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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__7": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__8": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__6": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__10": { "value": "Gosling Building, Edmund Halley Road, Oxford Science Park, Oxford, Oxfordshire, OX4 4DQ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__9": { "value": "Gosling Building, Edmund Halley Road, Oxford Science Park, Oxford, Oxfordshire, OX4 4DQ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__11": { "value": "The Group is primarily involved in researching, developing, manufacturing and commercialising the world\u2019s only commercial nanopore based sequencing platform that allows the real-time analysis of deoxyribonucleic acid", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__15-1": { "value": "New and amended IFRS Accounting Standards that are effective for the current yearIn the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.Amendments to IFRS 3 Reference to the Conceptual Framework Amendments to IAS 16 Property, Plant and Equipment Proceeds before Intended Use Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a ContractAnnual Improvements to IFRS Standards 20182020 Amendments to IFRS 1 First-time Adoption of International Financial Reporting CycleStandards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 AgricultureNew and revised IFRS standards in issue but not yet effectiveAt the date of authorisation of the consolidated financial statements, the Group has not applied the following new and revised IFRS standards that have been issued but are not yet effective:Amendments to IFRS 17 (including the June 2020 Insurance ContractsAmendments to IFRS 17)Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint VentureAmendments to IAS 1 Classification of Liabilities as Current or Non currentAmendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting PoliciesAmendments to IAS 8 Definition of Accounting EstimatesAmendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single TransactionThe Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Group in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__17": { "value": "3. Significant accounting policies3.1 Basis of preparationThese consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the consideration given in exchange for goods and services.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in the financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36.The principal accounting policies adopted are set out below.3.2 Going concernAs at 31 December 2022, the Group held \u00a3558.0 million in cash, cash equivalents and other liquid investments (note 34) on the Statement of Financial Position.The going concern assessment period is the 12 months to the end of March 2024.In order to satisfy the going concern assumption, the Directors of the Group review its budget periodically, which is revisited and revised as appropriate in response to evolving market conditions.The Directors have considered the budget and forecast prepared through to March 2024, the going concern assessment period, and the\ue61eimpact of a range of severe, but plausible, scenarios, including supply chain issues driven by demand, logistics interruptions, the pandemic, heightened geopolitical tension; particularly between the United States of America and the People\u2019s Republic of China and the\ue61ewar in Ukraine. In particular, the impact of key business risks on revenue, profit and cash \ufb02ow are as follows:\u2022 Reduced revenues due to customer, regulatory and research and development (\u201cR&D\u201d) delays; and\u2022 Increased costs due to supply chain restrictions, rising utilities costs, rising wages & salary costs, additional R&D requirements and rising costs of component parts.Under all scenarios, the Group had sufficient funds to maintain trading before taking into account any mitigating actions that the Directors could take. Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future and at least one year from the date of approval of the financial statements. On the basis of these reviews, the Directors consider it remains appropriate for the going concern basis to be adopted in preparing these financial statements.3.3 Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by the Company and its subsidiaries. Control is achieved when the Company:\u2022 has power over the investee;\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and\u2022 has the ability to use its power to affect its returns.The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:\u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;\u2022 potential voting rights held by the Company, other vote holders or other parties;\u2022 rights arising from other contractual arrangements; and\u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at this time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies.3.4 Revenue recognitionThe Group manufactures and sells a range of DNA and RNA sequencing products and also provides a range of technical training and consultancy services to customers. Products are either sold on a stand-alone basis or as part of a larger bundle of goods and services. Revenue is recognised when control of the products has transferred, typically being when the products are delivered to the customer at\ue61ethe location specified during the sales ordering process. Revenue from providing services is recognised in the period in which the services are rendered because the customer receives and uses the benefits simultaneously. Revenue from the sale of bundled goods and services include multiple performance obligations which are separately recognised. For\ue61eexample, a bundled contract might include the lease of a sequencing device, software licences required to operate the device, sequencing consumables and technical training services. Each deliverable is accounted for as a separate performance obligation and the transaction price for the bundle is allocated to each performance obligation based on the stand-alone selling prices of each deliverable observed on the Group\u2019s online store. In instances where there is no directly observable stand-alone selling price, management estimate this based on an expected cost plus margin approach. As each performance obligation in the bundle is satisfied, revenue is recognised either at the point in time when the consumables are delivered or, in the case of the lease of the sequencing device or provision of software licence, recognised over the period to which they relate.In the case of bundled goods and services contracts, customers either pay for the whole contract in advance of delivery of all the goods and services on the contract or are invoiced as the goods and services are delivered. If the transaction price allocated to the goods delivered or services rendered by the Group exceeds the payment received from a customer, a contract asset is recognised. If the payment exceeds the transaction price allocated to the goods delivered or services rendered by the Group, a contract liability is recognised. In the case of non-bundled goods and services contracts, payment of the transaction price is typically due when the customer receives the goods or services.For bill-and-hold arrangements in respect of the supply and delivery of goods, revenue is recognised when the customer has obtained control of the goods. Control is deemed to have transferred when the goods have been delivered to the specified delivery location. Under bill-and-hold arrangements it is deemed appropriate to recognise revenue provided the customer has requested the bill-and-hold arrangement for substantive purposes, for example, because it lacks the physical space/facilities to store the goods. In addition, the goods must be able to be identified as belonging to the customer and cannot be used to satisfy orders for other customers, meaning that the customer can redirect or determine how the goods are used or where the goods are delivered to. 3.5 Alternative performance measuresAlternative performance measures are used by the Directors and Management to monitor business performance internally and exclude certain cash and non cash items which they believe are not re\ufb02ective of the normal day-to-day operating activities of the Group. The Directors believe that disclosing such non-IFRS measures enables a reader to isolate and evaluate the impact of such items on results and allows for a fuller understanding of performance from year to year. Alternative performance measures may not be directly comparable with other similarly titled measures used by other companies. A detailed reconciliation between reported and adjusted measures is presented in note 34.Share-based compensation is an important aspect of the compensation of our employees and executives, but Management believes it is useful to specifically exclude the Founder LTIP and employer\u2019s social security taxes on pre-IPO share awards from adjusted profit measures to better understand the long term performance of the core business. The share-based compensation expenses of the other LTIPs and share award schemes are not treated as adjusting items.3.6 Leased assetsThe Group as a lesseeThe Group leases various offices and buildings. Rental contracts are typically made for fixed periods of 12 months to 21 years and may\ue61einclude extension and termination options. These are used to maximise operational \ufb02exibility in terms of managing the assets used in\ue61ethe Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise:\u2022 fixed lease payments (including in substance fixed payments), less any lease incentives receivable;\u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;\u2022 the amount expected to be payable by the lessee under residual value guarantees;\u2022 the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and\u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the exercise of an option to terminate the lease.The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to re\ufb02ect the lease payments made.The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever:\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.\u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a \ufb02oating interest rate, in which case a revised discount rate is used).\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.Right-of-use assets are depreciated over the shorter period of lease term and Useful Economic Life (UEL) of the underlying asset. If\ue61ea\ue61elease transfers ownership of the underlying asset or the cost of the right-of-use asset re\ufb02ects that the Group expects to exercise a\ue61epurchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the\ue61ecommencement date of the lease.The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to\ue61edetermine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included within \u201cOperating expenses\u201d in the statement of comprehensive income.A sale and leaseback transaction is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right-of-use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer.The Group as a lessorThe Group leases some of its devices to customers. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. See note 5 for income from leases.When a contract includes both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the contract to each component. 3.7 Foreign currenciesIn preparing the financial statements of each individual Group entity, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:\u2022 exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;\u2022 exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note 28); and\u2022 exchange differences on monetary items receivable from or payable to foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates \ufb02uctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).3.8 Employee benefits(i) Retirement costsPayments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.(ii) Short term and other long-term employee benefitsA liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash out\ufb02ows expected to be made by the Group in respect of services provided by employees up to the reporting date.3.9 TaxationThe tax expense represents the sum of current and deferred taxes.Current taxCurrent tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 reporting period date.A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be required to settle that obligation. Tax liabilities are recognised when it is considered probable that there will be a future out\ufb02ow of funds to a taxing authority. Provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice.The Group is entitled to claim tax credits in the United Kingdom for certain research and development expenditure. The credit is paid in arrears once tax returns have been filed. An estimate of the tax credit expected to be received is recognised in the consolidated income statement above the line of profit before tax. A notional tax charge on the credit is recognised within the taxation line in the consolidated income statement, and the corresponding net asset is included within current assets in the consolidated statement of financial position until such time as it is received.Deferred taxDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. It 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.The carrying amount of deferred tax assets is reviewed at each reporting 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. In considering the recoverability of deferred tax assets, the Group assesses the likelihood of their being recovered within a reasonably foreseeable timeframe, being typically a period of between three to five years, taking into account the future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use.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 reporting date.Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in which case the deferred tax is also dealt with in other comprehensive income or in equity.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and the deferred taxes 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.3.10 Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will \ufb02ow to the Group.Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected UELs. It is provided at the following rates:Leasehold land over lease period straight lineBuildings over 40 years straight lineLeasehold improvements over the expected duration of the lease straight linePlant and machinery 3-10 years straight lineOffice equipment 3 years straight lineAssets subject to operating leases 2-3 years straight lineAssets under construction are not depreciated.The UELs, 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.An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.3.11 Intangible assetsIntangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on\ue61ea prospective basis.(i) Patents and licencesPatents and licences are measured initially at purchase cost and are amortised on a straight-line basis over the expected duration of the patent or licence.(ii) Capitalised development costsExpenditure on research activities is recognised as an expense in the period in which it is incurred.An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised if\ue61eall of the following have been demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale;\u2022 the intention to complete the intangible asset and use or sell it;\u2022 the ability to use or sell the intangible asset;\u2022 how the intangible asset will generate probable future economic benefits;\u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and\u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development.The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.The Group regularly assesses the development expenditures against the criteria for development costs to be recognised as an asset, as\ue61eset out in IAS 38 \u201cIntangible Assets\u201d. The amortisation periods for internally generated assets incurred by the Group are:Development of Core Technology Platform 3 yearsDevelopment of Sequencing Kits 2 yearsImpairment of intangible assets excluding goodwillAt each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.Intangible assets with an indefinite UEL are tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash \ufb02ows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognised in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.3.12 InventoriesInventories are stated at the lower of cost, calculated as standard cost based on average cost, and net realisable value. Cost comprises direct materials and, when applicable, direct labour cost and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion. The net realisable value of inventories expected to be used as part of Research and Development is nil.3.13 Financial instrumentsFinancial assets, other than those at fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI) , are assessed for indicators of impairment at each balance sheet date. In accordance with IFRS 9 impairment of financial assets is based on an expected credit loss (\u2018ECL\u2019) model. The ECL model requires the Group to account for the ECLs and changes in those ECLs at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the financial assets. Financial assets are impaired where there is\ue61eobjective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash \ufb02ows of the investment have been affected; IFRS 9 also requires current and future events to be considered when making an impairment assessment. The Group applies the IFRS 9 simplified approach to the measurement of the ECLs which uses a lifetime ECL for all trade receivables. The ECL on these trade receivables is estimated using a provision matrix for collective assessment based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, to the extent that these are expected to have an effect on recovery of trade receivables.To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics where relevant, and the days past\ue61edue. The ECL percentage rates of default applied to trade receivables grouped by days past due are based on the payment profiles of sales over a selected period and the corresponding historical default (non payment which resulted in the debt being written off) experienced in relation to these sales. The percentage rates of default are adjusted to re\ufb02ect current and forward looking information on\ue61emacroeconomic factors affecting the ability of customers to settle the receivables where applicable.For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset\u2019s carrying amount and the present value of estimated future cash \ufb02ows, discounted at the financial asset\u2019s original effective interest rate.Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash \ufb02ows on the\ue61erepayment of principal and interest and which are held to recognise a capital gain through the sale of the asset. Movements in the carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign exchange gains or losses which are recognised in profit or loss. On derecognition, the cumulative gain or loss recognised in other comprehensive income is reclassified from equity to profit or loss. Interest income is included in finance income using the effective interest rate method.The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in the income statement.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the statement of comprehensive income.3.14 Investments in associatesAn associate is an entity over which the Group has significant in\ufb02uence and that is neither a subsidiary nor an interest in a joint venture. Significant in\ufb02uence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.Under the equity method, an investment in an associate is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.3.15 Trade and other receivablesTrade receivables are recognised at cost less allowances for expected credit losses. They arise principally through the provision of goods and services to customers. The provision is based on the Group\u2019s expected credit loss.3.16 Cash and cash equivalentsCash and cash equivalents comprise cash in hand and deposits held at call with banks and other short-term highly liquid investments with a maturity of three months or less at the date of acquisition.Cash is not held for the purpose of investment in its own right and the primary goal of investment strategies is capital preservation. Cash not required for short-term working capital requirements is invested in short-term treasury deposits (other financial assets). To the extent that it is reasonable, deposits are spread between banks that have been approved by the Board of Directors. Cash required to meet short-term working capital requirements as they arise is maintained in instant access accounts at one or more approved banks. 3.17 Trade and other payablesTrade payables are non-interest bearing and are stated at cost which equates to their fair value.3.18 Other financial assetsOther financial assets comprise unlisted investments, short-term deposits, and investment bonds held with banks that do not meet the IAS 7 definition of a cash equivalent. 3.19 ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash \ufb02ows estimated to settle the present obligation, its carrying amount is the present value of those cash \ufb02ows (when the effect of the time value of money is material).When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.3.20 Share-based paymentsWhere share options and other equity instruments are awarded to employees, the fair value of the instrument at the date of grant is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of instruments that eventually vest. 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. 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 income statement over the remaining vesting period. Where equity instruments are granted to persons other than employees, the income statement is charged with the fair value of goods and services received.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__18": { "value": "3.1 Basis of preparationThese consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the consideration given in exchange for goods and services.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in the financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36.The principal accounting policies adopted are set out below.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__14": { "value": "Notes to the Consolidated Financial Statementsfor the year ended 31 December 20221. General informationOxford Nanopore Technologies plc (the \u201cCompany\u201d) is a public limited company incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The Company\u2019s registered office is at Gosling Building, Edmund Halley Road, Oxford Science Park, Oxford, Oxfordshire, OX4 4DQ. These consolidated financial statements comprise the Company and its subsidiaries (collectively the \u201cGroup\u201d and individually \u201cGroup companies\u201d). The Group is primarily involved in researching, developing, manufacturing and commercialising the world\u2019s only commercial nanopore based sequencing platform that allows the real-time analysis of deoxyribonucleic acid (\u201cDNA\u201d) or ribonucleic acid (\u201cRNA\u201d). This enables our customers to perform scientific/biomedical research in a range of areas, including human genetics, cancer research, outbreak surveillance, environmental analysis, pathogens/antimicrobial resistance, microbiome analysis and crop science. These emerging uses may include applications in healthcare, agriculture, biopharma production, food/water supply chain surveillance, and education or consumer markets; anywhere where DNA information can tell a user about a sample: for example its identity, whether it is changing, healthy or diseased.The Company is the parent entity and the ultimate parent company of the Group.The financial statements are presented in UK Sterling because that is the currency of the primary economic environment in which the Group operates, and are rounded to the nearest thousand pounds. Foreign operations are included in accordance with the policies set out in the accounting policies.2. Adoption of new and revised standardsNew and amended IFRS Accounting Standards that are effective for the current yearIn the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.Amendments to IFRS 3 Reference to the Conceptual Framework Amendments to IAS 16 Property, Plant and Equipment Proceeds before Intended Use Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a ContractAnnual Improvements to IFRS Standards 20182020 Amendments to IFRS 1 First-time Adoption of International Financial Reporting CycleStandards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 AgricultureNew and revised IFRS standards in issue but not yet effectiveAt the date of authorisation of the consolidated financial statements, the Group has not applied the following new and revised IFRS standards that have been issued but are not yet effective:Amendments to IFRS 17 (including the June 2020 Insurance ContractsAmendments to IFRS 17)Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint VentureAmendments to IAS 1 Classification of Liabilities as Current or Non currentAmendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting PoliciesAmendments to IAS 8 Definition of Accounting EstimatesAmendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single TransactionThe Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Group in future periods.3. Significant accounting policies3.1 Basis of preparationThese consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the consideration given in exchange for goods and services.