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"ConsolidatedStatementOfChangesInEquity_TotalLabel_00132": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00131": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00130": { "value": "-800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": 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"entity": "scheme:213800IPCR3SAYJWSW10", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00223": { "value": "-19000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00222": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00221": { "value": 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"ConsolidatedStatementOfChangesInEquity_TotalLabel_00332": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00331": { "value": "-19000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00330": { "value": "4900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800IPCR3SAYJWSW10", "period": 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"scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00236": { "value": "671200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00235": { "value": "-27800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00234": { "value": "79600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00233": { "value": "510900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00232": { "value": "1235800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00164": { "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
Period covered by financial statements
1 April 2025 \u2013 31 March 2026
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 2026 and for the comparative year ended 31 March 2025 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00155": { "value": "Molten Ventures plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00156": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00157": { "value": "Public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00159": { "value": "20 Garrick Street, London, WC2E 9BT", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00160": { "value": "20 Garrick Street, London, WC2E 9BT", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00161": { "value": "Venture capital firm", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00162": { "value": "Molten Ventures plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00163": { "value": "Molten Ventures plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00158": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "2. Going concern assessment and principal risks
Going 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 downside case to assess the potential
impact on the Group\u2019s operations and portfolio companies. This downside scenario include (i) unpredictability of exit timing, being only
contractually committed realisations throughout the Going Concern period; (ii) portfolio company valuations subject to change, being a 25%
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 7.2%. 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 23(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. Management 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 99 to 102 and the Directors\u2019 Report on
pages\u00a0127\u00a0to 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 2026, 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "3. Adoption of new and revised standards
i. Adoption of new and revised standards
No changes to IFRS have impacted this year\u2019s financial statements.
ii. Impact of standards issued not yet applied
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial
statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they
become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for
presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income
and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued
operations, whereof the first three are new.
It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new
requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS)
and the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for
determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality
around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards.
IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application
is permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial
statements.
Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7
In May 2024, the Board issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7),
which clarifies that a financial liability is derecognised when the related obligation is discharged, cancelled, expires or the liability otherwise
qualifies for derecognition (the \u2018settlement date\u2019). It also allows for the option to derecognise financial liabilities that are settled through an
electronic payment system before settlement date if certain conditions are met. It also clarifies how to assess contractual cash flow characteristics
of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features, and the treatment
of non-recourse assets and contractually linked instruments.
Additional disclosures in IFRS 7 will also be required for financial assets and liabilities with contractual terms that reference a contingent event
(including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income The publication of the
amendments concludes the classification and measurement phase of the lASB\u2019s post implementation review (PIR) of IFRS 9 Financial Instruments.
The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with early adoption allowed for amendments
that relate to the classification of financial assets and the related disclosures. The rest of the amendments may be applied at a later date. The new
requirements will be applied retrospectively with an adjustment to opening retained earnings.
The Group does not consider there to be a material impact from the standards. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "4. Material accounting policy information
a) Basis of preparation
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.
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 9 June 2026.
The financial reporting framework that has been applied in the preparation of the Company\u2019s financial statements (beginning on page 182) 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 99 to 102), in the Directors\u2019 Report (pages 127 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
We measure our full carbon footprint and have offset Scope 1 and Scope 2 and select Scope 3 emissions for the financial year (see more details
on page 61 of the Annual Report).
\u2022
We continue to engage sustainability consulting partners to support us with respect to our sustainability roadmap including our Climate
Strategy, GHG verification and TCFD analysis.
\u2022
As stated in Note 29, 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 FY26 (FY25: 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 consolidation
The 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Nature of business
Country of incorporation
% ownership
\u00a0
AIFM to the Company and Irish co-investment limited
England and Wales
100%
Esprit Capital Partners LLP^
partnership
\u00a0\u00a0
Elderstreet Holdings Limited^
Intermediate holding company
England and Wales
100%
Elderstreet Investments Limited^
AIFM to Molten Ventures VCT plc
and Molten SP I LLP
England and Wales
100%
Grow Trustees Limited^
Trustee of the Group\u2019s employment benefit trust
England and Wales
100%
Molten Ventures Advisors Limited^
Dormant
England and Wales
100%
Molten Ventures (Nominee) Limited^
Dormant
England and Wales
100%
Encore Ventures LLP^
AIFM to the Encore Funds
England and Wales
100%
Esprit Capital I (GP) Limited^\u00b9
General Partner and co-invest vehicle
England and Wales
100%
Esprit Capital I General Partner^\u00b9
General Partner
England and Wales
100%
Esprit Capital III Founder GP Limited*
General Partner
Scotland
100%
Esprit Capital III GP LP*
General Partner
Scotland
100%
Encore I Founder GP Limited
\u2020
\u00b9
General Partner
Cayman Islands
100%
Encore I GP Limited
\u2020
\u00b9
Intermediate holding company
Cayman Islands
100%
Esprit Capital Holdings Limited^
Dormant
England and Wales
100%
Esprit Nominees Limited^
Nominee company
England and Wales
100%
Esprit Capital I (CIP) Limited^\u00b9
Dormant
England and Wales
100%
Esprit Capital III MLP LLP^
Intermediate holding company
England and Wales
100%
Esprit Capital III GP Limited^\u00b9
General Partner (dormant)
England and Wales
100%
Molten East Fund I GP S.a.r.l (formally
\u00a0 \u00a0 \u00a0
Molten Ventures Growth Fund I GP S.a.r.l)
General Partner (dormant)
Luxembourg
100%
Molten East SP GP LLP (formally
\u00a0 \u00a0 \u00a0
Molten Ventures Growth SP GP LLP)
General Partner (dormant)
England and Wales
100%
Molten Ventures FoF I GP LLP^
General Partner
England and Wales
100%
Molten Ventures Investments GP LLP^
General Partner
England and Wales
100%
Molten Ventures Ireland (GP) LLP^
General Partner
England and Wales
100%
Forward Partners Group Limited^
Intermediate holding company
England and Wales
100%
Forward Partners Management Company
Intermediate holding company
England and Wales
100%
Limited^
\u00a0\u00a0\u00a0
Forward Partners Venture Advance Ltd^
Revenue-based financing
England and Wales
100%
Forward Partners General Partner Limited^
General Partner
England and Wales
100%
Forward Partners Carried Interest General
General Partner
Scotland
100%
Partner Limited*
\u00a0\u00a0\u00a0
FPGP Nominees Limited^
Dormant
England and Wales
100%
\n
1
Esprit Capital I (GP) Limited, Esprit Capital I General Partner, Encore I Founder GP Limited, Encore I GP Limited, Esprit Capital I (CIP) Limited, and Esprit Capital III GP Limited have
been dissolved during the year
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, KY1-1104, Cayman Islands
\u2021 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, Luxembourg
Subsidiaries
Subsidiaries 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 Trust
On 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 entity
In 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 21. 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 for successful investments 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 subsidiaries, 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 following entities are controlled by the Group but are not consolidated and are instead held at fair value through profit or loss in the
consolidated statement of financial position
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Principal activity
Country of incorporation
% ownership
Molten Ventures (Ireland) Limited
1
Investment entity
Republic of Ireland
100%
Esprit Capital III, L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Esprit Capital III B, L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Esprit Capital IV LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
Esprit Investments (1) L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
\u00a0\u00a0 \u00a0 \u00a0
Esprit Investments (2) LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
Esprit Investments (1)(B) LP
2
Limited partnership pursuant to which the Group
\u00a0 \u00a0
\u00a0
and Molten Ventures FoF I LP hold Fund of Fund
England and Wales
100%
\u00a0
investments
\u00a0 \u00a0
Esprit Investments (2)(B) LP
2
Limited partnership pursuant to which the Group
\u00a0 \u00a0
\u00a0
and Molten Ventures FoF I LP hold Fund of Fund
England and Wales
100%
\u00a0
investments
\u00a0 \u00a0
SC_4_OF1 LP
4
Limited partnership pursuant to which the Group holds
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
Molten Ventures Investments LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Molten East Fund I SCSp
5
Limited partnership pursuant to which the Group makes
Luxembourg
100%
\u00a0
certain investments (dormant)
\u00a0 \u00a0
Molten Ventures Holdings Ltd
2
Intermediate Company and Qualifying Asset Holding
England and Wales
100%
\u00a0
Company (\u201cQAHC\u201d)
\u00a0 \u00a0
Esprit Investments (1)(B)(SC) LP
2
Limited partnership uses to hold the Group\u2019s
\u00a0 \u00a0
\u00a0
investments which were previously held by Seedcamp
England and Wales
100%
\u00a0
Fund\u2019s I and II
\u00a0 \u00a0
Esprit Investments (2)(B)(II) LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Molten Ventures FoF I LP
2
Limited partnership under the Group\u2019s management
England and Wales
100%
\u00a0
which makes Fund of Fund investments
\u00a0 \u00a0
Molten Ventures FoF II LP
2
Limited partnership under the Group\u2019s management
England and Wales
100%
\u00a0
which makes Fund of Fund investments
\u00a0 \u00a0
Molten Venture Investments (Ireland) I LP
Limited Partnership under the Group\u2019s management
England and Wales
56%
\u00a0
which makes Irish domiciled investments
\u00a0 \u00a0
Forward Partners 1 L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Forward Partners II L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Forward Partners III L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Connect Ventures One LP
6
Limited partnership pursuant to which the Group holds
England and Wales
96%
\u00a0
certain investments
\u00a0 \u00a0
\n
1
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
12 Little Portland Street, 5th Floor, London, W1W 8BJ.
5
412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, Luxembourg.
6
4th Floor, 140 Aldersgate Street, London, EC2Y 5AS, United Kingdom
Limited partnerships (carried interest and co-invest)
Carried interest vehicles and 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Principal activity
Country of incorporation
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 East 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
\u00a0
Third Party Capital Investment vehicle structured as a
\u00a0
Molten SP I LLP
\u2020
limited liability partnership
England and Wales
Forward Partners Carried Interest L.P.*
Carry vehicle
Scotland
\n
* 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.
EIS/VCT funds
Enterprise 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\u00a05, Molten Ventures EIS and Molten Ventures Approved KI EIS Funds.
VCT funds:
Molten Ventures VCT plc \u2013 The Office Suite, Den House, Den Promenade, Teignmouth, United Kingdom, TQ14 8SY.
Audit exemption for members of the Group
The following entities are included in the parent\u2019s consolidated financial statements. 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 financial statements under section 475 of the
Companies Act 2006.
Esprit Capital Holdings Limited, Molten Ventures (Nominee) Limited, Esprit Nominees Limited, Grow Trustees Limited, Esprit Capital III MLP LLP,
Esprit Capital III GP Limited, Esprit Capital III Founder GP Limited, Elderstreet Holdings Limited, Encore I GP Limited, Encore I Founder GP Limited,
Esprit Capital III GP LP, Molten East Fund I GP S.a.r.l (formally Molten Ventures Growth Fund I GP S.a.r.l), Molten East SP GP LLP (formally Molten
Ventures Growth SP GP LLP), Molten Ventures FoF I GP LLP, Molten Ventures Investments GP LLP, Forward Partners Management Company
Limited, Forward Partners Venture Advance Ltd, Forward Partners Group Limited, Forward Partners General Partner Limited and Forward Partners
Carried Interest General Partner Limited.
Esprit Foundation
Molten 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 2026 and 31 March 2025. A total of \u00a30.5m in grants were made for the year ended 31 March 2026 (31 March 2025: 0.1m).
Charitable Incorporated Organisation status was entered onto the Register of Charities with the Registered Charity Number 1198436 on 30\u00a0March
2022. Stuart Chapman is one of, and a donor to, the three Trustees of the Esprit Foundation and is also an Executive Director on the Board of
Molten Ventures plc.
c) Operating segment
IFRS 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 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 \u00a33.0 million). Although the
managers of our EIS funds, VCT funds and plc funds have a separate 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.
The majority of the Group\u2019s revenues are not from interest, and Management 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 recognition
Revenue 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 at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring
services to a customer.
For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract;
determines the transaction price which takes into account the time value of money; allocates the transaction price to the separate performance
obligations on the basis of the relative standalone selling price of each distinct service to be delivered; and recognises revenue when or as each
performance obligation is satisfied in a manner that depicts the transfer to the customer of the services promised.
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 chargeable, annually in advance,
Net Subscription for the first four years of the life of the portfolio. A portion of cash
received from investors is set aside at the outset and used to settle the management fees as they become due.
For these Fund Closes, the transaction price is fixed for the life of the contract and management fees are recognised over the estimated life of the
portfolio.
Fund Close July 2019 onwards.
Management fees are chargeable, annually in advance, on Net Subscription for the first five years of the life of the portfolio. Thereafter,
management fees are charged on the cost of investments remaining in the investor\u2019s portfolio (subject to a minimum annual charge).
A portion of cash received from investors is set aside at the outset and used to settle management fees in the first 2.75 years of the life of the
portfolio as they become due. Once this cash is utilised, management fees are deducted from cash proceeds generated by exits. If no proceeds
are received, these fees will not be charged.
For these Fund Closes, management fees in the first 2.75 are recognised in the period for which they are receivable. Management fees relating to
later periods are only recognised when an exit takes place and their recoverability becomes highly probable.
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 income
The 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 combinations
The 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 assets
Goodwill 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 assets
Certain 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) Impairment
For 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 currency
Transactions 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 assets
All 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 loss
A 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; or
c.
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 29, Fair value measurements. Financial assets through profit or loss are accounted for
at settlement date.
Amortised cost
A 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 liabilities
The Group\u2019s financial liabilities include trade and other payables, and borrowings.
Trade and other payables
Trade 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 borrowings
Borrowings 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 23(i) for further detail regarding the debt facility.
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) Provisions
Provisions 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 capital
Financial 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.
Group shares acquired as part of Molten\u2019s share buyback programme are recognised at cost and deducted from equity. No gain or loss is
recognised in the Statement of Comprehensive Income on the purchase, sale, issue or cancellation of the Group's own equity instruments.
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 scheme
Contributions 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 payments
When 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(b).
p) Current tax
The 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 tax
Deferred 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 equipment
Fixtures 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 equivalents
Cash and cash equivalents comprise cash at bank and on hand, and short-term highly liquid money market funds and deposits with a maturity of
three months or less, that are held for the purpose of meeting short-term cash commitments and are readily convertible to a known amount of
cash and subject to an insignificant risk of changes in value.
t) Interest income
Interest 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 interest
The 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 29 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 movement
Management 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)).
w) Exceptional items
The Group classifies items of income and expenditure as exceptional when the nature of the item or its size is likely to be material, to assist the
reader of the financial statements to better understand the results of the operations of the Group. Such items by their nature are not expected to
recur and are shown separately on the face of the consolidated statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "a) Basis of preparation
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.
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 9 June 2026.
The financial reporting framework that has been applied in the preparation of the Company\u2019s financial statements (beginning on page 182) 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 99 to 102), in the Directors\u2019 Report (pages 127 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
We measure our full carbon footprint and have offset Scope 1 and Scope 2 and select Scope 3 emissions for the financial year (see more details
on page 61 of the Annual Report).
\u2022
We continue to engage sustainability consulting partners to support us with respect to our sustainability roadmap including our Climate
Strategy, GHG verification and TCFD analysis.
\u2022
As stated in Note 29, 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 FY26 (FY25: immaterial).
A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "The consolidated financial statements have been approved for issue by the Board of Directors on 9 June 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "b) Basis of consolidation
The 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Nature of business
Country of incorporation
% ownership
\u00a0
AIFM to the Company and Irish co-investment limited
England and Wales
100%
Esprit Capital Partners LLP^
partnership
\u00a0\u00a0
Elderstreet Holdings Limited^
Intermediate holding company
England and Wales
100%
Elderstreet Investments Limited^
AIFM to Molten Ventures VCT plc
and Molten SP I LLP
England and Wales
100%
Grow Trustees Limited^
Trustee of the Group\u2019s employment benefit trust
England and Wales
100%
Molten Ventures Advisors Limited^
Dormant
England and Wales
100%
Molten Ventures (Nominee) Limited^
Dormant
England and Wales
100%
Encore Ventures LLP^
AIFM to the Encore Funds
England and Wales
100%
Esprit Capital I (GP) Limited^\u00b9
General Partner and co-invest vehicle
England and Wales
100%
Esprit Capital I General Partner^\u00b9
General Partner
England and Wales
100%
Esprit Capital III Founder GP Limited*
General Partner
Scotland
100%
Esprit Capital III GP LP*
General Partner
Scotland
100%
Encore I Founder GP Limited
\u2020
\u00b9
General Partner
Cayman Islands
100%
Encore I GP Limited
\u2020
\u00b9
Intermediate holding company
Cayman Islands
100%
Esprit Capital Holdings Limited^
Dormant
England and Wales
100%
Esprit Nominees Limited^
Nominee company
England and Wales
100%
Esprit Capital I (CIP) Limited^\u00b9
Dormant
England and Wales
100%
Esprit Capital III MLP LLP^
Intermediate holding company
England and Wales
100%
Esprit Capital III GP Limited^\u00b9
General Partner (dormant)
England and Wales
100%
Molten East Fund I GP S.a.r.l (formally
\u00a0 \u00a0 \u00a0
Molten Ventures Growth Fund I GP S.a.r.l)
General Partner (dormant)
Luxembourg
100%
Molten East SP GP LLP (formally
\u00a0 \u00a0 \u00a0
Molten Ventures Growth SP GP LLP)
General Partner (dormant)
England and Wales
100%
Molten Ventures FoF I GP LLP^
General Partner
England and Wales
100%
Molten Ventures Investments GP LLP^
General Partner
England and Wales
100%
Molten Ventures Ireland (GP) LLP^
General Partner
England and Wales
100%
Forward Partners Group Limited^
Intermediate holding company
England and Wales
100%
Forward Partners Management Company
Intermediate holding company
England and Wales
100%
Limited^
\u00a0\u00a0\u00a0
Forward Partners Venture Advance Ltd^
Revenue-based financing
England and Wales
100%
Forward Partners General Partner Limited^
General Partner
England and Wales
100%
Forward Partners Carried Interest General
General Partner
Scotland
100%
Partner Limited*
\u00a0\u00a0\u00a0
FPGP Nominees Limited^
Dormant
England and Wales
100%
\n
1
Esprit Capital I (GP) Limited, Esprit Capital I General Partner, Encore I Founder GP Limited, Encore I GP Limited, Esprit Capital I (CIP) Limited, and Esprit Capital III GP Limited have
been dissolved during the year
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, KY1-1104, Cayman Islands
\u2021 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, Luxembourg
Subsidiaries
Subsidiaries 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 Trust
On 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 entity
In 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 21. 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 for successful investments 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 subsidiaries, 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 following entities are controlled by the Group but are not consolidated and are instead held at fair value through profit or loss in the
consolidated statement of financial position
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Principal activity
Country of incorporation
% ownership
Molten Ventures (Ireland) Limited
1
Investment entity
Republic of Ireland
100%
Esprit Capital III, L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Esprit Capital III B, L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Esprit Capital IV LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
Esprit Investments (1) L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
\u00a0\u00a0 \u00a0 \u00a0
Esprit Investments (2) LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
Esprit Investments (1)(B) LP
2
Limited partnership pursuant to which the Group
\u00a0 \u00a0
\u00a0
and Molten Ventures FoF I LP hold Fund of Fund
England and Wales
100%
\u00a0
investments
\u00a0 \u00a0
Esprit Investments (2)(B) LP
2
Limited partnership pursuant to which the Group
\u00a0 \u00a0
\u00a0
and Molten Ventures FoF I LP hold Fund of Fund
England and Wales
100%
\u00a0
investments
\u00a0 \u00a0
SC_4_OF1 LP
4
Limited partnership pursuant to which the Group holds
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
Molten Ventures Investments LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Molten East Fund I SCSp
5
Limited partnership pursuant to which the Group makes
Luxembourg
100%
\u00a0
certain investments (dormant)
\u00a0 \u00a0
Molten Ventures Holdings Ltd
2
Intermediate Company and Qualifying Asset Holding
England and Wales
100%
\u00a0
Company (\u201cQAHC\u201d)
\u00a0 \u00a0
Esprit Investments (1)(B)(SC) LP
2
Limited partnership uses to hold the Group\u2019s
\u00a0 \u00a0
\u00a0
investments which were previously held by Seedcamp
England and Wales
100%
\u00a0
Fund\u2019s I and II
\u00a0 \u00a0
Esprit Investments (2)(B)(II) LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Molten Ventures FoF I LP
2
Limited partnership under the Group\u2019s management
England and Wales
100%
\u00a0
which makes Fund of Fund investments
\u00a0 \u00a0
Molten Ventures FoF II LP
2
Limited partnership under the Group\u2019s management
England and Wales
100%
\u00a0
which makes Fund of Fund investments
\u00a0 \u00a0
Molten Venture Investments (Ireland) I LP
Limited Partnership under the Group\u2019s management
England and Wales
56%
\u00a0
which makes Irish domiciled investments
\u00a0 \u00a0
Forward Partners 1 L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Forward Partners II L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Forward Partners III L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Connect Ventures One LP
6
Limited partnership pursuant to which the Group holds
England and Wales
96%
\u00a0
certain investments
\u00a0 \u00a0
\n
1
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
12 Little Portland Street, 5th Floor, London, W1W 8BJ.
5
412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, Luxembourg.
6
4th Floor, 140 Aldersgate Street, London, EC2Y 5AS, United Kingdom
Limited partnerships (carried interest and co-invest)
Carried interest vehicles and 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Principal activity
Country of incorporation
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 East 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
\u00a0
Third Party Capital Investment vehicle structured as a
\u00a0
Molten SP I LLP
\u2020
limited liability partnership
England and Wales
Forward Partners Carried Interest L.P.*
Carry vehicle
Scotland
\n
* 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.
EIS/VCT funds
Enterprise 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\u00a05, Molten Ventures EIS and Molten Ventures Approved KI EIS Funds.
VCT funds:
Molten Ventures VCT plc \u2013 The Office Suite, Den House, Den Promenade, Teignmouth, United Kingdom, TQ14 8SY.
Audit exemption for members of the Group
The following entities are included in the parent\u2019s consolidated financial statements. 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 financial statements under section 475 of the
Companies Act 2006.
Esprit Capital Holdings Limited, Molten Ventures (Nominee) Limited, Esprit Nominees Limited, Grow Trustees Limited, Esprit Capital III MLP LLP,
Esprit Capital III GP Limited, Esprit Capital III Founder GP Limited, Elderstreet Holdings Limited, Encore I GP Limited, Encore I Founder GP Limited,
Esprit Capital III GP LP, Molten East Fund I GP S.a.r.l (formally Molten Ventures Growth Fund I GP S.a.r.l), Molten East SP GP LLP (formally Molten
Ventures Growth SP GP LLP), Molten Ventures FoF I GP LLP, Molten Ventures Investments GP LLP, Forward Partners Management Company
Limited, Forward Partners Venture Advance Ltd, Forward Partners Group Limited, Forward Partners General Partner Limited and Forward Partners
Carried Interest General Partner Limited.
Esprit Foundation
Molten 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 2026 and 31 March 2025. A total of \u00a30.5m in grants were made for the year ended 31 March 2026 (31 March 2025: 0.1m).
Charitable Incorporated Organisation status was entered onto the Register of Charities with the Registered Charity Number 1198436 on 30\u00a0March
2022. Stuart Chapman is one of, and a donor to, the three Trustees of the Esprit Foundation and is also an Executive Director on the Board of
Molten Ventures plc.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "b) Basis of consolidation
The 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Nature of business
Country of incorporation
% ownership
\u00a0
AIFM to the Company and Irish co-investment limited
England and Wales
100%
Esprit Capital Partners LLP^
partnership
\u00a0\u00a0
Elderstreet Holdings Limited^
Intermediate holding company
England and Wales
100%
Elderstreet Investments Limited^
AIFM to Molten Ventures VCT plc
and Molten SP I LLP
England and Wales
100%
Grow Trustees Limited^
Trustee of the Group\u2019s employment benefit trust
England and Wales
100%
Molten Ventures Advisors Limited^
Dormant
England and Wales
100%
Molten Ventures (Nominee) Limited^
Dormant
England and Wales
100%
Encore Ventures LLP^
AIFM to the Encore Funds
England and Wales
100%
Esprit Capital I (GP) Limited^\u00b9
General Partner and co-invest vehicle
England and Wales
100%
Esprit Capital I General Partner^\u00b9
General Partner
England and Wales
100%
Esprit Capital III Founder GP Limited*
General Partner
Scotland
100%
Esprit Capital III GP LP*
General Partner
Scotland
100%
Encore I Founder GP Limited
\u2020
\u00b9
General Partner
Cayman Islands
100%
Encore I GP Limited
\u2020
\u00b9
Intermediate holding company
Cayman Islands
100%
Esprit Capital Holdings Limited^
Dormant
England and Wales
100%
Esprit Nominees Limited^
Nominee company
England and Wales
100%
Esprit Capital I (CIP) Limited^\u00b9
Dormant
England and Wales
100%
Esprit Capital III MLP LLP^
Intermediate holding company
England and Wales
100%
Esprit Capital III GP Limited^\u00b9
General Partner (dormant)
England and Wales
100%
Molten East Fund I GP S.a.r.l (formally
\u00a0 \u00a0 \u00a0
Molten Ventures Growth Fund I GP S.a.r.l)
General Partner (dormant)
Luxembourg
100%
Molten East SP GP LLP (formally
\u00a0 \u00a0 \u00a0
Molten Ventures Growth SP GP LLP)
General Partner (dormant)
England and Wales
100%
Molten Ventures FoF I GP LLP^
General Partner
England and Wales
100%
Molten Ventures Investments GP LLP^
General Partner
England and Wales
100%
Molten Ventures Ireland (GP) LLP^
General Partner
England and Wales
100%
Forward Partners Group Limited^
Intermediate holding company
England and Wales
100%
Forward Partners Management Company
Intermediate holding company
England and Wales
100%
Limited^
\u00a0\u00a0\u00a0
Forward Partners Venture Advance Ltd^
Revenue-based financing
England and Wales
100%
Forward Partners General Partner Limited^
General Partner
England and Wales
100%
Forward Partners Carried Interest General
General Partner
Scotland
100%
Partner Limited*
\u00a0\u00a0\u00a0
FPGP Nominees Limited^
Dormant
England and Wales
100%
\n
1
Esprit Capital I (GP) Limited, Esprit Capital I General Partner, Encore I Founder GP Limited, Encore I GP Limited, Esprit Capital I (CIP) Limited, and Esprit Capital III GP Limited have
been dissolved during the year
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, KY1-1104, Cayman Islands
\u2021 412F, Route d\u2019Esch, Grand Duchy of Luxembourg, 1471, Luxembourg", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Nature of business
Country of incorporation
% ownership
\u00a0
AIFM to the Company and Irish co-investment limited
England and Wales
100%
Esprit Capital Partners LLP^
partnership
\u00a0\u00a0
Elderstreet Holdings Limited^
Intermediate holding company
England and Wales
100%
Elderstreet Investments Limited^
AIFM to Molten Ventures VCT plc
and Molten SP I LLP
England and Wales
100%
Grow Trustees Limited^
Trustee of the Group\u2019s employment benefit trust
England and Wales
100%
Molten Ventures Advisors Limited^
Dormant
England and Wales
100%
Molten Ventures (Nominee) Limited^
Dormant
England and Wales
100%
Encore Ventures LLP^
AIFM to the Encore Funds
England and Wales
100%
Esprit Capital I (GP) Limited^\u00b9
General Partner and co-invest vehicle
England and Wales
100%
Esprit Capital I General Partner^\u00b9
General Partner
England and Wales
100%
Esprit Capital III Founder GP Limited*
General Partner
Scotland
100%
Esprit Capital III GP LP*
General Partner
Scotland
100%
Encore I Founder GP Limited
\u2020
\u00b9
General Partner
Cayman Islands
100%
Encore I GP Limited
\u2020
\u00b9
Intermediate holding company
Cayman Islands
100%
Esprit Capital Holdings Limited^
Dormant
England and Wales
100%
Esprit Nominees Limited^
Nominee company
England and Wales
100%
Esprit Capital I (CIP) Limited^\u00b9
Dormant
England and Wales
100%
Esprit Capital III MLP LLP^
Intermediate holding company
England and Wales
100%
Esprit Capital III GP Limited^\u00b9
General Partner (dormant)
England and Wales
100%
Molten East Fund I GP S.a.r.l (formally
\u00a0 \u00a0 \u00a0
Molten Ventures Growth Fund I GP S.a.r.l)
General Partner (dormant)
Luxembourg
100%
Molten East SP GP LLP (formally
\u00a0 \u00a0 \u00a0
Molten Ventures Growth SP GP LLP)
General Partner (dormant)
England and Wales
100%
Molten Ventures FoF I GP LLP^
General Partner
England and Wales
100%
Molten Ventures Investments GP LLP^
General Partner
England and Wales
100%
Molten Ventures Ireland (GP) LLP^
General Partner
England and Wales
100%
Forward Partners Group Limited^
Intermediate holding company
England and Wales
100%
Forward Partners Management Company
Intermediate holding company
England and Wales
100%
Limited^
\u00a0\u00a0\u00a0
Forward Partners Venture Advance Ltd^
Revenue-based financing
England and Wales
100%
Forward Partners General Partner Limited^
General Partner
England and Wales
100%
Forward Partners Carried Interest General
General Partner
Scotland
100%
Partner Limited*
\u00a0\u00a0\u00a0
FPGP Nominees Limited^
Dormant
England and Wales
100%
\n
1
Esprit Capital I (GP) Limited, Esprit Capital I General Partner, Encore I Founder GP Limited, Encore I GP Limited, Esprit Capital I (CIP) Limited, and Esprit Capital III GP Limited have
been dissolved during the year \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Principal activity
Country of incorporation
% ownership
Molten Ventures (Ireland) Limited
1
Investment entity
Republic of Ireland
100%
Esprit Capital III, L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Esprit Capital III B, L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Esprit Capital IV LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
Esprit Investments (1) L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
\u00a0\u00a0 \u00a0 \u00a0
Esprit Investments (2) LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
Esprit Investments (1)(B) LP
2
Limited partnership pursuant to which the Group
\u00a0 \u00a0
\u00a0
and Molten Ventures FoF I LP hold Fund of Fund
England and Wales
100%
\u00a0
investments
\u00a0 \u00a0
Esprit Investments (2)(B) LP
2
Limited partnership pursuant to which the Group
\u00a0 \u00a0
\u00a0
and Molten Ventures FoF I LP hold Fund of Fund
England and Wales
100%
\u00a0
investments
\u00a0 \u00a0
SC_4_OF1 LP
4
Limited partnership pursuant to which the Group holds
England and Wales
100%
\u00a0
certain investments
\u00a0\u00a0
Molten Ventures Investments LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Molten East Fund I SCSp
5
Limited partnership pursuant to which the Group makes
Luxembourg
100%
\u00a0
certain investments (dormant)
\u00a0 \u00a0
Molten Ventures Holdings Ltd
2
Intermediate Company and Qualifying Asset Holding
England and Wales
100%
\u00a0
Company (\u201cQAHC\u201d)
\u00a0 \u00a0
Esprit Investments (1)(B)(SC) LP
2
Limited partnership uses to hold the Group\u2019s
\u00a0 \u00a0
\u00a0
investments which were previously held by Seedcamp
England and Wales
100%
\u00a0
Fund\u2019s I and II
\u00a0 \u00a0
Esprit Investments (2)(B)(II) LP
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Molten Ventures FoF I LP
2
Limited partnership under the Group\u2019s management
England and Wales
100%
\u00a0
which makes Fund of Fund investments
\u00a0 \u00a0
Molten Ventures FoF II LP
2
Limited partnership under the Group\u2019s management
England and Wales
100%
\u00a0
which makes Fund of Fund investments
\u00a0 \u00a0
Molten Venture Investments (Ireland) I LP
Limited Partnership under the Group\u2019s management
England and Wales
56%
\u00a0
which makes Irish domiciled investments
\u00a0 \u00a0
Forward Partners 1 L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Forward Partners II L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Forward Partners III L.P.
2
Limited partnership pursuant to which the Group makes
England and Wales
100%
\u00a0
certain investments
\u00a0 \u00a0
Connect Ventures One LP
6
Limited partnership pursuant to which the Group holds
England and Wales
96%
\u00a0
certain investments
\u00a0 \u00a0
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of undertaking
Principal activity
Country of incorporation
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 East 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
\u00a0
Third Party Capital Investment vehicle structured as a
\u00a0
Molten SP I LLP
\u2020
limited liability partnership
England and Wales
Forward Partners Carried Interest L.P.*
Carry vehicle
Scotland
\n
* 50 Lothian Road, Festival Square, Edinburgh, Scotland EH3 9WJ.
\u2020
20 Garrick Street, London WC2E 9BT.16. Financial assets held at fair value through profit or loss
The 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 29. 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
As at 1 April
1,279.9
1,292.1
Investments made in the period1
89.5
72.6
Realisation of investments during the year
(119.6)
(134.6)
Carry external
7.8
12.4
Portfolio Deferred tax
(1.4)
\u2013
Non-investment cash movements
14.1
14.7
Unrealised gains/(losses) on the revaluation of investments
143.0
22.7
As at 31 March
1,413.3
1,279.9
\n
1
Total investments made in the period includes \u00a310m of deferred consideration arising from the acquisition of the remaining holdings in Molten Ventures FOF I LP.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "Subsidiaries
Subsidiaries 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "Investment entity
In 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 21. 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 for successful investments 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 subsidiaries, 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 (carried interest and co-invest)
Carried interest vehicles and 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "c) Operating segment
IFRS 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 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 \u00a33.0 million). Although the
managers of our EIS funds, VCT funds and plc funds have a separate 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.
The majority of the Group\u2019s revenues are not from interest, and Management 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "d) Revenue recognition
Revenue 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 at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring
services to a customer.
For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract;
determines the transaction price which takes into account the time value of money; allocates the transaction price to the separate performance
obligations on the basis of the relative standalone selling price of each distinct service to be delivered; and recognises revenue when or as each
performance obligation is satisfied in a manner that depicts the transfer to the customer of the services promised.
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 chargeable, annually in advance,
Net Subscription for the first four years of the life of the portfolio. A portion of cash
received from investors is set aside at the outset and used to settle the management fees as they become due.
For these Fund Closes, the transaction price is fixed for the life of the contract and management fees are recognised over the estimated life of the
portfolio.
Fund Close July 2019 onwards.
Management fees are chargeable, annually in advance, on Net Subscription for the first five years of the life of the portfolio. Thereafter,
management fees are charged on the cost of investments remaining in the investor\u2019s portfolio (subject to a minimum annual charge).
A portion of cash received from investors is set aside at the outset and used to settle management fees in the first 2.75 years of the life of the
portfolio as they become due. Once this cash is utilised, management fees are deducted from cash proceeds generated by exits. If no proceeds
are received, these fees will not be charged.
For these Fund Closes, management fees in the first 2.75 are recognised in the period for which they are receivable. Management fees relating to
later periods are only recognised when an exit takes place and their recoverability becomes highly probable.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "d) Revenue recognition
Revenue 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 at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring
services to a customer.
For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract;
determines the transaction price which takes into account the time value of money; allocates the transaction price to the separate performance
obligations on the basis of the relative standalone selling price of each distinct service to be delivered; and recognises revenue when or as each
performance obligation is satisfied in a manner that depicts the transfer to the customer of the services promised.
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 chargeable, annually in advance,
Net Subscription for the first four years of the life of the portfolio. A portion of cash
received from investors is set aside at the outset and used to settle the management fees as they become due.
For these Fund Closes, the transaction price is fixed for the life of the contract and management fees are recognised over the estimated life of the
portfolio.
Fund Close July 2019 onwards.
Management fees are chargeable, annually in advance, on Net Subscription for the first five years of the life of the portfolio. Thereafter,
management fees are charged on the cost of investments remaining in the investor\u2019s portfolio (subject to a minimum annual charge).
A portion of cash received from investors is set aside at the outset and used to settle management fees in the first 2.75 years of the life of the
portfolio as they become due. Once this cash is utilised, management fees are deducted from cash proceeds generated by exits. If no proceeds
are received, these fees will not be charged.
For these Fund Closes, management fees in the first 2.75 are recognised in the period for which they are receivable. Management fees relating to
later periods are only recognised when an exit takes place and their recoverability becomes highly probable.
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 income
The 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "f) Business combinations
The 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "f) Business combinations
The 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "g) Goodwill and other intangible assets
Goodwill 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "g) Goodwill and other intangible assets
Goodwill 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 assets
Certain 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "Other intangible assets
Certain 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "h) Impairment
For 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "h) Impairment
For 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "i) Foreign currency
Transactions 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "j) Financial assets
All 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 loss
A 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; or
c.
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 29, Fair value measurements. Financial assets through profit or loss are accounted for
at settlement date.
Amortised cost
A 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "j) Financial assets
All 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 loss
A 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; or
c.
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 29, Fair value measurements. Financial assets through profit or loss are accounted for
at settlement date.
Amortised cost
A 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 liabilities
The Group\u2019s financial liabilities include trade and other payables, and borrowings.
Trade and other payables
Trade 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 borrowings
Borrowings 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 23(i) for further detail regarding the debt facility.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Financial assets through profit or loss
A 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; or
c.
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 29, 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "k) Financial liabilities
The Group\u2019s financial liabilities include trade and other payables, and borrowings.
Trade and other payables
Trade 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 borrowings
Borrowings 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 23(i) for further detail regarding the debt facility.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "Trade and other payables
Trade 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "Loans and borrowings
Borrowings 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 23(i) for further detail regarding the debt facility.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "l) Provisions
Provisions 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "m) Share capital
Financial 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.
Group shares acquired as part of Molten\u2019s share buyback programme are recognised at cost and deducted from equity. No gain or loss is
recognised in the Statement of Comprehensive Income on the purchase, sale, issue or cancellation of the Group's own equity instruments.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "n) Defined contribution scheme
Contributions to the defined contribution pension scheme are charged to the consolidated statement of comprehensive income in the years to
which they relate.u) Carried interest
The 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 29 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "o) Share-based payments
When 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(b). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "p) Current tax
The 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 tax
Deferred 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "q) Deferred tax
Deferred 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "r) Property, plant and equipment
Fixtures 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "s) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, and short-term highly liquid money market funds and deposits with a maturity of
three months or less, that are held for the purpose of meeting short-term cash commitments and are readily convertible to a known amount of
cash and subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "t) Interest income
Interest 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "t) Interest income
Interest 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "v) Fair value movement
Management 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "w) Exceptional items
The Group classifies items of income and expenditure as exceptional when the nature of the item or its size is likely to be material, to assist the
reader of the financial statements to better understand the results of the operations of the Group. Such items by their nature are not expected to
recur and are shown separately on the face of the consolidated statement of comprehensive income.", "dimensions": { "concept": "mvp:DescriptionOfAccountingPolicyForExceptionalItemsTextBlock", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "5. Critical accounting estimates and judgements
The 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\u00a0March 2026.
Estimates:
a. Valuation of unquoted equity investments at fair value through profit or loss
The 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 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 IPEV Guidelines.
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 IPEV 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 2026 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 29(iv) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "7. Fee income
Revenue is derived solely within the UK, from continuing operations for all years. An analysis of the Group\u2019s revenue is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Management fees
15.9
18.1
Performance fees
1.2
1.7
Promoter\u2019s fees
0.5
0.3
Directors\u2019 and other fees
0.1
0.8
Total fee income
17.7
20.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "7. Fee income
Revenue is derived solely within the UK, from continuing operations for all years. An analysis of the Group\u2019s revenue is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Management fees
15.9
18.1
Performance fees
1.2
1.7
Promoter\u2019s fees
0.5
0.3
Directors\u2019 and other fees
0.1
0.8
Total fee income
17.7
20.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "8. General administrative expenses
Administrative expenses comprise:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Employee and employee related expenses (Note 9)
16.6
19.0
Legal and professional
3.0
4.1
Performance fees payable
1.1
1.3
Operational and support costs
2.6
3.0
Other administrative costs
1.2
1.0
Total administrative expenses
24.5
28.4
\n
A total of \u00a30.9 million of employee-related expenses in the year ended 31 March 2026 (31 March 2025: \u00a31.7 million) relates to non-recurring costs.
The current year amount relates entirely to employee and setup costs associated with the establishment of a new investment capability (Molten East)
(31 March 2025: \u00a31.2 million).
The Molten East costs, whilst currently expensed, are expected to be recovered from the Molten East Fund following its launch.
The employee related amounts above are included within wages and salaries and related employee benefit lines in Note 9. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "8. General administrative expenses
Administrative expenses comprise:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Employee and employee related expenses (Note 9)
16.6
19.0
Legal and professional
3.0
4.1
Performance fees payable
1.1
1.3
Operational and support costs
2.6
3.0
Other administrative costs
1.2
1.0
Total administrative expenses
24.5
28.4
\n
A total of \u00a30.9 million of employee-related expenses in the year ended 31 March 2026 (31 March 2025: \u00a31.7 million) relates to non-recurring costs.
The current year amount relates entirely to employee and setup costs associated with the establishment of a new investment capability (Molten East)
(31 March 2025: \u00a31.2 million).
The Molten East costs, whilst currently expensed, are expected to be recovered from the Molten East Fund following its launch.
The employee related amounts above are included within wages and salaries and related employee benefit lines in Note 9. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "8. General administrative expenses
Administrative expenses comprise:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Employee and employee related expenses (Note 9)
16.6
19.0
Legal and professional
3.0
4.1
Performance fees payable
1.1
1.3
Operational and support costs
2.6
3.0
Other administrative costs
1.2
1.0
Total administrative expenses
24.5
28.4
\n
A total of \u00a30.9 million of employee-related expenses in the year ended 31 March 2026 (31 March 2025: \u00a31.7 million) relates to non-recurring costs.
The current year amount relates entirely to employee and setup costs associated with the establishment of a new investment capability (Molten East)
(31 March 2025: \u00a31.2 million).
The Molten East costs, whilst currently expensed, are expected to be recovered from the Molten East Fund following its launch.
The employee related amounts above are included within wages and salaries and related employee benefit lines in Note 9. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "9. Employee and employee-related expenses
Employee benefit expenses (including Directors) comprise:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Wages and salaries
12.2
15.2
Pension costs \u2013 defined contribution plans
1.2
1.2
Benefits (healthcare and life assurance)
0.6
0.4
Recruitment costs
0.4
0.1
Social security costs
2.2
2.1
General employee and employee-related expenses
16.6
19.0
Share-based payments \u2013 resulting from Company share option scheme
2.6
4.9
Total employee benefit expenses
19.2
23.9
\n
The monthly average number of persons (including Executive and Non-Executive Directors) employed by the Group during the year was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
Number
Number
Executive Directors
3
3
Non-Executive Directors
5
5
Investment
20
22
Infrastructure
30
32
Total
58
62
\n
At 31 March 2026, there were five Non-Executive Directors (31 March 2025: five). See Nomination Committee report for further details of changes
in the year.
The total remuneration paid to Senior Management and Material Risk takers (14 members of staff in total, as defined in FCA rules) was \u00a36.4 million
during the year, excluding any carried interest payments which are disclosed separately in the Director\u2019s remunerations reported and Note 31.
Infrastructure comprises finance, marketing, human resources, legal, sustainability, investor relations and administration. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "Employee benefit expenses (including Directors) comprise: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Wages and salaries
12.2
15.2
Pension costs \u2013 defined contribution plans
1.2
1.2
Benefits (healthcare and life assurance)
0.6
0.4
Recruitment costs
0.4
0.1
Social security costs
2.2
2.1
General employee and employee-related expenses
16.6
19.0
Share-based payments \u2013 resulting from Company share option scheme
2.6
4.9
Total employee benefit expenses
19.2
23.9
\n28. Retirement benefits
The 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "10. Auditor\u2019s remuneration
The profit for the year has been arrived at after charging:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Fees paid to the Company\u2019s auditor for the audit of the Company and Group consolidated financial statements
0.6
0.5
Fees payable to the Company\u2019s auditors and associates for other services:
\u00a0 \u00a0
Audit of the financial statements of the subsidiaries and related undertakings
0.2
0.3
Audit-related assurance services
0.1
0.1
Total fees payable to the Company\u2019s auditors
0.9
0.9
\n
Audit-related assurance services paid to the Company\u2019s Auditors in the year were \u00a30.03m related to CASS reporting to the FCA in respect of
certain subsidiaries (for the year ended 31 March 2025: \u00a30.03m), \u00a30.08m in respect of the review of the Group\u2019s interim financial statements (for the
year ended 31 March 2025: \u00a30.08m).
For the year ended 31 March 2026, the Group paid Grant Thornton \u00a30.3m for other non assurance services relating to tax compliance and tax
return preparation (for the year ended 31 March 2025: \u00a30.3m). Fees were paid in the year to Grant Thornton for the audit of the Group subsidiaries
were Nil (for the year ended 31 March 2025: \u00a30.01m).
During the year, PricewaterhouseCoopers LLP provided non-audit services amounting to \u00a30.02m (2025: \u00a3Nil) in respect of tax compliance services
to Connect Ventures One LP, an investment of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "11. Net finance expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest and expenses on loans and borrowings
(12.1)
(12.6)
Interest on leases (Note 23(ii))
(0.1)
(0.1)
Net foreign exchange loss
\u2013
\u2013
Finance expense
(12.2)
(12.7)
Interest income on cash and cash equivalents
2.1
2.7
Net foreign exchange gain
\u2013
0.2
Finance income
2.1
2.9
Net finance expense
(10.1)
(9.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "11. Net finance expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest and expenses on loans and borrowings
(12.1)
(12.6)
Interest on leases (Note 23(ii))
(0.1)
(0.1)
Net foreign exchange loss
\u2013
\u2013
Finance expense
(12.2)
(12.7)
Interest income on cash and cash equivalents
2.1
2.7
Net foreign exchange gain
\u2013
0.2
Finance income
2.1
2.9
Net finance expense
(10.1)
(9.8)
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Bank loan senior facility amount
180.0
180.0
Interest rate
SONIA + 5.5%
SONIA + 5.5%
Drawn at balance sheet date
(120.0)
(120.0)
Arrangement fees
0.4
0.3
Loan liability balance
(119.6)
(119.7)
Undrawn facilities at balance sheet date
60.0
60.0
\n
23(ii). Leases
The Group leases office buildings in London for use by its staff. Information about leases for which the Group is a lessee is presented below. The
Group also has an office in Dublin, however this contract is classified as a service contract and not a lease. This is not deemed to be a lease as it has
been assessed not to be controlled by the Group as these are managed offices with no alterations to the space allowed by the Group. The Group
leases IT equipment such as printers for use by staff. The Group has elected to apply the recognition exemption for leases of low value to these
leases.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Right-of-use asset
1.3
1.7
Total
1.3
1.7
\n
i. Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Current
(0.4)
(0.3)
Non-current
(0.9)
(1.3)
Total
(1.3)
(1.6)
\n
Additions to the right-of-use assets during the year ending 31 March 2026 were Nil (year ending 31 March 2025: \u00a32.0m).
ii.
Amounts recognised in the consolidated statement of comprehensive income
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest on lease liabilities
(0.1)
(0.1)
Depreciation charge for the period on right-of-use assets
(0.3)
(0.3)
The total cash outflow for leases in the year ending 31 March 2026 was \u00a30.4m (year ending 31 March 2025: \u00a30.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "11. Net finance expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest and expenses on loans and borrowings
(12.1)
(12.6)
Interest on leases (Note 23(ii))
(0.1)
(0.1)
Net foreign exchange loss
\u2013
\u2013
Finance expense
(12.2)
(12.7)
Interest income on cash and cash equivalents
2.1
2.7
Net foreign exchange gain
\u2013
0.2
Finance income
2.1
2.9
Net finance expense
(10.1)
(9.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "11. Net finance expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest and expenses on loans and borrowings
(12.1)
(12.6)
Interest on leases (Note 23(ii))
(0.1)
(0.1)
Net foreign exchange loss
\u2013
\u2013
Finance expense
(12.2)
(12.7)
Interest income on cash and cash equivalents
2.1
2.7
Net foreign exchange gain
\u2013
0.2
Finance income
2.1
2.9
Net finance expense
(10.1)
(9.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "11. Net finance expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest and expenses on loans and borrowings
(12.1)
(12.6)
Interest on leases (Note 23(ii))
(0.1)
(0.1)
Net foreign exchange loss
\u2013
\u2013
Finance expense
(12.2)
(12.7)
Interest income on cash and cash equivalents
2.1
2.7
Net foreign exchange gain
\u2013
0.2
Finance income
2.1
2.9
Net finance expense
(10.1)
(9.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "11. Net finance expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest and expenses on loans and borrowings
(12.1)
(12.6)
Interest on leases (Note 23(ii))
(0.1)
(0.1)
Net foreign exchange loss
\u2013
\u2013
Finance expense
(12.2)
(12.7)
Interest income on cash and cash equivalents
2.1
2.7
Net foreign exchange gain
\u2013
0.2
Finance income
2.1
2.9
Net finance expense
(10.1)
(9.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "11. Net finance expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest and expenses on loans and borrowings
(12.1)
(12.6)
Interest on leases (Note 23(ii))
(0.1)
(0.1)
Net foreign exchange loss
\u2013
\u2013
Finance expense
(12.2)
(12.7)
Interest income on cash and cash equivalents
2.1
2.7
Net foreign exchange gain
\u2013
0.2
Finance income
2.1
2.9
Net finance expense
(10.1)
(9.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "12. Tax expense
The charge to tax, which arises in the Group and the corporate subsidiaries included within these financial statements, is:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March2025
\u00a0
\u00a3m
\u00a3m
Current tax expense
\u00a0 \u00a0
Current tax on profits for the year
(1.0)
\u2013
Total current tax expense
(1.0)
\u2013
Deferred tax (expense)/benefit
\u00a0 \u00a0
Movement on deferred tax (note 24)
(0.3)
(1.0)
Total deferred tax expense
(0.3)
(1.0)
Income tax expense
(1.3)
(1.0)
\n
The UK standard rate of corporation tax is 25% as at year-end (for the year ended 31 March 2025: 25%). 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 profit for the year before tax are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Profit for the year before tax
121.6
0.2
Tax at the UK tax rate of 25% (31 March 2025: 25%)
30.4
0.1
Gains on investments
(35.4)
(5.7)
Movement on deferred tax (note 24)
(0.3)
(1.0)
Other
4.0
5.6
Income tax expense
(1.3)
(1.0)
\nThe standard rate of corporation tax will remain at 25% for the 2025/2026 tax year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "13. Earnings/(loss) per share and net asset value
The 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 earnings/(loss) per ordinary share
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Profit/(Loss)
\u00a0 \u00a0
\u00a0
after tax
No. of shares
Pence
\u00a0
\u00a3m
m
per share
For the year ended 31 March 2026
120.3
174.1
69.1
For the year ended 31 March 2025
(0.8)
184.2
(0.4)
\n
Diluted earnings/(loss) per ordinary share
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Profit/(Loss)
\u00a0 \u00a0
\u00a0
after tax
No. of shares
1
Pence
\u00a0
\u00a3m
m
per share
For the year ended 31 March 2026
120.3
175.3
68.6
For the year ended 31 March 2025
(0.8)
184.8
(0.4)
\n
1
The basic number of shares is 174.1 million (FY25: 184.2 million), which has been adjusted for treasury shares of
14.9
million (FY25: 4.9 million). Please see Note 26 for further details.
Diluted shares have been calculated after adjusting for share options of 1.1 million in the year (FY25: 0.6 million), resulting in a diluted number of 175.3 million (FY25: 184.8 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 share
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net assets
No. of shares
Pence
\u00a0
\u00a3m
m
per share
As at 31 March 2026
1,323.8
174.1
760.0
As at 31 March 2025
1,235.8
184.2
671.0
\n
Diluted net asset value per ordinary share
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net assets
No. of shares
1
Pence
\u00a0
\u00a3m
m
per share
As at 31 March 2026
1,323.8
175.3
755.0
As at 31 March 2025
1,235.8
184.8
669.0
\n
1
The basic number of shares is 174.1 million (FY25: 184.2 million), which has been adjusted for treasury shares of
14.9
million (FY25: 4.9 million). Please see Note 26 for further details.
Diluted shares have been calculated after adjusting for share options of 1.1 million in the year (FY25: 0.6 million), resulting in a diluted number of 175.3 million (FY25: 184.8 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "Net asset value per ordinary share \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net assets
No. of shares
Pence
\u00a0
\u00a3m
m
per share
As at 31 March 2026
1,323.8
174.1
760.0
As at 31 March 2025
1,235.8
184.2
671.0
\n
Diluted net asset value per ordinary share
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Net assets
No. of shares
1
Pence
\u00a0
\u00a3m
m
per share
As at 31 March 2026
1,323.8
175.3
755.0
As at 31 March 2025
1,235.8
184.8
669.0
\n
1
The basic number of shares is 174.1 million (FY25: 184.2 million), which has been adjusted for treasury shares of
14.9
million (FY25: 4.9 million). Please see Note 26 for further details.
Diluted shares have been calculated after adjusting for share options of 1.1 million in the year (FY25: 0.6 million), resulting in a diluted number of 175.3 million (FY25: 184.8 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "14. Share-based payments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
value per
\u00a0 \u00a0
b/f
Granted in
Lapsed in
Exercised
c/f
\u00a0
Exercise
granted
\u00a0
Date of
1 April 2025
the year
the year
in the year
31 Mar 2026
Vesting
price
instrument
\u00a0
Grant
(No.)
(No.)
(No.)
(No.)
(No.)
period
(pence)
(pence)
\u00a0
28\u2013Nov\u201316
499,320
\u2013
\u2013
(326,385)
172,935
3 years
355
64.1
Molten Ventures
11\u2013Nov\u201317
120,000
\u2013
\u2013
\u2013
120,000
3 years
530
89.3
plc 2016 Company
28\u2013Nov\u201317
306,384
\u2013
\u2013
(41,549)
264,835
3 years
387
70.9
Share Option Scheme
30\u2013Jul\u201318
650,750
\u2013
(109,600)
\u2013
541,150
3 years
530
67.8
(\u201cCSOP\u201d)
12\u2013Feb\u201319
546,868
\u2013
(80,000)
\u2013
466,868
3 years
449
81.2
\u00a0
26\u2013Jul\u201321
28,754
\u2013
(1,522)
(6,088)
21,144
1 year
1
986
\u00a0
29\u2013Jun\u201320
123,774
\u2013
\u2013
(46,275)
77,499
3 years
1
449
\u00a0
29\u2013Jun\u201320
131,359
\u2013
\u2013
(94,744)
36,615
3 years
1
81
\u00a0
16\u2013Jul\u201321
118,187
\u2013
(544)
(19,480)
98,163
3 years
1
940
\u00a0
17\u2013Jun\u201322
373,006
\u2013
(373,006)
\u2013
\u2013
3 years
1
540
\u00a0
17\u2013Jun\u201322
543,609
\u2013
(543,609)
\u2013
\u2013
3 years*
1
540
\u00a0
22\u2013Jun\u201323
77,849
\u2013
(77,849)
\u2013
\u2013
2 years
1
241
Molten Ventures plc
22\u2013Jun\u201323
113,453
\u2013
(113,453)
\u2013
\u2013
2 years
1
447
Long-Term Incentive
23\u2013Jun\u201323
2,156,156
\u2013
(418,690)
\u2013
1,737,466
3 years
1
274
Plan (\u201cLTIP\u201d)
19\u2013Jun\u201324
803,099
\u2013
(234,383)
\u2013
568,716
3 years
1
359
\u00a0
28\u2013Jun\u201324
768,153
\u2013
(130,389)
\u2013
637,764
3 years
1
365
\u00a0
01\u2013Sep\u201324
51,582
\u2013
\u2013
\u2013
51,582
3 years
1
409
\u00a0
03\u2013Dec\u201324
30,669
\u2013
\u2013
\u2013
30,669
3 years
1
271
\u00a0
20\u2013Jun\u201325
\u2013
1,056,892
\u2013
\u2013
1,056,892
3 years
1
197
\u00a0
20\u2013Jun\u201325
\u2013
848,106
(162,299)
\u2013
685,807
3 years
1
292
\u00a0
20\u2013Jun\u201325
\u2013
62,292
\u2013
\u2013
62,292
3 years
1
291
\u00a0
17\u2013Jun\u201322
211,110
\u2013
\u2013
(150,925)
60,185
2 years
1
540
Molten Ventures plc
22\u2013Jun\u201323
44,058
\u2013
\u2013
(31,498)
12,560
2 years
1
241
Deferred Benefit Plan
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(\u201cDBP\u201d)
19\u2013Jun\u201324
174,070
\u2013
\u2013
\u2013
174,070
2 years
1
401
\u00a0
20\u2013Jun\u201325
\u2013
327,023
\u2013
\u2013
327,023
2 years
1
292
Total
\u00a0
7,872,210
2,294,313
(2,245,344)
(716,944)
7,204,235
\u00a0 \u00a0 \u00a0
\n
* 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 plan
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
As at 1 April
7,872,210
6,983,618
Granted during the year
2,294,313
1,994,088
Lapsed in the year
(2,245,344)
(1,079,400)
Exercised during the year
(716,944)
(26,096)
As at 31 March
7,204,235
7,872,210
\n
The CSOP, LTIP and DBP are, as of 31 March 2026, 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 26(i)). Of the 716,944 options exercised during the year, none
were satisfied with new ordinary shares issued by Molten Ventures plc (FY25: 26,096) options exercised with no new ordinary shares issued). All
outstanding options have been assessed to be reportable as equity-settled.
The options granted under the LTIP have an exercise price of 1p per share and are subject to performance conditions for Directors. Additional
share options awarded to employees under the LTIP also have an exercise price of 1p per share and are subject to performance conditions based
on either total shareholder return vs the FTSE 250 and assets under management, or Group NAV.
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 2026, the best estimate for expected vesting of unvested share options
is 52%.
The options awarded under the DBP also have an exercise price of 1p each and are subject to a two-year deferral period before they can be
exercised. FY26 bonus amounts were paid in cash for an amount up to 100% (FY25: 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. See the
Directors\u2019 Remuneration Report on pages 103 to 127 for further details.
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 \u00a32.6 million (year ended 31 March 2025: \u00a34.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "15. Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0
\u00a0
Goodwill
contracts
Total
As at 31 March 2026
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2025
10.4
1.1
11.5
Additions during the period
\u2013
\u2013
\u2013
Cost as at 31 March 2026
10.4
1.1
11.5
Accumulated amortisation
\u00a0 \u00a0 \u00a0
Amortisation carried forward as at 1 April 2025
\u2013
(1.1)
(1.1)
Charge for the period
\u2013
\u2013
\u2013
Accumulated amortisation as at 31 March 2026
\u2013
(1.1)
(1.1)
Net book value:
\u00a0 \u00a0 \u00a0
As at 31 March 2026
10.4
\u2013
10.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0
\u00a0
Goodwill
contracts
Total
As at 31 March 2025
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2024
10.4
1.1
11.5
Additions during the period
\u2013
\u2013
\u2013
Cost as at 31 March 2025
10.4
1.1
11.5
Accumulated amortisation
\u00a0 \u00a0 \u00a0
Amortisation carried forward as at 1 April 2024
\u2013
(1.0)
(1.0)
Charge for the period
\u2013
(0.1)
(0.1)
Accumulated amortisation as at 31 March 2025
\u2013
(1.1)
(1.1)
Net book value:
\u00a0 \u00a0 \u00a0
As at 31 March 2025
10.4
\u2013
10.4
\nThe 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "15. Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0
\u00a0
Goodwill
contracts
Total
As at 31 March 2026
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2025
10.4
1.1
11.5
Additions during the period
\u2013
\u2013
\u2013
Cost as at 31 March 2026
10.4
1.1
11.5
Accumulated amortisation
\u00a0 \u00a0 \u00a0
Amortisation carried forward as at 1 April 2025
\u2013
(1.1)
(1.1)
Charge for the period
\u2013
\u2013
\u2013
Accumulated amortisation as at 31 March 2026
\u2013
(1.1)
(1.1)
Net book value:
\u00a0 \u00a0 \u00a0
As at 31 March 2026
10.4
\u2013
10.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0
\u00a0
Goodwill
contracts
Total
As at 31 March 2025
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2024
10.4
1.1
11.5
Additions during the period
\u2013
\u2013
\u2013
Cost as at 31 March 2025
10.4
1.1
11.5
Accumulated amortisation
\u00a0 \u00a0 \u00a0
Amortisation carried forward as at 1 April 2024
\u2013
(1.0)
(1.0)
Charge for the period
\u2013
(0.1)
(0.1)
Accumulated amortisation as at 31 March 2025
\u2013
(1.1)
(1.1)
Net book value:
\u00a0 \u00a0 \u00a0
As at 31 March 2025
10.4
\u2013
10.4
\nThe 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "15. Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0
\u00a0
Goodwill
contracts
Total
As at 31 March 2026
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2025
10.4
1.1
11.5
Additions during the period
\u2013
\u2013
\u2013
Cost as at 31 March 2026
10.4
1.1
11.5
Accumulated amortisation
\u00a0 \u00a0 \u00a0
Amortisation carried forward as at 1 April 2025
\u2013
(1.1)
(1.1)
Charge for the period
\u2013
\u2013
\u2013
Accumulated amortisation as at 31 March 2026
\u2013
(1.1)
(1.1)
Net book value:
\u00a0 \u00a0 \u00a0
As at 31 March 2026
10.4
\u2013
10.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0
\u00a0
Goodwill
contracts
Total
As at 31 March 2025
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2024
10.4
1.1
11.5
Additions during the period
\u2013
\u2013
\u2013
Cost as at 31 March 2025
10.4
1.1
11.5
Accumulated amortisation
\u00a0 \u00a0 \u00a0
Amortisation carried forward as at 1 April 2024
\u2013
(1.0)
(1.0)
Charge for the period
\u2013
(0.1)
(0.1)
Accumulated amortisation as at 31 March 2025
\u2013
(1.1)
(1.1)
Net book value:
\u00a0 \u00a0 \u00a0
As at 31 March 2025
10.4
\u2013
10.4
\nThe 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 equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
Furniture and
Computer
Leasehold
\u00a0
\u00a0
assets
fixtures
equipment
Improvements
Total
Year ended 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2025
2.0
0.8
0.2
\u2013
3.0
Additions during the year
\u2013
\u2013
0.1
0.1
0.2
Disposals during the year
\u2013
\u2013
\u2013
\u2013
\u2013
Cost as at 31 March 2026
2.0
0.8
0.3
0.1
3.2
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Depreciation carried forward as at 1 April 2025
(0.3)
(0.7)
(0.2)
\u2013
(1.2)
Charge for the year
(0.4)
(0.1)
\u2013
\u2013
(0.5)
Disposals during the year
\u2013
\u2013
\u2013
\u2013
\u2013
Accumulated depreciation as at 31 March 2026
(0.7)
(0.8)
(0.2)
\u2013
(1.7)
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 31 March 2026
1.3
\u2013
0.1
0.1
1.5
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
Furniture and
Computer
Leasehold
\u00a0
\u00a0
assets
fixtures
equipment
Improvements
Total
Year ended 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2024
1.6
0.8
0.2
\u2013
2.6
Additions during the year
2.0
\u2013
\u2013
\u2013
2.0
Disposals during the year
(1.6)
\u2013
\u2013
\u2013
(1.6)
Cost as at 31 March 2025
2.0
0.8
0.2
\u2013
3.0
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Depreciation carried forward as at 1 April 2024
(1.6)
(0.7)
(0.2)
\u2013
(2.5)
Charge for the year
(0.3)
\u2013
\u2013
\u2013
(0.3)
Disposals during the year
1.6
\u2013
\u2013
\u2013
1.6
Accumulated depreciation as at 31 March 2025
(0.3)
(0.7)
(0.2)
\u2013
(1.2)
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 31 March 2025
1.7
0.1
\u2013
\u2013
1.8
\nThe 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "15. Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0
\u00a0
Goodwill
contracts
Total
As at 31 March 2026
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2025
10.4
1.1
11.5
Additions during the period
\u2013
\u2013
\u2013
Cost as at 31 March 2026
10.4
1.1
11.5
Accumulated amortisation
\u00a0 \u00a0 \u00a0
Amortisation carried forward as at 1 April 2025
\u2013
(1.1)
(1.1)
Charge for the period
\u2013
\u2013
\u2013
Accumulated amortisation as at 31 March 2026
\u2013
(1.1)
(1.1)
Net book value:
\u00a0 \u00a0 \u00a0
As at 31 March 2026
10.4
\u2013
10.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0
\u00a0
Goodwill
contracts
Total
As at 31 March 2025
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2024
10.4
1.1
11.5
Additions during the period
\u2013
\u2013
\u2013
Cost as at 31 March 2025
10.4
1.1
11.5
Accumulated amortisation
\u00a0 \u00a0 \u00a0
Amortisation carried forward as at 1 April 2024
\u2013
(1.0)
(1.0)
Charge for the period
\u2013
(0.1)
(0.1)
Accumulated amortisation as at 31 March 2025
\u2013
(1.1)
(1.1)
Net book value:
\u00a0 \u00a0 \u00a0
As at 31 March 2025
10.4
\u2013
10.4
\nThe 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "16. Financial assets held at fair value through profit or loss
The 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 29. 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
As at 1 April
1,279.9
1,292.1
Investments made in the period1
89.5
72.6
Realisation of investments during the year
(119.6)
(134.6)
Carry external
7.8
12.4
Portfolio Deferred tax
(1.4)
\u2013
Non-investment cash movements
14.1
14.7
Unrealised gains/(losses) on the revaluation of investments
143.0
22.7
As at 31 March
1,413.3
1,279.9
\n
1
Total investments made in the period includes \u00a310m of deferred consideration arising from the acquisition of the remaining holdings in Molten Ventures FOF I LP.23(i). Loans and borrowings
On 6 September 2022, the Company entered into a facility agreement relating to a debt facility (the \u201cDebt Facility\u201d) with J.P. Morgan Chase Bank
N.A., London Branch (\u201cJPM\u201d) and HSBC Bank Plc (\u201cHSBC\u201d), with a JPM affiliate acting as the appointed agent. The Company extended their facility
agreement, effective from 7 September 2024, with J.P. Morgan Chase Bank, N.A. (\u201cJPM\u201d) and HSBC Innovation Banking Limited (\u201cHSBCIB\u201d), which
may be used for investment and corporate purposes.
The Extended Debt Facility comprises a \u00a3120.0 million term loan (\u201cTerm Loan\u201d) drawn on day one and a revolving credit facility (\u201cRCF\u201d) of up to
\u00a360.0 million, both with a three-year tenor. Repayment date is September 2027, reflecting the extension agreed in July 2024. The headline interest
rate applied on both the Term Loan and RCF remains at SONIA plus a \u201cmargin\u201d of 5.50% per annum. The Debt Facility is secured against various
Group assets, LP interests and bank accounts in the Group.
Drawdown of the RCF component of the Extended Debt Facility is subject to a maximum loan to value ratio of 12.5%. The Company\u2019s ability to
satisfy its financial and non-financial covenants is dependent on the value of the investment portfolio. The value of the portfolio will continue to be
subject to ad hoc independent third-party valuation.
The Group incurred transaction fees of \u00a30.9 million in the prior year, which are presented within loans and borrowings on the statement
of financial position and are amortised over the life of the facility. Interest-related charges are reported in the consolidated statement of
comprehensive income as finance costs.
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% (12.5% 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).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Bank loan senior facility amount
180.0
180.0
Interest rate
SONIA + 5.5%
SONIA + 5.5%
Drawn at balance sheet date
(120.0)
(120.0)
Arrangement fees
0.4
0.3
Loan liability balance
(119.6)
(119.7)
Undrawn facilities at balance sheet date
60.0
60.0
\n
23(ii). Leases
The Group leases office buildings in London for use by its staff. Information about leases for which the Group is a lessee is presented below. The
Group also has an office in Dublin, however this contract is classified as a service contract and not a lease. This is not deemed to be a lease as it has
been assessed not to be controlled by the Group as these are managed offices with no alterations to the space allowed by the Group. The Group
leases IT equipment such as printers for use by staff. The Group has elected to apply the recognition exemption for leases of low value to these
leases.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Right-of-use asset
1.3
1.7
Total
1.3
1.7
\n
i. Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Current
(0.4)
(0.3)
Non-current
(0.9)
(1.3)
Total
(1.3)
(1.6)
\n
Additions to the right-of-use assets during the year ending 31 March 2026 were Nil (year ending 31 March 2025: \u00a32.0m).
ii.
Amounts recognised in the consolidated statement of comprehensive income
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest on lease liabilities
(0.1)
(0.1)
Depreciation charge for the period on right-of-use assets
(0.3)
(0.3)
The total cash outflow for leases in the year ending 31 March 2026 was \u00a30.4m (year ending 31 March 2025: \u00a30.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "16. Financial assets held at fair value through profit or loss
The 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 29. 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
As at 1 April
1,279.9
1,292.1
Investments made in the period1
89.5
72.6
Realisation of investments during the year
(119.6)
(134.6)
Carry external
7.8
12.4
Portfolio Deferred tax
(1.4)
\u2013
Non-investment cash movements
14.1
14.7
Unrealised gains/(losses) on the revaluation of investments
143.0
22.7
As at 31 March
1,413.3
1,279.9
\n
1
Total investments made in the period includes \u00a310m of deferred consideration arising from the acquisition of the remaining holdings in Molten Ventures FOF I LP.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "16. Financial assets held at fair value through profit or loss
The 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 29. 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
As at 1 April
1,279.9
1,292.1
Investments made in the period1
89.5
72.6
Realisation of investments during the year
(119.6)
(134.6)
Carry external
7.8
12.4
Portfolio Deferred tax
(1.4)
\u2013
Non-investment cash movements
14.1
14.7
Unrealised gains/(losses) on the revaluation of investments
143.0
22.7
As at 31 March
1,413.3
1,279.9
\n
1
Total investments made in the period includes \u00a310m of deferred consideration arising from the acquisition of the remaining holdings in Molten Ventures FOF I LP.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "16. Financial assets held at fair value through profit or loss
The 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 29. 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
As at 1 April
1,279.9
1,292.1
Investments made in the period1
89.5
72.6
Realisation of investments during the year
(119.6)
(134.6)
Carry external
7.8
12.4
Portfolio Deferred tax
(1.4)
\u2013
Non-investment cash movements
14.1
14.7
Unrealised gains/(losses) on the revaluation of investments
143.0
22.7
As at 31 March
1,413.3
1,279.9
\n
1
Total investments made in the period includes \u00a310m of deferred consideration arising from the acquisition of the remaining holdings in Molten Ventures FOF I LP.23. Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0
Leases
(0.4)
(0.3)
Deferred consideration on investments
(10.0)
\u2013
Loans and borrowings
\u2013
\u2013
Total current financial liabilities
(10.4)
(0.3)
Non-current liabilities
\u00a0 \u00a0
Leases
(0.9)
(1.3)
Loans and borrowings
(119.6)
(119.7)
Total non-current financial liabilities
(120.5)
(121.0)
Total
(130.9)
(121.3)
The below table shows the changes in liabilities from financing activities.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Borrowings
Leases
\u00a0
\u00a3m
\u00a3m
At 1 April 2024
(89.4)
\u2013
Capitalisation of costs
\u2013
(1.8)
Amortisation of costs
(0.3)
(0.1)
Drawdowns
(30.0)
\u2013
Payment of lease liabilities
\u2013
0.3
At 31 March 2025
(119.7)
(1.6)
Amortisation of costs
0.1
(0.1)
Payment of lease liabilities
\u2013
0.4
At 31 March 2026
(119.6)
(1.3)
23(i). Loans and borrowings
On 6 September 2022, the Company entered into a facility agreement relating to a debt facility (the \u201cDebt Facility\u201d) with J.P. Morgan Chase Bank
N.A., London Branch (\u201cJPM\u201d) and HSBC Bank Plc (\u201cHSBC\u201d), with a JPM affiliate acting as the appointed agent. The Company extended their facility
agreement, effective from 7 September 2024, with J.P. Morgan Chase Bank, N.A. (\u201cJPM\u201d) and HSBC Innovation Banking Limited (\u201cHSBCIB\u201d), which
may be used for investment and corporate purposes.
The Extended Debt Facility comprises a \u00a3120.0 million term loan (\u201cTerm Loan\u201d) drawn on day one and a revolving credit facility (\u201cRCF\u201d) of up to
\u00a360.0 million, both with a three-year tenor. Repayment date is September 2027, reflecting the extension agreed in July 2024. The headline interest
rate applied on both the Term Loan and RCF remains at SONIA plus a \u201cmargin\u201d of 5.50% per annum. The Debt Facility is secured against various
Group assets, LP interests and bank accounts in the Group.
Drawdown of the RCF component of the Extended Debt Facility is subject to a maximum loan to value ratio of 12.5%. The Company\u2019s ability to
satisfy its financial and non-financial covenants is dependent on the value of the investment portfolio. The value of the portfolio will continue to be
subject to ad hoc independent third-party valuation.
The Group incurred transaction fees of \u00a30.9 million in the prior year, which are presented within loans and borrowings on the statement
of financial position and are amortised over the life of the facility. Interest-related charges are reported in the consolidated statement of
comprehensive income as finance costs.
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% (12.5% 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).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Bank loan senior facility amount
180.0
180.0
Interest rate
SONIA + 5.5%
SONIA + 5.5%
Drawn at balance sheet date
(120.0)
(120.0)
Arrangement fees
0.4
0.3
Loan liability balance
(119.6)
(119.7)
Undrawn facilities at balance sheet date
60.0
60.0
\n
23(ii). Leases
The Group leases office buildings in London for use by its staff. Information about leases for which the Group is a lessee is presented below. The
Group also has an office in Dublin, however this contract is classified as a service contract and not a lease. This is not deemed to be a lease as it has
been assessed not to be controlled by the Group as these are managed offices with no alterations to the space allowed by the Group. The Group
leases IT equipment such as printers for use by staff. The Group has elected to apply the recognition exemption for leases of low value to these
leases.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Right-of-use asset
1.3
1.7
Total
1.3
1.7
\n
i. Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Current
(0.4)
(0.3)
Non-current
(0.9)
(1.3)
Total
(1.3)
(1.6)
\n
Additions to the right-of-use assets during the year ending 31 March 2026 were Nil (year ending 31 March 2025: \u00a32.0m).
ii.
Amounts recognised in the consolidated statement of comprehensive income
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest on lease liabilities
(0.1)
(0.1)
Depreciation charge for the period on right-of-use assets
(0.3)
(0.3)
The total cash outflow for leases in the year ending 31 March 2026 was \u00a30.4m (year ending 31 March 2025: \u00a30.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "16. Financial assets held at fair value through profit or loss
The 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 29. 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
As at 1 April
1,279.9
1,292.1
Investments made in the period1
89.5
72.6
Realisation of investments during the year
(119.6)
(134.6)
Carry external
7.8
12.4
Portfolio Deferred tax
(1.4)
\u2013
Non-investment cash movements
14.1
14.7
Unrealised gains/(losses) on the revaluation of investments
143.0
22.7
As at 31 March
1,413.3
1,279.9
\n
1
Total investments made in the period includes \u00a310m of deferred consideration arising from the acquisition of the remaining holdings in Molten Ventures FOF I LP.
17. Significant holdings in undertakings other than subsidiary undertakings
For 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Interest FD category*
\u00a0 \u00a0 \u00a0 \u00a0
at\u00a0reporting date/
Name
Address
Principal activity
Type of shareholding
partnership interest
Earlybird GmbH & Co.
c/o Earlybird Venture Capital,
Limited partnership pursuant to which
Partnership interest
E
Beteiligungs-KG IV
Promenadeplatz 9 80333 Munich
the Group holds certain investments
\u00a0 \u00a0
Earlybird Special
c/o Earlybird Venture Capital,
Limited partnership pursuant to which
Partnership interest
E
Opportunities LP
Promenadeplatz 9 80333 Munich
the Group holds certain investments
\u00a0 \u00a0
Earlybird DWES
c/o Earlybird Venture Capital,
Limited partnership pursuant to which
\u00a0 \u00a0
Fund\u00a0VI GmbH &
Promenadeplatz 9 80333 Munich
the Group holds certain investments
Partnership interest
E
Co. KG
\u00a0 \u00a0 \u00a0 \u00a0
Recode Health
95 3rd Street, 2nd Floor,
Limited partnership pursuant to which
\u00a0 \u00a0
Opportunities Fund\u00a0I,
San Francisco, CA 94103
the Group holds certain investments
Partnership interest
E
LP
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
2480 Regents Court, The Crescent,
\u00a0 \u00a0 \u00a0
Vektor UK Limited
Birmingham Business Park,
Limited partnership pursuant to which
Partnership interest
D
\u00a0
West Midlands B37 7YE,
the Group holds certain investments
\u00a0 \u00a0
\u00a0
United Kingdom
\u00a0 \u00a0 \u00a0
Black Seed LP
Coldharbour Lane Unit 63,
Limited partnership pursuant to which
Partnership interest
D
\u00a0
Brixton Village, London SW9 8PS
the Group holds certain investments
\u00a0 \u00a0
Realeyes O\u00dc
86-90 Paul Street, London,
Trading company
Ordinary Shares
E
\u00a0
EC2A\u00a04NE, United Kingdom
\u00a0
Preference shares
\u00a0
Makers Academy
Unit 2f Zetland House,
\u00a0
Ordinary Shares
E
Limited
5-25\u00a0Scrutton St,
Trading company
Preference shares
\u00a0
\u00a0
London, England, EC2A 4HJ
\u00a0 \u00a0 \u00a0
SettleMint NV
Philipssite 5 bus 30,
Trading company
\u00a0 \u00a0
\u00a0
3001 Leuven, Belgium
\u00a0\u00a0 \u00a0
Driftrock Limited
124 City Road, London,
Trading company
Ordinary Shares
E
\u00a0
United Kingdom, EC1V 2NX
\u00a0
Preference shares
\u00a0
RavenPack
Centro Negocios Oasis, Local\u00a08,
\u00a0
Ordinary Shares
\u00a0
International S.L.U.
Ctra Nacional 340, KM 176,
Trading company
Preference shares
D
\u00a0
Marbella, Malaga 29602, Spain
\u00a0
Ordinary Shares
\u00a0
Outthink LTD
80 Cheapside, London,
Trading company
Preference shares
D
\u00a0
United Kingdom, EC2V 6EE
\u00a0 \u00a0\u00a0
\u00a0\u00a0 \u00a0
Ordinary Shares
D
\u00a0
74 Fitzwilliam Lane,
\u00a0
Preference shares
\u00a0
&Open Incentive
Dublin 2, D02 YX95,
Trading company
\u00a0\u00a0
Limited
Ireland
\u00a0
Ordinary Shares
D
\u00a0\u00a0 \u00a0
Preference shares
\u00a0
Speedinvest I
Praterstra\u00dfe 1, Stiege 1, Top 6
\u00a0 \u00a0 \u00a0
Continuation I GmbH
1020 Vienna
Limited partnership pursuant to which
Partnership interest
E
& Co KG
Austria
the Group holds certain investments
\u00a0 \u00a0
\n
* 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 51.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "17. Significant holdings in undertakings other than subsidiary undertakings
For 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Interest FD category*
\u00a0 \u00a0 \u00a0 \u00a0
at\u00a0reporting date/
Name
Address
Principal activity
Type of shareholding
partnership interest
Earlybird GmbH & Co.
c/o Earlybird Venture Capital,
Limited partnership pursuant to which
Partnership interest
E
Beteiligungs-KG IV
Promenadeplatz 9 80333 Munich
the Group holds certain investments
\u00a0 \u00a0
Earlybird Special
c/o Earlybird Venture Capital,
Limited partnership pursuant to which
Partnership interest
E
Opportunities LP
Promenadeplatz 9 80333 Munich
the Group holds certain investments
\u00a0 \u00a0
Earlybird DWES
c/o Earlybird Venture Capital,
Limited partnership pursuant to which
\u00a0 \u00a0
Fund\u00a0VI GmbH &
Promenadeplatz 9 80333 Munich
the Group holds certain investments
Partnership interest
E
Co. KG
\u00a0 \u00a0 \u00a0 \u00a0
Recode Health
95 3rd Street, 2nd Floor,
Limited partnership pursuant to which
\u00a0 \u00a0
Opportunities Fund\u00a0I,
San Francisco, CA 94103
the Group holds certain investments
Partnership interest
E
LP
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
2480 Regents Court, The Crescent,
\u00a0 \u00a0 \u00a0
Vektor UK Limited
Birmingham Business Park,
Limited partnership pursuant to which
Partnership interest
D
\u00a0
West Midlands B37 7YE,
the Group holds certain investments
\u00a0 \u00a0
\u00a0
United Kingdom
\u00a0 \u00a0 \u00a0
Black Seed LP
Coldharbour Lane Unit 63,
Limited partnership pursuant to which
Partnership interest
D
\u00a0
Brixton Village, London SW9 8PS
the Group holds certain investments
\u00a0 \u00a0
Realeyes O\u00dc
86-90 Paul Street, London,
Trading company
Ordinary Shares
E
\u00a0
EC2A\u00a04NE, United Kingdom
\u00a0
Preference shares
\u00a0
Makers Academy
Unit 2f Zetland House,
\u00a0
Ordinary Shares
E
Limited
5-25\u00a0Scrutton St,
Trading company
Preference shares
\u00a0
\u00a0
London, England, EC2A 4HJ
\u00a0 \u00a0 \u00a0
SettleMint NV
Philipssite 5 bus 30,
Trading company
\u00a0 \u00a0
\u00a0
3001 Leuven, Belgium
\u00a0\u00a0 \u00a0
Driftrock Limited
124 City Road, London,
Trading company
Ordinary Shares
E
\u00a0
United Kingdom, EC1V 2NX
\u00a0
Preference shares
\u00a0
RavenPack
Centro Negocios Oasis, Local\u00a08,
\u00a0
Ordinary Shares
\u00a0
International S.L.U.
Ctra Nacional 340, KM 176,
Trading company
Preference shares
D
\u00a0
Marbella, Malaga 29602, Spain
\u00a0
Ordinary Shares
\u00a0
Outthink LTD
80 Cheapside, London,
Trading company
Preference shares
D
\u00a0
United Kingdom, EC2V 6EE
\u00a0 \u00a0\u00a0
\u00a0\u00a0 \u00a0
Ordinary Shares
D
\u00a0
74 Fitzwilliam Lane,
\u00a0
Preference shares
\u00a0
&Open Incentive
Dublin 2, D02 YX95,
Trading company
\u00a0\u00a0
Limited
Ireland
\u00a0
Ordinary Shares
D
\u00a0\u00a0 \u00a0
Preference shares
\u00a0
Speedinvest I
Praterstra\u00dfe 1, Stiege 1, Top 6
\u00a0 \u00a0 \u00a0
Continuation I GmbH
1020 Vienna
Limited partnership pursuant to which
Partnership interest
E
& Co KG
Austria
the Group holds certain investments
\u00a0 \u00a0
\n
* 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 51.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "value": "17. Significant holdings in undertakings other than subsidiary undertakings
For 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Interest FD category*
\u00a0 \u00a0 \u00a0 \u00a0
at\u00a0reporting date/
Name
Address
Principal activity
Type of shareholding
partnership interest
Earlybird GmbH & Co.
c/o Earlybird Venture Capital,
Limited partnership pursuant to which
Partnership interest
E
Beteiligungs-KG IV
Promenadeplatz 9 80333 Munich
the Group holds certain investments
\u00a0 \u00a0
Earlybird Special
c/o Earlybird Venture Capital,
Limited partnership pursuant to which
Partnership interest
E
Opportunities LP
Promenadeplatz 9 80333 Munich
the Group holds certain investments
\u00a0 \u00a0
Earlybird DWES
c/o Earlybird Venture Capital,
Limited partnership pursuant to which
\u00a0 \u00a0
Fund\u00a0VI GmbH &
Promenadeplatz 9 80333 Munich
the Group holds certain investments
Partnership interest
E
Co. KG
\u00a0 \u00a0 \u00a0 \u00a0
Recode Health
95 3rd Street, 2nd Floor,
Limited partnership pursuant to which
\u00a0 \u00a0
Opportunities Fund\u00a0I,
San Francisco, CA 94103
the Group holds certain investments
Partnership interest
E
LP
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
2480 Regents Court, The Crescent,
\u00a0 \u00a0 \u00a0
Vektor UK Limited
Birmingham Business Park,
Limited partnership pursuant to which
Partnership interest
D
\u00a0
West Midlands B37 7YE,
the Group holds certain investments
\u00a0 \u00a0
\u00a0
United Kingdom
\u00a0 \u00a0 \u00a0
Black Seed LP
Coldharbour Lane Unit 63,
Limited partnership pursuant to which
Partnership interest
D
\u00a0
Brixton Village, London SW9 8PS
the Group holds certain investments
\u00a0 \u00a0
Realeyes O\u00dc
86-90 Paul Street, London,
Trading company
Ordinary Shares
E
\u00a0
EC2A\u00a04NE, United Kingdom
\u00a0
Preference shares
\u00a0
Makers Academy
Unit 2f Zetland House,
\u00a0
Ordinary Shares
E
Limited
5-25\u00a0Scrutton St,
Trading company
Preference shares
\u00a0
\u00a0
London, England, EC2A 4HJ
\u00a0 \u00a0 \u00a0
SettleMint NV
Philipssite 5 bus 30,
Trading company
\u00a0 \u00a0
\u00a0
3001 Leuven, Belgium
\u00a0\u00a0 \u00a0
Driftrock Limited
124 City Road, London,
Trading company
Ordinary Shares
E
\u00a0
United Kingdom, EC1V 2NX
\u00a0
Preference shares
\u00a0
RavenPack
Centro Negocios Oasis, Local\u00a08,
\u00a0
Ordinary Shares
\u00a0
International S.L.U.
Ctra Nacional 340, KM 176,
Trading company
Preference shares
D
\u00a0
Marbella, Malaga 29602, Spain
\u00a0
Ordinary Shares
\u00a0
Outthink LTD
80 Cheapside, London,
Trading company
Preference shares
D
\u00a0
United Kingdom, EC2V 6EE
\u00a0 \u00a0\u00a0
\u00a0\u00a0 \u00a0
Ordinary Shares
D
\u00a0
74 Fitzwilliam Lane,
\u00a0
Preference shares
\u00a0
&Open Incentive
Dublin 2, D02 YX95,
Trading company
\u00a0\u00a0
Limited
Ireland
\u00a0
Ordinary Shares
D
\u00a0\u00a0 \u00a0
Preference shares
\u00a0
Speedinvest I
Praterstra\u00dfe 1, Stiege 1, Top 6
\u00a0 \u00a0 \u00a0
Continuation I GmbH
1020 Vienna
Limited partnership pursuant to which
Partnership interest
E
& Co KG
Austria
the Group holds certain investments
\u00a0 \u00a0
\n
* 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 51.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "18. Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
Furniture and
Computer
Leasehold
\u00a0
\u00a0
assets
fixtures
equipment
Improvements
Total
Year ended 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2025
2.0
0.8
0.2
\u2013
3.0
Additions during the year
\u2013
\u2013
0.1
0.1
0.2
Disposals during the year
\u2013
\u2013
\u2013
\u2013
\u2013
Cost as at 31 March 2026
2.0
0.8
0.3
0.1
3.2
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Depreciation carried forward as at 1 April 2025
(0.3)
(0.7)
(0.2)
\u2013
(1.2)
Charge for the year
(0.4)
(0.1)
\u2013
\u2013
(0.5)
Disposals during the year
\u2013
\u2013
\u2013
\u2013
\u2013
Accumulated depreciation as at 31 March 2026
(0.7)
(0.8)
(0.2)
\u2013
(1.7)
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 31 March 2026
1.3
\u2013
0.1
0.1
1.5
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
Furniture and
Computer
Leasehold
\u00a0
\u00a0
assets
fixtures
equipment
Improvements
Total
Year ended 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2024
1.6
0.8
0.2
\u2013
2.6
Additions during the year
2.0
\u2013
\u2013
\u2013
2.0
Disposals during the year
(1.6)
\u2013
\u2013
\u2013
(1.6)
Cost as at 31 March 2025
2.0
0.8
0.2
\u2013
3.0
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Depreciation carried forward as at 1 April 2024
(1.6)
(0.7)
(0.2)
\u2013
(2.5)
Charge for the year
(0.3)
\u2013
\u2013
\u2013
(0.3)
Disposals during the year
1.6
\u2013
\u2013
\u2013
1.6
Accumulated depreciation as at 31 March 2025
(0.3)
(0.7)
(0.2)
\u2013
(1.2)
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 31 March 2025
1.7
0.1
\u2013
\u2013
1.8
\nThe 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "18. Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
Furniture and
Computer
Leasehold
\u00a0
\u00a0
assets
fixtures
equipment
Improvements
Total
Year ended 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2025
2.0
0.8
0.2
\u2013
3.0
Additions during the year
\u2013
\u2013
0.1
0.1
0.2
Disposals during the year
\u2013
\u2013
\u2013
\u2013
\u2013
Cost as at 31 March 2026
2.0
0.8
0.3
0.1
3.2
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Depreciation carried forward as at 1 April 2025
(0.3)
(0.7)
(0.2)
\u2013
(1.2)
Charge for the year
(0.4)
(0.1)
\u2013
\u2013
(0.5)
Disposals during the year
\u2013
\u2013
\u2013
\u2013
\u2013
Accumulated depreciation as at 31 March 2026
(0.7)
(0.8)
(0.2)
\u2013
(1.7)
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 31 March 2026
1.3
\u2013
0.1
0.1
1.5
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
Furniture and
Computer
Leasehold
\u00a0
\u00a0
assets
fixtures
equipment
Improvements
Total
Year ended 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost carried forward as at 1 April 2024
1.6
0.8
0.2
\u2013
2.6
Additions during the year
2.0
\u2013
\u2013
\u2013
2.0
Disposals during the year
(1.6)
\u2013
\u2013
\u2013
(1.6)
Cost as at 31 March 2025
2.0
0.8
0.2
\u2013
3.0
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Depreciation carried forward as at 1 April 2024
(1.6)
(0.7)
(0.2)
\u2013
(2.5)
Charge for the year
(0.3)
\u2013
\u2013
\u2013
(0.3)
Disposals during the year
1.6
\u2013
\u2013
\u2013
1.6
Accumulated depreciation as at 31 March 2025
(0.3)
(0.7)
(0.2)
\u2013
(1.2)
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 31 March 2025
1.7
0.1
\u2013
\u2013
1.8
\nThe depreciation charge for the year is shown in the \u201cdepreciation and amortisation\u201d line of the consolidated statement of comprehensive income. 23. Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0
Leases
(0.4)
(0.3)
Deferred consideration on investments
(10.0)
\u2013
Loans and borrowings
\u2013
\u2013
Total current financial liabilities
(10.4)
(0.3)
Non-current liabilities
\u00a0 \u00a0
Leases
(0.9)
(1.3)
Loans and borrowings
(119.6)
(119.7)
Total non-current financial liabilities
(120.5)
(121.0)
Total
(130.9)
(121.3)
The below table shows the changes in liabilities from financing activities.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Borrowings
Leases
\u00a0
\u00a3m
\u00a3m
At 1 April 2024
(89.4)
\u2013
Capitalisation of costs
\u2013
(1.8)
Amortisation of costs
(0.3)
(0.1)
Drawdowns
(30.0)
\u2013
Payment of lease liabilities
\u2013
0.3
At 31 March 2025
(119.7)
(1.6)
Amortisation of costs
0.1
(0.1)
Payment of lease liabilities
\u2013
0.4
At 31 March 2026
(119.6)
(1.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "19. Operating segments The 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "20. Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Cash at bank and on hand
27.8
39.8
Cash equivalents
23.9
49.2
Total
51.7
89.0
\n
Cash on hand earns interest at floating rates based on daily bank deposit rates.
Cash equivalents represent monies held in a Sterling Government Liquid Reserves Money Market Fund which can be redeemed daily. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "21. Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Trade receivables
2.5
0.6
Other receivables and prepayments
1.6
1.3
Total
4.1
1.9
Expected credit losses for these receivables are expected to be immaterial.
The ageing of trade receivables at reporting date is as follows:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Not past due
2.5
0.5
Past due 1\u201330 days
\u2013
\u2013
Past due 31\u201360 days
\u2013
\u2013
More than 60 days
\u2013
0.1
Total
2.5
0.6
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "21. Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Trade receivables
2.5
0.6
Other receivables and prepayments
1.6
1.3
Total
4.1
1.9
Expected credit losses for these receivables are expected to be immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "22. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Trade payables
(2.6)
(0.9)
Other taxation and social security
(0.6)
(0.3)
Other payables
(2.8)
(3.4)
Accruals and deferred income
(7.2)
(8.5)
Total
(13.2)
(13.1)
All trade and other payables are short term.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "22. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Trade payables
(2.6)
(0.9)
Other taxation and social security
(0.6)
(0.3)
Other payables
(2.8)
(3.4)
Accruals and deferred income
(7.2)
(8.5)
Total
(13.2)
(13.1)
All trade and other payables are short term.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "22. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Trade payables
(2.6)
(0.9)
Other taxation and social security
(0.6)
(0.3)
Other payables
(2.8)
(3.4)
Accruals and deferred income
(7.2)
(8.5)
Total
(13.2)
(13.1)
All trade and other payables are short term.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "22. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Trade payables
(2.6)
(0.9)
Other taxation and social security
(0.6)
(0.3)
Other payables
(2.8)
(3.4)
Accruals and deferred income
(7.2)
(8.5)
Total
(13.2)
(13.1)
All trade and other payables are short term.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "22. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Trade payables
(2.6)
(0.9)
Other taxation and social security
(0.6)
(0.3)
Other payables
(2.8)
(3.4)
Accruals and deferred income
(7.2)
(8.5)
Total
(13.2)
(13.1)
All trade and other payables are short term.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "23. Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0
Leases
(0.4)
(0.3)
Deferred consideration on investments
(10.0)
\u2013
Loans and borrowings
\u2013
\u2013
Total current financial liabilities
(10.4)
(0.3)
Non-current liabilities
\u00a0 \u00a0
Leases
(0.9)
(1.3)
Loans and borrowings
(119.6)
(119.7)
Total non-current financial liabilities
(120.5)
(121.0)
Total
(130.9)
(121.3)
The below table shows the changes in liabilities from financing activities.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Borrowings
Leases
\u00a0
\u00a3m
\u00a3m
At 1 April 2024
(89.4)
\u2013
Capitalisation of costs
\u2013
(1.8)
Amortisation of costs
(0.3)
(0.1)
Drawdowns
(30.0)
\u2013
Payment of lease liabilities
\u2013
0.3
At 31 March 2025
(119.7)
(1.6)
Amortisation of costs
0.1
(0.1)
Payment of lease liabilities
\u2013
0.4
At 31 March 2026
(119.6)
(1.3)
23(i). Loans and borrowings
On 6 September 2022, the Company entered into a facility agreement relating to a debt facility (the \u201cDebt Facility\u201d) with J.P. Morgan Chase Bank
N.A., London Branch (\u201cJPM\u201d) and HSBC Bank Plc (\u201cHSBC\u201d), with a JPM affiliate acting as the appointed agent. The Company extended their facility
agreement, effective from 7 September 2024, with J.P. Morgan Chase Bank, N.A. (\u201cJPM\u201d) and HSBC Innovation Banking Limited (\u201cHSBCIB\u201d), which
may be used for investment and corporate purposes.
The Extended Debt Facility comprises a \u00a3120.0 million term loan (\u201cTerm Loan\u201d) drawn on day one and a revolving credit facility (\u201cRCF\u201d) of up to
\u00a360.0 million, both with a three-year tenor. Repayment date is September 2027, reflecting the extension agreed in July 2024. The headline interest
rate applied on both the Term Loan and RCF remains at SONIA plus a \u201cmargin\u201d of 5.50% per annum. The Debt Facility is secured against various
Group assets, LP interests and bank accounts in the Group.
Drawdown of the RCF component of the Extended Debt Facility is subject to a maximum loan to value ratio of 12.5%. The Company\u2019s ability to
satisfy its financial and non-financial covenants is dependent on the value of the investment portfolio. The value of the portfolio will continue to be
subject to ad hoc independent third-party valuation.
The Group incurred transaction fees of \u00a30.9 million in the prior year, which are presented within loans and borrowings on the statement
of financial position and are amortised over the life of the facility. Interest-related charges are reported in the consolidated statement of
comprehensive income as finance costs.
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% (12.5% 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).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Bank loan senior facility amount
180.0
180.0
Interest rate
SONIA + 5.5%
SONIA + 5.5%
Drawn at balance sheet date
(120.0)
(120.0)
Arrangement fees
0.4
0.3
Loan liability balance
(119.6)
(119.7)
Undrawn facilities at balance sheet date
60.0
60.0
\n
23(ii). Leases
The Group leases office buildings in London for use by its staff. Information about leases for which the Group is a lessee is presented below. The
Group also has an office in Dublin, however this contract is classified as a service contract and not a lease. This is not deemed to be a lease as it has
been assessed not to be controlled by the Group as these are managed offices with no alterations to the space allowed by the Group. The Group
leases IT equipment such as printers for use by staff. The Group has elected to apply the recognition exemption for leases of low value to these
leases.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Right-of-use asset
1.3
1.7
Total
1.3
1.7
\n
i. Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Current
(0.4)
(0.3)
Non-current
(0.9)
(1.3)
Total
(1.3)
(1.6)
\n
Additions to the right-of-use assets during the year ending 31 March 2026 were Nil (year ending 31 March 2025: \u00a32.0m).
ii.
Amounts recognised in the consolidated statement of comprehensive income
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Interest on lease liabilities
(0.1)
(0.1)
Depreciation charge for the period on right-of-use assets
(0.3)
(0.3)
The total cash outflow for leases in the year ending 31 March 2026 was \u00a30.4m (year ending 31 March 2025: \u00a30.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "24. Deferred tax
Deferred 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:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Arising on share-based payments
1.1
(1.2)
Arising on the investment portfolio
(14.1)
(11.4)
Other timing differences
\u2013
(0.1)
Deferred tax liability
(13.0)
(12.7)
As at 31 March 2026, the Group had tax losses carried forward of \u00a326.9m (2025: \u00a338.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "25. Share capital and share premium
Ordinary share capital
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 March 2026 \u2013 Allotted and fully paid
Number
Pence
\u00a3m
As at 1 April
189,046,450
1
1.9
As at 31 March
189,046,450
1
1.9
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 March 2025 \u2013 Allotted and fully paid
Number
Pence
\u00a3m
As at 1 April
189,046,450
1
1.9
As at 31 March
189,046,450
1
1.9
Share premium
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Allotted and fully paid
\u00a3m
\u00a3m
As at 1 April
671.2
671.2
Premium arising on the issue of ordinary shares
\u2013
\u2013
Equity issuance costs
\u2013
\u2013
As at 31 March
671.2
671.2
26. Own shares and other reserves
i. Own shares reserve
Own shares are shares held in Molten Ventures plc that are held by Molten Ventures Employee Benefit Trust (\u201cTrust\u201d) and shares in Molten Ventures
plc repurchased as part of a share buyback programme during the year.
Shares held in Molten Ventures plc held by the Trust are for the purpose of issuing shares under the Molten Ventures plc 2016 Company Share
Options Plan, Long-Term Incentive Plan and Deferred Bonus Plan. Shares issued to employees are recognised on a weighted average cost basis.
The Trust holds 0.5% of the issued share capital at 31 March 2026.
For the year ended 31 March 2026, the Company acquired a total of 10,049,610 (31 March 2025: 4,871,767 31) ordinary shares (representing
approximately 5.3% of the Company's issued share capital) (31 March 2025: 2.6%) under its share buyback programme, for an aggregate
consideration of \u00a337.5m (31 March 2025: \u00a316.6m) at an average price of 373 pence per share (31 March 2025: 340 pence per share). Fees incurred
in connection with the buyback programme were \u00a3150k (31 March 2025: \u00a368k). All repurchased shares are held in treasury. Details of individual
transactions were announced via regulatory news service announcements during the year. The repurchased shares and directly associated fees are
recognised directly in equity.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31-Mar-26
31-Mar-25
\u00a0
No. of shares
No. of shares
\u00a0
m
\u00a3m
m
\u00a3m
As at 1 April
(6.6)
(27.8)
(1.1)
(8.8)
Acquisition of shares by the Trust
(0.2)
(0.5)
(0.6)
(2.1)
Acquisition of shares as part of the share buy back programme
(10.0)
(37.5)
(4.9)
(16.9)
Disposal or transfer of shares by the Trust*
0.7
3.1
\u2013
\u2013
As at 31 March
(16.1)
(62.7)
(6.6)
(27.8)
\n
* 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 2026 were \u00a33.1m (year ended 31 March 2025: \u00a3Nil).
ii. Other reserves
The following table shows a breakdown of the \u201cother reserves\u201d line in the consolidated 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Share-based
\u00a0 \u00a0
\u00a0 \u00a0
payments
Share-based
\u00a0
\u00a0 \u00a0
reserve resulting
payments
\u00a0
\u00a0 \u00a0
from Company
reserve resulting
\u00a0
\u00a0
Merger relief
share option
from acquisition
Total other
\u00a0
reserve
scheme
of subsidiary
reserves
Year ending 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 April
50.0
18.8
10.8
79.6
Share-based payments
\u2013
2.6
\u2013
2.6
Share-based payments \u2013 exercised during the period
\u2013
(1.7)
\u2013
(1.7)
Share-based payments \u2013 Lapsed & Expired
\u2013
(3.2)
\u2013
(3.2)
As at 31 March
50.0
16.5
10.8
77.3
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Share-based
\u00a0 \u00a0
\u00a0 \u00a0
payments
Share-based
\u00a0
\u00a0 \u00a0
reserve resulting
payments
\u00a0
\u00a0 \u00a0
from Company
reserve resulting
\u00a0
\u00a0
Merger relief
share option
from acquisition
Total other
\u00a0
reserve
scheme
of subsidiary
reserves
Year ending 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 April
50.0
13.9
10.8
33.3
Share-based payments
\u2013
4.9
\u2013
4.9
As at 31 March
50.0
18.8
10.8
79.6
\n
Merger relief reserve
In accordance with the Companies Act 2006, a Merger Relief Reserve of \u00a313.1 million (net of the cost of share capital issued of \u00a380,000) 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.
A Merger Relief Reserve of \u00a336.9 million was created on the issue of 14,785,049 ordinary Shares of 250 pence each in Molten Venture plc as
consideration for the acquisition of 100% of the capital interest in Forward Partners Group plc on 14 March 2024.
Share-based payment reserve
Where 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "25. Share capital and share premium
Ordinary share capital
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 March 2026 \u2013 Allotted and fully paid
Number
Pence
\u00a3m
As at 1 April
189,046,450
1
1.9
As at 31 March
189,046,450
1
1.9
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 March 2025 \u2013 Allotted and fully paid
Number
Pence
\u00a3m
As at 1 April
189,046,450
1
1.9
As at 31 March
189,046,450
1
1.9
Share premium
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Allotted and fully paid
\u00a3m
\u00a3m
As at 1 April
671.2
671.2
Premium arising on the issue of ordinary shares
\u2013
\u2013
Equity issuance costs
\u2013
\u2013
As at 31 March
671.2
671.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "25. Share capital and share premium
Ordinary share capital
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 March 2026 \u2013 Allotted and fully paid
Number
Pence
\u00a3m
As at 1 April
189,046,450
1
1.9
As at 31 March
189,046,450
1
1.9
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 March 2025 \u2013 Allotted and fully paid
Number
Pence
\u00a3m
As at 1 April
189,046,450
1
1.9
As at 31 March
189,046,450
1
1.9
Share premium
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Allotted and fully paid
\u00a3m
\u00a3m
As at 1 April
671.2
671.2
Premium arising on the issue of ordinary shares
\u2013
\u2013
Equity issuance costs
\u2013
\u2013
As at 31 March
671.2
671.2
26. Own shares and other reserves
i. Own shares reserve
Own shares are shares held in Molten Ventures plc that are held by Molten Ventures Employee Benefit Trust (\u201cTrust\u201d) and shares in Molten Ventures
plc repurchased as part of a share buyback programme during the year.
Shares held in Molten Ventures plc held by the Trust are for the purpose of issuing shares under the Molten Ventures plc 2016 Company Share
Options Plan, Long-Term Incentive Plan and Deferred Bonus Plan. Shares issued to employees are recognised on a weighted average cost basis.
The Trust holds 0.5% of the issued share capital at 31 March 2026.
For the year ended 31 March 2026, the Company acquired a total of 10,049,610 (31 March 2025: 4,871,767 31) ordinary shares (representing
approximately 5.3% of the Company's issued share capital) (31 March 2025: 2.6%) under its share buyback programme, for an aggregate
consideration of \u00a337.5m (31 March 2025: \u00a316.6m) at an average price of 373 pence per share (31 March 2025: 340 pence per share). Fees incurred
in connection with the buyback programme were \u00a3150k (31 March 2025: \u00a368k). All repurchased shares are held in treasury. Details of individual
transactions were announced via regulatory news service announcements during the year. The repurchased shares and directly associated fees are
recognised directly in equity.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31-Mar-26
31-Mar-25
\u00a0
No. of shares
No. of shares
\u00a0
m
\u00a3m
m
\u00a3m
As at 1 April
(6.6)
(27.8)
(1.1)
(8.8)
Acquisition of shares by the Trust
(0.2)
(0.5)
(0.6)
(2.1)
Acquisition of shares as part of the share buy back programme
(10.0)
(37.5)
(4.9)
(16.9)
Disposal or transfer of shares by the Trust*
0.7
3.1
\u2013
\u2013
As at 31 March
(16.1)
(62.7)
(6.6)
(27.8)
\n
* 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 2026 were \u00a33.1m (year ended 31 March 2025: \u00a3Nil).
ii. Other reserves
The following table shows a breakdown of the \u201cother reserves\u201d line in the consolidated 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Share-based
\u00a0 \u00a0
\u00a0 \u00a0
payments
Share-based
\u00a0
\u00a0 \u00a0
reserve resulting
payments
\u00a0
\u00a0 \u00a0
from Company
reserve resulting
\u00a0
\u00a0
Merger relief
share option
from acquisition
Total other
\u00a0
reserve
scheme
of subsidiary
reserves
Year ending 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 April
50.0
18.8
10.8
79.6
Share-based payments
\u2013
2.6
\u2013
2.6
Share-based payments \u2013 exercised during the period
\u2013
(1.7)
\u2013
(1.7)
Share-based payments \u2013 Lapsed & Expired
\u2013
(3.2)
\u2013
(3.2)
As at 31 March
50.0
16.5
10.8
77.3
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Share-based
\u00a0 \u00a0
\u00a0 \u00a0
payments
Share-based
\u00a0
\u00a0 \u00a0
reserve resulting
payments
\u00a0
\u00a0 \u00a0
from Company
reserve resulting
\u00a0
\u00a0
Merger relief
share option
from acquisition
Total other
\u00a0
reserve
scheme
of subsidiary
reserves
Year ending 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 April
50.0
13.9
10.8
33.3
Share-based payments
\u2013
4.9
\u2013
4.9
As at 31 March
50.0
18.8
10.8
79.6
\n
Merger relief reserve
In accordance with the Companies Act 2006, a Merger Relief Reserve of \u00a313.1 million (net of the cost of share capital issued of \u00a380,000) 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.
A Merger Relief Reserve of \u00a336.9 million was created on the issue of 14,785,049 ordinary Shares of 250 pence each in Molten Venture plc as
consideration for the acquisition of 100% of the capital interest in Forward Partners Group plc on 14 March 2024.
Share-based payment reserve
Where 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "26. Own shares and other reserves
i. Own shares reserve
Own shares are shares held in Molten Ventures plc that are held by Molten Ventures Employee Benefit Trust (\u201cTrust\u201d) and shares in Molten Ventures
plc repurchased as part of a share buyback programme during the year.
Shares held in Molten Ventures plc held by the Trust are for the purpose of issuing shares under the Molten Ventures plc 2016 Company Share
Options Plan, Long-Term Incentive Plan and Deferred Bonus Plan. Shares issued to employees are recognised on a weighted average cost basis.
The Trust holds 0.5% of the issued share capital at 31 March 2026.
For the year ended 31 March 2026, the Company acquired a total of 10,049,610 (31 March 2025: 4,871,767 31) ordinary shares (representing
approximately 5.3% of the Company's issued share capital) (31 March 2025: 2.6%) under its share buyback programme, for an aggregate
consideration of \u00a337.5m (31 March 2025: \u00a316.6m) at an average price of 373 pence per share (31 March 2025: 340 pence per share). Fees incurred
in connection with the buyback programme were \u00a3150k (31 March 2025: \u00a368k). All repurchased shares are held in treasury. Details of individual
transactions were announced via regulatory news service announcements during the year. The repurchased shares and directly associated fees are
recognised directly in equity.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31-Mar-26
31-Mar-25
\u00a0
No. of shares
No. of shares
\u00a0
m
\u00a3m
m
\u00a3m
As at 1 April
(6.6)
(27.8)
(1.1)
(8.8)
Acquisition of shares by the Trust
(0.2)
(0.5)
(0.6)
(2.1)
Acquisition of shares as part of the share buy back programme
(10.0)
(37.5)
(4.9)
(16.9)
Disposal or transfer of shares by the Trust*
0.7
3.1
\u2013
\u2013
As at 31 March
(16.1)
(62.7)
(6.6)
(27.8)
\n
* 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 2026 were \u00a33.1m (year ended 31 March 2025: \u00a3Nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "27. Adjustments to reconcile operating profit/(loss) to net cash outflow in operating
activities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Year ended
Year ended
\u00a0 \u00a0
31 March 2026
31 March 2025
\u00a0
Notes
\u00a3m
\u00a3m
Adjustments to reconcile operating profit/(loss) to net cash outflow in operating activities:
\u00a0 \u00a0 \u00a0
Revaluation of investments held at fair value through profit or loss
6
(141.6)
(22.7)
Depreciation and amortisation
15, 18
0.5
0.3
Share-based payments \u2013 resulting from Company share option scheme
14
2.6
4.9
Finance income
11
(2.1)
(2.9)
Finance expense
11
12.2
12.7
Increase in deferred tax
24
0.3
1.0
Increase in trade and other receivables and other working capital movements
21
(2.2)
(0.3)
Increase in trade and other payables
22
0.1
4.1
Adjustments to reconcile operating profit/(loss) to net cash outflow in operating activities
\u00a0
(130.2)
(2.9)
\nPlease see Note 23 for the changes in liabilities from financing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "29. Fair value measurements
i. Fair value hierarchy
This 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(a) and Note 16. As outlined 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 FY26, owing to the nature of the underlying investments (FY25: 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 2026. 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 section 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 2026; and 31 March 2025 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 both periods presented are financial assets relating to holdings in high-growth technology
companies. 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 FY25 and FY26. 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair Value of
\u00a0 \u00a0
Non-
\u00a0 \u00a0
Fair Value
Fair Value of
\u00a0
Investments
\u00a0 \u00a0
investment
Movement
\u00a0
movement
Investments
\u00a0
31 March
\u00a0 \u00a0
cash
in Foreign
Movement
31 March
31 March
\u00a0
2025
Investments
Realisations
movement
Exchange
in Fair Value
2026
2026
Investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross Portfolio Value
1,367.4
89.5
(119.6)
\u2013
16.2
171.9
188.1
1,525.4
Carry External
(87.5)
\u2013
7.8
\u2013
\u2013
(31.0)
(31.0)
(110.7)
Portfolio Deferred tax
\u2013
\u2013
\u2013
\u2013
\u2013
(1.4)
(1.4)
(1.4)
Trading carry & co-invest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Non-investment cash movement
\u2013
\u2013
\u2013
14.1
\u2013
(14.1)
(14.1)
\u2013
Net Portfolio Value
1,279.9
89.5
(111.8)
14.1
16.2
125.4
141.6
1,413.3
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair Value of
\u00a0 \u00a0
Non-
\u00a0 \u00a0
Fair Value
Fair Value of
\u00a0
Investments
\u00a0 \u00a0
investment
Movement
\u00a0
movement
Investments
\u00a0
31 March
\u00a0 \u00a0
cash
in Foreign
Movement
31 March
31 March
\u00a0
2024
Investments
Realisations
movement
Exchange
in Fair Value
2025
2025
Investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross Portfolio Value
1,378.9
72.6
(134.6)
\u2013
(21.6)
72.1
50.5
1,367.4
Carry external
(87.1)
\u2013
12.4
\u2013
\u2013
(12.8)
(12.8)
(87.5)
Portfolio deferred tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trading carry and co-invest
0.3
\u2013
\u2013
\u2013
\u2013
(0.3)
(0.3)
\u2013
Non-investment cash movement
\u2013
\u2013
\u2013
14.7
\u2013
(14.7)
(14.7)
\u2013
Net Portfolio Value
1,292.1
72.6
(122.2)
14.7
(21.6)
44.3
22.7
1,279.9
\n
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 external managers and 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 2026, no Level 1 investments were realised. There had been no transfers out of Level 3 and into Level 1 in either
period. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as at the end of the reporting period.
\n \n
Fair value measurements
Level 1
Level 2
Level 3
Total
At 31 March 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at fair value through profit or loss
Quoted investments
\u2013
\u2013
\u2013
\u2013
Unquoted investments being made up of:
Unquoted investments \u2013 enterprise technology
\u2013
\u2013
592.3
592.3
Unquoted investments \u2013 consumer technology
\u2013
\u2013
217.3
217.3
Unquoted investments \u2013 hardware and deeptech
\u2013
\u2013
335.4
335.4
Unquoted investments \u2013 digital health
\u2013
\u2013
47.9
47.9
Unquoted investments \u2013 other*
\u2013
\u2013
332.5
332.5
Total financial assets
\u2013
\u2013
1,525.4
1,525.4
\n\n \n
Fair value measurements
Level 1
Level 2
Level 3
Total
At 31 March 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at fair value through profit or loss
Quoted investments
\u2013
\u2013
\u2013
\u2013
Unquoted investments being made up of:
Unquoted investments \u2013 enterprise technology
\u2013
\u2013
540.0
540.0
Unquoted investments \u2013 consumer technology
\u2013
\u2013
235.7
235.7
Unquoted investments \u2013 hardware and deeptech
\u2013
\u2013
289.5
289.5
Unquoted investments \u2013 digital health
\u2013
\u2013
34.1
34.1
Unquoted investments \u2013 other*
\u2013
\u2013
268.1
268.1
Total financial assets
\u2013
\u2013
1,367.4
1,367.4
\n
* \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
\n
order to align to valuation methodologies. Within the Strategic Report, additional Earlybird companies are included within the sector analysis.
\n
ii. Valuation techniques used to determine fair values
\n
The fair value of unlisted securities is established with reference to the IPEV Guidelines. In line with the IPEV Guidelines, the Group may base
\n
valuations on earnings or revenues where applicable, market comparables, calibrated price of recent investment in the investee companies,
\n
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
\n
appropriate valuation methodology, including that for investee companies owned by third-party funds that Molten Ventures plc invests in and
\n
which are valued on a look-through basis.
\n
Financial instruments, measured at fair value, categorised as Level 3 can be split into three main valuation techniques:
\n
\u2022
Calibrated price of recent investment;
\n
\u2022
Revenue-multiple; and
\n
\u2022
NAV of underlying fund.
Each portfolio company will be subject to individual assessment.
\n
For a valuation based on calibrated price of recent investment, the recent round enterprise value is calibrated against the equivalent value
\n
at year-end using a revenue-multiple valuation methodology as well as in relation to technical/product milestones since the round and the
\n
company\u2019s trading performance relative to the expectations of the round.
\n
For a valuation based on a revenue-multiple, the main assumption is the multiple. The multiple is derived from comparable listed companies or
\n
relevant market transaction multiples. Companies in the same industry, geography, and, where possible, with a similar business model and profile
\n
are selected and then adjusted for factors including liquidity risk, growth potential and relative performance.
\n
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
\n
that the valuations comply with the Group policy and that they are adjusted with any cash and known valuation movements where reporting
\n
periods do not align.
\n
See also Note 5(a) where valuation policies are discussed in more detail.
\n
iii. Fair value measurements using significant unobservable inputs (Level 3)
\n
The table below presents the changes in Level 3 items for the years ending 31 March 2025 and 31 March 2026.
\n\n \n
Level 3 valuations
\u00a3m
Opening balance at 1 April 2024
1,378.9
Investments
72.6
Losses
50.5
Realisations
(134.6)
Unadjusted closing balance at 31 March 2025
1,367.4
Transfer to Level 1
\u2013
Closing balance at 31 March 2025
1,367.4
Investments
89.5
Gains
188.1
Realisations
(119.6)
Unadjusted closing balance at 31 March 2026
1,525.4
Transfer to Level 1
\u2013
Closing balance at 31 March 2026
1,525.4
iv.
Valuation inputs and relationships for fair value
\n
The following table summarises the quantitative information about the significant unobservable inputs used in Level 3 fair value measurements:
\n\n \n
Fair value
Fair value
impact of
impact of
Valuation
Fair value at
Sensitivity on
sensitivities
sensitivities
technique
Sector
Significant input*
31-Mar-26
significant input
(\u00a3m) +10%
(\u00a3m) -10%
Calibrated
All
Calibrated round enterprise value \u2013 Pre and
545.2
10% sensitivity applied
497.4
586.8
price of
post year- end round enterprise values have
to the premium and
(FY25: 440.8)
(FY25: 550.4)
recent
been calibrated with appropriate premiums
(FY25: 493.9)
discount to last round
101.3
121.7
investment
Enterprise
and discounts taken to reflect movements in
113.2
price
tech
publicly listed peer multiples, future revenue
projections and timing risk. Premiums and
discounts were applied to 56% (2025: 40%)
(FY25: 180.6)
(FY25: 166.8)
(FY25: 194.3)
Consumer
of the fair value of investments measured at
181.1
163.0
199.2
tech
calibrated price of recent investment. The
range of premiums applied is 4.0% - 94.6%
(FY25: 181.5)
(FY25: 158.1)
(FY25: 200.2)
(2025: 0.3% to 1.9%). The range of discounts
210.3
195.3
225.3
Hardware &
taken is 1.1% - 71.7% (2025: 0.2% - 89.6%).
Deeptech
The weighted average discount taken is
16.2% (2025: 15%). Less discounts have
(FY25: 126.6)
(FY25: 111.3)
(FY25: 150.3)
been applied in the current year, reflecting
40.6
37.8
40.6
Digital health
calibration to the market.
& wellness
(FY25: 5.2)
(FY25: 4.6)
(FY25: 5.6)
Market
All
Revenue-multiples are applied to the
647.7
10% sensitivity applied
706.5
583.9
comparables
revenue of our portfolio companies to
(FY25: 605.8)
to the revenue\u2013multiple
(FY25: 658.6)
(FY25: 542.7)
determine their enterprise value.
10% sensitivity applied
706.5
583.9
Implied revenue-multiple \u2013 the portfolio
to the revenue of the
we have is diversified across sectors and
portfolio company
(FY25: 658.6)
(FY25: 542.7)
geographies and the companies which
Enterprise
have valuations based on revenue-
479.1
10% sensitivity applied
522.1
433.3
tech
multiples have a range of multiples of
(FY25: 359.7)
to the revenue\u2013multiple
(FY25: 394.1)
(FY25: 325.0)
between 0.7x - 22.0x (2025: 0.9x\u201317.0x) and
a weighted average multiple of 5.4x
10% sensitivity applied
522.1
433.3
(2025: 6.7x).
to the revenue of the
(FY25: 394.1)
(FY25: 325.0)
Revenue \u2013 we select forward revenues
portfolio company
Consumer
from our portfolio companies mostly with
36.2
10% sensitivity applied
39.7
32.7
tech
reference to financial updates in their
(FY25: 54.2)
to the revenue\u2013multiple
(FY25: 58.0)
(FY25: 49.8)
board packs, adjusted where required in
the event we do not have forward-looking
10% sensitivity applied
39.7
32.7
information. Our core portfolio makes up
to the revenue of the
(FY25: 58.0)
(FY25: 49.8)
64% (2025: 61%) of the GPV and revenue
portfolio company
Hardware &
growth in the core portfolio for 2026 is
125.1
10% sensitivity applied
136.9
111.5
Deeptech
40% (2025: 36%). The multiple range has
(FY25: 163.0)
to the revenue\u2013multiple
(FY25: 175.2)
(FY25: 141.9)
changed from the prior financial year to
March 2026, now ranging between 0.7x
10% sensitivity applied
136.9
111.5
and 22.0x (FY25: 0.9x\u201317.0x). There has also
to the revenue of the
(FY25: 175.2)
(FY25: 141.9)
been a decrease in the weighted average
portfolio company
Digital health
multiple to 5.4x (FY25: 6.7x), reflecting the
7.3
10% sensitivity applied
7.8
6.4
& wellness
more significant weighting of larger assets.
(FY25: 28.9)
to the revenue\u2013multiple
(FY25: 31.3)
(FY25: 26.0)
10% sensitivity applied
7.8
6.4
to the revenue of the
(FY25: 31.3)
(FY25: 26.0)
portfolio company
NAV of
All
NAV of funds, adjusted where required
332.5
10% sensitivity applied
365.8
299.3
underlying
\u2013 net asset values of underlying funds
(FY25: 267.7)
to the adjusted NAV of
(FY25: 294.6)
(FY25: 241.0)
fund
Enterprise
reported by the manager. These are
funds
tech
reviewed for compliance with our policies
\u2013
\u2013
\u2013
and are calibrated for any cash and known
(FY25: nil)
(FY25: nil)
(FY25: nil)
Consumer
valuation movements where reporting
\u2013
\u2013
\u2013
tech
periods do not align.
(FY25: nil)
(FY25: nil)
(FY25: nil)
Hardware &
\u2013
\u2013
\u2013
Deeptech
(FY25: nil)
(FY25: nil)
(FY25: nil)
Digital health
\u2013
\u2013
\u2013
& wellness
(FY25: nil)
(FY25: nil)
(FY25: nil)
Other
332.5
365.8
299.3
(FY25: 267.7)
(FY25: 294.9)
(FY25: 241.3)
\n
*There were no significant inter-relationships between unobservable inputs that materially affect fair values.
v.
Valuations processes
The 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair Value of
\u00a0 \u00a0
Non-
\u00a0 \u00a0
Fair Value
Fair Value of
\u00a0
Investments
\u00a0 \u00a0
investment
Movement
\u00a0
movement
Investments
\u00a0
31 March
\u00a0 \u00a0
cash
in Foreign
Movement
31 March
31 March
\u00a0
2025
Investments
Realisations
movement
Exchange
in Fair Value
2026
2026
Investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross Portfolio Value
1,367.4
89.5
(119.6)
\u2013
16.2
171.9
188.1
1,525.4
Carry External
(87.5)
\u2013
7.8
\u2013
\u2013
(31.0)
(31.0)
(110.7)
Portfolio Deferred tax
\u2013
\u2013
\u2013
\u2013
\u2013
(1.4)
(1.4)
(1.4)
Trading carry & co-invest
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Non-investment cash movement
\u2013
\u2013
\u2013
14.1
\u2013
(14.1)
(14.1)
\u2013
Net Portfolio Value
1,279.9
89.5
(111.8)
14.1
16.2
125.4
141.6
1,413.3
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair Value of
\u00a0 \u00a0
Non-
\u00a0 \u00a0
Fair Value
Fair Value of
\u00a0
Investments
\u00a0 \u00a0
investment
Movement
\u00a0
movement
Investments
\u00a0
31 March
\u00a0 \u00a0
cash
in Foreign
Movement
31 March
31 March
\u00a0
2024
Investments
Realisations
movement
Exchange
in Fair Value
2025
2025
Investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross Portfolio Value
1,378.9
72.6
(134.6)
\u2013
(21.6)
72.1
50.5
1,367.4
Carry external
(87.1)
\u2013
12.4
\u2013
\u2013
(12.8)
(12.8)
(87.5)
Portfolio deferred tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trading carry and co-invest
0.3
\u2013
\u2013
\u2013
\u2013
(0.3)
(0.3)
\u2013
Non-investment cash movement
\u2013
\u2013
\u2013
14.7
\u2013
(14.7)
(14.7)
\u2013
Net Portfolio Value
1,292.1
72.6
(122.2)
14.7
(21.6)
44.3
22.7
1,279.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "30. Financial instruments risk
Financial risk management
Financial risks are usually grouped by risk type: market, liquidity and credit risk. These risks are discussed in turn below.
Market risk \u2013 Foreign currency
A 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Foreign currency exposures \u2013 Investments
\u00a3m
\u00a3m
Investments \u2013 exposures in EUR
655.7
614.1
10% decrease in GBP
721.3
682.4
10% increase in GBP
590.1
558.3
Investments \u2013 exposures in USD
454.8
326.6
10% decrease in GBP
500.3
362.8
10% increase in GBP
409.3
296.9
\n
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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Foreign currency exposures \u2013 Cash
\u00a3m
\u00a3m
Cash denominated in EUR
9.5
8.5
10% decrease in EUR: GBP
8.5
7.7
10% increase in EUR: GBP
10.4
9.4
Cash denominated in USD
11.8
12.0
10% decrease in USD: GBP
10.6
10.9
10% increase in USD: GBP
13.0
13.3
\n
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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Foreign currency exposures \u2013 Equity
\u00a3m
\u00a3m
Shareholders\u2019 Equity
1,323.8
1,235.8
10% decrease in EUR: GBP/USD: GBP
1,191.4
1,054.6
10% increase in EUR: GBP/USD: GBP
1,456.2
1,289.0
\n
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(a) and Note 29, 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 29). 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Valuation methodology
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Calibrated price of
\u00a0
Revenue\u2013multiple \u00a3m
NAV of underlying fund \u00a3m
recent investment \u00a3m
\u00a0
-10%
10%
-10%
10%
-10%
10%
As at 31 March 2026
(76.6)
51.7
(33.3)
33.3
(55.8)
44.2
As at 31 March 2025
(58.4)
56.9
(26.8)
26.8
(44.0)
45.9
\n
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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Valuation methodology
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Calibrated price of
\u00a0
Revenue\u2013multiple \u00a3m
NAV of underlying fund \u00a3m
recent investment \u00a3m
\u00a0
-20%
20%
-20%
20%
-20%
20%
As at 31 March 2026
(139.6)
107.5
(66.5)
66.5
(102.5)
93.0
As at 31 March 2025
(117.9)
111.0
(53.6)
53.6
(89.0)
91.7
\n
Liquidity risk
Cash 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 2026 and 31 March 2025. 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Contractual maturities of liabilities
Less than
\u00a0
Between
Between
Total contractual
Carrying
at 31 March 2026 (\u00a3m)
6 months
6\u201312 months
1\u20132 years
2\u20135 years
cash flows
amount
Trade and other payables
(13.2)
\u2013
\u2013
\u2013
(13.2)
(13.2)
Fees on facility
0.2
\u2013
\u2013
\u2013
0.2
0.2
Facility
(5.9)
(5.9)
(11.8)
(95.9)
(119.5)
(120.0)
Provisions
\u2013
(0.1)
\u2013
\u2013
(0.1)
(0.1)
Current lease liabilities
(0.2)
(0.2)
\u2013
\u2013
(0.4)
(0.4)
Non-current lease liabilities
\u2013
\u2013
(0.8)
(0.1)
(0.9)
(0.9)
Total shown in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
statement of financial position
(19.1)
(6.2)
(12.6)
(96.0)
(133.9)
(134.4)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Contractual maturities of liabilities
Less than
\u00a0
Between
Between
Total contractual
Carrying
at 31 March 2025 (\u00a3m)
6 months
6\u201312 months
1\u20132 years
2\u20135 years
cash flows
amount
Trade and other payables
(13.0)
(0.1)
\u2013
\u2013
(13.1)
(13.1)
Fees on facility
0.6
\u2013
\u2013
\u2013
0.6
0.6
Facility
(6.3)
(6.3)
(126.3)
\u2013
(138.9)
(120.0)
Provisions
\u2013
(0.1)
\u2013
\u2013
(0.1)
(0.1)
Current lease liabilities
(0.1)
(0.2)
\u2013
\u2013
(0.3)
(0.3)
Non-current lease liabilities
\u2013
\u2013
(0.8)
(0.5)
(1.3)
(1.3)
Total shown in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
statement of financial position
(18.8)
(6.7)
(127.1)
(0.5)
(153.1)
(134.2)
\n
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 23(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, Earlybird, Irish Co-Invest and Molten SP I LP 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.
Credit risk
Credit 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Classes of financial assets impacted by credit risk, carrying amounts
\u00a3m
\u00a3m
Trade and other receivables
4.1
1.9
Cash and cash equivalents
51.7
89.0
Total
55.8
90.9
\n
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 2026 is held with the following institutions (and their respective
Moody\u2019s credit rating): (1) Barclays Bank plc (baa2); and (2) HSBC UK Limited (Aa3). Cash equivalents at 31 March 2026 comprise of a holding in
Goldman Sachs Sterling Government Liquid Reserves Fund (Moody\u2019s credit rating AAA-mf).
Capital management
The 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 had \u00a3120m term loan which has been fully
drawn and an undrawn \u00a360m revolving credit facility, please refer to Note 23(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 risk
The Group\u2019s interest rate risk arises from borrowings on the \u00a3180.0 million Debt Facility with JPM and HSBC, which was entered into in September
2022 and extended in September 2024, at which point \u00a3120.0 million term loan was drawn down (31 March 2025: \u00a3120.0 million drawn). The
Group\u2019s borrowings are denominated in GBP and are carried at amortised cost.
\u00a330m was drawndown from the facility when the loan was extended in 7 September 2024.
The term loan balance remains outstanding at the year-end. The interest charged on future drawdowns will fluctuate with the movements
on SONIA. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "Market risk \u2013 Foreign currency
A 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Foreign currency exposures \u2013 Investments
\u00a3m
\u00a3m
Investments \u2013 exposures in EUR
655.7
614.1
10% decrease in GBP
721.3
682.4
10% increase in GBP
590.1
558.3
Investments \u2013 exposures in USD
454.8
326.6
10% decrease in GBP
500.3
362.8
10% increase in GBP
409.3
296.9
\n
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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Foreign currency exposures \u2013 Cash
\u00a3m
\u00a3m
Cash denominated in EUR
9.5
8.5
10% decrease in EUR: GBP
8.5
7.7
10% increase in EUR: GBP
10.4
9.4
Cash denominated in USD
11.8
12.0
10% decrease in USD: GBP
10.6
10.9
10% increase in USD: GBP
13.0
13.3
\n
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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Foreign currency exposures \u2013 Equity
\u00a3m
\u00a3m
Shareholders\u2019 Equity
1,323.8
1,235.8
10% decrease in EUR: GBP/USD: GBP
1,191.4
1,054.6
10% increase in EUR: GBP/USD: GBP
1,456.2
1,289.0
\n
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(a) and Note 29, 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 29). 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Valuation methodology
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Calibrated price of
\u00a0
Revenue\u2013multiple \u00a3m
NAV of underlying fund \u00a3m
recent investment \u00a3m
\u00a0
-10%
10%
-10%
10%
-10%
10%
As at 31 March 2026
(76.6)
51.7
(33.3)
33.3
(55.8)
44.2
As at 31 March 2025
(58.4)
56.9
(26.8)
26.8
(44.0)
45.9
\n
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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Valuation methodology
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Calibrated price of
\u00a0
Revenue\u2013multiple \u00a3m
NAV of underlying fund \u00a3m
recent investment \u00a3m
\u00a0
-20%
20%
-20%
20%
-20%
20%
As at 31 March 2026
(139.6)
107.5
(66.5)
66.5
(102.5)
93.0
As at 31 March 2025
(117.9)
111.0
(53.6)
53.6
(89.0)
91.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "Liquidity risk
Cash 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 2026 and 31 March 2025. 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Contractual maturities of liabilities
Less than
\u00a0
Between
Between
Total contractual
Carrying
at 31 March 2026 (\u00a3m)
6 months
6\u201312 months
1\u20132 years
2\u20135 years
cash flows
amount
Trade and other payables
(13.2)
\u2013
\u2013
\u2013
(13.2)
(13.2)
Fees on facility
0.2
\u2013
\u2013
\u2013
0.2
0.2
Facility
(5.9)
(5.9)
(11.8)
(95.9)
(119.5)
(120.0)
Provisions
\u2013
(0.1)
\u2013
\u2013
(0.1)
(0.1)
Current lease liabilities
(0.2)
(0.2)
\u2013
\u2013
(0.4)
(0.4)
Non-current lease liabilities
\u2013
\u2013
(0.8)
(0.1)
(0.9)
(0.9)
Total shown in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
statement of financial position
(19.1)
(6.2)
(12.6)
(96.0)
(133.9)
(134.4)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Contractual maturities of liabilities
Less than
\u00a0
Between
Between
Total contractual
Carrying
at 31 March 2025 (\u00a3m)
6 months
6\u201312 months
1\u20132 years
2\u20135 years
cash flows
amount
Trade and other payables
(13.0)
(0.1)
\u2013
\u2013
(13.1)
(13.1)
Fees on facility
0.6
\u2013
\u2013
\u2013
0.6
0.6
Facility
(6.3)
(6.3)
(126.3)
\u2013
(138.9)
(120.0)
Provisions
\u2013
(0.1)
\u2013
\u2013
(0.1)
(0.1)
Current lease liabilities
(0.1)
(0.2)
\u2013
\u2013
(0.3)
(0.3)
Non-current lease liabilities
\u2013
\u2013
(0.8)
(0.5)
(1.3)
(1.3)
Total shown in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
statement of financial position
(18.8)
(6.7)
(127.1)
(0.5)
(153.1)
(134.2)
\n
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 23(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, Earlybird, Irish Co-Invest and Molten SP I LP 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "There is no restricted cash as at 31 March 2026 and 31 March 2025.\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Classes of financial assets impacted by credit risk, carrying amounts
\u00a3m
\u00a3m
Trade and other receivables
4.1
1.9
Cash and cash equivalents
51.7
89.0
Total
55.8
90.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "The debt facility has a term of three years \u2013 for further details, see Note 23(i). All other Group payable balances at balance sheet date and prior periods fall due for payment within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Credit risk
Credit 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
Classes of financial assets impacted by credit risk, carrying amounts
\u00a3m
\u00a3m
Trade and other receivables
4.1
1.9
Cash and cash equivalents
51.7
89.0
Total
55.8
90.9
\n
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 2026 is held with the following institutions (and their respective
Moody\u2019s credit rating): (1) Barclays Bank plc (baa2); and (2) HSBC UK Limited (Aa3). Cash equivalents at 31 March 2026 comprise of a holding in
Goldman Sachs Sterling Government Liquid Reserves Fund (Moody\u2019s credit rating AAA-mf). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Capital management
The 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 had \u00a3120m term loan which has been fully
drawn and an undrawn \u00a360m revolving credit facility, please refer to Note 23(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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "31. Related party transactions
The 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 compensation
Key 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 84 and 85 of the annual report.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Wages and salaries
2.5
2.4
Share-based payment
0.6
0.0
Defined contribution pension costs
0.2
0.2
Social security contributions and similar taxes
0.5
0.3
Carried interest paid
1.8
2.8
Total
5.6
5.7
\n
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 118, 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\u00a014 for further details.
Transactions with other related parties
In addition to key management personnel, the Company has related parties in respect of its subsidiaries and other related entities.
Management fees
Fees 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
Management fees recognised in the statement of comprehensive income resulting from related party transactions
\u00a3m
\u00a3m
Management fees from unconsolidated structured entities
12.2
12.0
Management fees from EIS and VCT funds
3.3
6.1
\n
Directors\u2019 fees
Administration 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 payments
Carry was paid to 26 beneficiaries in the year, of which the below was to related parties. Carry payments have been made in respect of Esprit
Capital III LP, Esprit Capital IV LP, and Esprit Investments (2)(B)(II) LP to key management personnel in FY25 and FY26. Please see the Directors\u2019
Remuneration Report for further details.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Carry payments
1.8
3.5
\n
Performance fees
Performance fees have not been paid during the year by the EIS and VCT funds to Encore Ventures LLP. At 31 March 2026, \u00a30.1 million was unpaid
(31 March 2025: \u00a30.4 million).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Performance fees
0.1
0.4
Unconsolidated structured entities
\n
The Group has exposure to a number of unconsolidated structured entities as a result of its venture capital investment activities.
\n
The Group ultimately invests all funds via a number of limited partnerships and some via Molten Ventures plc\u2019s wholly owned subsidiaries,
\n
Molten Ventures (Ireland) Limited and Molten Venture Holdings Limited. These are controlled by the Group and not consolidated, but they are
\n
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
\n
further details and for the list of these investment companies and limited partnerships). The material assets and liabilities within these investment
\n
companies are the investments, which are held at FVTPL in the consolidated financial statements. Please see further details in the table below.
\n
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.
\n\n \n
31 March
31 March
2026
2025
Name of undertaking
Registered office
Activity
Holding
Country
\u00a3m
\u00a3m
Esprit Investments (1)(B) LP
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
12.5
10.3
London, WC2E 9BT
Group and Molten Ventures FoF I LP hold
Fund of Fund investments
Esprit Investments (2)(B) LP
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
92.4
73.3
London, WC2E 9BT
Group and Molten Ventures FoF I LP hold
Fund of Fund investments
Molten Ventures (Ireland)
32 Molesworth Street,
Investment entity
100%
Ireland
672.9
789.6
Limited
Dublin 2, Ireland
Esprit Capital III, L.P.
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
\u2013
2.9
London, WC2E 9BT
Group makes certain investments
Esprit Capital IV LP
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
\u2013
0.8
London, WC2E 9BT
Group makes certain investments
Esprit Investments (1) L.P.
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
150.1
116.6
London, WC2E 9BT
Group makes certain investments
Esprit Investments (2) LP
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
522.9
669.4
London, WC2E 9BT
Group makes certain investments
Molten Ventures Holdings
20 Garrick Street,
Intermediate Company and Qualifying Asset
100%
England
523.1
295.1
Ltd
London, WC2E 9BT
Holding Company (\u201cQAHC\u201d)
Molten Ventures
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
324.3
116.0
Investments LP
London, WC2E 9BT
Group makes certain investments
Molten Ventures FoF I LP
20 Garrick Street,
Limited partnership under the Group\u2019s
100%
England
42.9
16.0
London, WC2E 9BT
management which makes Fund of Fund
investments
Molten Ventures FoF II LP
20 Garrick Street,
Limited partnership under the Group\u2019s
100%
England
0.7
\u2013
London, WC2E 9BT
management which makes Fund of Fund
investments
Molten Ventures
20 Garrick Street,
Limited Partnership under the Group's
56%
England
11.3
11.2
Investments (Ireland) I LP
London, WC2E 9BT
management which makes Irish domiciled
investments
Esprit Investments (2)(B)
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
207.9
202.2
(II) LP
London, WC2E 9BT
Group makes certain investments
Forward Partners 1 L.P.
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
12.4
14.4
London, WC2E 9BT
Group makes certain investments
Forward Partners III L.P.
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
14.6
29.8
London, WC2E 9BT
Group makes certain investments
Forward Partners II L.P.
20 Garrick Street,
Limited Partnership pursuant to which the
100%
England
20.7
14.3
London, WC2E 9BT
Group makes certain investments
Molten Ventures (Ireland) Limited invests via the following limited partnerships: Esprit Investments (1) L.P., Esprit Investments (2) LP, Esprit Capital\u00a0IV
LP and Esprit Capital III LP.
Molten Ventures Holdings Limited invests in or via the following limited partnerships: Molten Ventures Investments LP, Molten Ventures FoF I LP,
Molten Ventures FoF II LP, Esprit Investments (1)(B)(SC) LP, Esprit Investments (2)(B)(ii) LP, and Molten Ventures Investments (Ireland) 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Key management personnel compensation
Key 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 84 and 85 of the annual report.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Wages and salaries
2.5
2.4
Share-based payment
0.6
0.0
Defined contribution pension costs
0.2
0.2
Social security contributions and similar taxes
0.5
0.3
Carried interest paid
1.8
2.8
Total
5.6
5.7
\n
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 118, 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\u00a014 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "32. Capital commitments
The Group makes commitments to Fund of 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 2026 but are not recognised as a liability on the consolidated statement of financial position:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Undrawn capital commitments
50.3
55.0
Total capital commitments
366.6
311.2
Total fair value to the Group of these seed funds (including Earlybird) is \u00a3408.3 million of total investments (31 March 2025: \u00a3346.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "32. Capital commitments
The Group makes commitments to Fund of 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 2026 but are not recognised as a liability on the consolidated statement of financial position:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March 2026
31 March 2025
\u00a0
\u00a3m
\u00a3m
Undrawn capital commitments
50.3
55.0
Total capital commitments
366.6
311.2
Total fair value to the Group of these seed funds (including Earlybird) is \u00a3408.3 million of total investments (31 March 2025: \u00a3346.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "35. Subsequent events
Revolut proceeds
In May 2026, the Group received proceeds of approximately \u00a363 million from a further partial realisation of its holding in Revolut. The proceeds
were received at the carrying value of the holding as at 31 March 2026. This has been treated as a non-adjusting post balance sheet event for the
purposes of these consolidated financial statements.
ICEYE Funding Round
On 9 June 2026, subsequent to the balance sheet date of 31 March 2026, ICEYE confirmed a Series F funding round, raising \u20ac450 million at a
valuation of over \u20ac10 billion. As part of the transaction, the Group will sell a proportion of its holding, generating proceeds of approximately
\u00a322\u00a0million.
Following the partial realisation, the funding round implies an increase in the Net Asset Value of approximately \u00a3200 million.
There was no information available to market participants at the balance sheet date to suggest the carrying value of the Group\u2019s holding at the
balance sheet date was not representative of fair value. Therefore, this has been treated as a non-adjusting post-balance sheet event. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800IPCR3SAYJWSW10", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }