spacing:0.11px;display:inline;\">Repayable over 8 years from </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tn_148\" style=\"left:1106px;bottom:546px;letter-spacing:0.1px;display:inline;\">Jul 2018 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"to_148\" style=\"left:87px;bottom:524px;letter-spacing:0.11px;display:inline;\">IP Group Series A Notes </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tp_148\" style=\"left:528px;bottom:524px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tq_148\" style=\"left:645px;bottom:524px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tr_148\" style=\"left:750px;bottom:524px;letter-spacing:0.13px;display:inline;\">Dec 2022 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"ts_148\" style=\"left:849px;bottom:524px;letter-spacing:0.11px;display:inline;\">Fixed 5.230% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tt_148\" style=\"left:980px;bottom:524px;letter-spacing:0.11px;display:inline;\">Repayable in full in Dec 2027 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tu_148\" style=\"left:87px;bottom:503px;letter-spacing:0.11px;display:inline;\">IP Group Series B Notes </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tv_148\" style=\"left:528px;bottom:503px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tw_148\" style=\"left:645px;bottom:503px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tx_148\" style=\"left:750px;bottom:503px;letter-spacing:0.13px;display:inline;\">Dec 2022 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"ty_148\" style=\"left:852px;bottom:503px;letter-spacing:0.11px;display:inline;\">Fixed 5.210% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"tz_148\" style=\"left:979px;bottom:503px;letter-spacing:0.11px;display:inline;\">Repayable in full in Dec 2028 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t10_148\" style=\"left:87px;bottom:481px;letter-spacing:0.11px;display:inline;\">IP Group Series C Notes </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t11_148\" style=\"left:528px;bottom:481px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t12_148\" style=\"left:645px;bottom:481px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t13_148\" style=\"left:750px;bottom:481px;letter-spacing:0.13px;display:inline;\">Dec 2022 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t14_148\" style=\"left:848px;bottom:481px;letter-spacing:0.11px;display:inline;\">Fixed 5.300% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t15_148\" style=\"left:979px;bottom:481px;letter-spacing:0.1px;display:inline;\">Repayable in full in Dec 2029 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t16_148\" style=\"left:87px;bottom:460px;letter-spacing:0.11px;display:inline;\">IP Group Series D Notes </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t17_148\" style=\"left:528px;bottom:460px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t18_148\" style=\"left:645px;bottom:460px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t19_148\" style=\"left:752px;bottom:460px;letter-spacing:0.12px;display:inline;\">Jun 2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1a_148\" style=\"left:849px;bottom:460px;letter-spacing:0.11px;display:inline;\">Fixed 5.230% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1b_148\" style=\"left:980px;bottom:460px;letter-spacing:0.1px;display:inline;\">Repayable in full in Dec 2027 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1c_148\" style=\"left:87px;bottom:438px;letter-spacing:0.11px;display:inline;\">IP Group Series E Notes </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1d_148\" style=\"left:528px;bottom:438px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1e_148\" style=\"left:645px;bottom:438px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1f_148\" style=\"left:752px;bottom:438px;letter-spacing:0.12px;display:inline;\">Jun 2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1g_148\" style=\"left:852px;bottom:438px;letter-spacing:0.11px;display:inline;\">Fixed 5.210% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1h_148\" style=\"left:979px;bottom:438px;letter-spacing:0.11px;display:inline;\">Repayable in full in Dec 2028 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1i_148\" style=\"left:87px;bottom:417px;letter-spacing:0.11px;display:inline;\">IP Group Series F Notes </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1j_148\" style=\"left:528px;bottom:417px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1k_148\" style=\"left:645px;bottom:417px;letter-spacing:0.13px;display:inline;\">\u00a320.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1l_148\" style=\"left:752px;bottom:417px;letter-spacing:0.12px;display:inline;\">Jun 2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1m_148\" style=\"left:848px;bottom:417px;letter-spacing:0.11px;display:inline;\">Fixed 5.300% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_148\" id=\"t1n_148\" style=\"left:979px;bottom:417px;letter-spacing:0.11px;display:inline;\">Repayable in full in Dec 2029 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_148\" id=\"t1o_148\" style=\"left:87px;bottom:395px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_148\" id=\"t1p_148\" style=\"left:521px;bottom:395px;letter-spacing:0.13px;display:inline;\">\u00a3170.0m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_148\" id=\"t1q_148\" style=\"left:637px;bottom:395px;letter-spacing:0.13px;display:inline;\">\u00a3129.4m </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr></table><div class=\"t s1_148\" id=\"t1r_148\" style=\"left:87px;bottom:371px;letter-spacing:0.11px;display:inline;\">Loans totalling \u00a3129.4m (2023: \u00a3135.6m) are subject to fixed interest rates and are </div><div class=\"t s1_148\" id=\"t1s_148\" style=\"left:87px;bottom:354px;letter-spacing:0.11px;display:inline;\">recognised at amortised cost. The fair value of these loans as at 31 December 2024 is </div><div class=\"t s1_148\" id=\"t1t_148\" style=\"left:87px;bottom:337px;letter-spacing:0.11px;display:inline;\">\u00a3118.7m (2023: \u00a3125.3m). </div><div class=\"t s1_148\" id=\"t1u_148\" style=\"left:87px;bottom:311px;letter-spacing:0.11px;display:inline;\">In December 2022, the Group drew down the first Tranche of \u00a360m of a \u00a3120m loan </div><div class=\"t s1_148\" id=\"t1v_148\" style=\"left:87px;bottom:295px;letter-spacing:0.11px;display:inline;\">Note Purchase Agreement (\u201cNPA\u201d) and a further \u00a360m in June 2023. The NPA contains </div><div class=\"t s1_148\" id=\"t1w_148\" style=\"left:87px;bottom:278px;letter-spacing:0.11px;display:inline;\">the following covenants: </div><div class=\"t s4_148\" id=\"t1x_148\" style=\"left:87px;bottom:252px;display:inline;\">\u2022 </div><div class=\"t s1_148\" id=\"t1y_148\" style=\"left:108px;bottom:252px;letter-spacing:0.11px;display:inline;\">Total equity must be at least \u00a3500m as at the Group\u2019s 30 June and 31 December </div><div class=\"t s1_148\" id=\"t1z_148\" style=\"left:108px;bottom:236px;letter-spacing:0.11px;display:inline;\">reporting dates </div><div class=\"t s4_148\" id=\"t20_148\" style=\"left:87px;bottom:214px;display:inline;\">\u2022 </div><div class=\"t s1_148\" id=\"t21_148\" style=\"left:108px;bottom:214px;letter-spacing:0.11px;display:inline;\">Gross debt less restricted cash must not exceed 25% of total equity as at the </div><div class=\"t s1_148\" id=\"t22_148\" style=\"left:108px;bottom:198px;letter-spacing:0.12px;display:inline;\">Group\u2019s 30 June and 31 December reporting dates </div><div class=\"t s4_148\" id=\"t23_148\" style=\"left:87px;bottom:177px;display:inline;\">\u2022 </div><div class=\"t s1_148\" id=\"t24_148\" style=\"left:108px;bottom:177px;letter-spacing:0.11px;display:inline;\">The Group must maintain cash and cash equivalents of not less than \u00a325m at </div><div class=\"t s1_148\" id=\"t25_148\" style=\"left:108px;bottom:160px;letter-spacing:0.12px;display:inline;\">any time </div><div class=\"t s1_148\" id=\"t26_148\" style=\"left:87px;bottom:134px;letter-spacing:0.11px;display:inline;\">Breach of any of the above covenants constitutes default under the NPA. </div><div class=\"t s1_148\" id=\"t27_148\" style=\"left:634px;bottom:371px;letter-spacing:0.11px;display:inline;\">The NPA also includes a \u2018Cash Trap\u2019 mechanism, which is triggered based on </div><div class=\"t s1_148\" id=\"t28_148\" style=\"left:634px;bottom:354px;letter-spacing:0.11px;display:inline;\">conditions listed below. In the event of the Cash Trap being triggered, the Group is </div><div class=\"t s1_148\" id=\"t29_148\" style=\"left:634px;bottom:337px;letter-spacing:0.11px;display:inline;\">not permitted to pay or declare a dividend or purchase any of its shares. In addition, </div><div class=\"t s1_148\" id=\"t2a_148\" style=\"left:634px;bottom:320px;letter-spacing:0.11px;display:inline;\">investments are restricted to \u00a32.5m per calendar quarter other than those legally </div><div class=\"t s1_148\" id=\"t2b_148\" style=\"left:634px;bottom:303px;letter-spacing:0.11px;display:inline;\">committed to. The Group is also required to place the net proceeds of all realisations </div><div class=\"t s1_148\" id=\"t2c_148\" style=\"left:634px;bottom:287px;letter-spacing:0.11px;display:inline;\">(over a threshold of \u00a31m) into a blocked bank account. Entering a Cash Trap does not </div><div class=\"t s1_148\" id=\"t2d_148\" style=\"left:634px;bottom:270px;letter-spacing:0.11px;display:inline;\">constitute a default under the NPA. </div><div class=\"t s1_148\" id=\"t2e_148\" style=\"left:634px;bottom:244px;letter-spacing:0.11px;display:inline;\">A Cash Trap period is entered if any of the following conditions are breached. </div><div class=\"t s4_148\" id=\"t2f_148\" style=\"left:634px;bottom:219px;display:inline;\">\u2022 </div><div class=\"t s1_148\" id=\"t2g_148\" style=\"left:656px;bottom:219px;letter-spacing:0.11px;display:inline;\">Total equity must be at least \u00a3750m as at the Group\u2019s 30 June and 31 December </div><div class=\"t s1_148\" id=\"t2h_148\" style=\"left:656px;bottom:202px;letter-spacing:0.11px;display:inline;\">reporting dates </div><div class=\"t s4_148\" id=\"t2i_148\" style=\"left:634px;bottom:181px;display:inline;\">\u2022 </div><div class=\"t s1_148\" id=\"t2j_148\" style=\"left:656px;bottom:181px;letter-spacing:0.11px;display:inline;\">Gross debt less restricted cash must not exceed 20% of total equity as at the </div><div class=\"t s1_148\" id=\"t2k_148\" style=\"left:656px;bottom:164px;letter-spacing:0.12px;display:inline;\">Group\u2019s 30 June and 31 December reporting dates </div><div class=\"t s4_148\" id=\"t2l_148\" style=\"left:634px;bottom:143px;display:inline;\">\u2022 </div><div class=\"t s1_148\" id=\"t2m_148\" style=\"left:656px;bottom:143px;letter-spacing:0.11px;display:inline;\">The Group must maintain cash and cash equivalents of not less than \u00a350m at </div><div class=\"t s1_148\" id=\"t2n_148\" style=\"left:656px;bottom:126px;letter-spacing:0.1px;display:inline;\">any time. </div><div class=\"t s8_148\" id=\"t2s_148\" style=\"left:87px;bottom:817px;letter-spacing:0.17px;display:inline;\"> </div><div class=\"t s9_148\" id=\"t2t_148\" style=\"left:736px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><div class=\"t s0_149\" id=\"t1_149\" style=\"left:87px;bottom:773px;letter-spacing:0.12px;display:inline;\">A cash trap period can be remedied by: </div><div class=\"t s1_149\" id=\"t2_149\" style=\"left:87px;bottom:748px;display:inline;\">\u2022 </div><div class=\"t s0_149\" id=\"t3_149\" style=\"left:108px;bottom:748px;letter-spacing:0.11px;display:inline;\">Transferring sufficient cash into the restricted cash account so that gross debt less </div><div class=\"t s0_149\" id=\"t4_149\" style=\"left:108px;bottom:731px;letter-spacing:0.1px;display:inline;\">restricted cash is less than 20% of total equity </div><div class=\"t s1_149\" id=\"t5_149\" style=\"left:87px;bottom:710px;display:inline;\">\u2022 </div><div class=\"t s0_149\" id=\"t6_149\" style=\"left:108px;bottom:710px;letter-spacing:0.11px;display:inline;\">If because of low equity of high leverage, once these are restored at a subsequent </div><div class=\"t s0_149\" id=\"t7_149\" style=\"left:108px;bottom:693px;letter-spacing:0.12px;display:inline;\">30 June or 31 December measurement date </div><div class=\"t s1_149\" id=\"t8_149\" style=\"left:87px;bottom:672px;display:inline;\">\u2022 </div><div class=\"t s0_149\" id=\"t9_149\" style=\"left:108px;bottom:672px;letter-spacing:0.11px;display:inline;\">If because of low liquidity, once two month-ends have passed with liquidity &gt; \u00a350m </div><div class=\"t s0_149\" id=\"ta_149\" style=\"left:87px;bottom:646px;letter-spacing:0.1px;display:inline;\">The EIB loan contains a debt covenant requiring that the ratio of the total fair value </div><div class=\"t s0_149\" id=\"tb_149\" style=\"left:87px;bottom:630px;letter-spacing:0.11px;display:inline;\">of IP Group investments plus cash and qualifying liquidity to debt should at no time </div><div class=\"t s0_149\" id=\"tc_149\" style=\"left:87px;bottom:613px;letter-spacing:0.11px;display:inline;\">fall below 6:1. The Group must maintain an amount of unencumbered funds freely </div><div class=\"t s0_149\" id=\"td_149\" style=\"left:87px;bottom:596px;letter-spacing:0.11px;display:inline;\">available to the Group set with reference to the outstanding EIB facility which was </div><div class=\"t s0_149\" id=\"te_149\" style=\"left:87px;bottom:579px;letter-spacing:0.11px;display:inline;\">\u00a39.4m at December 2024 (2023: \u00a315.6m). The loan also stipulates that on any date, the </div><div class=\"t s0_149\" id=\"tf_149\" style=\"left:87px;bottom:562px;letter-spacing:0.11px;display:inline;\">aggregate of all amounts scheduled for payment to the EIB in the following six months </div><div class=\"t s0_149\" id=\"tg_149\" style=\"left:87px;bottom:546px;letter-spacing:0.11px;display:inline;\">should be kept in a separate bank account, which totalled \u00a33.2m on 31 December 2024 </div><div class=\"t s0_149\" id=\"th_149\" style=\"left:87px;bottom:529px;letter-spacing:0.11px;display:inline;\">(2023: \u00a33.3m) The Group is required to maintain a minimum cash balance of \u00a35.6m </div><div class=\"t s0_149\" id=\"ti_149\" style=\"left:87px;bottom:512px;letter-spacing:0.1px;display:inline;\">(2023: \u00a39.4m). </div><div class=\"t s0_149\" id=\"tj_149\" style=\"left:87px;bottom:487px;letter-spacing:0.11px;display:inline;\">The Group closely monitors that the covenants are adhered to on an ongoing basis </div><div class=\"t s0_149\" id=\"tk_149\" style=\"left:87px;bottom:470px;letter-spacing:0.11px;display:inline;\">and has complied with these covenants throughout the year. The Group will continue </div><div class=\"t s0_149\" id=\"tl_149\" style=\"left:87px;bottom:453px;letter-spacing:0.11px;display:inline;\">to monitor the covenants\u2019 position against forecasts and budgets to ensure that it </div><div class=\"t s0_149\" id=\"tm_149\" style=\"left:87px;bottom:436px;letter-spacing:0.11px;display:inline;\">operates within the prescribed limits. </div><div class=\"t s0_149\" id=\"tn_149\" style=\"left:87px;bottom:411px;letter-spacing:0.11px;display:inline;\">The NPA includes fixed and floating charges over the Company\u2019s assets, details of </div><div class=\"t s0_149\" id=\"to_149\" style=\"left:87px;bottom:394px;letter-spacing:0.11px;display:inline;\">which are available on Companies House. The EIB loan includes certain guarantees </div><div class=\"t s0_149\" id=\"tp_149\" style=\"left:87px;bottom:377px;letter-spacing:0.11px;display:inline;\">over assets held by Touchstone Innovations Business LLP. </div><div class=\"t s0_149\" id=\"tq_149\" style=\"left:87px;bottom:352px;letter-spacing:0.11px;display:inline;\">The maturity profile of the borrowings including undiscounted cash flows and fixed </div><div class=\"t s0_149\" id=\"tr_149\" style=\"left:87px;bottom:335px;letter-spacing:0.1px;display:inline;\">interest is as follows: </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_149\" id=\"ts_149\" style=\"left:1035px;bottom:820px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_149\" id=\"tu_149\" style=\"left:1123px;bottom:820px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_149\" id=\"tt_149\" style=\"left:1045px;bottom:803px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_149\" id=\"tv_149\" style=\"left:1131px;bottom:803px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"tw_149\" style=\"left:634px;bottom:778px;letter-spacing:0.12px;display:inline;\">Due within 6 months </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"tx_149\" style=\"left:1047px;bottom:778px;letter-spacing:0.11px;display:inline;\">6.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"ty_149\" style=\"left:1135px;bottom:778px;letter-spacing:0.11px;display:inline;\">6.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"tz_149\" style=\"left:634px;bottom:757px;letter-spacing:0.12px;display:inline;\">Due 6 to 12 months </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t10_149\" style=\"left:1047px;bottom:757px;letter-spacing:0.11px;display:inline;\">6.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t11_149\" style=\"left:1135px;bottom:757px;letter-spacing:0.11px;display:inline;\">6.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t12_149\" style=\"left:634px;bottom:735px;letter-spacing:0.11px;display:inline;\">Due 1 to 5 years </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t13_149\" style=\"left:1037px;bottom:735px;letter-spacing:0.1px;display:inline;\">141.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t14_149\" style=\"left:1128px;bottom:735px;letter-spacing:0.09px;display:inline;\">112.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t15_149\" style=\"left:634px;bottom:714px;letter-spacing:0.11px;display:inline;\">Due after 5 years </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t16_149\" style=\"left:1057px;bottom:714px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t17_149\" style=\"left:1132px;bottom:714px;letter-spacing:0.09px;display:inline;\">42.1 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s4_149\" id=\"t18_149\" style=\"left:634px;bottom:693px;letter-spacing:0.11px;display:inline;\">Total </div><div class=\"t s5_149\" id=\"t19_149\" style=\"vertical-align: super;left:666px;bottom:699px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t1a_149\" style=\"left:1034px;bottom:693px;letter-spacing:0.11px;display:inline;\">154.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1b_149\" style=\"left:1125px;bottom:693px;letter-spacing:0.1px;display:inline;\">167.3 </div></td></tr></table><div class=\"t s0_149\" id=\"t1c_149\" style=\"left:634px;bottom:668px;letter-spacing:0.11px;display:inline;\">The maturity profile of the borrowings was as follows: </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_149\" id=\"t1d_149\" style=\"left:1035px;bottom:634px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_149\" id=\"t1f_149\" style=\"left:1123px;bottom:634px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_149\" id=\"t1e_149\" style=\"left:1045px;bottom:617px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_149\" id=\"t1g_149\" style=\"left:1131px;bottom:617px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1h_149\" style=\"left:634px;bottom:593px;letter-spacing:0.12px;display:inline;\">Due within 6 months </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t1i_149\" style=\"left:1050px;bottom:593px;letter-spacing:0.09px;display:inline;\">3.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1j_149\" style=\"left:1139px;bottom:593px;letter-spacing:0.08px;display:inline;\">3.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1k_149\" style=\"left:634px;bottom:571px;letter-spacing:0.12px;display:inline;\">Due 6 to 12 months </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t1l_149\" style=\"left:1050px;bottom:571px;letter-spacing:0.09px;display:inline;\">3.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1m_149\" style=\"left:1139px;bottom:571px;letter-spacing:0.08px;display:inline;\">3.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1n_149\" style=\"left:634px;bottom:550px;letter-spacing:0.11px;display:inline;\">Due 1 to 5 years </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t1o_149\" style=\"left:1036px;bottom:550px;letter-spacing:0.11px;display:inline;\">123.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1p_149\" style=\"left:1127px;bottom:550px;letter-spacing:0.11px;display:inline;\">89.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1q_149\" style=\"left:634px;bottom:528px;letter-spacing:0.11px;display:inline;\">Due after 5 years </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t1r_149\" style=\"left:1057px;bottom:528px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1s_149\" style=\"left:1127px;bottom:528px;letter-spacing:0.11px;display:inline;\">40.0 </div></td></tr><tr><td class=\"tcs-selection-enabled emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s4_149\" id=\"t1t_149\" style=\"left:634px;bottom:507px;letter-spacing:0.11px;display:inline;\">Total </div><div class=\"t s5_149\" id=\"t1u_149\" style=\"vertical-align: super;left:666px;bottom:513px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t1v_149\" style=\"left:1035px;bottom:507px;letter-spacing:0.11px;display:inline;\">129.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t1w_149\" style=\"left:1124px;bottom:507px;letter-spacing:0.1px;display:inline;\">135.6 </div></td></tr></table><div class=\"t s6_149\" id=\"t1x_149\" style=\"left:634px;bottom:490px;display:inline;\">1 </div><div class=\"t s7_149\" id=\"t1y_149\" style=\"left:647px;bottom:486px;letter-spacing:-0.16px;display:inline;\">These are gross amounts repayable and exclude amortised costs of \u00a30.4m (2023: \u00a30.4m) </div><div class=\"t s7_149\" id=\"t1z_149\" style=\"left:647px;bottom:472px;letter-spacing:-0.15px;display:inline;\">incurred on obtaining the Phoenix loans, these are amortised on a straight-line basis over the life </div><div class=\"t s7_149\" id=\"t20_149\" style=\"left:647px;bottom:459px;letter-spacing:-0.15px;display:inline;\">of the borrowings. </div><div class=\"t s0_149\" id=\"t21_149\" style=\"left:634px;bottom:433px;letter-spacing:0.11px;display:inline;\">A reconciliation in the movement in borrowings is as follows: </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_149\" id=\"t22_149\" style=\"left:1035px;bottom:399px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_149\" id=\"t24_149\" style=\"left:1123px;bottom:399px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_149\" id=\"t23_149\" style=\"left:1045px;bottom:381px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_149\" id=\"t25_149\" style=\"left:1131px;bottom:381px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t26_149\" style=\"left:634px;bottom:357px;letter-spacing:0.11px;display:inline;\">At 1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t27_149\" style=\"left:1036px;bottom:357px;letter-spacing:0.11px;display:inline;\">135.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t28_149\" style=\"left:1131px;bottom:357px;letter-spacing:0.1px;display:inline;\">81.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t29_149\" style=\"left:634px;bottom:336px;letter-spacing:0.12px;display:inline;\">Repayment of debt </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t2a_149\" style=\"left:1044px;bottom:336px;letter-spacing:0.1px;display:inline;\">(6.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t2b_149\" style=\"left:1130px;bottom:336px;letter-spacing:0.1px;display:inline;\">(6.2) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t2c_149\" style=\"left:634px;bottom:314px;letter-spacing:0.13px;display:inline;\">New borrowings </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t2d_149\" style=\"left:1057px;bottom:314px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t2e_149\" style=\"left:1127px;bottom:314px;letter-spacing:0.11px;display:inline;\">60.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t2f_149\" style=\"left:634px;bottom:293px;letter-spacing:0.12px;display:inline;\">At 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_149\" id=\"t2g_149\" style=\"left:1039px;bottom:293px;letter-spacing:0.1px;display:inline;\">129.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_149\" id=\"t2h_149\" style=\"left:1124px;bottom:293px;letter-spacing:0.1px;display:inline;\">135.2 </div></td></tr></table><span>There were no non\u2013cash movements in debt. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": {
   "value": "<span>Accounting Policy: </span><div class=\"t s1_148\" id=\"t3_148\" style=\"left:100px;bottom:734px;letter-spacing:0.11px;display:inline;\">Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the </div><div class=\"t s1_148\" id=\"t4_148\" style=\"left:100px;bottom:717px;letter-spacing:0.11px;display:inline;\">proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of comprehensive income over the period of the borrowing using </div><div class=\"t s1_148\" id=\"t5_148\" style=\"left:100px;bottom:701px;letter-spacing:0.11px;display:inline;\">the effective interest rate method. Costs incurred in the course of issuing additional debt are recognised on the balance sheet and charged to the income statement on a </div><span>straight line basis over the term of the borrowings.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": {
   "value": "<span>20. Share capital </span><div class=\"t s1_150\" id=\"t2_150\" style=\"left:100px;bottom:777px;letter-spacing:-0.1px;display:inline;\"><span>Accounting Policy: </span></div><div class=\"t s2_150\" id=\"t3_150\" style=\"left:100px;bottom:760px;letter-spacing:0.1px;display:inline;\">Financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the Group\u2019s assets after deducting all liabilities. The objective of </div><div class=\"t s2_150\" id=\"t4_150\" style=\"left:100px;bottom:743px;letter-spacing:0.11px;display:inline;\">the Group is to manage capital so as to provide shareholders with above-average returns through capital growth over the medium-to-long term. The Group considers its </div><div class=\"t s2_150\" id=\"t5_150\" style=\"left:100px;bottom:726px;letter-spacing:0.11px;display:inline;\"><span>capital to comprise its share capital, share premium, merger reserve and retained earnings.</span> </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s4_150\" id=\"t7_150\" style=\"left:873px;bottom:679px;letter-spacing:0.14px;display:inline;\">2024 </div> </td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s3_150\" id=\"t8_150\" style=\"left:1055px;bottom:679px;letter-spacing:0.13px;display:inline;\">2023 </div> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_150\" id=\"t6_150\" style=\"left:87px;bottom:654px;letter-spacing:0.11px;display:inline;\">Issued and fully paid: </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s4_150\" id=\"t9_150\" style=\"left:833px;bottom:654px;letter-spacing:0.15px;display:inline;\">Number </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_150\" id=\"ta_150\" style=\"left:949px;bottom:654px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_150\" id=\"tb_150\" style=\"left:1015px;bottom:654px;letter-spacing:0.15px;display:inline;\">Number </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_150\" id=\"tc_150\" style=\"left:1131px;bottom:654px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"td_150\" style=\"left:87px;bottom:630px;letter-spacing:0.12px;display:inline;\">Ordinary shares of 2p each </div></td><td class=\"tcs-selection-enabled tcs-selected emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"te_150\" style=\"left:87px;bottom:609px;letter-spacing:0.11px;display:inline;\">At 1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tf_150\" style=\"left:803px;bottom:609px;letter-spacing:0.11px;display:inline;\">1,063,188,005 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tg_150\" style=\"left:948px;bottom:609px;letter-spacing:0.1px;display:inline;\">21.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"th_150\" style=\"left:992px;bottom:609px;letter-spacing:0.1px;display:inline;\">1,063,188,005 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"ti_150\" style=\"left:1132px;bottom:609px;letter-spacing:0.09px;display:inline;\">21.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tj_150\" style=\"left:87px;bottom:587px;letter-spacing:0.12px;display:inline;\">Shares purchased and cancelled </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tk_150\" style=\"left:816px;bottom:587px;letter-spacing:0.11px;display:inline;\">(20,609,101) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tl_150\" style=\"left:945px;bottom:587px;letter-spacing:0.11px;display:inline;\">(0.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tm_150\" style=\"left:1057px;bottom:587px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tn_150\" style=\"left:1144px;bottom:587px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"to_150\" style=\"left:87px;bottom:566px;letter-spacing:0.11px;display:inline;\">Cancellation of shares held in Treasury </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tp_150\" style=\"left:812px;bottom:566px;letter-spacing:0.12px;display:inline;\">(67,292,636) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tq_150\" style=\"left:949px;bottom:566px;letter-spacing:0.1px;display:inline;\">(1.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tr_150\" style=\"left:1057px;bottom:566px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"ts_150\" style=\"left:1144px;bottom:566px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tt_150\" style=\"left:87px;bottom:544px;letter-spacing:0.12px;display:inline;\">Share capital at 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tu_150\" style=\"left:810px;bottom:544px;letter-spacing:0.12px;display:inline;\">975,286,268 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tv_150\" style=\"left:947px;bottom:544px;letter-spacing:0.11px;display:inline;\">19.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tw_150\" style=\"left:992px;bottom:544px;letter-spacing:0.1px;display:inline;\">1,063,188,005 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tx_150\" style=\"left:1132px;bottom:544px;letter-spacing:0.09px;display:inline;\">21.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"ty_150\" style=\"left:87px;bottom:523px;letter-spacing:0.11px;display:inline;\">Existing treasury shares at 1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tz_150\" style=\"left:811px;bottom:523px;letter-spacing:0.12px;display:inline;\">(26,493,520) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t10_150\" style=\"left:945px;bottom:523px;letter-spacing:0.11px;display:inline;\">(0.5) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t11_150\" style=\"left:1006px;bottom:523px;letter-spacing:0.1px;display:inline;\">(28,110,373) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t12_150\" style=\"left:1129px;bottom:523px;letter-spacing:0.1px;display:inline;\">(0.6) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t13_150\" style=\"left:87px;bottom:501px;letter-spacing:0.11px;display:inline;\">Purchase of treasury shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t14_150\" style=\"left:809px;bottom:501px;letter-spacing:0.12px;display:inline;\">(45,280,605) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t15_150\" style=\"left:946px;bottom:501px;letter-spacing:0.11px;display:inline;\">(0.9) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t16_150\" style=\"left:1015px;bottom:501px;letter-spacing:0.11px;display:inline;\">(220,302) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t17_150\" style=\"left:1144px;bottom:501px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t18_150\" style=\"left:87px;bottom:480px;letter-spacing:0.11px;display:inline;\">Cancellation of treasury shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t19_150\" style=\"left:818px;bottom:480px;letter-spacing:0.12px;display:inline;\">67,292,636 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1a_150\" style=\"left:955px;bottom:480px;letter-spacing:0.09px;display:inline;\">1.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1b_150\" style=\"left:1058px;bottom:480px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1c_150\" style=\"left:1144px;bottom:480px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1d_150\" style=\"left:87px;bottom:458px;letter-spacing:0.11px;display:inline;\">Shares transferred out of treasury for SAYE </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1e_150\" style=\"left:875px;bottom:458px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1f_150\" style=\"left:962px;bottom:458px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1g_150\" style=\"left:1019px;bottom:458px;letter-spacing:0.12px;display:inline;\">285,335 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1h_150\" style=\"left:1144px;bottom:458px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1i_150\" style=\"left:87px;bottom:437px;letter-spacing:0.12px;display:inline;\">Settlement of employee share-based payments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1j_150\" style=\"left:825px;bottom:437px;letter-spacing:0.12px;display:inline;\">4,481,489 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1k_150\" style=\"left:955px;bottom:437px;letter-spacing:0.09px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1l_150\" style=\"left:1017px;bottom:437px;letter-spacing:0.1px;display:inline;\">1,551,820 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1m_150\" style=\"left:1144px;bottom:437px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1n_150\" style=\"left:87px;bottom:415px;letter-spacing:0.12px;display:inline;\">Outstanding at 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1o_150\" style=\"left:810px;bottom:415px;letter-spacing:0.12px;display:inline;\">975,286,268 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1p_150\" style=\"left:947px;bottom:415px;letter-spacing:0.11px;display:inline;\">19.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1q_150\" style=\"left:988px;bottom:415px;letter-spacing:0.11px;display:inline;\">1,036,694,485 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1r_150\" style=\"left:1129px;bottom:415px;letter-spacing:0.11px;display:inline;\">20.7 </div></td></tr>\n                                        </table><div class=\"t s2_150\" id=\"t1s_150\" style=\"left:87px;bottom:391px;letter-spacing:0.11px;display:inline;\">The Company has one class of ordinary shares with a par value of 2p (\u201cOrdinary Shares\u201d) which carry equal voting rights, equal rights to income and distributions of assets on </div><div class=\"t s2_150\" id=\"t1t_150\" style=\"left:87px;bottom:374px;letter-spacing:0.1px;display:inline;\">liquidation, or otherwise, and no right to fixed income. </div><div class=\"t s2_150\" id=\"t1u_150\" style=\"left:87px;bottom:348px;letter-spacing:0.11px;display:inline;\">During 2024, the Company purchased 45,280,605 ordinary shares (2023: 200,302 ordinary shares), with an aggregate value of \u00a30.9m (2023: \u00a30.2k) which were initially held in </div><div class=\"t s2_150\" id=\"t1v_150\" style=\"left:87px;bottom:332px;letter-spacing:0.11px;display:inline;\">treasury. These were subsequently used to settle employee share based payments of 4,481,489 prior to the remainder being cancelled in September 2024 along with a further </div><div class=\"t s2_150\" id=\"t1w_150\" style=\"left:87px;bottom:315px;letter-spacing:0.11px;display:inline;\">26,493,520 treasury shares held at the start of the year which were also cancelled at the same time. A further 20,609,101 shares with an aggregate value of \u00a30.5m were purchased </div><div class=\"t s2_150\" id=\"t1x_150\" style=\"left:87px;bottom:298px;letter-spacing:0.12px;display:inline;\">in the period September to December 2024 and immediately cancelled. The nominal value of the cancelled treasury share has been added to the Capital redemption reserve. </div><div class=\"t s2_150\" id=\"t1y_150\" style=\"left:87px;bottom:273px;letter-spacing:0.11px;display:inline;\">Retained profits have been reduced by \u00a329.6m (2023: \u00a30.2k), being the net consideration paid for the purchase of treasury, including expenses directly relating to the treasury </div><span>share purchase.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": {
   "value": "<span>20. Share capital </span><div class=\"t s1_150\" id=\"t2_150\" style=\"left:100px;bottom:777px;letter-spacing:-0.1px;display:inline;\"><span>Accounting Policy: </span></div><div class=\"t s2_150\" id=\"t3_150\" style=\"left:100px;bottom:760px;letter-spacing:0.1px;display:inline;\">Financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the Group\u2019s assets after deducting all liabilities. The objective of </div><div class=\"t s2_150\" id=\"t4_150\" style=\"left:100px;bottom:743px;letter-spacing:0.11px;display:inline;\">the Group is to manage capital so as to provide shareholders with above-average returns through capital growth over the medium-to-long term. The Group considers its </div><div class=\"t s2_150\" id=\"t5_150\" style=\"left:100px;bottom:726px;letter-spacing:0.11px;display:inline;\"><span>capital to comprise its share capital, share premium, merger reserve and retained earnings.</span> </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s4_150\" id=\"t7_150\" style=\"left:873px;bottom:679px;letter-spacing:0.14px;display:inline;\">2024 </div> </td><td colspan=\"2\" rowspan=\"1\" style=\"text-align: center;\"><div class=\"t s3_150\" id=\"t8_150\" style=\"left:1055px;bottom:679px;letter-spacing:0.13px;display:inline;\">2023 </div> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_150\" id=\"t6_150\" style=\"left:87px;bottom:654px;letter-spacing:0.11px;display:inline;\">Issued and fully paid: </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s4_150\" id=\"t9_150\" style=\"left:833px;bottom:654px;letter-spacing:0.15px;display:inline;\">Number </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_150\" id=\"ta_150\" style=\"left:949px;bottom:654px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_150\" id=\"tb_150\" style=\"left:1015px;bottom:654px;letter-spacing:0.15px;display:inline;\">Number </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_150\" id=\"tc_150\" style=\"left:1131px;bottom:654px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"td_150\" style=\"left:87px;bottom:630px;letter-spacing:0.12px;display:inline;\">Ordinary shares of 2p each </div></td><td class=\"tcs-selection-enabled tcs-selected emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"te_150\" style=\"left:87px;bottom:609px;letter-spacing:0.11px;display:inline;\">At 1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tf_150\" style=\"left:803px;bottom:609px;letter-spacing:0.11px;display:inline;\">1,063,188,005 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tg_150\" style=\"left:948px;bottom:609px;letter-spacing:0.1px;display:inline;\">21.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"th_150\" style=\"left:992px;bottom:609px;letter-spacing:0.1px;display:inline;\">1,063,188,005 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"ti_150\" style=\"left:1132px;bottom:609px;letter-spacing:0.09px;display:inline;\">21.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tj_150\" style=\"left:87px;bottom:587px;letter-spacing:0.12px;display:inline;\">Shares purchased and cancelled </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tk_150\" style=\"left:816px;bottom:587px;letter-spacing:0.11px;display:inline;\">(20,609,101) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tl_150\" style=\"left:945px;bottom:587px;letter-spacing:0.11px;display:inline;\">(0.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tm_150\" style=\"left:1057px;bottom:587px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tn_150\" style=\"left:1144px;bottom:587px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"to_150\" style=\"left:87px;bottom:566px;letter-spacing:0.11px;display:inline;\">Cancellation of shares held in Treasury </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tp_150\" style=\"left:812px;bottom:566px;letter-spacing:0.12px;display:inline;\">(67,292,636) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tq_150\" style=\"left:949px;bottom:566px;letter-spacing:0.1px;display:inline;\">(1.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tr_150\" style=\"left:1057px;bottom:566px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"ts_150\" style=\"left:1144px;bottom:566px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tt_150\" style=\"left:87px;bottom:544px;letter-spacing:0.12px;display:inline;\">Share capital at 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tu_150\" style=\"left:810px;bottom:544px;letter-spacing:0.12px;display:inline;\">975,286,268 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tv_150\" style=\"left:947px;bottom:544px;letter-spacing:0.11px;display:inline;\">19.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tw_150\" style=\"left:992px;bottom:544px;letter-spacing:0.1px;display:inline;\">1,063,188,005 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"tx_150\" style=\"left:1132px;bottom:544px;letter-spacing:0.09px;display:inline;\">21.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"ty_150\" style=\"left:87px;bottom:523px;letter-spacing:0.11px;display:inline;\">Existing treasury shares at 1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"tz_150\" style=\"left:811px;bottom:523px;letter-spacing:0.12px;display:inline;\">(26,493,520) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t10_150\" style=\"left:945px;bottom:523px;letter-spacing:0.11px;display:inline;\">(0.5) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t11_150\" style=\"left:1006px;bottom:523px;letter-spacing:0.1px;display:inline;\">(28,110,373) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t12_150\" style=\"left:1129px;bottom:523px;letter-spacing:0.1px;display:inline;\">(0.6) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t13_150\" style=\"left:87px;bottom:501px;letter-spacing:0.11px;display:inline;\">Purchase of treasury shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t14_150\" style=\"left:809px;bottom:501px;letter-spacing:0.12px;display:inline;\">(45,280,605) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t15_150\" style=\"left:946px;bottom:501px;letter-spacing:0.11px;display:inline;\">(0.9) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t16_150\" style=\"left:1015px;bottom:501px;letter-spacing:0.11px;display:inline;\">(220,302) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t17_150\" style=\"left:1144px;bottom:501px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t18_150\" style=\"left:87px;bottom:480px;letter-spacing:0.11px;display:inline;\">Cancellation of treasury shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t19_150\" style=\"left:818px;bottom:480px;letter-spacing:0.12px;display:inline;\">67,292,636 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1a_150\" style=\"left:955px;bottom:480px;letter-spacing:0.09px;display:inline;\">1.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1b_150\" style=\"left:1058px;bottom:480px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1c_150\" style=\"left:1144px;bottom:480px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1d_150\" style=\"left:87px;bottom:458px;letter-spacing:0.11px;display:inline;\">Shares transferred out of treasury for SAYE </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1e_150\" style=\"left:875px;bottom:458px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1f_150\" style=\"left:962px;bottom:458px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1g_150\" style=\"left:1019px;bottom:458px;letter-spacing:0.12px;display:inline;\">285,335 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1h_150\" style=\"left:1144px;bottom:458px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1i_150\" style=\"left:87px;bottom:437px;letter-spacing:0.12px;display:inline;\">Settlement of employee share-based payments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1j_150\" style=\"left:825px;bottom:437px;letter-spacing:0.12px;display:inline;\">4,481,489 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1k_150\" style=\"left:955px;bottom:437px;letter-spacing:0.09px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1l_150\" style=\"left:1017px;bottom:437px;letter-spacing:0.1px;display:inline;\">1,551,820 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1m_150\" style=\"left:1144px;bottom:437px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1n_150\" style=\"left:87px;bottom:415px;letter-spacing:0.12px;display:inline;\">Outstanding at 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1o_150\" style=\"left:810px;bottom:415px;letter-spacing:0.12px;display:inline;\">975,286,268 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_150\" id=\"t1p_150\" style=\"left:947px;bottom:415px;letter-spacing:0.11px;display:inline;\">19.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1q_150\" style=\"left:988px;bottom:415px;letter-spacing:0.11px;display:inline;\">1,036,694,485 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_150\" id=\"t1r_150\" style=\"left:1129px;bottom:415px;letter-spacing:0.11px;display:inline;\">20.7 </div></td></tr>\n                                        </table><div class=\"t s2_150\" id=\"t1s_150\" style=\"left:87px;bottom:391px;letter-spacing:0.11px;display:inline;\">The Company has one class of ordinary shares with a par value of 2p (\u201cOrdinary Shares\u201d) which carry equal voting rights, equal rights to income and distributions of assets on </div><div class=\"t s2_150\" id=\"t1t_150\" style=\"left:87px;bottom:374px;letter-spacing:0.1px;display:inline;\">liquidation, or otherwise, and no right to fixed income. </div><div class=\"t s2_150\" id=\"t1u_150\" style=\"left:87px;bottom:348px;letter-spacing:0.11px;display:inline;\">During 2024, the Company purchased 45,280,605 ordinary shares (2023: 200,302 ordinary shares), with an aggregate value of \u00a30.9m (2023: \u00a30.2k) which were initially held in </div><div class=\"t s2_150\" id=\"t1v_150\" style=\"left:87px;bottom:332px;letter-spacing:0.11px;display:inline;\">treasury. These were subsequently used to settle employee share based payments of 4,481,489 prior to the remainder being cancelled in September 2024 along with a further </div><div class=\"t s2_150\" id=\"t1w_150\" style=\"left:87px;bottom:315px;letter-spacing:0.11px;display:inline;\">26,493,520 treasury shares held at the start of the year which were also cancelled at the same time. A further 20,609,101 shares with an aggregate value of \u00a30.5m were purchased </div><div class=\"t s2_150\" id=\"t1x_150\" style=\"left:87px;bottom:298px;letter-spacing:0.12px;display:inline;\">in the period September to December 2024 and immediately cancelled. The nominal value of the cancelled treasury share has been added to the Capital redemption reserve. </div><div class=\"t s2_150\" id=\"t1y_150\" style=\"left:87px;bottom:273px;letter-spacing:0.11px;display:inline;\">Retained profits have been reduced by \u00a329.6m (2023: \u00a30.2k), being the net consideration paid for the purchase of treasury, including expenses directly relating to the treasury </div><span>share purchase.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": {
   "value": "<span>Accounting Policy: </span><div class=\"t s2_150\" id=\"t3_150\" style=\"left:100px;bottom:760px;letter-spacing:0.1px;display:inline;\">Financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the Group\u2019s assets after deducting all liabilities. The objective of </div><div class=\"t s2_150\" id=\"t4_150\" style=\"left:100px;bottom:743px;letter-spacing:0.11px;display:inline;\">the Group is to manage capital so as to provide shareholders with above-average returns through capital growth over the medium-to-long term. The Group considers its </div><span>capital to comprise its share capital, share premium, merger reserve and retained earnings.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": {
   "value": "<span>21. Share\u2013based payments </span><div class=\"t s1_151\" id=\"t2_151\" style=\"left:87px;bottom:799px;letter-spacing:0.11px;display:inline;\">In 2024, the Group continued to incentivise employees through its RSP and AIS. The </div><div class=\"t s1_151\" id=\"t3_151\" style=\"left:87px;bottom:782px;letter-spacing:0.11px;display:inline;\">main terms of both are described in more detail in the Directors\u2019 Remuneration Report </div><div class=\"t s1_151\" id=\"t4_151\" style=\"left:87px;bottom:765px;letter-spacing:0.11px;display:inline;\">on pages 78 to 100. </div><div class=\"t s2_151\" id=\"t5_151\" style=\"left:87px;bottom:734px;letter-spacing:-0.1px;display:inline;\">Deferred bonus share plan (\u201cDBSP\u201d) </div><div class=\"t s1_151\" id=\"t6_151\" style=\"left:87px;bottom:717px;letter-spacing:0.11px;display:inline;\">Awards made to employees under the Group\u2019s AIS above a certain threshold include </div><div class=\"t s1_151\" id=\"t7_151\" style=\"left:87px;bottom:701px;letter-spacing:0.11px;display:inline;\">50% deferred into IP Group equity through the grant of nil\u2013cost options under the </div><div class=\"t s1_151\" id=\"t8_151\" style=\"left:87px;bottom:684px;letter-spacing:0.11px;display:inline;\">Group\u2019s DBSP. The number of nil\u2013cost options granted under the Group\u2019s DBSP is </div><div class=\"t s1_151\" id=\"t9_151\" style=\"left:87px;bottom:667px;letter-spacing:0.11px;display:inline;\">determined by the share price at the vesting date. The DBSP options are subject to </div><div class=\"t s1_151\" id=\"ta_151\" style=\"left:87px;bottom:650px;letter-spacing:0.11px;display:inline;\">further time\u2013based vesting over two years (typically 50% after year one and 50% after </div><div class=\"t s1_151\" id=\"tb_151\" style=\"left:87px;bottom:633px;letter-spacing:0.11px;display:inline;\">year two). </div><div class=\"t s1_151\" id=\"tc_151\" style=\"left:87px;bottom:608px;letter-spacing:0.11px;display:inline;\">An analysis of movements in the DBSP options outstanding is as follows: </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"tg_151\" style=\"left:363px;bottom:574px;letter-spacing:0.14px;display:inline;\">Weighted- </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"to_151\" style=\"left:537px;bottom:574px;letter-spacing:0.14px;display:inline;\">Weighted- </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"th_151\" style=\"left:379px;bottom:559px;letter-spacing:0.12px;display:inline;\">average </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"tp_151\" style=\"left:552px;bottom:559px;letter-spacing:0.12px;display:inline;\">average </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"td_151\" style=\"left:279px;bottom:544px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"ti_151\" style=\"left:379px;bottom:544px;letter-spacing:0.1px;display:inline;\">exercise </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"tl_151\" style=\"left:467px;bottom:546px;letter-spacing:0.13px;display:inline;\">Number </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"tq_151\" style=\"left:553px;bottom:544px;letter-spacing:0.1px;display:inline;\">exercise </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"te_151\" style=\"left:298px;bottom:528px;letter-spacing:0.12px;display:inline;\">options </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"tj_151\" style=\"left:399px;bottom:528px;letter-spacing:0.11px;display:inline;\">price </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"tm_151\" style=\"left:456px;bottom:528px;letter-spacing:0.11px;display:inline;\">of options </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"tr_151\" style=\"left:573px;bottom:528px;letter-spacing:0.11px;display:inline;\">price </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"tf_151\" style=\"left:314px;bottom:511px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"tk_151\" style=\"left:401px;bottom:511px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"tn_151\" style=\"left:488px;bottom:511px;letter-spacing:0.13px;display:inline;\">2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"ts_151\" style=\"left:575px;bottom:511px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"tt_151\" style=\"left:87px;bottom:487px;letter-spacing:0.11px;display:inline;\">At 1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"tu_151\" style=\"left:290px;bottom:487px;letter-spacing:0.11px;display:inline;\">2,153,379 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"tv_151\" style=\"left:422px;bottom:487px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"tw_151\" style=\"left:461px;bottom:487px;letter-spacing:0.11px;display:inline;\">2,556,682 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"tx_151\" style=\"left:596px;bottom:487px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"ty_151\" style=\"left:87px;bottom:465px;letter-spacing:0.11px;display:inline;\">AIS deferral shares award </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t10_151\" style=\"left:288px;bottom:465px;letter-spacing:0.11px;display:inline;\">1,578,434 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t11_151\" style=\"left:422px;bottom:465px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t12_151\" style=\"left:470px;bottom:465px;letter-spacing:0.1px;display:inline;\">1,120,292 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t13_151\" style=\"left:596px;bottom:465px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"tz_151\" style=\"left:87px;bottom:449px;letter-spacing:0.11px;display:inline;\">during the year </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t14_151\" style=\"left:87px;bottom:427px;letter-spacing:0.11px;display:inline;\">Exercised during the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t15_151\" style=\"left:283px;bottom:427px;letter-spacing:0.11px;display:inline;\">(1,593,233) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t16_151\" style=\"left:422px;bottom:427px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t17_151\" style=\"left:460px;bottom:427px;letter-spacing:0.1px;display:inline;\">(1,523,595) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t18_151\" style=\"left:596px;bottom:427px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t19_151\" style=\"left:87px;bottom:406px;letter-spacing:0.12px;display:inline;\">At 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t1a_151\" style=\"left:288px;bottom:406px;letter-spacing:0.11px;display:inline;\">2,138,580 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t1b_151\" style=\"left:422px;bottom:406px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t1c_151\" style=\"left:467px;bottom:406px;letter-spacing:0.1px;display:inline;\">2,153,379 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t1d_151\" style=\"left:596px;bottom:406px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t1e_151\" style=\"left:87px;bottom:384px;letter-spacing:0.12px;display:inline;\">Exercisable at 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t1f_151\" style=\"left:336px;bottom:384px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t1g_151\" style=\"left:422px;bottom:384px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t1h_151\" style=\"left:510px;bottom:384px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t1i_151\" style=\"left:596px;bottom:384px;display:inline;\">\u2013 </div></td></tr>\n                                        </table><div class=\"t s1_151\" id=\"t1j_151\" style=\"left:87px;bottom:360px;letter-spacing:0.11px;display:inline;\">1,643,895 shares were transferred from treasury in respect of DBSP scheme during </div><div class=\"t s1_151\" id=\"t1k_151\" style=\"left:87px;bottom:343px;letter-spacing:0.11px;display:inline;\">the year, comprising 1,593,233 DBSP options exercised on 23rd April 2024 and a further </div><div class=\"t s1_151\" id=\"t1l_151\" style=\"left:87px;bottom:326px;letter-spacing:0.11px;display:inline;\">50,662 shares relating to dividends accrued on those options. </div><div class=\"t s1_151\" id=\"t1m_151\" style=\"left:87px;bottom:301px;letter-spacing:0.11px;display:inline;\">The options outstanding at 31 December 2024 had an exercise price of \u00a3nil (2023: \u00a3nil) </div><div class=\"t s1_151\" id=\"t1n_151\" style=\"left:87px;bottom:284px;letter-spacing:0.11px;display:inline;\">and a weighted\u2013average remaining contractual life of 0.6 years (2023: 0.5 years). </div><div class=\"t s1_151\" id=\"t1o_151\" style=\"left:87px;bottom:258px;letter-spacing:0.11px;display:inline;\">The weighted average share price at the date of exercise for share options exercised </div><div class=\"t s1_151\" id=\"t1p_151\" style=\"left:87px;bottom:241px;letter-spacing:0.1px;display:inline;\">in 2024 was 48.3p (2023: 61.0p). </div><div class=\"t s1_151\" id=\"t1q_151\" style=\"left:87px;bottom:216px;letter-spacing:0.11px;display:inline;\">As the 2024 AIS financial performance targets were met and as the number of DBSP </div><div class=\"t s1_151\" id=\"t1r_151\" style=\"left:87px;bottom:199px;letter-spacing:0.11px;display:inline;\">options to be granted in order to defer such elements of the AIS payments as are </div><div class=\"t s1_151\" id=\"t1s_151\" style=\"left:87px;bottom:182px;letter-spacing:0.11px;display:inline;\">required under our remuneration policy are based on a percentage of employees\u2019 </div><div class=\"t s1_151\" id=\"t1t_151\" style=\"left:87px;bottom:166px;letter-spacing:0.11px;display:inline;\">salary, the share\u2013based payments line includes the associated share\u2013based </div><div class=\"t s1_151\" id=\"t1u_151\" style=\"left:87px;bottom:149px;letter-spacing:0.12px;display:inline;\">payments expense incurred in 2024. </div><div class=\"t s2_151\" id=\"t1v_151\" style=\"left:634px;bottom:819px;letter-spacing:-0.1px;display:inline;\">IP Group Restricted Share Plan (\u201cRSP\u201d) </div><div class=\"t s1_151\" id=\"t1w_151\" style=\"left:634px;bottom:802px;letter-spacing:0.11px;display:inline;\">As set out in the Remuneration Policy approved by shareholders in 2022, a Restricted </div><div class=\"t s1_151\" id=\"t1x_151\" style=\"left:634px;bottom:786px;letter-spacing:0.11px;display:inline;\">Share Plan was introduced in 2022 to replace the previous LTIP structure. Vesting of </div><div class=\"t s1_151\" id=\"t1y_151\" style=\"left:634px;bottom:769px;letter-spacing:0.11px;display:inline;\">these awards will take place over a three-year period, with any awards that vest </div><div class=\"t s1_151\" id=\"t1z_151\" style=\"left:634px;bottom:752px;letter-spacing:0.11px;display:inline;\">subject to a further two-year holding period. For 2022, 2023 and 2024 awards, a </div><div class=\"t s1_151\" id=\"t20_151\" style=\"left:634px;bottom:735px;letter-spacing:0.11px;display:inline;\">financial underpin exists which may result in awards lapsing if NAV per share on the </div><div class=\"t s1_151\" id=\"t21_151\" style=\"left:634px;bottom:718px;letter-spacing:0.11px;display:inline;\">vesting date is lower than 100% of NAV per share on the award date, after making </div><div class=\"t s1_151\" id=\"t22_151\" style=\"left:634px;bottom:701px;letter-spacing:0.11px;display:inline;\">appropriate adjustments for dividends. Further information on the Group\u2019s RSP is set </div><div class=\"t s1_151\" id=\"t23_151\" style=\"left:634px;bottom:685px;letter-spacing:0.11px;display:inline;\">out in the Directors\u2019 Remuneration Report on page 91. </div><div class=\"t s1_151\" id=\"t24_151\" style=\"left:634px;bottom:659px;letter-spacing:0.11px;display:inline;\">The 2024 RSP awards were made on 23 April 2024. The awards will ordinarily vest on </div><div class=\"t s1_151\" id=\"t25_151\" style=\"left:634px;bottom:642px;letter-spacing:0.11px;display:inline;\">31 March 2026, to the extent that the performance underpin has been met. </div><div class=\"t s1_151\" id=\"t26_151\" style=\"left:634px;bottom:617px;letter-spacing:0.11px;display:inline;\">The movement in the number of shares conditionally awarded under the RSP is set </div><div class=\"t s1_151\" id=\"t27_151\" style=\"left:634px;bottom:600px;letter-spacing:0.11px;display:inline;\">out below: </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"t2b_151\" style=\"left:911px;bottom:566px;letter-spacing:0.14px;display:inline;\">Weighted- </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"t2j_151\" style=\"left:1084px;bottom:566px;letter-spacing:0.14px;display:inline;\">Weighted- </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"t2c_151\" style=\"left:927px;bottom:551px;letter-spacing:0.12px;display:inline;\">average </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"t2k_151\" style=\"left:1100px;bottom:551px;letter-spacing:0.12px;display:inline;\">average </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"t28_151\" style=\"left:827px;bottom:536px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"t2d_151\" style=\"left:927px;bottom:536px;letter-spacing:0.1px;display:inline;\">exercise </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"t2g_151\" style=\"left:1015px;bottom:538px;letter-spacing:0.13px;display:inline;\">Number </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"t2l_151\" style=\"left:1100px;bottom:536px;letter-spacing:0.1px;display:inline;\">exercise </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"t29_151\" style=\"left:845px;bottom:521px;letter-spacing:0.12px;display:inline;\">options </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"t2e_151\" style=\"left:947px;bottom:521px;letter-spacing:0.11px;display:inline;\">price </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"t2h_151\" style=\"left:1004px;bottom:521px;letter-spacing:0.11px;display:inline;\">of options </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"t2m_151\" style=\"left:1120px;bottom:521px;letter-spacing:0.11px;display:inline;\">price </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"t2a_151\" style=\"left:862px;bottom:503px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_151\" id=\"t2f_151\" style=\"left:949px;bottom:503px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"t2i_151\" style=\"left:1036px;bottom:503px;letter-spacing:0.13px;display:inline;\">2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_151\" id=\"t2n_151\" style=\"left:1123px;bottom:503px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t2o_151\" style=\"left:634px;bottom:479px;letter-spacing:0.11px;display:inline;\">At 1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t2p_151\" style=\"left:828px;bottom:479px;letter-spacing:0.12px;display:inline;\">10,238,863 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t2q_151\" style=\"left:970px;bottom:479px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t2r_151\" style=\"left:1009px;bottom:479px;letter-spacing:0.11px;display:inline;\">3,458,509 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t2s_151\" style=\"left:1144px;bottom:479px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t2t_151\" style=\"left:634px;bottom:458px;letter-spacing:0.11px;display:inline;\">Forfeited during the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t2u_151\" style=\"left:833px;bottom:458px;letter-spacing:0.11px;display:inline;\">(1,362,198) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t2v_151\" style=\"left:970px;bottom:458px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t2w_151\" style=\"left:1026px;bottom:458px;letter-spacing:0.1px;display:inline;\">(16,367) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t2x_151\" style=\"left:1144px;bottom:458px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t2y_151\" style=\"left:634px;bottom:436px;letter-spacing:0.11px;display:inline;\">Notionally awarded during </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t30_151\" style=\"left:832px;bottom:436px;letter-spacing:0.12px;display:inline;\">8,833,966 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t31_151\" style=\"left:970px;bottom:436px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t32_151\" style=\"left:1015px;bottom:436px;letter-spacing:0.1px;display:inline;\">6,796,721 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t33_151\" style=\"left:1144px;bottom:436px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t2z_151\" style=\"left:634px;bottom:419px;letter-spacing:0.11px;display:inline;\">the year </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t34_151\" style=\"left:634px;bottom:398px;letter-spacing:0.12px;display:inline;\">At 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t35_151\" style=\"left:836px;bottom:398px;letter-spacing:0.1px;display:inline;\">17,710,631 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t36_151\" style=\"left:970px;bottom:398px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t37_151\" style=\"left:1006px;bottom:398px;letter-spacing:0.11px;display:inline;\">10,238,863 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t38_151\" style=\"left:1144px;bottom:398px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t39_151\" style=\"left:635px;bottom:376px;letter-spacing:0.12px;display:inline;\">Exercisable at 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t3a_151\" style=\"left:884px;bottom:376px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_151\" id=\"t3b_151\" style=\"left:970px;bottom:376px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t3c_151\" style=\"left:1057px;bottom:376px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_151\" id=\"t3d_151\" style=\"left:1144px;bottom:376px;display:inline;\">\u2013 </div></td></tr>\n                                        </table><div class=\"t s1_151\" id=\"t3e_151\" style=\"left:635px;bottom:352px;letter-spacing:0.11px;display:inline;\">The options outstanding at 31 December 2024 had an exercise price of \u00a3nil (2023: \u00a3nil) </div><div class=\"t s1_151\" id=\"t3f_151\" style=\"left:635px;bottom:335px;letter-spacing:0.11px;display:inline;\">and a weighted\u2013average remaining contractual life of 3.5 years (2023: 3.9 years). </div><div></div><div class=\"t s0_152\" id=\"t1_152\" style=\"left:87px;bottom:797px;letter-spacing:0.11px;display:inline;\">The fair value of the RSP shares notionally awarded in 2024 was calculated using the </div><div class=\"t s0_152\" id=\"t2_152\" style=\"left:87px;bottom:780px;letter-spacing:0.11px;display:inline;\">Finnerty pricing model with the following key assumptions: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_152\" id=\"t3_152\" style=\"left:488px;bottom:746px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_152\" id=\"t4_152\" style=\"left:575px;bottom:746px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t5_152\" style=\"left:87px;bottom:722px;letter-spacing:0.11px;display:inline;\">IP Group share price as of valuation date </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t6_152\" style=\"left:476px;bottom:722px;letter-spacing:0.13px;display:inline;\">\u00a30.539 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t7_152\" style=\"left:565px;bottom:722px;letter-spacing:0.12px;display:inline;\">\u00a30.602 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t8_152\" style=\"left:87px;bottom:701px;letter-spacing:0.11px;display:inline;\">Exercise price </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t9_152\" style=\"left:495px;bottom:701px;letter-spacing:0.1px;display:inline;\">\u00a3nil </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"ta_152\" style=\"left:584px;bottom:701px;letter-spacing:0.09px;display:inline;\">\u00a3nil </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"tb_152\" style=\"left:87px;bottom:679px;letter-spacing:0.11px;display:inline;\">Indicated discount for lack of marketability </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"tc_152\" style=\"left:495px;bottom:679px;letter-spacing:0.14px;display:inline;\">15% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"td_152\" style=\"left:584px;bottom:679px;letter-spacing:0.12px;display:inline;\">15% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"te_152\" style=\"left:87px;bottom:658px;letter-spacing:0.11px;display:inline;\">Adjusted probability assigned for performance conditions </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"tf_152\" style=\"left:492px;bottom:658px;letter-spacing:0.15px;display:inline;\">20% </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"tg_152\" style=\"left:581px;bottom:658px;letter-spacing:0.14px;display:inline;\">20% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"th_152\" style=\"left:87px;bottom:636px;letter-spacing:0.11px;display:inline;\">Fair value at grant date </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"ti_152\" style=\"left:487px;bottom:636px;letter-spacing:0.11px;display:inline;\">\u00a30.21 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"tj_152\" style=\"left:573px;bottom:636px;letter-spacing:0.11px;display:inline;\">\u00a30.24 </div></td></tr></table><div class=\"t s4_152\" id=\"tk_152\" style=\"left:87px;bottom:594px;letter-spacing:-0.1px;display:inline;\">Pre-2022 IP Group Long-Term Incentive Plan (\u201cLTIP\u201d) </div><div class=\"t s0_152\" id=\"tl_152\" style=\"left:87px;bottom:577px;letter-spacing:0.11px;display:inline;\">Awards under the historic LTIP scheme took the form of conditional awards of </div><div class=\"t s0_152\" id=\"tm_152\" style=\"left:87px;bottom:560px;letter-spacing:0.11px;display:inline;\">ordinary shares of 2p each in the Group which vest over the prescribed performance </div><div class=\"t s0_152\" id=\"tn_152\" style=\"left:87px;bottom:543px;letter-spacing:0.11px;display:inline;\">period to the extent that performance conditions have been met. The Remuneration </div><div class=\"t s0_152\" id=\"to_152\" style=\"left:87px;bottom:526px;letter-spacing:0.11px;display:inline;\">Committee imposes objective conditions on the vesting of awards and these take into </div><div class=\"t s0_152\" id=\"tp_152\" style=\"left:87px;bottom:510px;letter-spacing:0.11px;display:inline;\">consideration the guidance of the Group\u2019s institutional investors from time to time. </div><div class=\"t s0_152\" id=\"tq_152\" style=\"left:87px;bottom:493px;letter-spacing:0.11px;display:inline;\">General information on the Group\u2019s LTIP is set out in the Directors\u2019 Remuneration Report </div><div class=\"t s0_152\" id=\"tr_152\" style=\"left:87px;bottom:476px;letter-spacing:0.12px;display:inline;\">on page 94. </div><div class=\"t s0_152\" id=\"ts_152\" style=\"left:87px;bottom:451px;letter-spacing:0.11px;display:inline;\">The 2021 LTIP awards were made on 6 May 2021. Following the completion of the </div><div class=\"t s0_152\" id=\"tt_152\" style=\"left:87px;bottom:434px;letter-spacing:0.11px;display:inline;\">performance period on 31 March 2024, the relevant performance targets for vesting of </div><div class=\"t s0_152\" id=\"tu_152\" style=\"left:87px;bottom:417px;letter-spacing:0.11px;display:inline;\">the 2021 LTIP award were not met and these options lapsed in full. </div><div class=\"t s0_152\" id=\"tv_152\" style=\"left:634px;bottom:826px;letter-spacing:0.11px;display:inline;\">Following the lapse of the 2021 awards noted above, and the exercise of vested options </div><div class=\"t s0_152\" id=\"tw_152\" style=\"left:634px;bottom:809px;letter-spacing:0.11px;display:inline;\">under the 2019 scheme during the year, the only remaining outstanding conditionally </div><div class=\"t s0_152\" id=\"tx_152\" style=\"left:634px;bottom:792px;letter-spacing:0.11px;display:inline;\">awarded shares relate to the 2020 awards, which vested in 2023 and will be exercised </div><div class=\"t s0_152\" id=\"ty_152\" style=\"left:634px;bottom:776px;letter-spacing:0.11px;display:inline;\">in the first half of 2025 following completion of their two-year post-vesting mandatory </div><div class=\"t s0_152\" id=\"tz_152\" style=\"left:634px;bottom:759px;letter-spacing:0.11px;display:inline;\">holding period. </div><div class=\"t s0_152\" id=\"t10_152\" style=\"left:634px;bottom:733px;letter-spacing:0.11px;display:inline;\">The movement in the number of shares conditionally awarded under the LTIP is set </div><div class=\"t s0_152\" id=\"t11_152\" style=\"left:634px;bottom:717px;letter-spacing:0.11px;display:inline;\">out below: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_152\" id=\"t15_152\" style=\"left:911px;bottom:683px;letter-spacing:0.14px;display:inline;\">Weighted- </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_152\" id=\"t1d_152\" style=\"left:1084px;bottom:683px;letter-spacing:0.14px;display:inline;\">Weighted- </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_152\" id=\"t16_152\" style=\"left:927px;bottom:668px;letter-spacing:0.12px;display:inline;\">average </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_152\" id=\"t1e_152\" style=\"left:1100px;bottom:668px;letter-spacing:0.12px;display:inline;\">average </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_152\" id=\"t12_152\" style=\"left:827px;bottom:652px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_152\" id=\"t17_152\" style=\"left:927px;bottom:652px;letter-spacing:0.1px;display:inline;\">exercise </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_152\" id=\"t1a_152\" style=\"left:1000px;bottom:652px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_152\" id=\"t1f_152\" style=\"left:1100px;bottom:652px;letter-spacing:0.1px;display:inline;\">exercise </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_152\" id=\"t13_152\" style=\"left:845px;bottom:637px;letter-spacing:0.12px;display:inline;\">options </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_152\" id=\"t18_152\" style=\"left:947px;bottom:637px;letter-spacing:0.11px;display:inline;\">price </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_152\" id=\"t1b_152\" style=\"left:1019px;bottom:637px;letter-spacing:0.11px;display:inline;\">options </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_152\" id=\"t1g_152\" style=\"left:1120px;bottom:637px;letter-spacing:0.11px;display:inline;\">price </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_152\" id=\"t14_152\" style=\"left:862px;bottom:620px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_152\" id=\"t19_152\" style=\"left:949px;bottom:620px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_152\" id=\"t1c_152\" style=\"left:1036px;bottom:620px;letter-spacing:0.13px;display:inline;\">2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_152\" id=\"t1h_152\" style=\"left:1123px;bottom:620px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1i_152\" style=\"left:634px;bottom:596px;letter-spacing:0.11px;display:inline;\">At 1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t1j_152\" style=\"left:835px;bottom:596px;letter-spacing:0.12px;display:inline;\">7,728,493 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t1k_152\" style=\"left:970px;bottom:596px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1l_152\" style=\"left:1005px;bottom:596px;letter-spacing:0.11px;display:inline;\">14,490,039 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1m_152\" style=\"left:1144px;bottom:596px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1n_152\" style=\"left:634px;bottom:574px;letter-spacing:0.12px;display:inline;\">Lapsed during the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t1o_152\" style=\"left:825px;bottom:574px;letter-spacing:0.12px;display:inline;\">(3,950,040) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t1p_152\" style=\"left:970px;bottom:574px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1q_152\" style=\"left:1004px;bottom:574px;letter-spacing:0.11px;display:inline;\">(6,759,628) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1r_152\" style=\"left:1144px;bottom:574px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1s_152\" style=\"left:634px;bottom:553px;letter-spacing:0.11px;display:inline;\">Forfeited during the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t1t_152\" style=\"left:849px;bottom:553px;letter-spacing:0.11px;display:inline;\">(10,907) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t1u_152\" style=\"left:970px;bottom:553px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1v_152\" style=\"left:1036px;bottom:553px;letter-spacing:0.09px;display:inline;\">(1,918) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1w_152\" style=\"left:1144px;bottom:553px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t1x_152\" style=\"left:634px;bottom:531px;letter-spacing:0.11px;display:inline;\">Exercised during the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t1y_152\" style=\"left:831px;bottom:531px;letter-spacing:0.11px;display:inline;\">(2,703,041) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t1z_152\" style=\"left:970px;bottom:531px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t20_152\" style=\"left:1057px;bottom:531px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t21_152\" style=\"left:1144px;bottom:531px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t22_152\" style=\"left:635px;bottom:510px;letter-spacing:0.12px;display:inline;\">At 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t23_152\" style=\"left:834px;bottom:510px;letter-spacing:0.12px;display:inline;\">1,064,505 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t24_152\" style=\"left:970px;bottom:510px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t25_152\" style=\"left:1011px;bottom:510px;letter-spacing:0.11px;display:inline;\">7,728,493 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t26_152\" style=\"left:1144px;bottom:510px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t27_152\" style=\"left:635px;bottom:488px;letter-spacing:0.12px;display:inline;\">Exercisable at 31 December </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t28_152\" style=\"left:834px;bottom:488px;letter-spacing:0.12px;display:inline;\">1,064,505 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_152\" id=\"t29_152\" style=\"left:970px;bottom:488px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t2a_152\" style=\"left:1012px;bottom:488px;letter-spacing:0.11px;display:inline;\">4,596,014 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_152\" id=\"t2b_152\" style=\"left:1144px;bottom:488px;display:inline;\">\u2013 </div></td></tr></table><div class=\"t s0_152\" id=\"t2c_152\" style=\"left:635px;bottom:464px;letter-spacing:0.1px;display:inline;\">2,837,594 shares were transferred from treasury in respect of the exercise of 2019 LTIPs, </div><div class=\"t s0_152\" id=\"t2d_152\" style=\"left:635px;bottom:447px;letter-spacing:0.11px;display:inline;\">comprising 2,703,041 conditionally awarded shares exercised on 23rd April 2024 and a </div><div class=\"t s0_152\" id=\"t2e_152\" style=\"left:635px;bottom:430px;letter-spacing:0.11px;display:inline;\">further 134,553 shares relating to dividends accrued on those conditionally awarded </div><div class=\"t s0_152\" id=\"t2f_152\" style=\"left:635px;bottom:413px;letter-spacing:0.11px;display:inline;\">shares. </div><div class=\"t s0_152\" id=\"t2g_152\" style=\"left:635px;bottom:388px;letter-spacing:0.11px;display:inline;\">The conditionally awarded shares at 31 December 2024 had an exercise price in the </div><div class=\"t s0_152\" id=\"t2h_152\" style=\"left:635px;bottom:371px;letter-spacing:0.11px;display:inline;\">range of \u00a3nil (2023: \u00a3nil) and a weighted\u2013average remaining contractual life of 0.3 </div><div class=\"t s0_152\" id=\"t2i_152\" style=\"left:635px;bottom:354px;letter-spacing:0.1px;display:inline;\">years (2023: 0.8 years). </div><div class=\"t s0_152\" id=\"t2j_152\" style=\"left:635px;bottom:329px;letter-spacing:0.11px;display:inline;\">The fair value charge recognised in the statement of comprehensive income during </div><div class=\"t s0_152\" id=\"t2k_152\" style=\"left:635px;bottom:312px;letter-spacing:0.11px;display:inline;\">the year in respect of all share\u2013based payments, including the DBSP, RSP and LTIP was </div><div class=\"t s0_152\" id=\"t2l_152\" style=\"left:635px;bottom:295px;letter-spacing:0.11px;display:inline;\">\u00a31.9m (2023: \u00a32.6m). </div><div class=\"t s0_152\" id=\"t2m_152\" style=\"left:635px;bottom:270px;letter-spacing:0.11px;display:inline;\">The aggregate gain made by Directors on the exercise of options in the year was </div><span>\u00a30.4m (2023: \u00a30.2m).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": {
   "value": "<span>23. Related party transactions </span><div class=\"t s1_154\" id=\"t2_154\" style=\"left:87px;bottom:799px;letter-spacing:0.11px;display:inline;\">The Group has various related parties arising from its key management, subsidiaries and equity stakes in portfolio companies. </div><div class=\"t s2_154\" id=\"t3_154\" style=\"left:87px;bottom:768px;letter-spacing:-0.11px;display:inline;\"><span>A) Key management transactions </span></div><div class=\"t s3_154\" id=\"t4_154\" style=\"left:87px;bottom:750px;letter-spacing:-0.14px;display:inline;\">(i) Key management personnel transactions </div><div class=\"t s1_154\" id=\"t5_154\" style=\"left:87px;bottom:732px;letter-spacing:0.12px;display:inline;\">The following key management held shares in the following spin\u2013out companies as at 31 December 2024: </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tc_154\" style=\"left:902px;bottom:698px;letter-spacing:0.13px;display:inline;\">Number </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"t8_154\" style=\"left:783px;bottom:685px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"td_154\" style=\"left:896px;bottom:683px;letter-spacing:0.1px;display:inline;\">of shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_154\" id=\"th_154\" style=\"left:991px;bottom:683px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"t9_154\" style=\"left:761px;bottom:670px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"te_154\" style=\"left:891px;bottom:668px;letter-spacing:0.11px;display:inline;\">acquired/ </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_154\" id=\"ti_154\" style=\"left:968px;bottom:668px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"ta_154\" style=\"left:789px;bottom:655px;letter-spacing:0.11px;display:inline;\">1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tf_154\" style=\"left:869px;bottom:653px;letter-spacing:0.11px;display:inline;\">(disposed of) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_154\" id=\"tj_154\" style=\"left:977px;bottom:653px;letter-spacing:0.12px;display:inline;\">31 December </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"t6_154\" style=\"left:87px;bottom:637px;letter-spacing:0.13px;display:inline;\">Director/PDMR </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"t7_154\" style=\"left:303px;bottom:637px;letter-spacing:0.15px;display:inline;\">Company name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tb_154\" style=\"left:819px;bottom:637px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tg_154\" style=\"left:875px;bottom:637px;letter-spacing:0.11px;display:inline;\">in the period </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s5_154\" id=\"tk_154\" style=\"left:1027px;bottom:637px;letter-spacing:0.14px;display:inline;\">2024 </div> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tl_154\" style=\"left:1142px;bottom:637px;display:inline;\">% </div> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"tm_154\" style=\"left:87px;bottom:613px;letter-spacing:0.13px;display:inline;\">Greg Smith </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tn_154\" style=\"left:303px;bottom:613px;letter-spacing:0.1px;display:inline;\">Alesi Surgical Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"to_154\" style=\"left:842px;bottom:613px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tp_154\" style=\"left:945px;bottom:613px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"tq_154\" style=\"left:1050px;bottom:613px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tr_154\" style=\"left:1119px;bottom:613px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"ts_154\" style=\"left:303px;bottom:592px;letter-spacing:0.11px;display:inline;\">Crysalin Limited (dissolved) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tt_154\" style=\"left:830px;bottom:592px;letter-spacing:0.11px;display:inline;\">149 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tu_154\" style=\"left:945px;bottom:592px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"tv_154\" style=\"left:1048px;bottom:592px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tw_154\" style=\"left:1140px;bottom:592px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tx_154\" style=\"left:303px;bottom:570px;letter-spacing:0.12px;display:inline;\">Emdot Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"ty_154\" style=\"left:841px;bottom:570px;display:inline;\">4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tz_154\" style=\"left:945px;bottom:570px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t10_154\" style=\"left:1049px;bottom:570px;display:inline;\">4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t11_154\" style=\"left:1115px;bottom:570px;letter-spacing:0.12px;display:inline;\">0.23% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t12_154\" style=\"left:303px;bottom:549px;letter-spacing:0.11px;display:inline;\">Istesso Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t13_154\" style=\"left:807px;bottom:549px;letter-spacing:0.11px;display:inline;\">313,425 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t14_154\" style=\"left:945px;bottom:549px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t15_154\" style=\"left:1012px;bottom:549px;letter-spacing:0.12px;display:inline;\">313,425 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t16_154\" style=\"left:1115px;bottom:549px;letter-spacing:0.12px;display:inline;\">0.37% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_154\" id=\"t17_154\" style=\"left:303px;bottom:527px;letter-spacing:0.1px;display:inline;\">Itaconix plc </div><div class=\"t s7_154\" id=\"t18_154\" style=\"vertical-align: super;left:372px;bottom:534px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t19_154\" style=\"left:834px;bottom:527px;letter-spacing:0.14px;display:inline;\">90 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1a_154\" style=\"left:945px;bottom:527px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1b_154\" style=\"left:1041px;bottom:527px;letter-spacing:0.14px;display:inline;\">90 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1c_154\" style=\"left:1119px;bottom:527px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1d_154\" style=\"left:303px;bottom:506px;letter-spacing:0.11px;display:inline;\">Mirriad Advertising plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1e_154\" style=\"left:814px;bottom:506px;letter-spacing:0.11px;display:inline;\">16,667 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1f_154\" style=\"left:945px;bottom:506px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1g_154\" style=\"left:1019px;bottom:506px;letter-spacing:0.11px;display:inline;\">16,667 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1h_154\" style=\"left:1119px;bottom:506px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1i_154\" style=\"left:303px;bottom:484px;letter-spacing:0.12px;display:inline;\">Oxa Autonomy Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1j_154\" style=\"left:841px;bottom:484px;display:inline;\">8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1k_154\" style=\"left:945px;bottom:484px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1l_154\" style=\"left:1049px;bottom:484px;display:inline;\">8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1m_154\" style=\"left:1119px;bottom:484px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1n_154\" style=\"left:303px;bottom:463px;letter-spacing:0.12px;display:inline;\">Oxford Nanopore Technologies plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1o_154\" style=\"left:811px;bottom:463px;letter-spacing:0.12px;display:inline;\">27,008 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1p_154\" style=\"left:945px;bottom:463px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1q_154\" style=\"left:1016px;bottom:463px;letter-spacing:0.12px;display:inline;\">27,008 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1r_154\" style=\"left:1119px;bottom:463px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1s_154\" style=\"left:303px;bottom:441px;letter-spacing:0.1px;display:inline;\">Rio AI Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1t_154\" style=\"left:806px;bottom:441px;letter-spacing:0.11px;display:inline;\">144,246 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1u_154\" style=\"left:945px;bottom:441px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1v_154\" style=\"left:1010px;bottom:441px;letter-spacing:0.12px;display:inline;\">144,246 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1w_154\" style=\"left:1119px;bottom:441px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1x_154\" style=\"left:303px;bottom:420px;letter-spacing:0.12px;display:inline;\">Surrey Nanosystems Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1y_154\" style=\"left:834px;bottom:420px;letter-spacing:0.14px;display:inline;\">88 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1z_154\" style=\"left:945px;bottom:420px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t20_154\" style=\"left:1041px;bottom:420px;letter-spacing:0.14px;display:inline;\">88 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t21_154\" style=\"left:1119px;bottom:420px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t22_154\" style=\"left:303px;bottom:398px;letter-spacing:0.11px;display:inline;\">Tissue Regenix Group plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t23_154\" style=\"left:826px;bottom:398px;letter-spacing:0.14px;display:inline;\">500 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t24_154\" style=\"left:945px;bottom:398px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t25_154\" style=\"left:1033px;bottom:398px;letter-spacing:0.14px;display:inline;\">500 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t26_154\" style=\"left:1119px;bottom:398px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t27_154\" style=\"left:303px;bottom:377px;letter-spacing:0.11px;display:inline;\">Xeros Technology plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t28_154\" style=\"left:838px;bottom:377px;letter-spacing:0.1px;display:inline;\">13 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t29_154\" style=\"left:945px;bottom:377px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2a_154\" style=\"left:1045px;bottom:377px;letter-spacing:0.11px;display:inline;\">13 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2b_154\" style=\"left:1119px;bottom:377px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2c_154\" style=\"left:87px;bottom:355px;letter-spacing:0.13px;display:inline;\">David Baynes </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2d_154\" style=\"left:303px;bottom:355px;letter-spacing:0.1px;display:inline;\">Alesi Surgical Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2e_154\" style=\"left:841px;bottom:355px;display:inline;\">4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2f_154\" style=\"left:945px;bottom:355px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2g_154\" style=\"left:1049px;bottom:355px;display:inline;\">4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2h_154\" style=\"left:1119px;bottom:355px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2i_154\" style=\"left:303px;bottom:334px;letter-spacing:0.11px;display:inline;\">Arkivum Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2j_154\" style=\"left:829px;bottom:334px;letter-spacing:0.12px;display:inline;\">377 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2k_154\" style=\"left:945px;bottom:334px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2l_154\" style=\"left:1036px;bottom:334px;letter-spacing:0.13px;display:inline;\">377 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2m_154\" style=\"left:1119px;bottom:334px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2n_154\" style=\"left:303px;bottom:312px;letter-spacing:0.11px;display:inline;\">Creavo Medical Technologies Limited (dissolved) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2o_154\" style=\"left:834px;bottom:312px;letter-spacing:0.14px;display:inline;\">46 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2p_154\" style=\"left:945px;bottom:312px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2q_154\" style=\"left:1048px;bottom:312px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2r_154\" style=\"left:1140px;bottom:312px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2s_154\" style=\"left:303px;bottom:291px;letter-spacing:0.11px;display:inline;\">Mirriad Advertising plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2t_154\" style=\"left:814px;bottom:291px;letter-spacing:0.11px;display:inline;\">16,667 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2u_154\" style=\"left:945px;bottom:291px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2v_154\" style=\"left:1019px;bottom:291px;letter-spacing:0.11px;display:inline;\">16,667 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2w_154\" style=\"left:1119px;bottom:291px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2x_154\" style=\"left:303px;bottom:269px;letter-spacing:0.12px;display:inline;\">Oxford Nanopore Technologies plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2y_154\" style=\"left:818px;bottom:269px;letter-spacing:0.11px;display:inline;\">2,784 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2z_154\" style=\"left:945px;bottom:269px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t30_154\" style=\"left:1024px;bottom:269px;letter-spacing:0.12px;display:inline;\">2,784 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t31_154\" style=\"left:1119px;bottom:269px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t32_154\" style=\"left:303px;bottom:248px;letter-spacing:0.11px;display:inline;\">Ultraleap Holdings Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t33_154\" style=\"left:817px;bottom:248px;letter-spacing:0.12px;display:inline;\">2,600 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t34_154\" style=\"left:945px;bottom:248px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t35_154\" style=\"left:1023px;bottom:248px;letter-spacing:0.12px;display:inline;\">2,600 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t36_154\" style=\"left:1119px;bottom:248px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t37_154\" style=\"left:303px;bottom:226px;letter-spacing:0.11px;display:inline;\">Zeetta Networks Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t38_154\" style=\"left:827px;bottom:226px;letter-spacing:0.13px;display:inline;\">424 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t39_154\" style=\"left:945px;bottom:226px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t3a_154\" style=\"left:1034px;bottom:226px;letter-spacing:0.14px;display:inline;\">424 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t3b_154\" style=\"left:1122px;bottom:226px;letter-spacing:0.09px;display:inline;\">0.11% </div></td></tr>\n                                        </table><div></div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t7_155\" style=\"left:902px;bottom:791px;letter-spacing:0.13px;display:inline;\">Number </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t3_155\" style=\"left:783px;bottom:778px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t8_155\" style=\"left:896px;bottom:775px;letter-spacing:0.1px;display:inline;\">of shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"tc_155\" style=\"left:991px;bottom:775px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t4_155\" style=\"left:761px;bottom:762px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t9_155\" style=\"left:891px;bottom:760px;letter-spacing:0.11px;display:inline;\">acquired/ </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"td_155\" style=\"left:968px;bottom:760px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t5_155\" style=\"left:789px;bottom:747px;letter-spacing:0.11px;display:inline;\">1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"ta_155\" style=\"left:869px;bottom:745px;letter-spacing:0.11px;display:inline;\">(disposed of) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"te_155\" style=\"left:977px;bottom:745px;letter-spacing:0.12px;display:inline;\">31 December </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1_155\" style=\"left:87px;bottom:730px;letter-spacing:0.13px;display:inline;\">Director/PDMR </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t2_155\" style=\"left:303px;bottom:730px;letter-spacing:0.15px;display:inline;\">Company name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t6_155\" style=\"left:819px;bottom:730px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"tb_155\" style=\"left:875px;bottom:730px;letter-spacing:0.11px;display:inline;\">in the period </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"tf_155\" style=\"left:1027px;bottom:730px;letter-spacing:0.14px;display:inline;\">2024 </div> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"tg_155\" style=\"left:1142px;bottom:730px;display:inline;\">% </div> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"th_155\" style=\"left:87px;bottom:706px;letter-spacing:0.11px;display:inline;\">Mark Reilly </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s3_155\" id=\"ti_155\" style=\"left:303px;bottom:706px;letter-spacing:0.11px;display:inline;\">Actual Experience plc </div><div class=\"t s4_155\" id=\"tj_155\" style=\"vertical-align: super;left:432px;bottom:712px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tk_155\" style=\"left:810px;bottom:706px;letter-spacing:0.12px;display:inline;\">28,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tl_155\" style=\"left:945px;bottom:706px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"tm_155\" style=\"left:1015px;bottom:706px;letter-spacing:0.13px;display:inline;\">28,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tn_155\" style=\"left:1119px;bottom:706px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"to_155\" style=\"left:303px;bottom:684px;letter-spacing:0.12px;display:inline;\">AudioScenic Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tp_155\" style=\"left:834px;bottom:684px;letter-spacing:0.13px;display:inline;\">53 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tq_155\" style=\"left:945px;bottom:684px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"tr_155\" style=\"left:1042px;bottom:684px;letter-spacing:0.14px;display:inline;\">53 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"ts_155\" style=\"left:1119px;bottom:684px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tt_155\" style=\"left:303px;bottom:663px;letter-spacing:0.12px;display:inline;\">Bramble Energy Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tu_155\" style=\"left:838px;bottom:663px;letter-spacing:0.1px;display:inline;\">16 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tv_155\" style=\"left:945px;bottom:663px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"tw_155\" style=\"left:1044px;bottom:663px;letter-spacing:0.11px;display:inline;\">16 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tx_155\" style=\"left:1119px;bottom:663px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"ty_155\" style=\"left:303px;bottom:641px;letter-spacing:0.11px;display:inline;\">Diffblue Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tz_155\" style=\"left:817px;bottom:641px;letter-spacing:0.12px;display:inline;\">8,038 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t10_155\" style=\"left:945px;bottom:641px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t11_155\" style=\"left:1023px;bottom:641px;letter-spacing:0.12px;display:inline;\">8,038 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t12_155\" style=\"left:1119px;bottom:641px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t13_155\" style=\"left:303px;bottom:620px;letter-spacing:0.1px;display:inline;\">Itaconix plc1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t14_155\" style=\"left:819px;bottom:620px;letter-spacing:0.11px;display:inline;\">7,547 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t15_155\" style=\"left:945px;bottom:620px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t16_155\" style=\"left:1024px;bottom:620px;letter-spacing:0.12px;display:inline;\">7,547 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t17_155\" style=\"left:1119px;bottom:620px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t18_155\" style=\"left:303px;bottom:598px;letter-spacing:0.11px;display:inline;\">Mirriad Advertising plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t19_155\" style=\"left:808px;bottom:598px;letter-spacing:0.12px;display:inline;\">66,666 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1a_155\" style=\"left:945px;bottom:598px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t1b_155\" style=\"left:1014px;bottom:598px;letter-spacing:0.13px;display:inline;\">66,666 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1c_155\" style=\"left:1119px;bottom:598px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1d_155\" style=\"left:303px;bottom:577px;letter-spacing:0.11px;display:inline;\">Mixergy Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1e_155\" style=\"left:831px;bottom:577px;letter-spacing:0.11px;display:inline;\">126 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1f_155\" style=\"left:945px;bottom:577px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t1g_155\" style=\"left:1037px;bottom:577px;letter-spacing:0.12px;display:inline;\">126 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1h_155\" style=\"left:1119px;bottom:577px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1i_155\" style=\"left:303px;bottom:555px;letter-spacing:0.13px;display:inline;\">Oxa Autonomy Ltd </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1j_155\" style=\"left:841px;bottom:555px;display:inline;\">8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1k_155\" style=\"left:945px;bottom:555px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t1l_155\" style=\"left:1049px;bottom:555px;display:inline;\">8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1m_155\" style=\"left:1119px;bottom:555px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1n_155\" style=\"left:303px;bottom:534px;letter-spacing:0.11px;display:inline;\">Ultraleap Holdings Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1o_155\" style=\"left:822px;bottom:534px;letter-spacing:0.1px;display:inline;\">1,700 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1p_155\" style=\"left:945px;bottom:534px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t1q_155\" style=\"left:1027px;bottom:534px;letter-spacing:0.11px;display:inline;\">1,700 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1r_155\" style=\"left:1119px;bottom:534px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr></table>\n<div class=\"t s3_155\" id=\"t1s_155\" style=\"left:87px;bottom:510px;letter-spacing:-0.01px;display:inline;\">From 13 May 2024, Sam Williams ceased to act as a Person Discharging Management Responsibility. Shares he held in spin\u2013out companies up to this date are disclosed as follows: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1z_155\" style=\"left:902px;bottom:476px;letter-spacing:0.13px;display:inline;\">Number </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1v_155\" style=\"left:783px;bottom:463px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t20_155\" style=\"left:896px;bottom:461px;letter-spacing:0.1px;display:inline;\">of shares </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1w_155\" style=\"left:761px;bottom:447px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t21_155\" style=\"left:891px;bottom:445px;letter-spacing:0.11px;display:inline;\">acquired/ </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"t24_155\" style=\"left:991px;bottom:445px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1x_155\" style=\"left:789px;bottom:432px;letter-spacing:0.11px;display:inline;\">1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t22_155\" style=\"left:869px;bottom:430px;letter-spacing:0.11px;display:inline;\">(disposed of) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"t25_155\" style=\"left:968px;bottom:430px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1t_155\" style=\"left:87px;bottom:415px;letter-spacing:0.13px;display:inline;\">Director/PDMR </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1u_155\" style=\"left:303px;bottom:415px;letter-spacing:0.15px;display:inline;\">Company name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1y_155\" style=\"left:819px;bottom:415px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t23_155\" style=\"left:875px;bottom:415px;letter-spacing:0.11px;display:inline;\">in the period </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"t26_155\" style=\"left:982px;bottom:415px;letter-spacing:0.12px;display:inline;\">13 May 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t27_155\" style=\"left:1142px;bottom:415px;display:inline;\">% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t28_155\" style=\"left:87px;bottom:391px;letter-spacing:0.13px;display:inline;\">Sam Williams </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t29_155\" style=\"left:303px;bottom:391px;letter-spacing:0.13px;display:inline;\">Accelercomm Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2a_155\" style=\"left:832px;bottom:391px;letter-spacing:0.1px;display:inline;\">127 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2b_155\" style=\"left:945px;bottom:391px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2c_155\" style=\"left:1039px;bottom:391px;letter-spacing:0.11px;display:inline;\">127 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2d_155\" style=\"left:1124px;bottom:391px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2e_155\" style=\"left:303px;bottom:370px;letter-spacing:0.1px;display:inline;\">Alesi Surgical Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2f_155\" style=\"left:845px;bottom:370px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2g_155\" style=\"left:945px;bottom:370px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2h_155\" style=\"left:1052px;bottom:370px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2i_155\" style=\"left:1119px;bottom:370px;letter-spacing:0.12px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2j_155\" style=\"left:303px;bottom:348px;letter-spacing:0.12px;display:inline;\">Centessa Pharmaceuticals plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2k_155\" style=\"left:819px;bottom:348px;letter-spacing:0.11px;display:inline;\">3,247 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2l_155\" style=\"left:945px;bottom:348px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2m_155\" style=\"left:1024px;bottom:348px;letter-spacing:0.12px;display:inline;\">3,247 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2n_155\" style=\"left:1124px;bottom:348px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2o_155\" style=\"left:303px;bottom:327px;letter-spacing:0.11px;display:inline;\">Creavo Medical Technologies Limited (dissolved) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2p_155\" style=\"left:835px;bottom:327px;letter-spacing:0.13px;display:inline;\">23 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2q_155\" style=\"left:945px;bottom:327px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2r_155\" style=\"left:1042px;bottom:327px;letter-spacing:0.13px;display:inline;\">23 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2s_155\" style=\"left:1124px;bottom:327px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2t_155\" style=\"left:303px;bottom:305px;letter-spacing:0.13px;display:inline;\">Genomics plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2u_155\" style=\"left:827px;bottom:305px;letter-spacing:0.13px;display:inline;\">333 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2v_155\" style=\"left:945px;bottom:305px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2w_155\" style=\"left:1035px;bottom:305px;letter-spacing:0.13px;display:inline;\">333 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2x_155\" style=\"left:1119px;bottom:305px;letter-spacing:0.12px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2y_155\" style=\"left:303px;bottom:284px;letter-spacing:0.11px;display:inline;\">Ibex Innovations Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2z_155\" style=\"left:826px;bottom:284px;letter-spacing:0.08px;display:inline;\">1,701 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t30_155\" style=\"left:945px;bottom:284px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t31_155\" style=\"left:1030px;bottom:284px;letter-spacing:0.1px;display:inline;\">1,701 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t32_155\" style=\"left:1124px;bottom:284px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t33_155\" style=\"left:303px;bottom:262px;letter-spacing:0.11px;display:inline;\">Istesso Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t34_155\" style=\"left:793px;bottom:262px;letter-spacing:0.11px;display:inline;\">7,048,368 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t35_155\" style=\"left:945px;bottom:262px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t36_155\" style=\"left:997px;bottom:262px;letter-spacing:0.12px;display:inline;\">7,048,368 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t37_155\" style=\"left:1119px;bottom:262px;letter-spacing:0.12px;display:inline;\">8.29% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t38_155\" style=\"left:303px;bottom:241px;letter-spacing:0.11px;display:inline;\">Microbiotica Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t39_155\" style=\"left:818px;bottom:241px;letter-spacing:0.11px;display:inline;\">7,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3a_155\" style=\"left:945px;bottom:241px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3b_155\" style=\"left:1023px;bottom:241px;letter-spacing:0.12px;display:inline;\">7,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3c_155\" style=\"left:1124px;bottom:241px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3d_155\" style=\"left:303px;bottom:219px;letter-spacing:0.11px;display:inline;\">Mirriad Advertising plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3e_155\" style=\"left:818px;bottom:219px;letter-spacing:0.11px;display:inline;\">3,333 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3f_155\" style=\"left:945px;bottom:219px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3g_155\" style=\"left:1024px;bottom:219px;letter-spacing:0.12px;display:inline;\">3,333 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3h_155\" style=\"left:1124px;bottom:219px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3i_155\" style=\"left:303px;bottom:198px;letter-spacing:0.13px;display:inline;\">Oxa Autonomy Ltd </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3j_155\" style=\"left:842px;bottom:198px;display:inline;\">3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3k_155\" style=\"left:945px;bottom:198px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3l_155\" style=\"left:1049px;bottom:198px;display:inline;\">3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3m_155\" style=\"left:1124px;bottom:198px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3n_155\" style=\"left:303px;bottom:176px;letter-spacing:0.12px;display:inline;\">Oxehealth Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3o_155\" style=\"left:834px;bottom:176px;letter-spacing:0.14px;display:inline;\">65 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3p_155\" style=\"left:945px;bottom:176px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3q_155\" style=\"left:1041px;bottom:176px;letter-spacing:0.14px;display:inline;\">65 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3r_155\" style=\"left:1124px;bottom:176px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3s_155\" style=\"left:303px;bottom:155px;letter-spacing:0.12px;display:inline;\">Oxford Nanopore Technologies plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3t_155\" style=\"left:809px;bottom:155px;letter-spacing:0.12px;display:inline;\">25,609 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3u_155\" style=\"left:945px;bottom:155px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3v_155\" style=\"left:1015px;bottom:155px;letter-spacing:0.13px;display:inline;\">25,609 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3w_155\" style=\"left:1124px;bottom:155px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s3_155\" id=\"t3x_155\" style=\"left:303px;bottom:133px;letter-spacing:0.11px;display:inline;\">Topivert Limited </div><div class=\"t s4_155\" id=\"t3y_155\" style=\"vertical-align: super;left:398px;bottom:140px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3z_155\" style=\"left:821px;bottom:134px;letter-spacing:0.1px;display:inline;\">1,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t40_155\" style=\"left:945px;bottom:134px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t41_155\" style=\"left:1025px;bottom:134px;letter-spacing:0.11px;display:inline;\">1,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t42_155\" style=\"left:1124px;bottom:134px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t43_155\" style=\"left:303px;bottom:112px;letter-spacing:0.11px;display:inline;\">Ultraleap Holdings Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t44_155\" style=\"left:826px;bottom:112px;letter-spacing:0.14px;display:inline;\">558 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t45_155\" style=\"left:945px;bottom:112px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t46_155\" style=\"left:1033px;bottom:112px;letter-spacing:0.14px;display:inline;\">558 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t47_155\" style=\"left:1124px;bottom:112px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr></table>\n<div class=\"t s5_155\" id=\"t48_155\" style=\"left:87px;bottom:95px;display:inline;\">1 </div>\n<div class=\"t s6_155\" id=\"t49_155\" style=\"left:100px;bottom:91px;letter-spacing:-0.15px;display:inline;\">Opening position restated to reflect share consolidation. </div>\n<div class=\"t s5_155\" id=\"t4a_155\" style=\"left:87px;bottom:77px;display:inline;\">2 </div>\n<div class=\"t s6_155\" id=\"t4b_155\" style=\"left:100px;bottom:73px;letter-spacing:-0.17px;display:inline;\">Company being closed down. </div>\n\n\n\n<div class=\"t sb_155\" id=\"t4m_155\" style=\"left:87px;bottom:817px;letter-spacing:0.16px;display:inline;\"> </div><div class=\"t sc_155\" id=\"t4n_155\" style=\"left:371px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><div class=\"t s0_156\" id=\"t1_156\" style=\"left:87px;bottom:790px;letter-spacing:-0.1px;display:inline;\">Policy for Executive Director holdings in portfolio companies </div><div class=\"t s1_156\" id=\"t2_156\" style=\"left:87px;bottom:773px;letter-spacing:0.11px;display:inline;\">The policy for Executive Director shareholdings in portfolio companies specifies: </div><div class=\"t s2_156\" id=\"t3_156\" style=\"left:87px;bottom:748px;display:inline;\">\u2022 </div><div class=\"t s1_156\" id=\"t4_156\" style=\"left:108px;bottom:748px;letter-spacing:0.11px;display:inline;\">New direct investments in portfolio companies by Executive Directors are </div><div class=\"t s1_156\" id=\"t5_156\" style=\"left:108px;bottom:731px;letter-spacing:0.11px;display:inline;\">prohibited, with the exception of the take-up of pre-emption rights which relate </div><div class=\"t s1_156\" id=\"t6_156\" style=\"left:108px;bottom:714px;letter-spacing:0.11px;display:inline;\">to existing portfolio company shareholdings. Both Mr Smith and Mr Baynes are </div><div class=\"t s1_156\" id=\"t7_156\" style=\"left:108px;bottom:697px;letter-spacing:0.11px;display:inline;\">covered by this policy. </div><div class=\"t s2_156\" id=\"t8_156\" style=\"left:87px;bottom:676px;display:inline;\">\u2022 </div><div class=\"t s1_156\" id=\"t9_156\" style=\"left:108px;bottom:676px;letter-spacing:0.11px;display:inline;\">Mr Smith and Mr Baynes have voluntarily submitted to an additional binding </div><div class=\"t s1_156\" id=\"ta_156\" style=\"left:108px;bottom:659px;letter-spacing:0.11px;display:inline;\">condition such that any net proceeds received as a result of realisations </div><div class=\"t s1_156\" id=\"tb_156\" style=\"left:108px;bottom:642px;letter-spacing:0.11px;display:inline;\">from direct holdings in portfolio companies that exceed \u00a3250,000 will be used </div><div class=\"t s1_156\" id=\"tc_156\" style=\"left:108px;bottom:626px;letter-spacing:0.11px;display:inline;\">to purchase shares in IP Group, until such time as they meet the Minimum </div><div class=\"t s1_156\" id=\"td_156\" style=\"left:108px;bottom:609px;letter-spacing:0.11px;display:inline;\">Shareholding Requirement set for their role (currently 350% of annual salary for Mr </div><div class=\"t s1_156\" id=\"te_156\" style=\"left:108px;bottom:592px;letter-spacing:0.11px;display:inline;\">Smith, 250% for Mr Baynes). </div><div class=\"t s3_156\" id=\"tf_156\" style=\"left:87px;bottom:566px;letter-spacing:-0.14px;display:inline;\">(ii) Key management personnel compensation </div><div class=\"t s1_156\" id=\"tg_156\" style=\"left:87px;bottom:548px;letter-spacing:0.12px;display:inline;\">Key management personnel compensation comprised the following: </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"th_156\" style=\"left:488px;bottom:514px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s5_156\" id=\"tj_156\" style=\"left:575px;bottom:514px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"ti_156\" style=\"left:486px;bottom:496px;letter-spacing:0.14px;display:inline;\">\u00a3000 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s5_156\" id=\"tk_156\" style=\"left:572px;bottom:496px;letter-spacing:0.14px;display:inline;\">\u00a3000 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_156\" id=\"tl_156\" style=\"left:87px;bottom:472px;letter-spacing:0.12px;display:inline;\">Short\u2013term employee benefits </div><div class=\"t s6_156\" id=\"tm_156\" style=\"vertical-align: super;left:271px;bottom:479px;display:inline;\">1 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"tn_156\" style=\"left:488px;bottom:472px;letter-spacing:0.11px;display:inline;\">2,176 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s1_156\" id=\"to_156\" style=\"left:576px;bottom:472px;letter-spacing:0.1px;display:inline;\">3,091 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_156\" id=\"tp_156\" style=\"left:87px;bottom:451px;letter-spacing:0.12px;display:inline;\">Post\u2013employment benefits </div><div class=\"t s6_156\" id=\"tq_156\" style=\"vertical-align: super;left:250px;bottom:457px;display:inline;\">2 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"tr_156\" style=\"left:502px;bottom:451px;letter-spacing:0.14px;display:inline;\">48 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s1_156\" id=\"ts_156\" style=\"left:585px;bottom:451px;letter-spacing:0.11px;display:inline;\">108 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_156\" id=\"tt_156\" style=\"left:87px;bottom:429px;letter-spacing:0.13px;display:inline;\">Share\u2013based payments </div><div class=\"t s6_156\" id=\"tu_156\" style=\"vertical-align: super;left:233px;bottom:436px;display:inline;\">3 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"tv_156\" style=\"left:497px;bottom:429px;letter-spacing:0.12px;display:inline;\">615 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s1_156\" id=\"tw_156\" style=\"left:584px;bottom:429px;letter-spacing:0.07px;display:inline;\">1,161 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"tx_156\" style=\"left:87px;bottom:407px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"ty_156\" style=\"left:485px;bottom:407px;letter-spacing:0.12px;display:inline;\">2,839 </div></td><td class=\"tcs-selection-enabled tcs-selected\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s1_156\" id=\"tz_156\" style=\"left:572px;bottom:407px;letter-spacing:0.12px;display:inline;\">4,360 </div></td></tr></table><div class=\"t s8_156\" id=\"t10_156\" style=\"left:87px;bottom:390px;display:inline;\">1 </div><div class=\"t s9_156\" id=\"t11_156\" style=\"left:100px;bottom:387px;letter-spacing:-0.15px;display:inline;\">Represents key management personnel\u2019s base salaries, benefits including cash in lieu of pension </div><div class=\"t s9_156\" id=\"t12_156\" style=\"left:100px;bottom:373px;letter-spacing:-0.16px;display:inline;\">where relevant, and the cash\u2013settled element of the Annual Incentive Scheme. </div><div class=\"t s8_156\" id=\"t13_156\" style=\"left:87px;bottom:358px;display:inline;\">2 </div><div class=\"t s9_156\" id=\"t14_156\" style=\"left:103px;bottom:355px;letter-spacing:-0.15px;display:inline;\">Represents employer contributions to defined contribution pension and life assurance plans. </div><div class=\"t s8_156\" id=\"t15_156\" style=\"left:87px;bottom:340px;display:inline;\">3 </div><div class=\"t s9_156\" id=\"t16_156\" style=\"left:103px;bottom:337px;letter-spacing:-0.16px;display:inline;\">Represents the accounting charge for share-based payments, reflecting LTIP and DBSP options </div><div class=\"t s9_156\" id=\"t17_156\" style=\"left:100px;bottom:323px;letter-spacing:-0.14px;display:inline;\">currently in issue as part of these schemes. See note 21 for a detailed description of these </div><div class=\"t s9_156\" id=\"t18_156\" style=\"left:100px;bottom:309px;letter-spacing:-0.18px;display:inline;\"><span>schemes. </span></div><div class=\"t s0_156\" id=\"t19_156\" style=\"left:634px;bottom:819px;letter-spacing:-0.1px;display:inline;\">B) Portfolio companies </div><div class=\"t s3_156\" id=\"t1a_156\" style=\"left:634px;bottom:802px;letter-spacing:-0.12px;display:inline;\">(i) Services </div><div class=\"t s1_156\" id=\"t1b_156\" style=\"left:634px;bottom:783px;letter-spacing:0.11px;display:inline;\">The Group earns fees from the provision of business support services and corporate </div><div class=\"t s1_156\" id=\"t1c_156\" style=\"left:634px;bottom:767px;letter-spacing:0.11px;display:inline;\">finance advisory services to portfolio companies in which the Group has an equity </div><div class=\"t s1_156\" id=\"t1d_156\" style=\"left:634px;bottom:750px;letter-spacing:0.11px;display:inline;\">stake. Through the lack of control over portfolio companies these fees are considered </div><div class=\"t s1_156\" id=\"t1e_156\" style=\"left:634px;bottom:733px;letter-spacing:0.11px;display:inline;\">arm\u2019s length transactions. The following amounts have been included in respect of </div><div class=\"t s1_156\" id=\"t1f_156\" style=\"left:634px;bottom:716px;letter-spacing:0.11px;display:inline;\">these fees: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"t1h_156\" style=\"left:1035px;bottom:682px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t1j_156\" style=\"left:1123px;bottom:682px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t1g_156\" style=\"left:634px;bottom:665px;letter-spacing:0.13px;display:inline;\">Statement of comprehensive income </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"t1i_156\" style=\"left:1045px;bottom:665px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t1k_156\" style=\"left:1131px;bottom:665px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_156\" id=\"t1l_156\" style=\"left:634px;bottom:641px;letter-spacing:0.12px;display:inline;\">Revenue from services </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"t1m_156\" style=\"left:1057px;bottom:641px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_156\" id=\"t1n_156\" style=\"left:1144px;bottom:641px;display:inline;\">\u2013 </div></td></tr></table><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"t1p_156\" style=\"left:1035px;bottom:602px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t1r_156\" style=\"left:1123px;bottom:602px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t1o_156\" style=\"left:634px;bottom:585px;letter-spacing:0.11px;display:inline;\">Statement of financial position </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"t1q_156\" style=\"left:1045px;bottom:585px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t1s_156\" style=\"left:1131px;bottom:585px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_156\" id=\"t1t_156\" style=\"left:634px;bottom:561px;letter-spacing:0.12px;display:inline;\">Trade receivables </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"t1u_156\" style=\"left:1050px;bottom:561px;letter-spacing:0.09px;display:inline;\">0.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_156\" id=\"t1v_156\" style=\"left:1139px;bottom:561px;letter-spacing:0.08px;display:inline;\">0.1 </div></td></tr></table><div class=\"t s3_156\" id=\"t1w_156\" style=\"left:634px;bottom:535px;letter-spacing:-0.13px;display:inline;\">(ii) Investments </div><div class=\"t s1_156\" id=\"t1x_156\" style=\"left:634px;bottom:517px;letter-spacing:0.12px;display:inline;\">The Group makes investments in the equity and debt of unquoted and quoted </div><div class=\"t s1_156\" id=\"t1y_156\" style=\"left:634px;bottom:500px;letter-spacing:0.11px;display:inline;\">investments where it does not have control but may be able to participate in the </div><div class=\"t s1_156\" id=\"t1z_156\" style=\"left:634px;bottom:484px;letter-spacing:0.11px;display:inline;\">financial and operating policies of that company. It is presumed that it is possible </div><div class=\"t s1_156\" id=\"t20_156\" style=\"left:634px;bottom:467px;letter-spacing:0.11px;display:inline;\">to exert significant influence when the equity holding is greater than 20%. The Group </div><div class=\"t s1_156\" id=\"t21_156\" style=\"left:634px;bottom:450px;letter-spacing:0.11px;display:inline;\">has taken the Venture Capital Organisation exception as permitted by IAS 28 and not </div><div class=\"t s1_156\" id=\"t22_156\" style=\"left:634px;bottom:433px;letter-spacing:0.11px;display:inline;\">recognised these companies as associates, but they are related parties. The total </div><div class=\"t s1_156\" id=\"t23_156\" style=\"left:634px;bottom:416px;letter-spacing:0.11px;display:inline;\">amounts included for investments where the Group has significant influence but not </div><div class=\"t s1_156\" id=\"t24_156\" style=\"left:634px;bottom:400px;letter-spacing:0.1px;display:inline;\">control are as follows: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"t26_156\" style=\"left:1035px;bottom:366px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t28_156\" style=\"left:1123px;bottom:366px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t25_156\" style=\"left:634px;bottom:348px;letter-spacing:0.13px;display:inline;\">Statement of comprehensive income </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"t27_156\" style=\"left:1045px;bottom:348px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t29_156\" style=\"left:1131px;bottom:348px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_156\" id=\"t2a_156\" style=\"left:634px;bottom:324px;letter-spacing:0.11px;display:inline;\">Net portfolio (losses)/gains </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"t2b_156\" style=\"left:1030px;bottom:324px;letter-spacing:0.11px;display:inline;\">(125.7) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_156\" id=\"t2c_156\" style=\"left:1133px;bottom:324px;letter-spacing:0.09px;display:inline;\">31.7 </div></td></tr></table><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"t2e_156\" style=\"left:1035px;bottom:286px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t2g_156\" style=\"left:1123px;bottom:286px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t2d_156\" style=\"left:634px;bottom:268px;letter-spacing:0.11px;display:inline;\">Statement of financial position </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"t2f_156\" style=\"left:1045px;bottom:268px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_156\" id=\"t2h_156\" style=\"left:1131px;bottom:268px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_156\" id=\"t2i_156\" style=\"left:634px;bottom:244px;letter-spacing:0.12px;display:inline;\">Equity and debt investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"t2j_156\" style=\"left:1031px;bottom:244px;letter-spacing:0.12px;display:inline;\">345.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_156\" id=\"t2k_156\" style=\"left:1119px;bottom:244px;letter-spacing:0.12px;display:inline;\">566.4 </div></td></tr></table><div class=\"t sc_156\" id=\"t2r_156\" style=\"left:87px;bottom:817px;letter-spacing:0.16px;display:inline;\"> </div><div class=\"t sd_156\" id=\"t2s_156\" style=\"left:371px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><div class=\"t s0_157\" id=\"t1_157\" style=\"left:87px;bottom:790px;letter-spacing:-0.11px;display:inline;\">C) Subsidiary companies </div><div class=\"t s1_157\" id=\"t2_157\" style=\"left:87px;bottom:773px;letter-spacing:0.11px;display:inline;\">Subsidiary companies that are not 100% owned either directly or indirectly by </div><div class=\"t s1_157\" id=\"t3_157\" style=\"left:87px;bottom:756px;letter-spacing:0.12px;display:inline;\">the parent Company have intercompany balances (which are eliminated at a </div><div class=\"t s1_157\" id=\"t4_157\" style=\"left:87px;bottom:739px;letter-spacing:0.11px;display:inline;\">consolidated level) with other Group companies which are disclosed as follows: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_157\" id=\"t5_157\" style=\"left:488px;bottom:706px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_157\" id=\"t7_157\" style=\"left:575px;bottom:706px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_157\" id=\"t6_157\" style=\"left:497px;bottom:688px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_157\" id=\"t8_157\" style=\"left:583px;bottom:688px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_157\" id=\"t9_157\" style=\"left:87px;bottom:664px;letter-spacing:0.12px;display:inline;\">Intercompany balances with other Group companies </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_157\" id=\"ta_157\" style=\"left:500px;bottom:664px;letter-spacing:0.1px;display:inline;\">2.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_157\" id=\"tb_157\" style=\"left:591px;bottom:664px;letter-spacing:0.08px;display:inline;\">2.1 </div></td></tr></table><div class=\"t s1_157\" id=\"tc_157\" style=\"left:87px;bottom:640px;letter-spacing:0.12px;display:inline;\">These intercompany balances represent funding loans provided by Group companies </div><span>that are interest free, repayable on demand and unsecured.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": {
   "value": "<span>A) Key management transactions </span><div class=\"t s3_154\" id=\"t4_154\" style=\"left:87px;bottom:750px;letter-spacing:-0.14px;display:inline;\">(i) Key management personnel transactions </div><div class=\"t s1_154\" id=\"t5_154\" style=\"left:87px;bottom:732px;letter-spacing:0.12px;display:inline;\">The following key management held shares in the following spin\u2013out companies as at 31 December 2024: </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tc_154\" style=\"left:902px;bottom:698px;letter-spacing:0.13px;display:inline;\">Number </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"t8_154\" style=\"left:783px;bottom:685px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"td_154\" style=\"left:896px;bottom:683px;letter-spacing:0.1px;display:inline;\">of shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_154\" id=\"th_154\" style=\"left:991px;bottom:683px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"t9_154\" style=\"left:761px;bottom:670px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"te_154\" style=\"left:891px;bottom:668px;letter-spacing:0.11px;display:inline;\">acquired/ </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_154\" id=\"ti_154\" style=\"left:968px;bottom:668px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"ta_154\" style=\"left:789px;bottom:655px;letter-spacing:0.11px;display:inline;\">1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tf_154\" style=\"left:869px;bottom:653px;letter-spacing:0.11px;display:inline;\">(disposed of) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_154\" id=\"tj_154\" style=\"left:977px;bottom:653px;letter-spacing:0.12px;display:inline;\">31 December </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"t6_154\" style=\"left:87px;bottom:637px;letter-spacing:0.13px;display:inline;\">Director/PDMR </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"t7_154\" style=\"left:303px;bottom:637px;letter-spacing:0.15px;display:inline;\">Company name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tb_154\" style=\"left:819px;bottom:637px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tg_154\" style=\"left:875px;bottom:637px;letter-spacing:0.11px;display:inline;\">in the period </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s5_154\" id=\"tk_154\" style=\"left:1027px;bottom:637px;letter-spacing:0.14px;display:inline;\">2024 </div> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_154\" id=\"tl_154\" style=\"left:1142px;bottom:637px;display:inline;\">% </div> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"tm_154\" style=\"left:87px;bottom:613px;letter-spacing:0.13px;display:inline;\">Greg Smith </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tn_154\" style=\"left:303px;bottom:613px;letter-spacing:0.1px;display:inline;\">Alesi Surgical Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"to_154\" style=\"left:842px;bottom:613px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tp_154\" style=\"left:945px;bottom:613px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"tq_154\" style=\"left:1050px;bottom:613px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tr_154\" style=\"left:1119px;bottom:613px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"ts_154\" style=\"left:303px;bottom:592px;letter-spacing:0.11px;display:inline;\">Crysalin Limited (dissolved) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tt_154\" style=\"left:830px;bottom:592px;letter-spacing:0.11px;display:inline;\">149 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tu_154\" style=\"left:945px;bottom:592px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"tv_154\" style=\"left:1048px;bottom:592px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tw_154\" style=\"left:1140px;bottom:592px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tx_154\" style=\"left:303px;bottom:570px;letter-spacing:0.12px;display:inline;\">Emdot Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"ty_154\" style=\"left:841px;bottom:570px;display:inline;\">4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"tz_154\" style=\"left:945px;bottom:570px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t10_154\" style=\"left:1049px;bottom:570px;display:inline;\">4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t11_154\" style=\"left:1115px;bottom:570px;letter-spacing:0.12px;display:inline;\">0.23% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t12_154\" style=\"left:303px;bottom:549px;letter-spacing:0.11px;display:inline;\">Istesso Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t13_154\" style=\"left:807px;bottom:549px;letter-spacing:0.11px;display:inline;\">313,425 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t14_154\" style=\"left:945px;bottom:549px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t15_154\" style=\"left:1012px;bottom:549px;letter-spacing:0.12px;display:inline;\">313,425 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t16_154\" style=\"left:1115px;bottom:549px;letter-spacing:0.12px;display:inline;\">0.37% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_154\" id=\"t17_154\" style=\"left:303px;bottom:527px;letter-spacing:0.1px;display:inline;\">Itaconix plc </div><div class=\"t s7_154\" id=\"t18_154\" style=\"vertical-align: super;left:372px;bottom:534px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t19_154\" style=\"left:834px;bottom:527px;letter-spacing:0.14px;display:inline;\">90 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1a_154\" style=\"left:945px;bottom:527px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1b_154\" style=\"left:1041px;bottom:527px;letter-spacing:0.14px;display:inline;\">90 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1c_154\" style=\"left:1119px;bottom:527px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1d_154\" style=\"left:303px;bottom:506px;letter-spacing:0.11px;display:inline;\">Mirriad Advertising plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1e_154\" style=\"left:814px;bottom:506px;letter-spacing:0.11px;display:inline;\">16,667 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1f_154\" style=\"left:945px;bottom:506px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1g_154\" style=\"left:1019px;bottom:506px;letter-spacing:0.11px;display:inline;\">16,667 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1h_154\" style=\"left:1119px;bottom:506px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1i_154\" style=\"left:303px;bottom:484px;letter-spacing:0.12px;display:inline;\">Oxa Autonomy Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1j_154\" style=\"left:841px;bottom:484px;display:inline;\">8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1k_154\" style=\"left:945px;bottom:484px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1l_154\" style=\"left:1049px;bottom:484px;display:inline;\">8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1m_154\" style=\"left:1119px;bottom:484px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1n_154\" style=\"left:303px;bottom:463px;letter-spacing:0.12px;display:inline;\">Oxford Nanopore Technologies plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1o_154\" style=\"left:811px;bottom:463px;letter-spacing:0.12px;display:inline;\">27,008 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1p_154\" style=\"left:945px;bottom:463px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1q_154\" style=\"left:1016px;bottom:463px;letter-spacing:0.12px;display:inline;\">27,008 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1r_154\" style=\"left:1119px;bottom:463px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1s_154\" style=\"left:303px;bottom:441px;letter-spacing:0.1px;display:inline;\">Rio AI Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1t_154\" style=\"left:806px;bottom:441px;letter-spacing:0.11px;display:inline;\">144,246 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1u_154\" style=\"left:945px;bottom:441px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t1v_154\" style=\"left:1010px;bottom:441px;letter-spacing:0.12px;display:inline;\">144,246 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1w_154\" style=\"left:1119px;bottom:441px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1x_154\" style=\"left:303px;bottom:420px;letter-spacing:0.12px;display:inline;\">Surrey Nanosystems Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1y_154\" style=\"left:834px;bottom:420px;letter-spacing:0.14px;display:inline;\">88 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t1z_154\" style=\"left:945px;bottom:420px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t20_154\" style=\"left:1041px;bottom:420px;letter-spacing:0.14px;display:inline;\">88 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t21_154\" style=\"left:1119px;bottom:420px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t22_154\" style=\"left:303px;bottom:398px;letter-spacing:0.11px;display:inline;\">Tissue Regenix Group plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t23_154\" style=\"left:826px;bottom:398px;letter-spacing:0.14px;display:inline;\">500 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t24_154\" style=\"left:945px;bottom:398px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t25_154\" style=\"left:1033px;bottom:398px;letter-spacing:0.14px;display:inline;\">500 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t26_154\" style=\"left:1119px;bottom:398px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t27_154\" style=\"left:303px;bottom:377px;letter-spacing:0.11px;display:inline;\">Xeros Technology plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t28_154\" style=\"left:838px;bottom:377px;letter-spacing:0.1px;display:inline;\">13 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t29_154\" style=\"left:945px;bottom:377px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2a_154\" style=\"left:1045px;bottom:377px;letter-spacing:0.11px;display:inline;\">13 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2b_154\" style=\"left:1119px;bottom:377px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2c_154\" style=\"left:87px;bottom:355px;letter-spacing:0.13px;display:inline;\">David Baynes </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2d_154\" style=\"left:303px;bottom:355px;letter-spacing:0.1px;display:inline;\">Alesi Surgical Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2e_154\" style=\"left:841px;bottom:355px;display:inline;\">4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2f_154\" style=\"left:945px;bottom:355px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2g_154\" style=\"left:1049px;bottom:355px;display:inline;\">4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2h_154\" style=\"left:1119px;bottom:355px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2i_154\" style=\"left:303px;bottom:334px;letter-spacing:0.11px;display:inline;\">Arkivum Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2j_154\" style=\"left:829px;bottom:334px;letter-spacing:0.12px;display:inline;\">377 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2k_154\" style=\"left:945px;bottom:334px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2l_154\" style=\"left:1036px;bottom:334px;letter-spacing:0.13px;display:inline;\">377 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2m_154\" style=\"left:1119px;bottom:334px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2n_154\" style=\"left:303px;bottom:312px;letter-spacing:0.11px;display:inline;\">Creavo Medical Technologies Limited (dissolved) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2o_154\" style=\"left:834px;bottom:312px;letter-spacing:0.14px;display:inline;\">46 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2p_154\" style=\"left:945px;bottom:312px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2q_154\" style=\"left:1048px;bottom:312px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2r_154\" style=\"left:1140px;bottom:312px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2s_154\" style=\"left:303px;bottom:291px;letter-spacing:0.11px;display:inline;\">Mirriad Advertising plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2t_154\" style=\"left:814px;bottom:291px;letter-spacing:0.11px;display:inline;\">16,667 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2u_154\" style=\"left:945px;bottom:291px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t2v_154\" style=\"left:1019px;bottom:291px;letter-spacing:0.11px;display:inline;\">16,667 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2w_154\" style=\"left:1119px;bottom:291px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2x_154\" style=\"left:303px;bottom:269px;letter-spacing:0.12px;display:inline;\">Oxford Nanopore Technologies plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2y_154\" style=\"left:818px;bottom:269px;letter-spacing:0.11px;display:inline;\">2,784 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t2z_154\" style=\"left:945px;bottom:269px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t30_154\" style=\"left:1024px;bottom:269px;letter-spacing:0.12px;display:inline;\">2,784 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t31_154\" style=\"left:1119px;bottom:269px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t32_154\" style=\"left:303px;bottom:248px;letter-spacing:0.11px;display:inline;\">Ultraleap Holdings Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t33_154\" style=\"left:817px;bottom:248px;letter-spacing:0.12px;display:inline;\">2,600 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t34_154\" style=\"left:945px;bottom:248px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t35_154\" style=\"left:1023px;bottom:248px;letter-spacing:0.12px;display:inline;\">2,600 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t36_154\" style=\"left:1119px;bottom:248px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t37_154\" style=\"left:303px;bottom:226px;letter-spacing:0.11px;display:inline;\">Zeetta Networks Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t38_154\" style=\"left:827px;bottom:226px;letter-spacing:0.13px;display:inline;\">424 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t39_154\" style=\"left:945px;bottom:226px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s6_154\" id=\"t3a_154\" style=\"left:1034px;bottom:226px;letter-spacing:0.14px;display:inline;\">424 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_154\" id=\"t3b_154\" style=\"left:1122px;bottom:226px;letter-spacing:0.09px;display:inline;\">0.11% </div></td></tr>\n                                        </table><div></div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t7_155\" style=\"left:902px;bottom:791px;letter-spacing:0.13px;display:inline;\">Number </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t3_155\" style=\"left:783px;bottom:778px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t8_155\" style=\"left:896px;bottom:775px;letter-spacing:0.1px;display:inline;\">of shares </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"tc_155\" style=\"left:991px;bottom:775px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t4_155\" style=\"left:761px;bottom:762px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t9_155\" style=\"left:891px;bottom:760px;letter-spacing:0.11px;display:inline;\">acquired/ </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"td_155\" style=\"left:968px;bottom:760px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t5_155\" style=\"left:789px;bottom:747px;letter-spacing:0.11px;display:inline;\">1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"ta_155\" style=\"left:869px;bottom:745px;letter-spacing:0.11px;display:inline;\">(disposed of) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"te_155\" style=\"left:977px;bottom:745px;letter-spacing:0.12px;display:inline;\">31 December </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1_155\" style=\"left:87px;bottom:730px;letter-spacing:0.13px;display:inline;\">Director/PDMR </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t2_155\" style=\"left:303px;bottom:730px;letter-spacing:0.15px;display:inline;\">Company name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t6_155\" style=\"left:819px;bottom:730px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"tb_155\" style=\"left:875px;bottom:730px;letter-spacing:0.11px;display:inline;\">in the period </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"tf_155\" style=\"left:1027px;bottom:730px;letter-spacing:0.14px;display:inline;\">2024 </div> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"tg_155\" style=\"left:1142px;bottom:730px;display:inline;\">% </div> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"th_155\" style=\"left:87px;bottom:706px;letter-spacing:0.11px;display:inline;\">Mark Reilly </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s3_155\" id=\"ti_155\" style=\"left:303px;bottom:706px;letter-spacing:0.11px;display:inline;\">Actual Experience plc </div><div class=\"t s4_155\" id=\"tj_155\" style=\"vertical-align: super;left:432px;bottom:712px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tk_155\" style=\"left:810px;bottom:706px;letter-spacing:0.12px;display:inline;\">28,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tl_155\" style=\"left:945px;bottom:706px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"tm_155\" style=\"left:1015px;bottom:706px;letter-spacing:0.13px;display:inline;\">28,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tn_155\" style=\"left:1119px;bottom:706px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"to_155\" style=\"left:303px;bottom:684px;letter-spacing:0.12px;display:inline;\">AudioScenic Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tp_155\" style=\"left:834px;bottom:684px;letter-spacing:0.13px;display:inline;\">53 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tq_155\" style=\"left:945px;bottom:684px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"tr_155\" style=\"left:1042px;bottom:684px;letter-spacing:0.14px;display:inline;\">53 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"ts_155\" style=\"left:1119px;bottom:684px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tt_155\" style=\"left:303px;bottom:663px;letter-spacing:0.12px;display:inline;\">Bramble Energy Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tu_155\" style=\"left:838px;bottom:663px;letter-spacing:0.1px;display:inline;\">16 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tv_155\" style=\"left:945px;bottom:663px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"tw_155\" style=\"left:1044px;bottom:663px;letter-spacing:0.11px;display:inline;\">16 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tx_155\" style=\"left:1119px;bottom:663px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"ty_155\" style=\"left:303px;bottom:641px;letter-spacing:0.11px;display:inline;\">Diffblue Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"tz_155\" style=\"left:817px;bottom:641px;letter-spacing:0.12px;display:inline;\">8,038 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t10_155\" style=\"left:945px;bottom:641px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t11_155\" style=\"left:1023px;bottom:641px;letter-spacing:0.12px;display:inline;\">8,038 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t12_155\" style=\"left:1119px;bottom:641px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t13_155\" style=\"left:303px;bottom:620px;letter-spacing:0.1px;display:inline;\">Itaconix plc1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t14_155\" style=\"left:819px;bottom:620px;letter-spacing:0.11px;display:inline;\">7,547 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t15_155\" style=\"left:945px;bottom:620px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t16_155\" style=\"left:1024px;bottom:620px;letter-spacing:0.12px;display:inline;\">7,547 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t17_155\" style=\"left:1119px;bottom:620px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t18_155\" style=\"left:303px;bottom:598px;letter-spacing:0.11px;display:inline;\">Mirriad Advertising plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t19_155\" style=\"left:808px;bottom:598px;letter-spacing:0.12px;display:inline;\">66,666 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1a_155\" style=\"left:945px;bottom:598px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t1b_155\" style=\"left:1014px;bottom:598px;letter-spacing:0.13px;display:inline;\">66,666 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1c_155\" style=\"left:1119px;bottom:598px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1d_155\" style=\"left:303px;bottom:577px;letter-spacing:0.11px;display:inline;\">Mixergy Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1e_155\" style=\"left:831px;bottom:577px;letter-spacing:0.11px;display:inline;\">126 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1f_155\" style=\"left:945px;bottom:577px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t1g_155\" style=\"left:1037px;bottom:577px;letter-spacing:0.12px;display:inline;\">126 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1h_155\" style=\"left:1119px;bottom:577px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1i_155\" style=\"left:303px;bottom:555px;letter-spacing:0.13px;display:inline;\">Oxa Autonomy Ltd </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1j_155\" style=\"left:841px;bottom:555px;display:inline;\">8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1k_155\" style=\"left:945px;bottom:555px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t1l_155\" style=\"left:1049px;bottom:555px;display:inline;\">8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1m_155\" style=\"left:1119px;bottom:555px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1n_155\" style=\"left:303px;bottom:534px;letter-spacing:0.11px;display:inline;\">Ultraleap Holdings Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1o_155\" style=\"left:822px;bottom:534px;letter-spacing:0.1px;display:inline;\">1,700 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1p_155\" style=\"left:945px;bottom:534px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t1q_155\" style=\"left:1027px;bottom:534px;letter-spacing:0.11px;display:inline;\">1,700 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t1r_155\" style=\"left:1119px;bottom:534px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr></table>\n<div class=\"t s3_155\" id=\"t1s_155\" style=\"left:87px;bottom:510px;letter-spacing:-0.01px;display:inline;\">From 13 May 2024, Sam Williams ceased to act as a Person Discharging Management Responsibility. Shares he held in spin\u2013out companies up to this date are disclosed as follows: </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1z_155\" style=\"left:902px;bottom:476px;letter-spacing:0.13px;display:inline;\">Number </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1v_155\" style=\"left:783px;bottom:463px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t20_155\" style=\"left:896px;bottom:461px;letter-spacing:0.1px;display:inline;\">of shares </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1w_155\" style=\"left:761px;bottom:447px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t21_155\" style=\"left:891px;bottom:445px;letter-spacing:0.11px;display:inline;\">acquired/ </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"t24_155\" style=\"left:991px;bottom:445px;letter-spacing:0.12px;display:inline;\">Number of </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1x_155\" style=\"left:789px;bottom:432px;letter-spacing:0.11px;display:inline;\">1 January </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t22_155\" style=\"left:869px;bottom:430px;letter-spacing:0.11px;display:inline;\">(disposed of) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"t25_155\" style=\"left:968px;bottom:430px;letter-spacing:0.11px;display:inline;\">shares held at </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1t_155\" style=\"left:87px;bottom:415px;letter-spacing:0.13px;display:inline;\">Director/PDMR </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1u_155\" style=\"left:303px;bottom:415px;letter-spacing:0.15px;display:inline;\">Company name </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t1y_155\" style=\"left:819px;bottom:415px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t23_155\" style=\"left:875px;bottom:415px;letter-spacing:0.11px;display:inline;\">in the period </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_155\" id=\"t26_155\" style=\"left:982px;bottom:415px;letter-spacing:0.12px;display:inline;\">13 May 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_155\" id=\"t27_155\" style=\"left:1142px;bottom:415px;display:inline;\">% </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t28_155\" style=\"left:87px;bottom:391px;letter-spacing:0.13px;display:inline;\">Sam Williams </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t29_155\" style=\"left:303px;bottom:391px;letter-spacing:0.13px;display:inline;\">Accelercomm Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2a_155\" style=\"left:832px;bottom:391px;letter-spacing:0.1px;display:inline;\">127 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2b_155\" style=\"left:945px;bottom:391px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2c_155\" style=\"left:1039px;bottom:391px;letter-spacing:0.11px;display:inline;\">127 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2d_155\" style=\"left:1124px;bottom:391px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2e_155\" style=\"left:303px;bottom:370px;letter-spacing:0.1px;display:inline;\">Alesi Surgical Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2f_155\" style=\"left:845px;bottom:370px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2g_155\" style=\"left:945px;bottom:370px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2h_155\" style=\"left:1052px;bottom:370px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2i_155\" style=\"left:1119px;bottom:370px;letter-spacing:0.12px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2j_155\" style=\"left:303px;bottom:348px;letter-spacing:0.12px;display:inline;\">Centessa Pharmaceuticals plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2k_155\" style=\"left:819px;bottom:348px;letter-spacing:0.11px;display:inline;\">3,247 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2l_155\" style=\"left:945px;bottom:348px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2m_155\" style=\"left:1024px;bottom:348px;letter-spacing:0.12px;display:inline;\">3,247 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2n_155\" style=\"left:1124px;bottom:348px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2o_155\" style=\"left:303px;bottom:327px;letter-spacing:0.11px;display:inline;\">Creavo Medical Technologies Limited (dissolved) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2p_155\" style=\"left:835px;bottom:327px;letter-spacing:0.13px;display:inline;\">23 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2q_155\" style=\"left:945px;bottom:327px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2r_155\" style=\"left:1042px;bottom:327px;letter-spacing:0.13px;display:inline;\">23 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2s_155\" style=\"left:1124px;bottom:327px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2t_155\" style=\"left:303px;bottom:305px;letter-spacing:0.13px;display:inline;\">Genomics plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2u_155\" style=\"left:827px;bottom:305px;letter-spacing:0.13px;display:inline;\">333 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2v_155\" style=\"left:945px;bottom:305px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2w_155\" style=\"left:1035px;bottom:305px;letter-spacing:0.13px;display:inline;\">333 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t2x_155\" style=\"left:1119px;bottom:305px;letter-spacing:0.12px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2y_155\" style=\"left:303px;bottom:284px;letter-spacing:0.11px;display:inline;\">Ibex Innovations Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t2z_155\" style=\"left:826px;bottom:284px;letter-spacing:0.08px;display:inline;\">1,701 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t30_155\" style=\"left:945px;bottom:284px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t31_155\" style=\"left:1030px;bottom:284px;letter-spacing:0.1px;display:inline;\">1,701 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t32_155\" style=\"left:1124px;bottom:284px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t33_155\" style=\"left:303px;bottom:262px;letter-spacing:0.11px;display:inline;\">Istesso Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t34_155\" style=\"left:793px;bottom:262px;letter-spacing:0.11px;display:inline;\">7,048,368 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t35_155\" style=\"left:945px;bottom:262px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t36_155\" style=\"left:997px;bottom:262px;letter-spacing:0.12px;display:inline;\">7,048,368 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t37_155\" style=\"left:1119px;bottom:262px;letter-spacing:0.12px;display:inline;\">8.29% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t38_155\" style=\"left:303px;bottom:241px;letter-spacing:0.11px;display:inline;\">Microbiotica Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t39_155\" style=\"left:818px;bottom:241px;letter-spacing:0.11px;display:inline;\">7,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3a_155\" style=\"left:945px;bottom:241px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3b_155\" style=\"left:1023px;bottom:241px;letter-spacing:0.12px;display:inline;\">7,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3c_155\" style=\"left:1124px;bottom:241px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3d_155\" style=\"left:303px;bottom:219px;letter-spacing:0.11px;display:inline;\">Mirriad Advertising plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3e_155\" style=\"left:818px;bottom:219px;letter-spacing:0.11px;display:inline;\">3,333 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3f_155\" style=\"left:945px;bottom:219px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3g_155\" style=\"left:1024px;bottom:219px;letter-spacing:0.12px;display:inline;\">3,333 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3h_155\" style=\"left:1124px;bottom:219px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3i_155\" style=\"left:303px;bottom:198px;letter-spacing:0.13px;display:inline;\">Oxa Autonomy Ltd </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3j_155\" style=\"left:842px;bottom:198px;display:inline;\">3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3k_155\" style=\"left:945px;bottom:198px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3l_155\" style=\"left:1049px;bottom:198px;display:inline;\">3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3m_155\" style=\"left:1124px;bottom:198px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3n_155\" style=\"left:303px;bottom:176px;letter-spacing:0.12px;display:inline;\">Oxehealth Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3o_155\" style=\"left:834px;bottom:176px;letter-spacing:0.14px;display:inline;\">65 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3p_155\" style=\"left:945px;bottom:176px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3q_155\" style=\"left:1041px;bottom:176px;letter-spacing:0.14px;display:inline;\">65 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3r_155\" style=\"left:1124px;bottom:176px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3s_155\" style=\"left:303px;bottom:155px;letter-spacing:0.12px;display:inline;\">Oxford Nanopore Technologies plc </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3t_155\" style=\"left:809px;bottom:155px;letter-spacing:0.12px;display:inline;\">25,609 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3u_155\" style=\"left:945px;bottom:155px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t3v_155\" style=\"left:1015px;bottom:155px;letter-spacing:0.13px;display:inline;\">25,609 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3w_155\" style=\"left:1124px;bottom:155px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s3_155\" id=\"t3x_155\" style=\"left:303px;bottom:133px;letter-spacing:0.11px;display:inline;\">Topivert Limited </div><div class=\"t s4_155\" id=\"t3y_155\" style=\"vertical-align: super;left:398px;bottom:140px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t3z_155\" style=\"left:821px;bottom:134px;letter-spacing:0.1px;display:inline;\">1,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t40_155\" style=\"left:945px;bottom:134px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t41_155\" style=\"left:1025px;bottom:134px;letter-spacing:0.11px;display:inline;\">1,000 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t42_155\" style=\"left:1124px;bottom:134px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t43_155\" style=\"left:303px;bottom:112px;letter-spacing:0.11px;display:inline;\">Ultraleap Holdings Limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t44_155\" style=\"left:826px;bottom:112px;letter-spacing:0.14px;display:inline;\">558 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t45_155\" style=\"left:945px;bottom:112px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_155\" id=\"t46_155\" style=\"left:1033px;bottom:112px;letter-spacing:0.14px;display:inline;\">558 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_155\" id=\"t47_155\" style=\"left:1124px;bottom:112px;letter-spacing:0.1px;display:inline;\">&lt;0.1% </div></td></tr></table>\n<div class=\"t s5_155\" id=\"t48_155\" style=\"left:87px;bottom:95px;display:inline;\">1 </div>\n<div class=\"t s6_155\" id=\"t49_155\" style=\"left:100px;bottom:91px;letter-spacing:-0.15px;display:inline;\">Opening position restated to reflect share consolidation. </div>\n<div class=\"t s5_155\" id=\"t4a_155\" style=\"left:87px;bottom:77px;display:inline;\">2 </div>\n<div class=\"t s6_155\" id=\"t4b_155\" style=\"left:100px;bottom:73px;letter-spacing:-0.17px;display:inline;\">Company being closed down. </div>\n\n\n\n<div class=\"t sb_155\" id=\"t4m_155\" style=\"left:87px;bottom:817px;letter-spacing:0.16px;display:inline;\"> </div><div class=\"t sc_155\" id=\"t4n_155\" style=\"left:371px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><div class=\"t s0_156\" id=\"t1_156\" style=\"left:87px;bottom:790px;letter-spacing:-0.1px;display:inline;\">Policy for Executive Director holdings in portfolio companies </div><div class=\"t s1_156\" id=\"t2_156\" style=\"left:87px;bottom:773px;letter-spacing:0.11px;display:inline;\">The policy for Executive Director shareholdings in portfolio companies specifies: </div><div class=\"t s2_156\" id=\"t3_156\" style=\"left:87px;bottom:748px;display:inline;\">\u2022 </div><div class=\"t s1_156\" id=\"t4_156\" style=\"left:108px;bottom:748px;letter-spacing:0.11px;display:inline;\">New direct investments in portfolio companies by Executive Directors are </div><div class=\"t s1_156\" id=\"t5_156\" style=\"left:108px;bottom:731px;letter-spacing:0.11px;display:inline;\">prohibited, with the exception of the take-up of pre-emption rights which relate </div><div class=\"t s1_156\" id=\"t6_156\" style=\"left:108px;bottom:714px;letter-spacing:0.11px;display:inline;\">to existing portfolio company shareholdings. Both Mr Smith and Mr Baynes are </div><div class=\"t s1_156\" id=\"t7_156\" style=\"left:108px;bottom:697px;letter-spacing:0.11px;display:inline;\">covered by this policy. </div><div class=\"t s2_156\" id=\"t8_156\" style=\"left:87px;bottom:676px;display:inline;\">\u2022 </div><div class=\"t s1_156\" id=\"t9_156\" style=\"left:108px;bottom:676px;letter-spacing:0.11px;display:inline;\">Mr Smith and Mr Baynes have voluntarily submitted to an additional binding </div><div class=\"t s1_156\" id=\"ta_156\" style=\"left:108px;bottom:659px;letter-spacing:0.11px;display:inline;\">condition such that any net proceeds received as a result of realisations </div><div class=\"t s1_156\" id=\"tb_156\" style=\"left:108px;bottom:642px;letter-spacing:0.11px;display:inline;\">from direct holdings in portfolio companies that exceed \u00a3250,000 will be used </div><div class=\"t s1_156\" id=\"tc_156\" style=\"left:108px;bottom:626px;letter-spacing:0.11px;display:inline;\">to purchase shares in IP Group, until such time as they meet the Minimum </div><div class=\"t s1_156\" id=\"td_156\" style=\"left:108px;bottom:609px;letter-spacing:0.11px;display:inline;\">Shareholding Requirement set for their role (currently 350% of annual salary for Mr </div><div class=\"t s1_156\" id=\"te_156\" style=\"left:108px;bottom:592px;letter-spacing:0.11px;display:inline;\">Smith, 250% for Mr Baynes). </div><div class=\"t s3_156\" id=\"tf_156\" style=\"left:87px;bottom:566px;letter-spacing:-0.14px;display:inline;\">(ii) Key management personnel compensation </div><div class=\"t s1_156\" id=\"tg_156\" style=\"left:87px;bottom:548px;letter-spacing:0.12px;display:inline;\">Key management personnel compensation comprised the following: </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"th_156\" style=\"left:488px;bottom:514px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s5_156\" id=\"tj_156\" style=\"left:575px;bottom:514px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_156\" id=\"ti_156\" style=\"left:486px;bottom:496px;letter-spacing:0.14px;display:inline;\">\u00a3000 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s5_156\" id=\"tk_156\" style=\"left:572px;bottom:496px;letter-spacing:0.14px;display:inline;\">\u00a3000 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_156\" id=\"tl_156\" style=\"left:87px;bottom:472px;letter-spacing:0.12px;display:inline;\">Short\u2013term employee benefits </div><div class=\"t s6_156\" id=\"tm_156\" style=\"vertical-align: super;left:271px;bottom:479px;display:inline;\">1 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"tn_156\" style=\"left:488px;bottom:472px;letter-spacing:0.11px;display:inline;\">2,176 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s1_156\" id=\"to_156\" style=\"left:576px;bottom:472px;letter-spacing:0.1px;display:inline;\">3,091 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_156\" id=\"tp_156\" style=\"left:87px;bottom:451px;letter-spacing:0.12px;display:inline;\">Post\u2013employment benefits </div><div class=\"t s6_156\" id=\"tq_156\" style=\"vertical-align: super;left:250px;bottom:457px;display:inline;\">2 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"tr_156\" style=\"left:502px;bottom:451px;letter-spacing:0.14px;display:inline;\">48 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s1_156\" id=\"ts_156\" style=\"left:585px;bottom:451px;letter-spacing:0.11px;display:inline;\">108 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_156\" id=\"tt_156\" style=\"left:87px;bottom:429px;letter-spacing:0.13px;display:inline;\">Share\u2013based payments </div><div class=\"t s6_156\" id=\"tu_156\" style=\"vertical-align: super;left:233px;bottom:436px;display:inline;\">3 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"tv_156\" style=\"left:497px;bottom:429px;letter-spacing:0.12px;display:inline;\">615 </div></td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s1_156\" id=\"tw_156\" style=\"left:584px;bottom:429px;letter-spacing:0.07px;display:inline;\">1,161 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"tx_156\" style=\"left:87px;bottom:407px;letter-spacing:0.11px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s7_156\" id=\"ty_156\" style=\"left:485px;bottom:407px;letter-spacing:0.12px;display:inline;\">2,839 </div></td><td class=\"tcs-selection-enabled tcs-selected\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s1_156\" id=\"tz_156\" style=\"left:572px;bottom:407px;letter-spacing:0.12px;display:inline;\">4,360 </div></td></tr></table><div class=\"t s8_156\" id=\"t10_156\" style=\"left:87px;bottom:390px;display:inline;\">1 </div><div class=\"t s9_156\" id=\"t11_156\" style=\"left:100px;bottom:387px;letter-spacing:-0.15px;display:inline;\">Represents key management personnel\u2019s base salaries, benefits including cash in lieu of pension </div><div class=\"t s9_156\" id=\"t12_156\" style=\"left:100px;bottom:373px;letter-spacing:-0.16px;display:inline;\">where relevant, and the cash\u2013settled element of the Annual Incentive Scheme. </div><div class=\"t s8_156\" id=\"t13_156\" style=\"left:87px;bottom:358px;display:inline;\">2 </div><div class=\"t s9_156\" id=\"t14_156\" style=\"left:103px;bottom:355px;letter-spacing:-0.15px;display:inline;\">Represents employer contributions to defined contribution pension and life assurance plans. </div><div class=\"t s8_156\" id=\"t15_156\" style=\"left:87px;bottom:340px;display:inline;\">3 </div><div class=\"t s9_156\" id=\"t16_156\" style=\"left:103px;bottom:337px;letter-spacing:-0.16px;display:inline;\">Represents the accounting charge for share-based payments, reflecting LTIP and DBSP options </div><div class=\"t s9_156\" id=\"t17_156\" style=\"left:100px;bottom:323px;letter-spacing:-0.14px;display:inline;\">currently in issue as part of these schemes. See note 21 for a detailed description of these </div><span>schemes. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": {
   "value": "<span>24. Capital management </span><div class=\"t s1_157\" id=\"tf_157\" style=\"left:634px;bottom:799px;letter-spacing:0.11px;word-spacing:-0.02px;display:inline;\">The Group\u2019s key objective when managing capital, as set out in note 20, is to safeguard </div><div class=\"t s1_157\" id=\"tg_157\" style=\"left:634px;bottom:782px;letter-spacing:0.11px;display:inline;\">the Group\u2019s ability to continue as a going concern so that it can continue to provide </div><div class=\"t s1_157\" id=\"th_157\" style=\"left:634px;bottom:765px;letter-spacing:0.11px;display:inline;\">returns for shareholders and employees for other stakeholders. The Group sets the </div><div class=\"t s1_157\" id=\"ti_157\" style=\"left:634px;bottom:748px;letter-spacing:0.11px;display:inline;\">amount of capital in proportion to risk. The Group manages the capital structure, </div><div class=\"t s1_157\" id=\"tj_157\" style=\"left:634px;bottom:731px;letter-spacing:0.11px;display:inline;\">and makes adjustments to it, in light of changes in economic conditions and the </div><div class=\"t s1_157\" id=\"tk_157\" style=\"left:634px;bottom:715px;letter-spacing:0.1px;display:inline;\">risk characteristics of its underlying assets. In order to maintain or adjust the capital </div><div class=\"t s1_157\" id=\"tl_157\" style=\"left:634px;bottom:698px;letter-spacing:0.11px;display:inline;\">structure, the Group may adjust the amount of issued share capital, issue or repay </div><div class=\"t s1_157\" id=\"tm_157\" style=\"left:634px;bottom:681px;letter-spacing:0.11px;display:inline;\">debt and dispose of interests in portfolio companies. </div><div class=\"t s1_157\" id=\"tn_157\" style=\"left:634px;bottom:655px;letter-spacing:0.11px;display:inline;\">During 2024, the Group\u2019s strategy, which was unchanged from 2023, was to maintain </div><div class=\"t s1_157\" id=\"to_157\" style=\"left:634px;bottom:639px;letter-spacing:0.11px;display:inline;\">an appropriate level of cash and short-term deposit balances in line with the Group\u2019s </div><div class=\"t s1_157\" id=\"tp_157\" style=\"left:634px;bottom:622px;letter-spacing:0.11px;display:inline;\">capital allocation plans, whilst having sufficient cash reserves to meet working capital </div><div class=\"t s1_157\" id=\"tq_157\" style=\"left:634px;bottom:605px;letter-spacing:0.11px;display:inline;\">requirements in the foreseeable future. </div><div class=\"t s1_157\" id=\"tr_157\" style=\"left:634px;bottom:580px;letter-spacing:0.11px;display:inline;\">The Group has external borrowings with associated covenants that are described in </div><div class=\"t s1_157\" id=\"ts_157\" style=\"left:634px;bottom:563px;letter-spacing:0.12px;display:inline;\">note 19. These include covenants around the Group\u2019s minimum equity and maximum </div><div class=\"t s1_157\" id=\"tt_157\" style=\"left:634px;bottom:546px;letter-spacing:0.11px;display:inline;\">debt/equity ratio. Consideration is given to the level of headroom against these </div><div class=\"t s1_157\" id=\"tu_157\" style=\"left:634px;bottom:529px;letter-spacing:0.11px;display:inline;\">covenants as part of the Group\u2019s capital allocation process where planning corporate </div><div class=\"t s1_157\" id=\"tv_157\" style=\"left:634px;bottom:512px;letter-spacing:0.11px;display:inline;\">actions such as dividends and share buybacks, which have an impact on the </div><span>headroom level.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": {
   "value": "<span>25. Capital commitments </span><div class=\"t s1_158\" id=\"t2_158\" style=\"left:87px;bottom:793px;letter-spacing:-0.11px;display:inline;\">Commitments to Limited Partnerships </div><div class=\"t s2_158\" id=\"t3_158\" style=\"left:87px;bottom:777px;letter-spacing:0.11px;display:inline;\">Pursuant to the terms of their Limited Partnership agreements, the Group has committed to invest the following amounts into Limited Partnerships as at 31 December 2024: </div><table><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"t5_158\" style=\"left:810px;bottom:743px;letter-spacing:0.1px;display:inline;\">Year of </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"t6_158\" style=\"left:749px;bottom:728px;letter-spacing:0.15px;display:inline;\">commencement </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"t9_158\" style=\"left:999px;bottom:730px;letter-spacing:0.12px;display:inline;\">Invested </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"tb_158\" style=\"left:1084px;bottom:728px;letter-spacing:0.12px;display:inline;\">Remaining </div></td></tr><tr><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"t7_158\" style=\"left:756px;bottom:712px;letter-spacing:0.14px;display:inline;\">of commitment </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"t8_158\" style=\"left:869px;bottom:712px;letter-spacing:0.15px;display:inline;\">Commitment </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"ta_158\" style=\"left:1008px;bottom:712px;letter-spacing:0.12px;display:inline;\">to date </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"tc_158\" style=\"left:1070px;bottom:712px;letter-spacing:0.15px;display:inline;\">commitment </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t4_158\" style=\"left:87px;bottom:695px;letter-spacing:0.13px;display:inline;\">Year ended 31 December 2024 </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"td_158\" style=\"left:932px;bottom:695px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"te_158\" style=\"left:1032px;bottom:695px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"tf_158\" style=\"left:1131px;bottom:695px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"tg_158\" style=\"left:87px;bottom:671px;letter-spacing:0.1px;display:inline;\">IP Venture Fund II LP </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"th_158\" style=\"left:827px;bottom:671px;letter-spacing:0.12px;display:inline;\">2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"ti_158\" style=\"left:929px;bottom:671px;letter-spacing:0.11px;display:inline;\">10.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"tj_158\" style=\"left:1029px;bottom:671px;letter-spacing:0.11px;display:inline;\">10.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"tk_158\" style=\"left:1143px;bottom:671px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"tl_158\" style=\"left:87px;bottom:650px;letter-spacing:0.12px;display:inline;\">UCL Technology Fund LP </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"tm_158\" style=\"left:826px;bottom:650px;letter-spacing:0.12px;display:inline;\">2016 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"tn_158\" style=\"left:927px;bottom:650px;letter-spacing:0.12px;display:inline;\">24.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"to_158\" style=\"left:1027px;bottom:650px;letter-spacing:0.12px;display:inline;\">23.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"tp_158\" style=\"left:1136px;bottom:650px;letter-spacing:0.1px;display:inline;\">1.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"tq_158\" style=\"left:87px;bottom:628px;letter-spacing:0.12px;display:inline;\">Total at 31 December 2024 </div></td><td class=\"emptyTDSTag \" colspan=\"1\" rowspan=\"1\"></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"tr_158\" style=\"left:926px;bottom:628px;letter-spacing:0.12px;display:inline;\">34.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"ts_158\" style=\"left:1027px;bottom:628px;letter-spacing:0.12px;display:inline;\">33.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"tt_158\" style=\"left:1136px;bottom:628px;letter-spacing:0.1px;display:inline;\">1.4 </div></td></tr></table><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"tv_158\" style=\"left:810px;bottom:589px;letter-spacing:0.1px;display:inline;\">Year of </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"tw_158\" style=\"left:749px;bottom:574px;letter-spacing:0.15px;display:inline;\">commencement </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"tz_158\" style=\"left:999px;bottom:576px;letter-spacing:0.12px;display:inline;\">Invested </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t11_158\" style=\"left:1084px;bottom:574px;letter-spacing:0.12px;display:inline;\">Remaining </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"tx_158\" style=\"left:756px;bottom:559px;letter-spacing:0.14px;display:inline;\">of commitment </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"ty_158\" style=\"left:869px;bottom:559px;letter-spacing:0.15px;display:inline;\">Commitment </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t10_158\" style=\"left:1008px;bottom:559px;letter-spacing:0.12px;display:inline;\">to date </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t12_158\" style=\"left:1070px;bottom:559px;letter-spacing:0.15px;display:inline;\">commitment </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"tu_158\" style=\"left:87px;bottom:537px;letter-spacing:0.13px;display:inline;\">Year ended 31 December 2023 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t13_158\" style=\"left:935px;bottom:535px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t14_158\" style=\"left:1034px;bottom:535px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t15_158\" style=\"left:1134px;bottom:535px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t16_158\" style=\"left:87px;bottom:514px;letter-spacing:0.1px;display:inline;\">IP Venture Fund II LP </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t17_158\" style=\"left:828px;bottom:514px;letter-spacing:0.11px;display:inline;\">2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t18_158\" style=\"left:932px;bottom:514px;letter-spacing:0.09px;display:inline;\">10.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t19_158\" style=\"left:1035px;bottom:514px;letter-spacing:0.11px;display:inline;\">9.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1a_158\" style=\"left:1139px;bottom:514px;letter-spacing:0.08px;display:inline;\">0.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1b_158\" style=\"left:87px;bottom:492px;letter-spacing:0.12px;display:inline;\">UCL Technology Fund LP </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1c_158\" style=\"left:827px;bottom:492px;letter-spacing:0.12px;display:inline;\">2016 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1d_158\" style=\"left:928px;bottom:492px;letter-spacing:0.11px;display:inline;\">24.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1e_158\" style=\"left:1029px;bottom:492px;letter-spacing:0.11px;display:inline;\">23.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1f_158\" style=\"left:1139px;bottom:492px;letter-spacing:0.08px;display:inline;\">1.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"t1g_158\" style=\"left:87px;bottom:471px;letter-spacing:0.12px;display:inline;\">Total at 31 December 2023 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1h_158\" style=\"left:928px;bottom:471px;letter-spacing:0.11px;display:inline;\">34.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1i_158\" style=\"left:1032px;bottom:471px;letter-spacing:0.09px;display:inline;\">33.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1j_158\" style=\"left:1140px;bottom:471px;letter-spacing:0.07px;display:inline;\">1.7 </div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": {
   "value": "<span>26. Dividends and share buyback</span><span>Share buyback </span><div class=\"t s2_158\" id=\"t2f_158\" style=\"left:87px;bottom:168px;letter-spacing:0.11px;display:inline;\">On 18 December 2023 the Group initiated a share buyback of up to \u00a320 million. This \u00a320m share buyback tranche completed in September 2024. On 7th October 2024 it was </div><div class=\"t s2_158\" id=\"t2g_158\" style=\"left:87px;bottom:151px;letter-spacing:0.12px;display:inline;\">announced to increase the Group\u2019s share buyback programme by a further \u00a310m which was completed on 7 January 2025. </div><div class=\"t s2_158\" id=\"t2h_158\" style=\"left:87px;bottom:126px;letter-spacing:0.11px;display:inline;\">In January 2025 the Group launched a further extension by up to \u00a340m of its buyback programme, which had been announced in December 2024. In March 2025, as part of the </div><div class=\"t s2_158\" id=\"t2i_158\" style=\"left:87px;bottom:109px;letter-spacing:0.11px;display:inline;\">Group\u2019s preliminary results statement, the Group announced Intention to extend buyback programme by a further \u00a310m. </div><div class=\"t s2_158\" id=\"t2j_158\" style=\"left:87px;bottom:84px;letter-spacing:-0.14px;display:inline;\">The Board remains committed to making regular cash returns to shareholders from realisations. In future these regular cash returns will normally be made in the form of share buybacks </div><span>when the share price discount to NAV exceeds 20%. Regular dividend payments will be suspended under such conditions, including consideration of any final dividend for 2024.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": {
   "value": "<span>26. Dividends and share buyback</span><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"t1l_158\" style=\"left:820px;bottom:404px;letter-spacing:0.12px;display:inline;\">2024 pence </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t1o_158\" style=\"left:994px;bottom:404px;letter-spacing:0.12px;display:inline;\">2023 pence </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"t1m_158\" style=\"left:833px;bottom:389px;letter-spacing:0.12px;display:inline;\">per share </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_158\" id=\"t1n_158\" style=\"left:958px;bottom:389px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t1p_158\" style=\"left:1006px;bottom:389px;letter-spacing:0.12px;display:inline;\">per share </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_158\" id=\"t1q_158\" style=\"left:1131px;bottom:389px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1r_158\" style=\"left:87px;bottom:365px;letter-spacing:0.11px;display:inline;\">Ordinary shares: </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1s_158\" style=\"left:87px;bottom:343px;letter-spacing:0.11px;display:inline;\">Interim dividend </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"t1t_158\" style=\"left:884px;bottom:343px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"t1u_158\" style=\"left:970px;bottom:343px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1v_158\" style=\"left:1045px;bottom:343px;letter-spacing:0.09px;display:inline;\">0.51 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1w_158\" style=\"left:1135px;bottom:343px;letter-spacing:0.1px;display:inline;\">5.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t1x_158\" style=\"left:87px;bottom:322px;letter-spacing:0.11px;display:inline;\">Final dividend </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"t1y_158\" style=\"left:884px;bottom:322px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"t1z_158\" style=\"left:970px;bottom:322px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t20_158\" style=\"left:1041px;bottom:322px;letter-spacing:0.11px;display:inline;\">0.76 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t21_158\" style=\"left:1137px;bottom:322px;letter-spacing:0.09px;display:inline;\">7.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t22_158\" style=\"left:87px;bottom:300px;letter-spacing:0.11px;display:inline;\">Dividends paid to equity owners in the financial year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"t23_158\" style=\"left:884px;bottom:300px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"t24_158\" style=\"left:970px;bottom:300px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t25_158\" style=\"left:1046px;bottom:300px;letter-spacing:0.09px;display:inline;\">1.27 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t26_158\" style=\"left:1132px;bottom:300px;letter-spacing:0.09px;display:inline;\">13.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t27_158\" style=\"left:87px;bottom:257px;letter-spacing:0.11px;display:inline;\">Proposed final dividend at financial year end </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"t28_158\" style=\"left:884px;bottom:257px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s5_158\" id=\"t29_158\" style=\"left:970px;bottom:257px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t2a_158\" style=\"left:1058px;bottom:257px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_158\" id=\"t2b_158\" style=\"left:1144px;bottom:257px;display:inline;\">\u2013 </div></td></tr></table><div class=\"t s2_158\" id=\"t2c_158\" style=\"left:87px;bottom:233px;letter-spacing:0.11px;display:inline;\">There were no dividends paid or proposed in 2024 (2023: \u00a313.0m dividends; \u00a313.0m settled in cash). Due to the limited take up of scrip dividends the scheme was discontinued in </div><span>prior years.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": {
   "value": "0.0",
   "decimals": 0,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": {
   "value": "0.0127",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": {
   "value": "13000000.0",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": {
   "value": "<span>27. Alternative performance measures (\u201cAPM\u201d) </span><div class=\"t s1_159\" id=\"t2_159\" style=\"left:87px;bottom:799px;letter-spacing:0.11px;display:inline;\">IP Group management believes that the alternative performance measures included in this document provide valuable information to the readers of the financial statements </div><div class=\"t s1_159\" id=\"t3_159\" style=\"left:87px;bottom:782px;letter-spacing:0.11px;display:inline;\">as they enable the reader to identify a consistent basis for comparing the business\u2019 performance between financial periods and provide more detail concerning the elements </div><div class=\"t s1_159\" id=\"t4_159\" style=\"left:87px;bottom:765px;letter-spacing:0.11px;display:inline;\">of performance which the managers of the Group are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect </div><div class=\"t s1_159\" id=\"t5_159\" style=\"left:87px;bottom:748px;letter-spacing:0.11px;display:inline;\">of the way in which operating targets are defined and performance is monitored by the Directors. These measures are not defined by IFRS and therefore may not be directly </div><div class=\"t s1_159\" id=\"t6_159\" style=\"left:87px;bottom:731px;letter-spacing:0.11px;display:inline;\">comparable with other companies\u2019 APMs, including those in the Group\u2019s industry. APMs should be considered in addition to, and are not intended to be a substitute for, or superior </div><div class=\"t s1_159\" id=\"t7_159\" style=\"left:87px;bottom:715px;letter-spacing:0.11px;display:inline;\">to, IFRS measurements. </div><div class=\"t s1_159\" id=\"t8_159\" style=\"left:87px;bottom:689px;letter-spacing:0.11px;display:inline;\">The Directors believe that these APMs assist in providing additional useful information on the underlying trends, performance and position of the Group. Consequently, APMs are </div><div class=\"t s1_159\" id=\"t9_159\" style=\"left:87px;bottom:672px;letter-spacing:0.11px;display:inline;\">used by the Directors and management for performance analysis, planning, reporting and incentive\u2013setting purposes. </div><table>\n                                            <tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_159\" id=\"ta_159\" style=\"left:1080px;bottom:639px;letter-spacing:0.12px;display:inline;\">Calculation </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_159\" id=\"tc_159\" style=\"left:178px;bottom:613px;letter-spacing:0.11px;display:inline;\">Reference for </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_159\" id=\"tf_159\" style=\"left:1018px;bottom:613px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_159\" id=\"th_159\" style=\"left:1123px;bottom:613px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_159\" id=\"tb_159\" style=\"left:87px;bottom:596px;letter-spacing:0.16px;display:inline;\">APM </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_159\" id=\"td_159\" style=\"left:178px;bottom:596px;letter-spacing:0.11px;display:inline;\">reconciliation </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_159\" id=\"te_159\" style=\"left:283px;bottom:596px;letter-spacing:0.12px;display:inline;\">Definition and purpose </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_159\" id=\"tg_159\" style=\"left:1027px;bottom:596px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_159\" id=\"ti_159\" style=\"left:1131px;bottom:596px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"tj_159\" style=\"left:87px;bottom:572px;letter-spacing:0.12px;display:inline;\">NAV </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tm_159\" style=\"left:178px;bottom:572px;letter-spacing:0.1px;display:inline;\">Primary </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tp_159\" style=\"left:277px;bottom:572px;letter-spacing:0.11px;display:inline;\">NAV per share is defined as Net Assets divided by the number of outstanding shares. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tu_159\" style=\"left:827px;bottom:572px;letter-spacing:0.15px;display:inline;\">NAV </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"tv_159\" style=\"left:994px;bottom:572px;letter-spacing:0.14px;display:inline;\">\u00a3952.5m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tw_159\" style=\"left:1098px;bottom:572px;letter-spacing:0.11px;display:inline;\">\u00a31,190.3m </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s4_159\" id=\"tk_159\" style=\"left:87px;bottom:555px;letter-spacing:0.12px;display:inline;\">per share </div><div class=\"t s5_159\" id=\"tl_159\" style=\"vertical-align: super;left:146px;bottom:562px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tn_159\" style=\"left:178px;bottom:555px;letter-spacing:0.11px;display:inline;\">statements </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tq_159\" style=\"left:277px;bottom:547px;letter-spacing:0.12px;display:inline;\">The measure shows net assets managed on behalf of shareholders by the Group per </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tx_159\" style=\"left:827px;bottom:550px;letter-spacing:0.11px;display:inline;\">Shares in issue </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"ty_159\" style=\"left:974px;bottom:550px;letter-spacing:0.12px;display:inline;\">975,286,268 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tz_159\" style=\"left:1074px;bottom:550px;letter-spacing:0.11px;display:inline;\">1,036,694,485 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"to_159\" style=\"left:178px;bottom:538px;letter-spacing:0.12px;display:inline;\">note 20 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tr_159\" style=\"left:277px;bottom:530px;letter-spacing:0.11px;display:inline;\">outstanding share. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t10_159\" style=\"left:827px;bottom:529px;letter-spacing:0.12px;display:inline;\">NAV per share </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t11_159\" style=\"left:1016px;bottom:529px;letter-spacing:0.12px;display:inline;\">97.7p </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t12_159\" style=\"left:1119px;bottom:529px;letter-spacing:0.1px;display:inline;\">114.8p </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"ts_159\" style=\"left:277px;bottom:504px;letter-spacing:0.11px;display:inline;\">NAV per share is a standard measure used within our peer group and can be directly </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"tt_159\" style=\"left:277px;bottom:487px;letter-spacing:0.11px;display:inline;\">compared with the Group\u2019s share price. </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t13_159\" style=\"left:87px;bottom:466px;letter-spacing:0.11px;display:inline;\">Return </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t15_159\" style=\"left:178px;bottom:466px;letter-spacing:0.1px;display:inline;\">Primary </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t18_159\" style=\"left:277px;bottom:466px;letter-spacing:0.11px;display:inline;\">Return on NAV is defined as the total comprehensive income or loss for the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1d_159\" style=\"left:827px;bottom:466px;letter-spacing:0.09px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t1g_159\" style=\"left:1012px;bottom:466px;letter-spacing:0.11px;display:inline;\">(210.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1h_159\" style=\"left:1119px;bottom:466px;letter-spacing:0.1px;display:inline;\">(174.8) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t14_159\" style=\"left:87px;bottom:449px;letter-spacing:0.14px;display:inline;\">on NAV </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t16_159\" style=\"left:178px;bottom:449px;letter-spacing:0.11px;display:inline;\">statements </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t19_159\" style=\"left:277px;bottom:449px;letter-spacing:0.11px;display:inline;\">excluding charges which do not impact on net assets, specifically share\u2013based </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1e_159\" style=\"left:827px;bottom:449px;letter-spacing:0.12px;display:inline;\">comprehensive </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t17_159\" style=\"left:178px;bottom:432px;letter-spacing:0.12px;display:inline;\">note 4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1a_159\" style=\"left:277px;bottom:432px;letter-spacing:0.13px;display:inline;\">payment charges. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1f_159\" style=\"left:827px;bottom:432px;letter-spacing:0.14px;display:inline;\">income </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1b_159\" style=\"left:277px;bottom:407px;letter-spacing:0.12px;display:inline;\">The measure shows a summary of the income statement gains and losses which </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1i_159\" style=\"left:827px;bottom:411px;letter-spacing:0.11px;display:inline;\">Excluding: </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1c_159\" style=\"left:277px;bottom:390px;letter-spacing:0.11px;display:inline;\">directly impact NAV. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1j_159\" style=\"left:827px;bottom:389px;letter-spacing:0.12px;display:inline;\">Share-based </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t1l_159\" style=\"left:1033px;bottom:389px;letter-spacing:0.09px;display:inline;\">1.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1m_159\" style=\"left:1135px;bottom:389px;letter-spacing:0.1px;display:inline;\">2.6 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1k_159\" style=\"left:827px;bottom:373px;letter-spacing:0.13px;display:inline;\">payment charge </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t1n_159\" style=\"left:827px;bottom:351px;letter-spacing:0.12px;display:inline;\">Return on NAV </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t1o_159\" style=\"left:1012px;bottom:351px;letter-spacing:0.11px;display:inline;\">(208.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1p_159\" style=\"left:1121px;bottom:351px;letter-spacing:0.09px;display:inline;\">(172.2) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t1q_159\" style=\"left:87px;bottom:330px;letter-spacing:0.1px;display:inline;\">Net portfolio </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1t_159\" style=\"left:178px;bottom:330px;letter-spacing:0.09px;display:inline;\">note 13, 14, 15 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1u_159\" style=\"left:277px;bottom:330px;letter-spacing:0.11px;display:inline;\">Net portfolio gains/(losses) are defined as the movement in the value of holdings in the </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t21_159\" style=\"left:827px;bottom:329px;letter-spacing:0.11px;display:inline;\">Change in fair value </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t24_159\" style=\"left:1012px;bottom:329px;letter-spacing:0.11px;display:inline;\">(246.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t25_159\" style=\"left:1122px;bottom:329px;letter-spacing:0.09px;display:inline;\">(110.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t1r_159\" style=\"left:87px;bottom:313px;letter-spacing:0.12px;display:inline;\">gains/ </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1v_159\" style=\"left:277px;bottom:313px;letter-spacing:0.11px;display:inline;\">portfolio due as a result of realised and unrealised gains and losses. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t22_159\" style=\"left:827px;bottom:313px;letter-spacing:0.11px;display:inline;\">of equity and debt </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t1s_159\" style=\"left:87px;bottom:296px;letter-spacing:0.11px;display:inline;\">(losses) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t23_159\" style=\"left:827px;bottom:296px;letter-spacing:0.12px;display:inline;\">investments </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1w_159\" style=\"left:277px;bottom:287px;letter-spacing:0.12px;display:inline;\">The measure shows a summary of the income statement gains and losses which are </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1x_159\" style=\"left:277px;bottom:270px;letter-spacing:0.1px;display:inline;\">directly attributable to the total portfolio (see definition above), which is a headline </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t26_159\" style=\"left:827px;bottom:274px;letter-spacing:0.1px;display:inline;\">Gain/(loss) on </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t29_159\" style=\"left:1023px;bottom:274px;letter-spacing:0.11px;display:inline;\">63.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2a_159\" style=\"left:1126px;bottom:274px;letter-spacing:0.09px;display:inline;\">(10.8) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1y_159\" style=\"left:277px;bottom:254px;letter-spacing:0.11px;display:inline;\">measure for the Group\u2019s portfolio performance. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t27_159\" style=\"left:827px;bottom:258px;letter-spacing:0.1px;display:inline;\">disposal of equity </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t28_159\" style=\"left:827px;bottom:241px;letter-spacing:0.12px;display:inline;\">investments </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t1z_159\" style=\"left:277px;bottom:228px;letter-spacing:0.11px;display:inline;\">This is a key driver of the Return on NAV which is a performance metric for Directors\u2019 and </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2b_159\" style=\"left:827px;bottom:219px;letter-spacing:0.11px;display:inline;\">Change in fair value </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t2e_159\" style=\"left:1020px;bottom:219px;letter-spacing:0.1px;display:inline;\">(12.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2f_159\" style=\"left:1122px;bottom:219px;letter-spacing:0.11px;display:inline;\">(38.8) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t20_159\" style=\"left:277px;bottom:211px;letter-spacing:0.11px;display:inline;\">employees\u2019 incentives. </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s1_159\" id=\"t2c_159\" style=\"left:827px;bottom:202px;letter-spacing:0.1px;display:inline;\">of LP interests </div><div class=\"t s5_159\" id=\"t2d_159\" style=\"vertical-align: super;left:909px;bottom:209px;display:inline;\">2 </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t2g_159\" style=\"left:827px;bottom:181px;letter-spacing:0.1px;display:inline;\">Net portfolio </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t2i_159\" style=\"left:1011px;bottom:181px;letter-spacing:0.11px;display:inline;\">(195.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2j_159\" style=\"left:1118px;bottom:181px;letter-spacing:0.1px;display:inline;\">(160.5) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t2h_159\" style=\"left:827px;bottom:164px;letter-spacing:0.11px;display:inline;\">(losses) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t2k_159\" style=\"left:87px;bottom:143px;letter-spacing:0.09px;display:inline;\">Total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2n_159\" style=\"left:178px;bottom:143px;letter-spacing:0.11px;display:inline;\">Consolidated </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2s_159\" style=\"left:277px;bottom:143px;letter-spacing:0.11px;display:inline;\">Total portfolio is defined as the total of equity investments, debt investments and </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2x_159\" style=\"left:827px;bottom:143px;letter-spacing:0.11px;display:inline;\">Equity investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t2y_159\" style=\"left:1019px;bottom:143px;letter-spacing:0.11px;display:inline;\">713.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2z_159\" style=\"left:1122px;bottom:143px;letter-spacing:0.08px;display:inline;\">1,011.5 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s4_159\" id=\"t2l_159\" style=\"left:87px;bottom:126px;letter-spacing:0.11px;display:inline;\">portfolio </div><div class=\"t s5_159\" id=\"t2m_159\" style=\"vertical-align: super;left:139px;bottom:132px;display:inline;\">3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2o_159\" style=\"left:178px;bottom:126px;letter-spacing:0.11px;display:inline;\">statement </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2t_159\" style=\"left:277px;bottom:126px;letter-spacing:0.1px;display:inline;\">investments in LPs. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t30_159\" style=\"left:827px;bottom:121px;letter-spacing:0.12px;display:inline;\">Debt investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t31_159\" style=\"left:1025px;bottom:121px;letter-spacing:0.11px;display:inline;\">51.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t32_159\" style=\"left:1128px;bottom:121px;letter-spacing:0.11px;display:inline;\">83.7 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2p_159\" style=\"left:178px;bottom:109px;letter-spacing:0.09px;display:inline;\">of financial </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> <div class=\"t s1_159\" id=\"t2q_159\" style=\"left:178px;bottom:92px;letter-spacing:0.1px;display:inline;\">position, </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2u_159\" style=\"left:277px;bottom:100px;letter-spacing:0.12px;display:inline;\">This measure represents the aggregate balance sheet amounts which the Group </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t33_159\" style=\"left:827px;bottom:100px;letter-spacing:0.1px;display:inline;\">LP interests </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t34_159\" style=\"left:1025px;bottom:100px;letter-spacing:0.11px;display:inline;\">58.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t35_159\" style=\"left:1128px;bottom:100px;letter-spacing:0.11px;display:inline;\">69.7 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2v_159\" style=\"left:277px;bottom:84px;letter-spacing:0.1px;display:inline;\">considers to be its investment portfolio, and which is described in further detail within the </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t36_159\" style=\"left:827px;bottom:78px;letter-spacing:0.11px;display:inline;\">Assets held for sale </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t37_159\" style=\"left:1025px;bottom:78px;letter-spacing:0.1px;display:inline;\">13.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t38_159\" style=\"left:1144px;bottom:78px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2r_159\" style=\"left:181px;bottom:67px;letter-spacing:0.1px;display:inline;\">note 13, 14 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t2w_159\" style=\"left:277px;bottom:67px;letter-spacing:0.1px;display:inline;\">portfolio review section of the strategic report. </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t39_159\" style=\"left:827px;bottom:57px;letter-spacing:0.1px;display:inline;\">Total portfolio </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_159\" id=\"t3a_159\" style=\"left:1015px;bottom:57px;letter-spacing:0.12px;display:inline;\">837.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_159\" id=\"t3b_159\" style=\"left:1118px;bottom:57px;letter-spacing:0.09px;display:inline;\">1,164.9 </div></td></tr>\n                                        </table><div></div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_160\" id=\"t1_160\" style=\"left:1080px;bottom:791px;letter-spacing:0.12px;display:inline;\">Calculation </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_160\" id=\"t3_160\" style=\"left:178px;bottom:765px;letter-spacing:0.11px;display:inline;\">Reference for </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_160\" id=\"t6_160\" style=\"left:1018px;bottom:766px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_160\" id=\"t8_160\" style=\"left:1123px;bottom:766px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_160\" id=\"t2_160\" style=\"left:87px;bottom:748px;letter-spacing:0.16px;display:inline;\">APM </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_160\" id=\"t4_160\" style=\"left:178px;bottom:748px;letter-spacing:0.11px;display:inline;\">reconciliation </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_160\" id=\"t5_160\" style=\"left:283px;bottom:748px;letter-spacing:0.12px;display:inline;\">Definition and purpose </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_160\" id=\"t7_160\" style=\"left:1027px;bottom:748px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_160\" id=\"t9_160\" style=\"left:1131px;bottom:748px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"ta_160\" style=\"left:87px;bottom:725px;letter-spacing:0.09px;display:inline;\">Portfolio </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tc_160\" style=\"left:178px;bottom:725px;letter-spacing:0.1px;display:inline;\">Primary </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"te_160\" style=\"left:277px;bottom:725px;letter-spacing:0.11px;display:inline;\">Portfolio investment is defined as the purchase of equity and debt investments plus </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"th_160\" style=\"left:827px;bottom:725px;letter-spacing:0.11px;display:inline;\">Purchase of </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"tk_160\" style=\"left:1015px;bottom:725px;letter-spacing:0.12px;display:inline;\">(60.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tl_160\" style=\"left:1122px;bottom:725px;letter-spacing:0.11px;display:inline;\">(63.4) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"tb_160\" style=\"left:87px;bottom:708px;letter-spacing:0.12px;display:inline;\">investment </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"td_160\" style=\"left:178px;bottom:708px;letter-spacing:0.13px;display:inline;\">statements </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tf_160\" style=\"left:277px;bottom:708px;letter-spacing:0.11px;display:inline;\">investments into limited partnership interests. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"ti_160\" style=\"left:827px;bottom:708px;letter-spacing:0.11px;display:inline;\">equity and debt </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tj_160\" style=\"left:827px;bottom:691px;letter-spacing:0.12px;display:inline;\">investments </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tg_160\" style=\"left:277px;bottom:682px;letter-spacing:0.11px;display:inline;\">This gives a combined measure of investment into the Group\u2019s portfolio. </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tm_160\" style=\"left:827px;bottom:669px;letter-spacing:0.1px;word-spacing:-0.16px;display:inline;\">Investment in limited </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"tp_160\" style=\"left:1025px;bottom:669px;letter-spacing:0.11px;display:inline;\">(2.2) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tq_160\" style=\"left:1129px;bottom:669px;letter-spacing:0.1px;display:inline;\">(9.8) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tn_160\" style=\"left:827px;bottom:653px;letter-spacing:0.09px;display:inline;\">and limited liability </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"to_160\" style=\"left:827px;bottom:636px;letter-spacing:0.12px;display:inline;\">partnerships </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"tr_160\" style=\"left:827px;bottom:614px;letter-spacing:0.11px;display:inline;\">Portfolio investment </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"ts_160\" style=\"left:1016px;bottom:614px;letter-spacing:0.12px;display:inline;\">(63.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tt_160\" style=\"left:1124px;bottom:614px;letter-spacing:0.1px;display:inline;\">(73.2) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"tu_160\" style=\"left:87px;bottom:593px;letter-spacing:0.12px;display:inline;\">Cash </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tx_160\" style=\"left:178px;bottom:593px;letter-spacing:0.1px;display:inline;\">Primary </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"tz_160\" style=\"left:277px;bottom:593px;letter-spacing:0.11px;display:inline;\">Cash proceeds is defined as the proceeds from the disposal of equity and debt </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t11_160\" style=\"left:827px;bottom:593px;letter-spacing:0.11px;display:inline;\">Proceeds from </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t14_160\" style=\"left:1019px;bottom:593px;letter-spacing:0.11px;display:inline;\">182.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t15_160\" style=\"left:1130px;bottom:593px;letter-spacing:0.1px;display:inline;\">37.7 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"tv_160\" style=\"left:87px;bottom:576px;letter-spacing:0.13px;display:inline;\">proceeds </div><div class=\"t s4_160\" id=\"tw_160\" style=\"left:145px;bottom:582px;display:inline;\">1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"ty_160\" style=\"left:178px;bottom:576px;letter-spacing:0.11px;display:inline;\">statements </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t10_160\" style=\"left:277px;bottom:576px;letter-spacing:0.11px;display:inline;\">investments plus distributions received from limited partnership interests. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t12_160\" style=\"left:827px;bottom:576px;letter-spacing:0.1px;display:inline;\">the sale of equity </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t13_160\" style=\"left:827px;bottom:559px;letter-spacing:0.12px;display:inline;\">investments </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t16_160\" style=\"left:827px;bottom:538px;letter-spacing:0.1px;display:inline;\">Distributions </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t19_160\" style=\"left:1033px;bottom:538px;letter-spacing:0.09px;display:inline;\">1.2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1a_160\" style=\"left:1135px;bottom:538px;letter-spacing:0.11px;display:inline;\">0.9 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t17_160\" style=\"left:827px;bottom:521px;letter-spacing:0.1px;display:inline;\">from limited </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t18_160\" style=\"left:827px;bottom:504px;letter-spacing:0.11px;display:inline;\">partnership funds </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t1b_160\" style=\"left:827px;bottom:483px;letter-spacing:0.13px;display:inline;\">Cash proceeds </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t1c_160\" style=\"left:1017px;bottom:483px;letter-spacing:0.11px;display:inline;\">183.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1d_160\" style=\"left:1127px;bottom:483px;letter-spacing:0.11px;display:inline;\">38.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t1e_160\" style=\"left:87px;bottom:461px;letter-spacing:0.1px;display:inline;\">Net </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1h_160\" style=\"left:178px;bottom:461px;letter-spacing:0.1px;display:inline;\">Financial </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1j_160\" style=\"left:277px;bottom:461px;letter-spacing:0.11px;display:inline;\">Net overheads are defined as the Group\u2019s core overheads less operating income. The </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1m_160\" style=\"left:827px;bottom:461px;letter-spacing:0.13px;display:inline;\">Other income </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t1n_160\" style=\"left:1029px;bottom:461px;letter-spacing:0.11px;display:inline;\">5.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1o_160\" style=\"left:1135px;bottom:461px;letter-spacing:0.11px;display:inline;\">5.9 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_160\" id=\"t1f_160\" style=\"left:87px;bottom:444px;letter-spacing:0.13px;display:inline;\">overheads </div><div class=\"t s4_160\" id=\"t1g_160\" style=\"vertical-align: super;left:153px;bottom:451px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1i_160\" style=\"left:178px;bottom:444px;letter-spacing:0.1px;display:inline;\">review, note 8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1k_160\" style=\"left:277px;bottom:444px;letter-spacing:0.11px;display:inline;\">measure reflects the Group\u2019s controllable net operating \u201ccash\u2013equivalent\u201d central </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1p_160\" style=\"left:827px;bottom:440px;letter-spacing:0.11px;display:inline;\">Other administrative </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t1r_160\" style=\"left:1017px;bottom:440px;letter-spacing:0.11px;display:inline;\">(25.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1s_160\" style=\"left:1122px;bottom:440px;letter-spacing:0.1px;display:inline;\">(28.0) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1l_160\" style=\"left:277px;bottom:428px;letter-spacing:0.11px;display:inline;\">cost base. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1q_160\" style=\"left:827px;bottom:423px;letter-spacing:0.13px;display:inline;\">expenses </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1t_160\" style=\"left:827px;bottom:401px;letter-spacing:0.11px;display:inline;\">Excluding: </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1u_160\" style=\"left:827px;bottom:380px;letter-spacing:0.1px;display:inline;\">Non-portfolio </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t1x_160\" style=\"left:1025px;bottom:380px;letter-spacing:0.1px;display:inline;\">(2.7) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1y_160\" style=\"left:1130px;bottom:380px;letter-spacing:0.1px;display:inline;\">(0.4) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1v_160\" style=\"left:827px;bottom:363px;letter-spacing:0.11px;display:inline;\">foreign exchange </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1w_160\" style=\"left:827px;bottom:346px;letter-spacing:0.15px;display:inline;\">movements </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t1z_160\" style=\"left:827px;bottom:325px;letter-spacing:0.11px;display:inline;\">Restructuring costs </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t21_160\" style=\"left:1030px;bottom:325px;letter-spacing:0.11px;display:inline;\">2.4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t22_160\" style=\"left:1144px;bottom:325px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t20_160\" style=\"left:827px;bottom:308px;letter-spacing:0.1px;display:inline;\">\u2013 labour </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t23_160\" style=\"left:827px;bottom:286px;letter-spacing:0.11px;display:inline;\">Restructuring costs </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t25_160\" style=\"left:1030px;bottom:286px;letter-spacing:0.11px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t26_160\" style=\"left:1144px;bottom:286px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t24_160\" style=\"left:827px;bottom:270px;letter-spacing:0.11px;display:inline;\">\u2013 professional </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t27_160\" style=\"left:827px;bottom:248px;letter-spacing:0.13px;display:inline;\">Net overheads </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t28_160\" style=\"left:1019px;bottom:248px;letter-spacing:0.11px;display:inline;\">(19.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t29_160\" style=\"left:1123px;bottom:248px;letter-spacing:0.1px;display:inline;\">(22.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t2a_160\" style=\"left:87px;bottom:223px;letter-spacing:0.11px;display:inline;\">Gross </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t2d_160\" style=\"left:178px;bottom:223px;letter-spacing:0.1px;display:inline;\">Primary </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t2f_160\" style=\"left:277px;bottom:223px;letter-spacing:0.11px;display:inline;\">Cash and deposits is defined as cash and cash equivalents plus deposits. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t2g_160\" style=\"left:827px;bottom:223px;letter-spacing:0.12px;display:inline;\">Cash and cash </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t2i_160\" style=\"left:1020px;bottom:223px;letter-spacing:0.1px;display:inline;\">115.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t2j_160\" style=\"left:1123px;bottom:223px;letter-spacing:0.1px;display:inline;\">100.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t2b_160\" style=\"left:87px;bottom:206px;letter-spacing:0.12px;display:inline;\">cash and </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t2e_160\" style=\"left:178px;bottom:206px;letter-spacing:0.13px;display:inline;\">statements </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t2h_160\" style=\"left:827px;bottom:206px;letter-spacing:0.12px;display:inline;\">equivalents </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t2c_160\" style=\"left:87px;bottom:189px;letter-spacing:0.12px;display:inline;\">deposits </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t2k_160\" style=\"left:827px;bottom:184px;letter-spacing:0.12px;display:inline;\">Deposit </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t2l_160\" style=\"left:1018px;bottom:184px;letter-spacing:0.11px;display:inline;\">170.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t2m_160\" style=\"left:1124px;bottom:184px;letter-spacing:0.1px;display:inline;\">126.0 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t2n_160\" style=\"left:827px;bottom:163px;letter-spacing:0.12px;display:inline;\">Gross cash and </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t2p_160\" style=\"left:1014px;bottom:163px;letter-spacing:0.12px;display:inline;\">285.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_160\" id=\"t2q_160\" style=\"left:1120px;bottom:163px;letter-spacing:0.11px;display:inline;\">226.9 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_160\" id=\"t2o_160\" style=\"left:827px;bottom:146px;letter-spacing:0.12px;display:inline;\">deposits </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr></table>\n\n\n<div class=\"t s8_160\" id=\"t2v_160\" style=\"left:87px;bottom:817px;letter-spacing:0.18px;display:inline;\"> </div><div class=\"t s9_160\" id=\"t2w_160\" style=\"left:529px;bottom:820px;letter-spacing:0.13px;display:inline;\"></div><div></div><div class=\"t s0_161\" id=\"t1_161\" style=\"left:1080px;bottom:791px;letter-spacing:0.12px;display:inline;\">Calculation </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_161\" id=\"t3_161\" style=\"left:178px;bottom:765px;letter-spacing:0.11px;display:inline;\">Reference for </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_161\" id=\"t6_161\" style=\"left:1018px;bottom:766px;letter-spacing:0.14px;display:inline;\">2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_161\" id=\"t8_161\" style=\"left:1123px;bottom:766px;letter-spacing:0.13px;display:inline;\">2023 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_161\" id=\"t2_161\" style=\"left:87px;bottom:748px;letter-spacing:0.16px;display:inline;\">APM </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_161\" id=\"t4_161\" style=\"left:178px;bottom:748px;letter-spacing:0.11px;display:inline;\">reconciliation </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_161\" id=\"t5_161\" style=\"left:283px;bottom:748px;letter-spacing:0.12px;display:inline;\">Definition and purpose </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_161\" id=\"t7_161\" style=\"left:1027px;bottom:748px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_161\" id=\"t9_161\" style=\"left:1131px;bottom:748px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"ta_161\" style=\"left:87px;bottom:725px;letter-spacing:0.1px;display:inline;\">Loss </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"td_161\" style=\"left:178px;bottom:725px;letter-spacing:0.1px;display:inline;\">Primary </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tf_161\" style=\"left:277px;bottom:725px;letter-spacing:0.1px;display:inline;\">(Loss)/profit excluding ONT is defined as the Groups (loss)/profit for the year (after tax) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tl_161\" style=\"left:827px;bottom:725px;letter-spacing:0.1px;display:inline;\">(Loss) for the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"tm_161\" style=\"left:1009px;bottom:725px;letter-spacing:0.12px;display:inline;\">(207.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tn_161\" style=\"left:1120px;bottom:725px;letter-spacing:0.1px;display:inline;\">(174.4) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"tb_161\" style=\"left:87px;bottom:708px;letter-spacing:0.11px;display:inline;\">excluding </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"te_161\" style=\"left:178px;bottom:708px;letter-spacing:0.13px;display:inline;\">statements </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tg_161\" style=\"left:277px;bottom:708px;letter-spacing:0.11px;display:inline;\">excluding the (loss)/profit on the investment held in Oxford Nanopore publicly quoted </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"to_161\" style=\"left:827px;bottom:703px;letter-spacing:0.11px;display:inline;\">Excluding: </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"tc_161\" style=\"left:87px;bottom:691px;letter-spacing:0.16px;display:inline;\">ONT </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"th_161\" style=\"left:277px;bottom:691px;letter-spacing:0.11px;display:inline;\">shares both realised and unrealised. </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tp_161\" style=\"left:827px;bottom:682px;letter-spacing:0.11px;display:inline;\">Change in fair value </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"ts_161\" style=\"left:1022px;bottom:682px;letter-spacing:0.12px;display:inline;\">66.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tt_161\" style=\"left:1131px;bottom:682px;letter-spacing:0.09px;display:inline;\">31.9 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"ti_161\" style=\"left:277px;bottom:666px;letter-spacing:0.11px;display:inline;\">This measure gives a view of the results of this business excluding this single investment </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tq_161\" style=\"left:827px;bottom:665px;letter-spacing:0.11px;display:inline;\">of equity investment </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tj_161\" style=\"left:277px;bottom:649px;letter-spacing:0.1px;display:inline;\">which, given its size and recent share price volatility, may be helpful to users of the </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tr_161\" style=\"left:827px;bottom:648px;letter-spacing:0.12px;display:inline;\">in Oxford Nanopore </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tk_161\" style=\"left:277px;bottom:632px;letter-spacing:0.11px;display:inline;\">accounts as a view of the underlying business. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"tu_161\" style=\"left:827px;bottom:626px;letter-spacing:0.1px;display:inline;\">(Loss)/profit </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"tw_161\" style=\"left:1012px;bottom:626px;letter-spacing:0.11px;display:inline;\">(140.7) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"tx_161\" style=\"left:1119px;bottom:626px;letter-spacing:0.1px;display:inline;\">(142.5) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"tv_161\" style=\"left:827px;bottom:610px;letter-spacing:0.13px;display:inline;\">excluding ONT </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"ty_161\" style=\"left:87px;bottom:580px;letter-spacing:0.11px;display:inline;\">Simple </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t11_161\" style=\"left:178px;bottom:580px;letter-spacing:0.1px;display:inline;\">Note 27 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t12_161\" style=\"left:277px;bottom:580px;letter-spacing:0.11px;display:inline;\">Defined as net portfolio gains/losses divided by the opening total portfolio value. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t15_161\" style=\"left:827px;bottom:580px;letter-spacing:0.1px;display:inline;\">Net portfolio (losses) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t16_161\" style=\"left:1011px;bottom:580px;letter-spacing:0.11px;display:inline;\">(195.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t17_161\" style=\"left:1118px;bottom:580px;letter-spacing:0.1px;display:inline;\">(160.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"tz_161\" style=\"left:87px;bottom:563px;letter-spacing:0.1px;display:inline;\">return on </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t13_161\" style=\"left:277px;bottom:554px;letter-spacing:0.1px;display:inline;\">This measure gives a view of the size of portfolio gains or losses relative to the opening </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t18_161\" style=\"left:827px;bottom:558px;letter-spacing:0.11px;display:inline;\">Opening total </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1a_161\" style=\"left:1009px;bottom:558px;letter-spacing:0.1px;display:inline;\">1,164.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1b_161\" style=\"left:1114px;bottom:558px;letter-spacing:0.09px;display:inline;\">1,258.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t10_161\" style=\"left:87px;bottom:546px;letter-spacing:0.11px;display:inline;\">capital (%) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t14_161\" style=\"left:277px;bottom:537px;letter-spacing:0.1px;display:inline;\">portfolio value, giving useful additional context for the value of gains or losses. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t19_161\" style=\"left:827px;bottom:541px;letter-spacing:0.1px;display:inline;\">portfolio value </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1c_161\" style=\"left:827px;bottom:520px;letter-spacing:0.11px;display:inline;\">Simple return on </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1e_161\" style=\"left:1021px;bottom:520px;letter-spacing:0.12px;display:inline;\">(17%) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1f_161\" style=\"left:1127px;bottom:520px;letter-spacing:0.11px;display:inline;\">(13%) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1d_161\" style=\"left:827px;bottom:503px;letter-spacing:0.11px;display:inline;\">capital (%) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1g_161\" style=\"left:87px;bottom:465px;letter-spacing:0.11px;display:inline;\">% Return on </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1i_161\" style=\"left:178px;bottom:465px;letter-spacing:0.1px;display:inline;\">Note 27 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1o_161\" style=\"left:277px;bottom:465px;letter-spacing:0.11px;display:inline;\">Defined as return on NAV divided by the opening Net Asset Value. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1r_161\" style=\"left:827px;bottom:465px;letter-spacing:0.12px;display:inline;\">Return on NAV </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1s_161\" style=\"left:1012px;bottom:465px;letter-spacing:0.11px;display:inline;\">(208.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1t_161\" style=\"left:1121px;bottom:465px;letter-spacing:0.09px;display:inline;\">(172.2) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1h_161\" style=\"left:87px;bottom:448px;letter-spacing:0.13px;display:inline;\">NAV (%) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1j_161\" style=\"left:178px;bottom:448px;letter-spacing:0.1px;display:inline;\">(return on </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1p_161\" style=\"left:277px;bottom:439px;letter-spacing:0.11px;display:inline;\">This measure gives a view of the size of Return on NAV relative to the opening Net Asset </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1u_161\" style=\"left:827px;bottom:443px;letter-spacing:0.11px;display:inline;\">Opening Net </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1w_161\" style=\"left:1010px;bottom:443px;letter-spacing:0.1px;display:inline;\">1,190.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1x_161\" style=\"left:1119px;bottom:443px;letter-spacing:0.09px;display:inline;\">1,376.1 </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1k_161\" style=\"left:178px;bottom:431px;letter-spacing:0.11px;display:inline;\">NAV) Primary </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1q_161\" style=\"left:277px;bottom:423px;letter-spacing:0.1px;display:inline;\">Value, giving useful additional context for the value of returns. </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1v_161\" style=\"left:827px;bottom:427px;letter-spacing:0.12px;display:inline;\">Asset Value </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1l_161\" style=\"left:178px;bottom:414px;letter-spacing:0.11px;display:inline;\">statements </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1y_161\" style=\"left:827px;bottom:405px;letter-spacing:0.12px;display:inline;\">Return on NAV (%) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_161\" id=\"t1z_161\" style=\"left:1021px;bottom:405px;letter-spacing:0.12px;display:inline;\">(17%) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t20_161\" style=\"left:1127px;bottom:405px;letter-spacing:0.11px;display:inline;\">(13%) </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1m_161\" style=\"left:178px;bottom:398px;letter-spacing:0.09px;display:inline;\">(Net </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_161\" id=\"t1n_161\" style=\"left:178px;bottom:381px;letter-spacing:0.11px;display:inline;\">Asset Value) </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr></table><div class=\"t s4_161\" id=\"t21_161\" style=\"left:87px;bottom:364px;display:inline;\">1 </div><div class=\"t s5_161\" id=\"t22_161\" style=\"left:100px;bottom:360px;letter-spacing:-0.15px;display:inline;\">For consistency with how we report investments as the purchase of equity and debt investments plus investment in limited and limited liability partnerships, the Directors believe that this new measure </div><div class=\"t s5_161\" id=\"t23_161\" style=\"left:100px;bottom:346px;letter-spacing:-0.15px;display:inline;\">showing cash proceeds is defined as the proceeds from the disposal of equity and debt investments plus distributions received from limited liability partnerships interests profit represents a useful </div><div class=\"t s5_161\" id=\"t24_161\" style=\"left:100px;bottom:333px;letter-spacing:-0.15px;display:inline;\">additional measure for users of the accounts. </div><div class=\"t s4_161\" id=\"t25_161\" style=\"left:87px;bottom:318px;display:inline;\">2 </div><div class=\"t s5_161\" id=\"t26_161\" style=\"left:103px;bottom:315px;letter-spacing:-0.16px;display:inline;\">For clarity non-portfolio foreign exchange movements have been excluded from net overheads, these exchange movements are on intercompany loans and other balance sheet items including cash, </div><div class=\"t s5_161\" id=\"t27_161\" style=\"left:100px;bottom:301px;letter-spacing:-0.15px;display:inline;\">and which do not represent an ongoing overhead cost for the group. Their exclusion is therefore considered to give a more accurate view of the underlying net overhead costs of the business. </div><div class=\"t s4_161\" id=\"t28_161\" style=\"left:87px;bottom:286px;display:inline;\">3 </div><div class=\"t s5_161\" id=\"t29_161\" style=\"left:103px;bottom:283px;letter-spacing:-0.15px;display:inline;\">At 31 December 2024, the Group was in the process of disposing of a number of assets, which were accordingly reclassified within current assets as Assets Held for Sale. These assets are considered to </div><div class=\"t s5_161\" id=\"t2a_161\" style=\"left:100px;bottom:269px;letter-spacing:-0.15px;display:inline;\">be part of the Group\u2019s investment portfolio and have been managed as such throughout the period. Accordingly, the APM has been amended to included Assets Held for Sale within the Group\u2019s Total </div><span>portfolio APM. </span>",
   "dimensions": {
    "concept": "ipo:DisclosureOfAlternativePerformanceMeasuresTextBlock",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": {
   "value": "<span>28. Post balance sheet events </span><div class=\"t s3_161\" id=\"t2d_161\" style=\"left:87px;bottom:203px;letter-spacing:0.11px;display:inline;\">As at 21 March 2025, unrealised fair value losses in respect of the Group\u2019s quoted portfolio totalled \u00a314.7m, largely in respect of Oxford Nanopore Technologies plc, which has seen </div><div class=\"t s3_161\" id=\"t2e_161\" style=\"left:87px;bottom:187px;letter-spacing:0.11px;display:inline;\">a fair value loss of \u00a313.8m since 31 December 2024. </div><div class=\"t s3_161\" id=\"t2f_161\" style=\"left:87px;bottom:161px;letter-spacing:0.11px;display:inline;\">The Group was notified of the outcome of Istesso\u2019s Phase 2b trial for Leramistat in February 2025, reflecting information which Istesso Limited had received prior to </div><div class=\"t s3_161\" id=\"t2g_161\" style=\"left:87px;bottom:144px;letter-spacing:0.11px;display:inline;\">31 December 2024. </div><div class=\"t s3_161\" id=\"t2h_161\" style=\"left:87px;bottom:119px;letter-spacing:0.11px;display:inline;\">Since 1 January 2025, the Group has delivered cash proceeds of \u00a324.7m. </div><div class=\"t s3_161\" id=\"t2i_161\" style=\"left:87px;bottom:93px;letter-spacing:0.11px;display:inline;\">In January 2025 the Group launched a further extension by up to \u00a340m of its buyback programme, which had been announced in December 2024. In March 2025, as part of the </div><span>Group\u2019s preliminary results statement, the Group announced Intention to extend buyback programme by a further \u00a310m. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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  },
  "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": {
   "value": "<span>COMPANY BALANCE SHEET</span><div class=\"t s7_162\" id=\"t2j_162\" style=\"left:529px;bottom:889px;display:inline;\">. </div><div class=\"t s8_162\" id=\"t2k_162\" style=\"left:87px;bottom:863px;letter-spacing:0.23px;display:inline;\">AS AT 31 DECEMBER 2024 </div><div class=\"t s1_162\" id=\"t2_162\" style=\"left:624px;bottom:820px;letter-spacing:0.14px;display:inline;\">2024 </div><div class=\"t s0_162\" id=\"t4_162\" style=\"left:712px;bottom:820px;letter-spacing:0.13px;display:inline;\">2023 </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_162\" id=\"t1_162\" style=\"left:539px;bottom:803px;letter-spacing:0.13px;display:inline;\">Note </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_162\" id=\"t3_162\" style=\"left:634px;bottom:803px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_162\" id=\"t5_162\" style=\"left:721px;bottom:803px;letter-spacing:0.18px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t6_162\" style=\"left:87px;bottom:778px;letter-spacing:0.14px;display:inline;\">ASSETS </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t7_162\" style=\"left:87px;bottom:757px;letter-spacing:0.12px;display:inline;\">Non-current assets </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t8_162\" style=\"left:87px;bottom:735px;letter-spacing:0.11px;display:inline;\">Investment in subsidiary undertakings </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t9_162\" style=\"left:561px;bottom:735px;display:inline;\">2 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"ta_162\" style=\"left:624px;bottom:735px;letter-spacing:0.11px;display:inline;\">331.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"tb_162\" style=\"left:710px;bottom:735px;letter-spacing:0.11px;display:inline;\">330.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"tc_162\" style=\"left:87px;bottom:714px;letter-spacing:0.12px;display:inline;\">Equity and debt investments </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"td_162\" style=\"left:561px;bottom:714px;display:inline;\">3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"te_162\" style=\"left:636px;bottom:714px;letter-spacing:0.11px;display:inline;\">3.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"tf_162\" style=\"left:724px;bottom:714px;letter-spacing:0.1px;display:inline;\">3.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"tg_162\" style=\"left:87px;bottom:693px;letter-spacing:0.1px;display:inline;\">Limited liability partnership interests </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"th_162\" style=\"left:560px;bottom:693px;display:inline;\">4 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"ti_162\" style=\"left:637px;bottom:693px;letter-spacing:0.11px;display:inline;\">2.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"tj_162\" style=\"left:724px;bottom:693px;letter-spacing:0.1px;display:inline;\">2.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"tk_162\" style=\"left:87px;bottom:671px;letter-spacing:0.11px;display:inline;\">Loans to subsidiary undertakings: long term </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"tl_162\" style=\"left:560px;bottom:671px;display:inline;\">5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"tm_162\" style=\"left:620px;bottom:671px;letter-spacing:0.13px;display:inline;\">605.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"tn_162\" style=\"left:709px;bottom:671px;letter-spacing:0.12px;display:inline;\">640.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"to_162\" style=\"left:87px;bottom:650px;letter-spacing:0.12px;display:inline;\">Total non-current assets </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"tp_162\" style=\"left:621px;bottom:650px;letter-spacing:0.12px;display:inline;\">942.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"tq_162\" style=\"left:711px;bottom:650px;letter-spacing:0.11px;display:inline;\">977.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"tr_162\" style=\"left:87px;bottom:607px;letter-spacing:0.12px;display:inline;\">Current assets </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"ts_162\" style=\"left:87px;bottom:585px;letter-spacing:0.11px;display:inline;\">Loans to subsidiary undertakings: short term </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"tt_162\" style=\"left:560px;bottom:585px;display:inline;\">5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"tu_162\" style=\"left:636px;bottom:585px;letter-spacing:0.11px;display:inline;\">0.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"tv_162\" style=\"left:724px;bottom:585px;letter-spacing:0.11px;display:inline;\">0.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"tw_162\" style=\"left:87px;bottom:564px;letter-spacing:0.12px;display:inline;\">Trade receivables </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"tx_162\" style=\"left:639px;bottom:564px;letter-spacing:0.09px;display:inline;\">1.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"ty_162\" style=\"left:733px;bottom:564px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"tz_162\" style=\"left:87px;bottom:542px;letter-spacing:0.12px;display:inline;\">Cash &amp; cash equivalent </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t10_162\" style=\"left:646px;bottom:542px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t11_162\" style=\"left:733px;bottom:542px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t12_162\" style=\"left:87px;bottom:521px;letter-spacing:0.11px;display:inline;\">Total current assets </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t13_162\" style=\"left:637px;bottom:521px;letter-spacing:0.11px;display:inline;\">2.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t14_162\" style=\"left:724px;bottom:521px;letter-spacing:0.11px;display:inline;\">0.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t15_162\" style=\"left:87px;bottom:499px;letter-spacing:0.11px;display:inline;\">Total assets </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t16_162\" style=\"left:623px;bottom:499px;letter-spacing:0.11px;display:inline;\">945.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t17_162\" style=\"left:710px;bottom:499px;letter-spacing:0.12px;display:inline;\">978.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t18_162\" style=\"left:87px;bottom:456px;letter-spacing:0.11px;display:inline;\">EQUITY AND LIABILITIES </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t19_162\" style=\"left:87px;bottom:435px;letter-spacing:0.12px;display:inline;\">Capital and reserves </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t1a_162\" style=\"left:87px;bottom:413px;letter-spacing:0.12px;display:inline;\">Called-up share capital </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t1b_162\" style=\"left:560px;bottom:413px;display:inline;\">6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1c_162\" style=\"left:631px;bottom:413px;letter-spacing:0.11px;display:inline;\">19.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t1d_162\" style=\"left:721px;bottom:413px;letter-spacing:0.09px;display:inline;\">21.3 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t1e_162\" style=\"left:87px;bottom:392px;letter-spacing:0.13px;display:inline;\">Share premium account </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t1f_162\" style=\"left:560px;bottom:392px;display:inline;\">6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1g_162\" style=\"left:624px;bottom:392px;letter-spacing:0.11px;display:inline;\">102.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t1h_162\" style=\"left:713px;bottom:392px;letter-spacing:0.1px;display:inline;\">102.8 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t1i_162\" style=\"left:87px;bottom:370px;letter-spacing:0.12px;display:inline;\">Capital redemption reserve </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t1j_162\" style=\"left:560px;bottom:370px;display:inline;\">6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1k_162\" style=\"left:639px;bottom:370px;letter-spacing:0.09px;display:inline;\">1.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t1l_162\" style=\"left:733px;bottom:370px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t1m_162\" style=\"left:87px;bottom:349px;letter-spacing:0.12px;display:inline;\">Retained earnings </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t1n_162\" style=\"left:560px;bottom:349px;display:inline;\">6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1o_162\" style=\"left:622px;bottom:349px;letter-spacing:0.12px;display:inline;\">700.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t1p_162\" style=\"left:710px;bottom:349px;letter-spacing:0.11px;display:inline;\">734.0 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1q_162\" style=\"left:87px;bottom:327px;letter-spacing:0.11px;display:inline;\">Total equity attributable to equity holders </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1r_162\" style=\"left:621px;bottom:327px;letter-spacing:0.12px;display:inline;\">824.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t1s_162\" style=\"left:713px;bottom:327px;letter-spacing:0.1px;display:inline;\">858.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1t_162\" style=\"left:87px;bottom:284px;letter-spacing:0.1px;display:inline;\">Current liabilities </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t1u_162\" style=\"left:87px;bottom:263px;letter-spacing:0.12px;display:inline;\">Trade and other payables </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1v_162\" style=\"left:636px;bottom:263px;letter-spacing:0.11px;display:inline;\">0.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t1w_162\" style=\"left:724px;bottom:263px;letter-spacing:0.11px;display:inline;\">0.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1x_162\" style=\"left:87px;bottom:241px;letter-spacing:0.1px;display:inline;\">Total current liabilities </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t1y_162\" style=\"left:636px;bottom:241px;letter-spacing:0.11px;display:inline;\">0.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t1z_162\" style=\"left:724px;bottom:241px;letter-spacing:0.11px;display:inline;\">0.9 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t20_162\" style=\"left:87px;bottom:198px;letter-spacing:0.11px;display:inline;\">Non-current liabilities </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t21_162\" style=\"left:87px;bottom:177px;letter-spacing:0.12px;display:inline;\">Borrowings </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t22_162\" style=\"left:628px;bottom:177px;letter-spacing:0.1px;display:inline;\">119.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t23_162\" style=\"left:717px;bottom:177px;letter-spacing:0.09px;display:inline;\">119.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_162\" id=\"t24_162\" style=\"left:87px;bottom:155px;letter-spacing:0.1px;display:inline;\">Deferred tax liability </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t25_162\" style=\"left:646px;bottom:155px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t26_162\" style=\"left:733px;bottom:155px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t27_162\" style=\"left:87px;bottom:134px;letter-spacing:0.11px;display:inline;\">Total non-current liabilities </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t28_162\" style=\"left:628px;bottom:134px;letter-spacing:0.1px;display:inline;\">119.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t29_162\" style=\"left:717px;bottom:134px;letter-spacing:0.09px;display:inline;\">119.6 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t2a_162\" style=\"left:87px;bottom:112px;letter-spacing:0.1px;display:inline;\">Total liabilities </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t2b_162\" style=\"left:624px;bottom:112px;letter-spacing:0.11px;display:inline;\">120.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t2c_162\" style=\"left:714px;bottom:112px;letter-spacing:0.1px;display:inline;\">120.5 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t2d_162\" style=\"left:87px;bottom:91px;letter-spacing:0.1px;display:inline;\">Total equity and liabilities </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_162\" id=\"t2e_162\" style=\"left:624px;bottom:91px;letter-spacing:0.11px;display:inline;\">945.1 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s4_162\" id=\"t2f_162\" style=\"left:710px;bottom:91px;letter-spacing:0.12px;display:inline;\">978.6 </div></td></tr></table><span>COMPANY STATEMENT OF CHANGES IN EQUITY</span><div class=\"t s9_163\" id=\"t42_163\" style=\"left:851px;bottom:889px;display:inline;\">. </div><div class=\"t sa_163\" id=\"t43_163\" style=\"left:86px;bottom:863px;letter-spacing:0.23px;display:inline;\">AS AT 31 DECEMBER 2024 </div><table><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"t7_163\" style=\"left:655px;bottom:820px;letter-spacing:0.1px;display:inline;\">Capital </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"t1_163\" style=\"left:492px;bottom:807px;letter-spacing:0.13px;display:inline;\">Share </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"t4_163\" style=\"left:570px;bottom:807px;letter-spacing:0.13px;display:inline;\">Share </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"t8_163\" style=\"left:627px;bottom:805px;letter-spacing:0.12px;display:inline;\">redemption </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"tb_163\" style=\"left:736px;bottom:807px;letter-spacing:0.13px;display:inline;\">Retained </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"t2_163\" style=\"left:485px;bottom:789px;letter-spacing:0.11px;display:inline;\">capital </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"t5_163\" style=\"left:542px;bottom:789px;letter-spacing:0.13px;display:inline;\">premium(i) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"t9_163\" style=\"left:632px;bottom:789px;letter-spacing:0.1px;display:inline;\">reserve(iii) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"tc_163\" style=\"left:718px;bottom:789px;letter-spacing:0.11px;display:inline;\">earnings(ii) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"te_163\" style=\"left:847px;bottom:789px;letter-spacing:0.11px;display:inline;\">Total </div></td></tr><tr><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"t3_163\" style=\"left:508px;bottom:772px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"t6_163\" style=\"left:585px;bottom:772px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"ta_163\" style=\"left:680px;bottom:772px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"td_163\" style=\"left:758px;bottom:772px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s0_163\" id=\"tf_163\" style=\"left:857px;bottom:772px;letter-spacing:0.19px;display:inline;\">\u00a3m </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"tg_163\" style=\"left:87px;bottom:748px;letter-spacing:0.12px;display:inline;\">At 1 January 2023 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_163\" id=\"th_163\" style=\"left:508px;bottom:748px;letter-spacing:0.08px;display:inline;\">21.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_163\" id=\"ti_163\" style=\"left:586px;bottom:748px;letter-spacing:0.09px;display:inline;\">102.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_163\" id=\"tj_163\" style=\"left:693px;bottom:748px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_163\" id=\"tk_163\" style=\"left:756px;bottom:748px;letter-spacing:0.1px;display:inline;\">750.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_163\" id=\"tl_163\" style=\"left:846px;bottom:748px;letter-spacing:0.1px;display:inline;\">874.4 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"tm_163\" style=\"left:87px;bottom:726px;letter-spacing:0.12px;display:inline;\">Total comprehensive income for the period </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"tn_163\" style=\"left:87px;bottom:705px;letter-spacing:0.11px;display:inline;\">Loss for the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"to_163\" style=\"left:520px;bottom:705px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"tp_163\" style=\"left:607px;bottom:705px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"tq_163\" style=\"left:694px;bottom:705px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"tr_163\" style=\"left:765px;bottom:705px;letter-spacing:0.1px;display:inline;\">(5.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"ts_163\" style=\"left:856px;bottom:705px;letter-spacing:0.1px;display:inline;\">(5.8) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"tt_163\" style=\"left:87px;bottom:683px;letter-spacing:0.12px;display:inline;\">Total comprehensive income for the period </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"tu_163\" style=\"left:520px;bottom:683px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"tv_163\" style=\"left:607px;bottom:683px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"tw_163\" style=\"left:694px;bottom:683px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"tx_163\" style=\"left:765px;bottom:683px;letter-spacing:0.1px;display:inline;\">(5.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"ty_163\" style=\"left:856px;bottom:683px;letter-spacing:0.1px;display:inline;\">(5.8) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"tz_163\" style=\"left:87px;bottom:662px;letter-spacing:0.11px;display:inline;\">Transactions with owners, recorded directly in equity </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s3_163\" id=\"t10_163\" style=\"left:87px;bottom:640px;letter-spacing:0.11px;display:inline;\">Purchase of treasury shares </div><div class=\"t s4_163\" id=\"t11_163\" style=\"vertical-align: super;left:255px;bottom:647px;letter-spacing:0.04px;display:inline;\">(iii) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t12_163\" style=\"left:520px;bottom:640px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t13_163\" style=\"left:607px;bottom:640px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t14_163\" style=\"left:694px;bottom:640px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t15_163\" style=\"left:769px;bottom:640px;letter-spacing:0.09px;display:inline;\">(0.1) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t16_163\" style=\"left:860px;bottom:640px;letter-spacing:0.09px;display:inline;\">(0.1) </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s3_163\" id=\"t17_163\" style=\"left:87px;bottom:619px;letter-spacing:0.12px;display:inline;\">Equity-settled share-based payments </div><div class=\"t s4_163\" id=\"t18_163\" style=\"vertical-align: super;left:318px;bottom:625px;letter-spacing:0.05px;display:inline;\">(iv) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t19_163\" style=\"left:520px;bottom:619px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1a_163\" style=\"left:607px;bottom:619px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1b_163\" style=\"left:694px;bottom:619px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1c_163\" style=\"left:770px;bottom:619px;letter-spacing:0.1px;display:inline;\">2.6 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1d_163\" style=\"left:861px;bottom:619px;letter-spacing:0.1px;display:inline;\">2.6 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s3_163\" id=\"t1e_163\" style=\"left:87px;bottom:597px;letter-spacing:0.12px;display:inline;\">Ordinary dividends </div><div class=\"t s4_163\" id=\"t1f_163\" style=\"vertical-align: super;left:201px;bottom:604px;letter-spacing:0.06px;display:inline;\">(v) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1g_163\" style=\"left:520px;bottom:597px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1h_163\" style=\"left:607px;bottom:597px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1i_163\" style=\"left:694px;bottom:597px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1j_163\" style=\"left:762px;bottom:597px;letter-spacing:0.09px;display:inline;\">(13.0) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1k_163\" style=\"left:853px;bottom:597px;letter-spacing:0.09px;display:inline;\">(13.0) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1l_163\" style=\"left:87px;bottom:576px;letter-spacing:0.11px;display:inline;\">Total contributions by and distributions to owners </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1m_163\" style=\"left:520px;bottom:576px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1n_163\" style=\"left:607px;bottom:576px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1o_163\" style=\"left:694px;bottom:576px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1p_163\" style=\"left:761px;bottom:576px;letter-spacing:0.09px;display:inline;\">(10.5) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1q_163\" style=\"left:852px;bottom:576px;letter-spacing:0.09px;display:inline;\">(10.5) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t1r_163\" style=\"left:87px;bottom:554px;letter-spacing:0.12px;display:inline;\">At 1 January 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t1s_163\" style=\"left:506px;bottom:554px;letter-spacing:0.08px;display:inline;\">21.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t1t_163\" style=\"left:585px;bottom:554px;letter-spacing:0.11px;display:inline;\">102.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t1u_163\" style=\"left:693px;bottom:554px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t1v_163\" style=\"left:754px;bottom:554px;letter-spacing:0.12px;display:inline;\">734.0 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t1w_163\" style=\"left:847px;bottom:554px;letter-spacing:0.11px;display:inline;\">858.1 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t1x_163\" style=\"left:87px;bottom:533px;letter-spacing:0.12px;display:inline;\">Total comprehensive income for the period </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1y_163\" style=\"left:87px;bottom:511px;letter-spacing:0.11px;display:inline;\">Loss for the year </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t1z_163\" style=\"left:520px;bottom:511px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t20_163\" style=\"left:607px;bottom:511px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t21_163\" style=\"left:694px;bottom:511px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t22_163\" style=\"left:765px;bottom:511px;letter-spacing:0.1px;display:inline;\">(5.9) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t23_163\" style=\"left:856px;bottom:511px;letter-spacing:0.1px;display:inline;\">(5.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t24_163\" style=\"left:87px;bottom:490px;letter-spacing:0.11px;display:inline;\">Total comprehensive income for the period </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t25_163\" style=\"left:521px;bottom:490px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t26_163\" style=\"left:607px;bottom:490px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t27_163\" style=\"left:694px;bottom:490px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t28_163\" style=\"left:765px;bottom:490px;letter-spacing:0.1px;display:inline;\">(5.9) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t29_163\" style=\"left:856px;bottom:490px;letter-spacing:0.1px;display:inline;\">(5.9) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t2a_163\" style=\"left:87px;bottom:468px;letter-spacing:0.11px;display:inline;\">Transactions with owners, recorded directly in equity </div></td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td><td class=\"emptyTDSTag\" colspan=\"1\" rowspan=\"1\"> </td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2b_163\" style=\"left:87px;bottom:447px;letter-spacing:0.13px;display:inline;\">Other movements </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2c_163\" style=\"left:521px;bottom:447px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2d_163\" style=\"left:593px;bottom:447px;letter-spacing:0.1px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2e_163\" style=\"left:694px;bottom:447px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2f_163\" style=\"left:771px;bottom:447px;letter-spacing:0.1px;display:inline;\">0.3 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2g_163\" style=\"left:870px;bottom:447px;display:inline;\">\u2013 </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s3_163\" id=\"t2h_163\" style=\"left:87px;bottom:425px;letter-spacing:0.11px;display:inline;\">Purchase of treasury shares </div><div class=\"t s4_163\" id=\"t2i_163\" style=\"vertical-align: super;left:255px;bottom:432px;letter-spacing:0.04px;display:inline;\">(iii) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2j_163\" style=\"left:510px;bottom:426px;letter-spacing:0.09px;display:inline;\">(1.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2k_163\" style=\"left:607px;bottom:426px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2l_163\" style=\"left:688px;bottom:426px;letter-spacing:0.08px;display:inline;\">1.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2m_163\" style=\"left:758px;bottom:426px;letter-spacing:0.11px;display:inline;\">(29.6) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2n_163\" style=\"left:849px;bottom:426px;letter-spacing:0.11px;display:inline;\">(29.6) </div></td></tr><tr><td class=\"tcs-selection-enabled\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s3_163\" id=\"t2o_163\" style=\"left:87px;bottom:404px;letter-spacing:0.12px;display:inline;\">Equity-settled share-based payments </div><div class=\"t s4_163\" id=\"t2p_163\" style=\"vertical-align: super;left:318px;bottom:410px;letter-spacing:0.05px;display:inline;\">(iv) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2q_163\" style=\"left:520px;bottom:404px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2r_163\" style=\"left:607px;bottom:404px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2s_163\" style=\"left:694px;bottom:404px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2t_163\" style=\"left:774px;bottom:404px;letter-spacing:0.08px;display:inline;\">1.9 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2u_163\" style=\"left:865px;bottom:404px;letter-spacing:0.08px;display:inline;\">1.9 </div></td></tr><tr><td class=\"tcs-selection-enabled tcs-selected\" colspan=\"1\" rowspan=\"1\" style=\"text-wrap: nowrap;\"><div class=\"t s2_163\" id=\"t2v_163\" style=\"left:87px;bottom:383px;letter-spacing:0.12px;display:inline;\">Ordinary dividends </div><div class=\"t s4_163\" id=\"t2w_163\" style=\"vertical-align: super;left:202px;bottom:389px;letter-spacing:0.06px;display:inline;\">(v) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2x_163\" style=\"left:520px;bottom:383px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2y_163\" style=\"left:607px;bottom:383px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t2z_163\" style=\"left:694px;bottom:383px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t30_163\" style=\"left:779px;bottom:383px;display:inline;\">\u2013 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t31_163\" style=\"left:870px;bottom:383px;display:inline;\">\u2013 </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s2_163\" id=\"t32_163\" style=\"left:87px;bottom:361px;letter-spacing:0.11px;display:inline;\">Total contributions by and distributions to owners </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t33_163\" style=\"left:510px;bottom:361px;letter-spacing:0.09px;display:inline;\">(1.8) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t34_163\" style=\"left:593px;bottom:361px;letter-spacing:0.1px;display:inline;\">(0.3) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t35_163\" style=\"left:688px;bottom:361px;letter-spacing:0.08px;display:inline;\">1.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t36_163\" style=\"left:759px;bottom:361px;letter-spacing:0.1px;display:inline;\">(27.4) </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s3_163\" id=\"t37_163\" style=\"left:851px;bottom:361px;letter-spacing:0.1px;display:inline;\">(27.7) </div></td></tr><tr><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t38_163\" style=\"left:87px;bottom:340px;letter-spacing:0.12px;display:inline;\">At 31 December 2024 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t39_163\" style=\"left:505px;bottom:340px;letter-spacing:0.11px;display:inline;\">19.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t3a_163\" style=\"left:585px;bottom:340px;letter-spacing:0.11px;display:inline;\">102.5 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t3b_163\" style=\"left:686px;bottom:340px;letter-spacing:0.09px;display:inline;\">1.8 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t3c_163\" style=\"left:755px;bottom:340px;letter-spacing:0.12px;display:inline;\">700.7 </div></td><td colspan=\"1\" rowspan=\"1\"><div class=\"t s1_163\" id=\"t3d_163\" style=\"left:844px;bottom:340px;letter-spacing:0.12px;display:inline;\">824.5 </div></td></tr></table><div class=\"t s5_163\" id=\"t3e_163\" style=\"left:87px;bottom:319px;display:inline;\">I </div><div class=\"t s5_163\" id=\"t3f_163\" style=\"left:100px;bottom:319px;letter-spacing:-0.15px;display:inline;\">Share premium \u2013 Amount subscribed for share capital in excess of nominal value, net of directly attributable issue costs. </div><div class=\"t s5_163\" id=\"t3g_163\" style=\"left:87px;bottom:301px;letter-spacing:-0.05px;display:inline;\">ii </div><div class=\"t s5_163\" id=\"t3h_163\" style=\"left:100px;bottom:301px;letter-spacing:-0.16px;display:inline;\">Retained earnings \u2013 Cumulative net gains and losses recognised in the statement of comprehensive income net of associated share-based </div><div class=\"t s5_163\" id=\"t3i_163\" style=\"left:100px;bottom:287px;letter-spacing:-0.15px;display:inline;\">payments credits and distributions to shareholders. </div><div class=\"t s5_163\" id=\"t3j_163\" style=\"left:87px;bottom:269px;letter-spacing:-0.15px;word-spacing:0.14px;display:inline;\">iii Purchase of treasury shares \u2013 During 2024, the Company purchased 45,280,605 ordinary shares (2023: 200,302 ordinary shares), with an aggregate </div><div class=\"t s5_163\" id=\"t3k_163\" style=\"left:100px;bottom:255px;letter-spacing:-0.15px;display:inline;\">value of \u00a30.9m (2023: \u00a30.1m) which were initially held in treasury. These were subsequently used to settle employee share-based payments of </div><div class=\"t s5_163\" id=\"t3l_163\" style=\"left:100px;bottom:241px;letter-spacing:-0.15px;display:inline;\">4,481,489 prior to the remainder being cancelled in September 2024 along with a further 26,493,520 treasury shares held at the start of the year </div><div class=\"t s5_163\" id=\"t3m_163\" style=\"left:100px;bottom:228px;letter-spacing:-0.15px;display:inline;\">which were also cancelled at the same time. A further 20,609,101 shares with an aggregate value of \u00a30.5m were purchased in the period September </div><div class=\"t s5_163\" id=\"t3n_163\" style=\"left:100px;bottom:214px;letter-spacing:-0.16px;display:inline;\">to December 2024 and immediately cancelled. The nominal value of the cancelled treasury share has been added to the Capital redemption </div><div class=\"t s5_163\" id=\"t3o_163\" style=\"left:100px;bottom:200px;letter-spacing:-0.13px;display:inline;\">reserve. </div><div class=\"t s5_163\" id=\"t3p_163\" style=\"left:87px;bottom:182px;letter-spacing:-0.16px;word-spacing:0.1px;display:inline;\">iv Equity-settled share-based payments \u2013 amounts recognised in respect of the Group\u2019s share-based payments schemes recognised as a subsidiary </div><div class=\"t s5_163\" id=\"t3q_163\" style=\"left:100px;bottom:168px;letter-spacing:-0.16px;display:inline;\">investment in the Company accounts with a corresponding entry against equity. </div><div class=\"t s5_163\" id=\"t3r_163\" style=\"left:87px;bottom:150px;display:inline;\">v </div><div class=\"t s5_163\" id=\"t3s_163\" style=\"left:100px;bottom:150px;letter-spacing:-0.15px;display:inline;\">Ordinary dividends \u2013 there were no dividends paid in 2024 (2023: \u00a313.0m total; \u00a313.0m cash). No new shares were issued in respect of the scrip </div><div class=\"t s5_163\" id=\"t3t_163\" style=\"left:100px;bottom:136px;letter-spacing:-0.15px;display:inline;\">dividend (2023: no shares issued). </div><span>The accompanying notes form an integral part of the financial statements.</span>",
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    "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "<span>2nd Floor 3 Pancras Square, Kings Cross, London, England, N1C 4AG</span>",
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    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "<span>England and Wales</span>",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "<span>England and Wales</span>",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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   "value": "<span>England and Wales</span>",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
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    "entity": "scheme:213800HG22UM138WFG43",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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