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in the financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36.The principal accounting policies adopted are set out below.3.2 Going concernAs at 31 December 2022, the Group held \u00a3558.0 million in cash, cash equivalents and other liquid investments (note 34) on the Statement of Financial Position.The going concern assessment period is the 12 months to the end of March 2024.In order to satisfy the going concern assumption, the Directors of the Group review its budget periodically, which is revisited and revised as appropriate in response to evolving market conditions.The Directors have considered the budget and forecast prepared through to March 2024, the going concern assessment period, and the\ue61eimpact of a range of severe, but plausible, scenarios, including supply chain issues driven by demand, logistics interruptions, the pandemic, heightened geopolitical tension; particularly between the United States of America and the People\u2019s Republic of China and the\ue61ewar in Ukraine. In particular, the impact of key business risks on revenue, profit and cash \ufb02ow are as follows:\u2022 Reduced revenues due to customer, regulatory and research and development (\u201cR&D\u201d) delays; and\u2022 Increased costs due to supply chain restrictions, rising utilities costs, rising wages & salary costs, additional R&D requirements and rising costs of component parts.Under all scenarios, the Group had sufficient funds to maintain trading before taking into account any mitigating actions that the Directors could take. Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future and at least one year from the date of approval of the financial statements. On the basis of these reviews, the Directors consider it remains appropriate for the going concern basis to be adopted in preparing these financial statements.3.3 Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by the Company and its subsidiaries. Control is achieved when the Company:\u2022 has power over the investee;\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and\u2022 has the ability to use its power to affect its returns.The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:\u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;\u2022 potential voting rights held by the Company, other vote holders or other parties;\u2022 rights arising from other contractual arrangements; and\u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at this time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies.3.4 Revenue recognitionThe Group manufactures and sells a range of DNA and RNA sequencing products and also provides a range of technical training and consultancy services to customers. Products are either sold on a stand-alone basis or as part of a larger bundle of goods and services. Revenue is recognised when control of the products has transferred, typically being when the products are delivered to the customer at\ue61ethe location specified during the sales ordering process. Revenue from providing services is recognised in the period in which the services are rendered because the customer receives and uses the benefits simultaneously. Revenue from the sale of bundled goods and services include multiple performance obligations which are separately recognised. For\ue61eexample, a bundled contract might include the lease of a sequencing device, software licences required to operate the device, sequencing consumables and technical training services. Each deliverable is accounted for as a separate performance obligation and the transaction price for the bundle is allocated to each performance obligation based on the stand-alone selling prices of each deliverable observed on the Group\u2019s online store. In instances where there is no directly observable stand-alone selling price, management estimate this based on an expected cost plus margin approach. As each performance obligation in the bundle is satisfied, revenue is recognised either at the point in time when the consumables are delivered or, in the case of the lease of the sequencing device or provision of software licence, recognised over the period to which they relate.In the case of bundled goods and services contracts, customers either pay for the whole contract in advance of delivery of all the goods and services on the contract or are invoiced as the goods and services are delivered. If the transaction price allocated to the goods delivered or services rendered by the Group exceeds the payment received from a customer, a contract asset is recognised. If the payment exceeds the transaction price allocated to the goods delivered or services rendered by the Group, a contract liability is recognised. In the case of non-bundled goods and services contracts, payment of the transaction price is typically due when the customer receives the goods or services.For bill-and-hold arrangements in respect of the supply and delivery of goods, revenue is recognised when the customer has obtained control of the goods. Control is deemed to have transferred when the goods have been delivered to the specified delivery location. Under bill-and-hold arrangements it is deemed appropriate to recognise revenue provided the customer has requested the bill-and-hold arrangement for substantive purposes, for example, because it lacks the physical space/facilities to store the goods. In addition, the goods must be able to be identified as belonging to the customer and cannot be used to satisfy orders for other customers, meaning that the customer can redirect or determine how the goods are used or where the goods are delivered to. 3.5 Alternative performance measuresAlternative performance measures are used by the Directors and Management to monitor business performance internally and exclude certain cash and non cash items which they believe are not re\ufb02ective of the normal day-to-day operating activities of the Group. The Directors believe that disclosing such non-IFRS measures enables a reader to isolate and evaluate the impact of such items on results and allows for a fuller understanding of performance from year to year. Alternative performance measures may not be directly comparable with other similarly titled measures used by other companies. A detailed reconciliation between reported and adjusted measures is presented in note 34.Share-based compensation is an important aspect of the compensation of our employees and executives, but Management believes it is useful to specifically exclude the Founder LTIP and employer\u2019s social security taxes on pre-IPO share awards from adjusted profit measures to better understand the long term performance of the core business. The share-based compensation expenses of the other LTIPs and share award schemes are not treated as adjusting items.3.6 Leased assetsThe Group as a lesseeThe Group leases various offices and buildings. Rental contracts are typically made for fixed periods of 12 months to 21 years and may\ue61einclude extension and termination options. These are used to maximise operational \ufb02exibility in terms of managing the assets used in\ue61ethe Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise:\u2022 fixed lease payments (including in substance fixed payments), less any lease incentives receivable;\u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;\u2022 the amount expected to be payable by the lessee under residual value guarantees;\u2022 the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and\u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the exercise of an option to terminate the lease.The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to re\ufb02ect the lease payments made.The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever:\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.\u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a \ufb02oating interest rate, in which case a revised discount rate is used).\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.Right-of-use assets are depreciated over the shorter period of lease term and Useful Economic Life (UEL) of the underlying asset. If\ue61ea\ue61elease transfers ownership of the underlying asset or the cost of the right-of-use asset re\ufb02ects that the Group expects to exercise a\ue61epurchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the\ue61ecommencement date of the lease.The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to\ue61edetermine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included within \u201cOperating expenses\u201d in the statement of comprehensive income.A sale and leaseback transaction is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right-of-use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer.The Group as a lessorThe Group leases some of its devices to customers. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. See note 5 for income from leases.When a contract includes both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the contract to each component. 3.7 Foreign currenciesIn preparing the financial statements of each individual Group entity, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:\u2022 exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;\u2022 exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note 28); and\u2022 exchange differences on monetary items receivable from or payable to foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates \ufb02uctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).3.8 Employee benefits(i) Retirement costsPayments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.(ii) Short term and other long-term employee benefitsA liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash out\ufb02ows expected to be made by the Group in respect of services provided by employees up to the reporting date.3.9 TaxationThe tax expense represents the sum of current and deferred taxes.Current taxCurrent tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 reporting period date.A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be required to settle that obligation. Tax liabilities are recognised when it is considered probable that there will be a future out\ufb02ow of funds to a taxing authority. Provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice.The Group is entitled to claim tax credits in the United Kingdom for certain research and development expenditure. The credit is paid in arrears once tax returns have been filed. An estimate of the tax credit expected to be received is recognised in the consolidated income statement above the line of profit before tax. A notional tax charge on the credit is recognised within the taxation line in the consolidated income statement, and the corresponding net asset is included within current assets in the consolidated statement of financial position until such time as it is received.Deferred taxDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. It 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.The carrying amount of deferred tax assets is reviewed at each reporting 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. In considering the recoverability of deferred tax assets, the Group assesses the likelihood of their being recovered within a reasonably foreseeable timeframe, being typically a period of between three to five years, taking into account the future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use.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 reporting date.Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in which case the deferred tax is also dealt with in other comprehensive income or in equity.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and the deferred taxes 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.3.10 Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will \ufb02ow to the Group.Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected UELs. It is provided at the following rates:Leasehold land over lease period straight lineBuildings over 40 years straight lineLeasehold improvements over the expected duration of the lease straight linePlant and machinery 3-10 years straight lineOffice equipment 3 years straight lineAssets subject to operating leases 2-3 years straight lineAssets under construction are not depreciated.The UELs, 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.An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.3.11 Intangible assetsIntangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on\ue61ea prospective basis.(i) Patents and licencesPatents and licences are measured initially at purchase cost and are amortised on a straight-line basis over the expected duration of the patent or licence.(ii) Capitalised development costsExpenditure on research activities is recognised as an expense in the period in which it is incurred.An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised if\ue61eall of the following have been demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale;\u2022 the intention to complete the intangible asset and use or sell it;\u2022 the ability to use or sell the intangible asset;\u2022 how the intangible asset will generate probable future economic benefits;\u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and\u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development.The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.The Group regularly assesses the development expenditures against the criteria for development costs to be recognised as an asset, as\ue61eset out in IAS 38 \u201cIntangible Assets\u201d. The amortisation periods for internally generated assets incurred by the Group are:Development of Core Technology Platform 3 yearsDevelopment of Sequencing Kits 2 yearsImpairment of intangible assets excluding goodwillAt each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.Intangible assets with an indefinite UEL are tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash \ufb02ows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognised in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.3.12 InventoriesInventories are stated at the lower of cost, calculated as standard cost based on average cost, and net realisable value. Cost comprises direct materials and, when applicable, direct labour cost and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion. The net realisable value of inventories expected to be used as part of Research and Development is nil.3.13 Financial instrumentsFinancial assets, other than those at fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI) , are assessed for indicators of impairment at each balance sheet date. In accordance with IFRS 9 impairment of financial assets is based on an expected credit loss (\u2018ECL\u2019) model. The ECL model requires the Group to account for the ECLs and changes in those ECLs at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the financial assets. Financial assets are impaired where there is\ue61eobjective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash \ufb02ows of the investment have been affected; IFRS 9 also requires current and future events to be considered when making an impairment assessment. The Group applies the IFRS 9 simplified approach to the measurement of the ECLs which uses a lifetime ECL for all trade receivables. The ECL on these trade receivables is estimated using a provision matrix for collective assessment based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, to the extent that these are expected to have an effect on recovery of trade receivables.To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics where relevant, and the days past\ue61edue. The ECL percentage rates of default applied to trade receivables grouped by days past due are based on the payment profiles of sales over a selected period and the corresponding historical default (non payment which resulted in the debt being written off) experienced in relation to these sales. The percentage rates of default are adjusted to re\ufb02ect current and forward looking information on\ue61emacroeconomic factors affecting the ability of customers to settle the receivables where applicable.For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset\u2019s carrying amount and the present value of estimated future cash \ufb02ows, discounted at the financial asset\u2019s original effective interest rate.Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash \ufb02ows on the\ue61erepayment of principal and interest and which are held to recognise a capital gain through the sale of the asset. Movements in the carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign exchange gains or losses which are recognised in profit or loss. On derecognition, the cumulative gain or loss recognised in other comprehensive income is reclassified from equity to profit or loss. Interest income is included in finance income using the effective interest rate method.The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in the income statement.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the statement of comprehensive income.3.14 Investments in associatesAn associate is an entity over which the Group has significant in\ufb02uence and that is neither a subsidiary nor an interest in a joint venture. Significant in\ufb02uence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.Under the equity method, an investment in an associate is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.3.15 Trade and other receivablesTrade receivables are recognised at cost less allowances for expected credit losses. They arise principally through the provision of goods and services to customers. The provision is based on the Group\u2019s expected credit loss.3.16 Cash and cash equivalentsCash and cash equivalents comprise cash in hand and deposits held at call with banks and other short-term highly liquid investments with a maturity of three months or less at the date of acquisition.Cash is not held for the purpose of investment in its own right and the primary goal of investment strategies is capital preservation. Cash not required for short-term working capital requirements is invested in short-term treasury deposits (other financial assets). To the extent that it is reasonable, deposits are spread between banks that have been approved by the Board of Directors. Cash required to meet short-term working capital requirements as they arise is maintained in instant access accounts at one or more approved banks. 3.17 Trade and other payablesTrade payables are non-interest bearing and are stated at cost which equates to their fair value.3.18 Other financial assetsOther financial assets comprise unlisted investments, short-term deposits, and investment bonds held with banks that do not meet the IAS 7 definition of a cash equivalent. 3.19 ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash \ufb02ows estimated to settle the present obligation, its carrying amount is the present value of those cash \ufb02ows (when the effect of the time value of money is material).When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.3.20 Share-based paymentsWhere share options and other equity instruments are awarded to employees, the fair value of the instrument at the date of grant is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of instruments that eventually vest. 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. 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 income statement over the remaining vesting period. Where equity instruments are granted to persons other than employees, the income statement is charged with the fair value of goods and services received.4. Critical accounting judgements and sources of estimation uncertaintyIn applying the Group\u2019s accounting policies, which are described in note 3, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.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.Critical judgements in applying the Group\u2019s accounting policiesThe following are the critical judgements and estimates that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.Judgementsi. Internally generated intangible assets research and development expenditure (\u201cR&D\u201d)Critical judgements are required in determining whether development spend meets the criteria for capitalisation of such costs as laid out in IAS 38 \u201cIntangible Assets,\u201d in particular whether any future economic benefit will be derived from the costs and \ufb02ow to the Group. The Directors believe that the criteria for capitalisation as per IAS 38 paragraph 57 for specific projects were met during the period and accordingly all amounts in relation to the development phase of those projects have been capitalised as an intangible asset during the period. All other spend on R&D projects has been recognised within R&D expenses in the income statement during the period. Management does not have a formal timesheet process for monitoring time spent by employees on projects in their development stage. Instead, Management consults with the relevant project leaders on a regular basis to understand and estimate the time spent on projects in their development stage. When a percentage allocation has been agreed, in line with the estimation process described below, this is then applied to other, non-employee related development costs to ensure that costs are consistently and appropriately capitalised. The net book value of internally generated capitalised assets at 31 December 2022 was \u00a329.7 million (2021: \u00a322.6 million). Estimatesi. Non-standard customer contractsAs noted in the revenue recognition accounting policy, revenue contracts for the sale of bundled goods and services require the allocation of the total contract price to individual performance obligations based on their stand alone selling prices. The Group occasionally enters into larger bespoke contracts which might include a clause linked to the performance of the products and options on the total units of certain consumables to be purchased under the contract. This requires Management to estimate the number of items likely to be delivered under the contract. If the estimated number of additional consumables required to fulfil the contract had increased or decreased by 30%, revenue for 2022 would have decreased or increased by up to \u00a31.5 million (2021: \u00a31.4 million).ii. Share-based paymentsDetails of the share-based payment schemes operated by the Group are disclosed in note 26. In June 2021, awards were granted to the Executive Directors of the Company under the Oxford Nanopore Technologies Limited Long Term Incentive Plan 2021 (Founder LTIP). Half of the awards are subject to a non-market revenue performance condition which drives number of awards expected to vest depending on when certain revenue targets are met. At each reporting date, management make an estimate as to the extent to which the\ue61erevenue condition is expected to be achieved by the end of each future reporting period. This is driven by revenue forecasts. Whilst management may make an appropriate estimate of the annual revenue target on grant date, this estimate might change in future periods. If the annual revenue forecast over the vesting period decreased by 7.5%, the Group recognised total expenses of \u00a371.2 million relating to equity-settled share-based payment transactions would decrease by \u00a31.0 million.In addition, the Founder LTIP awards in issue give rise to an associated employer\u2019s social security liability. Management update the estimate for this liability at each reporting period with reference to both the expected number of awards vesting and their expected value, using the share price at the period end date. For Founder LTIP awards linked to a share price condition, the assumptions used in determining the IFRS 2 charge are determined at the point of granting the awards and are not subsequently adjusted over the vesting period. However, management have estimated the proportion likely to vest for the purposes of assessing the employer\u2019s social security contributions to accrue at each period end using a Monte Carlo simulation model which requires a number of assumptions and a large number of randomly generated projections of the Company\u2019s future share price. At 31 December 2022, the expected vesting of the share price linked awards was estimated at 56.3%, which is re\ufb02ective of the reduction in share price, which has contributed to the employer\u2019s social security provision credit of \u00a321.5 million in the year. iii. Internally generated intangible assets research and development expenditure (\u201cR&D\u201d) Critical estimates are made in determining the capitalisation of costs in relation to the development phase of R&D projects. Management capitalises development costs in respect of R&D projects based on an estimate of the percentage of time spent on the project by employees while the project is in its development phase. Development costs capitalised in 2022 amounted to \u00a319.2 million (2021: \u00a39.3 million). If the estimated time spent on these projects had varied by up to 5% then the development costs capitalised in 2022 would have been in the range \u00a318.2 million to \u00a320.2 million (2021: \u00a38.8 million to \u00a39.8 million).iv. InventoryThe Group holds inventory across a number of locations for the purposes of fulfilling sales orders and contractual obligations. Additionally, certain components of inventory are held for use within research and development. Net inventory at 31 December 2022 was \u00a387.7 million (2021: \u00a363.1 million). In line with the requirements of IAS 2 Inventories, inventory is stated at the lower of cost and net realisable value. Management is