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"s7_notes__6__16": {
"value": "1. General information Name of the Company Molten Ventures plc LEI code of the Company 213800IPCR3SAYJWSW10 Domicile of Company United Kingdom Legal form of the Company Public limited company Country of incorporation United Kingdom Address of Company\u2019s registered office 20 Garrick Street, London WC2E 9BT Principal place of business 20 Garrick Street, London WC2E 9BT Description of nature of entity\u2019s operations and principal activities Venture capital firm Name of parent entity Molten Ventures plc Name of ultimate parent of Group Molten Ventures plc Explanation of change in name of reporting entity or other means of Molten Ventures plc was formerly known as Draper Esprit plc identification from end of preceding reporting period Period covered by financial statements 1 April 2022\u201331 March 2023 Molten Ventures plc (the \u201cCompany\u201d) is a public limited company incorporated and domiciled in England and Wales. The Company is the ultimate parent company in which the results of all subsidiaries are consolidated in line with IFRS 10 (see Note 4(b) for further details). The consolidated financial statements for the year ended 31 March 2023 and for the comparative year ended 31 March 2022 comprise the consolidated financial statements of the Company and its subsidiaries (together, the \u201cGroup\u201d). The consolidated financial statements are presented in Pounds Sterling (GBP/\u00a3), which is the currency of the primary economic environment in which the Group operates. All amounts are presented in millions, unless otherwise stated.2. Going concern assessment and principal risksGoing concern The Group\u2019s primary sources of liquidity are the cash flows it generates from its operations, realisations of its investments and borrowings. The primary use of this liquidity is to fund the Group\u2019s operations (including the purchase of investments). Responsibility for liquidity risk management rests with the Board, which has established a framework for the management of the Group\u2019s funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and with ongoing monitoring of forecast and actual cash flows. The Group has undertaken a going concern assessment and the latest assessment showed sufficient headroom for liquidity for at least the next 12 months from the date of signing of these financial statements.The assessment of going concern considered both the Group\u2019s current performance and future outlook, including:\u2022 An assessment of the Group\u2019s liquidity and solvency position using a number of severe but plausible scenarios to assess the potential impact on the Group\u2019s operations and portfolio companies. These downside scenarios include (i) unpredictability of exit timing, being no realisations throughout the Going Concern period; (ii) portfolio company valuations subject to change, being a 20% decrease in GPV to assess the impact on covenant compliance; and (iii) the impact of an additional 2% increase in interest rates to take SONIA to 7.5%. The Group manages and monitors liquidity regularly and continually assesses investments, commitments, realisations, operating expenses, and receipt of portfolio cash income including under stress scenarios ensuring liquidity is adequate and sufficient. As at the date of signing, the Directors believe the Group has sufficient cash resources and liquidity, and is well placed to manage the business risks in the current economic environment with the ability to utilise the Debt Facility as required.\u2022 The Group must comply with financial and non-financial covenants as part of its Debt Facility agreement (see Note 22(i) for further details). In order to assess forecast covenant compliance, management have performed an assessment to identify the level at which covenants would be breached. This is based on the current portfolio and assuming no intervention to manage a breach. For a breach to occur under these circumstances, a 33% decrease in gross asset value would need to occur which would trigger debt repayment. The Directors do not consider this to be plausible based on the performance in the year and the current outlook. Remedial action would be taken in advance of such a significant decrease to the gross asset value such as the sale of investments in the secondaries market to repay the Debt Facility. After making enquiries and following challenge and review, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for 12 months from the date of approval of these financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements. For further information, please refer to the Audit, Risk and Valuations Committee Report on pages 108 to 110 and the Directors\u2019 Report on pages 128 to 130. Principal risks The Group has reviewed its exposure to its principal risks and concluded that these did not have a significant impact on the financial performance and/or position of the Group for the year and as at 31 March 2023, respectively. For further details on the Group\u2019s principal risks, as well as its risk management processes, please see the Risk Management and Principal Risks section in the Strategic Report to these financial statements.3. Adoption of new and revised standardsi. Adoption of new and revised standardsNo changes to IFRS have impacted this year\u2019s financial statements. ii. Impact of standards issued not yet applied No upcoming changes under IFRS are likely to have a material effect on the reported results or financial position. Management will continue to monitor upcoming changes.4. Significant accounting policiesa) Basis of preparationThe financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (\u201cIFRS\u201d) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. UK-adopted International Accounting Standards differ in certain respects from International Financial Reporting Standards as adopted by the EU. The differences have no material impact on the financial statements for the periods presented, which, therefore, also comply with International Financial Reporting Standards as adopted by the EU.The consolidated financial statements have been prepared under the historical cost convention as modified for the revaluation of certain financial assets and financial liabilities held at fair value. A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out below. The consolidated financial statements have been approved for issue by the Board of Directors on 14 June 2023.The financial reporting framework that has been applied in the preparation of the Company\u2019s financial statements (beginning on page 179) is Financial Reporting Standard 101, \u2018Reduced Disclosure Framework\u2019 (FRS 101). The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and financial liabilities measured at fair value through profit or loss, and in accordance with the Companies Act 2006. The Company has taken advantage of disclosure exemptions available under FRS 101 as explained further in Note 1 of the Company\u2019s financial statements. The financial statements are prepared on a going concern basis as disclosed in the Audit, Risk and Valuations Committee Report (pages 108 to 110), in the Directors\u2019 Report (pages 128 to 130) and in Note 2.In preparing the financial statements we have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report this year. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations. Specifically, we note the following:\u2022 For the fourth year running, we have offset 100% of our Scope 1 and Scope 2 and select Scope 3 emissions for the financial year (see more details on page 56).\u2022 We continue to engage ESG Consulting Partners to support us with respect to our ESG roadmap. During the year, we worked with Altruistiq and Accenture to support us with our Climate Strategy, GHG Verification and TCFD Report for the year.\u2022 As stated in Note 28, based on work performed so far, management have considered climate-related risks and consider these to be currently immaterial to the value of our portfolio for FY23 (FY22: immaterial).A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out below. b) Basis of consolidationThe consolidated financial statements comprise the Company (Molten Ventures plc, 20 Garrick Street, London, England WC2E 9BT) and the results, cash flows and changes in equity of the following subsidiary undertakings as well as the Molten Ventures Employee Benefit Trust:Name of undertakingNature of businessCountry of incorporation% ownershipEsprit Capital Partners LLP^AIFM to the Company, Molten Ventures FoF I LP and England and Wales100%the Esprit Funds Elderstreet Holdings Limited^Intermediate holding companyEngland and Wales100% Elderstreet Investments Limited^AIFM to Molten Ventures VCT plc (formerly Draper England and Wales100%Esprit plc) and Molten SP I LLP Grow Trustees Limited^Trustee of the Group\u2019s employment benefit trustEngland and Wales100% Molten Ventures Advisors Ltd^ Investment Adviser to the Growth FundEngland and Wales100% Molten Ventures (Nominee) Limited^ DormantEngland and Wales100% Encore Ventures LLP^AIFM to the Encore FundsEngland and Wales100% Esprit Capital I (GP) Limited^General Partner and co-invest vehicleEngland and Wales100% Esprit Capital I General Partner^General PartnerEngland and Wales100% Esprit Capital II GP Limited\u2020General PartnerCayman Islands100% Esprit Capital III Founder GP Limited*General PartnerScotland100% Esprit Capital III GP LP*General PartnerScotland100% Encore I Founder GP Limited\u2020General PartnerCayman Islands100% Encore I GP Limited\u2020Intermediate holding companyCayman Islands100% Esprit Capital Holdings Limited^DormantEngland and Wales100% Esprit Nominees Limited^Nominee companyEngland and Wales100% Esprit Capital I (CIP) Limited^DormantEngland and Wales100% Esprit Capital III MLP LLP^Intermediate holding companyEngland and Wales100% Esprit Capital III GP Limited^General Partner (dormant)England and Wales100% Molten Ventures Growth Fund I GP S.a.r.l\u2021General Partner (dormant)Luxembourg100% Molten Ventures Growth SP GP LLP^General Partner (dormant)England and Wales100% Molten Ventures FoF I GP LLP^General PartnerEngland and Wales100% Molten Ventures Investments GP LLP^General PartnerEngland and Wales100% Registered addresses^ 20 Garrick Street, London, England WC2E 9BT.* 50 Lothian Road, Festival Square, Edinburgh, Scotland EH3 9WJ.\u2020 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.\u2021 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, LuxembourgSubsidiariesSubsidiaries are entities controlled by the Group. Control, as defined by IFRS 10, is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which the Group effectively obtains control. They are deconsolidated from the date that control ceases. Control is reassessed whenever circumstances indicate that there may be a change in any of these elements of control.All transactions and balances between Group subsidiaries are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with consolidated accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests. Employee Benefit TrustOn 27 November 2020, Molten Ventures Employee Benefit Trust (the \u201cTrust\u201d) was set up to operate as part of the Molten Ventures employee share option schemes. The substance of the relationship is considered to be one of control by the Group and, therefore, the Trust is consolidated, and all assets and liabilities are consolidated into the Group. Grow Trustees Limited was appointed trustee of the Trust and the substance of this relationship is also considered to be one of control by the Group and, as such, Grow Trustees Limited is consolidated.Investment entityIn accordance with the provisions of IFRS 10, Molten Ventures plc considers itself to be an investment entity. As a result of its listed status, it obtains funds from its Shareholders to acquire equity interests in multiple high-growth technology businesses (indirectly) with the purpose of capital appreciation over the life of the investments. These investments are made on behalf of investors in Molten Ventures plc across a number of deployment strategies \u2013 see page 15. Exit strategies for the portfolio vary depending on each investment, with realisations occurring typically five to ten years after the investment is made. Exit strategies for each of the portfolio companies are documented and discussed as part of regular portfolio reviews. The Group reviews exit opportunities regularly and each member of the Deal Team is responsible for an exit thesis for the investee companies they are responsible for prior to any investment being made. An exit thesis is set out in the original investment papers and it is reiterated or amended thereafter, as appropriate, in the Group\u2019s regular quarterly reports. Exit strategies include the sale of the investment via private placement or in a public market, IPO, trade sale of a company, and distributions to investors from funds invested into. All exits are approved by a sub-committee of the Investment Committee, following a similar approval process to any approval of a new investment, requiring a majority vote. Although Molten Ventures plc holds these investments indirectly, it has been deemed appropriate to directly consider the investment strategies for the portfolio as the intermediary investment vehicles discussed below were formed to hold investments on behalf of Molten Ventures plc. Molten Ventures plc evaluates its investments on a fair value basis and reports this financial information to its Shareholders.The Directors have also satisfied themselves that Molten Ventures plc\u2019s wholly owned subsidiary, Molten Ventures (Ireland) Limited, as well as certain partnerships listed below, meet the characteristics of an investment entity. Although they have one or two investors, in substance these partnerships and companies are investing funds on behalf of the Shareholders of Molten Ventures plc. They have obtained funds for the purpose of acquiring equity interests in high-growth technology businesses with the purpose of capital appreciation over the life of the investments for the benefit of Shareholders of Molten Ventures plc and this has been communicated directly to the Shareholders. Exit strategies for investments (directly or indirectly) are previously discussed. The Group evaluates its portfolio on a fair value basis and this financial information is communicated directly to the Molten Ventures plc Shareholders. In line with the IFRS 10 consolidation exemption, entities meeting the definition of investment entity do not consolidate certain subsidiaries and instead measure those investments that are controlling interests in another entity (i.e., their subsidiaries) as investments held at fair value through profit or loss on the consolidated balance sheet. Loans to investment vehicles are treated as net investments at fair value through profit or loss.The below is a list of entities that are controlled and not consolidated but held as investments at fair value through profit or loss on the consolidated balance sheet.Name of undertakingPrincipal activityCountry of incorporation% ownership1 Molten Ventures (Ireland) LimitedInvestment entityRepublic of Ireland100% 2Esprit Capital III LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Capital III (B) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Capital IV LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments3DFJ Europe X LPLimited partnership pursuant to which the Group makes Cayman Islands100%certain investments2Esprit Investments (1) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Investments (2) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Limited partnership pursuant to which the Group and England and Wales89%Esprit Investments (1) (B) LPMolten Ventures FoF I LP hold Fund of Fund investments2Seedcamp Holdings LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp4Seedcamp Investments LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp4Seedcamp Investments II LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp2Limited partnership pursuant to which the Group and England and Wales89%Esprit Investments (2) (B) LPMolten Ventures FoF I LP hold Fund of Fund investments5SC_4_OF1 LPLimited partnership pursuant to which theEngland and Wales100%Group holds certain investments2Molten Ventures Investments LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments6Molten Ventures Growth Fund I SCSpLimited partnership pursuant to which the Group makes Luxembourg100%certain investments (dormant)2Molten Ventures Holdings LimitedIntermediate Company and Qualifying Asset Holding England and Wales100%Company (\u201cQAHC\u201d)2Esprit Investments (2)(B)(i) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Investments 2(B)(ii) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Molten Ventures FoF I LPLimited partnership under the Group\u2019s management which England and Wales50%makes Fund of Fund investments1 32 Molesworth Street, Dublin 2, Ireland D02 Y512.2 20 Garrick Street, London, England WC2E 9BT.3 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.4 16 Great Queen Street, London, England WC2B 5AH.5 35 New Bridge Street, London, England EC4V 6BW.6 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, Luxembourg.7 22% is held by Molten Ventures FoF I LP of which Molten and a third party are both 50% LPsLimited partnerships (co-invest and carried interest)Carried interest vehicles/co-investment limited partnerships (\u201cCIPs\u201d) \u2013 the Group\u2019s general partners are members of these limited partnerships. These vehicles are set up with two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants; and 2) in certain circumstances to facilitate co-investment into the funds. Carried interest and co-investment partnerships are investment entities and are measured at FVTPL with reference to the performance conditions described in Note 4(u) and held at FVTPL, which equates to the net asset value attributable to the Group, in the statement of financial position in line with our application of IFRS 10 for investment entities. The vehicles in question are as follows: Name of undertaking Principal activity Country of incorporation Encore I GP LP^ General partner Cayman Islands Esprit Capital II Founder LP^ Co-investment limited partnership Cayman Islands Esprit Capital II Founder 2 LP^ Co-investment limited partnership Cayman Islands Encore I Founder LP^ Co-investment limited partnership Cayman Islands Encore I Founder 2014 LP^ Co-investment limited partnership Cayman Islands Encore I Founder 2014-A LP^ Co-investment limited partnership Cayman Islands Esprit Capital III Founder LP* Co-investment limited partnership/carry partner Scotland Esprit Investments (2) (Carried Interest) LP* Carry vehicle Scotland Esprit Capital III (Carried Interest) LP* Carry vehicle Scotland Esprit Investments (1) (Carried Interest) LP* Carry vehicle Scotland Molten Ventures Growth I Special Partner LP* Carry vehicle Scotland Molten Ventures Investments (Carried Interest) LP* Carry vehicle Scotland Molten Ventures FoF I (Special Partner) LP* Carry vehicle Scotland Third Party Capital Investment vehicle structured as a limited Molten SP I LLP \u2020 liability partnership England and Wales ^ c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.* 50 Lothian Road, Festival Square, Edinburgh, Scotland EH3 9WJ. \u2020 20 Garrick Street, London WC2E 9BT.Each carry vehicle indirectly holds interests in a vintage of investments within our portfolio with the purpose of producing profits for distribution among the carried interest partners. The Group evaluates its interest in carried interest at fair value as part of the valuations cycle. Indirectly, the carry partnerships have exit strategies for each investment within which they have an interest as the manager of both the carry partner and the investment vehicles regularly considers exit strategies as discussed above.Limited partnerships (managed by Group entities)A number of limited partnerships are managed by entities within the Group but are not considered to be controlled and, therefore, they are not consolidated in these financial statements. Legacy fundsThe Group continues to manage three legacy funds, Esprit Fund 1, Esprit Fund 2, Esprit Fund 3(i), and their general partners are consolidated within the Group. These funds are in run-off. Historically, the Group has not had any direct beneficial interests in the assets owned by these funds and the Group was not exposed to variable returns from these funds. Within the current financial year, the Group has acquired assets within Esprit Fund 2 with a fair value of \u00a31.9 million as of 31 March 2023. Other than Esprit Fund 2, which is held at fair value through profit and loss, as an investment, management considers the legacy funds are held under an agency relationship with the funds where the Group acts as an agent which is primarily engaged to act on behalf, and for the benefit, of the fund investors rather than for its own benefit. Although the manager (Esprit Capital Partners LLP, subsidiary to Molten Ventures plc) has the power to influence the returns generated by the fund, the Group does not have an interest in their returns. As a result, the Group is not deemed to control these managed funds and they are not consolidated.The legacy funds have the following details:Esprit Fund 1 : Esprit Capital I Fund No.1 Limited Partnership and Esprit Capital I Fund No.2 Limited Partnership \u2013 c/o Molten Ventures plc, 20 Garrick Street, London WC2E 9BT. Esprit Fund 2 : Esprit Capital II L.P. \u2013 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.Esprit Capital 3(i) : Esprit Capital Fund III(i) LP and Esprit Capital Fund III(i) A LP \u2013 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.EIS/VCT fundsEnterprise Investment Scheme funds and Molten Ventures VCT plc are managed by the Group. The Group has no direct beneficial interest in the assets being managed and its sole exposure to variable returns are to performance fees payable on exits above a specified hurdle and management fees based on subscriptions (and Promoter\u2019s fees in certain cases), which is a small proportion of the total capital within each fund. The Board believes that this results in an agency relationship with the funds where the Group acts as an agent, which is primarily engaged to act on behalf, and for the benefit, of the fund investors rather than for its own benefit. Although the managers (Encore Ventures LLP \u2013 EIS funds, Elderstreet Investments Limited \u2013 VCT fund and Molten SP I LLP) have the power to influence the returns generated by the fund, the Group only has an insignificant interest in their returns. As a result, the Group is not deemed to control these managed funds and they are not consolidated.The EIS/VCT funds have the following details:EIS funds : DFJ Esprit Angels\u2019 EIS Co-Investment Fund, DFJ Esprit Angels\u2019 EIS Co-Investment II, DFJ Esprit EIS III, DFJ Esprit EIS IV, Draper Esprit EIS 5, and Molten Ventures EIS.VCT funds : Molten Ventures VCT plc \u2013 6th Floor St Magnus House, 3 Lower Thames Street, London, England EC3R 6HD.Audit exemption for members of the GroupThe following entities are included in the parent\u2019s consolidated accounts. As a result of section 479A of the Companies Act 2006, these subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of accounts under section 475 of the Companies Act 2006.Esprit Capital Holdings Limited, Esprit Capital I (CIP) Limited, Molten Ventures (Nominee) Limited, Esprit Nominees Limited, Grow Trustees Limited, Esprit Capital III MLP LLP, Esprit Capital III GP Limited, Esprit Capital I (GP) Limited, Esprit Capital III Founder GP Limited, Elderstreet Holdings Limited, Encore I GP Limited, Encore I Founder GP Limited, Esprit Capital I General Partner, Esprit Capital III GP LP, Molten Ventures Growth Fund I GP S.a.r.l, Molten Ventures Growth SP GP LLP, Molten Ventures FoF I GP LLP and Molten Ventures Investments GP LLP.Esprit FoundationMolten Ventures plc is the sole member of the Foundation. However, this is not controlled by Molten Ventures plc or the Group, as the Esprit Foundation has a separate Board of Trustees with a separate governance and decision-making process. A donation was received during the year ended 31 March 2023, there has not yet been any grant-making activity. No activity took place in the year ended 31 March 2022. Charitable Incorporated Organisation status was entered onto the Register of Charities with the Registered Charity Number 1198436 on 30 March 2022. Stuart Chapman is one of the three Trustees of the Esprit Foundation and is also an Executive Director on the Board of Molten Ventures plc. c) Operating segmentIFRS 8, \u2018Operating Segments\u2019, defines operating segments as those activities of an entity about which separate financial information is available and which are evaluated by the Chief Operating Decision Maker to assess performance and determine the allocation of resources. The Board of Directors have identified Molten\u2019s Chief Operating Decision Maker to be the Chief Executive Officer (\u201cCEO\u201d). The Group\u2019s investment portfolio engages in business activities from which it earns revenues and incurs expenses, has operating results, which are regularly reviewed by the CEO to make decisions about resources and assess performance, and the portfolio has discrete financial information available. The Group\u2019s investment portfolio has similar economic characteristics, and investments are similar in nature. Dealflow for the investment portfolio is now consistent across all funds (except for the Legacy funds \u2013 see below) and the Group\u2019s Investment Committee reviews and approves (where appropriate) investments for all of the investment portfolio in line with the strategy set by the Molten Ventures plc Board of Directors (approvals from the Molten Ventures plc Board of Directors is required for higher value investments where the proposed value of the investment to be made by plc is above \u00a31.0 million). Although the managers of our EIS funds, VCT funds and plc funds have a management committee, the majority of those sitting on the committees are consistent across all. Taking into account the above points, and in line with IFRS 8, the investment portfolio (across all funds) has been aggregated into one single operating segment.Legacy funds \u2013 the legacy funds (Esprit Capital I Fund No 1 LP, Esprit Capital Fund No 2 LP, Esprit Capital II LP, Esprit Capital Fund III (i) LP and Esprit Capital Fund III (i) A LP) continue to be managed by the Group (Esprit Capital Partners LLP). These funds are in run-off. Although the investments held within these funds are not consistent with the rest of the investment portfolio (although there has been some cross-over in the past), they are similar in nature and the Group does not earn material revenue (neither is material expenditure incurred) from the management of these funds that would meet the quantitative thresholds set out in IFRS 8. Management does not believe that separate disclosure of information relating to the legacy funds would be useful to users of the financial statements.The majority of the Group\u2019s revenues are not from interest, and the Chief Operating Decision Maker does not primarily rely on net interest revenue to assess the performance of the Group and make decisions about resource allocation. Therefore, the Group reports interest revenue separately from interest expense.The Group\u2019s management considers the Group\u2019s investment portfolio represents a coherent and diversified portfolio with similar economic characteristics and as a result these individual investments have been aggregated into a single operating segment. In the view of the Directors, there is accordingly one reportable segment under the provisions of IFRS 8.d) Revenue recognitionRevenue is comprised of management fees from EIS/VCT funds and Molten SP I LLP, as well as performance fees and promoter fees. Priority Profit Share is incorporated within management fees, presented as management fees charged on the underlying investment vehicles. Revenue is also generated from Directors\u2019 fees from a small number of portfolio companies where members of the Investment Team act as Directors for portfolio companies. Revenue is recognised when the timing can be measured and amount reliably determined, measured at the fair value of the consideration received or receivable. This represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. All revenue from services is generated within the UK and is stated exclusive of value added tax. Revenue presented as fee income are services comprised of:i. Management fees (Priority Profit Share) Management fees are earned by General Partners of Limited Partnerships, through a Priority Profit Share arrangement. The basis of calculation of fund management fees differs depending on the fund and its stage. Fund management fees are either earned at a fixed annual rate or are set at a fixed percentage of funds under management, measured by commitments or invested cost, depending on the stage of the fund being managed. Revenues are recognised as the related services are provided.ii. Management fees earned by Encore Ventures LLP. Fund Close April 2019 and prior. Management fees are charged on the Net Subscription per annum for the first four years of the life of the portfolio. Management fees are charged annually in advance. Cash received from the investor\u2019s Net Subscription is received and will be recognised as revenue in the period they become due, across the first four years in line with the investment and follow-on period for investing activities. In this case, the transaction price is fixed for the life of the contract and, if management fees are recognised in the period for which they are receivable. Fund Close July 2019 onwards. Management fees are charged on Net Subscription per annum for the first five years of the life of the portfolio, payable annually in advance. Cash received from the investor\u2019s Net Subscription is received and will be recognised as revenue in the period they become due, across the first five years in line with the investment and follow-on period for investing activities. Management fees are charged annually in advance. Cash received from the investor\u2019s Net Subscription to cover the payment of management fees relating to the first 2.75 years of the life of the portfolio. Thereafter, fees will be accrued and deducted from cash proceeds from exits at the time of becoming highly probable. If no proceeds are received, these fees will not be charged to investors.iii. Performance fees Performance fees are earned on a percentage of returns over a hurdle rate. These are recognised in the statement of comprehensive income on realisation of underlying investment. Amounts are recognised as revenue when it can be reliably measured and is highly probable funds will flow to the Group, which is generally at the point of invoicing or shortly before due to the unpredictability associated with realisations but is assessed on a case-by-case basis. iv. Promoter\u2019s fees Promoter\u2019s fees are earned by Elderstreet Investments Limited, as manager of the VCT funds, based on amounts subscribed during each offer. Fees are agreed on an offer-by-offer basis and are receivable when the shares are allotted. Elderstreet Investments Limited may also be entitled to promoter\u2019s fees when it promotes offers for new subscriptions into the funds it manages. Promoter\u2019s fees are earned at a percentage of subscriptions received. Revenue is recognised in full at the time valid subscriptions are received.v. Directors\u2019 fees Portfolio Directors\u2019 fees are annual fees charged to an investee company. Directors\u2019 fees are only charged on a limited number of the investee companies. Revenues are recognised as services are provided.e) Deferred incomeThe Group\u2019s management fees are typically billed quarterly or half-yearly in advance. Where fees have been billed for an advance period, the amounts are credited to deferred income, and then subsequently released through the statement of comprehensive income during the period to which the fees relate. Certain performance fees and portfolio Directors\u2019 fees are also billed in advance and these amounts are credited to deferred income, and then subsequently released through the statement of comprehensive income accounting during the period to which the fees relate.f) Business combinationsThe Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. The Group recognises identifiable assets acquired and liabilities assumed in a business combination, regardless of whether they have been previously recognised in the acquiree\u2019s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: a) fair value of consideration transferred; b) the recognised amount of any non-controlling interest in the acquiree; and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in the statement of comprehensive income immediately.g) Goodwill and other intangible assetsGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceed the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. When the consideration transferred by the Group in a business combination includes an asset or liability resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.Other intangible assetsCertain previously unrecognised assets acquired in a business combination that qualify for separate recognition are recognised as intangible assets at their fair values, e.g. brand names, customer contracts and lists. All finite-lived intangible assets are accounted for using the cost model whereby capitalised costs are amortised on a straight-line basis over their estimated useful lives. Residual values and useful lives are reviewed at each reporting date. In addition, they are subject to impairment testing as described below. Customer contracts are amortised on a straight-line basis over their useful economic lives, typically the duration of the underlying contracts. The following useful economic lives for customer contracts were applied on the date of acquisition:i. Encore Ventures LLP: eight years; and ii. Elderstreet Investments Limited: three years.h) ImpairmentFor the purposes of assessing impairment, assets are grouped at the lowest level for which there are largely independent cash inflows (\u201ccash generating units\u201d or \u201cCGU\u201d). As a result, some assets are tested individually for impairment, and some are tested at cash-generating unit level. Goodwill is allocated to those cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which management monitors goodwill. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised in the consolidated statement of total comprehensive income for the amount by which the assets or cash-generating units carrying amount exceeds its recoverable amount that is the higher of fair value less costs to sell and value-in-use.To determine value-in-use, management estimates expected future cash flows over five years from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. Discount factors are determined individually for each cash-generating unit and reflect their respective risk profile as assessed by management. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any remaining impairment loss is charged pro-rata to the other assets in the cash-generating unit with the exception of goodwill, and all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment charge is reversed if the cash-generating unit\u2019s recoverable amount exceeds its carrying amount where there has been a change in estimates used for the calculation of the recoverable amount.i) Foreign currencyTransactions entered into by Group entities in a currency other than the functional currency in which they operate are recorded at the rates prevailing when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates prevailing at the reporting date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised immediately in the statement of comprehensive income. The individual financial statements of the Group\u2019s subsidiary undertakings are presented in their functional currency. For the purpose of these consolidated financial statements, the results and financial position of each subsidiary undertaking are expressed in Pounds Sterling, which is the presentation currency for these consolidated financial statements. The assets and liabilities of the Group\u2019s undertakings, whose functional currency is not Pounds Sterling, are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period.j) Financial assetsAll financial assets are recognised when economic benefit is expected to be transferred to the Group. On recognition, a financial asset is initially measured at fair value, plus transaction costs, except for those financial assets classified at \u201cfair value through profit or loss\u201d (\u201cFVTPL\u201d), which are initially measured at fair value. Financial assets are classified by the Group into the following specified categories: \u2022 Financial assets \u201cFVTPL\u201d; and \u2022 Amortised cost. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Financial assets through profit or lossA financial asset may be designated as at FVTPL upon initial recognition if:a. such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or b. the financial asset forms part of a group of financial assets or financial liabilities, or both, which is managed, and its performance is evaluated on a fair value basis, in accordance with the Molten Venture Group\u2019s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; orc. it forms part of a contract containing one or more embedded derivatives, and IFRS 9 \u2018Financial Instruments\u2019 permits the entire combined contract (asset or liability) to be designated as at FVTPL.The Group considers its investment interests referred to in Note 4(b) are appropriately designated as at FVTPL as they meet criteria (b) above. Further details of the accounting policy can be found in Note 28, Fair value measurements. Financial assets through profit or loss are accounted for at settlement date.Amortised costA financial asset is held at amortised cost under IFRS 9 where it is held for the collection of cash flows representing solely payments of principal and interest. These assets are measured at amortised cost using the effective interest method, less any expected losses. The Group\u2019s financial assets held at amortised cost comprise trade and other receivables, and cash and cash equivalents in the consolidated statement of financial position. Financial assets held at amortised cost are accounted for at trade date.k) Financial liabilitiesThe Group\u2019s financial liabilities include trade and other payables, and borrowings.Trade and other payablesTrade and other payables are recognised when the Group enters into contractual arrangements with an expectation that economic benefits will flow from the Group. The carrying amounts of trade and other payables are considered to be the same as their amortised cost, due to their short-term nature.Loans and borrowingsBorrowings are initially recognised at fair value that is deemed to be the carrying value at inception. Fees related to the debt facility are amortised over the term of the loan, see Note 22(i) for further detail regarding the debt facility entered into during the year. The carrying amount of borrowings is deemed to be presented at amortised cost as the fair value of future cash flows have not been incorporated. All interest-related charges are reported in profit or loss and are included within finance costs.l) ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the outflow of resources embodying the economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.m) Share capitalFinancial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Group\u2019s shares are classified as equity instruments. Equity instruments are recorded at the proceeds received, net of direct issue costs. Shares held by Molten Ventures Employee Benefit Trust are held at cost and disclosed as own shares and deducted from other equity.n) Defined contribution schemeContributions to the defined contribution pension scheme are charged to the consolidated statement of comprehensive income in the years to which they relate.o) Share-based paymentsWhen equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period on a straight-line basis. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period. Where equity instruments are granted to persons other than employees, the consolidated statement of comprehensive income is charged with the fair value of goods and services received. The employee share option plans are administered by the Molten Ventures Employee Benefit Trust, which is consolidated in accordance with the principles in Note 4.p) Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.q) Deferred taxDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits, against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.r) Property, plant and equipmentFixtures and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method, on the following basis: \u2022 Leasehold improvements \u2013 over the term of the lease \u2022 Fixtures and equipment \u2013 33% per annum straight line \u2022 Computer equipment \u2013 33% per annum straight line The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. s) Cash and cash equivalentsCash and cash equivalents comprise cash on hand and deposits held at call with financial institutions.t) Interest incomeInterest income earned on cash and deposits and short-term liquidity investments is recognised when it is probable that the economic benefits will flow to the Group and the amount of income recognised can be measured reliably. Interest income is accrued on a time basis, with reference to the principal outstanding and at the effective interest rate applicable.u) Carried interestThe Company has established carried interest plans for the Executive Directors (see the following associated note), other members of the Investment Team and certain other employees (together the \u201cPlan Participants\u201d) in respect of any investments and follow-on investments made from IPO. To 31 March 2020 each carried interest plan operated in respect of investments made during the 24-month period from inception of the fund, being the investment period, and related follow-on investments made for a further 36-month period. From 1 April 2020, a new carried interest plan was implemented, which operates for a five-year period in respect of any investment. From April 2020 onwards, the Executive Directors were not eligible to participate in new carried interest plans, and instead now participate in the Long-Term Incentive Plan. Continued participation in existing carried interest schemes that pre-dated the start of the 2021 financial year were not affected.Subject to certain exceptions, Plan Participants will receive, in aggregate, 15% of the net realised cash profits from the investments and follow-on investments made over the relevant period once the Company has received an aggregate annualised 10% realised return on investments and follow-on investments made during the relevant period. The carried interest plan from 1 April 2020 has an aggregate annualised 8% realised return on investments and follow-on investments made during the relevant period, to bring the plans more in line with market. The Plan Participants\u2019 return is subject to a \u201ccatch-up\u201d in their favour. Plan Participants\u2019 carried interests vest over five years for each carried interest plan and are subject to good and bad leaver provisions. Any unvested carried interest resulting from a Plan Participant becoming a leaver can be reallocated by an adjudication committee formed by Esprit Capital Partners LLP as manager of the carried interest plan at their discretion, including to the Group, and, therefore, an assumption is made in the financial statements that any unvested carried interest as at the reporting date would be reallocated to the Group. See Note 30 for further information on amounts that have been attributed to the Group.Carried interest is measured at FVTPL with reference to the performance conditions described above. This is deducted from the gross value of our portfolio as an input to determine the fair value of our investment vehicles, which are held at FVTPL in the statement of financial position in line with our application of IFRS 10 for investment entities. The external carry is deducted as it will be paid to members external to the Group from proceeds of investments on realisation. Where the Group has a holding in the carried interest, this is recognised at FVTPL.v) Fair value movementManagement uses valuation techniques to determine the fair value of financial assets. This involves developing estimates and assumptions consistent with how market participants would price the assets. Management bases its assumptions on observable data as far as possible, but this is not always available, in that case, management uses the best information available. Estimated fair values may vary from the amount which may be received as consideration for investments in normal market conditions, between two willing parties, at the reporting date (See Note 5(a)).5. Critical accounting estimates and judgementsThe Directors have made the following judgements and estimates that have had the most significant effect on the carrying amounts of the assets and liabilities in the consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Actual results may differ from estimates. The key estimate, (5)(a), and judgement, (5)(b), are discussed below. There have been no new critical accounting estimates and judgements in the financial year ended 31 March 2023.Estimates:a. Valuation of unquoted equity investments at fair value through profit or lossThe Group invests into Limited Companies and Limited Partnerships, which are considered to be investment companies that invest for the benefit of the Group. These investment companies are measured at fair value through profit or loss based on their net asset value (\u201cNAV\u201d) at the year-end. The Group controls these entities and is responsible for preparing their NAV, which is mostly based on the valuation of their unquoted investments. The Group\u2019s valuation of investments measured at fair value through profit or loss is, therefore, dependent upon estimations of the valuation of the underlying portfolio companies. The Group, through its controlled investment companies also invests in investment funds, which primarily focus on German or seed investments. These investments are considered to be \u201cFund of Fund investments\u201d for the Group and are recognised at their NAV at the year-end date. These Fund of Fund investments are not controlled by the Group and some do not have coterminous year-ends with the Group. To value these investments, management obtains the latest audited financial statements or partner reports of the investments and discusses further movements with the management of the funds following consideration of whether the funds follow the International Private Equity and Venture Capital Guidelines (\u201cIPEV Guidelines\u201d). Where the Fund of Funds hold investments that are individually material to the Group, management perform further procedures to determine that the valuation of these investments has been prepared in accordance with the Group\u2019s valuation policies for portfolio companies, as outlined below, and these valuations will be adjusted by the Group where necessary based on the Group valuation policy for portfolio companies. The estimates required to determine the appropriate valuation methodology of investments means there is a risk of material adjustment to the carrying amounts of assets and liabilities. These estimates include whether to increase or decrease investment valuations and require the use of assumptions about the carrying amounts of assets and liabilities that are not readily available or observable. The fair value of investments is established with reference to the International Private Equity and Venture Capital Valuation Guidelines. An assessment will be made at each measurement date as to the most appropriate valuation methodology. The Group invests in early-stage and growth technology companies, through predominantly unlisted securities. Given the nature of these investments, there are often no current or short-term future earnings or positive cash flows. Consequently, although not considered to be the default valuation technique, the appropriate approach to determine fair value may be based on a methodology with reference to observable market data, being the price of the most recent transaction. Fair value estimates that are based on observable market data will be of greater reliability than those based on estimates and assumptions and, accordingly, where there have been recent investments by third parties, the price of that investment will generally provide a basis of the valuation. If this methodology is used, its initial use and the length of period for which it remains appropriate to use the calibration of last round price depends on the specific circumstances of the investment, and the Group will consider whether this basis remains appropriate each time valuations are reviewed. In addition, the inputs to the valuation model (e.g. revenue, comparable peer group, product roadmap, and other milestones) will be recalibrated to assess the appropriateness of the methodology used in relation to the market performance and technical/product milestones since the round and the Company\u2019s trading performance relative to the expectations of the round. The Group considers alternative methodologies in the IPEV Guidelines, being principally price-revenue or price-earnings multiples, depending upon the stage of the asset, requiring management to make assumptions over the timing and nature of future revenues and earnings when calculating fair value. When using multiples, we consider public traded multiples as at measurement date (31 March 2023 and 31 March 2022 for this report) in similar lines of business, which are adjusted based on the relative growth potential and risk profile of the subject company versus the market and to reflect the degree of control and lack of marketability as well as considering company performance against milestones (e.g. financial/technical/product milestones).The equity values of our portfolio companies are generally assessed via the methodologies described above. For direct investments, the equity values are run through their relevant waterfalls to assess the fair value of the investment to Molten Ventures under the current value methodology. Other methodologies would be considered if appropriate.In all cases, valuations are based on the judgement of the Directors after consideration of the above and upon available information believed to be reliable, which may be affected by conditions in the financial markets. Due to the inherent uncertainty of the investment valuations, the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and the differences could be material. Due to this uncertainty, the Group may not be able to sell its investments at the carrying value in these financial statements when it desires to do so or to realise what it perceives to be fair value in the event of a sale. See Note 28 for information on unobservable inputs used and sensitivity analysis on investments held at fair value through profit or loss.Judgement:b. The Company and certain subsidiaries as an investment entity The Group has a number of entities within its corporate structure and a judgement has been made regarding which should be consolidated in accordance with IFRS 10, and which should not. The Group consolidates all entities where it has control, as defined by IFRS 10, over the following: \u2022 power over the investee to significantly direct the activities; \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect the amount of the investor\u2019s returns. The Company does not consolidate qualifying investment entities it controls in accordance with IFRS 10 and instead recognises them as investments held at fair value through profit or loss. An investment entity, as defined by IFRS 10, is an entity that:\u2022 obtains funds from one or more investors for the purpose of providing those investor(s) with the investment management services;\u2022 commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and\u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis.When judging whether an entity within the Group is an investment entity, the Group structure as a whole is considered. As a Group, the investment entities listed in Note 4(b) have the characteristics of an investment entity. This is because the Group has:\u2022 more than one investment;\u2022 more than one investor;\u2022 unrelated investors; and\u2022 equity ownership interests.See Note 4(b) for further details on the consolidation status of entities.6. Changes in (losses)/gains on investments held at fair value through profit or lossYear ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Changes in unrealised (losses)/gains on investments held at fair value through profit or loss (305.3) 217.6 Changes in realised gains on investments held at fair value through profit or loss 22.8 95.9 Net foreign exchange gain on investments held at fair value through profit or loss 42.4 15.9 Total movements on investments held at fair value through profit or loss (240.1) 329.4 7. Fee incomeRevenue is derived solely within the UK, from continuing operations for all years. An analysis of the Group\u2019s revenue is as follows:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Management fees 21.6 17.8 Performance fees \u2013 2.5 Promoter\u2019s fees 0.9 1.4 Directors\u2019 and other fees 0.2 0.1 Total fee income 22.7 21.8 8. General administrative expensesAdministrative expenses comprise:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Employee and employee-related expenses (Note 9) 12.3 11.9 Legal and professional 3.6 2.5 Performance fees payable \u2013 2.0 Marketing expenses 0.6 1.1 Building costs and rates 0.5 0.4 Travel expenses 0.5 0.3 IT expenses 0.5 0.3 Listing fees 0.1 0.2 Other administrative costs 0.6 0.8 Total administrative expenses 18.7 19.5 9. Employee and employee-related expensesEmployee benefit expenses (including Directors) comprise:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Wages and salaries 9.6 9.0 Defined contribution pension costs 0.9 0.8 Benefits (healthcare and life assurance) 0.3 0.3 Recruitment costs 0.2 0.2 Social security contributions and similar taxes 1.3 1.6 General employee and employee-related expenses 12.3 11.9 Share-based payment expense arising from Company share option scheme 4.4 3.7 Total employee benefit expenses 16.7 15.6 The monthly average number of persons (including Executive and Non-Executive Directors) employed by the Group during the year was:Year ended Year ended 31 March 202331 March 2022Number Number Executive Directors 3 3 Non-Executive Directors 5 4 Investment 22 16 Infrastructure 28 25 Total 58 48 At 31 March 2023, there were four Non-Executive Directors (31 March 2022: five). See Nomination Committee report for further details of changes in the year.Infrastructure comprises finance, marketing, human resources, legal, IT, and administration.10. Auditor\u2019s remunerationThe (loss)/profit for the year has been arrived at after charging:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Fees paid to the Company\u2019s Auditors for the audit of the Company and Group consolidated financial statements 0.4 0.3 Fees payable to the Company\u2019s Auditors and associates for other services: Audit of the financial statements of the subsidiaries and related undertakings 0.2 0.1 Audit-related assurance services 0.1 0.1 Non-audit services \u2013 0.3 Total fees payable to the Company\u2019s Auditors 0.7 0.8 Audit-related assurance services paid to the Company\u2019s Auditors in the year were \u00a325k related to CASS reporting to the FCA in respect of certain subsidiaries (for the year ended 31 March 2022: \u00a318k), \u00a361k in respect of the review of the Group\u2019s interim financial statements (for the year ended 31 March 2022: \u00a346k).Non-audit services paid to the Company\u2019s Auditors in the year were \u00a3Nil in respect of reporting accountant services (for the year ended 31 March 2022: \u00a3305k).11. Net finance expenseYear ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Interest on leases \u2013 (0.1) Interest and expenses on loans and borrowings (7.1) (1.3) Finance expense (7.1) (1.4) Interest income on cash and cash equivalents \u2013 0.2 Net foreign exchange gain 1.7 1.6 Finance income 1.7 1.8 Net finance expense (5.4) (0.4) 12. Income taxesThe charge to tax, which arises in the Group and the corporate subsidiaries included within these financial statements, is:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Current tax expense Current tax on profits for the year\u2013\u2013Adjustments for under/(over) provision in prior years\u2013(0.1) Total current tax expense \u2013 (0.1) Deferred tax (expense)/benefit \u2013 Prior year correction on deferred tax\u2013(20.5)Movement on deferred tax3.3(3.7) Total deferred tax benefit/(expense) 3.3 (24.2) Income tax benefit/(expense) 3.3 (24.3) The UK standard rate of corporation tax is 19% as at year-end (for the year ended 31 March 2022: 19%). The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to (loss)/profit for the year before tax are as follows:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m (Loss)/profit for the year before tax (243.4) 325.0 Tax at the UK tax rate of 19% (31 March 2022: 19%) (46.2) 61.8 Taxable gains \u2013 1.1 Losses/(gains) on investments 45.6 (62.6) Prior year correction on deferred tax \u2013 20.5 Movement on deferred tax 3.3 3.7 Other 0.6 (0.2) Income tax expense 3.3 24.4 The standard rate of corporation tax will increase to 25% from 1 April 2023.13. (Loss)/earnings per share and net asset valueThe calculation of basic earnings per weighted average shares is based on the profit attributable to Shareholders and the weighted average number of shares. When calculating the diluted earnings per share, the weighted average number of shares in issue is adjusted for the effect of all dilutive share options and awards. Basic (loss)/earnings per ordinary share(Loss)/profit after taxNo. of sharesPence \u00a3m m per share For the year ended 31 March 2023 (243.4) 153.0 (159) For the year ended 31 March 2022 300.7 150.1 200 Diluted (loss)/earnings per ordinary share(Loss)/profit 1after taxNo. of sharesPence \u00a3m m per share For the year ended 31 March 2023 (243.4) 153.7 (158) For the year ended 31 March 2022 300.7 151.9 198 1 The basic number of shares is 153.0 million (FY22: 150.1 million). This has been adjusted to calculate the diluted number of shares by accounting for options of 0.7 million in the year (FY22: 1.8 million) to get to the diluted number of shares of 153.7 million (FY22: 151.9 million).Net asset value per share is based on the net asset attributable to Shareholders and the number of shares at the relevant reporting date. When calculating the diluted earnings per share, the number of shares in issue at balance sheet date is adjusted for the effect of all dilutive share options and awards.Net asset value per ordinary shareNet assetsNo. of sharesPence \u00a3m m per share As at 31 March 2023 1,194.1 153.0 780 At at 31 March 2022 1,433.8 153.0 937 Diluted net asset value per ordinary share1Net assetsNo. of sharesPence \u00a3m m per share As at 31 March 2023 1,194.1 153.7 777 As at 31 March 2022 1,433.8 154.9 926 1 The basic number of shares is 153.0 million (FY22: 153.0 million). This has been adjusted to calculate the diluted weighted average number of shares by accounting for options of 0.7 million in the year (FY22: 1.9 million) to get to the diluted weighted average number of shares of 153.7 million (FY22: 154.9 million). 14. Share-based paymentsc/f Fair value b/f Granted in Lapsed in Exercised 31 Mar Exercise per granted Date of 1 April 2022the yearthe yearin the year2023Vesting price instrument Grant(No.)(No.)(No.)(No.)(No.)period(pence)(pence)28\u2013Nov\u201316 522,419 \u2013 (23,099) \u2013 499,320 3 years 355 64.111\u2013Nov\u201317 120,000 \u2013 \u2013 \u2013 120,000 3 years 359 89.828\u2013Nov\u201317 306,384 \u2013 \u2013 \u2013 306,384 3 years 387 70.9Molten Ventures 30\u2013Jul\u201318 664,450 \u2013 (13,700) \u2013 650,750 3 years 492 152.9plc 2016 Company Share Option Scheme 12\u2013Feb\u201319 556,868 \u2013 (10,000) \u2013 546,868 3 years 530 67.8(\u201cCSOP\u201d)26\u2013Nov\u201319 200,000 \u2013 (200,000) \u2013 \u2013 3 years 467 71.529\u2013Jun\u201320 200,000 \u2013 \u2013 \u2013 200,000 3 years 449 81.226\u2013Jul\u201321 53,270 \u2013 (16,906) 36,364 1 year 1 986.029\u2013Jun\u201320 561,577 \u2013 (14,337) \u2013 547,240 3 years 1 449.0Molten Ventures plc 16\u2013Jul\u201321 560,887 \u2013 \u2013 \u2013 560,887 1 year 1 940.0Long-Term Incentive 17\u2013Jul\u201322 \u2013 479,587 (9,586) \u2013 470,001 3 years 1 540.0Plan (\u201cLTIP\u201d)17\u2013Jul\u201322 \u2013 543,609 \u2013 \u2013 543,609 5 years* 1 540.0Molten Ventures plc Deferred Benefit Plan (\u201cDBP\u201d) 17\u2013Jun\u201322 \u2013 211,110 \u2013 \u2013 255,168 2 years 1 540.0 Total 3,745,855 1,234,306 (270,722) (16,906) 4,692,533 * This is a vesting period of three years and a further two-year holding period.Set out below are summaries of options granted under the planYear ended Year ended 31 March 202331 March 2022 As at 1 April 3,745,855 4,056,293 Granted during the year 1,234,306 637,526 Lapsed in the year (270,722) (43,488) Exercised during the year (16,906) (904,476) As at 31 March 4,692,533 3,745,855 Both the CSOP and LTIP are, as of 31 March 2023, partly administered by the Molten Ventures Employee Benefit Trust (\u201cTrust\u201d). The Trust is consolidated in these consolidated financial statements. The Trust may purchase shares from the market and, from time to time, when the options are exercised, the Trust transfers the appropriate number of shares to the employee or sells these as agent for the employee. The proceeds received, net of any directly attributable transaction costs, are credited directly to equity. Shares held by the Trust at the end of the reporting period are shown as own shares in the consolidated financial statements (see Note 25(i)). Of the 16,906 options exercised during the year, none were satisfied with new ordinary shares issued by Molten Ventures plc (FY22: 0.9 million options exercised with no new ordinary shares issued) (see Note 24). All outstanding options have been assessed to be reportable as equity-settled.For share options granted under the CSOP, the Black-Scholes Option Pricing Model has been used for valuation purposes. All options are settled in shares. Volatility is expected to be in the range of 20\u201330% based on an analysis of the Company\u2019s and peer group\u2019s share price. The risk-free rates used were taken from zero coupon United Kingdom government bonds on a term consistent with the vesting period. There are no non-market performance conditions attached to the share options granted under the CSOP.Share options granted during the period under the LTIP vest over the prescribed performance period to the extent that performance conditions are met. The performance conditions relate to realisations, assets under management (calculated in line with the relevant deed of grant), and Total Shareholder Return. These options are granted under the plan for no consideration and are granted at a nominal value of one pence per share option. The fair value of the LTIP shares is valued using the Black\u2013Scholes model, which includes a Monte Carlo simulation model. A six-monthly review takes place of non-market performance conditions and, as at 31 March 2023, the best estimate for expected vesting of unvested share options is 81%.In the year ended 31 March 2023, it was agreed that 0% (31 March 2022: 50%) of the Executive Team\u2019s bonus for that financial year would be deferred in shares of Molten Ventures plc. FY23 bonus amounts were paid in cash for an amount up to 100% (FY22: 100%) of each Director\u2019s salary, with the balance being paid in the form of a deferred share award over a number of shares calculated based on the Volume Weighted Average Price per share for the five trading days immediately prior to the date of grant. The deferral period under the bonus scheme is two years from the date of the award. Vesting is not subject to any further performance conditions (other than continued employment at the date of vesting). The Black\u2013Scholes Option Pricing Model has been used for valuation purposes.The share-based payment charge for the year is \u00a34.4 million (year ended 31 March 2022: \u00a33.7 million). 15. Intangible assetsCustomer GoodwillcontractsTotal As at 31 March 2023 \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2022 10.4 1.1 11.5 Additions during the period \u2013 \u2013 \u2013 Cost as at 31 March 2023 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2022 \u2013 (0.8) (0.8) Charge for the period \u2013 (0.2) (0.2) Accumulated amortisation as at 31 March 2023 \u2013 (1.0) (1.0) Net book value: As at 31 March 2023 10.4 0.1 10.5 Customer GoodwillcontractsTotal As at 31 March 2022\u00a3m\u00a3m\u00a3m Cost Cost carried forward as at 1 April 202110.41.111.5Acquisition of business\u2013\u2013\u2013 Cost as at 31 March 2022 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2021\u2013(0.6)(0.6)Charge for the year\u2013(0.2)(0.2) Accumulated amortisation as at 31 March 2022 \u2013 (0.8) (0.8) Net book value: As at 31 March 2022 10.4 0.3 10.7 The amortisation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income.16. Financial assets held at fair value through profit or lossThe Group holds investments through investment vehicles it manages. The investments are carried at fair value through profit or loss. The Group\u2019s valuation policies are set out in Note 5(a) and Note 28. The table below sets out the movement in the balance sheet value of investments from the start to the end of the year, showing investments made, cash receipts and fair value movements.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m As at 1 April 1,410.8 867.1 1Investments made in the period138.2311.2 Loans repaid from underlying investment vehicles (48.1) (126.3) Carry external 2.1 13.5 Non-investment cash movement 14.1 15.9 Unrealised gains on the revaluation of investments (240.1) 329.4 As at 31 March 1,277.0 1,410.8 1 Investments and loans made in the year are amounts the Group has invested in underlying investment vehicles. This is not the equivalent to the total amount invested in portfolio companies as existing cash balances from the investment vehicles are reinvested.17. Related undertakingsFor further details of other related undertakings within the Group, see Note 4(b).Please see below details of investments held by the Group\u2019s investment companies, where the ownership percentage or partnership interest exceeds 20%. These are held at fair value through the profit or loss in the statement of financial position.Interest FD category* at reporting date/Name Address Principal activity Type of shareholding partnership interestRavenPack Holding AGChurerstrasse 135, Trading companyOrdinary sharesDCH-8808 Pf\u00e4ffikon, SwitzerlandPreference sharesFinalCAD4, rue Jules Lefebvre 75009 ParisTrading companyOrdinary sharesDPreference sharesEarlybird GmbH & Co. c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest26%Beteiligungs-KG IVMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investmentsEarlybird Special c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest34%Opportunities LPMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investmentsEarlybird DWES Fund VI c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest56%GmbH & Co. KGMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investments* Fully diluted interest categorised as follows: Cat A: 0\u20135%, Cat B: 6\u201310%, Cat C: 11\u201315%, Cat D: 16\u201325%, Cat E: >25%.Details of the fair value of the Core companies are detailed as part of the Gross Portfolio Value table on page 27.18. Property, plant and equipmentRight-of-use Leasehold Computer assetsimprovementsequipmentTotal As at 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2022 1.6 0.8 0.2 2.6 Additions during the period \u2013 \u2013 \u2013 \u2013 Disposals during the year \u2013 \u2013 \u2013 \u2013 Cost as at 31 March 2023 1.6 0.8 0.2 2.6 Accumulated depreciation Depreciation carried forward as at 1 April 2022 (1.0) (0.6) (0.1) (1.7) Charge for the period (0.3) (0.1) (0.1) (0.5) Disposals during the year \u2013 \u2013 \u2013 \u2013 Accumulated depreciation as at 31 March 2023 (1.3) (0.7) (0.2) (2.2) Net book value: As at 31 March 2023 0.3 0.1 Nil 0.4 Right-of-use Leasehold Computer assetsimprovementsequipmentTotal As at 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2021 1.6 0.8 0.1 2.5 Additions during the period \u2013 \u2013 0.1 0.1 Disposals during the year \u2013 \u2013 \u2013 \u2013 Cost as at 31 March 2022 1.6 0.8 0.2 2.6 Accumulated depreciation Depreciation carried forward as at 1 April 2021 (0.7) (0.4) \u2013 (1.1) Charge for the period (0.3) (0.2) (0.1) (0.6) Disposals during the year \u2013 \u2013 \u2013 \u2013 Accumulated depreciation as at 31 March 2022 (1.0) (0.6) (0.1) (1.7) Net book value: As at 31 March 2022 0.6 0.2 0.1 0.9 The depreciation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income.19. Operating segmentsThe Group follows the accounting policy on operating segments laid out in Note 4(c).20. Trade and other receivables31 March 202331 March 2022\u00a3m \u00a3mTrade receivables3.11.1Other receivables and prepayments1.91.7 Total 5.0 2.8 Expected credit losses for these receivables are expected to be immaterial.The ageing of trade receivables at reporting date is as follows:31 March 202331 March 2022\u00a3\u2019m \u00a3m Not past due 2.9 1.0 Past due 1\u201330 days 0.1 \u2013 Past due 31\u201360 days \u2013 \u2013 More than 60 days 0.1 0.1 Total 3.1 1.1 Trade receivables are held at amortised cost. The maximum exposure to credit risk of the receivables at the reporting date is the fair value of each class of receivable mentioned above, which is as shown above due to the short-term nature of the trade receivables. The Group does not hold any collateral as security.21. Trade and other payables31 March 202331 March 2022\u00a3m \u00a3m Trade payables (0.8) (0.5) Other taxation and social security (0.2) (0.5) Other payables (2.4) (1.9) Accruals and deferred income (6.2) (11.1) Accrued tax expense \u2013 (0.3) Total (9.6) (14.3) All trade and other payables are short term.22. Financial liabilities31 March 202331 March 2022\u00a3m \u00a3m Current liabilities Leases (0.3) (0.4) Loans and borrowings \u2013 \u2013 Total current financial liabilities (0.3) (0.4) Non-current liabilities Leases \u2013 (0.3) Loans and borrowings (89.0) (29.7) Total non-current financial liabilities (89.0) (30.0) Total (89.3) (30.4) The below table shows the changes in liabilities from financing activities.BorrowingsLeases\u00a3m \u00a3m At 1 April 2021 0.4 (1.0) Capitalisation of costs 0.3 \u2013 Amortisation of costs (0.4) \u2013 Drawdowns (30.0) \u2013 Repayment of debt \u2013 \u2013 Other changes \u2013 Interest payments (presented as cash flows) \u2013 (0.1) Repayment of lease liabilities \u2013 0.4 At 31 March 2022 (29.7) (0.7) Capitalisation of costs 1.0 \u2013 Amortisation of costs (0.3) \u2013 Drawdowns (125.0) \u2013 Repayment of debt 65.0 \u2013 Other changes \u2013 Interest payments (presented as cash flows) \u2013 \u2013 Repayment of lease liabilities \u2013 0.4 At 31 March 2023 (89.0) (0.3) 22(i). Loans and borrowingsOn 6 September 2022, the Company entered into a facility agreement relating to a new debt facility (the \u201cDebt Facility\u201d) with J.P. Morgan Chase Bank N.A., London Branch (\u201cJPM\u201d) and SVB UK Limited (\u201cSVB\u201d), with a JPM affiliate acting as the appointed agent. The Debt Facility comprises a \u00a390.0 million term loan (\u201cTerm Loan\u201d) and a revolving credit facility (\u201cRCF\u201d) of up to \u00a360.0 million on three and two-year availability periods respectively. Repayment dates for both may be extended by two 12-month periods subject to the lenders\u2019 willingness to extend and satisfaction of various conditions. The headline interest rate applied on both the Term Loan and RCF includes a \u201cmargin\u201d of 5.50% per annum plus SONIA. The Debt Facility is secured against various Group assets, including bank accounts; listed shares; and LP interests, with a number of entities within the Group acceding as guarantors. The Company\u2019s ability to borrow under the Debt Facility and satisfy its financial and non-financial covenants is dependent on the value of the investment portfolio (excluding third-party funds under management), with draw downs being subject to a maximum loan to value ratio of 10% (1.10:1.00). The lenders may commission quarterly independent valuations of the investment portfolio. The Debt Facility replaced the Company\u2019s previous revolving credit facility with SVB and Investec Bank plc of \u00a365.0 million, which was repaid in full. In addition to repaying the previous facility, the Debt Facility may be used for general working capital purposes and to finance the purchase of portfolio companies, but cannot be used to fund share buybacks. The Group incurred transaction fees of \u00a31.0 million, which are presented within loans and borrowings on the statement of financial position and are amortised over the life of the facility, and to date professional fees of \u00a30.4 million have been accrued arising from the negotiation of the Debt Facility Agreement, which have been presented in general administrative expenses. Interest-related charges are reported in the consolidated statement of comprehensive income as finance costs (see Note 11). On execution of the Debt Facility Agreement, the Group drew down \u00a390.0 million of the Term Loan, with the RCF (\u00a360.0 million, currently undrawn) being available for two years to September 2024 subject to any extension. After expiry of the availability period, a cash sweep on realisations will apply. Both the RCF and Term Loan must be fully repaid by the third anniversary of the date of the Debt Facility Agreement, subject to any extension. The Debt Facility contains financial and non-financial covenants, which the Company and certain members of the Group must comply with throughout the term of the Debt Facility:\u2022 Maintain a value to cost ratio of investments of at least 10% (1.10:1.00).\u2022 Total financial indebtedness not to exceed 20% (10% on each utilisation) of the value of investments in the portfolio with adjustments for concentration limits (see below) together with the value of all amounts held in specified bank accounts subject to the security package.\u2022 Total aggregate financial indebtedness of the Company and certain members of the Group is not to exceed 35% (25% on each utilisation) of the value of secured investments in the portfolio with adjustments for concentration limits calculated by reference to specified assets and bank accounts subject to the security package. \u2022 The Company, and certain members of its Group, must maintain a minimum number of investments subject to concentration limits connected to sector, geography, joint or collective value, and/or listed status. Failure to satisfy financial covenants may limit the Company\u2019s ability to borrow and/or also trigger events of default, which in some instances could trigger a cash sweep on realisations and/or require the Company to cure those breaches by repaying the Debt Facility (either partially or in full). 31 Mar 202331 Mar 2022\u00a3m \u00a3m Bank loan senior facility amount 150 65.0 Interest rate SONIA + 5.5% BOE base rate + 6.25% Drawn at balance sheet date (90.0) (30.0) Arrangement fees 1.0 0.3 Loan liability balance (89.0) (29.7) Undrawn facilities at balance sheet date 60.0 35.0 The Company was amortising costs relating to the inception, increase and extension over the life of the previous facility. On extinguishment of this liability, the costs were recognised in full in the condensed consolidated interim statement of comprehensive income. The interest reserve account previously held with SVB no longer forms part of the security package (balance on consolidated statement of financial position as at 31 March 2022: \u00a32.3 million).23. Deferred taxDeferred tax is calculated in full on temporary differences under the balance sheet liability method using the tax rate expected to apply when the temporary differences reverse. See breakdown below: 31 March 202331 March 2022\u00a3m \u00a3m Arising on share-based payments \u2013 1.6 Deferred tax asset \u2013 1.6 Arising on share-based payments (1.0) \u2013 Arising on business combination \u2013 (0.1) Arising on co-invest and carried interest (0.3) (0.3) Arising on the investment portfolio (20.9) (25.6) Other timing differences (0.3) (0.1) Deferred tax liability (22.5) (26.1) 24. Share capital and share premiumOrdinary share capital Year ended 31 March 2023 \u2013 Allotted and fully paid Number Pence \u00a3m As at 1 April 152,999,853 1 1.5 Issue of share capital during the year for cash \u2013 \u2013 \u2013 As at 31 March 152,999,853 1 1.5 Year ended 31 March 2022 \u2013 Allotted and fully paid Number Pence \u00a3\u2019m As at 1 April 139,097,075 1 1.4 Issue of share capital during the year for cash\u00b9 13,902,778 1 0.1 As at 31 March 152,999,853 1 1.5 1 In June 2021, the Company raised gross proceeds of \u00a3111.2 million at a placing price of 800 pence per share by way of a placing of 13,902,778 new ordinary shares.Share premium 31 Mar 202331 Mar 2022Allotted and fully paid \u00a3m \u00a3m As at 1 April 615.9 508.3 Premium arising on the issue of ordinary shares \u2013 111.2 Equity issuance costs \u2013 (3.6) As at 31 March 615.9 615.9 25. Own shares and other reservesi. Own shares reserveOwn shares are shares held in Molten Ventures plc that are held by Molten Ventures Employee Benefit Trust (\u201cTrust\u201d) for the purpose of issuing shares under the Molten Ventures plc 2016 Company Share Options Plan and Long-Term Incentive Plan. Shares issued to employees are recognised on a weighted average cost basis. The Trust holds 0.72% of the issued share capital at 31 March 2023.31 Mar 202331 Mar 2022No. of sharesNo. of sharesm \u00a3\u2019m m \u00a3\u2019m As at 1 April (0.9) (8.2) (0.1) (0.3) Acquisition of shares by the Trust (0.2) (0.6) (0.8) (8.0) Disposal or transfer of shares by the Trust* \u2013 (0.1) \u2013 0.1 As at 31 March (1.1) (8.9) (0.9) (8.2) * Disposals or transfers of shares by the Trust also include shares transferred to employees net of exercise price with no resulting cash movements. Cash receipts in respect of sale of shares in the year ended 31 March 2023 were \u00a3Nil (year ended 31 March 2022: \u00a3Nil). ii. Other reservesThe following table shows a breakdown of the \u201cother reserves\u201d line in the consolidated interim statement of financial position and the movements in those reserves during the period. A description of the nature and purpose of each reserve is provided below the table.Share-based Share-based payments payments reserve reserve resulting from resulting from Merger relief Company share acquisition of Total other reserveoption schemesubsidiaryreservesYear ended 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m As at 1 April 13.1 5.0 10.8 28.9 Share-based payments \u2013 4.4 \u2013 4.4 Share-based payments \u2013 exercised during the year \u2013 \u2013 \u2013 \u2013 As at 31 March 13.1 9.4 10.8 33.3 Share-based Share-based payments payments reserve reserve resulting from resulting from Merger relief Company share acquisition of Total other reserveoption schemesubsidiaryreservesYear ended 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m As at 1 April 13.1 2.3 10.8 26.2 Share-based payments \u2013 3.7 \u2013 3.7 Share-based payments \u2013 exercised during the year \u2013 (1.0) \u2013 (1.0) As at 31 March 13.1 5.0 10.8 28.9 Merger relief reserveIn accordance with the Companies Act 2006, a Merger Relief Reserve of \u00a313.1 million (net of the cost of share capital issued of \u00a380k) was created on the issue of 4,392,332 ordinary shares for 300 pence each in Molten Ventures plc as consideration for the acquisition of 100% of the capital interests in Esprit Capital Partners LLP on 15 June 2016.Share-based payment reserveWhere the Group engages in equity-settled share-based payment transactions, the fair value at the date of grant is recognised as an expense over the vesting period of the options. The corresponding credit is recognised in the share-based payment reserve. Please see Note 14 for further details on how the fair value at the date of grant is recognised.26. Adjustments to reconcile operating (loss)/profit to net cash outflow in operating activitiesYear ended Year ended 31 March 202331 March 2022 Notes \u00a3m \u00a3m Adjustments to reconcile operating (loss)/profit to net cash outflow in operating activities: Revaluation of investments held at fair value through profit or loss 6 240.1 (329.4) Depreciation and amortisation 15, 18 0.7 0.8 Share-based payments \u2013 resulting from Company share option scheme 14 4.4 3.7 Finance income 11 (1.7) (1.8) Finance expense 11 7.1 1.4 (Decrease)/increase in deferred tax 23 (5.2) 25.6 Decrease/(increase) in trade and other receivables and other working capital movements (1.0) (0.6) (Decrease)/increase in trade and other payables (2.7) 5.5 Adjustments to reconcile operating (loss)/profit to net cash outflow in operating activities 241.7 (294.8) Please see Note 22 for the changes in liabilities from financing activities.27. Retirement benefitsThe Molten Ventures Group makes contributions to personal pension schemes set up to benefit its employees. The Group has no interest in the assets of these schemes and there are no liabilities arising from them beyond the agreed monthly contribution for each employee or member that is included in employment costs in the profit and loss account as appropriate.28. Fair value measurementsi. Fair value hierarchyThis section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value in the financial statements. This section should be read with reference to Note 5 and Note 16. As explained in Note 5(a), valuation of unquoted equity investments at fair value through profit or loss is a critical accounting estimate and actuals may differ from estimates. The Group has considered the impact of ESG and climate-related risks on its portfolio and consider these to be currently immaterial to the value of our portfolio for FY23 owing to the nature of the underlying investments (FY22: immaterial) and taking into consideration the climate risk impact channels and their financial impact across the portfolio companies, however this will be monitored each year to assess any changes. The Group recognised a number of climate-related opportunities within the portfolio via our Climate Tech thesis. The inputs to our valuations are described in the sensitivities analysis table below and, because these are more short-term in nature (e.g. forecast revenue for the current year applied to current market multiples, and recent transactions), we do not currently see any material impacts on these inputs from the longer term risks described in our TCFD report and, therefore, values as at 31 March 2023. We also recognise that, although the risks are not currently material, they could become material in the medium to long-term without mitigating actions, which are described within the TCFD section of the Strategic Report. For further discussion of our climate-related risks and opportunities, please see our TCFD and Principal Risks sections of the Strategic Report. The Group classifies financial instruments measured at fair value through profit or loss (\u201cFVTPL\u201d) according to the following fair value hierarchy prescribed under the accounting standards:\u2022 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date (31 March 2023; and 31 March 2022 for comparatives);\u2022 Level 2: inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and\u2022 Level 3: inputs are unobservable inputs for the asset or liability.All financial instruments measured at FVTPL in FY22 and FY23 are financial assets relating to holdings in investment entities that hold high-growth technology companies either directly or through Fund of Funds. The Group invests in special purpose vehicles and limited partnerships, which are considered to be investment companies that invest mostly in equities for the benefit of the Group. As set out in Note 4(b), these are held at their respective net asset values and, as such, are noted to be all Level 3 for FY22 and FY23. For details of the reconciliation of those amounts please refer to Note 16. The additional disclosures below are made on a look-through basis and are based on the Gross Portfolio Value (\u201cGPV\u201d). In order to arrive at the Net Portfolio Value (\u201cNPV\u201d), which is the value recognised as investments held at FVTPL in the statement of financial position, the GPV is subject to deductions for the fair value of carry liabilities and adjustments for Irish deferred tax. UK deferred tax is recognised in the consolidated statement of financial position as a liability to align the recognition of deferred tax to the location in which it will likely become payable on realisation of the assets. For details of the GPV and its reconciliation to the investment balance in the financial statements, please refer to the extract of the Gross Portfolio Value table below: Non-Fair Value of investment Movement Fair Value Fair Value of Investments cash in Foreign Movement in movement Investments 31-Mar-22 Investments Realisations movement Exchange Fair Value 31-Mar-23 31-Mar-23 Investments \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total Portfolio 1,529.7 138.2 (48.1) \u2013 42.4 (292.6) (250.2) 1,369.6 Co-invest 1.8 \u2013 \u2013 \u2013 \u2013 (0.7) (0.7) 1.1 Gross Portfolio Value 1,531.5 138.2 (48.1) \u2013 42.4 (293.3) (250.9) 1,370.7 Carry external (121.5) \u2013 2.1 \u2013 \u2013 25.4 25.4 (94.0) Portfolio deferred tax 0.5 \u2013 \u2013 \u2013 \u2013 (0.5) (0.5) \u2013 Trading carry and co-invest 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Non-investment cash movement \u2013 \u2013 \u2013 14.1 \u2013 (14.1) (14.1) \u2013 Net Portfolio Value 1,410.8 138.2 (46.0) 14.1 42.4 (282.5) (240.1) 1,277.0 Non-Fair Value of investment Movement Fair Value Fair Value of Investments cash in Foreign Movement in movement Investments 31-Mar-21 Investments Realisations movementExchange Fair Value 31-Mar-22 31-Mar-22 Investments \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total Portfolio 981.2 311.2 (126.3) \u2013 15.9 347.7 363.6 1,529.7 Co-invest 2.6 \u2013 \u2013 \u2013 \u2013 (0.8) (0.8) 1.8 Gross Portfolio Value 983.8 311.2 (126.3) \u2013 15.9 346.9 362.8 1,531.5 Carry external (97.0) \u2013 13.5 \u2013 \u2013 (38.0) (38.0) (121.5) Portfolio deferred tax (20.0) \u2013 \u2013 \u2013 \u2013 20.5 20.5 0.5 Trading carry and co-invest 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Non-investment cash movement \u2013 \u2013 \u2013 15.9 \u2013 (15.9) (15.9) \u2013 Net Portfolio Value 867.1 311.2 (112.8) 15.9 15.9 313.5 329.4 1,410.8 Carry external \u2013 this relates to accrued carry that is due to former and current employees or managers external to the Group. These values are calculated based on the reported fair value, applying the provisions of the limited partnership agreements to determine the value that would be payable by the Group\u2019s investment entities to the carried interest partnerships. Portfolio deferred tax \u2013 this relates to tax accrued against gains in the portfolio to reflect those portfolio companies where tax is expected to be payable on exits. This relates to Irish deferred tax only. UK deferred tax is recognised in the consolidated statement of financial position as a liability to align the recognition of deferred tax to the location in which it will likely become payable on realisation of the assets. These values are calculated based on unrealised fair value of investments at reporting date at the applicable tax rate.Trading carry and co-invest \u2013 this relates to accrued carry that is due to the Group.Non-investment cash movements \u2013 this relates to cash movements relating to management fees and other non-investment cash movements to the subsidiaries held at FVTPL.During the year ending 31 March 2023, there were no transfers between levels (year to 31 March 2022: transfers out of Level 3 and into Level 1 following the listing of two investments, one is held directly and one of which is held via our partnership with Earlybird) \u2013 see below for the breakdown of investments by fair value hierarchy and (iii) on the following page for movements. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as at the end of the reporting period.Fair value measurementsLevel 1Level 2Level 3TotalAt 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m Financial assets at fair value through profit or loss Quoted investments 11.9 \u2013 \u2013 11.9 Unquoted investments being made up of: \u2013 \u2013 1,357.7 1,357.7 Unquoted investments \u2013 enterprise technology \u2013 \u2013 587.9587.9 Unquoted investments \u2013 consumer technology \u2013 \u2013 144.7144.7 Unquoted investments \u2013 hardware and deeptech \u2013 \u2013 357.3357.3 Unquoted investments \u2013 digital health and wellness \u2013 \u2013 75.775.7 Unquoted investments \u2013 other* \u2013 \u2013 192.1192.1 Total financial assets 11.9 \u2013 1,357.7 1,369.6 Fair value measurementsLevel 1Level 2Level 3TotalAt 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m Financial assets at fair value through profit or loss Quoted investments 64.0 \u2013 \u2013 64.0 Unquoted investments being made up of: \u2013 \u2013 1,465.7 1,465.7 Unquoted investments \u2013 enterprise technology \u2013 \u2013 464.1 464.1 Unquoted investments \u2013 consumer technology \u2013 \u2013 262.3 262.3 Unquoted investments \u2013 hardware and deeptech \u2013 \u2013 434.9 434.9 Unquoted investments \u2013 digital health and wellness \u2013 \u2013 63.6 63.6 Unquoted investments \u2013 other* \u2013 \u2013 240.8 240.8 Total financial assets 64.0 \u2013 1,465.7 1,529.7 *\u201dother\u201d includes Fund of Funds investments and Earlybird investments where we do not perform a look-through valuation. This differs from the analysis in the Strategic Report in order to align to valuation methodologies. Within the Strategic Report, additional Earlybird companies are included within the sector analysis.ii. Valuation techniques used to determine fair valuesThe fair value of unlisted securities is established with reference to the IPEV Guidelines. In line with the IPEV Guidelines, the Group may base valuations on earnings or revenues where applicable, market comparables, calibrated price of recent investment in the investee companies, or on net asset values of underlying funds (\u201cNAV of underlying funds\u201d). An assessment will be made at each measurement date as to the most appropriate valuation methodology, including that for investee companies owned by third-party funds that Molten Ventures plc invests in and which are valued on a look-through basis.Financial instruments, measured at fair value, categorised as Level 3 can be split into three main valuation techniques:\u2022 Calibrated price of recent investment;\u2022 Revenue-multiple; and \u2022 NAV of underlying fund.Each portfolio company will be subject to individual assessment.For a valuation based on calibrated price of recent investment, the recent round enterprise value is calibrated against the equivalent value at year-end using a revenue-multiple valuation methodology as well as in relation to technical/product milestones since the round and the Company\u2019s trading performance is relative to the expectations of the round.For a valuation based on a revenue-multiple, the main assumption is the multiple. The multiple is derived from comparable listed companies or relevant market transaction multiples. Companies in the same industry, geography, and, where possible, with a similar business model and profile are selected and then adjusted for factors including liquidity risk, growth potential and relative performance. They are also adjusted to represent our longer-term view of performance through the cycle of our existing assumption.Where the Group invests in Fund of Fund investments, the value of the portfolio will be reported by the fund to the Group. The Group will ensure that the valuations comply with the Group policy and that they are adjusted with any cash and known valuation movements where reporting periods do not align.See also Note 5(a) where valuation policies are discussed in more detail.iii. Fair value measurements using significant unobservable inputs (Level 3)The table below presents the changes in Level 3 items for the years ending 31 March 2022 and 31 March 2023.Level 3 valuations \u00a3m Opening balance at 1 April 2021 895.7 Investments 309.1 Gains 435.7 Realisations (86.2) Unadjusted closing balance at 31 March 2022 1,554.3 Transfer to Level 1 (88.6) Closing balance at 31 March 2022 1,465.7 Investments 138.2 Losses (224.6) Realisations (21.6) Unadjusted closing balance at 31 March 2023 1,357.7 Transfer to Level 1 \u2013 Closing balance at 31 March 2023 1,357.7 iv. Valuation inputs and relationships for fair valueThe following table summarises the quantitative information about the significant unobservable inputs used in Level 3 fair value measurements:Fair value Fair value impact of impact of Valuation Fair value at Sensitivity on significant sensitivities sensitivities technique SectorSignificant input*31 Mar 2023 input(\u00a3m) +10% (\u00a3m) -10%Calibrated AllCalibrated round enterprise value \u2013 Pre 668.010% sensitivity applied 573.8731.5price of and post year-end round enterprise (FY22: 806.7)to the discount to last (FY22: 881.0)(FY22: 739.6) recent values have been calibrated with round price.Enterprise 279.2242.7293.6investmentappropriate discounts taken to reflect tech(FY22: 388.5)(FY22: 424.4)(FY22:357.0) movements in publicly listed peer Consumer 34.125.938.5multiples, future revenue projections tech(FY22: 68.4)(FY22: 73.7)(FY22: 64.2) and timing risk. Discounts were applied Hardware & to 65% (2022: 52%) of the fair value of 313.0265.9355.9Deeptechinvestments measured at calibrated (FY22: 310.9)(FY22: 342.0)(FY22: 282.8) price of recent investment. The range Digital 41.739.343.5of discounts taken is between 6%-79% health & (FY22: 38.9)(FY22:40.9)(FY22: 35.6)(2022: 15-89%). The weighted average wellnessdiscount taken is 35% (2022: 25%).More discounts have been applied in the current year, reflecting calibration to the market. Market AllRevenue-multiples are applied to the 462.210% sensitivity applied 505.1417.5comparablesrevenue of our portfolio companies to (FY22: 418.2)to the revenue\u2013multiple(FY22: 458.1)(FY22: 378.3) determine their enterprise value.10% sensitivity applied 505.1417.5to the revenue of the (FY22: 458.1)(FY22: 378.3)Implied revenue-multiple \u2013 the portfolio portfolio companywe have is diversified across sectors and Enterprise geographies and the companies which 281.910% sensitivity applied 308.6253.2techhave valuations based on revenue-(FY22: 75.6)to the revenue\u2013multiple(FY22: 83.3)(FY22: 67.8) multiples have a range of multiples of 10% sensitivity applied 308.6253.2between 1.0x-13.4x (2022: 0.9-13.8x) and to the revenue of the (FY22: 83.3)(FY22: 67.8)a weighted average multiple of 8.4x portfolio company(2022: 7.8x).Consumer 110.610% sensitivity applied 121.4100.0Revenue \u2013 we select forward revenues tech(FY22: 193.9)to the revenue\u2013multiple(FY22: 212.5)(FY22: 175.4) from our portfolio companies mostly 10% sensitivity applied 121.4100.0with reference to financial updates to the revenue of the (FY22: 212.5)(FY22: 175.4)in their board packs, adjusted where portfolio companyrequired in the event we do not have Hardware & forward-looking information. Our core 35.710% sensitivity applied 38.133.2Deeptechportfolio makes up 62% (2022: 68%) of (FY22: 124.0)to the revenue\u2013multiple(FY22: 135.6)(FY22: 112.4) the GPV and revenue growth in the core 10% sensitivity applied 38.133.2portfolio for 2023 is 68% (2022: 77%).to the revenue of the (FY22: 135.6)(FY22: 112.4)The multiple range has remained portfolio companyconsistent with the prior financial Digital 34.010% sensitivity applied 37.031.1year March 2022 but there has been health & (FY22: 24.7)to the revenue\u2013multiple(FY22: 26.7)(FY22: 22.7) an increase to the weighted average wellness10% sensitivity applied 37.031.1multiple reflecting the more significant to the revenue of the (FY22: 26.7)(FY22: 22.7)weighting of larger assets. portfolio companyNAV of AllNAV of funds, adjusted where required 227.510% sensitivity applied 250.3204.8underlying \u2013 net asset values of underlying funds (FY22: 240.8)to the adjusted NAV of (FY22: 264.9)(FY22: 216.8) fundreported by the manager. These are funds Enterprise 26.829.524.1reviewed for compliance with our tech(FY22: \u2013)(FY22: \u2013)(FY22: \u2013) policies and are calibrated for any cash Consumer \u2013\u2013\u2013and known valuation movements where tech(FY22: \u2013)(FY22: \u2013)(FY22: \u2013) reporting periods do not align.Hardware & 8.69.57.8Deeptech(FY22: \u2013)(FY22: \u2013)(FY22: \u2013) Digital \u2013\u2013\u2013health & (FY22: \u2013)(FY22: \u2013)(FY22: \u2013)wellnessOther192.1211.3172.9(FY22: 240.8)(FY22: 264.9)(FY22: 216.8) *There were no significant inter-relationships between unobservable inputs that materially affect fair values.v. Valuations processesThe Audit, Risk and Valuations Committee is responsible for ensuring that the financial performance of the Group is properly reported on and monitored. In addition to continuous portfolio monitoring through the Board positions held in portfolio companies and the Investment Committee, a bi-annual strategy day is held every six months to discuss the investment performance and valuations of the portfolio companies. The Investment Team leads discussions focused on business performances and key developments, exit strategy and time lines, revenue and EBITDA progression, funding rounds and latest capitalisation table, and valuation metrics of listed peers. Valuations are prepared every six months by the Finance Team during each reporting period, with direct involvement and oversight from the CFO. Challenge and approvals of valuations are led by the Audit, Risk and Valuations Committee every six months, in line with the Group\u2019s half-yearly reporting periods.29. Financial instruments riskFinancial risk managementFinancial risks are usually grouped by risk type: market, liquidity and credit risk. These risks are discussed in turn below.Market risk \u2013 Foreign currencyA significant portion of the Group\u2019s investments and cash deposits are denominated in a currency other than Sterling. The principal currency exposure risk is to changes in the exchange rate between GBP and USD/EUR. Presented below is an analysis of the theoretical impact of 10% volatility in the exchange rate on Shareholder equity.Theoretical impact of a change in the exchange rate of +/-10% between GBP and USD/EUR would be as follows:31 Mar 202331 Mar 2022Foreign currency exposures \u2013 Investments \u00a3m \u00a3m Investments \u2013 exposures in EUR 672.3 614.3 10% decrease in GBP 747.0 682.6 10% increase in GBP 611.2 558.5 Investments \u2013 exposures in USD 303.1 484.5 10% decrease in GBP 336.7 538.3 10% increase in GBP 275.5 440.5 Certain cash deposits held by the Group are denominated in Euros and US Dollars. The theoretical impact of a change in the exchange rate of +/-10% between GBP and USD/EUR would be as follows:31 March 202331 March 2022Foreign currency exposures \u2013 Cash \u00a3m \u00a3m Cash denominated in EUR 0.5 24.5 10% decrease in EUR: GBP 0.5 22.0 10% increase in EUR: GBP 0.6 26.9 Cash denominated in USD 0.9 32.5 10% decrease in USD: GBP 0.8 29.3 10% increase in USD: GBP 1.0 35.8 The combined theoretical impact on Shareholders\u2019 equity of the changes to revenues, investments and cash and cash equivalents of a change in the exchange rate of +/- 10% between GBP and USD/EUR would be as follows: 31 March 202331 March 2022Foreign currency exposures \u2013 Equity \u00a3m \u00a3m Shareholders\u2019 Equity 1,194.1 1,433.8 10% decrease in EUR: GBP/USD: GBP 1,085.6 1,290.5 10% increase in EUR: GBP/USD: GBP 1,326.8 1,577.3 Market risk \u2013 Price risk Market price risk arises from the uncertainty about the future prices of financial instruments held in accordance with the Group\u2019s investment objectives. It represents the potential loss that the Group might suffer through holding market positions in the face of market movements. As stated in Note 5 and Note 28, valuation of unquoted equity investments at fair value through profit or loss is a critical accounting estimate and actuals may differ from estimates. The Group is exposed to equity price risk in respect of equity rights and investments held by the Group and classified on the balance sheet as financial assets at fair value through profit or loss (Note 28). These equity rights are held mostly in unquoted high-growth technology companies and are valued by reference to revenue or earnings multiples of quoted comparable companies (taken as at the year-end date), last round price (calibrated against market comparables), or NAV of underlying fund, and also in certain quoted high-growth technology companies \u2013 as discussed more fully in Note 5(a). These valuations are subject to market movements. The Group seeks to manage this risk by routinely monitoring the performance of these investments, employing stringent investment appraisal processes.Theoretical impact of a fluctuation in equity prices of +/-10% would be as follows:Valuation methodologyCalibrated price of Quoted equity \u00a3m Revenue-multiple \u00a3m NAV of underlying fund \u00a3m recent investment \u00a3m \u201310% +10% \u201310% +10% \u201310% +10% \u201310% +10% As at 31 March 2023 (1.2) 1.2 (43.6) 41.7 (22.8) 22.8 (54.4) 53.6 As at 31 March 2022 (6.4) 6.4 (39.8) 39.9 (24.1) 24.1 (67.2) 74.3 Given the impact on both private and public markets from current market volatility, which could impact the valuation of our unquoted and quoted equity investments, we further flexed by 20% in order to analyse the impact on our portfolio of larger market movements. Theoretical impact of a fluctuation of +/- 20% would have the following impact: Valuation methodologyCalibrated price of Quoted equity \u00a3mRevenue-multiple \u00a3mNAV of underlying fund \u00a3mrecent investment \u00a3m \u201320% +20% \u201320% +20% \u201320% +20% \u201320% +20% As at 31 March 2023 (2.4) 2.4 (86.9) 82.5 (45.5) 45.5 (109.2) 106.8 As at 31 March 2022 (12.8) 12.8 (80.2) 79.7 (48.2) 48.2 (132.2) 151.4 Liquidity riskCash and cash equivalents comprise of cash and short-term bank deposits with an original maturity of three months or less held in readily accessible bank accounts. There is no restricted cash as at 31 March 2023 (restricted cash as at 31 March 2022 included \u00a32.3 million of collateral for interest payments on the revolving credit facility (see Note 22 (i)). The carrying amount of these assets is approximately equal to their fair value. Responsibility for liquidity risk management rests with the Board of Molten Ventures plc, which has established a framework for the management of the Group\u2019s funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows. The utilisation of the debt facility and requirement for utilisation requests is monitored as part of this process, the debt facility is not linked to the liquidity of the Group and further drawdowns on the debt facility have been considered within the Going Concern assessment. For the contractual maturities of the Group\u2019s liabilities see tables below.Total Contractual maturities of liabilities Less than Between Between contractual Carrying at 31 March 2023 (\u00a3m) 6 months 6\u201312 months 1\u20132 years 2\u20135 years cash flows amount Trade and other payables (9.1) (0.5) \u2013 \u2013 (9.6) (9.6) Fees on facility \u2013 \u2013 \u2013 \u2013 1.0 1.0 Facility (4.4) (4.4) (8.8) (116.5) (134.1) (90.0) Provisions \u2013 (0.3) \u2013 \u2013 (0.3) (0.3) Current lease liabilities (0.3) \u2013 \u2013 \u2013 (0.3) (0.3) Non-current lease liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total shown in the statement of financial position (13.8) (5.2) (8.8) (116.5) (143.3) (99.2) Total Contractual maturities of liabilities Less than Between Between contractual Carrying at 31 March 2022 (\u00a3m) 6 months 6\u201312 months 1\u20132 years 2\u20135 years cash flows amount Trade and other payables (13.3) (1.0) \u2013 \u2013 (14.3) (14.3) Fees on facility \u2013 \u2013 \u2013 \u2013 0.3 0.3 Facility (1.2) (1.2) (2.3) (30.3) (35.0) (35.0) Provisions \u2013 \u2013 (0.2) \u2013 (0.2) (0.2) Current lease liabilities (0.2) (0.2) \u2013 \u2013 (0.4) (0.4) Non-current lease liabilities \u2013 \u2013 (0.3) \u2013 (0.3) (0.3) Total shown in the statement of financial position (14.7) (2.4) (2.8) (30.3) (49.9) (49.9) Lease liabilities fall due over the term of the lease. The debt facility has a term of three years \u2013 for further details, see Note 22(i). All other Group payable balances at balance sheet date and prior periods fall due for payment within one year.As part of our Fund of Funds strategy, we make commitments to funds to be drawn down over the life of the fund. Projected drawdowns due by the Company are monitored as part of the monitoring process above. For further details, see Note 31. Credit riskCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss. The Group is exposed to this risk for various financial instruments, for example by granting receivables to customers and placing deposits. As part of the Group\u2019s investments, the Group invests in debt instruments such as bridging loans and convertible loan notes (included within the investments held at FVTPL). This is not included below as the risk is considered as part of the fair value measurement. The Group\u2019s trade receivables are amounts due from the investment funds under management, or underlying portfolio companies. The Group\u2019s maximum exposure to credit risk is limited to the carrying amount of trade receivables, cash and cash equivalents, and restricted cash at each period-end is summarised below:31 March 202331 March 2022Classes of financial assets impacted by credit risk, carrying amounts \u00a3m \u00a3m Trade and other receivables 5.0 2.78 Cash at bank and on hand 22.9 75.8 Restricted cash \u2013 2.3 Total 27.9 80.9 The Directors consider that expected credit losses relating to the above financial assets are immaterial for each of the reporting dates under review as they are of good credit quality. In respect of trade and other receivables, the Group is not exposed to significant risk as the principal customers are the investment funds managed by the Group, and in these the Group has control of the banking as part of its management responsibilities. Investments in unlisted securities are held within limited partnerships for which Esprit Capital Partners LLP acts as manager, and, consequently, the Group has responsibility itself for collecting and distributing cash associated with these investments. The credit risk of amounts held on deposit is limited by the use of reputable banks with high-quality external credit ratings and, as such, is considered negligible. The Group has an agreed list of authorised counterparties. Authorised counterparties and counterparty credit limits are established within the parameters of the Group Treasury Policy to ensure that the Group deals with creditworthy counterparties and that counterparty concentration risk is addressed. Any changes to the list of authorised counterparties are proposed by the CFO after carrying out appropriate credit worthiness checks and any other appropriate information, and the changes require approval from the Board. Cash at 31 March 2023 is held with the following institutions (and their respective Moody\u2019s credit rating): (1) Barclays Bank plc (Baa2); (2) SVB UK Limited (Ba1); (3) Investec Bank plc (Baa1); and at 31 March 2022, also EFG Private Bank Limited.Capital managementThe Group\u2019s objectives when managing capital are to:\u2022 safeguard their ability to continue as a going concern, so that they can continue to provide returns for Shareholders and benefits for other stakeholders; and \u2022 maintain an optimal capital structure.The Group is funded through equity and debt at the balance sheet date. During the period, the Group has repaid a revolving credit facility and replaced with a term loan (as well as an undrawn revolving credit facility). During the year, the previous credit facility of \u00a365.0 million was repaid with a term loan of \u00a390.0 million. Please refer to Note 22(i) for further details regarding the loan. In order to maintain or adjust the capital structure, the Group may make distributions to Shareholders, return capital to Shareholders, issue new shares or sell assets between related parties or otherwise to manage cash.Interest rate riskThe Group\u2019s interest rate risk arises from borrowings on the \u00a390.0 million loan facility with JPM and SVB, which was entered into in September 2022 and the fully repaid \u00a365.0 million loan facility with SVB and Investec (31 March 2022: \u00a330.0 million drawn). The Group\u2019s borrowings are denominated in GBP and are carried at amortised cost. The fair value of the debt is deemed to be the same as the carrying amount. Drawdowns of \u00a390.0 million were made during the year to 31 March 2023 at an interest rate of SONIA (prior debt facility LIBOR) plus 5.50% on the loan facility with JPM and SVB. This balance remains outstanding at the period end. There was an additional drawdown from the previous debt facility with SVB and Investec of \u00a335.0 million in the period (total borrowings post drawdown of \u00a365.0 million) at an interest rate of LIBOR plus 6.25%. The \u00a365.0 million debt facility was fully repaid in the year ended 31 March 2023. (31 March 2022: \u00a330.0 million had been drawn down from the previous facility, which has now been repaid). The Debt Facility agreement has an interest rate calculated with reference to the SONIA with a margin of 5.50%. The interest charged on future drawdowns will fluctuate with the movements on SONIA.If the base rate (SONIA or LIBOR) rate had been 2.5% higher during the year to 31 March 2023, the difference to the consolidated statement of comprehensive income would have been an increase in finance costs of \u00a31.5 million.30. Related party transactionsThe Group has various related parties stemming from relationships with Limited Partnerships managed by the Group, its investment portfolio, its advisory arrangements/Directors\u2019 fees (Board seats) and its key management personnel.Key management personnel compensationKey management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, and are considered to be the Directors of the Company listed on pages 96 and 97.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Wages and salaries 2.1 2.6 Defined contribution pension costs 0.2 0.2 Social security contributions and similar taxes 0.3 0.4 Carried interest paid 1.2 2.6 Total 3.8 5.8 The details of individual Directors\u2019 remuneration and pension benefits, as set out in the tables contained in the Directors\u2019 Remuneration Report on page 117, form part of these consolidated financial statements.During the year, employees of Molten Ventures plc, including key management personnel were granted and exercised share options \u2013 see Note 14 for further details.Transactions with other related partiesIn addition to key management personnel, the Company has related parties in respect of its subsidiaries and other related entities. On 30 March 2022, Molten Ventures plc entered into an agreement with Softcat plc to provide Molten Ventures plc with fractional CIO services. Karen Slatford was both the Chair of Softcat plc\u2019s Board and was Chair of Molten Ventures plc\u2019s Board at the time of entering the agreement until 17 January 2023. During the year, fees of \u00a30.1 million have been recognised in relation to the services and \u00a3Nil remains outstanding at 31 March 2023 (31 March 2022: \u00a3Nil).Management feesFees are received by the Group in respect of the EIS and VCT funds as well as unconsolidated structured entities managed by Esprit Capital Partners LLP, which is consolidated into the Group. The EIS funds are managed by Encore Ventures LLP under an Investment Management Agreement; Encore Ventures LLP is a consolidated subsidiary of the Group. Molten Ventures VCT plc is managed under an Investment Management Agreement by Elderstreet Investments Limited, which is a consolidated subsidiary of the Group. Management fees are received by the Group in respect of these contracts. See Note 4(b) for further information on consolidation.Year ended Year ended 31 March 202331 March 2022Management fees recognised in the statement of comprehensive income resulting from related party transactions \u00a3m \u00a3mManagement fees from unconsolidated structured entities 16.8 12.7 Management fees from EIS and VCT funds 5.9 5.1 Directors\u2019 feesAdministration fees for the provision of Director services are received where this has been agreed with the portfolio companies. These amounts are immaterial. At times, expenses incurred relating to Director services can be recharged to portfolio companies \u2013 these are also immaterial. Molten Ventures does not exercise control or management through any of these Non-Executive positions.Carry paymentsCarry was paid to 15 beneficiaries in the year, of which the below was to related parties. Carry payments have been made in respect of Esprit Capital III LP and Esprit Capital IV LP to key management personnel in FY22 and FY23. Please see the Directors\u2019 Remuneration Report for further details. Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Carry payments 1.2 2.6 Performance feesPerformance fees have not been paid during the year by the EIS and VCT funds to Encore Ventures LLP. At 31 March 2023, \u00a3Nil was unpaid (31 March 2022: \u00a30.8 million).Year ended Year ended31 March 202331 March 2022\u00a3m \u00a3m Performance fees \u2013 2.5 Unconsolidated structured entitiesThe Group has exposure to a number of unconsolidated structured entities as a result of its venture capital investment activities.The Group ultimately invests all funds via a number of limited partnerships and some via Molten Ventures plc\u2019s wholly owned subsidiary, Molten Ventures (Ireland) Limited. These are controlled by the Group and not consolidated, but they are held as investments at fair value through profit or loss on the consolidated statement of financial position in line with IFRS 10 (see Note 4(b) for further details and for the list of these investment companies and limited partnerships). The material assets and liabilities within these investment companies are the investments, which are held at FVTPL in the consolidated accounts. Please see further details in the table below.Within the current financial year, the Group has acquired assets within Esprit Fund 2 at a fair value of \u00a31.9 million as at 31 March 2023. The Group has a beneficial interest to these assets since the acquisition and as such holds them as investments at fair value through profit and loss. 31 March 31 March 20232022Name of undertaking Registered office Activity Holding Country \u00a3m \u00a3mEsprit Investments (1) (B) LP20 Garrick Street, Limited Partnership pursuant to which 89%England14.218.0London WC2E 9BTthe Group and Molten Ventures FoF 1 LP hold Fund of Fund investmentsEsprit Investments (2) (B) LP20 Garrick Street, Limited Partnership pursuant to which 89%England47.5240.0London WC2E 9BTthe Group and Molten Ventures FoF 1 LP hold Fund of Fund investmentsEsprit Investments (2) (B) (i) LP20 Garrick Street, Limited Partnership pursuant to which 100%England\u2013\u2013London WC2E 9BTthe Group makes certain investmentsMolten Ventures (Ireland) 32 Molesworth Street, Investment entity100%Ireland1,041.71,121.7LimitedDublin 2, Ireland Esprit Capital III LP20 Garrick Street, Limited Partnership pursuant to which 100%England33.650.8London WC2E 9BTthe Group makes certain investments Esprit Capital IV LP20 Garrick Street, Limited Partnership pursuant to which 100%England15.534.8London WC2E 9BTthe Group makes certain investments DFJ Europe X LPc/o Maples Corporate Limited Partnership pursuant to which 100%Cayman 5.815.8Services Limited at the Group makes certain investmentsIslandsPO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands Esprit Investments (1) LP20 Garrick Street, Limited Partnership pursuant to which 100%England169.9248.3London WC2E 9BTthe Group makes certain investments Esprit Investments (2) LP20 Garrick Street, Limited Partnership pursuant to which 100%England822.2787.2London WC2E 9BTthe Group makes certain investmentsMolten Ventures Holdings 20 Garrick Street, Intermediate Company and 100%England51.9\u2013LimitedLondon WC2E 9BTQualifying Asset Holding Company (\u201cQAHC\u201d) Molten Ventures20 Garrick Street, Limited Partnership pursuant to which 100%England2.5\u2013 Investments LPLondon WC2E 9BTthe Group makes certain investments Molten Ventures FoF I LP20 Garrick Street, Limited partnership under the 50%England12.4\u2013London WC2E 9BTGroup\u2019s management which makes Fund of Fund investments Esprit Investments (2) (B)20 Garrick Street, Limited Partnership pursuant to which 100%England153.2\u2013 (ii) LPLondon WC2E 9BTthe Group makes certain investmentsMolten Ventures (Ireland) Limited invests via the following limited partnerships: Esprit Investments (1) LP, Esprit Investments (2) LP, Esprit Capital IV LP (which also holds investments via DFJ Europe X LP) and Esprit Capital III LP.Molten Ventures Holdings Limited invests via the following limited partnerships: Molten Ventures Investments LP, Molten Ventures FoF I LP, and Esprit Investments (2)(B)(ii) LP.The investments balance in the consolidated statement of financial position also includes investments held by consolidated entities.The Group also co-invests or historically co-invested with a number of limited partnerships (see Note 4(b) for further details). The exposure to these entities is immaterial.Vested but unrealised carried interest of \u00a30.6 million is recognised by the Group via Encore I Founder LP (14.5% aggregate carry LP interest) and Esprit Capital III Carried Interest LP (2.2% aggregate carry LP interest).31. Capital commitmentsThe Group makes commitments to seed funds (including funds invested in as part of our partnership with Earlybird) as part of its investment activity, which will be drawn down as required by the funds over their investment period. Contractual commitments for the following amounts have been made as at 31 March 2023 but are not recognised as a liability on the consolidated statement of financial position: 31 March 202331 March 2022\u00a3m \u00a3mUndrawn capital commitments 87.9 74.2 Total capital commitments 316.0 263.5 Total fair value to the Group of these seed funds (including Earlybird) is \u00a3331.5 million of total investments (31 March 2022: \u00a3399.5 million). 32. Ultimate controlling partyThe Directors of Molten Ventures plc do not consider there to be a single ultimate controlling party of the Group.33. Alternative Performance Measures (\u201cAPM\u201d)The Group has included the APMs listed below in this report as they highlight key value drivers for the Group and, as such, have been deemed by the Group\u2019s management to provide useful additional information to readers of this report. These measures are not defined by IFRS and should be considered in addition to IFRS measures. Gross Portfolio Value (\u201cGPV\u201d)The GPV is the gross fair value of the Group\u2019s investment holdings before deductions for the fair value of carry liabilities and any deferred tax. The GPV is subject to deductions for the fair value of carry liabilities and deferred tax to generate the net investment value, which is reflected on the consolidated statement of financial position as financial assets held at FVTPL. Please see Note 28 for a reconciliation to the net investment balance. This table also shows the Gross to Net movement, which is 93% in the current year calculated as the net investment value (\u00a31,277.0 million) divided by the GPV (\u00a31,370.7 million). The table reflects a Gross fair value movement of \u00a3(250.9 million), on an opening balance of \u00a31,531.5 million, which is a (16)% percentage change on the 31 March 2022 GPV. This is described in the report as the Gross fair value decrease/increase. Net Portfolio Value (\u201cNPV\u201d)The NPV is the net fair value of the Group\u2019s investment holdings after deductions for the fair value of carry liabilities and any deferred tax from the GPV. The NPV is the value of the Group\u2019s financial assets classified at \u201cfair value through profit or loss\u201d on the statement of financial position. Please see further details relating to the calculation of the Net Portfolio Value in Note 28.NAV per share The NAV per share is the Group\u2019s net assets attributable to Shareholders divided by the number of shares at the relevant reporting date. See the calculation in Note 13. Net fair value movement This is the fair value movement as calculated by dividing the fair value movement, excluding foreign exchange movements, by the opening Gross Portfolio Value at the relevant period.Gross fair value movement This is the fair value movement as calculated by dividing the fair value movement, including foreign exchange movements, by the opening Gross Portfolio Value at the relevant period.Platform AuM The latest available fair value of investments held at FVTPL and cash managed by the Group, including funds managed by Elderstreet Investments Limited, Encore Ventures LLP, and Esprit Capital Partners LLP. This includes a deduction for Molten Ventures plc operating costs budget for the year. We also refer to the EIS and VCT fund AUM separately within the report. 34. Exceptional itemsExceptional costs related to the Company\u2019s Main Market move were \u00a3Nil for the year ended 31 March 2023 (year ended 31 March 2022: \u00a32.4 million). The majority of these costs related to brokers fees, legal advisory, listing, reporting accountant, NED recruitment, remuneration advisory, IT consultancy, and PR services.35. Subsequent eventsAs part of our portfolio management and to generate additional liquidity, we have agreed a secondary sale for 10% of our Earlybird Fund VI investment on 28 April 2023, realising \u20ac14 million (\u00a313 million).There are no further post balance sheet events requiring comment.",
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"value": "1. General information Name of the Company Molten Ventures plc LEI code of the Company 213800IPCR3SAYJWSW10 Domicile of Company United Kingdom Legal form of the Company Public limited company Country of incorporation United Kingdom Address of Company\u2019s registered office 20 Garrick Street, London WC2E 9BT Principal place of business 20 Garrick Street, London WC2E 9BT Description of nature of entity\u2019s operations and principal activities Venture capital firm Name of parent entity Molten Ventures plc Name of ultimate parent of Group Molten Ventures plc Explanation of change in name of reporting entity or other means of Molten Ventures plc was formerly known as Draper Esprit plc identification from end of preceding reporting period Period covered by financial statements 1 April 2022\u201331 March 2023 Molten Ventures plc (the \u201cCompany\u201d) is a public limited company incorporated and domiciled in England and Wales. The Company is the ultimate parent company in which the results of all subsidiaries are consolidated in line with IFRS 10 (see Note 4(b) for further details). The consolidated financial statements for the year ended 31 March 2023 and for the comparative year ended 31 March 2022 comprise the consolidated financial statements of the Company and its subsidiaries (together, the \u201cGroup\u201d). The consolidated financial statements are presented in Pounds Sterling (GBP/\u00a3), which is the currency of the primary economic environment in which the Group operates. All amounts are presented in millions, unless otherwise stated.",
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"s7_notes__6__9": {
"value": "20 Garrick Street, London WC2E 9BT",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__10": {
"value": "20 Garrick Street, London WC2E 9BT",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__11": {
"value": "Venture capital firm",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__12": {
"value": "Molten Ventures plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__13": {
"value": "Molten Ventures plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__14": {
"value": "Molten Ventures plc was formerly known as Draper Esprit plc",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__8": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "2. Going concern assessment and principal risksGoing concern The Group\u2019s primary sources of liquidity are the cash flows it generates from its operations, realisations of its investments and borrowings. The primary use of this liquidity is to fund the Group\u2019s operations (including the purchase of investments). Responsibility for liquidity risk management rests with the Board, which has established a framework for the management of the Group\u2019s funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and with ongoing monitoring of forecast and actual cash flows. The Group has undertaken a going concern assessment and the latest assessment showed sufficient headroom for liquidity for at least the next 12 months from the date of signing of these financial statements.The assessment of going concern considered both the Group\u2019s current performance and future outlook, including:\u2022 An assessment of the Group\u2019s liquidity and solvency position using a number of severe but plausible scenarios to assess the potential impact on the Group\u2019s operations and portfolio companies. These downside scenarios include (i) unpredictability of exit timing, being no realisations throughout the Going Concern period; (ii) portfolio company valuations subject to change, being a 20% decrease in GPV to assess the impact on covenant compliance; and (iii) the impact of an additional 2% increase in interest rates to take SONIA to 7.5%. The Group manages and monitors liquidity regularly and continually assesses investments, commitments, realisations, operating expenses, and receipt of portfolio cash income including under stress scenarios ensuring liquidity is adequate and sufficient. As at the date of signing, the Directors believe the Group has sufficient cash resources and liquidity, and is well placed to manage the business risks in the current economic environment with the ability to utilise the Debt Facility as required.\u2022 The Group must comply with financial and non-financial covenants as part of its Debt Facility agreement (see Note 22(i) for further details). In order to assess forecast covenant compliance, management have performed an assessment to identify the level at which covenants would be breached. This is based on the current portfolio and assuming no intervention to manage a breach. For a breach to occur under these circumstances, a 33% decrease in gross asset value would need to occur which would trigger debt repayment. The Directors do not consider this to be plausible based on the performance in the year and the current outlook. Remedial action would be taken in advance of such a significant decrease to the gross asset value such as the sale of investments in the secondaries market to repay the Debt Facility. After making enquiries and following challenge and review, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for 12 months from the date of approval of these financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements. For further information, please refer to the Audit, Risk and Valuations Committee Report on pages 108 to 110 and the Directors\u2019 Report on pages 128 to 130. Principal risks The Group has reviewed its exposure to its principal risks and concluded that these did not have a significant impact on the financial performance and/or position of the Group for the year and as at 31 March 2023, respectively. For further details on the Group\u2019s principal risks, as well as its risk management processes, please see the Risk Management and Principal Risks section in the Strategic Report to these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__18": {
"value": "3. Adoption of new and revised standardsi. Adoption of new and revised standardsNo changes to IFRS have impacted this year\u2019s financial statements. ii. Impact of standards issued not yet applied No upcoming changes under IFRS are likely to have a material effect on the reported results or financial position. Management will continue to monitor upcoming changes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__19": {
"value": "4. Significant accounting policiesa) Basis of preparationThe financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (\u201cIFRS\u201d) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. UK-adopted International Accounting Standards differ in certain respects from International Financial Reporting Standards as adopted by the EU. The differences have no material impact on the financial statements for the periods presented, which, therefore, also comply with International Financial Reporting Standards as adopted by the EU.The consolidated financial statements have been prepared under the historical cost convention as modified for the revaluation of certain financial assets and financial liabilities held at fair value. A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out below. The consolidated financial statements have been approved for issue by the Board of Directors on 14 June 2023.The financial reporting framework that has been applied in the preparation of the Company\u2019s financial statements (beginning on page 179) is Financial Reporting Standard 101, \u2018Reduced Disclosure Framework\u2019 (FRS 101). The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and financial liabilities measured at fair value through profit or loss, and in accordance with the Companies Act 2006. The Company has taken advantage of disclosure exemptions available under FRS 101 as explained further in Note 1 of the Company\u2019s financial statements. The financial statements are prepared on a going concern basis as disclosed in the Audit, Risk and Valuations Committee Report (pages 108 to 110), in the Directors\u2019 Report (pages 128 to 130) and in Note 2.In preparing the financial statements we have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report this year. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations. Specifically, we note the following:\u2022 For the fourth year running, we have offset 100% of our Scope 1 and Scope 2 and select Scope 3 emissions for the financial year (see more details on page 56).\u2022 We continue to engage ESG Consulting Partners to support us with respect to our ESG roadmap. During the year, we worked with Altruistiq and Accenture to support us with our Climate Strategy, GHG Verification and TCFD Report for the year.\u2022 As stated in Note 28, based on work performed so far, management have considered climate-related risks and consider these to be currently immaterial to the value of our portfolio for FY23 (FY22: immaterial).A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out below. b) Basis of consolidationThe consolidated financial statements comprise the Company (Molten Ventures plc, 20 Garrick Street, London, England WC2E 9BT) and the results, cash flows and changes in equity of the following subsidiary undertakings as well as the Molten Ventures Employee Benefit Trust:Name of undertakingNature of businessCountry of incorporation% ownershipEsprit Capital Partners LLP^AIFM to the Company, Molten Ventures FoF I LP and England and Wales100%the Esprit Funds Elderstreet Holdings Limited^Intermediate holding companyEngland and Wales100% Elderstreet Investments Limited^AIFM to Molten Ventures VCT plc (formerly Draper England and Wales100%Esprit plc) and Molten SP I LLP Grow Trustees Limited^Trustee of the Group\u2019s employment benefit trustEngland and Wales100% Molten Ventures Advisors Ltd^ Investment Adviser to the Growth FundEngland and Wales100% Molten Ventures (Nominee) Limited^ DormantEngland and Wales100% Encore Ventures LLP^AIFM to the Encore FundsEngland and Wales100% Esprit Capital I (GP) Limited^General Partner and co-invest vehicleEngland and Wales100% Esprit Capital I General Partner^General PartnerEngland and Wales100% Esprit Capital II GP Limited\u2020General PartnerCayman Islands100% Esprit Capital III Founder GP Limited*General PartnerScotland100% Esprit Capital III GP LP*General PartnerScotland100% Encore I Founder GP Limited\u2020General PartnerCayman Islands100% Encore I GP Limited\u2020Intermediate holding companyCayman Islands100% Esprit Capital Holdings Limited^DormantEngland and Wales100% Esprit Nominees Limited^Nominee companyEngland and Wales100% Esprit Capital I (CIP) Limited^DormantEngland and Wales100% Esprit Capital III MLP LLP^Intermediate holding companyEngland and Wales100% Esprit Capital III GP Limited^General Partner (dormant)England and Wales100% Molten Ventures Growth Fund I GP S.a.r.l\u2021General Partner (dormant)Luxembourg100% Molten Ventures Growth SP GP LLP^General Partner (dormant)England and Wales100% Molten Ventures FoF I GP LLP^General PartnerEngland and Wales100% Molten Ventures Investments GP LLP^General PartnerEngland and Wales100% Registered addresses^ 20 Garrick Street, London, England WC2E 9BT.* 50 Lothian Road, Festival Square, Edinburgh, Scotland EH3 9WJ.\u2020 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.\u2021 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, LuxembourgSubsidiariesSubsidiaries are entities controlled by the Group. Control, as defined by IFRS 10, is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which the Group effectively obtains control. They are deconsolidated from the date that control ceases. Control is reassessed whenever circumstances indicate that there may be a change in any of these elements of control.All transactions and balances between Group subsidiaries are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with consolidated accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests. Employee Benefit TrustOn 27 November 2020, Molten Ventures Employee Benefit Trust (the \u201cTrust\u201d) was set up to operate as part of the Molten Ventures employee share option schemes. The substance of the relationship is considered to be one of control by the Group and, therefore, the Trust is consolidated, and all assets and liabilities are consolidated into the Group. Grow Trustees Limited was appointed trustee of the Trust and the substance of this relationship is also considered to be one of control by the Group and, as such, Grow Trustees Limited is consolidated.Investment entityIn accordance with the provisions of IFRS 10, Molten Ventures plc considers itself to be an investment entity. As a result of its listed status, it obtains funds from its Shareholders to acquire equity interests in multiple high-growth technology businesses (indirectly) with the purpose of capital appreciation over the life of the investments. These investments are made on behalf of investors in Molten Ventures plc across a number of deployment strategies \u2013 see page 15. Exit strategies for the portfolio vary depending on each investment, with realisations occurring typically five to ten years after the investment is made. Exit strategies for each of the portfolio companies are documented and discussed as part of regular portfolio reviews. The Group reviews exit opportunities regularly and each member of the Deal Team is responsible for an exit thesis for the investee companies they are responsible for prior to any investment being made. An exit thesis is set out in the original investment papers and it is reiterated or amended thereafter, as appropriate, in the Group\u2019s regular quarterly reports. Exit strategies include the sale of the investment via private placement or in a public market, IPO, trade sale of a company, and distributions to investors from funds invested into. All exits are approved by a sub-committee of the Investment Committee, following a similar approval process to any approval of a new investment, requiring a majority vote. Although Molten Ventures plc holds these investments indirectly, it has been deemed appropriate to directly consider the investment strategies for the portfolio as the intermediary investment vehicles discussed below were formed to hold investments on behalf of Molten Ventures plc. Molten Ventures plc evaluates its investments on a fair value basis and reports this financial information to its Shareholders.The Directors have also satisfied themselves that Molten Ventures plc\u2019s wholly owned subsidiary, Molten Ventures (Ireland) Limited, as well as certain partnerships listed below, meet the characteristics of an investment entity. Although they have one or two investors, in substance these partnerships and companies are investing funds on behalf of the Shareholders of Molten Ventures plc. They have obtained funds for the purpose of acquiring equity interests in high-growth technology businesses with the purpose of capital appreciation over the life of the investments for the benefit of Shareholders of Molten Ventures plc and this has been communicated directly to the Shareholders. Exit strategies for investments (directly or indirectly) are previously discussed. The Group evaluates its portfolio on a fair value basis and this financial information is communicated directly to the Molten Ventures plc Shareholders. In line with the IFRS 10 consolidation exemption, entities meeting the definition of investment entity do not consolidate certain subsidiaries and instead measure those investments that are controlling interests in another entity (i.e., their subsidiaries) as investments held at fair value through profit or loss on the consolidated balance sheet. Loans to investment vehicles are treated as net investments at fair value through profit or loss.The below is a list of entities that are controlled and not consolidated but held as investments at fair value through profit or loss on the consolidated balance sheet.Name of undertakingPrincipal activityCountry of incorporation% ownership1 Molten Ventures (Ireland) LimitedInvestment entityRepublic of Ireland100% 2Esprit Capital III LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Capital III (B) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Capital IV LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments3DFJ Europe X LPLimited partnership pursuant to which the Group makes Cayman Islands100%certain investments2Esprit Investments (1) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Investments (2) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Limited partnership pursuant to which the Group and England and Wales89%Esprit Investments (1) (B) LPMolten Ventures FoF I LP hold Fund of Fund investments2Seedcamp Holdings LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp4Seedcamp Investments LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp4Seedcamp Investments II LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp2Limited partnership pursuant to which the Group and England and Wales89%Esprit Investments (2) (B) LPMolten Ventures FoF I LP hold Fund of Fund investments5SC_4_OF1 LPLimited partnership pursuant to which theEngland and Wales100%Group holds certain investments2Molten Ventures Investments LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments6Molten Ventures Growth Fund I SCSpLimited partnership pursuant to which the Group makes Luxembourg100%certain investments (dormant)2Molten Ventures Holdings LimitedIntermediate Company and Qualifying Asset Holding England and Wales100%Company (\u201cQAHC\u201d)2Esprit Investments (2)(B)(i) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Investments 2(B)(ii) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Molten Ventures FoF I LPLimited partnership under the Group\u2019s management which England and Wales50%makes Fund of Fund investments1 32 Molesworth Street, Dublin 2, Ireland D02 Y512.2 20 Garrick Street, London, England WC2E 9BT.3 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.4 16 Great Queen Street, London, England WC2B 5AH.5 35 New Bridge Street, London, England EC4V 6BW.6 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, Luxembourg.7 22% is held by Molten Ventures FoF I LP of which Molten and a third party are both 50% LPsLimited partnerships (co-invest and carried interest)Carried interest vehicles/co-investment limited partnerships (\u201cCIPs\u201d) \u2013 the Group\u2019s general partners are members of these limited partnerships. These vehicles are set up with two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants; and 2) in certain circumstances to facilitate co-investment into the funds. Carried interest and co-investment partnerships are investment entities and are measured at FVTPL with reference to the performance conditions described in Note 4(u) and held at FVTPL, which equates to the net asset value attributable to the Group, in the statement of financial position in line with our application of IFRS 10 for investment entities. The vehicles in question are as follows: Name of undertaking Principal activity Country of incorporation Encore I GP LP^ General partner Cayman Islands Esprit Capital II Founder LP^ Co-investment limited partnership Cayman Islands Esprit Capital II Founder 2 LP^ Co-investment limited partnership Cayman Islands Encore I Founder LP^ Co-investment limited partnership Cayman Islands Encore I Founder 2014 LP^ Co-investment limited partnership Cayman Islands Encore I Founder 2014-A LP^ Co-investment limited partnership Cayman Islands Esprit Capital III Founder LP* Co-investment limited partnership/carry partner Scotland Esprit Investments (2) (Carried Interest) LP* Carry vehicle Scotland Esprit Capital III (Carried Interest) LP* Carry vehicle Scotland Esprit Investments (1) (Carried Interest) LP* Carry vehicle Scotland Molten Ventures Growth I Special Partner LP* Carry vehicle Scotland Molten Ventures Investments (Carried Interest) LP* Carry vehicle Scotland Molten Ventures FoF I (Special Partner) LP* Carry vehicle Scotland Third Party Capital Investment vehicle structured as a limited Molten SP I LLP \u2020 liability partnership England and Wales ^ c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.* 50 Lothian Road, Festival Square, Edinburgh, Scotland EH3 9WJ. \u2020 20 Garrick Street, London WC2E 9BT.Each carry vehicle indirectly holds interests in a vintage of investments within our portfolio with the purpose of producing profits for distribution among the carried interest partners. The Group evaluates its interest in carried interest at fair value as part of the valuations cycle. Indirectly, the carry partnerships have exit strategies for each investment within which they have an interest as the manager of both the carry partner and the investment vehicles regularly considers exit strategies as discussed above.Limited partnerships (managed by Group entities)A number of limited partnerships are managed by entities within the Group but are not considered to be controlled and, therefore, they are not consolidated in these financial statements. Legacy fundsThe Group continues to manage three legacy funds, Esprit Fund 1, Esprit Fund 2, Esprit Fund 3(i), and their general partners are consolidated within the Group. These funds are in run-off. Historically, the Group has not had any direct beneficial interests in the assets owned by these funds and the Group was not exposed to variable returns from these funds. Within the current financial year, the Group has acquired assets within Esprit Fund 2 with a fair value of \u00a31.9 million as of 31 March 2023. Other than Esprit Fund 2, which is held at fair value through profit and loss, as an investment, management considers the legacy funds are held under an agency relationship with the funds where the Group acts as an agent which is primarily engaged to act on behalf, and for the benefit, of the fund investors rather than for its own benefit. Although the manager (Esprit Capital Partners LLP, subsidiary to Molten Ventures plc) has the power to influence the returns generated by the fund, the Group does not have an interest in their returns. As a result, the Group is not deemed to control these managed funds and they are not consolidated.The legacy funds have the following details:Esprit Fund 1 : Esprit Capital I Fund No.1 Limited Partnership and Esprit Capital I Fund No.2 Limited Partnership \u2013 c/o Molten Ventures plc, 20 Garrick Street, London WC2E 9BT. Esprit Fund 2 : Esprit Capital II L.P. \u2013 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.Esprit Capital 3(i) : Esprit Capital Fund III(i) LP and Esprit Capital Fund III(i) A LP \u2013 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.EIS/VCT fundsEnterprise Investment Scheme funds and Molten Ventures VCT plc are managed by the Group. The Group has no direct beneficial interest in the assets being managed and its sole exposure to variable returns are to performance fees payable on exits above a specified hurdle and management fees based on subscriptions (and Promoter\u2019s fees in certain cases), which is a small proportion of the total capital within each fund. The Board believes that this results in an agency relationship with the funds where the Group acts as an agent, which is primarily engaged to act on behalf, and for the benefit, of the fund investors rather than for its own benefit. Although the managers (Encore Ventures LLP \u2013 EIS funds, Elderstreet Investments Limited \u2013 VCT fund and Molten SP I LLP) have the power to influence the returns generated by the fund, the Group only has an insignificant interest in their returns. As a result, the Group is not deemed to control these managed funds and they are not consolidated.The EIS/VCT funds have the following details:EIS funds : DFJ Esprit Angels\u2019 EIS Co-Investment Fund, DFJ Esprit Angels\u2019 EIS Co-Investment II, DFJ Esprit EIS III, DFJ Esprit EIS IV, Draper Esprit EIS 5, and Molten Ventures EIS.VCT funds : Molten Ventures VCT plc \u2013 6th Floor St Magnus House, 3 Lower Thames Street, London, England EC3R 6HD.Audit exemption for members of the GroupThe following entities are included in the parent\u2019s consolidated accounts. As a result of section 479A of the Companies Act 2006, these subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of accounts under section 475 of the Companies Act 2006.Esprit Capital Holdings Limited, Esprit Capital I (CIP) Limited, Molten Ventures (Nominee) Limited, Esprit Nominees Limited, Grow Trustees Limited, Esprit Capital III MLP LLP, Esprit Capital III GP Limited, Esprit Capital I (GP) Limited, Esprit Capital III Founder GP Limited, Elderstreet Holdings Limited, Encore I GP Limited, Encore I Founder GP Limited, Esprit Capital I General Partner, Esprit Capital III GP LP, Molten Ventures Growth Fund I GP S.a.r.l, Molten Ventures Growth SP GP LLP, Molten Ventures FoF I GP LLP and Molten Ventures Investments GP LLP.Esprit FoundationMolten Ventures plc is the sole member of the Foundation. However, this is not controlled by Molten Ventures plc or the Group, as the Esprit Foundation has a separate Board of Trustees with a separate governance and decision-making process. A donation was received during the year ended 31 March 2023, there has not yet been any grant-making activity. No activity took place in the year ended 31 March 2022. Charitable Incorporated Organisation status was entered onto the Register of Charities with the Registered Charity Number 1198436 on 30 March 2022. Stuart Chapman is one of the three Trustees of the Esprit Foundation and is also an Executive Director on the Board of Molten Ventures plc. c) Operating segmentIFRS 8, \u2018Operating Segments\u2019, defines operating segments as those activities of an entity about which separate financial information is available and which are evaluated by the Chief Operating Decision Maker to assess performance and determine the allocation of resources. The Board of Directors have identified Molten\u2019s Chief Operating Decision Maker to be the Chief Executive Officer (\u201cCEO\u201d). The Group\u2019s investment portfolio engages in business activities from which it earns revenues and incurs expenses, has operating results, which are regularly reviewed by the CEO to make decisions about resources and assess performance, and the portfolio has discrete financial information available. The Group\u2019s investment portfolio has similar economic characteristics, and investments are similar in nature. Dealflow for the investment portfolio is now consistent across all funds (except for the Legacy funds \u2013 see below) and the Group\u2019s Investment Committee reviews and approves (where appropriate) investments for all of the investment portfolio in line with the strategy set by the Molten Ventures plc Board of Directors (approvals from the Molten Ventures plc Board of Directors is required for higher value investments where the proposed value of the investment to be made by plc is above \u00a31.0 million). Although the managers of our EIS funds, VCT funds and plc funds have a management committee, the majority of those sitting on the committees are consistent across all. Taking into account the above points, and in line with IFRS 8, the investment portfolio (across all funds) has been aggregated into one single operating segment.Legacy funds \u2013 the legacy funds (Esprit Capital I Fund No 1 LP, Esprit Capital Fund No 2 LP, Esprit Capital II LP, Esprit Capital Fund III (i) LP and Esprit Capital Fund III (i) A LP) continue to be managed by the Group (Esprit Capital Partners LLP). These funds are in run-off. Although the investments held within these funds are not consistent with the rest of the investment portfolio (although there has been some cross-over in the past), they are similar in nature and the Group does not earn material revenue (neither is material expenditure incurred) from the management of these funds that would meet the quantitative thresholds set out in IFRS 8. Management does not believe that separate disclosure of information relating to the legacy funds would be useful to users of the financial statements.The majority of the Group\u2019s revenues are not from interest, and the Chief Operating Decision Maker does not primarily rely on net interest revenue to assess the performance of the Group and make decisions about resource allocation. Therefore, the Group reports interest revenue separately from interest expense.The Group\u2019s management considers the Group\u2019s investment portfolio represents a coherent and diversified portfolio with similar economic characteristics and as a result these individual investments have been aggregated into a single operating segment. In the view of the Directors, there is accordingly one reportable segment under the provisions of IFRS 8.d) Revenue recognitionRevenue is comprised of management fees from EIS/VCT funds and Molten SP I LLP, as well as performance fees and promoter fees. Priority Profit Share is incorporated within management fees, presented as management fees charged on the underlying investment vehicles. Revenue is also generated from Directors\u2019 fees from a small number of portfolio companies where members of the Investment Team act as Directors for portfolio companies. Revenue is recognised when the timing can be measured and amount reliably determined, measured at the fair value of the consideration received or receivable. This represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. All revenue from services is generated within the UK and is stated exclusive of value added tax. Revenue presented as fee income are services comprised of:i. Management fees (Priority Profit Share) Management fees are earned by General Partners of Limited Partnerships, through a Priority Profit Share arrangement. The basis of calculation of fund management fees differs depending on the fund and its stage. Fund management fees are either earned at a fixed annual rate or are set at a fixed percentage of funds under management, measured by commitments or invested cost, depending on the stage of the fund being managed. Revenues are recognised as the related services are provided.ii. Management fees earned by Encore Ventures LLP. Fund Close April 2019 and prior. Management fees are charged on the Net Subscription per annum for the first four years of the life of the portfolio. Management fees are charged annually in advance. Cash received from the investor\u2019s Net Subscription is received and will be recognised as revenue in the period they become due, across the first four years in line with the investment and follow-on period for investing activities. In this case, the transaction price is fixed for the life of the contract and, if management fees are recognised in the period for which they are receivable. Fund Close July 2019 onwards. Management fees are charged on Net Subscription per annum for the first five years of the life of the portfolio, payable annually in advance. Cash received from the investor\u2019s Net Subscription is received and will be recognised as revenue in the period they become due, across the first five years in line with the investment and follow-on period for investing activities. Management fees are charged annually in advance. Cash received from the investor\u2019s Net Subscription to cover the payment of management fees relating to the first 2.75 years of the life of the portfolio. Thereafter, fees will be accrued and deducted from cash proceeds from exits at the time of becoming highly probable. If no proceeds are received, these fees will not be charged to investors.iii. Performance fees Performance fees are earned on a percentage of returns over a hurdle rate. These are recognised in the statement of comprehensive income on realisation of underlying investment. Amounts are recognised as revenue when it can be reliably measured and is highly probable funds will flow to the Group, which is generally at the point of invoicing or shortly before due to the unpredictability associated with realisations but is assessed on a case-by-case basis. iv. Promoter\u2019s fees Promoter\u2019s fees are earned by Elderstreet Investments Limited, as manager of the VCT funds, based on amounts subscribed during each offer. Fees are agreed on an offer-by-offer basis and are receivable when the shares are allotted. Elderstreet Investments Limited may also be entitled to promoter\u2019s fees when it promotes offers for new subscriptions into the funds it manages. Promoter\u2019s fees are earned at a percentage of subscriptions received. Revenue is recognised in full at the time valid subscriptions are received.v. Directors\u2019 fees Portfolio Directors\u2019 fees are annual fees charged to an investee company. Directors\u2019 fees are only charged on a limited number of the investee companies. Revenues are recognised as services are provided.e) Deferred incomeThe Group\u2019s management fees are typically billed quarterly or half-yearly in advance. Where fees have been billed for an advance period, the amounts are credited to deferred income, and then subsequently released through the statement of comprehensive income during the period to which the fees relate. Certain performance fees and portfolio Directors\u2019 fees are also billed in advance and these amounts are credited to deferred income, and then subsequently released through the statement of comprehensive income accounting during the period to which the fees relate.f) Business combinationsThe Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. The Group recognises identifiable assets acquired and liabilities assumed in a business combination, regardless of whether they have been previously recognised in the acquiree\u2019s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: a) fair value of consideration transferred; b) the recognised amount of any non-controlling interest in the acquiree; and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in the statement of comprehensive income immediately.g) Goodwill and other intangible assetsGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceed the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. When the consideration transferred by the Group in a business combination includes an asset or liability resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.Other intangible assetsCertain previously unrecognised assets acquired in a business combination that qualify for separate recognition are recognised as intangible assets at their fair values, e.g. brand names, customer contracts and lists. All finite-lived intangible assets are accounted for using the cost model whereby capitalised costs are amortised on a straight-line basis over their estimated useful lives. Residual values and useful lives are reviewed at each reporting date. In addition, they are subject to impairment testing as described below. Customer contracts are amortised on a straight-line basis over their useful economic lives, typically the duration of the underlying contracts. The following useful economic lives for customer contracts were applied on the date of acquisition:i. Encore Ventures LLP: eight years; and ii. Elderstreet Investments Limited: three years.h) ImpairmentFor the purposes of assessing impairment, assets are grouped at the lowest level for which there are largely independent cash inflows (\u201ccash generating units\u201d or \u201cCGU\u201d). As a result, some assets are tested individually for impairment, and some are tested at cash-generating unit level. Goodwill is allocated to those cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which management monitors goodwill. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised in the consolidated statement of total comprehensive income for the amount by which the assets or cash-generating units carrying amount exceeds its recoverable amount that is the higher of fair value less costs to sell and value-in-use.To determine value-in-use, management estimates expected future cash flows over five years from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. Discount factors are determined individually for each cash-generating unit and reflect their respective risk profile as assessed by management. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any remaining impairment loss is charged pro-rata to the other assets in the cash-generating unit with the exception of goodwill, and all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment charge is reversed if the cash-generating unit\u2019s recoverable amount exceeds its carrying amount where there has been a change in estimates used for the calculation of the recoverable amount.i) Foreign currencyTransactions entered into by Group entities in a currency other than the functional currency in which they operate are recorded at the rates prevailing when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates prevailing at the reporting date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised immediately in the statement of comprehensive income. The individual financial statements of the Group\u2019s subsidiary undertakings are presented in their functional currency. For the purpose of these consolidated financial statements, the results and financial position of each subsidiary undertaking are expressed in Pounds Sterling, which is the presentation currency for these consolidated financial statements. The assets and liabilities of the Group\u2019s undertakings, whose functional currency is not Pounds Sterling, are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period.j) Financial assetsAll financial assets are recognised when economic benefit is expected to be transferred to the Group. On recognition, a financial asset is initially measured at fair value, plus transaction costs, except for those financial assets classified at \u201cfair value through profit or loss\u201d (\u201cFVTPL\u201d), which are initially measured at fair value. Financial assets are classified by the Group into the following specified categories: \u2022 Financial assets \u201cFVTPL\u201d; and \u2022 Amortised cost. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Financial assets through profit or lossA financial asset may be designated as at FVTPL upon initial recognition if:a. such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or b. the financial asset forms part of a group of financial assets or financial liabilities, or both, which is managed, and its performance is evaluated on a fair value basis, in accordance with the Molten Venture Group\u2019s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; orc. it forms part of a contract containing one or more embedded derivatives, and IFRS 9 \u2018Financial Instruments\u2019 permits the entire combined contract (asset or liability) to be designated as at FVTPL.The Group considers its investment interests referred to in Note 4(b) are appropriately designated as at FVTPL as they meet criteria (b) above. Further details of the accounting policy can be found in Note 28, Fair value measurements. Financial assets through profit or loss are accounted for at settlement date.Amortised costA financial asset is held at amortised cost under IFRS 9 where it is held for the collection of cash flows representing solely payments of principal and interest. These assets are measured at amortised cost using the effective interest method, less any expected losses. The Group\u2019s financial assets held at amortised cost comprise trade and other receivables, and cash and cash equivalents in the consolidated statement of financial position. Financial assets held at amortised cost are accounted for at trade date.k) Financial liabilitiesThe Group\u2019s financial liabilities include trade and other payables, and borrowings.Trade and other payablesTrade and other payables are recognised when the Group enters into contractual arrangements with an expectation that economic benefits will flow from the Group. The carrying amounts of trade and other payables are considered to be the same as their amortised cost, due to their short-term nature.Loans and borrowingsBorrowings are initially recognised at fair value that is deemed to be the carrying value at inception. Fees related to the debt facility are amortised over the term of the loan, see Note 22(i) for further detail regarding the debt facility entered into during the year. The carrying amount of borrowings is deemed to be presented at amortised cost as the fair value of future cash flows have not been incorporated. All interest-related charges are reported in profit or loss and are included within finance costs.l) ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the outflow of resources embodying the economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.m) Share capitalFinancial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Group\u2019s shares are classified as equity instruments. Equity instruments are recorded at the proceeds received, net of direct issue costs. Shares held by Molten Ventures Employee Benefit Trust are held at cost and disclosed as own shares and deducted from other equity.n) Defined contribution schemeContributions to the defined contribution pension scheme are charged to the consolidated statement of comprehensive income in the years to which they relate.o) Share-based paymentsWhen equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period on a straight-line basis. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period. Where equity instruments are granted to persons other than employees, the consolidated statement of comprehensive income is charged with the fair value of goods and services received. The employee share option plans are administered by the Molten Ventures Employee Benefit Trust, which is consolidated in accordance with the principles in Note 4.p) Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.q) Deferred taxDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits, against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.r) Property, plant and equipmentFixtures and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method, on the following basis: \u2022 Leasehold improvements \u2013 over the term of the lease \u2022 Fixtures and equipment \u2013 33% per annum straight line \u2022 Computer equipment \u2013 33% per annum straight line The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. s) Cash and cash equivalentsCash and cash equivalents comprise cash on hand and deposits held at call with financial institutions.t) Interest incomeInterest income earned on cash and deposits and short-term liquidity investments is recognised when it is probable that the economic benefits will flow to the Group and the amount of income recognised can be measured reliably. Interest income is accrued on a time basis, with reference to the principal outstanding and at the effective interest rate applicable.u) Carried interestThe Company has established carried interest plans for the Executive Directors (see the following associated note), other members of the Investment Team and certain other employees (together the \u201cPlan Participants\u201d) in respect of any investments and follow-on investments made from IPO. To 31 March 2020 each carried interest plan operated in respect of investments made during the 24-month period from inception of the fund, being the investment period, and related follow-on investments made for a further 36-month period. From 1 April 2020, a new carried interest plan was implemented, which operates for a five-year period in respect of any investment. From April 2020 onwards, the Executive Directors were not eligible to participate in new carried interest plans, and instead now participate in the Long-Term Incentive Plan. Continued participation in existing carried interest schemes that pre-dated the start of the 2021 financial year were not affected.Subject to certain exceptions, Plan Participants will receive, in aggregate, 15% of the net realised cash profits from the investments and follow-on investments made over the relevant period once the Company has received an aggregate annualised 10% realised return on investments and follow-on investments made during the relevant period. The carried interest plan from 1 April 2020 has an aggregate annualised 8% realised return on investments and follow-on investments made during the relevant period, to bring the plans more in line with market. The Plan Participants\u2019 return is subject to a \u201ccatch-up\u201d in their favour. Plan Participants\u2019 carried interests vest over five years for each carried interest plan and are subject to good and bad leaver provisions. Any unvested carried interest resulting from a Plan Participant becoming a leaver can be reallocated by an adjudication committee formed by Esprit Capital Partners LLP as manager of the carried interest plan at their discretion, including to the Group, and, therefore, an assumption is made in the financial statements that any unvested carried interest as at the reporting date would be reallocated to the Group. See Note 30 for further information on amounts that have been attributed to the Group.Carried interest is measured at FVTPL with reference to the performance conditions described above. This is deducted from the gross value of our portfolio as an input to determine the fair value of our investment vehicles, which are held at FVTPL in the statement of financial position in line with our application of IFRS 10 for investment entities. The external carry is deducted as it will be paid to members external to the Group from proceeds of investments on realisation. Where the Group has a holding in the carried interest, this is recognised at FVTPL.v) Fair value movementManagement uses valuation techniques to determine the fair value of financial assets. This involves developing estimates and assumptions consistent with how market participants would price the assets. Management bases its assumptions on observable data as far as possible, but this is not always available, in that case, management uses the best information available. Estimated fair values may vary from the amount which may be received as consideration for investments in normal market conditions, between two willing parties, at the reporting date (See Note 5(a)).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"s7_notes__6__22": {
"value": "a) Basis of preparationThe financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (\u201cIFRS\u201d) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. UK-adopted International Accounting Standards differ in certain respects from International Financial Reporting Standards as adopted by the EU. The differences have no material impact on the financial statements for the periods presented, which, therefore, also comply with International Financial Reporting Standards as adopted by the EU.The consolidated financial statements have been prepared under the historical cost convention as modified for the revaluation of certain financial assets and financial liabilities held at fair value. A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out below. The consolidated financial statements have been approved for issue by the Board of Directors on 14 June 2023.The financial reporting framework that has been applied in the preparation of the Company\u2019s financial statements (beginning on page 179) is Financial Reporting Standard 101, \u2018Reduced Disclosure Framework\u2019 (FRS 101). The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and financial liabilities measured at fair value through profit or loss, and in accordance with the Companies Act 2006. The Company has taken advantage of disclosure exemptions available under FRS 101 as explained further in Note 1 of the Company\u2019s financial statements. The financial statements are prepared on a going concern basis as disclosed in the Audit, Risk and Valuations Committee Report (pages 108 to 110), in the Directors\u2019 Report (pages 128 to 130) and in Note 2.In preparing the financial statements we have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report this year. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations. Specifically, we note the following:\u2022 For the fourth year running, we have offset 100% of our Scope 1 and Scope 2 and select Scope 3 emissions for the financial year (see more details on page 56).\u2022 We continue to engage ESG Consulting Partners to support us with respect to our ESG roadmap. During the year, we worked with Altruistiq and Accenture to support us with our Climate Strategy, GHG Verification and TCFD Report for the year.\u2022 As stated in Note 28, based on work performed so far, management have considered climate-related risks and consider these to be currently immaterial to the value of our portfolio for FY23 (FY22: immaterial).A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out below.",
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"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__20": {
"value": "The financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (\u201cIFRS\u201d) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__21": {
"value": "The consolidated financial statements have been approved for issue by the Board of Directors on 14 June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__25": {
"value": "b) Basis of consolidationThe consolidated financial statements comprise the Company (Molten Ventures plc, 20 Garrick Street, London, England WC2E 9BT) and the results, cash flows and changes in equity of the following subsidiary undertakings as well as the Molten Ventures Employee Benefit Trust:Name of undertakingNature of businessCountry of incorporation% ownershipEsprit Capital Partners LLP^AIFM to the Company, Molten Ventures FoF I LP and England and Wales100%the Esprit Funds Elderstreet Holdings Limited^Intermediate holding companyEngland and Wales100% Elderstreet Investments Limited^AIFM to Molten Ventures VCT plc (formerly Draper England and Wales100%Esprit plc) and Molten SP I LLP Grow Trustees Limited^Trustee of the Group\u2019s employment benefit trustEngland and Wales100% Molten Ventures Advisors Ltd^ Investment Adviser to the Growth FundEngland and Wales100% Molten Ventures (Nominee) Limited^ DormantEngland and Wales100% Encore Ventures LLP^AIFM to the Encore FundsEngland and Wales100% Esprit Capital I (GP) Limited^General Partner and co-invest vehicleEngland and Wales100% Esprit Capital I General Partner^General PartnerEngland and Wales100% Esprit Capital II GP Limited\u2020General PartnerCayman Islands100% Esprit Capital III Founder GP Limited*General PartnerScotland100% Esprit Capital III GP LP*General PartnerScotland100% Encore I Founder GP Limited\u2020General PartnerCayman Islands100% Encore I GP Limited\u2020Intermediate holding companyCayman Islands100% Esprit Capital Holdings Limited^DormantEngland and Wales100% Esprit Nominees Limited^Nominee companyEngland and Wales100% Esprit Capital I (CIP) Limited^DormantEngland and Wales100% Esprit Capital III MLP LLP^Intermediate holding companyEngland and Wales100% Esprit Capital III GP Limited^General Partner (dormant)England and Wales100% Molten Ventures Growth Fund I GP S.a.r.l\u2021General Partner (dormant)Luxembourg100% Molten Ventures Growth SP GP LLP^General Partner (dormant)England and Wales100% Molten Ventures FoF I GP LLP^General PartnerEngland and Wales100% Molten Ventures Investments GP LLP^General PartnerEngland and Wales100% Registered addresses^ 20 Garrick Street, London, England WC2E 9BT.* 50 Lothian Road, Festival Square, Edinburgh, Scotland EH3 9WJ.\u2020 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.\u2021 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, Luxembourg",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "b) Basis of consolidationThe consolidated financial statements comprise the Company (Molten Ventures plc, 20 Garrick Street, London, England WC2E 9BT) and the results, cash flows and changes in equity of the following subsidiary undertakings as well as the Molten Ventures Employee Benefit Trust:Name of undertakingNature of businessCountry of incorporation% ownershipEsprit Capital Partners LLP^AIFM to the Company, Molten Ventures FoF I LP and England and Wales100%the Esprit Funds Elderstreet Holdings Limited^Intermediate holding companyEngland and Wales100% Elderstreet Investments Limited^AIFM to Molten Ventures VCT plc (formerly Draper England and Wales100%Esprit plc) and Molten SP I LLP Grow Trustees Limited^Trustee of the Group\u2019s employment benefit trustEngland and Wales100% Molten Ventures Advisors Ltd^ Investment Adviser to the Growth FundEngland and Wales100% Molten Ventures (Nominee) Limited^ DormantEngland and Wales100% Encore Ventures LLP^AIFM to the Encore FundsEngland and Wales100% Esprit Capital I (GP) Limited^General Partner and co-invest vehicleEngland and Wales100% Esprit Capital I General Partner^General PartnerEngland and Wales100% Esprit Capital II GP Limited\u2020General PartnerCayman Islands100% Esprit Capital III Founder GP Limited*General PartnerScotland100% Esprit Capital III GP LP*General PartnerScotland100% Encore I Founder GP Limited\u2020General PartnerCayman Islands100% Encore I GP Limited\u2020Intermediate holding companyCayman Islands100% Esprit Capital Holdings Limited^DormantEngland and Wales100% Esprit Nominees Limited^Nominee companyEngland and Wales100% Esprit Capital I (CIP) Limited^DormantEngland and Wales100% Esprit Capital III MLP LLP^Intermediate holding companyEngland and Wales100% Esprit Capital III GP Limited^General Partner (dormant)England and Wales100% Molten Ventures Growth Fund I GP S.a.r.l\u2021General Partner (dormant)Luxembourg100% Molten Ventures Growth SP GP LLP^General Partner (dormant)England and Wales100% Molten Ventures FoF I GP LLP^General PartnerEngland and Wales100% Molten Ventures Investments GP LLP^General PartnerEngland and Wales100% Registered addresses^ 20 Garrick Street, London, England WC2E 9BT.* 50 Lothian Road, Festival Square, Edinburgh, Scotland EH3 9WJ.\u2020 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.\u2021 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, LuxembourgSubsidiariesSubsidiaries are entities controlled by the Group. Control, as defined by IFRS 10, is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which the Group effectively obtains control. They are deconsolidated from the date that control ceases. Control is reassessed whenever circumstances indicate that there may be a change in any of these elements of control.All transactions and balances between Group subsidiaries are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with consolidated accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests. Employee Benefit TrustOn 27 November 2020, Molten Ventures Employee Benefit Trust (the \u201cTrust\u201d) was set up to operate as part of the Molten Ventures employee share option schemes. The substance of the relationship is considered to be one of control by the Group and, therefore, the Trust is consolidated, and all assets and liabilities are consolidated into the Group. Grow Trustees Limited was appointed trustee of the Trust and the substance of this relationship is also considered to be one of control by the Group and, as such, Grow Trustees Limited is consolidated.Investment entityIn accordance with the provisions of IFRS 10, Molten Ventures plc considers itself to be an investment entity. As a result of its listed status, it obtains funds from its Shareholders to acquire equity interests in multiple high-growth technology businesses (indirectly) with the purpose of capital appreciation over the life of the investments. These investments are made on behalf of investors in Molten Ventures plc across a number of deployment strategies \u2013 see page 15. Exit strategies for the portfolio vary depending on each investment, with realisations occurring typically five to ten years after the investment is made. Exit strategies for each of the portfolio companies are documented and discussed as part of regular portfolio reviews. The Group reviews exit opportunities regularly and each member of the Deal Team is responsible for an exit thesis for the investee companies they are responsible for prior to any investment being made. An exit thesis is set out in the original investment papers and it is reiterated or amended thereafter, as appropriate, in the Group\u2019s regular quarterly reports. Exit strategies include the sale of the investment via private placement or in a public market, IPO, trade sale of a company, and distributions to investors from funds invested into. All exits are approved by a sub-committee of the Investment Committee, following a similar approval process to any approval of a new investment, requiring a majority vote. Although Molten Ventures plc holds these investments indirectly, it has been deemed appropriate to directly consider the investment strategies for the portfolio as the intermediary investment vehicles discussed below were formed to hold investments on behalf of Molten Ventures plc. Molten Ventures plc evaluates its investments on a fair value basis and reports this financial information to its Shareholders.The Directors have also satisfied themselves that Molten Ventures plc\u2019s wholly owned subsidiary, Molten Ventures (Ireland) Limited, as well as certain partnerships listed below, meet the characteristics of an investment entity. Although they have one or two investors, in substance these partnerships and companies are investing funds on behalf of the Shareholders of Molten Ventures plc. They have obtained funds for the purpose of acquiring equity interests in high-growth technology businesses with the purpose of capital appreciation over the life of the investments for the benefit of Shareholders of Molten Ventures plc and this has been communicated directly to the Shareholders. Exit strategies for investments (directly or indirectly) are previously discussed. The Group evaluates its portfolio on a fair value basis and this financial information is communicated directly to the Molten Ventures plc Shareholders. In line with the IFRS 10 consolidation exemption, entities meeting the definition of investment entity do not consolidate certain subsidiaries and instead measure those investments that are controlling interests in another entity (i.e., their subsidiaries) as investments held at fair value through profit or loss on the consolidated balance sheet. Loans to investment vehicles are treated as net investments at fair value through profit or loss.The below is a list of entities that are controlled and not consolidated but held as investments at fair value through profit or loss on the consolidated balance sheet.Name of undertakingPrincipal activityCountry of incorporation% ownership1 Molten Ventures (Ireland) LimitedInvestment entityRepublic of Ireland100% 2Esprit Capital III LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Capital III (B) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Capital IV LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments3DFJ Europe X LPLimited partnership pursuant to which the Group makes Cayman Islands100%certain investments2Esprit Investments (1) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Investments (2) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Limited partnership pursuant to which the Group and England and Wales89%Esprit Investments (1) (B) LPMolten Ventures FoF I LP hold Fund of Fund investments2Seedcamp Holdings LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp4Seedcamp Investments LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp4Seedcamp Investments II LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp2Limited partnership pursuant to which the Group and England and Wales89%Esprit Investments (2) (B) LPMolten Ventures FoF I LP hold Fund of Fund investments5SC_4_OF1 LPLimited partnership pursuant to which theEngland and Wales100%Group holds certain investments2Molten Ventures Investments LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments6Molten Ventures Growth Fund I SCSpLimited partnership pursuant to which the Group makes Luxembourg100%certain investments (dormant)2Molten Ventures Holdings LimitedIntermediate Company and Qualifying Asset Holding England and Wales100%Company (\u201cQAHC\u201d)2Esprit Investments (2)(B)(i) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Investments 2(B)(ii) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Molten Ventures FoF I LPLimited partnership under the Group\u2019s management which England and Wales50%makes Fund of Fund investments1 32 Molesworth Street, Dublin 2, Ireland D02 Y512.2 20 Garrick Street, London, England WC2E 9BT.3 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.4 16 Great Queen Street, London, England WC2B 5AH.5 35 New Bridge Street, London, England EC4V 6BW.6 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, Luxembourg.7 22% is held by Molten Ventures FoF I LP of which Molten and a third party are both 50% LPsLimited partnerships (co-invest and carried interest)Carried interest vehicles/co-investment limited partnerships (\u201cCIPs\u201d) \u2013 the Group\u2019s general partners are members of these limited partnerships. These vehicles are set up with two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants; and 2) in certain circumstances to facilitate co-investment into the funds. Carried interest and co-investment partnerships are investment entities and are measured at FVTPL with reference to the performance conditions described in Note 4(u) and held at FVTPL, which equates to the net asset value attributable to the Group, in the statement of financial position in line with our application of IFRS 10 for investment entities. The vehicles in question are as follows: Name of undertaking Principal activity Country of incorporation Encore I GP LP^ General partner Cayman Islands Esprit Capital II Founder LP^ Co-investment limited partnership Cayman Islands Esprit Capital II Founder 2 LP^ Co-investment limited partnership Cayman Islands Encore I Founder LP^ Co-investment limited partnership Cayman Islands Encore I Founder 2014 LP^ Co-investment limited partnership Cayman Islands Encore I Founder 2014-A LP^ Co-investment limited partnership Cayman Islands Esprit Capital III Founder LP* Co-investment limited partnership/carry partner Scotland Esprit Investments (2) (Carried Interest) LP* Carry vehicle Scotland Esprit Capital III (Carried Interest) LP* Carry vehicle Scotland Esprit Investments (1) (Carried Interest) LP* Carry vehicle Scotland Molten Ventures Growth I Special Partner LP* Carry vehicle Scotland Molten Ventures Investments (Carried Interest) LP* Carry vehicle Scotland Molten Ventures FoF I (Special Partner) LP* Carry vehicle Scotland Third Party Capital Investment vehicle structured as a limited Molten SP I LLP \u2020 liability partnership England and Wales ^ c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.* 50 Lothian Road, Festival Square, Edinburgh, Scotland EH3 9WJ. \u2020 20 Garrick Street, London WC2E 9BT.Each carry vehicle indirectly holds interests in a vintage of investments within our portfolio with the purpose of producing profits for distribution among the carried interest partners. The Group evaluates its interest in carried interest at fair value as part of the valuations cycle. Indirectly, the carry partnerships have exit strategies for each investment within which they have an interest as the manager of both the carry partner and the investment vehicles regularly considers exit strategies as discussed above.Limited partnerships (managed by Group entities)A number of limited partnerships are managed by entities within the Group but are not considered to be controlled and, therefore, they are not consolidated in these financial statements. Legacy fundsThe Group continues to manage three legacy funds, Esprit Fund 1, Esprit Fund 2, Esprit Fund 3(i), and their general partners are consolidated within the Group. These funds are in run-off. Historically, the Group has not had any direct beneficial interests in the assets owned by these funds and the Group was not exposed to variable returns from these funds. Within the current financial year, the Group has acquired assets within Esprit Fund 2 with a fair value of \u00a31.9 million as of 31 March 2023. Other than Esprit Fund 2, which is held at fair value through profit and loss, as an investment, management considers the legacy funds are held under an agency relationship with the funds where the Group acts as an agent which is primarily engaged to act on behalf, and for the benefit, of the fund investors rather than for its own benefit. Although the manager (Esprit Capital Partners LLP, subsidiary to Molten Ventures plc) has the power to influence the returns generated by the fund, the Group does not have an interest in their returns. As a result, the Group is not deemed to control these managed funds and they are not consolidated.The legacy funds have the following details:Esprit Fund 1 : Esprit Capital I Fund No.1 Limited Partnership and Esprit Capital I Fund No.2 Limited Partnership \u2013 c/o Molten Ventures plc, 20 Garrick Street, London WC2E 9BT. Esprit Fund 2 : Esprit Capital II L.P. \u2013 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.Esprit Capital 3(i) : Esprit Capital Fund III(i) LP and Esprit Capital Fund III(i) A LP \u2013 c/o Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands.EIS/VCT fundsEnterprise Investment Scheme funds and Molten Ventures VCT plc are managed by the Group. The Group has no direct beneficial interest in the assets being managed and its sole exposure to variable returns are to performance fees payable on exits above a specified hurdle and management fees based on subscriptions (and Promoter\u2019s fees in certain cases), which is a small proportion of the total capital within each fund. The Board believes that this results in an agency relationship with the funds where the Group acts as an agent, which is primarily engaged to act on behalf, and for the benefit, of the fund investors rather than for its own benefit. Although the managers (Encore Ventures LLP \u2013 EIS funds, Elderstreet Investments Limited \u2013 VCT fund and Molten SP I LLP) have the power to influence the returns generated by the fund, the Group only has an insignificant interest in their returns. As a result, the Group is not deemed to control these managed funds and they are not consolidated.The EIS/VCT funds have the following details:EIS funds : DFJ Esprit Angels\u2019 EIS Co-Investment Fund, DFJ Esprit Angels\u2019 EIS Co-Investment II, DFJ Esprit EIS III, DFJ Esprit EIS IV, Draper Esprit EIS 5, and Molten Ventures EIS.VCT funds : Molten Ventures VCT plc \u2013 6th Floor St Magnus House, 3 Lower Thames Street, London, England EC3R 6HD.Audit exemption for members of the GroupThe following entities are included in the parent\u2019s consolidated accounts. As a result of section 479A of the Companies Act 2006, these subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of accounts under section 475 of the Companies Act 2006.Esprit Capital Holdings Limited, Esprit Capital I (CIP) Limited, Molten Ventures (Nominee) Limited, Esprit Nominees Limited, Grow Trustees Limited, Esprit Capital III MLP LLP, Esprit Capital III GP Limited, Esprit Capital I (GP) Limited, Esprit Capital III Founder GP Limited, Elderstreet Holdings Limited, Encore I GP Limited, Encore I Founder GP Limited, Esprit Capital I General Partner, Esprit Capital III GP LP, Molten Ventures Growth Fund I GP S.a.r.l, Molten Ventures Growth SP GP LLP, Molten Ventures FoF I GP LLP and Molten Ventures Investments GP LLP.Esprit FoundationMolten Ventures plc is the sole member of the Foundation. However, this is not controlled by Molten Ventures plc or the Group, as the Esprit Foundation has a separate Board of Trustees with a separate governance and decision-making process. A donation was received during the year ended 31 March 2023, there has not yet been any grant-making activity. No activity took place in the year ended 31 March 2022. Charitable Incorporated Organisation status was entered onto the Register of Charities with the Registered Charity Number 1198436 on 30 March 2022. Stuart Chapman is one of the three Trustees of the Esprit Foundation and is also an Executive Director on the Board of Molten Ventures plc.",
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"s7_notes__6__29-1": {
"value": "Name of undertakingNature of businessCountry of incorporation% ownershipEsprit Capital Partners LLP^AIFM to the Company, Molten Ventures FoF I LP and England and Wales100%the Esprit Funds Elderstreet Holdings Limited^Intermediate holding companyEngland and Wales100% Elderstreet Investments Limited^AIFM to Molten Ventures VCT plc (formerly Draper England and Wales100%Esprit plc) and Molten SP I LLP Grow Trustees Limited^Trustee of the Group\u2019s employment benefit trustEngland and Wales100% Molten Ventures Advisors Ltd^ Investment Adviser to the Growth FundEngland and Wales100% Molten Ventures (Nominee) Limited^ DormantEngland and Wales100% Encore Ventures LLP^AIFM to the Encore FundsEngland and Wales100% Esprit Capital I (GP) Limited^General Partner and co-invest vehicleEngland and Wales100% Esprit Capital I General Partner^General PartnerEngland and Wales100% Esprit Capital II GP Limited\u2020General PartnerCayman Islands100% Esprit Capital III Founder GP Limited*General PartnerScotland100% Esprit Capital III GP LP*General PartnerScotland100% Encore I Founder GP Limited\u2020General PartnerCayman Islands100% Encore I GP Limited\u2020Intermediate holding companyCayman Islands100% Esprit Capital Holdings Limited^DormantEngland and Wales100% Esprit Nominees Limited^Nominee companyEngland and Wales100% Esprit Capital I (CIP) Limited^DormantEngland and Wales100% Esprit Capital III MLP LLP^Intermediate holding companyEngland and Wales100% Esprit Capital III GP Limited^General Partner (dormant)England and Wales100% Molten Ventures Growth Fund I GP S.a.r.l\u2021General Partner (dormant)Luxembourg100% Molten Ventures Growth SP GP LLP^General Partner (dormant)England and Wales100% Molten Ventures FoF I GP LLP^General PartnerEngland and Wales100% Molten Ventures Investments GP LLP^General PartnerEngland and Wales100%The below is a list of entities that are controlled and not consolidated but held as investments at fair value through profit or loss on the consolidated balance sheet.Name of undertakingPrincipal activityCountry of incorporation% ownership1 Molten Ventures (Ireland) LimitedInvestment entityRepublic of Ireland100% 2Esprit Capital III LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Capital III (B) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Capital IV LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments3DFJ Europe X LPLimited partnership pursuant to which the Group makes Cayman Islands100%certain investments2Esprit Investments (1) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Investments (2) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Limited partnership pursuant to which the Group and England and Wales89%Esprit Investments (1) (B) LPMolten Ventures FoF I LP hold Fund of Fund investments2Seedcamp Holdings LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp4Seedcamp Investments LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp4Seedcamp Investments II LLPLimited liability partnership which holds investments England and Wales100%acquired from Seedcamp2Limited partnership pursuant to which the Group and England and Wales89%Esprit Investments (2) (B) LPMolten Ventures FoF I LP hold Fund of Fund investments5SC_4_OF1 LPLimited partnership pursuant to which theEngland and Wales100%Group holds certain investments2Molten Ventures Investments LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments6Molten Ventures Growth Fund I SCSpLimited partnership pursuant to which the Group makes Luxembourg100%certain investments (dormant)2Molten Ventures Holdings LimitedIntermediate Company and Qualifying Asset Holding England and Wales100%Company (\u201cQAHC\u201d)2Esprit Investments (2)(B)(i) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Esprit Investments 2(B)(ii) LPLimited partnership pursuant to which the Group makes England and Wales100%certain investments2Molten Ventures FoF I LPLimited partnership under the Group\u2019s management which England and Wales50%makes Fund of Fund investmentsName of undertaking Principal activity Country of incorporation Encore I GP LP^ General partner Cayman Islands Esprit Capital II Founder LP^ Co-investment limited partnership Cayman Islands Esprit Capital II Founder 2 LP^ Co-investment limited partnership Cayman Islands Encore I Founder LP^ Co-investment limited partnership Cayman Islands Encore I Founder 2014 LP^ Co-investment limited partnership Cayman Islands Encore I Founder 2014-A LP^ Co-investment limited partnership Cayman Islands Esprit Capital III Founder LP* Co-investment limited partnership/carry partner Scotland Esprit Investments (2) (Carried Interest) LP* Carry vehicle Scotland Esprit Capital III (Carried Interest) LP* Carry vehicle Scotland Esprit Investments (1) (Carried Interest) LP* Carry vehicle Scotland Molten Ventures Growth I Special Partner LP* Carry vehicle Scotland Molten Ventures Investments (Carried Interest) LP* Carry vehicle Scotland Molten Ventures FoF I (Special Partner) LP* Carry vehicle Scotland Third Party Capital Investment vehicle structured as a limited Molten SP I LLP \u2020 liability partnership England and Wales16. Financial assets held at fair value through profit or lossThe Group holds investments through investment vehicles it manages. The investments are carried at fair value through profit or loss. The Group\u2019s valuation policies are set out in Note 5(a) and Note 28. The table below sets out the movement in the balance sheet value of investments from the start to the end of the year, showing investments made, cash receipts and fair value movements.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m As at 1 April 1,410.8 867.1 1Investments made in the period138.2311.2 Loans repaid from underlying investment vehicles (48.1) (126.3) Carry external 2.1 13.5 Non-investment cash movement 14.1 15.9 Unrealised gains on the revaluation of investments (240.1) 329.4 As at 31 March 1,277.0 1,410.8 1 Investments and loans made in the year are amounts the Group has invested in underlying investment vehicles. This is not the equivalent to the total amount invested in portfolio companies as existing cash balances from the investment vehicles are reinvested.",
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"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__24": {
"value": "SubsidiariesSubsidiaries are entities controlled by the Group. Control, as defined by IFRS 10, is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which the Group effectively obtains control. They are deconsolidated from the date that control ceases. Control is reassessed whenever circumstances indicate that there may be a change in any of these elements of control.All transactions and balances between Group subsidiaries are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with consolidated accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__26-1": {
"value": "Investment entityIn accordance with the provisions of IFRS 10, Molten Ventures plc considers itself to be an investment entity. As a result of its listed status, it obtains funds from its Shareholders to acquire equity interests in multiple high-growth technology businesses (indirectly) with the purpose of capital appreciation over the life of the investments. These investments are made on behalf of investors in Molten Ventures plc across a number of deployment strategies \u2013 see page 15. Exit strategies for the portfolio vary depending on each investment, with realisations occurring typically five to ten years after the investment is made. Exit strategies for each of the portfolio companies are documented and discussed as part of regular portfolio reviews. The Group reviews exit opportunities regularly and each member of the Deal Team is responsible for an exit thesis for the investee companies they are responsible for prior to any investment being made. An exit thesis is set out in the original investment papers and it is reiterated or amended thereafter, as appropriate, in the Group\u2019s regular quarterly reports. Exit strategies include the sale of the investment via private placement or in a public market, IPO, trade sale of a company, and distributions to investors from funds invested into. All exits are approved by a sub-committee of the Investment Committee, following a similar approval process to any approval of a new investment, requiring a majority vote. Although Molten Ventures plc holds these investments indirectly, it has been deemed appropriate to directly consider the investment strategies for the portfolio as the intermediary investment vehicles discussed below were formed to hold investments on behalf of Molten Ventures plc. Molten Ventures plc evaluates its investments on a fair value basis and reports this financial information to its Shareholders.The Directors have also satisfied themselves that Molten Ventures plc\u2019s wholly owned subsidiary, Molten Ventures (Ireland) Limited, as well as certain partnerships listed below, meet the characteristics of an investment entity. Although they have one or two investors, in substance these partnerships and companies are investing funds on behalf of the Shareholders of Molten Ventures plc. They have obtained funds for the purpose of acquiring equity interests in high-growth technology businesses with the purpose of capital appreciation over the life of the investments for the benefit of Shareholders of Molten Ventures plc and this has been communicated directly to the Shareholders. Exit strategies for investments (directly or indirectly) are previously discussed. The Group evaluates its portfolio on a fair value basis and this financial information is communicated directly to the Molten Ventures plc Shareholders. In line with the IFRS 10 consolidation exemption, entities meeting the definition of investment entity do not consolidate certain subsidiaries and instead measure those investments that are controlling interests in another entity (i.e., their subsidiaries) as investments held at fair value through profit or loss on the consolidated balance sheet. Loans to investment vehicles are treated as net investments at fair value through profit or loss.Limited partnerships (co-invest and carried interest)Carried interest vehicles/co-investment limited partnerships (\u201cCIPs\u201d) \u2013 the Group\u2019s general partners are members of these limited partnerships. These vehicles are set up with two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants; and 2) in certain circumstances to facilitate co-investment into the funds. Carried interest and co-investment partnerships are investment entities and are measured at FVTPL with reference to the performance conditions described in Note 4(u) and held at FVTPL, which equates to the net asset value attributable to the Group, in the statement of financial position in line with our application of IFRS 10 for investment entitiesEach carry vehicle indirectly holds interests in a vintage of investments within our portfolio with the purpose of producing profits for distribution among the carried interest partners. The Group evaluates its interest in carried interest at fair value as part of the valuations cycle. Indirectly, the carry partnerships have exit strategies for each investment within which they have an interest as the manager of both the carry partner and the investment vehicles regularly considers exit strategies as discussed above.",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__32": {
"value": "c) Operating segmentIFRS 8, \u2018Operating Segments\u2019, defines operating segments as those activities of an entity about which separate financial information is available and which are evaluated by the Chief Operating Decision Maker to assess performance and determine the allocation of resources. The Board of Directors have identified Molten\u2019s Chief Operating Decision Maker to be the Chief Executive Officer (\u201cCEO\u201d). The Group\u2019s investment portfolio engages in business activities from which it earns revenues and incurs expenses, has operating results, which are regularly reviewed by the CEO to make decisions about resources and assess performance, and the portfolio has discrete financial information available. The Group\u2019s investment portfolio has similar economic characteristics, and investments are similar in nature. Dealflow for the investment portfolio is now consistent across all funds (except for the Legacy funds \u2013 see below) and the Group\u2019s Investment Committee reviews and approves (where appropriate) investments for all of the investment portfolio in line with the strategy set by the Molten Ventures plc Board of Directors (approvals from the Molten Ventures plc Board of Directors is required for higher value investments where the proposed value of the investment to be made by plc is above \u00a31.0 million). Although the managers of our EIS funds, VCT funds and plc funds have a management committee, the majority of those sitting on the committees are consistent across all. Taking into account the above points, and in line with IFRS 8, the investment portfolio (across all funds) has been aggregated into one single operating segment.Legacy funds \u2013 the legacy funds (Esprit Capital I Fund No 1 LP, Esprit Capital Fund No 2 LP, Esprit Capital II LP, Esprit Capital Fund III (i) LP and Esprit Capital Fund III (i) A LP) continue to be managed by the Group (Esprit Capital Partners LLP). These funds are in run-off. Although the investments held within these funds are not consistent with the rest of the investment portfolio (although there has been some cross-over in the past), they are similar in nature and the Group does not earn material revenue (neither is material expenditure incurred) from the management of these funds that would meet the quantitative thresholds set out in IFRS 8. Management does not believe that separate disclosure of information relating to the legacy funds would be useful to users of the financial statements.The majority of the Group\u2019s revenues are not from interest, and the Chief Operating Decision Maker does not primarily rely on net interest revenue to assess the performance of the Group and make decisions about resource allocation. Therefore, the Group reports interest revenue separately from interest expense.The Group\u2019s management considers the Group\u2019s investment portfolio represents a coherent and diversified portfolio with similar economic characteristics and as a result these individual investments have been aggregated into a single operating segment. In the view of the Directors, there is accordingly one reportable segment under the provisions of IFRS 8.",
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"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__34-1": {
"value": "d) Revenue recognitionRevenue is comprised of management fees from EIS/VCT funds and Molten SP I LLP, as well as performance fees and promoter fees. Priority Profit Share is incorporated within management fees, presented as management fees charged on the underlying investment vehicles. Revenue is also generated from Directors\u2019 fees from a small number of portfolio companies where members of the Investment Team act as Directors for portfolio companies. Revenue is recognised when the timing can be measured and amount reliably determined, measured at the fair value of the consideration received or receivable. This represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. All revenue from services is generated within the UK and is stated exclusive of value added tax. Revenue presented as fee income are services comprised of:i. Management fees (Priority Profit Share) Management fees are earned by General Partners of Limited Partnerships, through a Priority Profit Share arrangement. The basis of calculation of fund management fees differs depending on the fund and its stage. Fund management fees are either earned at a fixed annual rate or are set at a fixed percentage of funds under management, measured by commitments or invested cost, depending on the stage of the fund being managed. Revenues are recognised as the related services are provided.ii. Management fees earned by Encore Ventures LLP. Fund Close April 2019 and prior. Management fees are charged on the Net Subscription per annum for the first four years of the life of the portfolio. Management fees are charged annually in advance. Cash received from the investor\u2019s Net Subscription is received and will be recognised as revenue in the period they become due, across the first four years in line with the investment and follow-on period for investing activities. In this case, the transaction price is fixed for the life of the contract and, if management fees are recognised in the period for which they are receivable. Fund Close July 2019 onwards. Management fees are charged on Net Subscription per annum for the first five years of the life of the portfolio, payable annually in advance. Cash received from the investor\u2019s Net Subscription is received and will be recognised as revenue in the period they become due, across the first five years in line with the investment and follow-on period for investing activities. Management fees are charged annually in advance. Cash received from the investor\u2019s Net Subscription to cover the payment of management fees relating to the first 2.75 years of the life of the portfolio. Thereafter, fees will be accrued and deducted from cash proceeds from exits at the time of becoming highly probable. If no proceeds are received, these fees will not be charged to investors.iii. Performance fees Performance fees are earned on a percentage of returns over a hurdle rate. These are recognised in the statement of comprehensive income on realisation of underlying investment. Amounts are recognised as revenue when it can be reliably measured and is highly probable funds will flow to the Group, which is generally at the point of invoicing or shortly before due to the unpredictability associated with realisations but is assessed on a case-by-case basis. iv. Promoter\u2019s fees Promoter\u2019s fees are earned by Elderstreet Investments Limited, as manager of the VCT funds, based on amounts subscribed during each offer. Fees are agreed on an offer-by-offer basis and are receivable when the shares are allotted. Elderstreet Investments Limited may also be entitled to promoter\u2019s fees when it promotes offers for new subscriptions into the funds it manages. Promoter\u2019s fees are earned at a percentage of subscriptions received. Revenue is recognised in full at the time valid subscriptions are received.v. Directors\u2019 fees Portfolio Directors\u2019 fees are annual fees charged to an investee company. Directors\u2019 fees are only charged on a limited number of the investee companies. Revenues are recognised as services are provided.e) Deferred incomeThe Group\u2019s management fees are typically billed quarterly or half-yearly in advance. Where fees have been billed for an advance period, the amounts are credited to deferred income, and then subsequently released through the statement of comprehensive income during the period to which the fees relate. Certain performance fees and portfolio Directors\u2019 fees are also billed in advance and these amounts are credited to deferred income, and then subsequently released through the statement of comprehensive income accounting during the period to which the fees relate.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "d) Revenue recognitionRevenue is comprised of management fees from EIS/VCT funds and Molten SP I LLP, as well as performance fees and promoter fees. Priority Profit Share is incorporated within management fees, presented as management fees charged on the underlying investment vehicles. Revenue is also generated from Directors\u2019 fees from a small number of portfolio companies where members of the Investment Team act as Directors for portfolio companies. Revenue is recognised when the timing can be measured and amount reliably determined, measured at the fair value of the consideration received or receivable. This represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. All revenue from services is generated within the UK and is stated exclusive of value added tax. Revenue presented as fee income are services comprised of:i. Management fees (Priority Profit Share) Management fees are earned by General Partners of Limited Partnerships, through a Priority Profit Share arrangement. The basis of calculation of fund management fees differs depending on the fund and its stage. Fund management fees are either earned at a fixed annual rate or are set at a fixed percentage of funds under management, measured by commitments or invested cost, depending on the stage of the fund being managed. Revenues are recognised as the related services are provided.ii. Management fees earned by Encore Ventures LLP. Fund Close April 2019 and prior. Management fees are charged on the Net Subscription per annum for the first four years of the life of the portfolio. Management fees are charged annually in advance. Cash received from the investor\u2019s Net Subscription is received and will be recognised as revenue in the period they become due, across the first four years in line with the investment and follow-on period for investing activities. In this case, the transaction price is fixed for the life of the contract and, if management fees are recognised in the period for which they are receivable. Fund Close July 2019 onwards. Management fees are charged on Net Subscription per annum for the first five years of the life of the portfolio, payable annually in advance. Cash received from the investor\u2019s Net Subscription is received and will be recognised as revenue in the period they become due, across the first five years in line with the investment and follow-on period for investing activities. Management fees are charged annually in advance. Cash received from the investor\u2019s Net Subscription to cover the payment of management fees relating to the first 2.75 years of the life of the portfolio. Thereafter, fees will be accrued and deducted from cash proceeds from exits at the time of becoming highly probable. If no proceeds are received, these fees will not be charged to investors.iii. Performance fees Performance fees are earned on a percentage of returns over a hurdle rate. These are recognised in the statement of comprehensive income on realisation of underlying investment. Amounts are recognised as revenue when it can be reliably measured and is highly probable funds will flow to the Group, which is generally at the point of invoicing or shortly before due to the unpredictability associated with realisations but is assessed on a case-by-case basis. iv. Promoter\u2019s fees Promoter\u2019s fees are earned by Elderstreet Investments Limited, as manager of the VCT funds, based on amounts subscribed during each offer. Fees are agreed on an offer-by-offer basis and are receivable when the shares are allotted. Elderstreet Investments Limited may also be entitled to promoter\u2019s fees when it promotes offers for new subscriptions into the funds it manages. Promoter\u2019s fees are earned at a percentage of subscriptions received. Revenue is recognised in full at the time valid subscriptions are received.v. Directors\u2019 fees Portfolio Directors\u2019 fees are annual fees charged to an investee company. Directors\u2019 fees are only charged on a limited number of the investee companies. Revenues are recognised as services are provided.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "f) Business combinationsThe Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. The Group recognises identifiable assets acquired and liabilities assumed in a business combination, regardless of whether they have been previously recognised in the acquiree\u2019s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: a) fair value of consideration transferred; b) the recognised amount of any non-controlling interest in the acquiree; and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in the statement of comprehensive income immediately.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "f) Business combinationsThe Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. The Group recognises identifiable assets acquired and liabilities assumed in a business combination, regardless of whether they have been previously recognised in the acquiree\u2019s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: a) fair value of consideration transferred; b) the recognised amount of any non-controlling interest in the acquiree; and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in the statement of comprehensive income immediately.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__39": {
"value": "g) Goodwill and other intangible assetsGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceed the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. When the consideration transferred by the Group in a business combination includes an asset or liability resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.Other intangible assetsCertain previously unrecognised assets acquired in a business combination that qualify for separate recognition are recognised as intangible assets at their fair values, e.g. brand names, customer contracts and lists. All finite-lived intangible assets are accounted for using the cost model whereby capitalised costs are amortised on a straight-line basis over their estimated useful lives. Residual values and useful lives are reviewed at each reporting date. In addition, they are subject to impairment testing as described below. Customer contracts are amortised on a straight-line basis over their useful economic lives, typically the duration of the underlying contracts. The following useful economic lives for customer contracts were applied on the date of acquisition:i. Encore Ventures LLP: eight years; and ii. Elderstreet Investments Limited: three years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__38": {
"value": "g) Goodwill and other intangible assetsGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceed the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. When the consideration transferred by the Group in a business combination includes an asset or liability resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "Other intangible assetsCertain previously unrecognised assets acquired in a business combination that qualify for separate recognition are recognised as intangible assets at their fair values, e.g. brand names, customer contracts and lists. All finite-lived intangible assets are accounted for using the cost model whereby capitalised costs are amortised on a straight-line basis over their estimated useful lives. Residual values and useful lives are reviewed at each reporting date. In addition, they are subject to impairment testing as described below. Customer contracts are amortised on a straight-line basis over their useful economic lives, typically the duration of the underlying contracts. The following useful economic lives for customer contracts were applied on the date of acquisition:i. Encore Ventures LLP: eight years; and ii. Elderstreet Investments Limited: three years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__40-1": {
"value": "All finite-lived intangible assets are accounted for using the cost model whereby capitalised costs are amortised on a straight-line basis over their estimated useful lives. Residual values and useful lives are reviewed at each reporting date. In addition, they are subject to impairment testing as described below. Customer contracts are amortised on a straight-line basis over their useful economic lives, typically the duration of the underlying contracts. The following useful economic lives for customer contracts were applied on the date of acquisition:i. Encore Ventures LLP: eight years; and ii. Elderstreet Investments Limited: three years.Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method, on the following basis: \u2022 Leasehold improvements \u2013 over the term of the lease \u2022 Fixtures and equipment \u2013 33% per annum straight line \u2022 Computer equipment \u2013 33% per annum straight line ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "h) ImpairmentFor the purposes of assessing impairment, assets are grouped at the lowest level for which there are largely independent cash inflows (\u201ccash generating units\u201d or \u201cCGU\u201d). As a result, some assets are tested individually for impairment, and some are tested at cash-generating unit level. Goodwill is allocated to those cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which management monitors goodwill. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised in the consolidated statement of total comprehensive income for the amount by which the assets or cash-generating units carrying amount exceeds its recoverable amount that is the higher of fair value less costs to sell and value-in-use.To determine value-in-use, management estimates expected future cash flows over five years from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. Discount factors are determined individually for each cash-generating unit and reflect their respective risk profile as assessed by management. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any remaining impairment loss is charged pro-rata to the other assets in the cash-generating unit with the exception of goodwill, and all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment charge is reversed if the cash-generating unit\u2019s recoverable amount exceeds its carrying amount where there has been a change in estimates used for the calculation of the recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "h) ImpairmentFor the purposes of assessing impairment, assets are grouped at the lowest level for which there are largely independent cash inflows (\u201ccash generating units\u201d or \u201cCGU\u201d). As a result, some assets are tested individually for impairment, and some are tested at cash-generating unit level. Goodwill is allocated to those cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which management monitors goodwill. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised in the consolidated statement of total comprehensive income for the amount by which the assets or cash-generating units carrying amount exceeds its recoverable amount that is the higher of fair value less costs to sell and value-in-use.To determine value-in-use, management estimates expected future cash flows over five years from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. Discount factors are determined individually for each cash-generating unit and reflect their respective risk profile as assessed by management. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any remaining impairment loss is charged pro-rata to the other assets in the cash-generating unit with the exception of goodwill, and all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment charge is reversed if the cash-generating unit\u2019s recoverable amount exceeds its carrying amount where there has been a change in estimates used for the calculation of the recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "i) Foreign currencyTransactions entered into by Group entities in a currency other than the functional currency in which they operate are recorded at the rates prevailing when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates prevailing at the reporting date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised immediately in the statement of comprehensive income. The individual financial statements of the Group\u2019s subsidiary undertakings are presented in their functional currency. For the purpose of these consolidated financial statements, the results and financial position of each subsidiary undertaking are expressed in Pounds Sterling, which is the presentation currency for these consolidated financial statements. The assets and liabilities of the Group\u2019s undertakings, whose functional currency is not Pounds Sterling, are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__47-1": {
"value": "j) Financial assetsAll financial assets are recognised when economic benefit is expected to be transferred to the Group. On recognition, a financial asset is initially measured at fair value, plus transaction costs, except for those financial assets classified at \u201cfair value through profit or loss\u201d (\u201cFVTPL\u201d), which are initially measured at fair value. Financial assets are classified by the Group into the following specified categories: \u2022 Financial assets \u201cFVTPL\u201d; and \u2022 Amortised cost. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Financial assets through profit or lossA financial asset may be designated as at FVTPL upon initial recognition if:a. such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or b. the financial asset forms part of a group of financial assets or financial liabilities, or both, which is managed, and its performance is evaluated on a fair value basis, in accordance with the Molten Venture Group\u2019s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; orc. it forms part of a contract containing one or more embedded derivatives, and IFRS 9 \u2018Financial Instruments\u2019 permits the entire combined contract (asset or liability) to be designated as at FVTPL.The Group considers its investment interests referred to in Note 4(b) are appropriately designated as at FVTPL as they meet criteria (b) above. Further details of the accounting policy can be found in Note 28, Fair value measurements. Financial assets through profit or loss are accounted for at settlement date.Amortised costA financial asset is held at amortised cost under IFRS 9 where it is held for the collection of cash flows representing solely payments of principal and interest. These assets are measured at amortised cost using the effective interest method, less any expected losses. The Group\u2019s financial assets held at amortised cost comprise trade and other receivables, and cash and cash equivalents in the consolidated statement of financial position. Financial assets held at amortised cost are accounted for at trade date.k) Financial liabilitiesThe Group\u2019s financial liabilities include trade and other payables, and borrowings.Trade and other payablesTrade and other payables are recognised when the Group enters into contractual arrangements with an expectation that economic benefits will flow from the Group. The carrying amounts of trade and other payables are considered to be the same as their amortised cost, due to their short-term nature.Loans and borrowingsBorrowings are initially recognised at fair value that is deemed to be the carrying value at inception. Fees related to the debt facility are amortised over the term of the loan, see Note 22(i) for further detail regarding the debt facility entered into during the year. The carrying amount of borrowings is deemed to be presented at amortised cost as the fair value of future cash flows have not been incorporated. All interest-related charges are reported in profit or loss and are included within finance costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "j) Financial assetsAll financial assets are recognised when economic benefit is expected to be transferred to the Group. On recognition, a financial asset is initially measured at fair value, plus transaction costs, except for those financial assets classified at \u201cfair value through profit or loss\u201d (\u201cFVTPL\u201d), which are initially measured at fair value. Financial assets are classified by the Group into the following specified categories: \u2022 Financial assets \u201cFVTPL\u201d; and \u2022 Amortised cost. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Financial assets through profit or lossA financial asset may be designated as at FVTPL upon initial recognition if:a. such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or b. the financial asset forms part of a group of financial assets or financial liabilities, or both, which is managed, and its performance is evaluated on a fair value basis, in accordance with the Molten Venture Group\u2019s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; orc. it forms part of a contract containing one or more embedded derivatives, and IFRS 9 \u2018Financial Instruments\u2019 permits the entire combined contract (asset or liability) to be designated as at FVTPL.The Group considers its investment interests referred to in Note 4(b) are appropriately designated as at FVTPL as they meet criteria (b) above. Further details of the accounting policy can be found in Note 28, Fair value measurements. Financial assets through profit or loss are accounted for at settlement date.Amortised costA financial asset is held at amortised cost under IFRS 9 where it is held for the collection of cash flows representing solely payments of principal and interest. These assets are measured at amortised cost using the effective interest method, less any expected losses. The Group\u2019s financial assets held at amortised cost comprise trade and other receivables, and cash and cash equivalents in the consolidated statement of financial position. Financial assets held at amortised cost are accounted for at trade date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "Financial assets through profit or lossA financial asset may be designated as at FVTPL upon initial recognition if:a. such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or b. the financial asset forms part of a group of financial assets or financial liabilities, or both, which is managed, and its performance is evaluated on a fair value basis, in accordance with the Molten Venture Group\u2019s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; orc. it forms part of a contract containing one or more embedded derivatives, and IFRS 9 \u2018Financial Instruments\u2019 permits the entire combined contract (asset or liability) to be designated as at FVTPL.The Group considers its investment interests referred to in Note 4(b) are appropriately designated as at FVTPL as they meet criteria (b) above. Further details of the accounting policy can be found in Note 28, Fair value measurements. Financial assets through profit or loss are accounted for at settlement date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "k) Financial liabilitiesThe Group\u2019s financial liabilities include trade and other payables, and borrowings.Trade and other payablesTrade and other payables are recognised when the Group enters into contractual arrangements with an expectation that economic benefits will flow from the Group. The carrying amounts of trade and other payables are considered to be the same as their amortised cost, due to their short-term nature.Loans and borrowingsBorrowings are initially recognised at fair value that is deemed to be the carrying value at inception. Fees related to the debt facility are amortised over the term of the loan, see Note 22(i) for further detail regarding the debt facility entered into during the year. The carrying amount of borrowings is deemed to be presented at amortised cost as the fair value of future cash flows have not been incorporated. All interest-related charges are reported in profit or loss and are included within finance costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__51": {
"value": "trade and other payables, and borrowings.Trade and other payablesTrade and other payables are recognised when the Group enters into contractual arrangements with an expectation that economic benefits will flow from the Group. The carrying amounts of trade and other payables are considered to be the same as their amortised cost, due to their short-term nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "Loans and borrowingsBorrowings are initially recognised at fair value that is deemed to be the carrying value at inception. Fees related to the debt facility are amortised over the term of the loan, see Note 22(i) for further detail regarding the debt facility entered into during the year. The carrying amount of borrowings is deemed to be presented at amortised cost as the fair value of future cash flows have not been incorporated. All interest-related charges are reported in profit or loss and are included within finance costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__50": {
"value": "All interest-related charges are reported in profit or loss and are included within finance costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__53": {
"value": "l) ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the outflow of resources embodying the economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__54": {
"value": "m) Share capitalFinancial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Group\u2019s shares are classified as equity instruments. Equity instruments are recorded at the proceeds received, net of direct issue costs. Shares held by Molten Ventures Employee Benefit Trust are held at cost and disclosed as own shares and deducted from other equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "Shares held by Molten Ventures Employee Benefit Trust are held at cost and disclosed as own shares and deducted from other equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__56-1": {
"value": "n) Defined contribution schemeContributions to the defined contribution pension scheme are charged to the consolidated statement of comprehensive income in the years to which they relate.u) Carried interestThe Company has established carried interest plans for the Executive Directors (see the following associated note), other members of the Investment Team and certain other employees (together the \u201cPlan Participants\u201d) in respect of any investments and follow-on investments made from IPO. To 31 March 2020 each carried interest plan operated in respect of investments made during the 24-month period from inception of the fund, being the investment period, and related follow-on investments made for a further 36-month period. From 1 April 2020, a new carried interest plan was implemented, which operates for a five-year period in respect of any investment. From April 2020 onwards, the Executive Directors were not eligible to participate in new carried interest plans, and instead now participate in the Long-Term Incentive Plan. Continued participation in existing carried interest schemes that pre-dated the start of the 2021 financial year were not affected.Subject to certain exceptions, Plan Participants will receive, in aggregate, 15% of the net realised cash profits from the investments and follow-on investments made over the relevant period once the Company has received an aggregate annualised 10% realised return on investments and follow-on investments made during the relevant period. The carried interest plan from 1 April 2020 has an aggregate annualised 8% realised return on investments and follow-on investments made during the relevant period, to bring the plans more in line with market. The Plan Participants\u2019 return is subject to a \u201ccatch-up\u201d in their favour. Plan Participants\u2019 carried interests vest over five years for each carried interest plan and are subject to good and bad leaver provisions. Any unvested carried interest resulting from a Plan Participant becoming a leaver can be reallocated by an adjudication committee formed by Esprit Capital Partners LLP as manager of the carried interest plan at their discretion, including to the Group, and, therefore, an assumption is made in the financial statements that any unvested carried interest as at the reporting date would be reallocated to the Group. See Note 30 for further information on amounts that have been attributed to the Group.Carried interest is measured at FVTPL with reference to the performance conditions described above. This is deducted from the gross value of our portfolio as an input to determine the fair value of our investment vehicles, which are held at FVTPL in the statement of financial position in line with our application of IFRS 10 for investment entities. The external carry is deducted as it will be paid to members external to the Group from proceeds of investments on realisation. Where the Group has a holding in the carried interest, this is recognised at FVTPL.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "o) Share-based paymentsWhen equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period on a straight-line basis. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period. Where equity instruments are granted to persons other than employees, the consolidated statement of comprehensive income is charged with the fair value of goods and services received. The employee share option plans are administered by the Molten Ventures Employee Benefit Trust, which is consolidated in accordance with the principles in Note 4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__58-1": {
"value": "p) Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.q) Deferred taxDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits, against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__59": {
"value": "q) Deferred taxDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits, against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__61": {
"value": "r) Property, plant and equipmentFixtures and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method, on the following basis: \u2022 Leasehold improvements \u2013 over the term of the lease \u2022 Fixtures and equipment \u2013 33% per annum straight line \u2022 Computer equipment \u2013 33% per annum straight line The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__63": {
"value": "s) Cash and cash equivalentsCash and cash equivalents comprise cash on hand and deposits held at call with financial institutions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "t) Interest incomeInterest income earned on cash and deposits and short-term liquidity investments is recognised when it is probable that the economic benefits will flow to the Group and the amount of income recognised can be measured reliably. Interest income is accrued on a time basis, with reference to the principal outstanding and at the effective interest rate applicable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__64": {
"value": "t) Interest incomeInterest income earned on cash and deposits and short-term liquidity investments is recognised when it is probable that the economic benefits will flow to the Group and the amount of income recognised can be measured reliably. Interest income is accrued on a time basis, with reference to the principal outstanding and at the effective interest rate applicable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__67": {
"value": "v) Fair value movementManagement uses valuation techniques to determine the fair value of financial assets. This involves developing estimates and assumptions consistent with how market participants would price the assets. Management bases its assumptions on observable data as far as possible, but this is not always available, in that case, management uses the best information available. Estimated fair values may vary from the amount which may be received as consideration for investments in normal market conditions, between two willing parties, at the reporting date (See Note 5(a)).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "5. Critical accounting estimates and judgementsThe Directors have made the following judgements and estimates that have had the most significant effect on the carrying amounts of the assets and liabilities in the consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Actual results may differ from estimates. The key estimate, (5)(a), and judgement, (5)(b), are discussed below. There have been no new critical accounting estimates and judgements in the financial year ended 31 March 2023.Estimates:a. Valuation of unquoted equity investments at fair value through profit or lossThe Group invests into Limited Companies and Limited Partnerships, which are considered to be investment companies that invest for the benefit of the Group. These investment companies are measured at fair value through profit or loss based on their net asset value (\u201cNAV\u201d) at the year-end. The Group controls these entities and is responsible for preparing their NAV, which is mostly based on the valuation of their unquoted investments. The Group\u2019s valuation of investments measured at fair value through profit or loss is, therefore, dependent upon estimations of the valuation of the underlying portfolio companies. The Group, through its controlled investment companies also invests in investment funds, which primarily focus on German or seed investments. These investments are considered to be \u201cFund of Fund investments\u201d for the Group and are recognised at their NAV at the year-end date. These Fund of Fund investments are not controlled by the Group and some do not have coterminous year-ends with the Group. To value these investments, management obtains the latest audited financial statements or partner reports of the investments and discusses further movements with the management of the funds following consideration of whether the funds follow the International Private Equity and Venture Capital Guidelines (\u201cIPEV Guidelines\u201d). Where the Fund of Funds hold investments that are individually material to the Group, management perform further procedures to determine that the valuation of these investments has been prepared in accordance with the Group\u2019s valuation policies for portfolio companies, as outlined below, and these valuations will be adjusted by the Group where necessary based on the Group valuation policy for portfolio companies. The estimates required to determine the appropriate valuation methodology of investments means there is a risk of material adjustment to the carrying amounts of assets and liabilities. These estimates include whether to increase or decrease investment valuations and require the use of assumptions about the carrying amounts of assets and liabilities that are not readily available or observable. The fair value of investments is established with reference to the International Private Equity and Venture Capital Valuation Guidelines. An assessment will be made at each measurement date as to the most appropriate valuation methodology. The Group invests in early-stage and growth technology companies, through predominantly unlisted securities. Given the nature of these investments, there are often no current or short-term future earnings or positive cash flows. Consequently, although not considered to be the default valuation technique, the appropriate approach to determine fair value may be based on a methodology with reference to observable market data, being the price of the most recent transaction. Fair value estimates that are based on observable market data will be of greater reliability than those based on estimates and assumptions and, accordingly, where there have been recent investments by third parties, the price of that investment will generally provide a basis of the valuation. If this methodology is used, its initial use and the length of period for which it remains appropriate to use the calibration of last round price depends on the specific circumstances of the investment, and the Group will consider whether this basis remains appropriate each time valuations are reviewed. In addition, the inputs to the valuation model (e.g. revenue, comparable peer group, product roadmap, and other milestones) will be recalibrated to assess the appropriateness of the methodology used in relation to the market performance and technical/product milestones since the round and the Company\u2019s trading performance relative to the expectations of the round. The Group considers alternative methodologies in the IPEV Guidelines, being principally price-revenue or price-earnings multiples, depending upon the stage of the asset, requiring management to make assumptions over the timing and nature of future revenues and earnings when calculating fair value. When using multiples, we consider public traded multiples as at measurement date (31 March 2023 and 31 March 2022 for this report) in similar lines of business, which are adjusted based on the relative growth potential and risk profile of the subject company versus the market and to reflect the degree of control and lack of marketability as well as considering company performance against milestones (e.g. financial/technical/product milestones).The equity values of our portfolio companies are generally assessed via the methodologies described above. For direct investments, the equity values are run through their relevant waterfalls to assess the fair value of the investment to Molten Ventures under the current value methodology. Other methodologies would be considered if appropriate.In all cases, valuations are based on the judgement of the Directors after consideration of the above and upon available information believed to be reliable, which may be affected by conditions in the financial markets. Due to the inherent uncertainty of the investment valuations, the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and the differences could be material. Due to this uncertainty, the Group may not be able to sell its investments at the carrying value in these financial statements when it desires to do so or to realise what it perceives to be fair value in the event of a sale. See Note 28 for information on unobservable inputs used and sensitivity analysis on investments held at fair value through profit or loss.Judgement:b. The Company and certain subsidiaries as an investment entity The Group has a number of entities within its corporate structure and a judgement has been made regarding which should be consolidated in accordance with IFRS 10, and which should not. The Group consolidates all entities where it has control, as defined by IFRS 10, over the following: \u2022 power over the investee to significantly direct the activities; \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect the amount of the investor\u2019s returns. The Company does not consolidate qualifying investment entities it controls in accordance with IFRS 10 and instead recognises them as investments held at fair value through profit or loss. An investment entity, as defined by IFRS 10, is an entity that:\u2022 obtains funds from one or more investors for the purpose of providing those investor(s) with the investment management services;\u2022 commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and\u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis.When judging whether an entity within the Group is an investment entity, the Group structure as a whole is considered. As a Group, the investment entities listed in Note 4(b) have the characteristics of an investment entity. This is because the Group has:\u2022 more than one investment;\u2022 more than one investor;\u2022 unrelated investors; and\u2022 equity ownership interests.See Note 4(b) for further details on the consolidation status of entities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "7. Fee incomeRevenue is derived solely within the UK, from continuing operations for all years. An analysis of the Group\u2019s revenue is as follows:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Management fees 21.6 17.8 Performance fees \u2013 2.5 Promoter\u2019s fees 0.9 1.4 Directors\u2019 and other fees 0.2 0.1 Total fee income 22.7 21.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__69": {
"value": "7. Fee incomeRevenue is derived solely within the UK, from continuing operations for all years. An analysis of the Group\u2019s revenue is as follows:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Management fees 21.6 17.8 Performance fees \u2013 2.5 Promoter\u2019s fees 0.9 1.4 Directors\u2019 and other fees 0.2 0.1 Total fee income 22.7 21.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__73": {
"value": "8. General administrative expensesAdministrative expenses comprise:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Employee and employee-related expenses (Note 9) 12.3 11.9 Legal and professional 3.6 2.5 Performance fees payable \u2013 2.0 Marketing expenses 0.6 1.1 Building costs and rates 0.5 0.4 Travel expenses 0.5 0.3 IT expenses 0.5 0.3 Listing fees 0.1 0.2 Other administrative costs 0.6 0.8 Total administrative expenses 18.7 19.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__72": {
"value": "8. General administrative expensesAdministrative expenses comprise:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Employee and employee-related expenses (Note 9) 12.3 11.9 Legal and professional 3.6 2.5 Performance fees payable \u2013 2.0 Marketing expenses 0.6 1.1 Building costs and rates 0.5 0.4 Travel expenses 0.5 0.3 IT expenses 0.5 0.3 Listing fees 0.1 0.2 Other administrative costs 0.6 0.8 Total administrative expenses 18.7 19.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__71": {
"value": "8. General administrative expensesAdministrative expenses comprise:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Employee and employee-related expenses (Note 9) 12.3 11.9 Legal and professional 3.6 2.5 Performance fees payable \u2013 2.0 Marketing expenses 0.6 1.1 Building costs and rates 0.5 0.4 Travel expenses 0.5 0.3 IT expenses 0.5 0.3 Listing fees 0.1 0.2 Other administrative costs 0.6 0.8 Total administrative expenses 18.7 19.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__74": {
"value": "9. Employee and employee-related expensesEmployee benefit expenses (including Directors) comprise:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Wages and salaries 9.6 9.0 Defined contribution pension costs 0.9 0.8 Benefits (healthcare and life assurance) 0.3 0.3 Recruitment costs 0.2 0.2 Social security contributions and similar taxes 1.3 1.6 General employee and employee-related expenses 12.3 11.9 Share-based payment expense arising from Company share option scheme 4.4 3.7 Total employee benefit expenses 16.7 15.6 The monthly average number of persons (including Executive and Non-Executive Directors) employed by the Group during the year was:Year ended Year ended 31 March 202331 March 2022Number Number Executive Directors 3 3 Non-Executive Directors 5 4 Investment 22 16 Infrastructure 28 25 Total 58 48 At 31 March 2023, there were four Non-Executive Directors (31 March 2022: five). See Nomination Committee report for further details of changes in the year.Infrastructure comprises finance, marketing, human resources, legal, IT, and administration.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__75-1": {
"value": "Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Wages and salaries 9.6 9.0 Defined contribution pension costs 0.9 0.8 Benefits (healthcare and life assurance) 0.3 0.3 Recruitment costs 0.2 0.2 Social security contributions and similar taxes 1.3 1.6 General employee and employee-related expenses 12.3 11.9 Share-based payment expense arising from Company share option scheme 4.4 3.7 Total employee benefit expenses 16.7 15.627. Retirement benefitsThe Molten Ventures Group makes contributions to personal pension schemes set up to benefit its employees. The Group has no interest in the assets of these schemes and there are no liabilities arising from them beyond the agreed monthly contribution for each employee or member that is included in employment costs in the profit and loss account as appropriate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__76": {
"value": "10. Auditor\u2019s remunerationThe (loss)/profit for the year has been arrived at after charging:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Fees paid to the Company\u2019s Auditors for the audit of the Company and Group consolidated financial statements 0.4 0.3 Fees payable to the Company\u2019s Auditors and associates for other services: Audit of the financial statements of the subsidiaries and related undertakings 0.2 0.1 Audit-related assurance services 0.1 0.1 Non-audit services \u2013 0.3 Total fees payable to the Company\u2019s Auditors 0.7 0.8 Audit-related assurance services paid to the Company\u2019s Auditors in the year were \u00a325k related to CASS reporting to the FCA in respect of certain subsidiaries (for the year ended 31 March 2022: \u00a318k), \u00a361k in respect of the review of the Group\u2019s interim financial statements (for the year ended 31 March 2022: \u00a346k).Non-audit services paid to the Company\u2019s Auditors in the year were \u00a3Nil in respect of reporting accountant services (for the year ended 31 March 2022: \u00a3305k).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__83": {
"value": "11. Net finance expenseYear ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Interest on leases \u2013 (0.1) Interest and expenses on loans and borrowings (7.1) (1.3) Finance expense (7.1) (1.4) Interest income on cash and cash equivalents \u2013 0.2 Net foreign exchange gain 1.7 1.6 Finance income 1.7 1.8 Net finance expense (5.4) (0.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__82": {
"value": "11. Net finance expenseYear ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Interest on leases \u2013 (0.1) Interest and expenses on loans and borrowings (7.1) (1.3) Finance expense (7.1) (1.4) Interest income on cash and cash equivalents \u2013 0.2 Net foreign exchange gain 1.7 1.6 Finance income 1.7 1.8 Net finance expense (5.4) (0.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__81": {
"value": "11. Net finance expenseYear ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Interest on leases \u2013 (0.1) Interest and expenses on loans and borrowings (7.1) (1.3) Finance expense (7.1) (1.4) Interest income on cash and cash equivalents \u2013 0.2 Net foreign exchange gain 1.7 1.6 Finance income 1.7 1.8 Net finance expense (5.4) (0.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__80": {
"value": "11. Net finance expenseYear ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Interest on leases \u2013 (0.1) Interest and expenses on loans and borrowings (7.1) (1.3) Finance expense (7.1) (1.4) Interest income on cash and cash equivalents \u2013 0.2 Net foreign exchange gain 1.7 1.6 Finance income 1.7 1.8 Net finance expense (5.4) (0.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__79": {
"value": "11. Net finance expenseYear ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Interest on leases \u2013 (0.1) Interest and expenses on loans and borrowings (7.1) (1.3) Finance expense (7.1) (1.4) Interest income on cash and cash equivalents \u2013 0.2 Net foreign exchange gain 1.7 1.6 Finance income 1.7 1.8 Net finance expense (5.4) (0.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__78-1": {
"value": "11. Net finance expenseYear ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Interest on leases \u2013 (0.1) Interest and expenses on loans and borrowings (7.1) (1.3) Finance expense (7.1) (1.4) Interest income on cash and cash equivalents \u2013 0.2 Net foreign exchange gain 1.7 1.6 Finance income 1.7 1.8 Net finance expense (5.4) (0.4) The Group incurred transaction fees of \u00a31.0 million, which are presented within loans and borrowings on the statement of financial position and are amortised over the life of the facility, and to date professional fees of \u00a30.4 million have been accrued arising from the negotiation of the Debt Facility Agreement, which have been presented in general administrative expenses. Interest-related charges are reported in the consolidated statement of comprehensive income as finance costs (see Note 11).31 Mar 202331 Mar 2022\u00a3m \u00a3m Bank loan senior facility amount 150 65.0 Interest rate SONIA + 5.5% BOE base rate + 6.25% Drawn at balance sheet date (90.0) (30.0) Arrangement fees 1.0 0.3 Loan liability balance (89.0) (29.7) Undrawn facilities at balance sheet date 60.0 35.0 The Company was amortising costs relating to the inception, increase and extension over the life of the previous facility. On extinguishment of this liability, the costs were recognised in full in the condensed consolidated interim statement of comprehensive income. The interest reserve account previously held with SVB no longer forms part of the security package (balance on consolidated statement of financial position as at 31 March 2022: \u00a32.3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__77": {
"value": "11. Net finance expenseYear ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Interest on leases \u2013 (0.1) Interest and expenses on loans and borrowings (7.1) (1.3) Finance expense (7.1) (1.4) Interest income on cash and cash equivalents \u2013 0.2 Net foreign exchange gain 1.7 1.6 Finance income 1.7 1.8 Net finance expense (5.4) (0.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__84": {
"value": "12. Income taxesThe charge to tax, which arises in the Group and the corporate subsidiaries included within these financial statements, is:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Current tax expense Current tax on profits for the year\u2013\u2013Adjustments for under/(over) provision in prior years\u2013(0.1) Total current tax expense \u2013 (0.1) Deferred tax (expense)/benefit \u2013 Prior year correction on deferred tax\u2013(20.5)Movement on deferred tax3.3(3.7) Total deferred tax benefit/(expense) 3.3 (24.2) Income tax benefit/(expense) 3.3 (24.3) The UK standard rate of corporation tax is 19% as at year-end (for the year ended 31 March 2022: 19%). The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to (loss)/profit for the year before tax are as follows:Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m (Loss)/profit for the year before tax (243.4) 325.0 Tax at the UK tax rate of 19% (31 March 2022: 19%) (46.2) 61.8 Taxable gains \u2013 1.1 Losses/(gains) on investments 45.6 (62.6) Prior year correction on deferred tax \u2013 20.5 Movement on deferred tax 3.3 3.7 Other 0.6 (0.2) Income tax expense 3.3 24.4 The standard rate of corporation tax will increase to 25% from 1 April 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__85": {
"value": "13. (Loss)/earnings per share and net asset valueThe calculation of basic earnings per weighted average shares is based on the profit attributable to Shareholders and the weighted average number of shares. When calculating the diluted earnings per share, the weighted average number of shares in issue is adjusted for the effect of all dilutive share options and awards. Basic (loss)/earnings per ordinary share(Loss)/profit after taxNo. of sharesPence \u00a3m m per share For the year ended 31 March 2023 (243.4) 153.0 (159) For the year ended 31 March 2022 300.7 150.1 200 Diluted (loss)/earnings per ordinary share(Loss)/profit 1after taxNo. of sharesPence \u00a3m m per share For the year ended 31 March 2023 (243.4) 153.7 (158) For the year ended 31 March 2022 300.7 151.9 198 1 The basic number of shares is 153.0 million (FY22: 150.1 million). This has been adjusted to calculate the diluted number of shares by accounting for options of 0.7 million in the year (FY22: 1.8 million) to get to the diluted number of shares of 153.7 million (FY22: 151.9 million).Net asset value per share is based on the net asset attributable to Shareholders and the number of shares at the relevant reporting date. When calculating the diluted earnings per share, the number of shares in issue at balance sheet date is adjusted for the effect of all dilutive share options and awards.Net asset value per ordinary shareNet assetsNo. of sharesPence \u00a3m m per share As at 31 March 2023 1,194.1 153.0 780 At at 31 March 2022 1,433.8 153.0 937 Diluted net asset value per ordinary share1Net assetsNo. of sharesPence \u00a3m m per share As at 31 March 2023 1,194.1 153.7 777 As at 31 March 2022 1,433.8 154.9 926 1 The basic number of shares is 153.0 million (FY22: 153.0 million). This has been adjusted to calculate the diluted weighted average number of shares by accounting for options of 0.7 million in the year (FY22: 1.9 million) to get to the diluted weighted average number of shares of 153.7 million (FY22: 154.9 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__86": {
"value": "Net asset value per ordinary shareNet assetsNo. of sharesPence \u00a3m m per share As at 31 March 2023 1,194.1 153.0 780 At at 31 March 2022 1,433.8 153.0 937 Diluted net asset value per ordinary share1Net assetsNo. of sharesPence \u00a3m m per share As at 31 March 2023 1,194.1 153.7 777 As at 31 March 2022 1,433.8 154.9 926 1 The basic number of shares is 153.0 million (FY22: 153.0 million). This has been adjusted to calculate the diluted weighted average number of shares by accounting for options of 0.7 million in the year (FY22: 1.9 million) to get to the diluted weighted average number of shares of 153.7 million (FY22: 154.9 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__87": {
"value": "14. Share-based paymentsc/f Fair value b/f Granted in Lapsed in Exercised 31 Mar Exercise per granted Date of 1 April 2022the yearthe yearin the year2023Vesting price instrument Grant(No.)(No.)(No.)(No.)(No.)period(pence)(pence)28\u2013Nov\u201316 522,419 \u2013 (23,099) \u2013 499,320 3 years 355 64.111\u2013Nov\u201317 120,000 \u2013 \u2013 \u2013 120,000 3 years 359 89.828\u2013Nov\u201317 306,384 \u2013 \u2013 \u2013 306,384 3 years 387 70.9Molten Ventures 30\u2013Jul\u201318 664,450 \u2013 (13,700) \u2013 650,750 3 years 492 152.9plc 2016 Company Share Option Scheme 12\u2013Feb\u201319 556,868 \u2013 (10,000) \u2013 546,868 3 years 530 67.8(\u201cCSOP\u201d)26\u2013Nov\u201319 200,000 \u2013 (200,000) \u2013 \u2013 3 years 467 71.529\u2013Jun\u201320 200,000 \u2013 \u2013 \u2013 200,000 3 years 449 81.226\u2013Jul\u201321 53,270 \u2013 (16,906) 36,364 1 year 1 986.029\u2013Jun\u201320 561,577 \u2013 (14,337) \u2013 547,240 3 years 1 449.0Molten Ventures plc 16\u2013Jul\u201321 560,887 \u2013 \u2013 \u2013 560,887 1 year 1 940.0Long-Term Incentive 17\u2013Jul\u201322 \u2013 479,587 (9,586) \u2013 470,001 3 years 1 540.0Plan (\u201cLTIP\u201d)17\u2013Jul\u201322 \u2013 543,609 \u2013 \u2013 543,609 5 years* 1 540.0Molten Ventures plc Deferred Benefit Plan (\u201cDBP\u201d) 17\u2013Jun\u201322 \u2013 211,110 \u2013 \u2013 255,168 2 years 1 540.0 Total 3,745,855 1,234,306 (270,722) (16,906) 4,692,533 * This is a vesting period of three years and a further two-year holding period.Set out below are summaries of options granted under the planYear ended Year ended 31 March 202331 March 2022 As at 1 April 3,745,855 4,056,293 Granted during the year 1,234,306 637,526 Lapsed in the year (270,722) (43,488) Exercised during the year (16,906) (904,476) As at 31 March 4,692,533 3,745,855 Both the CSOP and LTIP are, as of 31 March 2023, partly administered by the Molten Ventures Employee Benefit Trust (\u201cTrust\u201d). The Trust is consolidated in these consolidated financial statements. The Trust may purchase shares from the market and, from time to time, when the options are exercised, the Trust transfers the appropriate number of shares to the employee or sells these as agent for the employee. The proceeds received, net of any directly attributable transaction costs, are credited directly to equity. Shares held by the Trust at the end of the reporting period are shown as own shares in the consolidated financial statements (see Note 25(i)). Of the 16,906 options exercised during the year, none were satisfied with new ordinary shares issued by Molten Ventures plc (FY22: 0.9 million options exercised with no new ordinary shares issued) (see Note 24). All outstanding options have been assessed to be reportable as equity-settled.For share options granted under the CSOP, the Black-Scholes Option Pricing Model has been used for valuation purposes. All options are settled in shares. Volatility is expected to be in the range of 20\u201330% based on an analysis of the Company\u2019s and peer group\u2019s share price. The risk-free rates used were taken from zero coupon United Kingdom government bonds on a term consistent with the vesting period. There are no non-market performance conditions attached to the share options granted under the CSOP.Share options granted during the period under the LTIP vest over the prescribed performance period to the extent that performance conditions are met. The performance conditions relate to realisations, assets under management (calculated in line with the relevant deed of grant), and Total Shareholder Return. These options are granted under the plan for no consideration and are granted at a nominal value of one pence per share option. The fair value of the LTIP shares is valued using the Black\u2013Scholes model, which includes a Monte Carlo simulation model. A six-monthly review takes place of non-market performance conditions and, as at 31 March 2023, the best estimate for expected vesting of unvested share options is 81%.In the year ended 31 March 2023, it was agreed that 0% (31 March 2022: 50%) of the Executive Team\u2019s bonus for that financial year would be deferred in shares of Molten Ventures plc. FY23 bonus amounts were paid in cash for an amount up to 100% (FY22: 100%) of each Director\u2019s salary, with the balance being paid in the form of a deferred share award over a number of shares calculated based on the Volume Weighted Average Price per share for the five trading days immediately prior to the date of grant. The deferral period under the bonus scheme is two years from the date of the award. Vesting is not subject to any further performance conditions (other than continued employment at the date of vesting). The Black\u2013Scholes Option Pricing Model has been used for valuation purposes.The share-based payment charge for the year is \u00a34.4 million (year ended 31 March 2022: \u00a33.7 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__91": {
"value": "15. Intangible assetsCustomer GoodwillcontractsTotal As at 31 March 2023 \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2022 10.4 1.1 11.5 Additions during the period \u2013 \u2013 \u2013 Cost as at 31 March 2023 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2022 \u2013 (0.8) (0.8) Charge for the period \u2013 (0.2) (0.2) Accumulated amortisation as at 31 March 2023 \u2013 (1.0) (1.0) Net book value: As at 31 March 2023 10.4 0.1 10.5 Customer GoodwillcontractsTotal As at 31 March 2022\u00a3m\u00a3m\u00a3m Cost Cost carried forward as at 1 April 202110.41.111.5Acquisition of business\u2013\u2013\u2013 Cost as at 31 March 2022 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2021\u2013(0.6)(0.6)Charge for the year\u2013(0.2)(0.2) Accumulated amortisation as at 31 March 2022 \u2013 (0.8) (0.8) Net book value: As at 31 March 2022 10.4 0.3 10.7 The amortisation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__90-1": {
"value": "15. Intangible assetsCustomer GoodwillcontractsTotal As at 31 March 2023 \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2022 10.4 1.1 11.5 Additions during the period \u2013 \u2013 \u2013 Cost as at 31 March 2023 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2022 \u2013 (0.8) (0.8) Charge for the period \u2013 (0.2) (0.2) Accumulated amortisation as at 31 March 2023 \u2013 (1.0) (1.0) Net book value: As at 31 March 2023 10.4 0.1 10.5 Customer GoodwillcontractsTotal As at 31 March 2022\u00a3m\u00a3m\u00a3m Cost Cost carried forward as at 1 April 202110.41.111.5Acquisition of business\u2013\u2013\u2013 Cost as at 31 March 2022 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2021\u2013(0.6)(0.6)Charge for the year\u2013(0.2)(0.2) Accumulated amortisation as at 31 March 2022 \u2013 (0.8) (0.8) Net book value: As at 31 March 2022 10.4 0.3 10.7 The amortisation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income.18. Property, plant and equipmentRight-of-use Leasehold Computer assetsimprovementsequipmentTotal As at 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2022 1.6 0.8 0.2 2.6 Additions during the period \u2013 \u2013 \u2013 \u2013 Disposals during the year \u2013 \u2013 \u2013 \u2013 Cost as at 31 March 2023 1.6 0.8 0.2 2.6 Accumulated depreciation Depreciation carried forward as at 1 April 2022 (1.0) (0.6) (0.1) (1.7) Charge for the period (0.3) (0.1) (0.1) (0.5) Disposals during the year \u2013 \u2013 \u2013 \u2013 Accumulated depreciation as at 31 March 2023 (1.3) (0.7) (0.2) (2.2) Net book value: As at 31 March 2023 0.3 0.1 Nil 0.4 Right-of-use Leasehold Computer assetsimprovementsequipmentTotal As at 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2021 1.6 0.8 0.1 2.5 Additions during the period \u2013 \u2013 0.1 0.1 Disposals during the year \u2013 \u2013 \u2013 \u2013 Cost as at 31 March 2022 1.6 0.8 0.2 2.6 Accumulated depreciation Depreciation carried forward as at 1 April 2021 (0.7) (0.4) \u2013 (1.1) Charge for the period (0.3) (0.2) (0.1) (0.6) Disposals during the year \u2013 \u2013 \u2013 \u2013 Accumulated depreciation as at 31 March 2022 (1.0) (0.6) (0.1) (1.7) Net book value: As at 31 March 2022 0.6 0.2 0.1 0.9 The depreciation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__89": {
"value": "15. Intangible assetsCustomer GoodwillcontractsTotal As at 31 March 2023 \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2022 10.4 1.1 11.5 Additions during the period \u2013 \u2013 \u2013 Cost as at 31 March 2023 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2022 \u2013 (0.8) (0.8) Charge for the period \u2013 (0.2) (0.2) Accumulated amortisation as at 31 March 2023 \u2013 (1.0) (1.0) Net book value: As at 31 March 2023 10.4 0.1 10.5 Customer GoodwillcontractsTotal As at 31 March 2022\u00a3m\u00a3m\u00a3m Cost Cost carried forward as at 1 April 202110.41.111.5Acquisition of business\u2013\u2013\u2013 Cost as at 31 March 2022 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2021\u2013(0.6)(0.6)Charge for the year\u2013(0.2)(0.2) Accumulated amortisation as at 31 March 2022 \u2013 (0.8) (0.8) Net book value: As at 31 March 2022 10.4 0.3 10.7 The amortisation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__88": {
"value": "15. Intangible assetsCustomer GoodwillcontractsTotal As at 31 March 2023 \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2022 10.4 1.1 11.5 Additions during the period \u2013 \u2013 \u2013 Cost as at 31 March 2023 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2022 \u2013 (0.8) (0.8) Charge for the period \u2013 (0.2) (0.2) Accumulated amortisation as at 31 March 2023 \u2013 (1.0) (1.0) Net book value: As at 31 March 2023 10.4 0.1 10.5 Customer GoodwillcontractsTotal As at 31 March 2022\u00a3m\u00a3m\u00a3m Cost Cost carried forward as at 1 April 202110.41.111.5Acquisition of business\u2013\u2013\u2013 Cost as at 31 March 2022 10.4 1.1 11.5 Accumulated amortisation Amortisation carried forward as at 1 April 2021\u2013(0.6)(0.6)Charge for the year\u2013(0.2)(0.2) Accumulated amortisation as at 31 March 2022 \u2013 (0.8) (0.8) Net book value: As at 31 March 2022 10.4 0.3 10.7 The amortisation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__96-1": {
"value": "16. Financial assets held at fair value through profit or lossThe Group holds investments through investment vehicles it manages. The investments are carried at fair value through profit or loss. The Group\u2019s valuation policies are set out in Note 5(a) and Note 28. The table below sets out the movement in the balance sheet value of investments from the start to the end of the year, showing investments made, cash receipts and fair value movements.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m As at 1 April 1,410.8 867.1 1Investments made in the period138.2311.2 Loans repaid from underlying investment vehicles (48.1) (126.3) Carry external 2.1 13.5 Non-investment cash movement 14.1 15.9 Unrealised gains on the revaluation of investments (240.1) 329.4 As at 31 March 1,277.0 1,410.8 1 Investments and loans made in the year are amounts the Group has invested in underlying investment vehicles. This is not the equivalent to the total amount invested in portfolio companies as existing cash balances from the investment vehicles are reinvested.17. Related undertakingsFor further details of other related undertakings within the Group, see Note 4(b).Please see below details of investments held by the Group\u2019s investment companies, where the ownership percentage or partnership interest exceeds 20%. These are held at fair value through the profit or loss in the statement of financial position.Interest FD category* at reporting date/Name Address Principal activity Type of shareholding partnership interestRavenPack Holding AGChurerstrasse 135, Trading companyOrdinary sharesDCH-8808 Pf\u00e4ffikon, SwitzerlandPreference sharesFinalCAD4, rue Jules Lefebvre 75009 ParisTrading companyOrdinary sharesDPreference sharesEarlybird GmbH & Co. c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest26%Beteiligungs-KG IVMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investmentsEarlybird Special c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest34%Opportunities LPMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investmentsEarlybird DWES Fund VI c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest56%GmbH & Co. KGMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investments* Fully diluted interest categorised as follows: Cat A: 0\u20135%, Cat B: 6\u201310%, Cat C: 11\u201315%, Cat D: 16\u201325%, Cat E: >25%.Details of the fair value of the Core companies are detailed as part of the Gross Portfolio Value table on page 27.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__95-1": {
"value": "16. Financial assets held at fair value through profit or lossThe Group holds investments through investment vehicles it manages. The investments are carried at fair value through profit or loss. The Group\u2019s valuation policies are set out in Note 5(a) and Note 28. The table below sets out the movement in the balance sheet value of investments from the start to the end of the year, showing investments made, cash receipts and fair value movements.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m As at 1 April 1,410.8 867.1 1Investments made in the period138.2311.2 Loans repaid from underlying investment vehicles (48.1) (126.3) Carry external 2.1 13.5 Non-investment cash movement 14.1 15.9 Unrealised gains on the revaluation of investments (240.1) 329.4 As at 31 March 1,277.0 1,410.8 1 Investments and loans made in the year are amounts the Group has invested in underlying investment vehicles. This is not the equivalent to the total amount invested in portfolio companies as existing cash balances from the investment vehicles are reinvested.22. Financial liabilities31 March 202331 March 2022\u00a3m \u00a3m Current liabilities Leases (0.3) (0.4) Loans and borrowings \u2013 \u2013 Total current financial liabilities (0.3) (0.4) Non-current liabilities Leases \u2013 (0.3) Loans and borrowings (89.0) (29.7) Total non-current financial liabilities (89.0) (30.0) Total (89.3) (30.4) The below table shows the changes in liabilities from financing activities.BorrowingsLeases\u00a3m \u00a3m At 1 April 2021 0.4 (1.0) Capitalisation of costs 0.3 \u2013 Amortisation of costs (0.4) \u2013 Drawdowns (30.0) \u2013 Repayment of debt \u2013 \u2013 Other changes \u2013 Interest payments (presented as cash flows) \u2013 (0.1) Repayment of lease liabilities \u2013 0.4 At 31 March 2022 (29.7) (0.7) Capitalisation of costs 1.0 \u2013 Amortisation of costs (0.3) \u2013 Drawdowns (125.0) \u2013 Repayment of debt 65.0 \u2013 Other changes \u2013 Interest payments (presented as cash flows) \u2013 \u2013 Repayment of lease liabilities \u2013 0.4 At 31 March 2023 (89.0) (0.3) 22(i). Loans and borrowingsOn 6 September 2022, the Company entered into a facility agreement relating to a new debt facility (the \u201cDebt Facility\u201d) with J.P. Morgan Chase Bank N.A., London Branch (\u201cJPM\u201d) and SVB UK Limited (\u201cSVB\u201d), with a JPM affiliate acting as the appointed agent. The Debt Facility comprises a \u00a390.0 million term loan (\u201cTerm Loan\u201d) and a revolving credit facility (\u201cRCF\u201d) of up to \u00a360.0 million on three and two-year availability periods respectively. Repayment dates for both may be extended by two 12-month periods subject to the lenders\u2019 willingness to extend and satisfaction of various conditions. The headline interest rate applied on both the Term Loan and RCF includes a \u201cmargin\u201d of 5.50% per annum plus SONIA. The Debt Facility is secured against various Group assets, including bank accounts; listed shares; and LP interests, with a number of entities within the Group acceding as guarantors. The Company\u2019s ability to borrow under the Debt Facility and satisfy its financial and non-financial covenants is dependent on the value of the investment portfolio (excluding third-party funds under management), with draw downs being subject to a maximum loan to value ratio of 10% (1.10:1.00). The lenders may commission quarterly independent valuations of the investment portfolio. The Debt Facility replaced the Company\u2019s previous revolving credit facility with SVB and Investec Bank plc of \u00a365.0 million, which was repaid in full. In addition to repaying the previous facility, the Debt Facility may be used for general working capital purposes and to finance the purchase of portfolio companies, but cannot be used to fund share buybacks. The Group incurred transaction fees of \u00a31.0 million, which are presented within loans and borrowings on the statement of financial position and are amortised over the life of the facility, and to date professional fees of \u00a30.4 million have been accrued arising from the negotiation of the Debt Facility Agreement, which have been presented in general administrative expenses. Interest-related charges are reported in the consolidated statement of comprehensive income as finance costs (see Note 11). On execution of the Debt Facility Agreement, the Group drew down \u00a390.0 million of the Term Loan, with the RCF (\u00a360.0 million, currently undrawn) being available for two years to September 2024 subject to any extension. After expiry of the availability period, a cash sweep on realisations will apply. Both the RCF and Term Loan must be fully repaid by the third anniversary of the date of the Debt Facility Agreement, subject to any extension. The Debt Facility contains financial and non-financial covenants, which the Company and certain members of the Group must comply with throughout the term of the Debt Facility:\u2022 Maintain a value to cost ratio of investments of at least 10% (1.10:1.00).\u2022 Total financial indebtedness not to exceed 20% (10% on each utilisation) of the value of investments in the portfolio with adjustments for concentration limits (see below) together with the value of all amounts held in specified bank accounts subject to the security package.\u2022 Total aggregate financial indebtedness of the Company and certain members of the Group is not to exceed 35% (25% on each utilisation) of the value of secured investments in the portfolio with adjustments for concentration limits calculated by reference to specified assets and bank accounts subject to the security package. \u2022 The Company, and certain members of its Group, must maintain a minimum number of investments subject to concentration limits connected to sector, geography, joint or collective value, and/or listed status. Failure to satisfy financial covenants may limit the Company\u2019s ability to borrow and/or also trigger events of default, which in some instances could trigger a cash sweep on realisations and/or require the Company to cure those breaches by repaying the Debt Facility (either partially or in full). 31 Mar 202331 Mar 2022\u00a3m \u00a3m Bank loan senior facility amount 150 65.0 Interest rate SONIA + 5.5% BOE base rate + 6.25% Drawn at balance sheet date (90.0) (30.0) Arrangement fees 1.0 0.3 Loan liability balance (89.0) (29.7) Undrawn facilities at balance sheet date 60.0 35.0 The Company was amortising costs relating to the inception, increase and extension over the life of the previous facility. On extinguishment of this liability, the costs were recognised in full in the condensed consolidated interim statement of comprehensive income. The interest reserve account previously held with SVB no longer forms part of the security package (balance on consolidated statement of financial position as at 31 March 2022: \u00a32.3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__94": {
"value": "16. Financial assets held at fair value through profit or lossThe Group holds investments through investment vehicles it manages. The investments are carried at fair value through profit or loss. The Group\u2019s valuation policies are set out in Note 5(a) and Note 28. The table below sets out the movement in the balance sheet value of investments from the start to the end of the year, showing investments made, cash receipts and fair value movements.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m As at 1 April 1,410.8 867.1 1Investments made in the period138.2311.2 Loans repaid from underlying investment vehicles (48.1) (126.3) Carry external 2.1 13.5 Non-investment cash movement 14.1 15.9 Unrealised gains on the revaluation of investments (240.1) 329.4 As at 31 March 1,277.0 1,410.8 1 Investments and loans made in the year are amounts the Group has invested in underlying investment vehicles. This is not the equivalent to the total amount invested in portfolio companies as existing cash balances from the investment vehicles are reinvested.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__93": {
"value": "16. Financial assets held at fair value through profit or lossThe Group holds investments through investment vehicles it manages. The investments are carried at fair value through profit or loss. The Group\u2019s valuation policies are set out in Note 5(a) and Note 28. The table below sets out the movement in the balance sheet value of investments from the start to the end of the year, showing investments made, cash receipts and fair value movements.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m As at 1 April 1,410.8 867.1 1Investments made in the period138.2311.2 Loans repaid from underlying investment vehicles (48.1) (126.3) Carry external 2.1 13.5 Non-investment cash movement 14.1 15.9 Unrealised gains on the revaluation of investments (240.1) 329.4 As at 31 March 1,277.0 1,410.8 1 Investments and loans made in the year are amounts the Group has invested in underlying investment vehicles. This is not the equivalent to the total amount invested in portfolio companies as existing cash balances from the investment vehicles are reinvested.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__92-1": {
"value": "16. Financial assets held at fair value through profit or lossThe Group holds investments through investment vehicles it manages. The investments are carried at fair value through profit or loss. The Group\u2019s valuation policies are set out in Note 5(a) and Note 28. The table below sets out the movement in the balance sheet value of investments from the start to the end of the year, showing investments made, cash receipts and fair value movements.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m As at 1 April 1,410.8 867.1 1Investments made in the period138.2311.2 Loans repaid from underlying investment vehicles (48.1) (126.3) Carry external 2.1 13.5 Non-investment cash movement 14.1 15.9 Unrealised gains on the revaluation of investments (240.1) 329.4 As at 31 March 1,277.0 1,410.8 1 Investments and loans made in the year are amounts the Group has invested in underlying investment vehicles. This is not the equivalent to the total amount invested in portfolio companies as existing cash balances from the investment vehicles are reinvested.22(i). Loans and borrowingsOn 6 September 2022, the Company entered into a facility agreement relating to a new debt facility (the \u201cDebt Facility\u201d) with J.P. Morgan Chase Bank N.A., London Branch (\u201cJPM\u201d) and SVB UK Limited (\u201cSVB\u201d), with a JPM affiliate acting as the appointed agent. The Debt Facility comprises a \u00a390.0 million term loan (\u201cTerm Loan\u201d) and a revolving credit facility (\u201cRCF\u201d) of up to \u00a360.0 million on three and two-year availability periods respectively. Repayment dates for both may be extended by two 12-month periods subject to the lenders\u2019 willingness to extend and satisfaction of various conditions. The headline interest rate applied on both the Term Loan and RCF includes a \u201cmargin\u201d of 5.50% per annum plus SONIA. The Debt Facility is secured against various Group assets, including bank accounts; listed shares; and LP interests, with a number of entities within the Group acceding as guarantors. The Company\u2019s ability to borrow under the Debt Facility and satisfy its financial and non-financial covenants is dependent on the value of the investment portfolio (excluding third-party funds under management), with draw downs being subject to a maximum loan to value ratio of 10% (1.10:1.00). The lenders may commission quarterly independent valuations of the investment portfolio. The Debt Facility replaced the Company\u2019s previous revolving credit facility with SVB and Investec Bank plc of \u00a365.0 million, which was repaid in full. In addition to repaying the previous facility, the Debt Facility may be used for general working capital purposes and to finance the purchase of portfolio companies, but cannot be used to fund share buybacks. The Group incurred transaction fees of \u00a31.0 million, which are presented within loans and borrowings on the statement of financial position and are amortised over the life of the facility, and to date professional fees of \u00a30.4 million have been accrued arising from the negotiation of the Debt Facility Agreement, which have been presented in general administrative expenses. Interest-related charges are reported in the consolidated statement of comprehensive income as finance costs (see Note 11). On execution of the Debt Facility Agreement, the Group drew down \u00a390.0 million of the Term Loan, with the RCF (\u00a360.0 million, currently undrawn) being available for two years to September 2024 subject to any extension. After expiry of the availability period, a cash sweep on realisations will apply. Both the RCF and Term Loan must be fully repaid by the third anniversary of the date of the Debt Facility Agreement, subject to any extension. The Debt Facility contains financial and non-financial covenants, which the Company and certain members of the Group must comply with throughout the term of the Debt Facility:\u2022 Maintain a value to cost ratio of investments of at least 10% (1.10:1.00).\u2022 Total financial indebtedness not to exceed 20% (10% on each utilisation) of the value of investments in the portfolio with adjustments for concentration limits (see below) together with the value of all amounts held in specified bank accounts subject to the security package.\u2022 Total aggregate financial indebtedness of the Company and certain members of the Group is not to exceed 35% (25% on each utilisation) of the value of secured investments in the portfolio with adjustments for concentration limits calculated by reference to specified assets and bank accounts subject to the security package. \u2022 The Company, and certain members of its Group, must maintain a minimum number of investments subject to concentration limits connected to sector, geography, joint or collective value, and/or listed status. Failure to satisfy financial covenants may limit the Company\u2019s ability to borrow and/or also trigger events of default, which in some instances could trigger a cash sweep on realisations and/or require the Company to cure those breaches by repaying the Debt Facility (either partially or in full). 31 Mar 202331 Mar 2022\u00a3m \u00a3m Bank loan senior facility amount 150 65.0 Interest rate SONIA + 5.5% BOE base rate + 6.25% Drawn at balance sheet date (90.0) (30.0) Arrangement fees 1.0 0.3 Loan liability balance (89.0) (29.7) Undrawn facilities at balance sheet date 60.0 35.0 The Company was amortising costs relating to the inception, increase and extension over the life of the previous facility. On extinguishment of this liability, the costs were recognised in full in the condensed consolidated interim statement of comprehensive income. The interest reserve account previously held with SVB no longer forms part of the security package (balance on consolidated statement of financial position as at 31 March 2022: \u00a32.3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__100": {
"value": "17. Related undertakingsFor further details of other related undertakings within the Group, see Note 4(b).Please see below details of investments held by the Group\u2019s investment companies, where the ownership percentage or partnership interest exceeds 20%. These are held at fair value through the profit or loss in the statement of financial position.Interest FD category* at reporting date/Name Address Principal activity Type of shareholding partnership interestRavenPack Holding AGChurerstrasse 135, Trading companyOrdinary sharesDCH-8808 Pf\u00e4ffikon, SwitzerlandPreference sharesFinalCAD4, rue Jules Lefebvre 75009 ParisTrading companyOrdinary sharesDPreference sharesEarlybird GmbH & Co. c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest26%Beteiligungs-KG IVMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investmentsEarlybird Special c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest34%Opportunities LPMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investmentsEarlybird DWES Fund VI c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest56%GmbH & Co. KGMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investments* Fully diluted interest categorised as follows: Cat A: 0\u20135%, Cat B: 6\u201310%, Cat C: 11\u201315%, Cat D: 16\u201325%, Cat E: >25%.Details of the fair value of the Core companies are detailed as part of the Gross Portfolio Value table on page 27.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__99": {
"value": "17. Related undertakingsFor further details of other related undertakings within the Group, see Note 4(b).Please see below details of investments held by the Group\u2019s investment companies, where the ownership percentage or partnership interest exceeds 20%. These are held at fair value through the profit or loss in the statement of financial position.Interest FD category* at reporting date/Name Address Principal activity Type of shareholding partnership interestRavenPack Holding AGChurerstrasse 135, Trading companyOrdinary sharesDCH-8808 Pf\u00e4ffikon, SwitzerlandPreference sharesFinalCAD4, rue Jules Lefebvre 75009 ParisTrading companyOrdinary sharesDPreference sharesEarlybird GmbH & Co. c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest26%Beteiligungs-KG IVMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investmentsEarlybird Special c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest34%Opportunities LPMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investmentsEarlybird DWES Fund VI c/o Earlybird Venture Capital, Limited partnership pursuant to which Partnership interest56%GmbH & Co. KGMaximilianstr. 14, 80539, M\u00fcnchenthe Group holds certain investments* Fully diluted interest categorised as follows: Cat A: 0\u20135%, Cat B: 6\u201310%, Cat C: 11\u201315%, Cat D: 16\u201325%, Cat E: >25%.Details of the fair value of the Core companies are detailed as part of the Gross Portfolio Value table on page 27.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__103-1": {
"value": "18. Property, plant and equipmentRight-of-use Leasehold Computer assetsimprovementsequipmentTotal As at 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2022 1.6 0.8 0.2 2.6 Additions during the period \u2013 \u2013 \u2013 \u2013 Disposals during the year \u2013 \u2013 \u2013 \u2013 Cost as at 31 March 2023 1.6 0.8 0.2 2.6 Accumulated depreciation Depreciation carried forward as at 1 April 2022 (1.0) (0.6) (0.1) (1.7) Charge for the period (0.3) (0.1) (0.1) (0.5) Disposals during the year \u2013 \u2013 \u2013 \u2013 Accumulated depreciation as at 31 March 2023 (1.3) (0.7) (0.2) (2.2) Net book value: As at 31 March 2023 0.3 0.1 Nil 0.4 Right-of-use Leasehold Computer assetsimprovementsequipmentTotal As at 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2021 1.6 0.8 0.1 2.5 Additions during the period \u2013 \u2013 0.1 0.1 Disposals during the year \u2013 \u2013 \u2013 \u2013 Cost as at 31 March 2022 1.6 0.8 0.2 2.6 Accumulated depreciation Depreciation carried forward as at 1 April 2021 (0.7) (0.4) \u2013 (1.1) Charge for the period (0.3) (0.2) (0.1) (0.6) Disposals during the year \u2013 \u2013 \u2013 \u2013 Accumulated depreciation as at 31 March 2022 (1.0) (0.6) (0.1) (1.7) Net book value: As at 31 March 2022 0.6 0.2 0.1 0.9 The depreciation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income.22. Financial liabilities31 March 202331 March 2022\u00a3m \u00a3m Current liabilities Leases (0.3) (0.4) Loans and borrowings \u2013 \u2013 Total current financial liabilities (0.3) (0.4) Non-current liabilities Leases \u2013 (0.3) Loans and borrowings (89.0) (29.7) Total non-current financial liabilities (89.0) (30.0) Total (89.3) (30.4) The below table shows the changes in liabilities from financing activities.BorrowingsLeases\u00a3m \u00a3m At 1 April 2021 0.4 (1.0) Capitalisation of costs 0.3 \u2013 Amortisation of costs (0.4) \u2013 Drawdowns (30.0) \u2013 Repayment of debt \u2013 \u2013 Other changes \u2013 Interest payments (presented as cash flows) \u2013 (0.1) Repayment of lease liabilities \u2013 0.4 At 31 March 2022 (29.7) (0.7) Capitalisation of costs 1.0 \u2013 Amortisation of costs (0.3) \u2013 Drawdowns (125.0) \u2013 Repayment of debt 65.0 \u2013 Other changes \u2013 Interest payments (presented as cash flows) \u2013 \u2013 Repayment of lease liabilities \u2013 0.4 At 31 March 2023 (89.0) (0.3)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__101": {
"value": "18. Property, plant and equipmentRight-of-use Leasehold Computer assetsimprovementsequipmentTotal As at 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2022 1.6 0.8 0.2 2.6 Additions during the period \u2013 \u2013 \u2013 \u2013 Disposals during the year \u2013 \u2013 \u2013 \u2013 Cost as at 31 March 2023 1.6 0.8 0.2 2.6 Accumulated depreciation Depreciation carried forward as at 1 April 2022 (1.0) (0.6) (0.1) (1.7) Charge for the period (0.3) (0.1) (0.1) (0.5) Disposals during the year \u2013 \u2013 \u2013 \u2013 Accumulated depreciation as at 31 March 2023 (1.3) (0.7) (0.2) (2.2) Net book value: As at 31 March 2023 0.3 0.1 Nil 0.4 Right-of-use Leasehold Computer assetsimprovementsequipmentTotal As at 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m Cost Cost carried forward as at 1 April 2021 1.6 0.8 0.1 2.5 Additions during the period \u2013 \u2013 0.1 0.1 Disposals during the year \u2013 \u2013 \u2013 \u2013 Cost as at 31 March 2022 1.6 0.8 0.2 2.6 Accumulated depreciation Depreciation carried forward as at 1 April 2021 (0.7) (0.4) \u2013 (1.1) Charge for the period (0.3) (0.2) (0.1) (0.6) Disposals during the year \u2013 \u2013 \u2013 \u2013 Accumulated depreciation as at 31 March 2022 (1.0) (0.6) (0.1) (1.7) Net book value: As at 31 March 2022 0.6 0.2 0.1 0.9 The depreciation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__104": {
"value": "19. Operating segmentsThe Group follows the accounting policy on operating segments laid out in Note 4(c).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__107": {
"value": "20. Trade and other receivables31 March 202331 March 2022\u00a3m \u00a3mTrade receivables3.11.1Other receivables and prepayments1.91.7 Total 5.0 2.8 Expected credit losses for these receivables are expected to be immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__105": {
"value": "20. Trade and other receivables31 March 202331 March 2022\u00a3m \u00a3mTrade receivables3.11.1Other receivables and prepayments1.91.7 Total 5.0 2.8 Expected credit losses for these receivables are expected to be immaterial.The ageing of trade receivables at reporting date is as follows:31 March 202331 March 2022\u00a3\u2019m \u00a3m Not past due 2.9 1.0 Past due 1\u201330 days 0.1 \u2013 Past due 31\u201360 days \u2013 \u2013 More than 60 days 0.1 0.1 Total 3.1 1.1 Trade receivables are held at amortised cost. The maximum exposure to credit risk of the receivables at the reporting date is the fair value of each class of receivable mentioned above, which is as shown above due to the short-term nature of the trade receivables. The Group does not hold any collateral as security.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__106-1": {
"value": "Expected credit losses for these receivables are expected to be immaterial.The Directors consider that expected credit losses relating to the above financial assets are immaterial for each of the reporting dates under review as they are of good credit quality.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__112": {
"value": "21. Trade and other payables31 March 202331 March 2022\u00a3m \u00a3m Trade payables (0.8) (0.5) Other taxation and social security (0.2) (0.5) Other payables (2.4) (1.9) Accruals and deferred income (6.2) (11.1) Accrued tax expense \u2013 (0.3) Total (9.6) (14.3) All trade and other payables are short term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__111": {
"value": "21. Trade and other payables31 March 202331 March 2022\u00a3m \u00a3m Trade payables (0.8) (0.5) Other taxation and social security (0.2) (0.5) Other payables (2.4) (1.9) Accruals and deferred income (6.2) (11.1) Accrued tax expense \u2013 (0.3) Total (9.6) (14.3) All trade and other payables are short term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__110": {
"value": "21. Trade and other payables31 March 202331 March 2022\u00a3m \u00a3m Trade payables (0.8) (0.5) Other taxation and social security (0.2) (0.5) Other payables (2.4) (1.9) Accruals and deferred income (6.2) (11.1) Accrued tax expense \u2013 (0.3) Total (9.6) (14.3) All trade and other payables are short term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__109": {
"value": "21. Trade and other payables31 March 202331 March 2022\u00a3m \u00a3m Trade payables (0.8) (0.5) Other taxation and social security (0.2) (0.5) Other payables (2.4) (1.9) Accruals and deferred income (6.2) (11.1) Accrued tax expense \u2013 (0.3) Total (9.6) (14.3) All trade and other payables are short term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__108": {
"value": "21. Trade and other payables31 March 202331 March 2022\u00a3m \u00a3m Trade payables (0.8) (0.5) Other taxation and social security (0.2) (0.5) Other payables (2.4) (1.9) Accruals and deferred income (6.2) (11.1) Accrued tax expense \u2013 (0.3) Total (9.6) (14.3) All trade and other payables are short term.",
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"entity": "scheme:213800IPCR3SAYJWSW10",
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"s7_notes__6__113": {
"value": "22. Financial liabilities31 March 202331 March 2022\u00a3m \u00a3m Current liabilities Leases (0.3) (0.4) Loans and borrowings \u2013 \u2013 Total current financial liabilities (0.3) (0.4) Non-current liabilities Leases \u2013 (0.3) Loans and borrowings (89.0) (29.7) Total non-current financial liabilities (89.0) (30.0) Total (89.3) (30.4) The below table shows the changes in liabilities from financing activities.BorrowingsLeases\u00a3m \u00a3m At 1 April 2021 0.4 (1.0) Capitalisation of costs 0.3 \u2013 Amortisation of costs (0.4) \u2013 Drawdowns (30.0) \u2013 Repayment of debt \u2013 \u2013 Other changes \u2013 Interest payments (presented as cash flows) \u2013 (0.1) Repayment of lease liabilities \u2013 0.4 At 31 March 2022 (29.7) (0.7) Capitalisation of costs 1.0 \u2013 Amortisation of costs (0.3) \u2013 Drawdowns (125.0) \u2013 Repayment of debt 65.0 \u2013 Other changes \u2013 Interest payments (presented as cash flows) \u2013 \u2013 Repayment of lease liabilities \u2013 0.4 At 31 March 2023 (89.0) (0.3) 22(i). Loans and borrowingsOn 6 September 2022, the Company entered into a facility agreement relating to a new debt facility (the \u201cDebt Facility\u201d) with J.P. Morgan Chase Bank N.A., London Branch (\u201cJPM\u201d) and SVB UK Limited (\u201cSVB\u201d), with a JPM affiliate acting as the appointed agent. The Debt Facility comprises a \u00a390.0 million term loan (\u201cTerm Loan\u201d) and a revolving credit facility (\u201cRCF\u201d) of up to \u00a360.0 million on three and two-year availability periods respectively. Repayment dates for both may be extended by two 12-month periods subject to the lenders\u2019 willingness to extend and satisfaction of various conditions. The headline interest rate applied on both the Term Loan and RCF includes a \u201cmargin\u201d of 5.50% per annum plus SONIA. The Debt Facility is secured against various Group assets, including bank accounts; listed shares; and LP interests, with a number of entities within the Group acceding as guarantors. The Company\u2019s ability to borrow under the Debt Facility and satisfy its financial and non-financial covenants is dependent on the value of the investment portfolio (excluding third-party funds under management), with draw downs being subject to a maximum loan to value ratio of 10% (1.10:1.00). The lenders may commission quarterly independent valuations of the investment portfolio. The Debt Facility replaced the Company\u2019s previous revolving credit facility with SVB and Investec Bank plc of \u00a365.0 million, which was repaid in full. In addition to repaying the previous facility, the Debt Facility may be used for general working capital purposes and to finance the purchase of portfolio companies, but cannot be used to fund share buybacks. The Group incurred transaction fees of \u00a31.0 million, which are presented within loans and borrowings on the statement of financial position and are amortised over the life of the facility, and to date professional fees of \u00a30.4 million have been accrued arising from the negotiation of the Debt Facility Agreement, which have been presented in general administrative expenses. Interest-related charges are reported in the consolidated statement of comprehensive income as finance costs (see Note 11). On execution of the Debt Facility Agreement, the Group drew down \u00a390.0 million of the Term Loan, with the RCF (\u00a360.0 million, currently undrawn) being available for two years to September 2024 subject to any extension. After expiry of the availability period, a cash sweep on realisations will apply. Both the RCF and Term Loan must be fully repaid by the third anniversary of the date of the Debt Facility Agreement, subject to any extension. The Debt Facility contains financial and non-financial covenants, which the Company and certain members of the Group must comply with throughout the term of the Debt Facility:\u2022 Maintain a value to cost ratio of investments of at least 10% (1.10:1.00).\u2022 Total financial indebtedness not to exceed 20% (10% on each utilisation) of the value of investments in the portfolio with adjustments for concentration limits (see below) together with the value of all amounts held in specified bank accounts subject to the security package.\u2022 Total aggregate financial indebtedness of the Company and certain members of the Group is not to exceed 35% (25% on each utilisation) of the value of secured investments in the portfolio with adjustments for concentration limits calculated by reference to specified assets and bank accounts subject to the security package. \u2022 The Company, and certain members of its Group, must maintain a minimum number of investments subject to concentration limits connected to sector, geography, joint or collective value, and/or listed status. Failure to satisfy financial covenants may limit the Company\u2019s ability to borrow and/or also trigger events of default, which in some instances could trigger a cash sweep on realisations and/or require the Company to cure those breaches by repaying the Debt Facility (either partially or in full). 31 Mar 202331 Mar 2022\u00a3m \u00a3m Bank loan senior facility amount 150 65.0 Interest rate SONIA + 5.5% BOE base rate + 6.25% Drawn at balance sheet date (90.0) (30.0) Arrangement fees 1.0 0.3 Loan liability balance (89.0) (29.7) Undrawn facilities at balance sheet date 60.0 35.0 The Company was amortising costs relating to the inception, increase and extension over the life of the previous facility. On extinguishment of this liability, the costs were recognised in full in the condensed consolidated interim statement of comprehensive income. The interest reserve account previously held with SVB no longer forms part of the security package (balance on consolidated statement of financial position as at 31 March 2022: \u00a32.3 million).",
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"s7_notes__6__119": {
"value": "23. Deferred taxDeferred tax is calculated in full on temporary differences under the balance sheet liability method using the tax rate expected to apply when the temporary differences reverse. See breakdown below: 31 March 202331 March 2022\u00a3m \u00a3m Arising on share-based payments \u2013 1.6 Deferred tax asset \u2013 1.6 Arising on share-based payments (1.0) \u2013 Arising on business combination \u2013 (0.1) Arising on co-invest and carried interest (0.3) (0.3) Arising on the investment portfolio (20.9) (25.6) Other timing differences (0.3) (0.1) Deferred tax liability (22.5) (26.1)",
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"s7_notes__6__122-1": {
"value": "24. Share capital and share premiumOrdinary share capital Year ended 31 March 2023 \u2013 Allotted and fully paid Number Pence \u00a3m As at 1 April 152,999,853 1 1.5 Issue of share capital during the year for cash \u2013 \u2013 \u2013 As at 31 March 152,999,853 1 1.5 Year ended 31 March 2022 \u2013 Allotted and fully paid Number Pence \u00a3\u2019m As at 1 April 139,097,075 1 1.4 Issue of share capital during the year for cash\u00b9 13,902,778 1 0.1 As at 31 March 152,999,853 1 1.5 1 In June 2021, the Company raised gross proceeds of \u00a3111.2 million at a placing price of 800 pence per share by way of a placing of 13,902,778 new ordinary shares.Share premium 31 Mar 202331 Mar 2022Allotted and fully paid \u00a3m \u00a3m As at 1 April 615.9 508.3 Premium arising on the issue of ordinary shares \u2013 111.2 Equity issuance costs \u2013 (3.6) As at 31 March 615.9 615.925. Own shares and other reservesi. Own shares reserveOwn shares are shares held in Molten Ventures plc that are held by Molten Ventures Employee Benefit Trust (\u201cTrust\u201d) for the purpose of issuing shares under the Molten Ventures plc 2016 Company Share Options Plan and Long-Term Incentive Plan. Shares issued to employees are recognised on a weighted average cost basis. The Trust holds 0.72% of the issued share capital at 31 March 2023.31 Mar 202331 Mar 2022No. of sharesNo. of sharesm \u00a3\u2019m m \u00a3\u2019m As at 1 April (0.9) (8.2) (0.1) (0.3) Acquisition of shares by the Trust (0.2) (0.6) (0.8) (8.0) Disposal or transfer of shares by the Trust* \u2013 (0.1) \u2013 0.1 As at 31 March (1.1) (8.9) (0.9) (8.2) * Disposals or transfers of shares by the Trust also include shares transferred to employees net of exercise price with no resulting cash movements. Cash receipts in respect of sale of shares in the year ended 31 March 2023 were \u00a3Nil (year ended 31 March 2022: \u00a3Nil). ii. Other reservesThe following table shows a breakdown of the \u201cother reserves\u201d line in the consolidated interim statement of financial position and the movements in those reserves during the period. A description of the nature and purpose of each reserve is provided below the table.Share-based Share-based payments payments reserve reserve resulting from resulting from Merger relief Company share acquisition of Total other reserveoption schemesubsidiaryreservesYear ended 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m As at 1 April 13.1 5.0 10.8 28.9 Share-based payments \u2013 4.4 \u2013 4.4 Share-based payments \u2013 exercised during the year \u2013 \u2013 \u2013 \u2013 As at 31 March 13.1 9.4 10.8 33.3 Share-based Share-based payments payments reserve reserve resulting from resulting from Merger relief Company share acquisition of Total other reserveoption schemesubsidiaryreservesYear ended 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m As at 1 April 13.1 2.3 10.8 26.2 Share-based payments \u2013 3.7 \u2013 3.7 Share-based payments \u2013 exercised during the year \u2013 (1.0) \u2013 (1.0) As at 31 March 13.1 5.0 10.8 28.9 Merger relief reserveIn accordance with the Companies Act 2006, a Merger Relief Reserve of \u00a313.1 million (net of the cost of share capital issued of \u00a380k) was created on the issue of 4,392,332 ordinary shares for 300 pence each in Molten Ventures plc as consideration for the acquisition of 100% of the capital interests in Esprit Capital Partners LLP on 15 June 2016.Share-based payment reserveWhere the Group engages in equity-settled share-based payment transactions, the fair value at the date of grant is recognised as an expense over the vesting period of the options. The corresponding credit is recognised in the share-based payment reserve. Please see Note 14 for further details on how the fair value at the date of grant is recognised.",
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"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__121": {
"value": "24. Share capital and share premiumOrdinary share capital Year ended 31 March 2023 \u2013 Allotted and fully paid Number Pence \u00a3m As at 1 April 152,999,853 1 1.5 Issue of share capital during the year for cash \u2013 \u2013 \u2013 As at 31 March 152,999,853 1 1.5 Year ended 31 March 2022 \u2013 Allotted and fully paid Number Pence \u00a3\u2019m As at 1 April 139,097,075 1 1.4 Issue of share capital during the year for cash\u00b9 13,902,778 1 0.1 As at 31 March 152,999,853 1 1.5 1 In June 2021, the Company raised gross proceeds of \u00a3111.2 million at a placing price of 800 pence per share by way of a placing of 13,902,778 new ordinary shares.Share premium 31 Mar 202331 Mar 2022Allotted and fully paid \u00a3m \u00a3m As at 1 April 615.9 508.3 Premium arising on the issue of ordinary shares \u2013 111.2 Equity issuance costs \u2013 (3.6) As at 31 March 615.9 615.9",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__120-1": {
"value": "24. Share capital and share premiumOrdinary share capital Year ended 31 March 2023 \u2013 Allotted and fully paid Number Pence \u00a3m As at 1 April 152,999,853 1 1.5 Issue of share capital during the year for cash \u2013 \u2013 \u2013 As at 31 March 152,999,853 1 1.5 Year ended 31 March 2022 \u2013 Allotted and fully paid Number Pence \u00a3\u2019m As at 1 April 139,097,075 1 1.4 Issue of share capital during the year for cash\u00b9 13,902,778 1 0.1 As at 31 March 152,999,853 1 1.5 1 In June 2021, the Company raised gross proceeds of \u00a3111.2 million at a placing price of 800 pence per share by way of a placing of 13,902,778 new ordinary shares.Share premium 31 Mar 202331 Mar 2022Allotted and fully paid \u00a3m \u00a3m As at 1 April 615.9 508.3 Premium arising on the issue of ordinary shares \u2013 111.2 Equity issuance costs \u2013 (3.6) As at 31 March 615.9 615.925. Own shares and other reservesi. Own shares reserveOwn shares are shares held in Molten Ventures plc that are held by Molten Ventures Employee Benefit Trust (\u201cTrust\u201d) for the purpose of issuing shares under the Molten Ventures plc 2016 Company Share Options Plan and Long-Term Incentive Plan. Shares issued to employees are recognised on a weighted average cost basis. The Trust holds 0.72% of the issued share capital at 31 March 2023.31 Mar 202331 Mar 2022No. of sharesNo. of sharesm \u00a3\u2019m m \u00a3\u2019m As at 1 April (0.9) (8.2) (0.1) (0.3) Acquisition of shares by the Trust (0.2) (0.6) (0.8) (8.0) Disposal or transfer of shares by the Trust* \u2013 (0.1) \u2013 0.1 As at 31 March (1.1) (8.9) (0.9) (8.2) * Disposals or transfers of shares by the Trust also include shares transferred to employees net of exercise price with no resulting cash movements. Cash receipts in respect of sale of shares in the year ended 31 March 2023 were \u00a3Nil (year ended 31 March 2022: \u00a3Nil). ii. Other reservesThe following table shows a breakdown of the \u201cother reserves\u201d line in the consolidated interim statement of financial position and the movements in those reserves during the period. A description of the nature and purpose of each reserve is provided below the table.Share-based Share-based payments payments reserve reserve resulting from resulting from Merger relief Company share acquisition of Total other reserveoption schemesubsidiaryreservesYear ended 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m As at 1 April 13.1 5.0 10.8 28.9 Share-based payments \u2013 4.4 \u2013 4.4 Share-based payments \u2013 exercised during the year \u2013 \u2013 \u2013 \u2013 As at 31 March 13.1 9.4 10.8 33.3 Share-based Share-based payments payments reserve reserve resulting from resulting from Merger relief Company share acquisition of Total other reserveoption schemesubsidiaryreservesYear ended 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m As at 1 April 13.1 2.3 10.8 26.2 Share-based payments \u2013 3.7 \u2013 3.7 Share-based payments \u2013 exercised during the year \u2013 (1.0) \u2013 (1.0) As at 31 March 13.1 5.0 10.8 28.9 Merger relief reserveIn accordance with the Companies Act 2006, a Merger Relief Reserve of \u00a313.1 million (net of the cost of share capital issued of \u00a380k) was created on the issue of 4,392,332 ordinary shares for 300 pence each in Molten Ventures plc as consideration for the acquisition of 100% of the capital interests in Esprit Capital Partners LLP on 15 June 2016.Share-based payment reserveWhere the Group engages in equity-settled share-based payment transactions, the fair value at the date of grant is recognised as an expense over the vesting period of the options. The corresponding credit is recognised in the share-based payment reserve. Please see Note 14 for further details on how the fair value at the date of grant is recognised.",
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"s7_notes__6__123": {
"value": "25. Own shares and other reservesi. Own shares reserveOwn shares are shares held in Molten Ventures plc that are held by Molten Ventures Employee Benefit Trust (\u201cTrust\u201d) for the purpose of issuing shares under the Molten Ventures plc 2016 Company Share Options Plan and Long-Term Incentive Plan. Shares issued to employees are recognised on a weighted average cost basis. The Trust holds 0.72% of the issued share capital at 31 March 2023.31 Mar 202331 Mar 2022No. of sharesNo. of sharesm \u00a3\u2019m m \u00a3\u2019m As at 1 April (0.9) (8.2) (0.1) (0.3) Acquisition of shares by the Trust (0.2) (0.6) (0.8) (8.0) Disposal or transfer of shares by the Trust* \u2013 (0.1) \u2013 0.1 As at 31 March (1.1) (8.9) (0.9) (8.2) * Disposals or transfers of shares by the Trust also include shares transferred to employees net of exercise price with no resulting cash movements. Cash receipts in respect of sale of shares in the year ended 31 March 2023 were \u00a3Nil (year ended 31 March 2022: \u00a3Nil).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__126": {
"value": "26. Adjustments to reconcile operating (loss)/profit to net cash outflow in operating activitiesYear ended Year ended 31 March 202331 March 2022 Notes \u00a3m \u00a3m Adjustments to reconcile operating (loss)/profit to net cash outflow in operating activities: Revaluation of investments held at fair value through profit or loss 6 240.1 (329.4) Depreciation and amortisation 15, 18 0.7 0.8 Share-based payments \u2013 resulting from Company share option scheme 14 4.4 3.7 Finance income 11 (1.7) (1.8) Finance expense 11 7.1 1.4 (Decrease)/increase in deferred tax 23 (5.2) 25.6 Decrease/(increase) in trade and other receivables and other working capital movements (1.0) (0.6) (Decrease)/increase in trade and other payables (2.7) 5.5 Adjustments to reconcile operating (loss)/profit to net cash outflow in operating activities 241.7 (294.8) Please see Note 22 for the changes in liabilities from financing activities.",
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"s7_notes__6__128": {
"value": "28. Fair value measurementsi. Fair value hierarchyThis section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value in the financial statements. This section should be read with reference to Note 5 and Note 16. As explained in Note 5(a), valuation of unquoted equity investments at fair value through profit or loss is a critical accounting estimate and actuals may differ from estimates. The Group has considered the impact of ESG and climate-related risks on its portfolio and consider these to be currently immaterial to the value of our portfolio for FY23 owing to the nature of the underlying investments (FY22: immaterial) and taking into consideration the climate risk impact channels and their financial impact across the portfolio companies, however this will be monitored each year to assess any changes. The Group recognised a number of climate-related opportunities within the portfolio via our Climate Tech thesis. The inputs to our valuations are described in the sensitivities analysis table below and, because these are more short-term in nature (e.g. forecast revenue for the current year applied to current market multiples, and recent transactions), we do not currently see any material impacts on these inputs from the longer term risks described in our TCFD report and, therefore, values as at 31 March 2023. We also recognise that, although the risks are not currently material, they could become material in the medium to long-term without mitigating actions, which are described within the TCFD section of the Strategic Report. For further discussion of our climate-related risks and opportunities, please see our TCFD and Principal Risks sections of the Strategic Report. The Group classifies financial instruments measured at fair value through profit or loss (\u201cFVTPL\u201d) according to the following fair value hierarchy prescribed under the accounting standards:\u2022 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date (31 March 2023; and 31 March 2022 for comparatives);\u2022 Level 2: inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and\u2022 Level 3: inputs are unobservable inputs for the asset or liability.All financial instruments measured at FVTPL in FY22 and FY23 are financial assets relating to holdings in investment entities that hold high-growth technology companies either directly or through Fund of Funds. The Group invests in special purpose vehicles and limited partnerships, which are considered to be investment companies that invest mostly in equities for the benefit of the Group. As set out in Note 4(b), these are held at their respective net asset values and, as such, are noted to be all Level 3 for FY22 and FY23. For details of the reconciliation of those amounts please refer to Note 16. The additional disclosures below are made on a look-through basis and are based on the Gross Portfolio Value (\u201cGPV\u201d). In order to arrive at the Net Portfolio Value (\u201cNPV\u201d), which is the value recognised as investments held at FVTPL in the statement of financial position, the GPV is subject to deductions for the fair value of carry liabilities and adjustments for Irish deferred tax. UK deferred tax is recognised in the consolidated statement of financial position as a liability to align the recognition of deferred tax to the location in which it will likely become payable on realisation of the assets. For details of the GPV and its reconciliation to the investment balance in the financial statements, please refer to the extract of the Gross Portfolio Value table below: Non-Fair Value of investment Movement Fair Value Fair Value of Investments cash in Foreign Movement in movement Investments 31-Mar-22 Investments Realisations movement Exchange Fair Value 31-Mar-23 31-Mar-23 Investments \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total Portfolio 1,529.7 138.2 (48.1) \u2013 42.4 (292.6) (250.2) 1,369.6 Co-invest 1.8 \u2013 \u2013 \u2013 \u2013 (0.7) (0.7) 1.1 Gross Portfolio Value 1,531.5 138.2 (48.1) \u2013 42.4 (293.3) (250.9) 1,370.7 Carry external (121.5) \u2013 2.1 \u2013 \u2013 25.4 25.4 (94.0) Portfolio deferred tax 0.5 \u2013 \u2013 \u2013 \u2013 (0.5) (0.5) \u2013 Trading carry and co-invest 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Non-investment cash movement \u2013 \u2013 \u2013 14.1 \u2013 (14.1) (14.1) \u2013 Net Portfolio Value 1,410.8 138.2 (46.0) 14.1 42.4 (282.5) (240.1) 1,277.0 Non-Fair Value of investment Movement Fair Value Fair Value of Investments cash in Foreign Movement in movement Investments 31-Mar-21 Investments Realisations movementExchange Fair Value 31-Mar-22 31-Mar-22 Investments \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total Portfolio 981.2 311.2 (126.3) \u2013 15.9 347.7 363.6 1,529.7 Co-invest 2.6 \u2013 \u2013 \u2013 \u2013 (0.8) (0.8) 1.8 Gross Portfolio Value 983.8 311.2 (126.3) \u2013 15.9 346.9 362.8 1,531.5 Carry external (97.0) \u2013 13.5 \u2013 \u2013 (38.0) (38.0) (121.5) Portfolio deferred tax (20.0) \u2013 \u2013 \u2013 \u2013 20.5 20.5 0.5 Trading carry and co-invest 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Non-investment cash movement \u2013 \u2013 \u2013 15.9 \u2013 (15.9) (15.9) \u2013 Net Portfolio Value 867.1 311.2 (112.8) 15.9 15.9 313.5 329.4 1,410.8 Carry external \u2013 this relates to accrued carry that is due to former and current employees or managers external to the Group. These values are calculated based on the reported fair value, applying the provisions of the limited partnership agreements to determine the value that would be payable by the Group\u2019s investment entities to the carried interest partnerships. Portfolio deferred tax \u2013 this relates to tax accrued against gains in the portfolio to reflect those portfolio companies where tax is expected to be payable on exits. This relates to Irish deferred tax only. UK deferred tax is recognised in the consolidated statement of financial position as a liability to align the recognition of deferred tax to the location in which it will likely become payable on realisation of the assets. These values are calculated based on unrealised fair value of investments at reporting date at the applicable tax rate.Trading carry and co-invest \u2013 this relates to accrued carry that is due to the Group.Non-investment cash movements \u2013 this relates to cash movements relating to management fees and other non-investment cash movements to the subsidiaries held at FVTPL.During the year ending 31 March 2023, there were no transfers between levels (year to 31 March 2022: transfers out of Level 3 and into Level 1 following the listing of two investments, one is held directly and one of which is held via our partnership with Earlybird) \u2013 see below for the breakdown of investments by fair value hierarchy and (iii) on the following page for movements. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as at the end of the reporting period.Fair value measurementsLevel 1Level 2Level 3TotalAt 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m Financial assets at fair value through profit or loss Quoted investments 11.9 \u2013 \u2013 11.9 Unquoted investments being made up of: \u2013 \u2013 1,357.7 1,357.7 Unquoted investments \u2013 enterprise technology \u2013 \u2013 587.9587.9 Unquoted investments \u2013 consumer technology \u2013 \u2013 144.7144.7 Unquoted investments \u2013 hardware and deeptech \u2013 \u2013 357.3357.3 Unquoted investments \u2013 digital health and wellness \u2013 \u2013 75.775.7 Unquoted investments \u2013 other* \u2013 \u2013 192.1192.1 Total financial assets 11.9 \u2013 1,357.7 1,369.6 Fair value measurementsLevel 1Level 2Level 3TotalAt 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m Financial assets at fair value through profit or loss Quoted investments 64.0 \u2013 \u2013 64.0 Unquoted investments being made up of: \u2013 \u2013 1,465.7 1,465.7 Unquoted investments \u2013 enterprise technology \u2013 \u2013 464.1 464.1 Unquoted investments \u2013 consumer technology \u2013 \u2013 262.3 262.3 Unquoted investments \u2013 hardware and deeptech \u2013 \u2013 434.9 434.9 Unquoted investments \u2013 digital health and wellness \u2013 \u2013 63.6 63.6 Unquoted investments \u2013 other* \u2013 \u2013 240.8 240.8 Total financial assets 64.0 \u2013 1,465.7 1,529.7 *\u201dother\u201d includes Fund of Funds investments and Earlybird investments where we do not perform a look-through valuation. This differs from the analysis in the Strategic Report in order to align to valuation methodologies. Within the Strategic Report, additional Earlybird companies are included within the sector analysis.ii. Valuation techniques used to determine fair valuesThe fair value of unlisted securities is established with reference to the IPEV Guidelines. In line with the IPEV Guidelines, the Group may base valuations on earnings or revenues where applicable, market comparables, calibrated price of recent investment in the investee companies, or on net asset values of underlying funds (\u201cNAV of underlying funds\u201d). An assessment will be made at each measurement date as to the most appropriate valuation methodology, including that for investee companies owned by third-party funds that Molten Ventures plc invests in and which are valued on a look-through basis.Financial instruments, measured at fair value, categorised as Level 3 can be split into three main valuation techniques:\u2022 Calibrated price of recent investment;\u2022 Revenue-multiple; and \u2022 NAV of underlying fund.Each portfolio company will be subject to individual assessment.For a valuation based on calibrated price of recent investment, the recent round enterprise value is calibrated against the equivalent value at year-end using a revenue-multiple valuation methodology as well as in relation to technical/product milestones since the round and the Company\u2019s trading performance is relative to the expectations of the round.For a valuation based on a revenue-multiple, the main assumption is the multiple. The multiple is derived from comparable listed companies or relevant market transaction multiples. Companies in the same industry, geography, and, where possible, with a similar business model and profile are selected and then adjusted for factors including liquidity risk, growth potential and relative performance. They are also adjusted to represent our longer-term view of performance through the cycle of our existing assumption.Where the Group invests in Fund of Fund investments, the value of the portfolio will be reported by the fund to the Group. The Group will ensure that the valuations comply with the Group policy and that they are adjusted with any cash and known valuation movements where reporting periods do not align.See also Note 5(a) where valuation policies are discussed in more detail.iii. Fair value measurements using significant unobservable inputs (Level 3)The table below presents the changes in Level 3 items for the years ending 31 March 2022 and 31 March 2023.Level 3 valuations \u00a3m Opening balance at 1 April 2021 895.7 Investments 309.1 Gains 435.7 Realisations (86.2) Unadjusted closing balance at 31 March 2022 1,554.3 Transfer to Level 1 (88.6) Closing balance at 31 March 2022 1,465.7 Investments 138.2 Losses (224.6) Realisations (21.6) Unadjusted closing balance at 31 March 2023 1,357.7 Transfer to Level 1 \u2013 Closing balance at 31 March 2023 1,357.7 iv. Valuation inputs and relationships for fair valueThe following table summarises the quantitative information about the significant unobservable inputs used in Level 3 fair value measurements:Fair value Fair value impact of impact of Valuation Fair value at Sensitivity on significant sensitivities sensitivities technique SectorSignificant input*31 Mar 2023 input(\u00a3m) +10% (\u00a3m) -10%Calibrated AllCalibrated round enterprise value \u2013 Pre 668.010% sensitivity applied 573.8731.5price of and post year-end round enterprise (FY22: 806.7)to the discount to last (FY22: 881.0)(FY22: 739.6) recent values have been calibrated with round price.Enterprise 279.2242.7293.6investmentappropriate discounts taken to reflect tech(FY22: 388.5)(FY22: 424.4)(FY22:357.0) movements in publicly listed peer Consumer 34.125.938.5multiples, future revenue projections tech(FY22: 68.4)(FY22: 73.7)(FY22: 64.2) and timing risk. Discounts were applied Hardware & to 65% (2022: 52%) of the fair value of 313.0265.9355.9Deeptechinvestments measured at calibrated (FY22: 310.9)(FY22: 342.0)(FY22: 282.8) price of recent investment. The range Digital 41.739.343.5of discounts taken is between 6%-79% health & (FY22: 38.9)(FY22:40.9)(FY22: 35.6)(2022: 15-89%). The weighted average wellnessdiscount taken is 35% (2022: 25%).More discounts have been applied in the current year, reflecting calibration to the market. Market AllRevenue-multiples are applied to the 462.210% sensitivity applied 505.1417.5comparablesrevenue of our portfolio companies to (FY22: 418.2)to the revenue\u2013multiple(FY22: 458.1)(FY22: 378.3) determine their enterprise value.10% sensitivity applied 505.1417.5to the revenue of the (FY22: 458.1)(FY22: 378.3)Implied revenue-multiple \u2013 the portfolio portfolio companywe have is diversified across sectors and Enterprise geographies and the companies which 281.910% sensitivity applied 308.6253.2techhave valuations based on revenue-(FY22: 75.6)to the revenue\u2013multiple(FY22: 83.3)(FY22: 67.8) multiples have a range of multiples of 10% sensitivity applied 308.6253.2between 1.0x-13.4x (2022: 0.9-13.8x) and to the revenue of the (FY22: 83.3)(FY22: 67.8)a weighted average multiple of 8.4x portfolio company(2022: 7.8x).Consumer 110.610% sensitivity applied 121.4100.0Revenue \u2013 we select forward revenues tech(FY22: 193.9)to the revenue\u2013multiple(FY22: 212.5)(FY22: 175.4) from our portfolio companies mostly 10% sensitivity applied 121.4100.0with reference to financial updates to the revenue of the (FY22: 212.5)(FY22: 175.4)in their board packs, adjusted where portfolio companyrequired in the event we do not have Hardware & forward-looking information. Our core 35.710% sensitivity applied 38.133.2Deeptechportfolio makes up 62% (2022: 68%) of (FY22: 124.0)to the revenue\u2013multiple(FY22: 135.6)(FY22: 112.4) the GPV and revenue growth in the core 10% sensitivity applied 38.133.2portfolio for 2023 is 68% (2022: 77%).to the revenue of the (FY22: 135.6)(FY22: 112.4)The multiple range has remained portfolio companyconsistent with the prior financial Digital 34.010% sensitivity applied 37.031.1year March 2022 but there has been health & (FY22: 24.7)to the revenue\u2013multiple(FY22: 26.7)(FY22: 22.7) an increase to the weighted average wellness10% sensitivity applied 37.031.1multiple reflecting the more significant to the revenue of the (FY22: 26.7)(FY22: 22.7)weighting of larger assets. portfolio companyNAV of AllNAV of funds, adjusted where required 227.510% sensitivity applied 250.3204.8underlying \u2013 net asset values of underlying funds (FY22: 240.8)to the adjusted NAV of (FY22: 264.9)(FY22: 216.8) fundreported by the manager. These are funds Enterprise 26.829.524.1reviewed for compliance with our tech(FY22: \u2013)(FY22: \u2013)(FY22: \u2013) policies and are calibrated for any cash Consumer \u2013\u2013\u2013and known valuation movements where tech(FY22: \u2013)(FY22: \u2013)(FY22: \u2013) reporting periods do not align.Hardware & 8.69.57.8Deeptech(FY22: \u2013)(FY22: \u2013)(FY22: \u2013) Digital \u2013\u2013\u2013health & (FY22: \u2013)(FY22: \u2013)(FY22: \u2013)wellnessOther192.1211.3172.9(FY22: 240.8)(FY22: 264.9)(FY22: 216.8) *There were no significant inter-relationships between unobservable inputs that materially affect fair values.v. Valuations processesThe Audit, Risk and Valuations Committee is responsible for ensuring that the financial performance of the Group is properly reported on and monitored. In addition to continuous portfolio monitoring through the Board positions held in portfolio companies and the Investment Committee, a bi-annual strategy day is held every six months to discuss the investment performance and valuations of the portfolio companies. The Investment Team leads discussions focused on business performances and key developments, exit strategy and time lines, revenue and EBITDA progression, funding rounds and latest capitalisation table, and valuation metrics of listed peers. Valuations are prepared every six months by the Finance Team during each reporting period, with direct involvement and oversight from the CFO. Challenge and approvals of valuations are led by the Audit, Risk and Valuations Committee every six months, in line with the Group\u2019s half-yearly reporting periods.",
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"value": "Non-Fair Value of investment Movement Fair Value Fair Value of Investments cash in Foreign Movement in movement Investments 31-Mar-22 Investments Realisations movement Exchange Fair Value 31-Mar-23 31-Mar-23 Investments \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total Portfolio 1,529.7 138.2 (48.1) \u2013 42.4 (292.6) (250.2) 1,369.6 Co-invest 1.8 \u2013 \u2013 \u2013 \u2013 (0.7) (0.7) 1.1 Gross Portfolio Value 1,531.5 138.2 (48.1) \u2013 42.4 (293.3) (250.9) 1,370.7 Carry external (121.5) \u2013 2.1 \u2013 \u2013 25.4 25.4 (94.0) Portfolio deferred tax 0.5 \u2013 \u2013 \u2013 \u2013 (0.5) (0.5) \u2013 Trading carry and co-invest 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Non-investment cash movement \u2013 \u2013 \u2013 14.1 \u2013 (14.1) (14.1) \u2013 Net Portfolio Value 1,410.8 138.2 (46.0) 14.1 42.4 (282.5) (240.1) 1,277.0 Non-Fair Value of investment Movement Fair Value Fair Value of Investments cash in Foreign Movement in movement Investments 31-Mar-21 Investments Realisations movementExchange Fair Value 31-Mar-22 31-Mar-22 Investments \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total Portfolio 981.2 311.2 (126.3) \u2013 15.9 347.7 363.6 1,529.7 Co-invest 2.6 \u2013 \u2013 \u2013 \u2013 (0.8) (0.8) 1.8 Gross Portfolio Value 983.8 311.2 (126.3) \u2013 15.9 346.9 362.8 1,531.5 Carry external (97.0) \u2013 13.5 \u2013 \u2013 (38.0) (38.0) (121.5) Portfolio deferred tax (20.0) \u2013 \u2013 \u2013 \u2013 20.5 20.5 0.5 Trading carry and co-invest 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 Non-investment cash movement \u2013 \u2013 \u2013 15.9 \u2013 (15.9) (15.9) \u2013 Net Portfolio Value 867.1 311.2 (112.8) 15.9 15.9 313.5 329.4 1,410.8",
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"value": "29. Financial instruments riskFinancial risk managementFinancial risks are usually grouped by risk type: market, liquidity and credit risk. These risks are discussed in turn below.Market risk \u2013 Foreign currencyA significant portion of the Group\u2019s investments and cash deposits are denominated in a currency other than Sterling. The principal currency exposure risk is to changes in the exchange rate between GBP and USD/EUR. Presented below is an analysis of the theoretical impact of 10% volatility in the exchange rate on Shareholder equity.Theoretical impact of a change in the exchange rate of +/-10% between GBP and USD/EUR would be as follows:31 Mar 202331 Mar 2022Foreign currency exposures \u2013 Investments \u00a3m \u00a3m Investments \u2013 exposures in EUR 672.3 614.3 10% decrease in GBP 747.0 682.6 10% increase in GBP 611.2 558.5 Investments \u2013 exposures in USD 303.1 484.5 10% decrease in GBP 336.7 538.3 10% increase in GBP 275.5 440.5 Certain cash deposits held by the Group are denominated in Euros and US Dollars. The theoretical impact of a change in the exchange rate of +/-10% between GBP and USD/EUR would be as follows:31 March 202331 March 2022Foreign currency exposures \u2013 Cash \u00a3m \u00a3m Cash denominated in EUR 0.5 24.5 10% decrease in EUR: GBP 0.5 22.0 10% increase in EUR: GBP 0.6 26.9 Cash denominated in USD 0.9 32.5 10% decrease in USD: GBP 0.8 29.3 10% increase in USD: GBP 1.0 35.8 The combined theoretical impact on Shareholders\u2019 equity of the changes to revenues, investments and cash and cash equivalents of a change in the exchange rate of +/- 10% between GBP and USD/EUR would be as follows: 31 March 202331 March 2022Foreign currency exposures \u2013 Equity \u00a3m \u00a3m Shareholders\u2019 Equity 1,194.1 1,433.8 10% decrease in EUR: GBP/USD: GBP 1,085.6 1,290.5 10% increase in EUR: GBP/USD: GBP 1,326.8 1,577.3 Market risk \u2013 Price risk Market price risk arises from the uncertainty about the future prices of financial instruments held in accordance with the Group\u2019s investment objectives. It represents the potential loss that the Group might suffer through holding market positions in the face of market movements. As stated in Note 5 and Note 28, valuation of unquoted equity investments at fair value through profit or loss is a critical accounting estimate and actuals may differ from estimates. The Group is exposed to equity price risk in respect of equity rights and investments held by the Group and classified on the balance sheet as financial assets at fair value through profit or loss (Note 28). These equity rights are held mostly in unquoted high-growth technology companies and are valued by reference to revenue or earnings multiples of quoted comparable companies (taken as at the year-end date), last round price (calibrated against market comparables), or NAV of underlying fund, and also in certain quoted high-growth technology companies \u2013 as discussed more fully in Note 5(a). These valuations are subject to market movements. The Group seeks to manage this risk by routinely monitoring the performance of these investments, employing stringent investment appraisal processes.Theoretical impact of a fluctuation in equity prices of +/-10% would be as follows:Valuation methodologyCalibrated price of Quoted equity \u00a3m Revenue-multiple \u00a3m NAV of underlying fund \u00a3m recent investment \u00a3m \u201310% +10% \u201310% +10% \u201310% +10% \u201310% +10% As at 31 March 2023 (1.2) 1.2 (43.6) 41.7 (22.8) 22.8 (54.4) 53.6 As at 31 March 2022 (6.4) 6.4 (39.8) 39.9 (24.1) 24.1 (67.2) 74.3 Given the impact on both private and public markets from current market volatility, which could impact the valuation of our unquoted and quoted equity investments, we further flexed by 20% in order to analyse the impact on our portfolio of larger market movements. Theoretical impact of a fluctuation of +/- 20% would have the following impact: Valuation methodologyCalibrated price of Quoted equity \u00a3mRevenue-multiple \u00a3mNAV of underlying fund \u00a3mrecent investment \u00a3m \u201320% +20% \u201320% +20% \u201320% +20% \u201320% +20% As at 31 March 2023 (2.4) 2.4 (86.9) 82.5 (45.5) 45.5 (109.2) 106.8 As at 31 March 2022 (12.8) 12.8 (80.2) 79.7 (48.2) 48.2 (132.2) 151.4 Liquidity riskCash and cash equivalents comprise of cash and short-term bank deposits with an original maturity of three months or less held in readily accessible bank accounts. There is no restricted cash as at 31 March 2023 (restricted cash as at 31 March 2022 included \u00a32.3 million of collateral for interest payments on the revolving credit facility (see Note 22 (i)). The carrying amount of these assets is approximately equal to their fair value. Responsibility for liquidity risk management rests with the Board of Molten Ventures plc, which has established a framework for the management of the Group\u2019s funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows. The utilisation of the debt facility and requirement for utilisation requests is monitored as part of this process, the debt facility is not linked to the liquidity of the Group and further drawdowns on the debt facility have been considered within the Going Concern assessment. For the contractual maturities of the Group\u2019s liabilities see tables below.Total Contractual maturities of liabilities Less than Between Between contractual Carrying at 31 March 2023 (\u00a3m) 6 months 6\u201312 months 1\u20132 years 2\u20135 years cash flows amount Trade and other payables (9.1) (0.5) \u2013 \u2013 (9.6) (9.6) Fees on facility \u2013 \u2013 \u2013 \u2013 1.0 1.0 Facility (4.4) (4.4) (8.8) (116.5) (134.1) (90.0) Provisions \u2013 (0.3) \u2013 \u2013 (0.3) (0.3) Current lease liabilities (0.3) \u2013 \u2013 \u2013 (0.3) (0.3) Non-current lease liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total shown in the statement of financial position (13.8) (5.2) (8.8) (116.5) (143.3) (99.2) Total Contractual maturities of liabilities Less than Between Between contractual Carrying at 31 March 2022 (\u00a3m) 6 months 6\u201312 months 1\u20132 years 2\u20135 years cash flows amount Trade and other payables (13.3) (1.0) \u2013 \u2013 (14.3) (14.3) Fees on facility \u2013 \u2013 \u2013 \u2013 0.3 0.3 Facility (1.2) (1.2) (2.3) (30.3) (35.0) (35.0) Provisions \u2013 \u2013 (0.2) \u2013 (0.2) (0.2) Current lease liabilities (0.2) (0.2) \u2013 \u2013 (0.4) (0.4) Non-current lease liabilities \u2013 \u2013 (0.3) \u2013 (0.3) (0.3) Total shown in the statement of financial position (14.7) (2.4) (2.8) (30.3) (49.9) (49.9) Lease liabilities fall due over the term of the lease. The debt facility has a term of three years \u2013 for further details, see Note 22(i). All other Group payable balances at balance sheet date and prior periods fall due for payment within one year.As part of our Fund of Funds strategy, we make commitments to funds to be drawn down over the life of the fund. Projected drawdowns due by the Company are monitored as part of the monitoring process above. For further details, see Note 31. Credit riskCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss. The Group is exposed to this risk for various financial instruments, for example by granting receivables to customers and placing deposits. As part of the Group\u2019s investments, the Group invests in debt instruments such as bridging loans and convertible loan notes (included within the investments held at FVTPL). This is not included below as the risk is considered as part of the fair value measurement. The Group\u2019s trade receivables are amounts due from the investment funds under management, or underlying portfolio companies. The Group\u2019s maximum exposure to credit risk is limited to the carrying amount of trade receivables, cash and cash equivalents, and restricted cash at each period-end is summarised below:31 March 202331 March 2022Classes of financial assets impacted by credit risk, carrying amounts \u00a3m \u00a3m Trade and other receivables 5.0 2.78 Cash at bank and on hand 22.9 75.8 Restricted cash \u2013 2.3 Total 27.9 80.9 The Directors consider that expected credit losses relating to the above financial assets are immaterial for each of the reporting dates under review as they are of good credit quality. In respect of trade and other receivables, the Group is not exposed to significant risk as the principal customers are the investment funds managed by the Group, and in these the Group has control of the banking as part of its management responsibilities. Investments in unlisted securities are held within limited partnerships for which Esprit Capital Partners LLP acts as manager, and, consequently, the Group has responsibility itself for collecting and distributing cash associated with these investments. The credit risk of amounts held on deposit is limited by the use of reputable banks with high-quality external credit ratings and, as such, is considered negligible. The Group has an agreed list of authorised counterparties. Authorised counterparties and counterparty credit limits are established within the parameters of the Group Treasury Policy to ensure that the Group deals with creditworthy counterparties and that counterparty concentration risk is addressed. Any changes to the list of authorised counterparties are proposed by the CFO after carrying out appropriate credit worthiness checks and any other appropriate information, and the changes require approval from the Board. Cash at 31 March 2023 is held with the following institutions (and their respective Moody\u2019s credit rating): (1) Barclays Bank plc (Baa2); (2) SVB UK Limited (Ba1); (3) Investec Bank plc (Baa1); and at 31 March 2022, also EFG Private Bank Limited.Capital managementThe Group\u2019s objectives when managing capital are to:\u2022 safeguard their ability to continue as a going concern, so that they can continue to provide returns for Shareholders and benefits for other stakeholders; and \u2022 maintain an optimal capital structure.The Group is funded through equity and debt at the balance sheet date. During the period, the Group has repaid a revolving credit facility and replaced with a term loan (as well as an undrawn revolving credit facility). During the year, the previous credit facility of \u00a365.0 million was repaid with a term loan of \u00a390.0 million. Please refer to Note 22(i) for further details regarding the loan. In order to maintain or adjust the capital structure, the Group may make distributions to Shareholders, return capital to Shareholders, issue new shares or sell assets between related parties or otherwise to manage cash.Interest rate riskThe Group\u2019s interest rate risk arises from borrowings on the \u00a390.0 million loan facility with JPM and SVB, which was entered into in September 2022 and the fully repaid \u00a365.0 million loan facility with SVB and Investec (31 March 2022: \u00a330.0 million drawn). The Group\u2019s borrowings are denominated in GBP and are carried at amortised cost. The fair value of the debt is deemed to be the same as the carrying amount. Drawdowns of \u00a390.0 million were made during the year to 31 March 2023 at an interest rate of SONIA (prior debt facility LIBOR) plus 5.50% on the loan facility with JPM and SVB. This balance remains outstanding at the period end. There was an additional drawdown from the previous debt facility with SVB and Investec of \u00a335.0 million in the period (total borrowings post drawdown of \u00a365.0 million) at an interest rate of LIBOR plus 6.25%. The \u00a365.0 million debt facility was fully repaid in the year ended 31 March 2023. (31 March 2022: \u00a330.0 million had been drawn down from the previous facility, which has now been repaid). The Debt Facility agreement has an interest rate calculated with reference to the SONIA with a margin of 5.50%. The interest charged on future drawdowns will fluctuate with the movements on SONIA.If the base rate (SONIA or LIBOR) rate had been 2.5% higher during the year to 31 March 2023, the difference to the consolidated statement of comprehensive income would have been an increase in finance costs of \u00a31.5 million.",
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"value": "Market risk \u2013 Foreign currencyA significant portion of the Group\u2019s investments and cash deposits are denominated in a currency other than Sterling. The principal currency exposure risk is to changes in the exchange rate between GBP and USD/EUR. Presented below is an analysis of the theoretical impact of 10% volatility in the exchange rate on Shareholder equity.Theoretical impact of a change in the exchange rate of +/-10% between GBP and USD/EUR would be as follows:31 Mar 202331 Mar 2022Foreign currency exposures \u2013 Investments \u00a3m \u00a3m Investments \u2013 exposures in EUR 672.3 614.3 10% decrease in GBP 747.0 682.6 10% increase in GBP 611.2 558.5 Investments \u2013 exposures in USD 303.1 484.5 10% decrease in GBP 336.7 538.3 10% increase in GBP 275.5 440.5 Certain cash deposits held by the Group are denominated in Euros and US Dollars. The theoretical impact of a change in the exchange rate of +/-10% between GBP and USD/EUR would be as follows:31 March 202331 March 2022Foreign currency exposures \u2013 Cash \u00a3m \u00a3m Cash denominated in EUR 0.5 24.5 10% decrease in EUR: GBP 0.5 22.0 10% increase in EUR: GBP 0.6 26.9 Cash denominated in USD 0.9 32.5 10% decrease in USD: GBP 0.8 29.3 10% increase in USD: GBP 1.0 35.8 The combined theoretical impact on Shareholders\u2019 equity of the changes to revenues, investments and cash and cash equivalents of a change in the exchange rate of +/- 10% between GBP and USD/EUR would be as follows: 31 March 202331 March 2022Foreign currency exposures \u2013 Equity \u00a3m \u00a3m Shareholders\u2019 Equity 1,194.1 1,433.8 10% decrease in EUR: GBP/USD: GBP 1,085.6 1,290.5 10% increase in EUR: GBP/USD: GBP 1,326.8 1,577.3 Market risk \u2013 Price risk Market price risk arises from the uncertainty about the future prices of financial instruments held in accordance with the Group\u2019s investment objectives. It represents the potential loss that the Group might suffer through holding market positions in the face of market movements. As stated in Note 5 and Note 28, valuation of unquoted equity investments at fair value through profit or loss is a critical accounting estimate and actuals may differ from estimates. The Group is exposed to equity price risk in respect of equity rights and investments held by the Group and classified on the balance sheet as financial assets at fair value through profit or loss (Note 28). These equity rights are held mostly in unquoted high-growth technology companies and are valued by reference to revenue or earnings multiples of quoted comparable companies (taken as at the year-end date), last round price (calibrated against market comparables), or NAV of underlying fund, and also in certain quoted high-growth technology companies \u2013 as discussed more fully in Note 5(a). These valuations are subject to market movements. The Group seeks to manage this risk by routinely monitoring the performance of these investments, employing stringent investment appraisal processes.Theoretical impact of a fluctuation in equity prices of +/-10% would be as follows:Valuation methodologyCalibrated price of Quoted equity \u00a3m Revenue-multiple \u00a3m NAV of underlying fund \u00a3m recent investment \u00a3m \u201310% +10% \u201310% +10% \u201310% +10% \u201310% +10% As at 31 March 2023 (1.2) 1.2 (43.6) 41.7 (22.8) 22.8 (54.4) 53.6 As at 31 March 2022 (6.4) 6.4 (39.8) 39.9 (24.1) 24.1 (67.2) 74.3 Given the impact on both private and public markets from current market volatility, which could impact the valuation of our unquoted and quoted equity investments, we further flexed by 20% in order to analyse the impact on our portfolio of larger market movements. Theoretical impact of a fluctuation of +/- 20% would have the following impact: Valuation methodologyCalibrated price of Quoted equity \u00a3mRevenue-multiple \u00a3mNAV of underlying fund \u00a3mrecent investment \u00a3m \u201320% +20% \u201320% +20% \u201320% +20% \u201320% +20% As at 31 March 2023 (2.4) 2.4 (86.9) 82.5 (45.5) 45.5 (109.2) 106.8 As at 31 March 2022 (12.8) 12.8 (80.2) 79.7 (48.2) 48.2 (132.2) 151.4",
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},
"s7_notes__6__132": {
"value": "Liquidity riskCash and cash equivalents comprise of cash and short-term bank deposits with an original maturity of three months or less held in readily accessible bank accounts. There is no restricted cash as at 31 March 2023 (restricted cash as at 31 March 2022 included \u00a32.3 million of collateral for interest payments on the revolving credit facility (see Note 22 (i)). The carrying amount of these assets is approximately equal to their fair value. Responsibility for liquidity risk management rests with the Board of Molten Ventures plc, which has established a framework for the management of the Group\u2019s funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows. The utilisation of the debt facility and requirement for utilisation requests is monitored as part of this process, the debt facility is not linked to the liquidity of the Group and further drawdowns on the debt facility have been considered within the Going Concern assessment. For the contractual maturities of the Group\u2019s liabilities see tables below.Total Contractual maturities of liabilities Less than Between Between contractual Carrying at 31 March 2023 (\u00a3m) 6 months 6\u201312 months 1\u20132 years 2\u20135 years cash flows amount Trade and other payables (9.1) (0.5) \u2013 \u2013 (9.6) (9.6) Fees on facility \u2013 \u2013 \u2013 \u2013 1.0 1.0 Facility (4.4) (4.4) (8.8) (116.5) (134.1) (90.0) Provisions \u2013 (0.3) \u2013 \u2013 (0.3) (0.3) Current lease liabilities (0.3) \u2013 \u2013 \u2013 (0.3) (0.3) Non-current lease liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total shown in the statement of financial position (13.8) (5.2) (8.8) (116.5) (143.3) (99.2) Total Contractual maturities of liabilities Less than Between Between contractual Carrying at 31 March 2022 (\u00a3m) 6 months 6\u201312 months 1\u20132 years 2\u20135 years cash flows amount Trade and other payables (13.3) (1.0) \u2013 \u2013 (14.3) (14.3) Fees on facility \u2013 \u2013 \u2013 \u2013 0.3 0.3 Facility (1.2) (1.2) (2.3) (30.3) (35.0) (35.0) Provisions \u2013 \u2013 (0.2) \u2013 (0.2) (0.2) Current lease liabilities (0.2) (0.2) \u2013 \u2013 (0.4) (0.4) Non-current lease liabilities \u2013 \u2013 (0.3) \u2013 (0.3) (0.3) Total shown in the statement of financial position (14.7) (2.4) (2.8) (30.3) (49.9) (49.9) Lease liabilities fall due over the term of the lease. The debt facility has a term of three years \u2013 for further details, see Note 22(i). All other Group payable balances at balance sheet date and prior periods fall due for payment within one year.As part of our Fund of Funds strategy, we make commitments to funds to be drawn down over the life of the fund. Projected drawdowns due by the Company are monitored as part of the monitoring process above. For further details, see Note 31.",
"dimensions": {
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"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"s7_notes__6__134-1": {
"value": "There is no restricted cash as at 31 March 2023 (restricted cash as at 31 March 2022 included \u00a32.3 million of collateral for interest payments on the revolving credit facility (see Note 22 (i)).Classes of financial assets impacted by credit risk, carrying amounts \u00a3m \u00a3m Trade and other receivables 5.0 2.78 Cash at bank and on hand 22.9 75.8 Restricted cash \u2013 2.3 Total 27.9 80.9",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__133": {
"value": "(restricted cash as at 31 March 2022 included \u00a32.3 million of collateral for interest payments on the revolving credit facility (see Note 22 (i)).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__135": {
"value": "Credit riskCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss. The Group is exposed to this risk for various financial instruments, for example by granting receivables to customers and placing deposits. As part of the Group\u2019s investments, the Group invests in debt instruments such as bridging loans and convertible loan notes (included within the investments held at FVTPL). This is not included below as the risk is considered as part of the fair value measurement. The Group\u2019s trade receivables are amounts due from the investment funds under management, or underlying portfolio companies. The Group\u2019s maximum exposure to credit risk is limited to the carrying amount of trade receivables, cash and cash equivalents, and restricted cash at each period-end is summarised below:31 March 202331 March 2022Classes of financial assets impacted by credit risk, carrying amounts \u00a3m \u00a3m Trade and other receivables 5.0 2.78 Cash at bank and on hand 22.9 75.8 Restricted cash \u2013 2.3 Total 27.9 80.9 The Directors consider that expected credit losses relating to the above financial assets are immaterial for each of the reporting dates under review as they are of good credit quality. In respect of trade and other receivables, the Group is not exposed to significant risk as the principal customers are the investment funds managed by the Group, and in these the Group has control of the banking as part of its management responsibilities. Investments in unlisted securities are held within limited partnerships for which Esprit Capital Partners LLP acts as manager, and, consequently, the Group has responsibility itself for collecting and distributing cash associated with these investments. The credit risk of amounts held on deposit is limited by the use of reputable banks with high-quality external credit ratings and, as such, is considered negligible. The Group has an agreed list of authorised counterparties. Authorised counterparties and counterparty credit limits are established within the parameters of the Group Treasury Policy to ensure that the Group deals with creditworthy counterparties and that counterparty concentration risk is addressed. Any changes to the list of authorised counterparties are proposed by the CFO after carrying out appropriate credit worthiness checks and any other appropriate information, and the changes require approval from the Board. Cash at 31 March 2023 is held with the following institutions (and their respective Moody\u2019s credit rating): (1) Barclays Bank plc (Baa2); (2) SVB UK Limited (Ba1); (3) Investec Bank plc (Baa1); and at 31 March 2022, also EFG Private Bank Limited.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__137": {
"value": "Capital managementThe Group\u2019s objectives when managing capital are to:\u2022 safeguard their ability to continue as a going concern, so that they can continue to provide returns for Shareholders and benefits for other stakeholders; and \u2022 maintain an optimal capital structure.The Group is funded through equity and debt at the balance sheet date. During the period, the Group has repaid a revolving credit facility and replaced with a term loan (as well as an undrawn revolving credit facility). During the year, the previous credit facility of \u00a365.0 million was repaid with a term loan of \u00a390.0 million. Please refer to Note 22(i) for further details regarding the loan. In order to maintain or adjust the capital structure, the Group may make distributions to Shareholders, return capital to Shareholders, issue new shares or sell assets between related parties or otherwise to manage cash.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"s7_notes__6__139": {
"value": "30. Related party transactionsThe Group has various related parties stemming from relationships with Limited Partnerships managed by the Group, its investment portfolio, its advisory arrangements/Directors\u2019 fees (Board seats) and its key management personnel.Key management personnel compensationKey management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, and are considered to be the Directors of the Company listed on pages 96 and 97.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Wages and salaries 2.1 2.6 Defined contribution pension costs 0.2 0.2 Social security contributions and similar taxes 0.3 0.4 Carried interest paid 1.2 2.6 Total 3.8 5.8 The details of individual Directors\u2019 remuneration and pension benefits, as set out in the tables contained in the Directors\u2019 Remuneration Report on page 117, form part of these consolidated financial statements.During the year, employees of Molten Ventures plc, including key management personnel were granted and exercised share options \u2013 see Note 14 for further details.Transactions with other related partiesIn addition to key management personnel, the Company has related parties in respect of its subsidiaries and other related entities. On 30 March 2022, Molten Ventures plc entered into an agreement with Softcat plc to provide Molten Ventures plc with fractional CIO services. Karen Slatford was both the Chair of Softcat plc\u2019s Board and was Chair of Molten Ventures plc\u2019s Board at the time of entering the agreement until 17 January 2023. During the year, fees of \u00a30.1 million have been recognised in relation to the services and \u00a3Nil remains outstanding at 31 March 2023 (31 March 2022: \u00a3Nil).Management feesFees are received by the Group in respect of the EIS and VCT funds as well as unconsolidated structured entities managed by Esprit Capital Partners LLP, which is consolidated into the Group. The EIS funds are managed by Encore Ventures LLP under an Investment Management Agreement; Encore Ventures LLP is a consolidated subsidiary of the Group. Molten Ventures VCT plc is managed under an Investment Management Agreement by Elderstreet Investments Limited, which is a consolidated subsidiary of the Group. Management fees are received by the Group in respect of these contracts. See Note 4(b) for further information on consolidation.Year ended Year ended 31 March 202331 March 2022Management fees recognised in the statement of comprehensive income resulting from related party transactions \u00a3m \u00a3mManagement fees from unconsolidated structured entities 16.8 12.7 Management fees from EIS and VCT funds 5.9 5.1 Directors\u2019 feesAdministration fees for the provision of Director services are received where this has been agreed with the portfolio companies. These amounts are immaterial. At times, expenses incurred relating to Director services can be recharged to portfolio companies \u2013 these are also immaterial. Molten Ventures does not exercise control or management through any of these Non-Executive positions.Carry paymentsCarry was paid to 15 beneficiaries in the year, of which the below was to related parties. Carry payments have been made in respect of Esprit Capital III LP and Esprit Capital IV LP to key management personnel in FY22 and FY23. Please see the Directors\u2019 Remuneration Report for further details. Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Carry payments 1.2 2.6 Performance feesPerformance fees have not been paid during the year by the EIS and VCT funds to Encore Ventures LLP. At 31 March 2023, \u00a3Nil was unpaid (31 March 2022: \u00a30.8 million).Year ended Year ended31 March 202331 March 2022\u00a3m \u00a3m Performance fees \u2013 2.5 Unconsolidated structured entitiesThe Group has exposure to a number of unconsolidated structured entities as a result of its venture capital investment activities.The Group ultimately invests all funds via a number of limited partnerships and some via Molten Ventures plc\u2019s wholly owned subsidiary, Molten Ventures (Ireland) Limited. These are controlled by the Group and not consolidated, but they are held as investments at fair value through profit or loss on the consolidated statement of financial position in line with IFRS 10 (see Note 4(b) for further details and for the list of these investment companies and limited partnerships). The material assets and liabilities within these investment companies are the investments, which are held at FVTPL in the consolidated accounts. Please see further details in the table below.Within the current financial year, the Group has acquired assets within Esprit Fund 2 at a fair value of \u00a31.9 million as at 31 March 2023. The Group has a beneficial interest to these assets since the acquisition and as such holds them as investments at fair value through profit and loss. 31 March 31 March 20232022Name of undertaking Registered office Activity Holding Country \u00a3m \u00a3mEsprit Investments (1) (B) LP20 Garrick Street, Limited Partnership pursuant to which 89%England14.218.0London WC2E 9BTthe Group and Molten Ventures FoF 1 LP hold Fund of Fund investmentsEsprit Investments (2) (B) LP20 Garrick Street, Limited Partnership pursuant to which 89%England47.5240.0London WC2E 9BTthe Group and Molten Ventures FoF 1 LP hold Fund of Fund investmentsEsprit Investments (2) (B) (i) LP20 Garrick Street, Limited Partnership pursuant to which 100%England\u2013\u2013London WC2E 9BTthe Group makes certain investmentsMolten Ventures (Ireland) 32 Molesworth Street, Investment entity100%Ireland1,041.71,121.7LimitedDublin 2, Ireland Esprit Capital III LP20 Garrick Street, Limited Partnership pursuant to which 100%England33.650.8London WC2E 9BTthe Group makes certain investments Esprit Capital IV LP20 Garrick Street, Limited Partnership pursuant to which 100%England15.534.8London WC2E 9BTthe Group makes certain investments DFJ Europe X LPc/o Maples Corporate Limited Partnership pursuant to which 100%Cayman 5.815.8Services Limited at the Group makes certain investmentsIslandsPO Box 309, Ugland House, Grand Cayman, KY1\u20131104, Cayman Islands Esprit Investments (1) LP20 Garrick Street, Limited Partnership pursuant to which 100%England169.9248.3London WC2E 9BTthe Group makes certain investments Esprit Investments (2) LP20 Garrick Street, Limited Partnership pursuant to which 100%England822.2787.2London WC2E 9BTthe Group makes certain investmentsMolten Ventures Holdings 20 Garrick Street, Intermediate Company and 100%England51.9\u2013LimitedLondon WC2E 9BTQualifying Asset Holding Company (\u201cQAHC\u201d) Molten Ventures20 Garrick Street, Limited Partnership pursuant to which 100%England2.5\u2013 Investments LPLondon WC2E 9BTthe Group makes certain investments Molten Ventures FoF I LP20 Garrick Street, Limited partnership under the 50%England12.4\u2013London WC2E 9BTGroup\u2019s management which makes Fund of Fund investments Esprit Investments (2) (B)20 Garrick Street, Limited Partnership pursuant to which 100%England153.2\u2013 (ii) LPLondon WC2E 9BTthe Group makes certain investmentsMolten Ventures (Ireland) Limited invests via the following limited partnerships: Esprit Investments (1) LP, Esprit Investments (2) LP, Esprit Capital IV LP (which also holds investments via DFJ Europe X LP) and Esprit Capital III LP.Molten Ventures Holdings Limited invests via the following limited partnerships: Molten Ventures Investments LP, Molten Ventures FoF I LP, and Esprit Investments (2)(B)(ii) LP.The investments balance in the consolidated statement of financial position also includes investments held by consolidated entities.The Group also co-invests or historically co-invested with a number of limited partnerships (see Note 4(b) for further details). The exposure to these entities is immaterial.Vested but unrealised carried interest of \u00a30.6 million is recognised by the Group via Encore I Founder LP (14.5% aggregate carry LP interest) and Esprit Capital III Carried Interest LP (2.2% aggregate carry LP interest).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__140": {
"value": "Key management personnel compensationKey management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, and are considered to be the Directors of the Company listed on pages 96 and 97.Year ended Year ended 31 March 202331 March 2022\u00a3m \u00a3m Wages and salaries 2.1 2.6 Defined contribution pension costs 0.2 0.2 Social security contributions and similar taxes 0.3 0.4 Carried interest paid 1.2 2.6 Total 3.8 5.8 The details of individual Directors\u2019 remuneration and pension benefits, as set out in the tables contained in the Directors\u2019 Remuneration Report on page 117, form part of these consolidated financial statements.During the year, employees of Molten Ventures plc, including key management personnel were granted and exercised share options \u2013 see Note 14 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"s7_notes__6__142": {
"value": "31. Capital commitmentsThe Group makes commitments to seed funds (including funds invested in as part of our partnership with Earlybird) as part of its investment activity, which will be drawn down as required by the funds over their investment period. Contractual commitments for the following amounts have been made as at 31 March 2023 but are not recognised as a liability on the consolidated statement of financial position: 31 March 202331 March 2022\u00a3m \u00a3mUndrawn capital commitments 87.9 74.2 Total capital commitments 316.0 263.5 Total fair value to the Group of these seed funds (including Earlybird) is \u00a3331.5 million of total investments (31 March 2022: \u00a3399.5 million).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__141": {
"value": "31. Capital commitmentsThe Group makes commitments to seed funds (including funds invested in as part of our partnership with Earlybird) as part of its investment activity, which will be drawn down as required by the funds over their investment period. Contractual commitments for the following amounts have been made as at 31 March 2023 but are not recognised as a liability on the consolidated statement of financial position: 31 March 202331 March 2022\u00a3m \u00a3mUndrawn capital commitments 87.9 74.2 Total capital commitments 316.0 263.5 Total fair value to the Group of these seed funds (including Earlybird) is \u00a3331.5 million of total investments (31 March 2022: \u00a3399.5 million).",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"s7_notes__6__143": {
"value": "35. Subsequent eventsAs part of our portfolio management and to generate additional liquidity, we have agreed a secondary sale for 10% of our Earlybird Fund VI investment on 28 April 2023, realising \u20ac14 million (\u00a313 million).There are no further post balance sheet events requiring comment.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IPCR3SAYJWSW10",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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}