required to make a number of estimates around the net realisable value of inventory, which represents the estimated selling price less all estimated costs of completion. In cases where the net realisable value is below cost, management records a provision such that inventory is held at the lower of cost and net realisable value.To estimate the inventory provision, Management uses inputs based on the location and status of inventory held by the Group. This includes the intended use of the inventory, including whether it is expected to be sold or used for research and development purposes. Management makes assumptions around the net realisable value of each category of inventory. These estimates are then applied to the inventory balance, based on its cost, location and intended use, to record a provision in cases where the net realisable value is below cost. If the net realisable value had increased by 5%, then the value of inventory would have increased by \u00a31.2 million and the revised stock value would have been \u00a388.9 million (2021: \u00a31.1 million and \u00a364.2 million respectively).5. RevenueThe Group derives revenue from the transfer of goods and services over time and at a point in time in the following categories and geographical regions:20222021\u00a3000\u00a3000Geographical regionAmericas 48,300 33,370Europe and United Kingdom 95,123 40,103China 19,290 10,975United Arab Emirates 15,379 31,722Asia Pacific and Japan 14,286 11,126Emerging markets 6,225 6,365Total revenue from contracts with customers 198,603 133,66120222021\u00a3000\u00a3000CategorySale of goods 177,672 117,401Rendering of services 9,902 7,309Lease income 11,029 8,951Total revenue from contracts with customers 198,603 133,66120222021\u00a3000\u00a3000Timing of revenue recognitionAt a point in time 177,672 117,401Over time 20,931 16,260Total revenue from contracts with customers 198,603 133,661Notes 19 and 22 disclose assets and liabilities the Group has recognised in relation to contracts with customers.Revenue recognised in relation to contract liabilities:20222021\u00a3000\u00a3000Revenue recognised that was included in the contract liability balance at the beginning of the year 17,670 12,2306. Segment informationProducts and services from which reportable segments derive their revenues are set out below.The information reported to the Group\u2019s senior management team, which is considered the chief operating decision maker (\u201cCODM\u201d), for the purposes of resource allocation and assessment of segment performance is defined by market rather than product type. The segment measure of profit evaluated by the CODM is Adjusted EBITDA, as this is considered to give the most appropriate information in respect of profitability of the individual segments.The Directors consider that the Group reportable segments in accordance with IFRS 8 Operating Segments are as set out below: Reportable segments DescriptionLife Science Research Tools Oxford Nanopore\u2019s core business, generating revenue from providing products and services for (\u201cLSRT\u201d)research use, including research and development expenditure and corporate expenditure.Covid Testing Revenue from providing products for SAR-Cov-2 testing. It should be noted that sequencing products continue to be used for the purposes of covid genomic surveillance, including variant identification, but this is reporting within the LSRT segment.The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in note 3. (a) Information about major customersIn the year the Group had two major customers i) the Department of Health and Social Care, the revenue from this customer was \u00a351.8 million, which represented 26.0% of Group revenue (2021: \u00a35.3 million, or 4% of total revenue) and ii) a customer in the United Arab Emirates with revenue of \u00a314.7 million which represented 7.4% of Group revenue (2021: \u00a331.3 million or 23.4% of total revenue).The following is an analysis of the Group\u2019s revenue, results, assets and liabilities by reportable segment.LSRTCovid Testing2022LSRTCovid Testing2021\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000RevenueAmericas 48,300 \u2013 48,300 33,348 22 33,370Europe and United Kingdom 43,335 51,788 95,123 33,425 6,678 40,103China 19,290 \u2013 19,290 10,975 \u2013 10,975United Arab Emirates 15,379 \u2013 15,379 31,722 \u2013 31,722Asia Pacific and Japan 14,286 \u2013 14,286 11,126 \u2013 11,126Emerging markets 6,225 \u2013 6,225 6,365 \u2013 6,365Total revenue 146,815 51,788 198,603 126,961 6,700 133,661(b) Adjusted EBITDALSRTCovid Testing2022LSRTCovid Testing2021\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000(Loss)/Profit after tax (128,824) 37,799 (91,025) (168,942) 1,329 (167,613)Tax expense 7,614 \u2013 7,614 1,609 \u2013 1,609Finance income (5,941) \u2013 (5,941) (224) \u2013 (224)Finance expense 221 \u2013 221 242 \u2013 242Interest on lease 1,382 25 1,407 666 \u2013 666Depreciation and amortisation 31,799 72 31,871 23,075 1,616 24,691Share-based payments (Founder LTIP) 53,182 \u2013 53,182 37,551 \u2013 37,551Employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards (21,634) \u2013 (21,634) 39,291 \u2013 39,291IPO costs expensed \u2013 \u2013 \u2013 4,829 \u2013 4,829Gain on sale of property (18,620) \u2013 (18,620) \u2013 \u2013 \u2013Settlement of COVID-19 Testing contract \u2013 (37, 896) (37,89 6) \u2013 \u2013 \u2013Impairments 2,193 \u2013 2,193 1,227 \u2013 1,227Adjusted EBITDA (78,628) \u2013 (78,628) (60,676) 2,945 (57,731)Adjusted EBITDA is defined as loss for the year before income tax expense, finance income, loan interest, interest on lease, depreciation and amortisation, adjusted for: i) share-based payment expense on Founder LTIP awards; ii) employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards; iii) IPO costs expensed in the statement of comprehensive income; iv) impairment of investment in associate; v) gain on sale of property; and vi) settlement of the COVID-19 testing contract.Adjusted EBITDA is used as a key profit measure because it shows the results of normal, core operations exclusive of income or charges that are not considered to represent the underlying operational performance, excluding exceptional items.(c) Supplementary informationLSRTCovid Testing2022LSRTCovid Testing2021\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Depreciation of property, plant and equipment 15,968 \u2013 15,968 12,890 \u2013 12,890Depreciation of right-of-use assets 4,403 72 4,475 2,512 145 2,657Amortisation of internally generated intangible assets 11,378 \u2013 11,378 7,623 1,471 9,094Amortisation of acquired intangible assets 50 \u2013 50 50 \u2013 50*Additions to non-current assets57,775 \u2013 57,775 34,311 \u2013 34,311Segment assetsInvestment in associate 826 \u2013 826 257 \u2013 257Acquired intangible assets 346 \u2013 346 396 \u2013 396**Other segment assets243,496 \u2013 243,496 187,973 14,421 202,394Total segment assets 244,668 \u2013 244,668 188,626 14,421 203,047Deferred tax assets 7,681 6,077R&D tax credit recoverable 9,148 14, 274Derivative financial assets 2,060 \u2013Other financial assets 203,555 130,628Cash and cash equivalents 356,778 487,840Total assets 823,890 841,866 Segment liabilitiesTotal segment liabilities (127,733) \u2013 (127,733) (122,643) (1,223) (123,866) Derivative financial liabilities (962) (106)Current tax liabilities (1,639) (4,418)Non-current borrowings \u2013 (9,500)Total liabilities (130,334) (137, 8 90) Net assets 693,556 703,976 * Additions to non-current assets include all non-current assets except for investments, and deferred tax assets.** Other segment assets include inventory, trade and other receivables and non-current assets except for investments, acquired intangible assets, other financial assets and deferred tax assets.The Group\u2019s non-current assets, excluding deferred tax assets, by geographical location are detailed below:LSRTCovid Testing2022LSRTCovid Testing2021\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Americas 11,255 \u2013 11,255 6,023 \u2013 6,023Europe and United Kingdom 166,401 \u2013 166,401 76,452 2,302 78,754China 96 \u2013 96 320 \u2013 320Asia Pacific and Japan 335 \u2013 335 83 \u2013 83United Arab Emirates 122 \u2013 122 \u2013 \u2013 \u2013178,209 \u2013 178,209 82,878 2,302 85,1807. Loss before tax20222021\u00a3000\u00a3000This is after charging/(crediting):Non-staff research and development costs 32,651 27,101Amortisation of intangible assets 11,428 9,144Depreciation of property, plant and equipment 15,968 12,890Depreciation of right-of-use assets 4,475 2,657(Gain)/loss on disposal of property, plant and equipment (16,740) 837Cost of inventories 42,559 38,615Write-down of inventories 6,045 4,368Short-term lease costs 602 180Impairment of intangible assets 736 \u2013Impairment of investment in associate 2,193 1,227Net foreign exchange (gain)/loss (2,490) 1,468All amounts relate to continuing operations.Amortisation of internally generated intangible assets is included within selling, general & administration expenses in the consolidated statement of comprehensive income.8. Loss per share20222021PencePence(a) Basic and diluted loss per shareTotal basic and diluted loss per share attributable to the ordinary equity holders of the Group from continuing operations 11 2320222021\u00a3000\u00a3000(b) Reconciliation of earnings used in calculating earnings per shareLoss attributable to the ordinary equity holders of the Group used in calculating basic and diluted loss per share from continuing operations (91,025) (167,613)20222021NumberNumber(c) Weighted average number of shares used as the denominatorWeighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating basic and diluted earnings per share 823,742,709 731,938,586OptionsOptions granted to employees under the Oxford Nanopore Technologies Share Option Scheme and the Oxford Nanopore Technologies Limited Share Option Plan 2018 are considered to be potential ordinary shares. These options have not been included in the determination of the basic and diluted loss per share as shown above, because they are anti-dilutive for the year ended 31 December 2022 and 31 December 2021. These options could potentially dilute basic earnings per share in the future. Details relating to the share options are set out in note 26.9. Auditors\u2019 remunerationDuring the year, the Group obtained the following services from the Group\u2019s auditors:20222021\u00a3000\u00a3000Audit of the Group\u2019s financial statements 465 595Audit of the Group\u2019s subsidiary financial statements 129 57Assurance-related non-audit services 89 \u2013IPO-related non-audit services \u2013 1,437683 2,08910. Staff costsEmployee benefit expenses (including Directors) comprise:20222021\u00a3000\u00a3000Wages and salaries 81,613 54,421Social security costs 8,671 5,534Pension costs 3,183 1,267Share-based payment expenses 70,009 62,453Social security (credits)/costs (share awards) (21,222) 39,296Other staff costs 1,834 947144,088 163,918Directors and key management personnelDirectors and key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, including the Directors of the Company listed in the section of the annual report labelled Board of Directors.Director and key management personnel compensation consisted of:20222021\u00a3000\u00a3000Salaries, bonuses and benefits in kind 7,260 5,655Amounts paid as directors\u2019 fees 655 437Share-based payment expenses 86,097 16,44194,012 22,533Further information on the remuneration of the Directors is given in the sections of the annual report on remuneration labelled as audited in the Directors\u2019 Remuneration Report.Employee numbersThe monthly average number of employees was as follows:20222021NumberNumberResearch and development 380 291Production 149 134Sales, general and administration 393 280922 70511. Finance income and expense20222021\u00a3000\u00a3000Finance incomeBank interest 4,477 95Interest on treasury deposits 1,464 129Total finance income 5,941 224Finance expenseBank interest (221) (242)Interest on lease (1,407) (666)Total finance expense (1,628) (908)Net finance income/(expense) recognised in profit or loss 4,313 (684)12. Other gains and losses20222021\u00a3000\u00a3000(Loss)/gain on derivative financial instruments (5,434) 504Gain on sale of property (see note 15) 18,620 \u201313,186 50420222021\u00a3000\u00a3000Fair value movements on investment bonds (included in other comprehensive income) 936 \u2013Further information on derivative financial instruments is disclosed in note 21.13. Tax on loss on ordinary activities13.1 Income tax recognised in profit or loss20222021\u00a3000\u00a3000Current taxNotional tax on R&D expenditure credit (RDEC) 1,187 800Prior year adjustment in respect of research and development tax credit 159 69Prior year adjustment in respect of current tax 519 (48)Tax payable on foreign subsidiary 6,059 5,344Total current tax 7,924 6,165Deferred taxOrigination and reversal of temporary differences (310) (4,556)Total deferred tax (310) (4,556)Total tax expense 7,614 1,609Current tax balances have been calculated at the rates enacted for the period. The effective rate of Corporation Tax is -9.13% (2021: -0.97%) of the loss before tax for the Group.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 losses for the year are as follows:20222021\u00a3000\u00a3000Loss for the year (91,025) (167,613)Income tax expense 7,614 1,609Loss before income taxes (83,411) (166,004)Tax rate in the UK for period as a percentage of losses at 19% (2021: 19%) (15,848) (31,541)R&D incentives 813 (323) Expenses not deductible for tax purposes 1,014 1,180 Adjustment in respect of overseas tax rates 1,104 1,031 Adjustments to tax charge in respect of prior periods 62 120 Impact of share options 12,337 (1,955) Movement on unrecognised deferred tax 7,845 32,983 Other timing differences 287 114 Total tax expense 7,614 1,60913.2 Current tax liabilities20222021\u00a3000\u00a3000Corporation Tax payable (1,639) (4,418)(1,639) (4,418)13.3 Deferred tax assetsDeferred tax balances have been recognised at the rate expected to apply when the deferred tax attribute is forecast to be utilised based on substantively enacted rates at the balance sheet date. The rate of UK Corporation Tax will increase to 25% from 1 April 2023. Taxation for other jurisdictions is calculated at the rates prevailing in the respective territories. \u00a37.4 million of the net deferred tax asset relates to the US subsidiary, which is profitable.In respect of share-based payments, to the extent that the tax deduction (or future estimated tax deduction) exceeds the amount of the\ue61erelated cumulative IFRS2 expense, the excess of the associated current or deferred tax has been recognised in equity and not in the consolidated statement of comprehensive income. For current tax this increases the charge to the consolidated statement of comprehensive income by \u00a30.1 million (2021: \u00a30.6 million). For deferred tax this reduces the credit to the consolidated statement of comprehensive income by \u00a30.5 million (2021: \u00a3nil). A deferred tax asset (DTA) of \u00a39.4 million (2021: \u00a36.1 million) has been recognised in relation to future share option exercises and other timing differences in Oxford Nanopore Technologies, Inc. and other overseas subsidiaries, because it is probable that the asset will be utilised in the foreseeable future. A deferred tax asset has been recognised in relation to Oxford Nanopore Technologies plc of \u00a35.9 million, being the amount equal to the deferred tax liability in the same entity. Recognised deferred tax balances are made up as follows:Recognised deferred tax assets and liabilities20222021\u00a3000\u00a3000Deferred tax assetsProvisions 2,487 797 Losses 5,912 \u2013Share Awards 6,360 6,160 Share Awards (Equity) 543 \u2013Total recognised deferred tax assets 15,302 6,957 Deferred tax liabilitiesAccelerated Capital Allowances (1,741) (880) Intangibles (5,880) \u2013Total recognised deferred tax liabilities (7,621) (880) Net recognised deferred tax asset 7,681 6,077Reconciliation of deferred tax20222021\u00a3000\u00a3000Balance at 1 January 6,077 1,439Prior year adjustments 616 (99)(Charge)/credit to the Statement of Comprehensive Income (306) 4,655Credit to equity 523 \u2013Foreign exchange movements 771 82At 31 December 7,681 6,077Deferred tax assets and liabilities have been offset where the group has a legally enforceable right to set off current tax assets against current tax liabilities and where the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same tax authority on the same taxable entity. A DTA of \u00a3156.2 million (2021: \u00a3202.9 million) has not been recognised due to uncertainty that the asset will be utilised in the foreseeable future. This DTA relates to the UK (2021: UK and US). This includes a deferred tax asset of \u00a3128.3 million (2021: \u00a3131.5 million) in relation to UK tax losses. The losses and deductible temporary differences are expected to be available indefinitely.Unrecognised deferred tax assets2022 2022 2021 2021Gross amountTax effectedGross amountTax effected \u00a3000\u00a3000\u00a3000\u00a3000Losses 513,111 128,278 526,163 131,541 Provisions 11,050 2,762 527 132 Share Awards 71,454 17,863 67, 3 65 16,841 Share Awards (Equity) 14,503 3,626 242,869 61,671 Accelerated Capital Allowances 5,924 1,481 (16,818) (4,204) RDEC 8,584 2,146 3,200 800 Intangibles \u2013 \u2013 (15,481) (3,870) Total unrecognised deferred tax assets 624,626 156,156 8 07, 825 202,911 13.4 R&D tax credit recoverableIn the statement of comprehensive income the R&D expenditure credit (RDEC) is recognised in the loss before tax and a notional tax charge is recognised in the tax expense. The net asset is recognised within current assets in the statement of financial position. The current asset is made up as follows:20222021\u00a3000\u00a3000At 1 January 14,274 20,696Adjustment to R&D tax credit in respect of previous periods 678 (69)Cash receipt (10,864) (9,763)R&D tax credit for the period (RDEC) 6,247 4,210Notional tax charge on R&D tax credit for the period (RDEC) (1,187) (800)At 31 December 9,148 14,27414. Intangible assetsCapitalised development Patents and costslicensesTotal\u00a3000\u00a3000\u00a3000CostAt 1 January 2021 29,183 446 29,629Additions from internal development 9,281 \u2013 9,281At 31 December 2021 38,464 446 38,910Additions from internal development 19,163 \u2013 19,163Foreign exchange movements 36 \u2013 36At 31 December 2022 57,663 446 58,109Accumulated amortisation and impairmentAt 1 January 2021 6,762 \u2013 6,762Charge for the year 9,094 50 9,144At 31 December 2021 15,856 50 15,906Charge for the year 11,378 50 11,428Impairment 736 \u2013 736At 31 December 2022 27,970 100 28,070Net book valueAt 31 December 2021 22,608 396 23,004At 31 December 2022 29,693 346 30,039Development costs have been capitalised in accordance with IAS 38 Intangible Assets and are therefore not treated as a realised loss until recognised as an amortisation or impairment charge in the statement of comprehensive income.15. Property, plant and equipmentAssets subject Land & Leasehold Plant and Assets under to operating BuildingsimprovementsmachineryconstructionleasesEquipmentTotal\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Cost or valuationAt 1 January 2021 16,401 6,529 16,420 191 20,002 11,136 70,679Additions \u2013 745 3,544 1,791 12,711 2,745 21,536Disposals \u2013 \u2013 (23) \u2013 (2,725) (232) (2,980)Transfers between classes (1,344) 1,636 (391) \u2013 \u2013 99 \u2013Foreign exchange movements \u2013 (2) 7 \u2013 87 14 106At 31 December 2021 15,057 8,908 19,557 1,982 30,075 13,762 89,341Additions \u2013 350 1,249 6,897 12,627 1,985 23,108Disposals (15,057) (1,607) (317) (691) (3,921) (87) (21,680)Transfers between classes \u2013 2,822 2,059 (5,356) \u2013 475 \u2013Foreign exchange movements \u2013 20 49 \u2013 1,064 130 1,263At 31 December 2022 \u2013 10,493 22,597 2,832 39,845 16,265 92,032Accumulated depreciation and impairmentAt 1 January 2021 2,226 1,506 8,612 \u2013 11,494 7,455 31,293Charge for the year 298 1,139 2,552 \u2013 6,450 2,451 12,890Disposals \u2013 \u2013 (9) \u2013 (2,130) (4) (2,143)Transfers between classes (1,293) 1,293 \u2013 \u2013 \u2013 \u2013 \u2013Foreign exchange movements \u2013 1 3 \u2013 52 13 69At 31 December 2021 1,231 3,939 11,158 \u2013 15,866 9,915 42,109Charge for the year 149 1,276 3,112 \u2013 9,086 2,345 15,968Disposals (1,380) (640) (114) \u2013 (2,036) (46) (4,216)Impairments \u2013 28 117 \u2013 \u2013 \u2013 145Foreign exchange movements \u2013 5 41 \u2013 588 98 732At 31 December 2022 \u2013 4,608 14,314 \u2013 23,504 12,312 54,738Net book valueAt 31 December 2021 13,826 4,969 8,399 1,982 14,209 3,847 47,232At 31 December 2022 \u2013 5,885 8,283 2,832 16,341 3,953 37,294On 8 July 2022, the Company sold its interest in the Gosling Building (the \u201cProperty\u201d) to The Oxford Science Park (Properties) Limited (\u201cTOSP\u201d) for \u00a342.5 million. TOSP immediately granted to the Company an occupational lease of the Property for ten years at a rent of \u00a31.8 million per annum (for which a right-of-use asset and related lease liability were recognised). Overall, the transaction resulted in a reduction in net property, plant and equipment of \u00a315.6 million, and a gain on disposal of \u00a318.6 million.The Group leases some of its devices to customers. Lease payments in relation to these devices are received either in advance or within the year. Therefore, no maturity analysis of lease payments has been included.16. Right-of-use assetsTotal\u00a3000CostAt 1 January 2021 18,141Additions 3,494Disposals (1,398)Foreign exchange movements 65At 31 December 2021 20,302Additions 15,504Disposals (973)Foreign exchange movements 586At 31 December 2022 35,419Accumulated depreciationAt 1 January 2021 4,326Charge for the year 2,657Disposals (1,398)Foreign exchange movements 30At 31 December 2021 5,615Charge for the year 4,475Disposals (782)Foreign exchange movements 205At 31 December 2022 9,513Net book valueAt 31 December 2021 14,687At 31 December 2022 25,906Additions in the year included \u00a35.0 million for the lease of the Gosling Building. See note 15 for further details of this transaction.17. Investment in associateThe following entity has been included in the consolidated financial statements using the equity method:Country of Proportion of ownership % Name of associate Principal activitiesincorporationinterest held as at 31 December 2022 2021Veiovia Limited Technology Development UK 26.1 23.3The carrying value is calculated as follows:20222021\u00a3000\u00a3000Investment cost 4,548 1,548Share of loss (302) (64)Impairment (3,420) (1,227)Carrying value of the interest in the associate 826 257Reconciliation of investment in associate20222021\u00a3000\u00a3000At 1 January 257 548Further investment 3,000 1,0003,257 1,548Share of loss (238) (64)Impairment (2,193) (1,227)At 31 December 826 257 The above associate is accounted for using the equity method in these consolidated financial statements as set out in the Group\u2019s accounting policies in note 3. It is held directly by the Company.(i) Pursuant to a shareholder agreement, the Company has the right to cast 26.1% of the votes of Veiovia Limited (2021: 23.3%).(ii) The Company holds more than 20% of the equity shares of Veiovia Limited, and exercises significant in\ufb02uence by virtue of its contractual right to appoint one director to the board of directors of that entity (also see note 29).(iii) For the purposes of applying the equity method of accounting, the financial statements of Veiovia Limited for the year ended 31 December 2022 have been used. The Company\u2019s share of the net asset value of the investment is significantly below the investment amount. Management has recorded an impairment loss of the investment to the recoverable amount.(iv) Veiovia Limited\u2019s registered office is The University of York, Biology B/A/039, Wentworth Way, York, UK, YO10 5DD.18. Inventories20222021\u00a3000\u00a3000Raw materials 41,852 25,781Work in progress 34,960 17, 8 3 0Finished goods 10,886 19,46087,698 63,071The carrying amount of inventories was not materially different from their replacement cost. 19. Trade and other receivables20222021\u00a3000\u00a3000Trade receivables 38,097 38,198Contract assets 3,084 275Other debtors 4,724 2,834Accrued interest income 1,065 32Other taxes 5,262 5,353Prepayments 10,673 8,10462,905 54,796Contract assets relate to the Group\u2019s rights to consideration for goods and services provided but not billed at the reporting date for goods and services provided. They are transferred to receivables when the rights become unconditional. This usually occurs when an invoice is issued to the customer.The ageing of trade receivables and the loss allowance calculated using the Group\u2019s provision matrix was as follows:Not past due30-60 days61-90 days91+ daysTotal\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000At 31 December 2022 28,654 3,390 2,696 5,971 40,711Loss allowance (930) (262) (315) (1,107) (2,614)27,724 3,128 2,381 4,864 38,097At 31 December 2021 21,368 11,715 1,129 6,941 41,153Loss allowance (8) (45) \u2013 (2,902) (2,955)21,360 11,670 1,129 4,039 38,198The following table shows the movement in lifetime Expected Credit Loss that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:\u00a3000At 1 January 2021 1,958Net charges and releases to statement of comprehensive income 1,013Foreign exchange movement (16)At 31 December 2021 2,955Net charges and releases to statement of comprehensive income (464)Foreign exchange movement 123At 31 December 2022 2,61420. Other financial assets20222021\u00a3000\u00a3000Treasury deposits 101,274 130,375Investment bonds 100,898 \u2013Other financial assets 1,383 253203,555 130,628These items were analysed as follows:20222021\u00a3000\u00a3000Current 119,411 130,628Non-current 84,144 \u2013203,555 130,62821. Derivative financial assets and liabilities20222021\u00a3000\u00a3000Derivative financial assetsForeign currency forward contracts 2,060 \u20132,060 \u2013Derivative financial liabilitiesForeign currency forward contracts 962 106 962 10622. Trade and other payables20222021\u00a3000\u00a3000Trade payables 23,103 20,486Share-based payments 460 1,416Payroll taxation and social security 2,585 6,573Accruals 33,801 22,767Contract liabilities 20,300 21,63080,249 72,872Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases by the Group is 59 days (2021: 57 days).The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.The Directors consider that the carrying amount of trade payables approximates their fair value.Contract liabilities primarily relate to performance obligations on customer contracts which were not satisfied at 31 December. In 2022 they decreased by \u00a31.3 million (2021: increase of \u00a33.8 million). Management expects that most of the transaction price allocated to unsatisfied performance obligations as at 31 December 2022 will be recognised as revenue during the following year.23. Loans and provisions20222021\u00a3000\u00a3000LoansLoan for land and building purchase \u2013 9,500\u2013 9,500On 8 July 2022, the Company completed the sale of its interest in the Gosling Building to The Oxford Science Park (Properties) Limited for \u00a342.5 million. On completion of the sale, the term loan facility of \u00a39.5 million with Barclays Bank plc was fully repaid. The average interest rate charged in the year was 3.51% (2021: 2.90%).Dilapidation Employer Total provisionstaxesOtherprovisions\u00a3000\u00a3000\u00a3000\u00a3000ProvisionsAt 31 December 2021 1,503 33,192 683 35,378Movement in provision for the year 826 (21,463) (141) (20,778)Payments \u2013 (1,093) (389) (1,482)Foreign exchange movements 17 136 7 160At 31 December 2022 2,346 10,772 160 13,278Current \u2013 4,473 160 4,633Non-current 2,346 6,299 \u2013 8,645At 31 December 2022 2,346 10,772 160 13,278Current \u2013 24,356 683 25,039Non-current 1,503 8,836 \u2013 10,339At 31 December 2021 1,503 33,192 683 35,378The dilapidation provision relates to the leased properties, representing an obligation to restore the premises to their original condition at the time the Group vacates the related properties. The provision is non-current and expected to be utilised between two and 21 years. Employer\u2019s social security taxes relates to the expected employer\u2019s taxes on share-based payments. This is expected to\ue61ebe\ue61eutilised between one and ten years. The provision is based on the best estimate of the liability, which is reviewed and updated at each reporting period. The provision is accrued over the vesting period to build up to the required liability at the point it is ultimately due. 24. Lease liabilities20222021\u00a3000\u00a3000Current 15,049 2,610Non-current 19,049 12,694Lease liabilities included in the statement of financial position 34,098 15,30420222021\u00a3000\u00a3000Maturity analysis - contractual undiscounted cash \ufb02owsUp to one year 6,459 3,265Two to five years 22,996 8,786Greater than five years 17,705 8,802Total undiscounted lease liabilities at 31 December 47,160 20,853The increase in the current year included a \u00a312.6 million liability arising in respect of the lease of the Gosling Building. See note 15 for more details on this transaction.Information on the associated right-of-use assets is included in note 16.25. Share capital and share premiumShare capital comprised the following:Number of Aggregate Nominal valueshares issuednominal valueAt 31 December 2022Share classOrdinary Shares (fully paid) \u00a30.0001 825,570,509 82,557Issued Class A Limited Anti-takeover share of \u00a31 \u00a31 1 1Issued Class B Limited Anti-takeover share of \u00a31 \u00a31 1 1Issued Class C Limited Anti-takeover share of \u00a31 \u00a31 1 182,560Number of Aggregate Nominal valueshares issuednominal valueAt 31 December 2021Share classOrdinary Shares (fully paid) \u00a30.0001 821,557,647 82,156Issued Class A Limited Anti-takeover share of \u00a31 \u00a31 1 1Issued Class B Limited Anti-takeover share of \u00a31 \u00a31 1 1Issued Class C Limited Anti-takeover share of \u00a31 \u00a31 1 182,159The increase in Ordinary Shares is due to the issuance of shares relating to employee share schemes. This resulted in an increase in the share premium reserve of \u00a33.8 million.26. Share-based payment reserves20222021\u00a3000\u00a3000At 1 January 96,350 35,079Equity settled share-based payment transactions 71,165 60,707Tax in relation to share-based payment transactions 685 564At 31 December 168,200 96,350Share-based payment transactions20222021\u00a3000\u00a3000Expense arising from share-based payment transactions:Included in research & development expenses 6,883 8,666Included in selling, general & administrative expenses 63,126 53,78770,009 62,453Equity settled share-based payment transactions 71,165 60,707Cash settled share-based payment transactions (1,156) 1,74670,009 62,453The total charge to equity settled share-based plans in 2022 was \u00a371.2 million (31 December 2021: \u00a360.7 million). Of this amount, \u00a312.8\ue61emillion (31 December 2021: \u00a323.1 million) arose from share option plans and \u00a353.2 million (31 December 2021: \u00a337.6 million) arose\ue61efrom the Founder LTIP plan, with the balance relating to the remaining share-based payment award schemes.The Group operates a number of share schemes. Awards are normally granted to employees to acquire shares but in some circumstances may be settled in cash. The schemes are as follows:\u2022 Oxford Nanopore Technologies Limited Share Option Plan\u2022 Oxford Nanopore Technologies Limited Share Option Plan 2018\u2022 Oxford Nanopore Technologies Limited Long-Term Incentive Plan 2021 (Founder LTIP)\u2022 Oxford Nanopore Technologies plc Long-Term Incentive Plan 2021 (plc LTIP)\u2022 Oxford Nanopore Technologies Deferred Bonus Plan 2021\u2022 Oxford Nanopore Technologies Share Incentive Plan 2021\u2022 Oxford Nanopore Technologies 2021 Employee Stock Purchase PlanShare optionsOptions under each scheme have been aggregated. Share options have been awarded under two equity-settled share-based remuneration schemes: the Oxford Nanopore Technologies Share Option Scheme and the Oxford Nanopore Technologies Limited Share Option Plan 2018. The contractual life of all options is ten years. Oxford Nanopore Technologies Limited Share Option Plan 2018This plan replaced the Oxford Nanopore Technologies Share Option Scheme and closed to new members following the Company\u2019s admission to the London Stock Exchange in 2021. All unexercised awards will have expired by 2031. All employees were eligible to be awarded approved share options, with the exception of employees in some foreign subsidiaries. These employees were instead eligible to be remunerated under a local phantom bonus scheme. Awards granted to participants were subject to either service conditions or both service and market performance conditions. Options were not normally able to be exercised before the third anniversary of the date of grant.The movement in share options outstanding is summarised in the following table:2022 2021Weighted Weighted average average Number of exercise price Number of exercise price share options(pence)share options(pence)At 1 January 55,450,832 176 49,940,900 105Granted \u2013 \u2013 19,558,520 295Forfeited (821,783) 240 (497,106) 150Exercised (3,789,563) 99 (13,551,482) 85Outstanding at 31 December 50,839,486 181 55,450,832 176Exercisable at 31 December 40,403,625 155 34,084,864 125Share options outstanding at the end of the year have the following expiry and exercise prices:Grant year Expiry year Exercise price20222021(pence)NumberNumberOxford Nanopore Technologies Limited Share Option\ue61eScheme 2008 - 2018 2020 - 2028 4 - 140 16,517,490 18,625,927Oxford Nanopore Technologies Limited Share Option\ue61ePlan 2018 2019 -2021 2029 -2031 181 - 306 34,321,996 36,824,90550,839,486 55,450,832The weighted average share price at the date of exercise for share options exercised during the period was \u00a33.65 (31 December 2021: \u00a34.29). The options outstanding at 31 December 2022 had a weighted average exercise price of \u00a31.81 (31 December 2021: \u00a31.76), and a\ue61eweighted average remaining contractual life of 6.0 years (2021: 6.8 years).Valuation models:Oxford Nanopore Technologies Limited Share Option Plan 2018There were no options granted during the year (2021: 19.6 million). The fair value of share options granted during the prior year was determined using the Monte Carlo Simulation model and Black Scholes model dependent on the performance vesting conditions. Black Scholes: The following assumptions were used in the Black Scholes model in calculating the fair values of the options granted:Range of share prices \u00a32.65 - \u00a33.50Range of exercise prices \u00a32.12 - \u00a33.50Expected volatility range 47% - 50%Expected life 6.5 yearsRisk-free rate range 0% - 0.4%Expected dividend yields NilThe volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. For options granted during 2021, the expected life assumption of six and a half years assumes exercise will occur halfway through the total exercisable period, being the midpoint of years three and ten. The risk-free interest rate used re\ufb02ects the UK Government five-year Gilt rate as reported by the Bank of England.The weighted average fair value of options granted during the period determined using the Black Scholes model at the grant date was \u00a3nil (2021: \u00a31.74) per option.Monte Carlo Simulations The inputs into the Monte Carlo Simulation model for options issued were as follows:Weighted average share price \u00a32.65Weighted average exercise price \u00a32.12Expected volatility 48%Expected life 2.5 yearsRisk-free rate 0%Expected dividend yields NilThe Monte Carlo Simulation model has been used to value the portion of the awards which have a market performance vesting condition (achievement of a target company valuation). The model incorporates a discount factor re\ufb02ecting this performance condition into the fair value of this portion of the award. The weighted average fair value of options granted during the year determined using the Monte Carlo Simulation model at the grant date was \u00a3nil (2021: \u00a31.21) per option.The volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. For options granted during 2021, the expected life represents the term until expected vesting and exercise. The risk-free interest rate used re\ufb02ects the UK Government five-year Gilt rate as reported by the Bank of England.Long term Incentive PlansOxford Nanopore Technologies Limited Long Term Incentive Plan 2021 (Founder LTIP):This was a one-off discretionary share plan, under which the Company granted awards over 6.5% of the Company\u2019s Ordinary Share capital (at the date of grant) to the Executive Directors. The Founder LTIP awards are free to the recipient. The plan was approved by the board on 22 June 2021. Awards were granted as conditional awards of Ordinary Shares (\u201cConditional Awards\u201d) subject to achievement of performance obligations tied to revenue and share price and is subject to holding periods. There were no awards granted during the year (2021: 46.1 million) and all remained outstanding as at 31 December 2022 with a weighted average remaining contractual life of four years.Valuation models: The inputs into the valuation models for Founder LTIP awards were as follows:Monte Carlo Black ScholesShare price at grant \u00a33.50 \u00a33.50Share price \u00a34.50 n/aExpected volatility 50.14% 50.14%Expected term 2.16 years 5 yearsRisk-free rate 0.4% 0.4%Expected dividend yields Nil NilThe volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. The risk-free interest rate used re\ufb02ects the UK Government five-year Gilt rate as reported by the Bank of England.The weighted average fair value of Founder LTIP awards granted, determined using the Black Scholes model at the grant date, was \u00a33.22 per award. The weighted average fair value of Founder LTIP awards granted, determined using the Monte Carlo simulation model at the grant date, was \u00a32.18 per award. 27. Notes to the cash \ufb02ow statements20222021\u00a3000\u00a3000Cash and cash equivalents 356,778 487,840Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash \ufb02ows can be reconciled to the related items in the consolidated reporting position as shown above. 20222021\u00a3000\u00a3000Loss before tax (83,411) (166,004)Depreciation on property, plant and equipment 15,968 12,890Depreciation on right-of-use assets 4,475 2,657Amortisation on intangible assets 11,428 9,144Loss on disposal of property, plant and equipment 1,880 837Research and development expense tax credit (7,084) (4,210)Foreign exchange movements 5,556 1,071Interest on leases 1,407 666Bank interest income (5,941) (224)Bank interest expense 221 242Non-cash movements on derivatives (1,203) 166Impairment of investment 2,193 1,227Impairment of operating assets 1,173 \u2013Share of losses in associate 238 64Gain on sale of property - see note 15 (18,620) \u2013Employee share benefit costs including employer\u2019s social security taxes 48,784 62,453Operating cash \ufb02ows before movements in working capital (22,936) (79,021)(Increase)/decrease in receivables (7,402) 10,888Increase in inventory (24,717) (27,444)Increase in payables 4,434 33,571Cash used in operations (50,621) (62,006)Income taxes - R&D tax credit received 10,864 9,763Foreign tax paid (9,630) (961)Net cash out\ufb02ow from operating activities (49,387) (53,204)(i) Non cash transactionsAdditions to right-of-use assets during the year of \u00a315.5 million (2021: \u00a33.5 million) were financed by new leases.(ii) Changes in liabilities arising from financing activitiesThe table below details change in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash \ufb02ows were, or future cash \ufb02ows will be, classified in the Group\u2019s consolidated cash \ufb02ow statement as cash \ufb02ows from financing activities.Lease Bank loanliabilitiesTotal\u00a3000\u00a3000\u00a3000At 1 January 2021 9,500 14,132 23,632Non-cash changesNew leases \u2013 3,494 3,494Interest \u2013 666 666Foreign exchange movements \u2013 39 39Cash changesPrincipal repaid \u2013 (2,361) (2,361)Interest paid \u2013 (666) (666)At 31 December 2021 9,500 15,304 24,804Non-cash changesNew leases \u2013 22,523 22,523Lease surrendered \u2013 (191) (191)Interest \u2013 1,407 1,407Foreign exchange movements \u2013 422 422Cash changesBank loan repaid (9,500) \u2013 (9,500)Principal repaid \u2013 (4,111) (4,111)Interest paid \u2013 (1,256) (1,256)At 31 December 2022 \u2013 34,098 34,09828. Financial instruments \u2013 risk management(i) Classes and categories of financial instruments and their fair valuesThe following table combines information about:\u2022 classes of financial instruments based on their nature and characteristics\u2022 the loan on land and buildings held at amortised cost\u2022 the carrying amount of financial instruments\u2022 the fair value of financial instruments (except financial instruments when carrying amount approximates their fair value)Total Carrying ValueFair value\u00a3000\u00a300031 December 2022Financial assetsCash and cash equivalents 356,778 356,778Trade and other receivables 46,970 46,970Treasury deposits 101,274 101,274Investment bonds 100,898 100,898Other financial assets 1,383 1,383Derivative financial assets 2,060 2,060Financial liabilitiesTrade and other payables (77,204) (77,204)Derivative financial liabilities (962) (962)Total Carrying ValueFair value\u00a3000\u00a300031 December 2021Financial assetsCash and cash equivalents 487,840 487,840Trade and other receivables 41,339 41,437Treasury deposits 130,375 130,375Other financial assets 253 253Financial liabilitiesTrade and other payables (65,077) (65,077)Loan on land & buildings (9,500) (9,500)Derivative financial liabilities (106) (106)The following summarises the method and assumptions used in estimating the fair value of financial instruments re\ufb02ected in the table.Trade payables and receivables generally have a remaining life of less than one year so their value recorded in the balance sheet is considered to be a reasonable approximation of fair value.Treasury deposits are short-term deposits held with banks that do not meet the IAS 7 definition of a cash equivalent, as well as investment grade quoted bonds classified as fair value through other comprehensive income. See note 12. Investment bonds have been classified as Level 1 investments based on three categories depending on the inputs used in the valuation technique. The categories used are as follows:\u2022 Level 1: quoted prices for identical instruments; \u2022 Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and \u2022 Level 3: inputs which are not based on observable market data.Fixed forward contractsFuture cash \ufb02ows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates.During the year, a number of fixed forward contracts were entered into. At 31 December 2022 eight contracts remained unsettled, with various settlement dates, the latest being 12 October 2023 (2021: six contracts remained unsettled, the latest being 15 November 2022). They are included in the balance sheet as follows:20222021\u00a3000\u00a3000Derivative financial assetsForeign currency forward contracts 2,060 \u20132,060 \u2013Derivative financial liabilitiesForeign currency forward contracts 962 106962 106(ii) Financial risk management objectives and policies.OverviewThe Group has exposure to liquidity, credit and market risks from its use of financial instruments. This note sets out the Group\u2019s key policies and processes for managing these risks.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities as they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Following the share capital raised in 2020 and the IPO in October 2021, the Group has a substantial cash balance to fund its operations.At 31 December 2022, the Group had the following financing arrangements:20222021\u00a3000\u00a3000Maturity analysis- Expiring within one year (undiscounted lease liabilities) 6,459 3,265- Expiring beyond one year (undiscounted lease liabilities and bank loan) 40,701 27,08 847,160 30,353The loan on land and buildings for \u00a39.5 million had a term of four years from 5 August 2020. It was repaid in 2022; the average interest rate in 2022 was 3.51% (2021: 2.65%).The amounts disclosed in this table for lease liabilities are based on contractual undiscounted cash \ufb02ows. The Directors consider that except for lease and loan liabilities, all of the Group\u2019s financial liabilities at the year end and prior year end have maturity dates of less than 12 months from the balance sheet date.Management monitors rolling forecasts of the Group\u2019s financing arrangements (comprising the lease liabilities and bank loan above) and cash and cash equivalents (note 27) on the basis of expected cash \ufb02ows. Credit riskCredit risk is the risk of financial loss to the Group if a deposit taker should fail. It is currently Group policy that the majority of external monetary deposits are made on a fixed interest basis over terms varying from one to three months depending upon the rate available. Maturities are staggered whenever possible to spread exposure to interest rate movement. Although the Board accepts that this policy neither protects the Group from the risk of receiving rates below the current market rates nor eliminates fully cash \ufb02ow risk associated with interest receipts, it considers that it achieves an appropriate balance of exposure to these risks. Term deposits are denominated in UK Sterling with institutions rated as A or better by both Moody\u2019s and Standard & Poor\u2019s. At year end, the Group placed \u00a3542 million (2021: \u00a3430 million) deposits with several reputable financial institutions to minimise its credit risk. \u00a3310 million (2021: \u00a3250 million) of this is placed in institutions with a grade of AAA, with the remainder all being placed at Grade A or higher institutions in line with the Group\u2019s treasury policy.Additional credit risk exists on trade receivables, which is managed by a centralised accounts receivable process including credit checks on initial order acceptance.Credit approvals and other monitoring procedures are also in place to ensure that follow up action is taken to recover overdue debts. Furthermore, the Group reviews the recoverable amount of each trade debt and debt investment on an individual basis at the end of the reporting period to ensure that adequate loss allowance is made for irrecoverable amounts. In this regard, the Directors consider that the Group\u2019s credit risk is significantly reduced and remain at the same level for the foreseeable future. Trade receivables consist of a large number of customers, spread across diverse geographical areas. Of the trade receivables balance at the end of the year, \u00a34.9 million (2021: \u00a312.7 million) was due from the Group\u2019s largest customer, G42. At 31 December 2022, an amount of \u00a32.61 million (2021: \u00a32.95 million) measured at an amount equal to 12-month expected credit losses was estimated as a loss allowance in accordance with IFRS 9 (see note 19).The credit risk on liquid funds and derivative financial instruments are measured at an amount equal to lifetime expected credit losses. Their credit risk is considered as limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s costs or the value of its holdings in financial instruments. The Group has little exposure to interest rate risk other than that returns on short-term fixed interest deposits will vary with movements in underlying bank interest rates. The Group\u2019s principal market risk exposure is to movements in foreign exchange rates.Foreign currency riskForeign exchange risk arises because the Group from time to time enters into transactions denominated in a currency other than Sterling. Where it is considered that the risk to the Group is significant, it will enter into a matching forward contract with a reputable bank or hold deposits of the currency in cash. Derivatives are only used for economic hedging purposes and not as speculative investments. In addition, significant amounts of US Dollars were held during the year. In the year ended 31 December 2022 approximately 17% (2021: 18%) of the Group\u2019s annual expenditures was denominated in US dollars and approximately 13% (2021: 16%) of the Group\u2019s expenditure was denominated in Euro. A significant portion of the Group\u2019s revenue is denominated in US Dollars.Exchange rate exposures are managed within approved policy parameters. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:Assets Liabilities2022202120222021\u00a3000\u00a3000\u00a3000\u00a3000Financial assets and liabilities 25,065 50,965 (13,729) (17,165)Sensitivity analysisA 5% strengthening of the US Dollar relative to UK Sterling at 31 December 2022 would have resulted in an increase in Group equity of\ue61e\u00a30.3 million (2021: \u00a30.4 million).The interest rate for short-term deposits is dependent on the rates offered by the Group\u2019s bankers. During the year ended 31 December 2022, the short-term deposits returned an average of 1.48% (2021: 0.19%).The Group has considered its sensitivity to interest rate \ufb02uctuations and does not believe that a change in interest rates would have a\ue61ematerial risk impact on the historical financial information.Capital managementThe Group defines the capital that it manages as the Group\u2019s total equity. The Group\u2019s objectives when managing capital are:\u2022 To safeguard the Group\u2019s ability to continue as a going concern, so that it can continue to strive to provide returns to investors\u2022 To provide an adequate return to investors based on the level of risk undertaken\u2022 To have available the necessary financial resources to allow the Group to invest in areas that may deliver future benefits for inventive sources and returns to investors\u2022 To maintain sufficient financial resources to mitigate against risks and unforeseen eventsIn 2022, the term loan facility of \u00a39.5 million with Barclays Bank plc was fully repaid. The Debt to Equity ratio of the Group is nil (2021: 1.3%).Debt is defined as long and short-term borrowings (excluding derivatives and financial guarantee contracts) as detailed in note 23. Equity includes all capital and reserves of the Group that are managed as capital.29. Related party transactionsBalances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.In 2022 the Company invested a further \u00a33.0 million in its associate, Veiovia Limited, which is related to the Company by shared directorship of JP Willcocks. A total of \u00a34.5 million has now been invested in Veiovia Limited. During the year, an impairment of \u00a32.2 million was recognised through the statement of comprehensive income.The Company paid academic research costs in 2022 of \u00a30.5 million (2021: \u00a30.2 million) to the University of Oxford, which is related to the Company by shared directorship of W Becker.30. Retirement benefit planThe Group operates a defined contribution pension scheme for the benefit of its employees. Most of the employees who contribute to the Group\u2019s pension scheme do so via salary sacrifice. The total expense recognised in the consolidated income statement of \u00a33.2 million (2021 \u00a31.3 million) represents contributions payable to\ue61ethe scheme by the Group at rates specified in the rules of the scheme. As at 31 December 2022, contributions of \u00a30.5 million (2021: \u00a30.4 million) due in respect of the current reporting period had not been paid over to the plans.31. Commitments20222021\u00a3000\u00a3000Within one year 1,768 1,173In the second to fifth years inclusive 721 7502,489 1,923Commitments relate to research agreements with universities and research institutions as well as licence payments required under intellectual property and other licences. The amounts are not risk-adjusted or discounted.32. Events after the reporting dateThe Group performed a review of events subsequent to the balance sheet date through to the date the financial statements were issued and determined that there were no such events requiring recognition or disclosure in the financial statements.33. Controlling partyThere is no ultimate controlling party of the Group as ownership is split between the Company\u2019s shareholders. The most significant shareholders at 31 December 2022 were as follows: IP Group (10%), Tencent Holdings (8%), Baillie Gifford (6%), G42 (5%) and GIC Asset Management (5%).34. Alternative performance measuresThe Group\u2019s performance is assessed using a number of financial measures which are not defined under IFRS and are which therefore comprise alternative (non-GAAP) performance measures. These are as follows:\u2022 Underlying LSRT revenue growth: LSRT revenue growth excluding EGP and COVID sequencing revenue;\u2022 Underlying LSRT revenue growth on a constant currency basis: LSRT revenue growth excluding EGP and COVID sequencing revenue, on a constant currency basis;\u2022 Adjusted research and development expenses: research and development expenses after adjusting for employer\u2019s social security taxes on pre-IPO share awards;\u2022 Adjusted selling, general and administrative expenses: selling, general and administrative expenses after adjusting for share-based payments expense (Founder LTIP), employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards and IPO costs expensed;\u2022 EBITDA: loss for the year before income tax expense, finance income, loan interest, interest on lease, depreciation and amortisation;\u2022 Adjusted EBITDA: EBITDA adjusted for. i) share-based payment expense on Founder LTIP awards; ii) employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards; iii) IPO costs expensed in the statement of comprehensive income; iv) impairment of investment in associate; v) gain on sale of property; and vi) settlement of the COVID-19 testing contract; and\u2022 Cash and cash equivalents and other liquid investments: total cash and cash equivalents, which comprise cash in hand, deposits held at\ue61ecall and other short-term highly liquid investments with a maturity of three months or less at the date of acquisition. Other liquid investments comprise investment bonds in which a fixed sum is invested in an asset-backed fund, treasury deposits, and investment bonds, which comprise deposits held with banks that do not meet the IAS 7 definition of a cash equivalent.The following table presents the adjusted underlying LSRT revenue growth20222021\u00a3000\u00a3000LSRT Revenue 146,815 126,961Adjusting Items:EGP revenue (13,172) (30,562)COVID sequencing revenue (26,112) (17,545)Underlying LSRT revenue 107,531 78,854Growth +36.4%Impact of foreign exchange (5,370) \u2013Underlying LSRT revenue on a constant currency basis 102,161 78,854Growth +29.6%The following table presents the adjusted research and development:20222021\u00a3000\u00a3000Research and development expenses 64,842 75,976Adjusting Items:Employer\u2019s social security taxes on pre-IPO share awards 9,890 (17,748) Adjusted research and development expenses 74,732 58,228Capitalised development costs 19,163 9,281Adjusted R&D expenses and capitalised development costs 93,895 67,50 934. Alternative performance measures continuedThe following table presents the adjusted selling, general and administrative expenses20222021\u00a3000\u00a3000Selling, general and administrative expenses 157,447 161,752Adjusting Items:Share-based payment expense on Founder Long Term Incentive Plan (LTIP) (53,182) (37,551) Employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards 11,743 (21,544) IPO costs expensed in the statement of comprehensive income \u2013 (4,829) Adjusted selling, general and administrative expenses 116,008 97, 828The following table presents the Group\u2019s EBITDA and Adjusted EBITDA, together with a reconciliation to loss for the year:20222021\u00a3000\u00a3000Loss for the year (91,025) (167,613)Tax expense 7,614 1,609Finance income (5,941) (224)Loan interest 221 242Interest on lease 1,407 666Depreciation and amortisation 31,871 24,691EBITDA (55,853) (140,629)Share-based payments (Founder LTIP) 53,182 37, 551Employer\u2019s social security (credit)/charge on Founder LTIP and pre-IPO share-based awards (21,634) 39,291Gain on sale of property (18,620) \u2013Settlement of COVID-19 testing contract (37,89 6) \u2013Impairment of investment in associate 2,193 1,227IPO costs expensed in the statement of comprehensive income \u2013 4,829Adjusted EBITDA (78,628) (57,731)The following table presents cash, cash equivalents and other liquid investments:20222021\u00a3000\u00a3000Cash and cash equivalents 356,778 487,840Treasury deposits 101,274 130,375Investment bonds 100,898 \u2013Less: fair value movements on investment bonds (936) \u2013Cash, cash equivalents and other liquid investments 558,014 618,215", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__19": { "value": "3.2 Going concernAs at 31 December 2022, the Group held \u00a3558.0 million in cash, cash equivalents and other liquid investments (note 34) on the Statement of Financial Position.The going concern assessment period is the 12 months to the end of March 2024.In order to satisfy the going concern assumption, the Directors of the Group review its budget periodically, which is revisited and revised as appropriate in response to evolving market conditions.The Directors have considered the budget and forecast prepared through to March 2024, the going concern assessment period, and the\ue61eimpact of a range of severe, but plausible, scenarios, including supply chain issues driven by demand, logistics interruptions, the pandemic, heightened geopolitical tension; particularly between the United States of America and the People\u2019s Republic of China and the\ue61ewar in Ukraine. In particular, the impact of key business risks on revenue, profit and cash \ufb02ow are as follows:\u2022 Reduced revenues due to customer, regulatory and research and development (\u201cR&D\u201d) delays; and\u2022 Increased costs due to supply chain restrictions, rising utilities costs, rising wages & salary costs, additional R&D requirements and rising costs of component parts.Under all scenarios, the Group had sufficient funds to maintain trading before taking into account any mitigating actions that the Directors could take. Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future and at least one year from the date of approval of the financial statements. On the basis of these reviews, the Directors consider it remains appropriate for the going concern basis to be adopted in preparing these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__20": { "value": "3.3 Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by the Company and its subsidiaries. Control is achieved when the Company:\u2022 has power over the investee;\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and\u2022 has the ability to use its power to affect its returns.The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:\u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;\u2022 potential voting rights held by the Company, other vote holders or other parties;\u2022 rights arising from other contractual arrangements; and\u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at this time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__21": { "value": "3.4 Revenue recognitionThe Group manufactures and sells a range of DNA and RNA sequencing products and also provides a range of technical training and consultancy services to customers. Products are either sold on a stand-alone basis or as part of a larger bundle of goods and services. Revenue is recognised when control of the products has transferred, typically being when the products are delivered to the customer at\ue61ethe location specified during the sales ordering process. Revenue from providing services is recognised in the period in which the services are rendered because the customer receives and uses the benefits simultaneously. Revenue from the sale of bundled goods and services include multiple performance obligations which are separately recognised. For\ue61eexample, a bundled contract might include the lease of a sequencing device, software licences required to operate the device, sequencing consumables and technical training services. Each deliverable is accounted for as a separate performance obligation and the transaction price for the bundle is allocated to each performance obligation based on the stand-alone selling prices of each deliverable observed on the Group\u2019s online store. In instances where there is no directly observable stand-alone selling price, management estimate this based on an expected cost plus margin approach. As each performance obligation in the bundle is satisfied, revenue is recognised either at the point in time when the consumables are delivered or, in the case of the lease of the sequencing device or provision of software licence, recognised over the period to which they relate.In the case of bundled goods and services contracts, customers either pay for the whole contract in advance of delivery of all the goods and services on the contract or are invoiced as the goods and services are delivered. If the transaction price allocated to the goods delivered or services rendered by the Group exceeds the payment received from a customer, a contract asset is recognised. If the payment exceeds the transaction price allocated to the goods delivered or services rendered by the Group, a contract liability is recognised. In the case of non-bundled goods and services contracts, payment of the transaction price is typically due when the customer receives the goods or services.For bill-and-hold arrangements in respect of the supply and delivery of goods, revenue is recognised when the customer has obtained control of the goods. Control is deemed to have transferred when the goods have been delivered to the specified delivery location. Under bill-and-hold arrangements it is deemed appropriate to recognise revenue provided the customer has requested the bill-and-hold arrangement for substantive purposes, for example, because it lacks the physical space/facilities to store the goods. In addition, the goods must be able to be identified as belonging to the customer and cannot be used to satisfy orders for other customers, meaning that the customer can redirect or determine how the goods are used or where the goods are delivered to.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__22": { "value": "3.5 Alternative performance measuresAlternative performance measures are used by the Directors and Management to monitor business performance internally and exclude certain cash and non cash items which they believe are not re\ufb02ective of the normal day-to-day operating activities of the Group. The Directors believe that disclosing such non-IFRS measures enables a reader to isolate and evaluate the impact of such items on results and allows for a fuller understanding of performance from year to year. Alternative performance measures may not be directly comparable with other similarly titled measures used by other companies. A detailed reconciliation between reported and adjusted measures is presented in note 34.Share-based compensation is an important aspect of the compensation of our employees and executives, but Management believes it is useful to specifically exclude the Founder LTIP and employer\u2019s social security taxes on pre-IPO share awards from adjusted profit measures to better understand the long term performance of the core business. The share-based compensation expenses of the other LTIPs and share award schemes are not treated as adjusting items.", "dimensions": { "concept": "OXF:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__23": { "value": "3.6 Leased assetsThe Group as a lesseeThe Group leases various offices and buildings. Rental contracts are typically made for fixed periods of 12 months to 21 years and may\ue61einclude extension and termination options. These are used to maximise operational \ufb02exibility in terms of managing the assets used in\ue61ethe Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise:\u2022 fixed lease payments (including in substance fixed payments), less any lease incentives receivable;\u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;\u2022 the amount expected to be payable by the lessee under residual value guarantees;\u2022 the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and\u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the exercise of an option to terminate the lease.The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to re\ufb02ect the lease payments made.The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever:\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.\u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a \ufb02oating interest rate, in which case a revised discount rate is used).\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.Right-of-use assets are depreciated over the shorter period of lease term and Useful Economic Life (UEL) of the underlying asset. If\ue61ea\ue61elease transfers ownership of the underlying asset or the cost of the right-of-use asset re\ufb02ects that the Group expects to exercise a\ue61epurchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the\ue61ecommencement date of the lease.The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to\ue61edetermine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included within \u201cOperating expenses\u201d in the statement of comprehensive income.A sale and leaseback transaction is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right-of-use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer.The Group as a lessorThe Group leases some of its devices to customers. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. See note 5 for income from leases.When a contract includes both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the contract to each component.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__24": { "value": "3.7 Foreign currenciesIn preparing the financial statements of each individual Group entity, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:\u2022 exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;\u2022 exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note 28); and\u2022 exchange differences on monetary items receivable from or payable to foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates \ufb02uctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__25": { "value": "3.8 Employee benefits(i) Retirement costsPayments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.(ii) Short term and other long-term employee benefitsA liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash out\ufb02ows expected to be made by the Group in respect of services provided by employees up to the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__27": { "value": "3.9 TaxationThe tax expense represents the sum of current and deferred taxes.Current taxCurrent tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 reporting period date.A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be required to settle that obligation. Tax liabilities are recognised when it is considered probable that there will be a future out\ufb02ow of funds to a taxing authority. Provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice.The Group is entitled to claim tax credits in the United Kingdom for certain research and development expenditure. The credit is paid in arrears once tax returns have been filed. An estimate of the tax credit expected to be received is recognised in the consolidated income statement above the line of profit before tax. A notional tax charge on the credit is recognised within the taxation line in the consolidated income statement, and the corresponding net asset is included within current assets in the consolidated statement of financial position until such time as it is received.Deferred taxDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. It 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.The carrying amount of deferred tax assets is reviewed at each reporting 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. In considering the recoverability of deferred tax assets, the Group assesses the likelihood of their being recovered within a reasonably foreseeable timeframe, being typically a period of between three to five years, taking into account the future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use.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 reporting date.Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in which case the deferred tax is also dealt with in other comprehensive income or in equity.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and the deferred taxes 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:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__26": { "value": "3.9 TaxationThe tax expense represents the sum of current and deferred taxes.Current taxCurrent tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 reporting period date.A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be required to settle that obligation. Tax liabilities are recognised when it is considered probable that there will be a future out\ufb02ow of funds to a taxing authority. Provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice.The Group is entitled to claim tax credits in the United Kingdom for certain research and development expenditure. The credit is paid in arrears once tax returns have been filed. An estimate of the tax credit expected to be received is recognised in the consolidated income statement above the line of profit before tax. A notional tax charge on the credit is recognised within the taxation line in the consolidated income statement, and the corresponding net asset is included within current assets in the consolidated statement of financial position until such time as it is received.Deferred taxDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. It 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.The carrying amount of deferred tax assets is reviewed at each reporting 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. In considering the recoverability of deferred tax assets, the Group assesses the likelihood of their being recovered within a reasonably foreseeable timeframe, being typically a period of between three to five years, taking into account the future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use.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 reporting date.Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in which case the deferred tax is also dealt with in other comprehensive income or in equity.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and the deferred taxes 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:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__28": { "value": "3.10 Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will \ufb02ow to the Group.Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected UELs. It is provided at the following rates:Leasehold land over lease period straight lineBuildings over 40 years straight lineLeasehold improvements over the expected duration of the lease straight linePlant and machinery 3-10 years straight lineOffice equipment 3 years straight lineAssets subject to operating leases 2-3 years straight lineAssets under construction are not depreciated.The UELs, 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.An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__29-1": { "value": "3.11 Intangible assetsIntangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on\ue61ea prospective basis.(i) Patents and licencesPatents and licences are measured initially at purchase cost and are amortised on a straight-line basis over the expected duration of the patent or licence.(ii) Capitalised development costsExpenditure on research activities is recognised as an expense in the period in which it is incurred.An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised if\ue61eall of the following have been demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale;\u2022 the intention to complete the intangible asset and use or sell it;\u2022 the ability to use or sell the intangible asset;\u2022 how the intangible asset will generate probable future economic benefits;\u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and\u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development.The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.The Group regularly assesses the development expenditures against the criteria for development costs to be recognised as an asset, as\ue61eset out in IAS 38 \u201cIntangible Assets\u201d. The amortisation periods for internally generated assets incurred by the Group are:Development of Core Technology Platform 3 yearsDevelopment of Sequencing Kits 2 yearsImpairment of intangible assets excluding goodwillAt each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.Intangible assets with an indefinite UEL are tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash \ufb02ows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognised in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.14. Intangible assetsCapitalised development Patents and costslicensesTotal\u00a3000\u00a3000\u00a3000CostAt 1 January 2021 29,183 446 29,629Additions from internal development 9,281 \u2013 9,281At 31 December 2021 38,464 446 38,910Additions from internal development 19,163 \u2013 19,163Foreign exchange movements 36 \u2013 36At 31 December 2022 57,663 446 58,109Accumulated amortisation and impairmentAt 1 January 2021 6,762 \u2013 6,762Charge for the year 9,094 50 9,144At 31 December 2021 15,856 50 15,906Charge for the year 11,378 50 11,428Impairment 736 \u2013 736At 31 December 2022 27,970 100 28,070Net book valueAt 31 December 2021 22,608 396 23,004At 31 December 2022 29,693 346 30,039Development costs have been capitalised in accordance with IAS 38 Intangible Assets and are therefore not treated as a realised loss until recognised as an amortisation or impairment charge in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__30": { "value": "3.12 InventoriesInventories are stated at the lower of cost, calculated as standard cost based on average cost, and net realisable value. Cost comprises direct materials and, when applicable, direct labour cost and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion. The net realisable value of inventories expected to be used as part of Research and Development is nil.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__31": { "value": "3.13 Financial instrumentsFinancial assets, other than those at fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI) , are assessed for indicators of impairment at each balance sheet date. In accordance with IFRS 9 impairment of financial assets is based on an expected credit loss (\u2018ECL\u2019) model. The ECL model requires the Group to account for the ECLs and changes in those ECLs at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the financial assets. Financial assets are impaired where there is\ue61eobjective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash \ufb02ows of the investment have been affected; IFRS 9 also requires current and future events to be considered when making an impairment assessment. The Group applies the IFRS 9 simplified approach to the measurement of the ECLs which uses a lifetime ECL for all trade receivables. The ECL on these trade receivables is estimated using a provision matrix for collective assessment based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, to the extent that these are expected to have an effect on recovery of trade receivables.To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics where relevant, and the days past\ue61edue. The ECL percentage rates of default applied to trade receivables grouped by days past due are based on the payment profiles of sales over a selected period and the corresponding historical default (non payment which resulted in the debt being written off) experienced in relation to these sales. The percentage rates of default are adjusted to re\ufb02ect current and forward looking information on\ue61emacroeconomic factors affecting the ability of customers to settle the receivables where applicable.For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset\u2019s carrying amount and the present value of estimated future cash \ufb02ows, discounted at the financial asset\u2019s original effective interest rate.Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash \ufb02ows on the\ue61erepayment of principal and interest and which are held to recognise a capital gain through the sale of the asset. Movements in the carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign exchange gains or losses which are recognised in profit or loss. On derecognition, the cumulative gain or loss recognised in other comprehensive income is reclassified from equity to profit or loss. Interest income is included in finance income using the effective interest rate method.The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in the income statement.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__32": { "value": "3.14 Investments in associatesAn associate is an entity over which the Group has significant in\ufb02uence and that is neither a subsidiary nor an interest in a joint venture. Significant in\ufb02uence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.Under the equity method, an investment in an associate is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__33": { "value": "3.15 Trade and other receivablesTrade receivables are recognised at cost less allowances for expected credit losses. They arise principally through the provision of goods and services to customers. The provision is based on the Group\u2019s expected credit loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__34": { "value": "3.16 Cash and cash equivalentsCash and cash equivalents comprise cash in hand and deposits held at call with banks and other short-term highly liquid investments with a maturity of three months or less at the date of acquisition.Cash is not held for the purpose of investment in its own right and the primary goal of investment strategies is capital preservation. Cash not required for short-term working capital requirements is invested in short-term treasury deposits (other financial assets). To the extent that it is reasonable, deposits are spread between banks that have been approved by the Board of Directors. Cash required to meet short-term working capital requirements as they arise is maintained in instant access accounts at one or more approved banks.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__35": { "value": "3.17 Trade and other payablesTrade payables are non-interest bearing and are stated at cost which equates to their fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__36": { "value": "3.19 ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash \ufb02ows estimated to settle the present obligation, its carrying amount is the present value of those cash \ufb02ows (when the effect of the time value of money is material).When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__37": { "value": "3.20 Share-based paymentsWhere share options and other equity instruments are awarded to employees, the fair value of the instrument at the date of grant is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of instruments that eventually vest. 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. 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 income statement over the remaining vesting period. Where equity instruments are granted to persons other than employees, the income statement is charged with the fair value of goods and services received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__38": { "value": "4. Critical accounting judgements and sources of estimation uncertaintyIn applying the Group\u2019s accounting policies, which are described in note 3, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.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.Critical judgements in applying the Group\u2019s accounting policiesThe following are the critical judgements and estimates that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.Judgementsi. Internally generated intangible assets research and development expenditure (\u201cR&D\u201d)Critical judgements are required in determining whether development spend meets the criteria for capitalisation of such costs as laid out in IAS 38 \u201cIntangible Assets,\u201d in particular whether any future economic benefit will be derived from the costs and \ufb02ow to the Group. The Directors believe that the criteria for capitalisation as per IAS 38 paragraph 57 for specific projects were met during the period and accordingly all amounts in relation to the development phase of those projects have been capitalised as an intangible asset during the period. All other spend on R&D projects has been recognised within R&D expenses in the income statement during the period. Management does not have a formal timesheet process for monitoring time spent by employees on projects in their development stage. Instead, Management consults with the relevant project leaders on a regular basis to understand and estimate the time spent on projects in their development stage. When a percentage allocation has been agreed, in line with the estimation process described below, this is then applied to other, non-employee related development costs to ensure that costs are consistently and appropriately capitalised. The net book value of internally generated capitalised assets at 31 December 2022 was \u00a329.7 million (2021: \u00a322.6 million). Estimatesi. Non-standard customer contractsAs noted in the revenue recognition accounting policy, revenue contracts for the sale of bundled goods and services require the allocation of the total contract price to individual performance obligations based on their stand alone selling prices. The Group occasionally enters into larger bespoke contracts which might include a clause linked to the performance of the products and options on the total units of certain consumables to be purchased under the contract. This requires Management to estimate the number of items likely to be delivered under the contract. If the estimated number of additional consumables required to fulfil the contract had increased or decreased by 30%, revenue for 2022 would have decreased or increased by up to \u00a31.5 million (2021: \u00a31.4 million).ii. Share-based paymentsDetails of the share-based payment schemes operated by the Group are disclosed in note 26. In June 2021, awards were granted to the Executive Directors of the Company under the Oxford Nanopore Technologies Limited Long Term Incentive Plan 2021 (Founder LTIP). Half of the awards are subject to a non-market revenue performance condition which drives number of awards expected to vest depending on when certain revenue targets are met. At each reporting date, management make an estimate as to the extent to which the\ue61erevenue condition is expected to be achieved by the end of each future reporting period. This is driven by revenue forecasts. Whilst management may make an appropriate estimate of the annual revenue target on grant date, this estimate might change in future periods. If the annual revenue forecast over the vesting period decreased by 7.5%, the Group recognised total expenses of \u00a371.2 million relating to equity-settled share-based payment transactions would decrease by \u00a31.0 million.In addition, the Founder LTIP awards in issue give rise to an associated employer\u2019s social security liability. Management update the estimate for this liability at each reporting period with reference to both the expected number of awards vesting and their expected value, using the share price at the period end date. For Founder LTIP awards linked to a share price condition, the assumptions used in determining the IFRS 2 charge are determined at the point of granting the awards and are not subsequently adjusted over the vesting period. However, management have estimated the proportion likely to vest for the purposes of assessing the employer\u2019s social security contributions to accrue at each period end using a Monte Carlo simulation model which requires a number of assumptions and a large number of randomly generated projections of the Company\u2019s future share price. At 31 December 2022, the expected vesting of the share price linked awards was estimated at 56.3%, which is re\ufb02ective of the reduction in share price, which has contributed to the employer\u2019s social security provision credit of \u00a321.5 million in the year. iii. Internally generated intangible assets research and development expenditure (\u201cR&D\u201d) Critical estimates are made in determining the capitalisation of costs in relation to the development phase of R&D projects. Management capitalises development costs in respect of R&D projects based on an estimate of the percentage of time spent on the project by employees while the project is in its development phase. Development costs capitalised in 2022 amounted to \u00a319.2 million (2021: \u00a39.3 million). If the estimated time spent on these projects had varied by up to 5% then the development costs capitalised in 2022 would have been in the range \u00a318.2 million to \u00a320.2 million (2021: \u00a38.8 million to \u00a39.8 million).iv. InventoryThe Group holds inventory across a number of locations for the purposes of fulfilling sales orders and contractual obligations. Additionally, certain components of inventory are held for use within research and development. Net inventory at 31 December 2022 was \u00a387.7 million (2021: \u00a363.1 million). In line with the requirements of IAS 2 Inventories, inventory is stated at the lower of cost and net realisable value. Management is required to make a number of estimates around the net realisable value of inventory, which represents the estimated selling price less all estimated costs of completion. In cases where the net realisable value is below cost, management records a provision such that inventory is held at the lower of cost and net realisable value.To estimate the inventory provision, Management uses inputs based on the location and status of inventory held by the Group. This includes the intended use of the inventory, including whether it is expected to be sold or used for research and development purposes. Management makes assumptions around the net realisable value of each category of inventory. These estimates are then applied to the inventory balance, based on its cost, location and intended use, to record a provision in cases where the net realisable value is below cost. If the net realisable value had increased by 5%, then the value of inventory would have increased by \u00a31.2 million and the revised stock value would have been \u00a388.9 million (2021: \u00a31.1 million and \u00a364.2 million respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__39": { "value": "5. RevenueThe Group derives revenue from the transfer of goods and services over time and at a point in time in the following categories and geographical regions:20222021\u00a3000\u00a3000Geographical regionAmericas 48,300 33,370Europe and United Kingdom 95,123 40,103China 19,290 10,975United Arab Emirates 15,379 31,722Asia Pacific and Japan 14,286 11,126Emerging markets 6,225 6,365Total revenue from contracts with customers 198,603 133,66120222021\u00a3000\u00a3000CategorySale of goods 177,672 117,401Rendering of services 9,902 7,309Lease income 11,029 8,951Total revenue from contracts with customers 198,603 133,66120222021\u00a3000\u00a3000Timing of revenue recognitionAt a point in time 177,672 117,401Over time 20,931 16,260Total revenue from contracts with customers 198,603 133,661Notes 19 and 22 disclose assets and liabilities the Group has recognised in relation to contracts with customers.Revenue recognised in relation to contract liabilities:20222021\u00a3000\u00a3000Revenue recognised that was included in the contract liability balance at the beginning of the year 17,670 12,230", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__40": { "value": "6. Segment informationProducts and services from which reportable segments derive their revenues are set out below.The information reported to the Group\u2019s senior management team, which is considered the chief operating decision maker (\u201cCODM\u201d), for the purposes of resource allocation and assessment of segment performance is defined by market rather than product type. The segment measure of profit evaluated by the CODM is Adjusted EBITDA, as this is considered to give the most appropriate information in respect of profitability of the individual segments.The Directors consider that the Group reportable segments in accordance with IFRS 8 Operating Segments are as set out below: Reportable segments DescriptionLife Science Research Tools Oxford Nanopore\u2019s core business, generating revenue from providing products and services for (\u201cLSRT\u201d)research use, including research and development expenditure and corporate expenditure.Covid Testing Revenue from providing products for SAR-Cov-2 testing. It should be noted that sequencing products continue to be used for the purposes of covid genomic surveillance, including variant identification, but this is reporting within the LSRT segment.The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in note 3. (a) Information about major customersIn the year the Group had two major customers i) the Department of Health and Social Care, the revenue from this customer was \u00a351.8 million, which represented 26.0% of Group revenue (2021: \u00a35.3 million, or 4% of total revenue) and ii) a customer in the United Arab Emirates with revenue of \u00a314.7 million which represented 7.4% of Group revenue (2021: \u00a331.3 million or 23.4% of total revenue).The following is an analysis of the Group\u2019s revenue, results, assets and liabilities by reportable segment.LSRTCovid Testing2022LSRTCovid Testing2021\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000RevenueAmericas 48,300 \u2013 48,300 33,348 22 33,370Europe and United Kingdom 43,335 51,788 95,123 33,425 6,678 40,103China 19,290 \u2013 19,290 10,975 \u2013 10,975United Arab Emirates 15,379 \u2013 15,379 31,722 \u2013 31,722Asia Pacific and Japan 14,286 \u2013 14,286 11,126 \u2013 11,126Emerging markets 6,225 \u2013 6,225 6,365 \u2013 6,365Total revenue 146,815 51,788 198,603 126,961 6,700 133,661(b) Adjusted EBITDALSRTCovid Testing2022LSRTCovid Testing2021\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000(Loss)/Profit after tax (128,824) 37,799 (91,025) (168,942) 1,329 (167,613)Tax expense 7,614 \u2013 7,614 1,609 \u2013 1,609Finance income (5,941) \u2013 (5,941) (224) \u2013 (224)Finance expense 221 \u2013 221 242 \u2013 242Interest on lease 1,382 25 1,407 666 \u2013 666Depreciation and amortisation 31,799 72 31,871 23,075 1,616 24,691Share-based payments (Founder LTIP) 53,182 \u2013 53,182 37,551 \u2013 37,551Employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards (21,634) \u2013 (21,634) 39,291 \u2013 39,291IPO costs expensed \u2013 \u2013 \u2013 4,829 \u2013 4,829Gain on sale of property (18,620) \u2013 (18,620) \u2013 \u2013 \u2013Settlement of COVID-19 Testing contract \u2013 (37, 896) (37,89 6) \u2013 \u2013 \u2013Impairments 2,193 \u2013 2,193 1,227 \u2013 1,227Adjusted EBITDA (78,628) \u2013 (78,628) (60,676) 2,945 (57,731)Adjusted EBITDA is defined as loss for the year before income tax expense, finance income, loan interest, interest on lease, depreciation and amortisation, adjusted for: i) share-based payment expense on Founder LTIP awards; ii) employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards; iii) IPO costs expensed in the statement of comprehensive income; iv) impairment of investment in associate; v) gain on sale of property; and vi) settlement of the COVID-19 testing contract.Adjusted EBITDA is used as a key profit measure because it shows the results of normal, core operations exclusive of income or charges that are not considered to represent the underlying operational performance, excluding exceptional items.(c) Supplementary informationLSRTCovid Testing2022LSRTCovid Testing2021\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Depreciation of property, plant and equipment 15,968 \u2013 15,968 12,890 \u2013 12,890Depreciation of right-of-use assets 4,403 72 4,475 2,512 145 2,657Amortisation of internally generated intangible assets 11,378 \u2013 11,378 7,623 1,471 9,094Amortisation of acquired intangible assets 50 \u2013 50 50 \u2013 50*Additions to non-current assets57,775 \u2013 57,775 34,311 \u2013 34,311Segment assetsInvestment in associate 826 \u2013 826 257 \u2013 257Acquired intangible assets 346 \u2013 346 396 \u2013 396**Other segment assets243,496 \u2013 243,496 187,973 14,421 202,394Total segment assets 244,668 \u2013 244,668 188,626 14,421 203,047Deferred tax assets 7,681 6,077R&D tax credit recoverable 9,148 14, 274Derivative financial assets 2,060 \u2013Other financial assets 203,555 130,628Cash and cash equivalents 356,778 487,840Total assets 823,890 841,866 Segment liabilitiesTotal segment liabilities (127,733) \u2013 (127,733) (122,643) (1,223) (123,866) Derivative financial liabilities (962) (106)Current tax liabilities (1,639) (4,418)Non-current borrowings \u2013 (9,500)Total liabilities (130,334) (137, 8 90) Net assets 693,556 703,976 * Additions to non-current assets include all non-current assets except for investments, and deferred tax assets.** Other segment assets include inventory, trade and other receivables and non-current assets except for investments, acquired intangible assets, other financial assets and deferred tax assets.The Group\u2019s non-current assets, excluding deferred tax assets, by geographical location are detailed below:LSRTCovid Testing2022LSRTCovid Testing2021\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Americas 11,255 \u2013 11,255 6,023 \u2013 6,023Europe and United Kingdom 166,401 \u2013 166,401 76,452 2,302 78,754China 96 \u2013 96 320 \u2013 320Asia Pacific and Japan 335 \u2013 335 83 \u2013 83United Arab Emirates 122 \u2013 122 \u2013 \u2013 \u2013178,209 \u2013 178,209 82,878 2,302 85,180", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__41": { "value": "8. Loss per share20222021PencePence(a) Basic and diluted loss per shareTotal basic and diluted loss per share attributable to the ordinary equity holders of the Group from continuing operations 11 2320222021\u00a3000\u00a3000(b) Reconciliation of earnings used in calculating earnings per shareLoss attributable to the ordinary equity holders of the Group used in calculating basic and diluted loss per share from continuing operations (91,025) (167,613)20222021NumberNumber(c) Weighted average number of shares used as the denominatorWeighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating basic and diluted earnings per share 823,742,709 731,938,586OptionsOptions granted to employees under the Oxford Nanopore Technologies Share Option Scheme and the Oxford Nanopore Technologies Limited Share Option Plan 2018 are considered to be potential ordinary shares. These options have not been included in the determination of the basic and diluted loss per share as shown above, because they are anti-dilutive for the year ended 31 December 2022 and 31 December 2021. These options could potentially dilute basic earnings per share in the future. Details relating to the share options are set out in note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__42": { "value": "9. Auditors\u2019 remunerationDuring the year, the Group obtained the following services from the Group\u2019s auditors:20222021\u00a3000\u00a3000Audit of the Group\u2019s financial statements 465 595Audit of the Group\u2019s subsidiary financial statements 129 57Assurance-related non-audit services 89 \u2013IPO-related non-audit services \u2013 1,437683 2,089", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__43": { "value": "10. Staff costsEmployee benefit expenses (including Directors) comprise:20222021\u00a3000\u00a3000Wages and salaries 81,613 54,421Social security costs 8,671 5,534Pension costs 3,183 1,267Share-based payment expenses 70,009 62,453Social security (credits)/costs (share awards) (21,222) 39,296Other staff costs 1,834 947144,088 163,918Directors and key management personnelDirectors and key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, including the Directors of the Company listed in the section of the annual report labelled Board of Directors.Director and key management personnel compensation consisted of:20222021\u00a3000\u00a3000Salaries, bonuses and benefits in kind 7,260 5,655Amounts paid as directors\u2019 fees 655 437Share-based payment expenses 86,097 16,44194,012 22,533Further information on the remuneration of the Directors is given in the sections of the annual report on remuneration labelled as audited in the Directors\u2019 Remuneration Report.Employee numbersThe monthly average number of employees was as follows:20222021NumberNumberResearch and development 380 291Production 149 134Sales, general and administration 393 280922 705", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__44": { "value": "11. Finance income and expense20222021\u00a3000\u00a3000Finance incomeBank interest 4,477 95Interest on treasury deposits 1,464 129Total finance income 5,941 224Finance expenseBank interest (221) (242)Interest on lease (1,407) (666)Total finance expense (1,628) (908)Net finance income/(expense) recognised in profit or loss 4,313 (684)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__45": { "value": "12. Other gains and losses20222021\u00a3000\u00a3000(Loss)/gain on derivative financial instruments (5,434) 504Gain on sale of property (see note 15) 18,620 \u201313,186 50420222021\u00a3000\u00a3000Fair value movements on investment bonds (included in other comprehensive income) 936 \u2013Further information on derivative financial instruments is disclosed in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__47": { "value": "13. Tax on loss on ordinary activities13.1 Income tax recognised in profit or loss20222021\u00a3000\u00a3000Current taxNotional tax on R&D expenditure credit (RDEC) 1,187 800Prior year adjustment in respect of research and development tax credit 159 69Prior year adjustment in respect of current tax 519 (48)Tax payable on foreign subsidiary 6,059 5,344Total current tax 7,924 6,165Deferred taxOrigination and reversal of temporary differences (310) (4,556)Total deferred tax (310) (4,556)Total tax expense 7,614 1,609Current tax balances have been calculated at the rates enacted for the period. The effective rate of Corporation Tax is -9.13% (2021: -0.97%) of the loss before tax for the Group.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 losses for the year are as follows:20222021\u00a3000\u00a3000Loss for the year (91,025) (167,613)Income tax expense 7,614 1,609Loss before income taxes (83,411) (166,004)Tax rate in the UK for period as a percentage of losses at 19% (2021: 19%) (15,848) (31,541)R&D incentives 813 (323) Expenses not deductible for tax purposes 1,014 1,180 Adjustment in respect of overseas tax rates 1,104 1,031 Adjustments to tax charge in respect of prior periods 62 120 Impact of share options 12,337 (1,955) Movement on unrecognised deferred tax 7,845 32,983 Other timing differences 287 114 Total tax expense 7,614 1,60913.2 Current tax liabilities20222021\u00a3000\u00a3000Corporation Tax payable (1,639) (4,418)(1,639) (4,418)13.3 Deferred tax assetsDeferred tax balances have been recognised at the rate expected to apply when the deferred tax attribute is forecast to be utilised based on substantively enacted rates at the balance sheet date. The rate of UK Corporation Tax will increase to 25% from 1 April 2023. Taxation for other jurisdictions is calculated at the rates prevailing in the respective territories. \u00a37.4 million of the net deferred tax asset relates to the US subsidiary, which is profitable.In respect of share-based payments, to the extent that the tax deduction (or future estimated tax deduction) exceeds the amount of the\ue61erelated cumulative IFRS2 expense, the excess of the associated current or deferred tax has been recognised in equity and not in the consolidated statement of comprehensive income. For current tax this increases the charge to the consolidated statement of comprehensive income by \u00a30.1 million (2021: \u00a30.6 million). For deferred tax this reduces the credit to the consolidated statement of comprehensive income by \u00a30.5 million (2021: \u00a3nil). A deferred tax asset (DTA) of \u00a39.4 million (2021: \u00a36.1 million) has been recognised in relation to future share option exercises and other timing differences in Oxford Nanopore Technologies, Inc. and other overseas subsidiaries, because it is probable that the asset will be utilised in the foreseeable future. A deferred tax asset has been recognised in relation to Oxford Nanopore Technologies plc of \u00a35.9 million, being the amount equal to the deferred tax liability in the same entity. Recognised deferred tax balances are made up as follows:Recognised deferred tax assets and liabilities20222021\u00a3000\u00a3000Deferred tax assetsProvisions 2,487 797 Losses 5,912 \u2013Share Awards 6,360 6,160 Share Awards (Equity) 543 \u2013Total recognised deferred tax assets 15,302 6,957 Deferred tax liabilitiesAccelerated Capital Allowances (1,741) (880) Intangibles (5,880) \u2013Total recognised deferred tax liabilities (7,621) (880) Net recognised deferred tax asset 7,681 6,077Reconciliation of deferred tax20222021\u00a3000\u00a3000Balance at 1 January 6,077 1,439Prior year adjustments 616 (99)(Charge)/credit to the Statement of Comprehensive Income (306) 4,655Credit to equity 523 \u2013Foreign exchange movements 771 82At 31 December 7,681 6,077Deferred tax assets and liabilities have been offset where the group has a legally enforceable right to set off current tax assets against current tax liabilities and where the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same tax authority on the same taxable entity. A DTA of \u00a3156.2 million (2021: \u00a3202.9 million) has not been recognised due to uncertainty that the asset will be utilised in the foreseeable future. This DTA relates to the UK (2021: UK and US). This includes a deferred tax asset of \u00a3128.3 million (2021: \u00a3131.5 million) in relation to UK tax losses. The losses and deductible temporary differences are expected to be available indefinitely.Unrecognised deferred tax assets2022 2022 2021 2021Gross amountTax effectedGross amountTax effected \u00a3000\u00a3000\u00a3000\u00a3000Losses 513,111 128,278 526,163 131,541 Provisions 11,050 2,762 527 132 Share Awards 71,454 17,863 67, 3 65 16,841 Share Awards (Equity) 14,503 3,626 242,869 61,671 Accelerated Capital Allowances 5,924 1,481 (16,818) (4,204) RDEC 8,584 2,146 3,200 800 Intangibles \u2013 \u2013 (15,481) (3,870) Total unrecognised deferred tax assets 624,626 156,156 8 07, 825 202,911 13.4 R&D tax credit recoverableIn the statement of comprehensive income the R&D expenditure credit (RDEC) is recognised in the loss before tax and a notional tax charge is recognised in the tax expense. The net asset is recognised within current assets in the statement of financial position. The current asset is made up as follows:20222021\u00a3000\u00a3000At 1 January 14,274 20,696Adjustment to R&D tax credit in respect of previous periods 678 (69)Cash receipt (10,864) (9,763)R&D tax credit for the period (RDEC) 6,247 4,210Notional tax charge on R&D tax credit for the period (RDEC) (1,187) (800)At 31 December 9,148 14,274", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__46": { "value": "13. Tax on loss on ordinary activities13.1 Income tax recognised in profit or loss20222021\u00a3000\u00a3000Current taxNotional tax on R&D expenditure credit (RDEC) 1,187 800Prior year adjustment in respect of research and development tax credit 159 69Prior year adjustment in respect of current tax 519 (48)Tax payable on foreign subsidiary 6,059 5,344Total current tax 7,924 6,165Deferred taxOrigination and reversal of temporary differences (310) (4,556)Total deferred tax (310) (4,556)Total tax expense 7,614 1,609Current tax balances have been calculated at the rates enacted for the period. The effective rate of Corporation Tax is -9.13% (2021: -0.97%) of the loss before tax for the Group.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 losses for the year are as follows:20222021\u00a3000\u00a3000Loss for the year (91,025) (167,613)Income tax expense 7,614 1,609Loss before income taxes (83,411) (166,004)Tax rate in the UK for period as a percentage of losses at 19% (2021: 19%) (15,848) (31,541)R&D incentives 813 (323) Expenses not deductible for tax purposes 1,014 1,180 Adjustment in respect of overseas tax rates 1,104 1,031 Adjustments to tax charge in respect of prior periods 62 120 Impact of share options 12,337 (1,955) Movement on unrecognised deferred tax 7,845 32,983 Other timing differences 287 114 Total tax expense 7,614 1,60913.2 Current tax liabilities20222021\u00a3000\u00a3000Corporation Tax payable (1,639) (4,418)(1,639) (4,418)13.3 Deferred tax assetsDeferred tax balances have been recognised at the rate expected to apply when the deferred tax attribute is forecast to be utilised based on substantively enacted rates at the balance sheet date. The rate of UK Corporation Tax will increase to 25% from 1 April 2023. Taxation for other jurisdictions is calculated at the rates prevailing in the respective territories. \u00a37.4 million of the net deferred tax asset relates to the US subsidiary, which is profitable.In respect of share-based payments, to the extent that the tax deduction (or future estimated tax deduction) exceeds the amount of the\ue61erelated cumulative IFRS2 expense, the excess of the associated current or deferred tax has been recognised in equity and not in the consolidated statement of comprehensive income. For current tax this increases the charge to the consolidated statement of comprehensive income by \u00a30.1 million (2021: \u00a30.6 million). For deferred tax this reduces the credit to the consolidated statement of comprehensive income by \u00a30.5 million (2021: \u00a3nil). A deferred tax asset (DTA) of \u00a39.4 million (2021: \u00a36.1 million) has been recognised in relation to future share option exercises and other timing differences in Oxford Nanopore Technologies, Inc. and other overseas subsidiaries, because it is probable that the asset will be utilised in the foreseeable future. A deferred tax asset has been recognised in relation to Oxford Nanopore Technologies plc of \u00a35.9 million, being the amount equal to the deferred tax liability in the same entity. Recognised deferred tax balances are made up as follows:Recognised deferred tax assets and liabilities20222021\u00a3000\u00a3000Deferred tax assetsProvisions 2,487 797 Losses 5,912 \u2013Share Awards 6,360 6,160 Share Awards (Equity) 543 \u2013Total recognised deferred tax assets 15,302 6,957 Deferred tax liabilitiesAccelerated Capital Allowances (1,741) (880) Intangibles (5,880) \u2013Total recognised deferred tax liabilities (7,621) (880) Net recognised deferred tax asset 7,681 6,077Reconciliation of deferred tax20222021\u00a3000\u00a3000Balance at 1 January 6,077 1,439Prior year adjustments 616 (99)(Charge)/credit to the Statement of Comprehensive Income (306) 4,655Credit to equity 523 \u2013Foreign exchange movements 771 82At 31 December 7,681 6,077Deferred tax assets and liabilities have been offset where the group has a legally enforceable right to set off current tax assets against current tax liabilities and where the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same tax authority on the same taxable entity. A DTA of \u00a3156.2 million (2021: \u00a3202.9 million) has not been recognised due to uncertainty that the asset will be utilised in the foreseeable future. This DTA relates to the UK (2021: UK and US). This includes a deferred tax asset of \u00a3128.3 million (2021: \u00a3131.5 million) in relation to UK tax losses. The losses and deductible temporary differences are expected to be available indefinitely.Unrecognised deferred tax assets2022 2022 2021 2021Gross amountTax effectedGross amountTax effected \u00a3000\u00a3000\u00a3000\u00a3000Losses 513,111 128,278 526,163 131,541 Provisions 11,050 2,762 527 132 Share Awards 71,454 17,863 67, 3 65 16,841 Share Awards (Equity) 14,503 3,626 242,869 61,671 Accelerated Capital Allowances 5,924 1,481 (16,818) (4,204) RDEC 8,584 2,146 3,200 800 Intangibles \u2013 \u2013 (15,481) (3,870) Total unrecognised deferred tax assets 624,626 156,156 8 07, 825 202,911 13.4 R&D tax credit recoverableIn the statement of comprehensive income the R&D expenditure credit (RDEC) is recognised in the loss before tax and a notional tax charge is recognised in the tax expense. The net asset is recognised within current assets in the statement of financial position. The current asset is made up as follows:20222021\u00a3000\u00a3000At 1 January 14,274 20,696Adjustment to R&D tax credit in respect of previous periods 678 (69)Cash receipt (10,864) (9,763)R&D tax credit for the period (RDEC) 6,247 4,210Notional tax charge on R&D tax credit for the period (RDEC) (1,187) (800)At 31 December 9,148 14,274", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__49": { "value": "15. Property, plant and equipmentAssets subject Land & Leasehold Plant and Assets under to operating BuildingsimprovementsmachineryconstructionleasesEquipmentTotal\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000Cost or valuationAt 1 January 2021 16,401 6,529 16,420 191 20,002 11,136 70,679Additions \u2013 745 3,544 1,791 12,711 2,745 21,536Disposals \u2013 \u2013 (23) \u2013 (2,725) (232) (2,980)Transfers between classes (1,344) 1,636 (391) \u2013 \u2013 99 \u2013Foreign exchange movements \u2013 (2) 7 \u2013 87 14 106At 31 December 2021 15,057 8,908 19,557 1,982 30,075 13,762 89,341Additions \u2013 350 1,249 6,897 12,627 1,985 23,108Disposals (15,057) (1,607) (317) (691) (3,921) (87) (21,680)Transfers between classes \u2013 2,822 2,059 (5,356) \u2013 475 \u2013Foreign exchange movements \u2013 20 49 \u2013 1,064 130 1,263At 31 December 2022 \u2013 10,493 22,597 2,832 39,845 16,265 92,032Accumulated depreciation and impairmentAt 1 January 2021 2,226 1,506 8,612 \u2013 11,494 7,455 31,293Charge for the year 298 1,139 2,552 \u2013 6,450 2,451 12,890Disposals \u2013 \u2013 (9) \u2013 (2,130) (4) (2,143)Transfers between classes (1,293) 1,293 \u2013 \u2013 \u2013 \u2013 \u2013Foreign exchange movements \u2013 1 3 \u2013 52 13 69At 31 December 2021 1,231 3,939 11,158 \u2013 15,866 9,915 42,109Charge for the year 149 1,276 3,112 \u2013 9,086 2,345 15,968Disposals (1,380) (640) (114) \u2013 (2,036) (46) (4,216)Impairments \u2013 28 117 \u2013 \u2013 \u2013 145Foreign exchange movements \u2013 5 41 \u2013 588 98 732At 31 December 2022 \u2013 4,608 14,314 \u2013 23,504 12,312 54,738Net book valueAt 31 December 2021 13,826 4,969 8,399 1,982 14,209 3,847 47,232At 31 December 2022 \u2013 5,885 8,283 2,832 16,341 3,953 37,294On 8 July 2022, the Company sold its interest in the Gosling Building (the \u201cProperty\u201d) to The Oxford Science Park (Properties) Limited (\u201cTOSP\u201d) for \u00a342.5 million. TOSP immediately granted to the Company an occupational lease of the Property for ten years at a rent of \u00a31.8 million per annum (for which a right-of-use asset and related lease liability were recognised). Overall, the transaction resulted in a reduction in net property, plant and equipment of \u00a315.6 million, and a gain on disposal of \u00a318.6 million.The Group leases some of its devices to customers. Lease payments in relation to these devices are received either in advance or within the year. Therefore, no maturity analysis of lease payments has been included.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__50": { "value": "17. Investment in associateThe following entity has been included in the consolidated financial statements using the equity method:Country of Proportion of ownership % Name of associate Principal activitiesincorporationinterest held as at 31 December 2022 2021Veiovia Limited Technology Development UK 26.1 23.3The carrying value is calculated as follows:20222021\u00a3000\u00a3000Investment cost 4,548 1,548Share of loss (302) (64)Impairment (3,420) (1,227)Carrying value of the interest in the associate 826 257Reconciliation of investment in associate20222021\u00a3000\u00a3000At 1 January 257 548Further investment 3,000 1,0003,257 1,548Share of loss (238) (64)Impairment (2,193) (1,227)At 31 December 826 257 The above associate is accounted for using the equity method in these consolidated financial statements as set out in the Group\u2019s accounting policies in note 3. It is held directly by the Company.(i) Pursuant to a shareholder agreement, the Company has the right to cast 26.1% of the votes of Veiovia Limited (2021: 23.3%).(ii) The Company holds more than 20% of the equity shares of Veiovia Limited, and exercises significant in\ufb02uence by virtue of its contractual right to appoint one director to the board of directors of that entity (also see note 29).(iii) For the purposes of applying the equity method of accounting, the financial statements of Veiovia Limited for the year ended 31 December 2022 have been used. The Company\u2019s share of the net asset value of the investment is significantly below the investment amount. Management has recorded an impairment loss of the investment to the recoverable amount.(iv) Veiovia Limited\u2019s registered office is The University of York, Biology B/A/039, Wentworth Way, York, UK, YO10 5DD.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__51": { "value": "18. Inventories20222021\u00a3000\u00a3000Raw materials 41,852 25,781Work in progress 34,960 17, 8 3 0Finished goods 10,886 19,46087,698 63,071The carrying amount of inventories was not materially different from their replacement cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__52": { "value": "19. Trade and other receivables20222021\u00a3000\u00a3000Trade receivables 38,097 38,198Contract assets 3,084 275Other debtors 4,724 2,834Accrued interest income 1,065 32Other taxes 5,262 5,353Prepayments 10,673 8,10462,905 54,796Contract assets relate to the Group\u2019s rights to consideration for goods and services provided but not billed at the reporting date for goods and services provided. They are transferred to receivables when the rights become unconditional. This usually occurs when an invoice is issued to the customer.The ageing of trade receivables and the loss allowance calculated using the Group\u2019s provision matrix was as follows:Not past due30-60 days61-90 days91+ daysTotal\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000At 31 December 2022 28,654 3,390 2,696 5,971 40,711Loss allowance (930) (262) (315) (1,107) (2,614)27,724 3,128 2,381 4,864 38,097At 31 December 2021 21,368 11,715 1,129 6,941 41,153Loss allowance (8) (45) \u2013 (2,902) (2,955)21,360 11,670 1,129 4,039 38,198The following table shows the movement in lifetime Expected Credit Loss that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:\u00a3000At 1 January 2021 1,958Net charges and releases to statement of comprehensive income 1,013Foreign exchange movement (16)At 31 December 2021 2,955Net charges and releases to statement of comprehensive income (464)Foreign exchange movement 123At 31 December 2022 2,614", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__53": { "value": "21. Derivative financial assets and liabilities20222021\u00a3000\u00a3000Derivative financial assetsForeign currency forward contracts 2,060 \u20132,060 \u2013Derivative financial liabilitiesForeign currency forward contracts 962 106 962 106", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__54": { "value": "22. Trade and other payables20222021\u00a3000\u00a3000Trade payables 23,103 20,486Share-based payments 460 1,416Payroll taxation and social security 2,585 6,573Accruals 33,801 22,767Contract liabilities 20,300 21,63080,249 72,872Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases by the Group is 59 days (2021: 57 days).The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.The Directors consider that the carrying amount of trade payables approximates their fair value.Contract liabilities primarily relate to performance obligations on customer contracts which were not satisfied at 31 December. In 2022 they decreased by \u00a31.3 million (2021: increase of \u00a33.8 million). Management expects that most of the transaction price allocated to unsatisfied performance obligations as at 31 December 2022 will be recognised as revenue during the following year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__55": { "value": "23. Loans and provisions20222021\u00a3000\u00a3000LoansLoan for land and building purchase \u2013 9,500\u2013 9,500On 8 July 2022, the Company completed the sale of its interest in the Gosling Building to The Oxford Science Park (Properties) Limited for \u00a342.5 million. On completion of the sale, the term loan facility of \u00a39.5 million with Barclays Bank plc was fully repaid. The average interest rate charged in the year was 3.51% (2021: 2.90%).Dilapidation Employer Total provisionstaxesOtherprovisions\u00a3000\u00a3000\u00a3000\u00a3000ProvisionsAt 31 December 2021 1,503 33,192 683 35,378Movement in provision for the year 826 (21,463) (141) (20,778)Payments \u2013 (1,093) (389) (1,482)Foreign exchange movements 17 136 7 160At 31 December 2022 2,346 10,772 160 13,278Current \u2013 4,473 160 4,633Non-current 2,346 6,299 \u2013 8,645At 31 December 2022 2,346 10,772 160 13,278Current \u2013 24,356 683 25,039Non-current 1,503 8,836 \u2013 10,339At 31 December 2021 1,503 33,192 683 35,378The dilapidation provision relates to the leased properties, representing an obligation to restore the premises to their original condition at the time the Group vacates the related properties. The provision is non-current and expected to be utilised between two and 21 years. Employer\u2019s social security taxes relates to the expected employer\u2019s taxes on share-based payments. This is expected to\ue61ebe\ue61eutilised between one and ten years. The provision is based on the best estimate of the liability, which is reviewed and updated at each reporting period. The provision is accrued over the vesting period to build up to the required liability at the point it is ultimately due.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__56": { "value": "24. Lease liabilities20222021\u00a3000\u00a3000Current 15,049 2,610Non-current 19,049 12,694Lease liabilities included in the statement of financial position 34,098 15,30420222021\u00a3000\u00a3000Maturity analysis - contractual undiscounted cash \ufb02owsUp to one year 6,459 3,265Two to five years 22,996 8,786Greater than five years 17,705 8,802Total undiscounted lease liabilities at 31 December 47,160 20,853The increase in the current year included a \u00a312.6 million liability arising in respect of the lease of the Gosling Building. See note 15 for more details on this transaction.Information on the associated right-of-use assets is included in note 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__57": { "value": "25. Share capital and share premiumShare capital comprised the following:Number of Aggregate Nominal valueshares issuednominal valueAt 31 December 2022Share classOrdinary Shares (fully paid) \u00a30.0001 825,570,509 82,557Issued Class A Limited Anti-takeover share of \u00a31 \u00a31 1 1Issued Class B Limited Anti-takeover share of \u00a31 \u00a31 1 1Issued Class C Limited Anti-takeover share of \u00a31 \u00a31 1 182,560Number of Aggregate Nominal valueshares issuednominal valueAt 31 December 2021Share classOrdinary Shares (fully paid) \u00a30.0001 821,557,647 82,156Issued Class A Limited Anti-takeover share of \u00a31 \u00a31 1 1Issued Class B Limited Anti-takeover share of \u00a31 \u00a31 1 1Issued Class C Limited Anti-takeover share of \u00a31 \u00a31 1 182,159The increase in Ordinary Shares is due to the issuance of shares relating to employee share schemes. This resulted in an increase in the share premium reserve of \u00a33.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__58": { "value": "26. Share-based payment reserves20222021\u00a3000\u00a3000At 1 January 96,350 35,079Equity settled share-based payment transactions 71,165 60,707Tax in relation to share-based payment transactions 685 564At 31 December 168,200 96,350Share-based payment transactions20222021\u00a3000\u00a3000Expense arising from share-based payment transactions:Included in research & development expenses 6,883 8,666Included in selling, general & administrative expenses 63,126 53,78770,009 62,453Equity settled share-based payment transactions 71,165 60,707Cash settled share-based payment transactions (1,156) 1,74670,009 62,453The total charge to equity settled share-based plans in 2022 was \u00a371.2 million (31 December 2021: \u00a360.7 million). Of this amount, \u00a312.8\ue61emillion (31 December 2021: \u00a323.1 million) arose from share option plans and \u00a353.2 million (31 December 2021: \u00a337.6 million) arose\ue61efrom the Founder LTIP plan, with the balance relating to the remaining share-based payment award schemes.The Group operates a number of share schemes. Awards are normally granted to employees to acquire shares but in some circumstances may be settled in cash. The schemes are as follows:\u2022 Oxford Nanopore Technologies Limited Share Option Plan\u2022 Oxford Nanopore Technologies Limited Share Option Plan 2018\u2022 Oxford Nanopore Technologies Limited Long-Term Incentive Plan 2021 (Founder LTIP)\u2022 Oxford Nanopore Technologies plc Long-Term Incentive Plan 2021 (plc LTIP)\u2022 Oxford Nanopore Technologies Deferred Bonus Plan 2021\u2022 Oxford Nanopore Technologies Share Incentive Plan 2021\u2022 Oxford Nanopore Technologies 2021 Employee Stock Purchase PlanShare optionsOptions under each scheme have been aggregated. Share options have been awarded under two equity-settled share-based remuneration schemes: the Oxford Nanopore Technologies Share Option Scheme and the Oxford Nanopore Technologies Limited Share Option Plan 2018. The contractual life of all options is ten years. Oxford Nanopore Technologies Limited Share Option Plan 2018This plan replaced the Oxford Nanopore Technologies Share Option Scheme and closed to new members following the Company\u2019s admission to the London Stock Exchange in 2021. All unexercised awards will have expired by 2031. All employees were eligible to be awarded approved share options, with the exception of employees in some foreign subsidiaries. These employees were instead eligible to be remunerated under a local phantom bonus scheme. Awards granted to participants were subject to either service conditions or both service and market performance conditions. Options were not normally able to be exercised before the third anniversary of the date of grant.The movement in share options outstanding is summarised in the following table:2022 2021Weighted Weighted average average Number of exercise price Number of exercise price share options(pence)share options(pence)At 1 January 55,450,832 176 49,940,900 105Granted \u2013 \u2013 19,558,520 295Forfeited (821,783) 240 (497,106) 150Exercised (3,789,563) 99 (13,551,482) 85Outstanding at 31 December 50,839,486 181 55,450,832 176Exercisable at 31 December 40,403,625 155 34,084,864 125Share options outstanding at the end of the year have the following expiry and exercise prices:Grant year Expiry year Exercise price20222021(pence)NumberNumberOxford Nanopore Technologies Limited Share Option\ue61eScheme 2008 - 2018 2020 - 2028 4 - 140 16,517,490 18,625,927Oxford Nanopore Technologies Limited Share Option\ue61ePlan 2018 2019 -2021 2029 -2031 181 - 306 34,321,996 36,824,90550,839,486 55,450,832The weighted average share price at the date of exercise for share options exercised during the period was \u00a33.65 (31 December 2021: \u00a34.29). The options outstanding at 31 December 2022 had a weighted average exercise price of \u00a31.81 (31 December 2021: \u00a31.76), and a\ue61eweighted average remaining contractual life of 6.0 years (2021: 6.8 years).Valuation models:Oxford Nanopore Technologies Limited Share Option Plan 2018There were no options granted during the year (2021: 19.6 million). The fair value of share options granted during the prior year was determined using the Monte Carlo Simulation model and Black Scholes model dependent on the performance vesting conditions. Black Scholes: The following assumptions were used in the Black Scholes model in calculating the fair values of the options granted:Range of share prices \u00a32.65 - \u00a33.50Range of exercise prices \u00a32.12 - \u00a33.50Expected volatility range 47% - 50%Expected life 6.5 yearsRisk-free rate range 0% - 0.4%Expected dividend yields NilThe volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. For options granted during 2021, the expected life assumption of six and a half years assumes exercise will occur halfway through the total exercisable period, being the midpoint of years three and ten. The risk-free interest rate used re\ufb02ects the UK Government five-year Gilt rate as reported by the Bank of England.The weighted average fair value of options granted during the period determined using the Black Scholes model at the grant date was \u00a3nil (2021: \u00a31.74) per option.Monte Carlo Simulations The inputs into the Monte Carlo Simulation model for options issued were as follows:Weighted average share price \u00a32.65Weighted average exercise price \u00a32.12Expected volatility 48%Expected life 2.5 yearsRisk-free rate 0%Expected dividend yields NilThe Monte Carlo Simulation model has been used to value the portion of the awards which have a market performance vesting condition (achievement of a target company valuation). The model incorporates a discount factor re\ufb02ecting this performance condition into the fair value of this portion of the award. The weighted average fair value of options granted during the year determined using the Monte Carlo Simulation model at the grant date was \u00a3nil (2021: \u00a31.21) per option.The volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. For options granted during 2021, the expected life represents the term until expected vesting and exercise. The risk-free interest rate used re\ufb02ects the UK Government five-year Gilt rate as reported by the Bank of England.Long term Incentive PlansOxford Nanopore Technologies Limited Long Term Incentive Plan 2021 (Founder LTIP):This was a one-off discretionary share plan, under which the Company granted awards over 6.5% of the Company\u2019s Ordinary Share capital (at the date of grant) to the Executive Directors. The Founder LTIP awards are free to the recipient. The plan was approved by the board on 22 June 2021. Awards were granted as conditional awards of Ordinary Shares (\u201cConditional Awards\u201d) subject to achievement of performance obligations tied to revenue and share price and is subject to holding periods. There were no awards granted during the year (2021: 46.1 million) and all remained outstanding as at 31 December 2022 with a weighted average remaining contractual life of four years.Valuation models: The inputs into the valuation models for Founder LTIP awards were as follows:Monte Carlo Black ScholesShare price at grant \u00a33.50 \u00a33.50Share price \u00a34.50 n/aExpected volatility 50.14% 50.14%Expected term 2.16 years 5 yearsRisk-free rate 0.4% 0.4%Expected dividend yields Nil NilThe volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. The risk-free interest rate used re\ufb02ects the UK Government five-year Gilt rate as reported by the Bank of England.The weighted average fair value of Founder LTIP awards granted, determined using the Black Scholes model at the grant date, was \u00a33.22 per award. The weighted average fair value of Founder LTIP awards granted, determined using the Monte Carlo simulation model at the grant date, was \u00a32.18 per award.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__59": { "value": "27. Notes to the cash \ufb02ow statements20222021\u00a3000\u00a3000Cash and cash equivalents 356,778 487,840Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash \ufb02ows can be reconciled to the related items in the consolidated reporting position as shown above. 20222021\u00a3000\u00a3000Loss before tax (83,411) (166,004)Depreciation on property, plant and equipment 15,968 12,890Depreciation on right-of-use assets 4,475 2,657Amortisation on intangible assets 11,428 9,144Loss on disposal of property, plant and equipment 1,880 837Research and development expense tax credit (7,084) (4,210)Foreign exchange movements 5,556 1,071Interest on leases 1,407 666Bank interest income (5,941) (224)Bank interest expense 221 242Non-cash movements on derivatives (1,203) 166Impairment of investment 2,193 1,227Impairment of operating assets 1,173 \u2013Share of losses in associate 238 64Gain on sale of property - see note 15 (18,620) \u2013Employee share benefit costs including employer\u2019s social security taxes 48,784 62,453Operating cash \ufb02ows before movements in working capital (22,936) (79,021)(Increase)/decrease in receivables (7,402) 10,888Increase in inventory (24,717) (27,444)Increase in payables 4,434 33,571Cash used in operations (50,621) (62,006)Income taxes - R&D tax credit received 10,864 9,763Foreign tax paid (9,630) (961)Net cash out\ufb02ow from operating activities (49,387) (53,204)(i) Non cash transactionsAdditions to right-of-use assets during the year of \u00a315.5 million (2021: \u00a33.5 million) were financed by new leases.(ii) Changes in liabilities arising from financing activitiesThe table below details change in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash \ufb02ows were, or future cash \ufb02ows will be, classified in the Group\u2019s consolidated cash \ufb02ow statement as cash \ufb02ows from financing activities.Lease Bank loanliabilitiesTotal\u00a3000\u00a3000\u00a3000At 1 January 2021 9,500 14,132 23,632Non-cash changesNew leases \u2013 3,494 3,494Interest \u2013 666 666Foreign exchange movements \u2013 39 39Cash changesPrincipal repaid \u2013 (2,361) (2,361)Interest paid \u2013 (666) (666)At 31 December 2021 9,500 15,304 24,804Non-cash changesNew leases \u2013 22,523 22,523Lease surrendered \u2013 (191) (191)Interest \u2013 1,407 1,407Foreign exchange movements \u2013 422 422Cash changesBank loan repaid (9,500) \u2013 (9,500)Principal repaid \u2013 (4,111) (4,111)Interest paid \u2013 (1,256) (1,256)At 31 December 2022 \u2013 34,098 34,098", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__60": { "value": "28. Financial instruments \u2013 risk management(i) Classes and categories of financial instruments and their fair valuesThe following table combines information about:\u2022 classes of financial instruments based on their nature and characteristics\u2022 the loan on land and buildings held at amortised cost\u2022 the carrying amount of financial instruments\u2022 the fair value of financial instruments (except financial instruments when carrying amount approximates their fair value)Total Carrying ValueFair value\u00a3000\u00a300031 December 2022Financial assetsCash and cash equivalents 356,778 356,778Trade and other receivables 46,970 46,970Treasury deposits 101,274 101,274Investment bonds 100,898 100,898Other financial assets 1,383 1,383Derivative financial assets 2,060 2,060Financial liabilitiesTrade and other payables (77,204) (77,204)Derivative financial liabilities (962) (962)Total Carrying ValueFair value\u00a3000\u00a300031 December 2021Financial assetsCash and cash equivalents 487,840 487,840Trade and other receivables 41,339 41,437Treasury deposits 130,375 130,375Other financial assets 253 253Financial liabilitiesTrade and other payables (65,077) (65,077)Loan on land & buildings (9,500) (9,500)Derivative financial liabilities (106) (106)The following summarises the method and assumptions used in estimating the fair value of financial instruments re\ufb02ected in the table.Trade payables and receivables generally have a remaining life of less than one year so their value recorded in the balance sheet is considered to be a reasonable approximation of fair value.Treasury deposits are short-term deposits held with banks that do not meet the IAS 7 definition of a cash equivalent, as well as investment grade quoted bonds classified as fair value through other comprehensive income. See note 12. Investment bonds have been classified as Level 1 investments based on three categories depending on the inputs used in the valuation technique. The categories used are as follows:\u2022 Level 1: quoted prices for identical instruments; \u2022 Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and \u2022 Level 3: inputs which are not based on observable market data.Fixed forward contractsFuture cash \ufb02ows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates.During the year, a number of fixed forward contracts were entered into. At 31 December 2022 eight contracts remained unsettled, with various settlement dates, the latest being 12 October 2023 (2021: six contracts remained unsettled, the latest being 15 November 2022). They are included in the balance sheet as follows:20222021\u00a3000\u00a3000Derivative financial assetsForeign currency forward contracts 2,060 \u20132,060 \u2013Derivative financial liabilitiesForeign currency forward contracts 962 106962 106(ii) Financial risk management objectives and policies.OverviewThe Group has exposure to liquidity, credit and market risks from its use of financial instruments. This note sets out the Group\u2019s key policies and processes for managing these risks.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities as they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Following the share capital raised in 2020 and the IPO in October 2021, the Group has a substantial cash balance to fund its operations.At 31 December 2022, the Group had the following financing arrangements:20222021\u00a3000\u00a3000Maturity analysis- Expiring within one year (undiscounted lease liabilities) 6,459 3,265- Expiring beyond one year (undiscounted lease liabilities and bank loan) 40,701 27,08 847,160 30,353The loan on land and buildings for \u00a39.5 million had a term of four years from 5 August 2020. It was repaid in 2022; the average interest rate in 2022 was 3.51% (2021: 2.65%).The amounts disclosed in this table for lease liabilities are based on contractual undiscounted cash \ufb02ows. The Directors consider that except for lease and loan liabilities, all of the Group\u2019s financial liabilities at the year end and prior year end have maturity dates of less than 12 months from the balance sheet date.Management monitors rolling forecasts of the Group\u2019s financing arrangements (comprising the lease liabilities and bank loan above) and cash and cash equivalents (note 27) on the basis of expected cash \ufb02ows. Credit riskCredit risk is the risk of financial loss to the Group if a deposit taker should fail. It is currently Group policy that the majority of external monetary deposits are made on a fixed interest basis over terms varying from one to three months depending upon the rate available. Maturities are staggered whenever possible to spread exposure to interest rate movement. Although the Board accepts that this policy neither protects the Group from the risk of receiving rates below the current market rates nor eliminates fully cash \ufb02ow risk associated with interest receipts, it considers that it achieves an appropriate balance of exposure to these risks. Term deposits are denominated in UK Sterling with institutions rated as A or better by both Moody\u2019s and Standard & Poor\u2019s. At year end, the Group placed \u00a3542 million (2021: \u00a3430 million) deposits with several reputable financial institutions to minimise its credit risk. \u00a3310 million (2021: \u00a3250 million) of this is placed in institutions with a grade of AAA, with the remainder all being placed at Grade A or higher institutions in line with the Group\u2019s treasury policy.Additional credit risk exists on trade receivables, which is managed by a centralised accounts receivable process including credit checks on initial order acceptance.Credit approvals and other monitoring procedures are also in place to ensure that follow up action is taken to recover overdue debts. Furthermore, the Group reviews the recoverable amount of each trade debt and debt investment on an individual basis at the end of the reporting period to ensure that adequate loss allowance is made for irrecoverable amounts. In this regard, the Directors consider that the Group\u2019s credit risk is significantly reduced and remain at the same level for the foreseeable future. Trade receivables consist of a large number of customers, spread across diverse geographical areas. Of the trade receivables balance at the end of the year, \u00a34.9 million (2021: \u00a312.7 million) was due from the Group\u2019s largest customer, G42. At 31 December 2022, an amount of \u00a32.61 million (2021: \u00a32.95 million) measured at an amount equal to 12-month expected credit losses was estimated as a loss allowance in accordance with IFRS 9 (see note 19).The credit risk on liquid funds and derivative financial instruments are measured at an amount equal to lifetime expected credit losses. Their credit risk is considered as limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s costs or the value of its holdings in financial instruments. The Group has little exposure to interest rate risk other than that returns on short-term fixed interest deposits will vary with movements in underlying bank interest rates. The Group\u2019s principal market risk exposure is to movements in foreign exchange rates.Foreign currency riskForeign exchange risk arises because the Group from time to time enters into transactions denominated in a currency other than Sterling. Where it is considered that the risk to the Group is significant, it will enter into a matching forward contract with a reputable bank or hold deposits of the currency in cash. Derivatives are only used for economic hedging purposes and not as speculative investments. In addition, significant amounts of US Dollars were held during the year. In the year ended 31 December 2022 approximately 17% (2021: 18%) of the Group\u2019s annual expenditures was denominated in US dollars and approximately 13% (2021: 16%) of the Group\u2019s expenditure was denominated in Euro. A significant portion of the Group\u2019s revenue is denominated in US Dollars.Exchange rate exposures are managed within approved policy parameters. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:Assets Liabilities2022202120222021\u00a3000\u00a3000\u00a3000\u00a3000Financial assets and liabilities 25,065 50,965 (13,729) (17,165)Sensitivity analysisA 5% strengthening of the US Dollar relative to UK Sterling at 31 December 2022 would have resulted in an increase in Group equity of\ue61e\u00a30.3 million (2021: \u00a30.4 million).The interest rate for short-term deposits is dependent on the rates offered by the Group\u2019s bankers. During the year ended 31 December 2022, the short-term deposits returned an average of 1.48% (2021: 0.19%).The Group has considered its sensitivity to interest rate \ufb02uctuations and does not believe that a change in interest rates would have a\ue61ematerial risk impact on the historical financial information.Capital managementThe Group defines the capital that it manages as the Group\u2019s total equity. The Group\u2019s objectives when managing capital are:\u2022 To safeguard the Group\u2019s ability to continue as a going concern, so that it can continue to strive to provide returns to investors\u2022 To provide an adequate return to investors based on the level of risk undertaken\u2022 To have available the necessary financial resources to allow the Group to invest in areas that may deliver future benefits for inventive sources and returns to investors\u2022 To maintain sufficient financial resources to mitigate against risks and unforeseen eventsIn 2022, the term loan facility of \u00a39.5 million with Barclays Bank plc was fully repaid. The Debt to Equity ratio of the Group is nil (2021: 1.3%).Debt is defined as long and short-term borrowings (excluding derivatives and financial guarantee contracts) as detailed in note 23. Equity includes all capital and reserves of the Group that are managed as capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__61": { "value": "Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities as they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Following the share capital raised in 2020 and the IPO in October 2021, the Group has a substantial cash balance to fund its operations.At 31 December 2022, the Group had the following financing arrangements:20222021\u00a3000\u00a3000Maturity analysis- Expiring within one year (undiscounted lease liabilities) 6,459 3,265- Expiring beyond one year (undiscounted lease liabilities and bank loan) 40,701 27,08 847,160 30,353The loan on land and buildings for \u00a39.5 million had a term of four years from 5 August 2020. It was repaid in 2022; the average interest rate in 2022 was 3.51% (2021: 2.65%).The amounts disclosed in this table for lease liabilities are based on contractual undiscounted cash \ufb02ows. The Directors consider that except for lease and loan liabilities, all of the Group\u2019s financial liabilities at the year end and prior year end have maturity dates of less than 12 months from the balance sheet date.Management monitors rolling forecasts of the Group\u2019s financing arrangements (comprising the lease liabilities and bank loan above) and cash and cash equivalents (note 27) on the basis of expected cash \ufb02ows.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__62": { "value": "Credit riskCredit risk is the risk of financial loss to the Group if a deposit taker should fail. It is currently Group policy that the majority of external monetary deposits are made on a fixed interest basis over terms varying from one to three months depending upon the rate available. Maturities are staggered whenever possible to spread exposure to interest rate movement. Although the Board accepts that this policy neither protects the Group from the risk of receiving rates below the current market rates nor eliminates fully cash \ufb02ow risk associated with interest receipts, it considers that it achieves an appropriate balance of exposure to these risks. Term deposits are denominated in UK Sterling with institutions rated as A or better by both Moody\u2019s and Standard & Poor\u2019s. At year end, the Group placed \u00a3542 million (2021: \u00a3430 million) deposits with several reputable financial institutions to minimise its credit risk. \u00a3310 million (2021: \u00a3250 million) of this is placed in institutions with a grade of AAA, with the remainder all being placed at Grade A or higher institutions in line with the Group\u2019s treasury policy.Additional credit risk exists on trade receivables, which is managed by a centralised accounts receivable process including credit checks on initial order acceptance.Credit approvals and other monitoring procedures are also in place to ensure that follow up action is taken to recover overdue debts. Furthermore, the Group reviews the recoverable amount of each trade debt and debt investment on an individual basis at the end of the reporting period to ensure that adequate loss allowance is made for irrecoverable amounts. In this regard, the Directors consider that the Group\u2019s credit risk is significantly reduced and remain at the same level for the foreseeable future. Trade receivables consist of a large number of customers, spread across diverse geographical areas. Of the trade receivables balance at the end of the year, \u00a34.9 million (2021: \u00a312.7 million) was due from the Group\u2019s largest customer, G42. At 31 December 2022, an amount of \u00a32.61 million (2021: \u00a32.95 million) measured at an amount equal to 12-month expected credit losses was estimated as a loss allowance in accordance with IFRS 9 (see note 19).The credit risk on liquid funds and derivative financial instruments are measured at an amount equal to lifetime expected credit losses. Their credit risk is considered as limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__63": { "value": "Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s costs or the value of its holdings in financial instruments. The Group has little exposure to interest rate risk other than that returns on short-term fixed interest deposits will vary with movements in underlying bank interest rates. The Group\u2019s principal market risk exposure is to movements in foreign exchange rates.Foreign currency riskForeign exchange risk arises because the Group from time to time enters into transactions denominated in a currency other than Sterling. Where it is considered that the risk to the Group is significant, it will enter into a matching forward contract with a reputable bank or hold deposits of the currency in cash. Derivatives are only used for economic hedging purposes and not as speculative investments. In addition, significant amounts of US Dollars were held during the year. In the year ended 31 December 2022 approximately 17% (2021: 18%) of the Group\u2019s annual expenditures was denominated in US dollars and approximately 13% (2021: 16%) of the Group\u2019s expenditure was denominated in Euro. A significant portion of the Group\u2019s revenue is denominated in US Dollars.Exchange rate exposures are managed within approved policy parameters. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:Assets Liabilities2022202120222021\u00a3000\u00a3000\u00a3000\u00a3000Financial assets and liabilities 25,065 50,965 (13,729) (17,165)Sensitivity analysisA 5% strengthening of the US Dollar relative to UK Sterling at 31 December 2022 would have resulted in an increase in Group equity of\ue61e\u00a30.3 million (2021: \u00a30.4 million).The interest rate for short-term deposits is dependent on the rates offered by the Group\u2019s bankers. During the year ended 31 December 2022, the short-term deposits returned an average of 1.48% (2021: 0.19%).The Group has considered its sensitivity to interest rate \ufb02uctuations and does not believe that a change in interest rates would have a\ue61ematerial risk impact on the historical financial information.Capital managementThe Group defines the capital that it manages as the Group\u2019s total equity. The Group\u2019s objectives when managing capital are:\u2022 To safeguard the Group\u2019s ability to continue as a going concern, so that it can continue to strive to provide returns to investors\u2022 To provide an adequate return to investors based on the level of risk undertaken\u2022 To have available the necessary financial resources to allow the Group to invest in areas that may deliver future benefits for inventive sources and returns to investors\u2022 To maintain sufficient financial resources to mitigate against risks and unforeseen eventsIn 2022, the term loan facility of \u00a39.5 million with Barclays Bank plc was fully repaid. The Debt to Equity ratio of the Group is nil (2021: 1.3%).Debt is defined as long and short-term borrowings (excluding derivatives and financial guarantee contracts) as detailed in note 23. Equity includes all capital and reserves of the Group that are managed as capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__64": { "value": "29. Related party transactionsBalances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.In 2022 the Company invested a further \u00a33.0 million in its associate, Veiovia Limited, which is related to the Company by shared directorship of JP Willcocks. A total of \u00a34.5 million has now been invested in Veiovia Limited. During the year, an impairment of \u00a32.2 million was recognised through the statement of comprehensive income.The Company paid academic research costs in 2022 of \u00a30.5 million (2021: \u00a30.2 million) to the University of Oxford, which is related to the Company by shared directorship of W Becker.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__65": { "value": "30. Retirement benefit planThe Group operates a defined contribution pension scheme for the benefit of its employees. Most of the employees who contribute to the Group\u2019s pension scheme do so via salary sacrifice. The total expense recognised in the consolidated income statement of \u00a33.2 million (2021 \u00a31.3 million) represents contributions payable to\ue61ethe scheme by the Group at rates specified in the rules of the scheme. As at 31 December 2022, contributions of \u00a30.5 million (2021: \u00a30.4 million) due in respect of the current reporting period had not been paid over to the plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__66": { "value": "31. Commitments20222021\u00a3000\u00a3000Within one year 1,768 1,173In the second to fifth years inclusive 721 7502,489 1,923Commitments relate to research agreements with universities and research institutions as well as licence payments required under intellectual property and other licences. The amounts are not risk-adjusted or discounted.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__67": { "value": "32. Events after the reporting dateThe Group performed a review of events subsequent to the balance sheet date through to the date the financial statements were issued and determined that there were no such events requiring recognition or disclosure in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__68": { "value": "34. Alternative performance measuresThe Group\u2019s performance is assessed using a number of financial measures which are not defined under IFRS and are which therefore comprise alternative (non-GAAP) performance measures. These are as follows:\u2022 Underlying LSRT revenue growth: LSRT revenue growth excluding EGP and COVID sequencing revenue;\u2022 Underlying LSRT revenue growth on a constant currency basis: LSRT revenue growth excluding EGP and COVID sequencing revenue, on a constant currency basis;\u2022 Adjusted research and development expenses: research and development expenses after adjusting for employer\u2019s social security taxes on pre-IPO share awards;\u2022 Adjusted selling, general and administrative expenses: selling, general and administrative expenses after adjusting for share-based payments expense (Founder LTIP), employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards and IPO costs expensed;\u2022 EBITDA: loss for the year before income tax expense, finance income, loan interest, interest on lease, depreciation and amortisation;\u2022 Adjusted EBITDA: EBITDA adjusted for. i) share-based payment expense on Founder LTIP awards; ii) employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards; iii) IPO costs expensed in the statement of comprehensive income; iv) impairment of investment in associate; v) gain on sale of property; and vi) settlement of the COVID-19 testing contract; and\u2022 Cash and cash equivalents and other liquid investments: total cash and cash equivalents, which comprise cash in hand, deposits held at\ue61ecall and other short-term highly liquid investments with a maturity of three months or less at the date of acquisition. Other liquid investments comprise investment bonds in which a fixed sum is invested in an asset-backed fund, treasury deposits, and investment bonds, which comprise deposits held with banks that do not meet the IAS 7 definition of a cash equivalent.The following table presents the adjusted underlying LSRT revenue growth20222021\u00a3000\u00a3000LSRT Revenue 146,815 126,961Adjusting Items:EGP revenue (13,172) (30,562)COVID sequencing revenue (26,112) (17,545)Underlying LSRT revenue 107,531 78,854Growth +36.4%Impact of foreign exchange (5,370) \u2013Underlying LSRT revenue on a constant currency basis 102,161 78,854Growth +29.6%The following table presents the adjusted research and development:20222021\u00a3000\u00a3000Research and development expenses 64,842 75,976Adjusting Items:Employer\u2019s social security taxes on pre-IPO share awards 9,890 (17,748) Adjusted research and development expenses 74,732 58,228Capitalised development costs 19,163 9,281Adjusted R&D expenses and capitalised development costs 93,895 67,50 934. Alternative performance measures continuedThe following table presents the adjusted selling, general and administrative expenses20222021\u00a3000\u00a3000Selling, general and administrative expenses 157,447 161,752Adjusting Items:Share-based payment expense on Founder Long Term Incentive Plan (LTIP) (53,182) (37,551) Employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards 11,743 (21,544) IPO costs expensed in the statement of comprehensive income \u2013 (4,829) Adjusted selling, general and administrative expenses 116,008 97, 828The following table presents the Group\u2019s EBITDA and Adjusted EBITDA, together with a reconciliation to loss for the year:20222021\u00a3000\u00a3000Loss for the year (91,025) (167,613)Tax expense 7,614 1,609Finance income (5,941) (224)Loan interest 221 242Interest on lease 1,407 666Depreciation and amortisation 31,871 24,691EBITDA (55,853) (140,629)Share-based payments (Founder LTIP) 53,182 37, 551Employer\u2019s social security (credit)/charge on Founder LTIP and pre-IPO share-based awards (21,634) 39,291Gain on sale of property (18,620) \u2013Settlement of COVID-19 testing contract (37,89 6) \u2013Impairment of investment in associate 2,193 1,227IPO costs expensed in the statement of comprehensive income \u2013 4,829Adjusted EBITDA (78,628) (57,731)The following table presents cash, cash equivalents and other liquid investments:20222021\u00a3000\u00a3000Cash and cash equivalents 356,778 487,840Treasury deposits 101,274 130,375Investment bonds 100,898 \u2013Less: fair value movements on investment bonds (936) \u2013Cash, cash equivalents and other liquid investments 558,014 618,215", "dimensions": { "concept": "OXF:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }