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"iso4217:GBP" } }, "Fxbrl_20260624044856043_xbrl_20230621150931244": { "value": "4346000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800MWOA6W221PI432", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856055_xbrl_20230621150939777": { "value": "6902000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856053_xbrl_20230621150956498": { "value": "6153000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800MWOA6W221PI432", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856064_xbrl_20230621151001957": { "value": "5024000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856062_xbrl_20230621151030834": { "value": "657000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800MWOA6W221PI432", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856073_xbrl_20230621151038771": { "value": "9996000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856071_xbrl_20230621151048633": { "value": "-5864000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800MWOA6W221PI432", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856083_xbrl_20230621151053946": { "value": "24862000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856081_xbrl_20230621151133555": { "value": "30726000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MWOA6W221PI432", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856093_xbrl_20230621151206028": { "value": "34858000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MWOA6W221PI432", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624044856090_xbrl_20230621151214365": { "value": "24862000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20260624170023610": { "value": "\n 1. Accounting policies A summary of the principal accounting policies, all of which have been consistently applied throughout the year and the preceding year, is set out below. \n \n (a) Basis of accounting \n \n The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 (\u201cFRS 102\u201d), with the Companies Act 2006 and the 2014 Statement of Recommended Practice, \u2018Financial Statements of Investment Trust Companies and Venture Capital Trusts\u2019 (\u201cthe SORP\u201d) (updated in December 2025) issued by the Association of Investment Companies (\u201cAIC\u201d). The Company has early adopted these guidelines and is not aware of any material difference arising from this early adoption.\n \n \n The financial statements are prepared in sterling which is the functional and presentational currency of the Company and rounded to the nearest \u00a3000.\n \n \n The financial statements have been prepared on a going concern basis under the historical cost convention except investments which are stated at their fair value. The Directors performed an assessment of the Company\u2019s ability to meet its liabilities as they fall due. In performing this assessment, the Directors took into consideration the uncertain economic outlook including: \u2022 the investments and liquid resources held by the Company; \u2022 the fact that the Company has no debt or capital commitments; \u2022 the ability of the Company to meet all of its liabilities and ongoing expenses from its assets, including its year-end cash balance; \u2022 revenue and operating cost forecasts for the forthcoming year; \u2022 the ability of third-party service providers to continue to provide services; and \u2022 potential downside scenarios including a fall in the valuation of the investment portfolio or levels of investment income. Based on this assessment, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and therefore determine the going concern basis to be appropriate.\n \n \n \n (b) Significant estimates and judgements Disclosure is required of judgements and estimates made by management in applying the accounting policies that have a significant effect on the financial statements. While estimates are based on best judgement using information and financial data available, the actual outcome may differ from these estimates. A price sensitivity analysis is provided in the other price risk sensitivity section of Note 18 on page 80. The key estimate in the financial statements is the determination of the fair value of the unlisted investments by the Directors as it significantly impacts the valuation of the unlisted investments at the balance sheet date. The fair valuation process involves estimates using inputs that are unobservable. The fair value of the unlisted investments at the balance sheet date was \u00a393,438,000. The key judgement in the valuation of the unquoted investments process is the Directors\u2019 determination of the appropriate application of the International Private Equity and Venture Capital (\u2018IPEV\u2019) guidelines to each unlisted investment. The judgement applied in the selection of the methodology used for determining the fair value of each unlisted investment can have a significant impact upon the valuation.\n \n \n \n \n \n (c) Valuation of investments Purchases and sales of investments are recognised in the financial statements at the date of transaction (trade date). As permitted by FRS 102 chapters 11 and 12, the Company\u2019s investments are recorded at fair value at the point of acquisition and are measured at subsequent reporting dates at fair value, with any changes being recognised in profit or loss. The fair value of investments held at 31 March 2026 is \u00a399,345,000 (31 March 2025: \u00a3103,231,000). In the case of investments quoted on a recognised stock exchange, fair value is established by reference to the closing bid price on the relevant date or the last traded price, depending on the convention of the exchange on which the investment is quoted. In the case of unquoted investments, fair value is established in accordance with IPEV guidelines by using measurements of value such as calibrating to the price of recent investment and earnings or revenue multiples; where no reliable fair value can be estimated using such techniques, unquoted investments are carried at cost subject to provision for impairment where necessary. This process is used for both the valuation of unquoted equity and debt investments. In the case of debt investments, debt, including both principal and any accrued interest is valued with reference to their recoverability upon eventual sale of the Company\u2019s investment. The key assumption when using the price of a recent investment as an input to the valuation is that the price obtained remains a reasonable proxy for fair value for a period of time such that an enterprise value can be inferred and subsequently recalibrated where necessary to take account of changes to either the prevailing market conditions or performance of the investee. The price of a recent investment is not a default position for establishing fair value as at the measurement date and when this technique is employed, the resultant valuations are cross- checked for reasonableness by employing an alternative valuation technique. The key assumptions for the multiples approach are the selection of the most appropriate earnings or revenue measure (historic or forecast) and the selection of the multiple itself which may be influenced by the multiples achieved by a range of comparable companies in either private or public transactions. Gains and losses arising from changes in fair value of investments are recognised as part of the capital return within the income statement and allocated to the revaluation reserve. Transaction costs attributable to the acquisition or disposal of investments are charged to capital return within the income statement, in accordance with AIC SORP guidance. Investments are carried at fair value, which may reduce to nil where recoverability is considered remote. Such investments remain at nil fair value until realisation or formal insolvency, with movements recognised in the capital return (revaluation reserve) and any realised losses recognised in the capital reserve.\n \n \n \n \n (d) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits, including short-term highly liquid investments and money market funds readily convertible to known amounts of cash.\n \n \n \n (e) Income Dividends receivable on quoted equity shares are recognised on the ex-dividend date. Dividends receivable on the portfolio of quoted equity investments held for liquidity purposes are recognised on the date of receipt due to the nature of how this portfolio is managed. Dividends receivable on unquoted equity shares are recognised when the Company\u2019s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed income returns on non-equity shares and debt securities are recognised on an effective interest rate basis, provided there is no reasonable doubt that payment will be received in due course.\n \n \n \n \n \n \n \n (f) Expenses All expenses are accounted for on an accruals basis. Expenses are charged to revenue return within the income statement except that: \u2022 expenses which are incidental to the acquisition or disposal of an investment are allocated to capital return as incurred; and \u2022 expenses are split and allocated partly to capital return where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated, and accordingly the basic element of the investment management fee has been allocated 25% to revenue return and 75% to capital return, in order to reflect the Directors\u2019 expected long-term view of the nature of the investment returns of the Company. The performance- related element of the investment management fee is charged 100% to capital return.\n \n \n \n \n \n (g) Revenue and capital The revenue column of the income statement includes all income and revenue expenses of the Company. The capital column includes realised and unrealised gains and losses on investments and that part of the investment management fee which is allocated to capital return.\n \n \n (h) Taxation UK corporation tax payable is provided on taxable profits at the current rate. The tax charge for the year is allocated between revenue return and capital return on the \u2018marginal basis\u2019 as recommended in the SORP. \n \n Provision is made for deferred taxation on all timing differences calculated at the current rate \n \n \n of tax relevant to the benefit or liability.\n \n \n \n (i) Dividends payable Dividends payable are recognised as distributions in the financial statements when the Company\u2019s liability to make payment has been established.\n \n \n (j) Provisions A provision is recognised in the balance sheet when the Company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. No provision is established where a reliable estimate of the obligation cannot be made. Provisions are allocated to revenue or capital depending on the nature of the circumstances.\n \n \n (k) Share capital account The share capital account represents the nominal value of all shares issued by the Company.\n (l) Share premium account The share premium account represents the value paid by shareholders for shares above the nominal value. (m) Capital redemption reserve The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of a company\u2019s own shares. (n) Revaluation reserve Changes in the fair value of investments are dealt with in this reserve.\n \n (o) Capital reserve The following are accounted for in the capital reserve: gains or losses on the realisation of investments; the cost of repurchasing ordinary shares, including stamp duty and transaction costs; and other capital charges and credits charged to this account in accordance with the above policies. (p) Revenue reserve The revenue reserve comprises the retained earnings of a business from profits made in the current and prior periods. \n \n (q) Segmental reporting The Company has a single operating segment carrying out the investment activity of the Company. All venture investments are based in the UK. No further segmental analysis is provided as allowed by paragraph XIV of the SORP, due to the homogeneous nature of the trust\u2019s investment activities. All income from operating segments is disclosed in Note 2.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170351225": { "value": "\n (a) Basis of accounting \n \n The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 (\u201cFRS 102\u201d), with the Companies Act 2006 and the 2014 Statement of Recommended Practice, \u2018Financial Statements of Investment Trust Companies and Venture Capital Trusts\u2019 (\u201cthe SORP\u201d) (updated in December 2025) issued by the Association of Investment Companies (\u201cAIC\u201d). The Company has early adopted these guidelines and is not aware of any material difference arising from this early adoption.\n \n \n The financial statements are prepared in sterling which is the functional and presentational currency of the Company and rounded to the nearest \u00a3000.\n \n \n The financial statements have been prepared on a going concern basis under the historical cost convention except investments which are stated at their fair value. The Directors performed an assessment of the Company\u2019s ability to meet its liabilities as they fall due. In performing this assessment, the Directors took into consideration the uncertain economic outlook including: \u2022 the investments and liquid resources held by the Company; \u2022 the fact that the Company has no debt or capital commitments; \u2022 the ability of the Company to meet all of its liabilities and ongoing expenses from its assets, including its year-end cash balance; \u2022 revenue and operating cost forecasts for the forthcoming year; \u2022 the ability of third-party service providers to continue to provide services; and \u2022 potential downside scenarios including a fall in the valuation of the investment portfolio or levels of investment income. Based on this assessment, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and therefore determine the going concern basis to be appropriate.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170509808": { "value": "\n The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 (\u201cFRS 102\u201d), with the Companies Act 2006 and the 2014 Statement of Recommended Practice, \u2018Financial Statements of Investment Trust Companies and Venture Capital Trusts\u2019 (\u201cthe SORP\u201d) (updated in December 2025) issued by the Association of Investment Companies (\u201cAIC\u201d). The Company has early adopted these guidelines and is not aware of any material difference arising from this early adoption.\n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170817695": { "value": "\n The financial statements are prepared in sterling which is the functional and presentational currency of the Company and rounded to the nearest \u00a3000.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170603065": { "value": "\n The financial statements have been prepared on a going concern basis under the historical cost convention except investments which are stated at their fair value. The Directors performed an assessment of the Company\u2019s ability to meet its liabilities as they fall due. In performing this assessment, the Directors took into consideration the uncertain economic outlook including: \u2022 the investments and liquid resources held by the Company; \u2022 the fact that the Company has no debt or capital commitments; \u2022 the ability of the Company to meet all of its liabilities and ongoing expenses from its assets, including its year-end cash balance; \u2022 revenue and operating cost forecasts for the forthcoming year; \u2022 the ability of third-party service providers to continue to provide services; and \u2022 potential downside scenarios including a fall in the valuation of the investment portfolio or levels of investment income. Based on this assessment, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and therefore determine the going concern basis to be appropriate.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170934276": { "value": "\n (b) Significant estimates and judgements Disclosure is required of judgements and estimates made by management in applying the accounting policies that have a significant effect on the financial statements. While estimates are based on best judgement using information and financial data available, the actual outcome may differ from these estimates. A price sensitivity analysis is provided in the other price risk sensitivity section of Note 18 on page 80. The key estimate in the financial statements is the determination of the fair value of the unlisted investments by the Directors as it significantly impacts the valuation of the unlisted investments at the balance sheet date. The fair valuation process involves estimates using inputs that are unobservable. The fair value of the unlisted investments at the balance sheet date was \u00a393,438,000. The key judgement in the valuation of the unquoted investments process is the Directors\u2019 determination of the appropriate application of the International Private Equity and Venture Capital (\u2018IPEV\u2019) guidelines to each unlisted investment. The judgement applied in the selection of the methodology used for determining the fair value of each unlisted investment can have a significant impact upon the valuation.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624171702146": { "value": "\n \n \n (c) Valuation of investments Purchases and sales of investments are recognised in the financial statements at the date of transaction (trade date). As permitted by FRS 102 chapters 11 and 12, the Company\u2019s investments are recorded at fair value at the point of acquisition and are measured at subsequent reporting dates at fair value, with any changes being recognised in profit or loss. The fair value of investments held at 31 March 2026 is \u00a399,345,000 (31 March 2025: \u00a3103,231,000). In the case of investments quoted on a recognised stock exchange, fair value is established by reference to the closing bid price on the relevant date or the last traded price, depending on the convention of the exchange on which the investment is quoted. In the case of unquoted investments, fair value is established in accordance with IPEV guidelines by using measurements of value such as calibrating to the price of recent investment and earnings or revenue multiples; where no reliable fair value can be estimated using such techniques, unquoted investments are carried at cost subject to provision for impairment where necessary. This process is used for both the valuation of unquoted equity and debt investments. In the case of debt investments, debt, including both principal and any accrued interest is valued with reference to their recoverability upon eventual sale of the Company\u2019s investment. The key assumption when using the price of a recent investment as an input to the valuation is that the price obtained remains a reasonable proxy for fair value for a period of time such that an enterprise value can be inferred and subsequently recalibrated where necessary to take account of changes to either the prevailing market conditions or performance of the investee. The price of a recent investment is not a default position for establishing fair value as at the measurement date and when this technique is employed, the resultant valuations are cross- checked for reasonableness by employing an alternative valuation technique. The key assumptions for the multiples approach are the selection of the most appropriate earnings or revenue measure (historic or forecast) and the selection of the multiple itself which may be influenced by the multiples achieved by a range of comparable companies in either private or public transactions. Gains and losses arising from changes in fair value of investments are recognised as part of the capital return within the income statement and allocated to the revaluation reserve. Transaction costs attributable to the acquisition or disposal of investments are charged to capital return within the income statement, in accordance with AIC SORP guidance. Investments are carried at fair value, which may reduce to nil where recoverability is considered remote. Such investments remain at nil fair value until realisation or formal insolvency, with movements recognised in the capital return (revaluation reserve) and any realised losses recognised in the capital reserve.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625145655972": { "value": "\n \n (c) Valuation of investments Purchases and sales of investments are recognised in the financial statements at the date of transaction (trade date). As permitted by FRS 102 chapters 11 and 12, the Company\u2019s investments are recorded at fair value at the point of acquisition and are measured at subsequent reporting dates at fair value, with any changes being recognised in profit or loss. The fair value of investments held at 31 March 2026 is \u00a399,345,000 (31 March 2025: \u00a3103,231,000). In the case of investments quoted on a recognised stock exchange, fair value is established by reference to the closing bid price on the relevant date or the last traded price, depending on the convention of the exchange on which the investment is quoted. In the case of unquoted investments, fair value is established in accordance with IPEV guidelines by using measurements of value such as calibrating to the price of recent investment and earnings or revenue multiples; where no reliable fair value can be estimated using such techniques, unquoted investments are carried at cost subject to provision for impairment where necessary. This process is used for both the valuation of unquoted equity and debt investments. In the case of debt investments, debt, including both principal and any accrued interest is valued with reference to their recoverability upon eventual sale of the Company\u2019s investment. The key assumption when using the price of a recent investment as an input to the valuation is that the price obtained remains a reasonable proxy for fair value for a period of time such that an enterprise value can be inferred and subsequently recalibrated where necessary to take account of changes to either the prevailing market conditions or performance of the investee. The price of a recent investment is not a default position for establishing fair value as at the measurement date and when this technique is employed, the resultant valuations are cross- checked for reasonableness by employing an alternative valuation technique. The key assumptions for the multiples approach are the selection of the most appropriate earnings or revenue measure (historic or forecast) and the selection of the multiple itself which may be influenced by the multiples achieved by a range of comparable companies in either private or public transactions. Gains and losses arising from changes in fair value of investments are recognised as part of the capital return within the income statement and allocated to the revaluation reserve. Transaction costs attributable to the acquisition or disposal of investments are charged to capital return within the income statement, in accordance with AIC SORP guidance. Investments are carried at fair value, which may reduce to nil where recoverability is considered remote. Such investments remain at nil fair value until realisation or formal insolvency, with movements recognised in the capital return (revaluation reserve) and any realised losses recognised in the capital reserve.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625153041229": { "value": "\n (c) Valuation of investments Purchases and sales of investments are recognised in the financial statements at the date of transaction (trade date). As permitted by FRS 102 chapters 11 and 12, the Company\u2019s investments are recorded at fair value at the point of acquisition and are measured at subsequent reporting dates at fair value, with any changes being recognised in profit or loss. The fair value of investments held at 31 March 2026 is \u00a399,345,000 (31 March 2025: \u00a3103,231,000). In the case of investments quoted on a recognised stock exchange, fair value is established by reference to the closing bid price on the relevant date or the last traded price, depending on the convention of the exchange on which the investment is quoted. In the case of unquoted investments, fair value is established in accordance with IPEV guidelines by using measurements of value such as calibrating to the price of recent investment and earnings or revenue multiples; where no reliable fair value can be estimated using such techniques, unquoted investments are carried at cost subject to provision for impairment where necessary. This process is used for both the valuation of unquoted equity and debt investments. In the case of debt investments, debt, including both principal and any accrued interest is valued with reference to their recoverability upon eventual sale of the Company\u2019s investment. The key assumption when using the price of a recent investment as an input to the valuation is that the price obtained remains a reasonable proxy for fair value for a period of time such that an enterprise value can be inferred and subsequently recalibrated where necessary to take account of changes to either the prevailing market conditions or performance of the investee. The price of a recent investment is not a default position for establishing fair value as at the measurement date and when this technique is employed, the resultant valuations are cross- checked for reasonableness by employing an alternative valuation technique. The key assumptions for the multiples approach are the selection of the most appropriate earnings or revenue measure (historic or forecast) and the selection of the multiple itself which may be influenced by the multiples achieved by a range of comparable companies in either private or public transactions. Gains and losses arising from changes in fair value of investments are recognised as part of the capital return within the income statement and allocated to the revaluation reserve. Transaction costs attributable to the acquisition or disposal of investments are charged to capital return within the income statement, in accordance with AIC SORP guidance. Investments are carried at fair value, which may reduce to nil where recoverability is considered remote. Such investments remain at nil fair value until realisation or formal insolvency, with movements recognised in the capital return (revaluation reserve) and any realised losses recognised in the capital reserve.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624171756353": { "value": "\n (d) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits, including short-term highly liquid investments and money market funds readily convertible to known amounts of cash.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624172747568": { "value": "\n \n (e) Income Dividends receivable on quoted equity shares are recognised on the ex-dividend date. Dividends receivable on the portfolio of quoted equity investments held for liquidity purposes are recognised on the date of receipt due to the nature of how this portfolio is managed. Dividends receivable on unquoted equity shares are recognised when the Company\u2019s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed income returns on non-equity shares and debt securities are recognised on an effective interest rate basis, provided there is no reasonable doubt that payment will be received in due course.\n \n \n \n \n (f) Expenses All expenses are accounted for on an accruals basis. Expenses are charged to revenue return within the income statement except that: \u2022 expenses which are incidental to the acquisition or disposal of an investment are allocated to capital return as incurred; and \u2022 expenses are split and allocated partly to capital return where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated, and accordingly the basic element of the investment management fee has been allocated 25% to revenue return and 75% to capital return, in order to reflect the Directors\u2019 expected long-term view of the nature of the investment returns of the Company. The performance- related element of the investment management fee is charged 100% to capital return.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624173729082": { "value": "\n (e) Income Dividends receivable on quoted equity shares are recognised on the ex-dividend date. Dividends receivable on the portfolio of quoted equity investments held for liquidity purposes are recognised on the date of receipt due to the nature of how this portfolio is managed. Dividends receivable on unquoted equity shares are recognised when the Company\u2019s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed income returns on non-equity shares and debt securities are recognised on an effective interest rate basis, provided there is no reasonable doubt that payment will be received in due course.\n \n \n (f) Expenses All expenses are accounted for on an accruals basis. Expenses are charged to revenue return within the income statement except that: \u2022 expenses which are incidental to the acquisition or disposal of an investment are allocated to capital return as incurred; and \u2022 expenses are split and allocated partly to capital return where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated, and accordingly the basic element of the investment management fee has been allocated 25% to revenue return and 75% to capital return, in order to reflect the Directors\u2019 expected long-term view of the nature of the investment returns of the Company. The performance- related element of the investment management fee is charged 100% to capital return.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624173856744": { "value": "\n \n \n \n (f) Expenses All expenses are accounted for on an accruals basis. Expenses are charged to revenue return within the income statement except that: \u2022 expenses which are incidental to the acquisition or disposal of an investment are allocated to capital return as incurred; and \u2022 expenses are split and allocated partly to capital return where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated, and accordingly the basic element of the investment management fee has been allocated 25% to revenue return and 75% to capital return, in order to reflect the Directors\u2019 expected long-term view of the nature of the investment returns of the Company. The performance- related element of the investment management fee is charged 100% to capital return.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624173822490": { "value": "\n (f) Expenses All expenses are accounted for on an accruals basis. Expenses are charged to revenue return within the income statement except that: \u2022 expenses which are incidental to the acquisition or disposal of an investment are allocated to capital return as incurred; and \u2022 expenses are split and allocated partly to capital return where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated, and accordingly the basic element of the investment management fee has been allocated 25% to revenue return and 75% to capital return, in order to reflect the Directors\u2019 expected long-term view of the nature of the investment returns of the Company. The performance- related element of the investment management fee is charged 100% to capital return.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624173939313": { "value": "\n (g) Revenue and capital The revenue column of the income statement includes all income and revenue expenses of the Company. The capital column includes realised and unrealised gains and losses on investments and that part of the investment management fee which is allocated to capital return.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624174023538": { "value": "\n (h) Taxation UK corporation tax payable is provided on taxable profits at the current rate. The tax charge for the year is allocated between revenue return and capital return on the \u2018marginal basis\u2019 as recommended in the SORP. \n \n Provision is made for deferred taxation on all timing differences calculated at the current rate \n \n \n of tax relevant to the benefit or liability.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624175847592": { "value": "\n Provision is made for deferred taxation on all timing differences calculated at the current rate \n \n of tax relevant to the benefit or liability.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624180500152": { "value": "\n (i) Dividends payable Dividends payable are recognised as distributions in the financial statements when the Company\u2019s liability to make payment has been established.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624180543096": { "value": "\n (j) Provisions A provision is recognised in the balance sheet when the Company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. No provision is established where a reliable estimate of the obligation cannot be made. Provisions are allocated to revenue or capital depending on the nature of the circumstances.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624181913680": { "value": "\n (k) Share capital account The share capital account represents the nominal value of all shares issued by the Company.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624183235009": { "value": "\n (q) Segmental reporting The Company has a single operating segment carrying out the investment activity of the Company. All venture investments are based in the UK. No further segmental analysis is provided as allowed by paragraph XIV of the SORP, due to the homogeneous nature of the trust\u2019s investment activities. All income from operating segments is disclosed in Note 2.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624193731537": { "value": "\n \n \n \n \n 2. Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 \u00a3000 Year ended 31 March 2025 \u00a3000
Investment income:
Dividends from unquoted companies 125 23
Dividends from quoted companies 132 304
Money market funds* 1,146 1,123
Bank deposits* 212 352
Loans to unquoted companies 238 890
1,853 2,692
\n * Denotes income arising from investments not designated as fair value through pro\ufb01t or loss.\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624193646136": { "value": "\n \n \n \n 2. Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 \u00a3000 Year ended 31 March 2025 \u00a3000
Investment income:
Dividends from unquoted companies 125 23
Dividends from quoted companies 132 304
Money market funds* 1,146 1,123
Bank deposits* 212 352
Loans to unquoted companies 238 890
1,853 2,692
\n * Denotes income arising from investments not designated as fair value through pro\ufb01t or loss.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624193838417": { "value": "\n \n \n 2. Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 \u00a3000 Year ended 31 March 2025 \u00a3000
Investment income:
Dividends from unquoted companies 125 23
Dividends from quoted companies 132 304
Money market funds* 1,146 1,123
Bank deposits* 212 352
Loans to unquoted companies 238 890
1,853 2,692
\n * Denotes income arising from investments not designated as fair value through pro\ufb01t or loss.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624193917664": { "value": "\n \n 2. Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 \u00a3000 Year ended 31 March 2025 \u00a3000
Investment income:
Dividends from unquoted companies 125 23
Dividends from quoted companies 132 304
Money market funds* 1,146 1,123
Bank deposits* 212 352
Loans to unquoted companies 238 890
1,853 2,692
\n * Denotes income arising from investments not designated as fair value through pro\ufb01t or loss.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624194013721": { "value": "\n 2. Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 \u00a3000 Year ended 31 March 2025 \u00a3000
Investment income:
Dividends from unquoted companies 125 23
Dividends from quoted companies 132 304
Money market funds* 1,146 1,123
Bank deposits* 212 352
Loans to unquoted companies 238 890
1,853 2,692
\n * Denotes income arising from investments not designated as fair value through pro\ufb01t or loss.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170304672": { "value": "\n 3. Investment management fee \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 Year ended 31 March 2025
Revenue \u00a3000 Capital \u00a3000 Total \u00a3000 Revenue \u00a3000 Capital \u00a3000 Total \u00a3000
Basic investment management fee 634 1,903 2,537 582 1,745 2,327
Performance-related fee \u2013 \u2013 \u2013 \u2013 65 65
634 1,903 2,537 582 1,810 2,392
\n Mercia Fund Management Limited (Mercia) provides investment management, secretarial and administrative services to the Company under an agreement dated 20 December 1999, which may be terminated at any time by not less than 12 months\u2019 notice being given by either party.\n \n The Manager receives a basic management fee, payable quarterly in advance, at the rate of 2.06% per annum of net assets calculated half-yearly as at 31 March and 30 September. The fee due on the value of liquid assets above the threshold of \u00a320 million attracts a reduced rate of 1% per annum. The Manager bears the cost of the fees of Brewin Dolphin for managing the listed interest-bearing and equity portfolios. The Manager also provides administrative and secretarial services to the Company for an annualised fee as at 31 March 2026 of \u00a374,000 per annum (linked to the movement in the CPI). This fee is included in other expenses (see Note 4). The Manager is entitled to receive an annual performance-related management fee. The fee is calculated on annual performance above the higher of the annual hurdle of 5% of opening NAV per share and the deficit to the high water mark total return brought forward (together, the \u2018Excess Return\u2019). The performance-related management fee is calculated at 14% of the Excess Return and the payment of the performance-related management fee in any one year is capped to 2.25% of the net asset value at the start of the year with the balance being deferred. The performance-related management fee due in respect of the year ended 31 March 2026 was nil (2025: \u00a365,000). The total running costs of the Company, excluding performance-related management fees and any irrecoverable VAT thereon, are capped at 2.9% of its net assets and Mercia has agreed that any excess will be refunded by way of a reduction in its fees. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170243343": { "value": "\n \n \n 4. Other expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 \u00a3000 Year ended 31 March 2025 \u00a3000
Administrative and secretarial services 74 72
Directors\u2019 remuneration 161 134
National Insurance contributions 19 12
Auditor\u2019s remuneration \u2013 audit services 73 76
\u2013 non-audit services \u2013 \u2013
Legal and professional expenses 46 36
Share issue promoter\u2019s commission 27 30
Other expenses 178 185
578 545
\n Information on Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on pages 43 to 46. Other expenses consist of registrar\u2019s fees, broker\u2019s fees, directors\u2019 insurance, printing costs and sundry expenses. Expenses are stated inclusive of any irrecoverable VAT. Fees to the auditor in respect of the audit of the Financial Statements were \u00a361,000 plus VAT (2025: \u00a363,000 plus VAT).\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170421150": { "value": "\n \n 4. Other expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 \u00a3000 Year ended 31 March 2025 \u00a3000
Administrative and secretarial services 74 72
Directors\u2019 remuneration 161 134
National Insurance contributions 19 12
Auditor\u2019s remuneration \u2013 audit services 73 76
\u2013 non-audit services \u2013 \u2013
Legal and professional expenses 46 36
Share issue promoter\u2019s commission 27 30
Other expenses 178 185
578 545
\n Information on Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on pages 43 to 46. Other expenses consist of registrar\u2019s fees, broker\u2019s fees, directors\u2019 insurance, printing costs and sundry expenses. Expenses are stated inclusive of any irrecoverable VAT. Fees to the auditor in respect of the audit of the Financial Statements were \u00a361,000 plus VAT (2025: \u00a363,000 plus VAT).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170444087": { "value": "\n 4. Other expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 \u00a3000 Year ended 31 March 2025 \u00a3000
Administrative and secretarial services 74 72
Directors\u2019 remuneration 161 134
National Insurance contributions 19 12
Auditor\u2019s remuneration \u2013 audit services 73 76
\u2013 non-audit services \u2013 \u2013
Legal and professional expenses 46 36
Share issue promoter\u2019s commission 27 30
Other expenses 178 185
578 545
\n Information on Directors\u2019 remuneration is given in the Directors\u2019 Remuneration Report on pages 43 to 46. Other expenses consist of registrar\u2019s fees, broker\u2019s fees, directors\u2019 insurance, printing costs and sundry expenses. Expenses are stated inclusive of any irrecoverable VAT. Fees to the auditor in respect of the audit of the Financial Statements were \u00a361,000 plus VAT (2025: \u00a363,000 plus VAT).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624170509293": { "value": "\n \n 5. Tax on return for the year\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 Year ended 31 March 2025
Revenue \u00a3000 Capital \u00a3000 Total \u00a3000 Revenue \u00a3000 Capital \u00a3000 Total \u00a3000
(a) Analysis of charge/(credit) for the year
UK corporation tax payable/(recoverable) on the return for the year 96 (96) \u2013 585 (585) \u2013
(b) Tax reconciliation
Return before tax 641 (1,593) (952) 1,565 5,391 6,956
Return multiplied by the standard rate of UK corporation tax of 25.0% (2025: 25.0%) 160 (398) (238) 391 1,348 1,739
E\ufb00ect of:
Dividends not subject to tax (64) \u2013 (64) (82) \u2013 (82)
Capital returns not subject to tax \u2013 (76) (76) \u2013 (726) (726)
Movements in fair value of investments not subject to tax \u2013 (2) (2) \u2013 (1,075) (1,075)
Increase in surplus management expenses \u2013 380 380 \u2013 144 144
Adjustment in respect of previous year \u2013 \u2013 \u2013 276 (276) \u2013
Tax charge/(credit) for the year 96 (96) \u2013 585 (585) \u2013
\n\n \n (c) Factors which may affect future tax charges The Company has not recognised a deferred tax asset in respect of surplus management expenses carried forward of \u00a313,685,000 (31 March 2025: \u00a312,165,000), as the Company may not generate sufficient taxable income in the foreseeable future to utilise these expenses. There is no other unprovided deferred taxation. Approved venture capital trusts are exempt from tax on capital gains within the Company. Since the Directors intend that the Company will continue to conduct its affairs so as to maintain its approval as a venture capital trust, no current or deferred tax has been provided in respect of any capital gains or losses arising on the revaluation or disposal of investments.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624124224725": { "value": "\n 5. Tax on return for the year\n \n (c) Factors which may affect future tax charges The Company has not recognised a deferred tax asset in respect of surplus management expenses carried forward of \u00a313,685,000 (31 March 2025: \u00a312,165,000), as the Company may not generate sufficient taxable income in the foreseeable future to utilise these expenses. There is no other unprovided deferred taxation. Approved venture capital trusts are exempt from tax on capital gains within the Company. Since the Directors intend that the Company will continue to conduct its affairs so as to maintain its approval as a venture capital trust, no current or deferred tax has been provided in respect of any capital gains or losses arising on the revaluation or disposal of investments.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624124301556": { "value": "\n 6. Dividends \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 March 2026 Year ended 31 March 2025
Revenue \u00a3000 Capital \u00a3000 Total \u00a3000 Revenue \u00a3000 Capital \u00a3000 Total \u00a3000
(a) Recognised as distributions in the \ufb01nancial statements for the year
Previous year\u2019s \ufb01nal dividend 447 3,276 3,723 736 2,502 3,238
Current year\u2019s \ufb01rst interim dividend 159 3,020 3,179 437 2,478 2,915
606 6,296 6,902 1,173 4,980 6,153
(b) Paid and proposed in respect of the year
Interim paid \u2013 2.0p (2025: 2.0p) per share 159 3,020 3,179 437 2,478 2,915
Final proposed \u2013 2.5p (2025: 2.5p) per share 473 3,468 3,941 434 3,179 3,613
632 6,488 7,120 871 5,657 6,528
\n The revenue dividends paid and proposed in respect of the year form the basis for determining whether the Company has complied with the requirements of Section 274 of the Income Tax Act 2007 as to the distribution of investment income.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624124320392": { "value": "\n 7. Return per share The calculation of the return per share is based on the loss after tax for the year of \u00a3952,000 (2025: profit after tax \u00a36,956,000) and on 152,736,203 (2025: 146,866,413) shares, being the weighted average number of shares in issue during the year.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624124340999": { "value": "\n \n 8. Investments All investments are accounted for as fair value through profit or loss on initial recognition, therefore all gains and losses arising on these investments are reflected through the profit or loss. \n \n FRS 102, including subsequent amendments, requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following classifications: \u2022 Level 1 \u2013 unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date. \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly. \u2022 Level 3 \u2013 inputs are unobservable (ie for which market data is unavailable) for the asset or liability.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Level 1
Quoted venture capital investments 5,907 3,490
Listed equity investment funds \u2013 12,112
Level 3
Unquoted venture capital investments 93,438 87,629
99,345 103,231
\n Movements in investments during the year are summarised as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Venture capital \u2013 unquoted Level 3 \u00a3000 Venture capital \u2013 quoted Level 1 \u00a3000 Listed equity Level 1 \u00a3000 Total \u00a3000
Book cost at 31 March 2025 82,582 2,223 10,794 95,599
Fair value adjustment at 31 March 2025 5,047 1,267 1,318 7,632
Fair value at 31 March 2025 87,629 3,490 12,112 103,231
Movements in the year:
Purchases at cost 15,821 \u2013 204 16,025
Transfer on market listing* (6,382) 6,382 \u2013
Disposals \u2013 proceeds (2,235) (5,375) (12,611) (20,221)
\u2013 net realised gains on disposal (941) 950 295 304
Movements in fair value (454) 460 \u2013 6
Fair value at 31 March 2026 93,438 5,907 \u2013 99,345
Comprising:
Book cost at 31 March 2026 86,968 2,539 \u2013 89,507
Fair value adjustment at 31 March 2026 6,470 3,368 \u2013 9,838
93,438 5,907 \u2013 99,345
Equity shares 79,073 5,907 \u2013 84,980
Preference shares 2,527 \u2013 \u2013 2,527
Interest-bearing securities 11,838 \u2013 \u2013 11,838
93,438 5,907 \u2013 99,345
\n * The Beauty Tech Group plc transferred from Level 3 to Level 1 as a result of its listing on the London Stock Exchange.\n \n \n The gains and losses in the above table have all been recognised in the income statement on page 63. Details of movements in the venture investment portfolio during the year is provided in the Investment portfolio section on page 15. At 31 March 2026 there were no commitments (31 March 2025: nil) in respect of investments approved by the Manager but not yet completed. Transactions shown as purchases and disposals above may differ from those reported in the Statement of Cash Flows. This can arise as a result of investment reorganisations, the conversion of convertible loan instruments, and the settlement of associated receivables and payables. For debt investments, interest is recognised as income only to the extent that it has been received, or is expected to be received, in accordance with the accounting policy set out in Note 1. Where loan stock interest does not meet the recognition criteria for investment income, it is instead reflected within the investment valuation, where supported by the overall valuation of the portfolio company, and is included within unrealised gains and losses on investments. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Valuation methodology 31 March 2026 \u00a3000 31 March 2025 \u00a3000
Revenue multiple 63,138 54,473
Cost and price of recent investment (calibrated and reviewed for impairment) 26,215 20,514
Earnings multiple 4,085 12,612
Net assets \u2013 30
93,438 87,629
\n The principal inputs used in the calibration exercise, and in valuation techniques based on multiples, include revenue, EBITDA and earnings multiples. These are derived by reference to the most recent financial performance of the portfolio company and the relevant multiples observed for comparable companies. Adjustments are made to reflect differences in scale, growth prospects, risk profile and quality of earnings. Revenue multiples are frequently applied, reflecting the nature of the Company\u2019s portfolio which predominantly comprises growth-oriented and technology businesses that are not typically profitable in the earlier stages of development. Once an investee company reaches sufficient scale and sustained profitability, valuation approaches are more commonly based on EBITDA or earnings multiples. In applying comparable trading multiples to the valuation of equity instruments, the Company identifies appropriate sector valuation reports. These multiples are then adjusted to reflect factors such as illiquidity, marketability and other company-specific differences between the portfolio company and the selected public comparators. Where valuations are based on cost or the price of a recent investment, the Company undertakes a calibration process at each valuation date. This involves assessing the performance and progress of the investee relative to the original investment case, considering whether any key events or milestones have occurred that may indicate a change in value, and determining whether an alternative approach, such as a market-based multiple or discounted cash flow methodology, would be more appropriate. Consideration is also given to the circumstances surrounding the transaction where the investment price may not represent fair value, for example where there has been disproportionate dilution of existing shareholders or where market conditions at the time of investment no longer reflect those at the valuation date.\n \n \n \n The Directors consider that, for each investment, the valuation methodology selected represents the most appropriate approach having regard to the nature and performance of the business, market conditions and the IPEV Guidelines, and provides a reliable estimate of fair value as at 31 March 2026. FRS 102 requires consideration of the sensitivity of fair value measurements to reasonably possible alternative assumptions. Approximately 28% of the Level 3 investments held in the portfolio, comprising investments valued using recent transaction price, discounted offer price, net assets or cost, is not subject to sensitivity analysis. For the remaining investments, comprising approximately 72% of the Level 3 investments held in the portfolio, the Directors have assessed the potential impact of changes in key valuation inputs, in particular revenue and earnings multiples. Sensitivity analysis has been performed on these investments and is summarised below: As at 31 March 2026 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Valuation technique Fair value \u00a3000 Multiple range Weighted average multiple Change in input Change in fair value of investments \u00a3000 Change in NAV (pence per share)
Revenue multiple 63,138 0.1x \u2013 8.0x 3.3x + 10% 3,913 2.48
-10% (3,003) (1.90)
Earnings multiple 4,085 2.5x \u2013 9.2x 5.8x + 10% 652 0.41
-10% (551) (0.35)
\n As at 31 March 2025 \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Valuation technique Fair value \u00a3000 Multiple range Weighted average multiple Change in input Change in fair value of investments \u00a3000 Change in NAV (pence per share)
Revenue multiple 54,473 0.25x \u2013 8.0x 4.5x + 10% 3,700 2.56
-10% (2,476) (1.71)
Earnings multiple 12,612 4.0x \u2013 8.0x 7.0x + 10% 1,280 0.89
-10% (1,416) (0.98)
\n This illustrates that a 10% increase in the revenue and earnings multiples applied would result in an increase in the value of unquoted investments of \u00a34,565,000 (2025: \u00a34,980,000). Conversely, a 10% decrease in the multiples would reduce the value by \u00a33,554,000 (2025: \u00a33,892,000).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625153157399": { "value": "\n 8. Investments All investments are accounted for as fair value through profit or loss on initial recognition, therefore all gains and losses arising on these investments are reflected through the profit or loss. \n \n FRS 102, including subsequent amendments, requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following classifications: \u2022 Level 1 \u2013 unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date. \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly. \u2022 Level 3 \u2013 inputs are unobservable (ie for which market data is unavailable) for the asset or liability.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Level 1
Quoted venture capital investments 5,907 3,490
Listed equity investment funds \u2013 12,112
Level 3
Unquoted venture capital investments 93,438 87,629
99,345 103,231
\n Movements in investments during the year are summarised as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Venture capital \u2013 unquoted Level 3 \u00a3000 Venture capital \u2013 quoted Level 1 \u00a3000 Listed equity Level 1 \u00a3000 Total \u00a3000
Book cost at 31 March 2025 82,582 2,223 10,794 95,599
Fair value adjustment at 31 March 2025 5,047 1,267 1,318 7,632
Fair value at 31 March 2025 87,629 3,490 12,112 103,231
Movements in the year:
Purchases at cost 15,821 \u2013 204 16,025
Transfer on market listing* (6,382) 6,382 \u2013
Disposals \u2013 proceeds (2,235) (5,375) (12,611) (20,221)
\u2013 net realised gains on disposal (941) 950 295 304
Movements in fair value (454) 460 \u2013 6
Fair value at 31 March 2026 93,438 5,907 \u2013 99,345
Comprising:
Book cost at 31 March 2026 86,968 2,539 \u2013 89,507
Fair value adjustment at 31 March 2026 6,470 3,368 \u2013 9,838
93,438 5,907 \u2013 99,345
Equity shares 79,073 5,907 \u2013 84,980
Preference shares 2,527 \u2013 \u2013 2,527
Interest-bearing securities 11,838 \u2013 \u2013 11,838
93,438 5,907 \u2013 99,345
\n * The Beauty Tech Group plc transferred from Level 3 to Level 1 as a result of its listing on the London Stock Exchange.\n \n \n The gains and losses in the above table have all been recognised in the income statement on page 63. Details of movements in the venture investment portfolio during the year is provided in the Investment portfolio section on page 15. At 31 March 2026 there were no commitments (31 March 2025: nil) in respect of investments approved by the Manager but not yet completed. Transactions shown as purchases and disposals above may differ from those reported in the Statement of Cash Flows. This can arise as a result of investment reorganisations, the conversion of convertible loan instruments, and the settlement of associated receivables and payables. For debt investments, interest is recognised as income only to the extent that it has been received, or is expected to be received, in accordance with the accounting policy set out in Note 1. Where loan stock interest does not meet the recognition criteria for investment income, it is instead reflected within the investment valuation, where supported by the overall valuation of the portfolio company, and is included within unrealised gains and losses on investments. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Valuation methodology 31 March 2026 \u00a3000 31 March 2025 \u00a3000
Revenue multiple 63,138 54,473
Cost and price of recent investment (calibrated and reviewed for impairment) 26,215 20,514
Earnings multiple 4,085 12,612
Net assets \u2013 30
93,438 87,629
\n The principal inputs used in the calibration exercise, and in valuation techniques based on multiples, include revenue, EBITDA and earnings multiples. These are derived by reference to the most recent financial performance of the portfolio company and the relevant multiples observed for comparable companies. Adjustments are made to reflect differences in scale, growth prospects, risk profile and quality of earnings. Revenue multiples are frequently applied, reflecting the nature of the Company\u2019s portfolio which predominantly comprises growth-oriented and technology businesses that are not typically profitable in the earlier stages of development. Once an investee company reaches sufficient scale and sustained profitability, valuation approaches are more commonly based on EBITDA or earnings multiples. In applying comparable trading multiples to the valuation of equity instruments, the Company identifies appropriate sector valuation reports. These multiples are then adjusted to reflect factors such as illiquidity, marketability and other company-specific differences between the portfolio company and the selected public comparators. Where valuations are based on cost or the price of a recent investment, the Company undertakes a calibration process at each valuation date. This involves assessing the performance and progress of the investee relative to the original investment case, considering whether any key events or milestones have occurred that may indicate a change in value, and determining whether an alternative approach, such as a market-based multiple or discounted cash flow methodology, would be more appropriate. Consideration is also given to the circumstances surrounding the transaction where the investment price may not represent fair value, for example where there has been disproportionate dilution of existing shareholders or where market conditions at the time of investment no longer reflect those at the valuation date.\n \n The Directors consider that, for each investment, the valuation methodology selected represents the most appropriate approach having regard to the nature and performance of the business, market conditions and the IPEV Guidelines, and provides a reliable estimate of fair value as at 31 March 2026. FRS 102 requires consideration of the sensitivity of fair value measurements to reasonably possible alternative assumptions. Approximately 28% of the Level 3 investments held in the portfolio, comprising investments valued using recent transaction price, discounted offer price, net assets or cost, is not subject to sensitivity analysis. For the remaining investments, comprising approximately 72% of the Level 3 investments held in the portfolio, the Directors have assessed the potential impact of changes in key valuation inputs, in particular revenue and earnings multiples. Sensitivity analysis has been performed on these investments and is summarised below: As at 31 March 2026 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Valuation technique Fair value \u00a3000 Multiple range Weighted average multiple Change in input Change in fair value of investments \u00a3000 Change in NAV (pence per share)
Revenue multiple 63,138 0.1x \u2013 8.0x 3.3x + 10% 3,913 2.48
-10% (3,003) (1.90)
Earnings multiple 4,085 2.5x \u2013 9.2x 5.8x + 10% 652 0.41
-10% (551) (0.35)
\n As at 31 March 2025 \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Valuation technique Fair value \u00a3000 Multiple range Weighted average multiple Change in input Change in fair value of investments \u00a3000 Change in NAV (pence per share)
Revenue multiple 54,473 0.25x \u2013 8.0x 4.5x + 10% 3,700 2.56
-10% (2,476) (1.71)
Earnings multiple 12,612 4.0x \u2013 8.0x 7.0x + 10% 1,280 0.89
-10% (1,416) (0.98)
\n This illustrates that a 10% increase in the revenue and earnings multiples applied would result in an increase in the value of unquoted investments of \u00a34,565,000 (2025: \u00a34,980,000). Conversely, a 10% decrease in the multiples would reduce the value by \u00a33,554,000 (2025: \u00a33,892,000).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624124453944": { "value": "\n FRS 102, including subsequent amendments, requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following classifications: \u2022 Level 1 \u2013 unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date. \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly. \u2022 Level 3 \u2013 inputs are unobservable (ie for which market data is unavailable) for the asset or liability.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Level 1
Quoted venture capital investments 5,907 3,490
Listed equity investment funds \u2013 12,112
Level 3
Unquoted venture capital investments 93,438 87,629
99,345 103,231
\n Movements in investments during the year are summarised as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Venture capital \u2013 unquoted Level 3 \u00a3000 Venture capital \u2013 quoted Level 1 \u00a3000 Listed equity Level 1 \u00a3000 Total \u00a3000
Book cost at 31 March 2025 82,582 2,223 10,794 95,599
Fair value adjustment at 31 March 2025 5,047 1,267 1,318 7,632
Fair value at 31 March 2025 87,629 3,490 12,112 103,231
Movements in the year:
Purchases at cost 15,821 \u2013 204 16,025
Transfer on market listing* (6,382) 6,382 \u2013
Disposals \u2013 proceeds (2,235) (5,375) (12,611) (20,221)
\u2013 net realised gains on disposal (941) 950 295 304
Movements in fair value (454) 460 \u2013 6
Fair value at 31 March 2026 93,438 5,907 \u2013 99,345
Comprising:
Book cost at 31 March 2026 86,968 2,539 \u2013 89,507
Fair value adjustment at 31 March 2026 6,470 3,368 \u2013 9,838
93,438 5,907 \u2013 99,345
Equity shares 79,073 5,907 \u2013 84,980
Preference shares 2,527 \u2013 \u2013 2,527
Interest-bearing securities 11,838 \u2013 \u2013 11,838
93,438 5,907 \u2013 99,345
\n * The Beauty Tech Group plc transferred from Level 3 to Level 1 as a result of its listing on the London Stock Exchange.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123819752": { "value": "\n \n 9. Investment disposals Disposals of venture investments during the year were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Original cost \u00a3000 Carrying value at 31 March 2025 \u00a3000 Purchases in year \u00a3\u2019000 Disposal proceeds \u00a3000 Realised gain/(loss) against carrying value \u00a3000
Idox plc \u2013 disposal of entire holding 530 2,492 \u2013 3,087 595
The Beauty Tech Group \u2013 partial disposal 609 2,133 \u2013 2,495 362
Thanksbox (t/a Mo) \u2013 disposal of entire holding 1,520 363 \u2013 818 455
Fresh Approach (UK) Holdings \u2013 disposal of entire holding 771 273 \u2013 768 495
Buoyant Upholstery \u2013 partial disposal 387 387 \u2013 387 \u2013
Intuitive Holding \u2013 deferred proceeds \u2013 \u2013 \u2013 44 44
CelLBxHealth (formerly Angle) \u2013 partial disposal 65 18 \u2013 11 (7)
Adludio \u2013 in liquidation 2,714 31 \u2013 \u2013 (31)
Northrow \u2013 in administration 1,385 69 \u2013 \u2013 (69)
Newcells Biotech \u2013 in administration 3,136 1,598 237 \u2013 (1,835)
11,117 7,364 237 7,610 9
\n The cost of the venture investments disposed of in the preceding financial year was \u00a38,089,000 for disposal proceeds totalling \u00a39,889,000.\n \n ", "dimensions": { "concept": "ntn:DisclosureOfInvestmentDisposalsTextBlock", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625153511074": { "value": "\n 9. Investment disposals Disposals of venture investments during the year were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Original cost \u00a3000 Carrying value at 31 March 2025 \u00a3000 Purchases in year \u00a3\u2019000 Disposal proceeds \u00a3000 Realised gain/(loss) against carrying value \u00a3000
Idox plc \u2013 disposal of entire holding 530 2,492 \u2013 3,087 595
The Beauty Tech Group \u2013 partial disposal 609 2,133 \u2013 2,495 362
Thanksbox (t/a Mo) \u2013 disposal of entire holding 1,520 363 \u2013 818 455
Fresh Approach (UK) Holdings \u2013 disposal of entire holding 771 273 \u2013 768 495
Buoyant Upholstery \u2013 partial disposal 387 387 \u2013 387 \u2013
Intuitive Holding \u2013 deferred proceeds \u2013 \u2013 \u2013 44 44
CelLBxHealth (formerly Angle) \u2013 partial disposal 65 18 \u2013 11 (7)
Adludio \u2013 in liquidation 2,714 31 \u2013 \u2013 (31)
Northrow \u2013 in administration 1,385 69 \u2013 \u2013 (69)
Newcells Biotech \u2013 in administration 3,136 1,598 237 \u2013 (1,835)
11,117 7,364 237 7,610 9
\n The cost of the venture investments disposed of in the preceding financial year was \u00a38,089,000 for disposal proceeds totalling \u00a39,889,000.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123842563": { "value": "\n 10. Unquoted investments The cost and carrying value of material investments in unquoted companies held at 31 March 2026 are shown in the table on pages 15 to 17. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123903869": { "value": "\n \n 11. Signi\ufb01cant interests At 31 March 2026 the Company held significant investments, amounting to 20% or more of the equity capital of an undertaking, in the following companies: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Company Registered o\ufb03ce address Investment type Equity held % Equity \u00a3000 Debt \u00a3000 Total investment cost \u00a3000
Biological Preparations Group Unit 12 A-C Pantglas Industrial Estate, Bedwas, Caerphilly CF83 8DR Unquoted 21 504 1,411 1,915
Volumatic Holdings Taurus House, Endemere Road, Coventry CV6 5PY Unquoted 25 216 \u2013 216
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625153612740": { "value": "\n 11. Signi\ufb01cant interests At 31 March 2026 the Company held significant investments, amounting to 20% or more of the equity capital of an undertaking, in the following companies: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Company Registered o\ufb03ce address Investment type Equity held % Equity \u00a3000 Debt \u00a3000 Total investment cost \u00a3000
Biological Preparations Group Unit 12 A-C Pantglas Industrial Estate, Bedwas, Caerphilly CF83 8DR Unquoted 21 504 1,411 1,915
Volumatic Holdings Taurus House, Endemere Road, Coventry CV6 5PY Unquoted 25 216 \u2013 216
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625153707767": { "value": "\n \n \n 12. Debtors \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Accrued income 101 115
Due from investment sales 44 2,148
Prepayments 29 32
174 2,295
\n \n \n \n 13. Cash and cash equivalents \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Cash at bank 7,858 7,862
Money market funds 27,000 17,000
34,858 24,862
\n Income derived from cash and cash equivalents is set out in Note 2.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123922449": { "value": "\n \n 12. Debtors \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Accrued income 101 115
Due from investment sales 44 2,148
Prepayments 29 32
174 2,295
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123944509": { "value": "\n 12. Debtors \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Accrued income 101 115
Due from investment sales 44 2,148
Prepayments 29 32
174 2,295
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624124013518": { "value": "\n 13. Cash and cash equivalents \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Cash at bank 7,858 7,862
Money market funds 27,000 17,000
34,858 24,862
\n Income derived from cash and cash equivalents is set out in Note 2.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624124034101": { "value": "\n \n \n 14. Creditors (amounts falling due within one year) \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Accruals and deferred income 196 279
196 279
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624124058805": { "value": "\n \n 14. Creditors (amounts falling due within one year) \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Accruals and deferred income 196 279
196 279
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625153752623": { "value": "\n 14. Creditors (amounts falling due within one year) \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Accruals and deferred income 196 279
196 279
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624124120356": { "value": "\n 15. Called-up equity share capital \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Allotted and fully paid:
157,645,007 (2025: 144,514,326) ordinary shares of 5.0p 7,882 7,226
\n\n \n The capital of the Company is managed in accordance with its investment policy with a view to the achievement of its investment objective, as set out on\n \n \n page 24.\n The Company is not subject to externally imposed capital requirements. During the year the Company issued 20,227,107 ordinary shares of 5.0p for cash at an average premium of 83.7p per share. 7,096,426 shares were purchased for cancellation during the year at a cost of \u00a36,015,000.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625153832569": { "value": "\n The capital of the Company is managed in accordance with its investment policy with a view to the achievement of its investment objective, as set out on\n \n page 24.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624122729075": { "value": "\n \n 16. Reserves \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Share premium \u00a3000 Capital redemption reserve \u00a3000 Capital reserve \u00a3000 Revaluation reserve \u00a3000 Revenue reserve \u00a3000
At 31 March 2025 62,268 1,192 50,538 7,632 1,253
Premium on issue of ordinary shares 17,534 \u2013 \u2013 \u2013 \u2013
Share issue expenses (604) \u2013 \u2013 \u2013 \u2013
Shares purchased for cancellation \u2013 355 (6,015) \u2013 \u2013
Realised on disposal of investments \u2013 \u2013 304 \u2013 \u2013
Transfer on disposal of investments \u2013 \u2013 (2,200) 2,200 \u2013
Movements in fair value of investments \u2013 \u2013 \u2013 6 \u2013
Management fee charged to capital net of associated tax \u2013 \u2013 (1,807) \u2013 \u2013
Revenue return after tax \u2013 \u2013 \u2013 \u2013 545
Dividends recognised in the year \u2013 \u2013 (6,296) \u2013 (606)
At 31 March 2026 79,198 1,547 34,524 9,838 1,192
\n At 31 March 2026 distributable reserves amounted to \u00a339,084,000 (31 March 2025: \u00a354,376,000), comprising the capital reserve, the revenue reserve and that part of the revaluation reserve relating to holding gains or losses on readily realisable equity investments.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625160228847": { "value": "\n 16. Reserves \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Share premium \u00a3000 Capital redemption reserve \u00a3000 Capital reserve \u00a3000 Revaluation reserve \u00a3000 Revenue reserve \u00a3000
At 31 March 2025 62,268 1,192 50,538 7,632 1,253
Premium on issue of ordinary shares 17,534 \u2013 \u2013 \u2013 \u2013
Share issue expenses (604) \u2013 \u2013 \u2013 \u2013
Shares purchased for cancellation \u2013 355 (6,015) \u2013 \u2013
Realised on disposal of investments \u2013 \u2013 304 \u2013 \u2013
Transfer on disposal of investments \u2013 \u2013 (2,200) 2,200 \u2013
Movements in fair value of investments \u2013 \u2013 \u2013 6 \u2013
Management fee charged to capital net of associated tax \u2013 \u2013 (1,807) \u2013 \u2013
Revenue return after tax \u2013 \u2013 \u2013 \u2013 545
Dividends recognised in the year \u2013 \u2013 (6,296) \u2013 (606)
At 31 March 2026 79,198 1,547 34,524 9,838 1,192
\n At 31 March 2026 distributable reserves amounted to \u00a339,084,000 (31 March 2025: \u00a354,376,000), comprising the capital reserve, the revenue reserve and that part of the revaluation reserve relating to holding gains or losses on readily realisable equity investments.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624122801156": { "value": "\n 17. Net asset value per share The calculation of net asset value per share as at 31 March 2026 is based on net assets of \u00a3134,181,000 (2025: \u00a3130,109,000) divided by the 157,645,007 (2025: 144,514,326) ordinary shares in issue at that date.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624122827361": { "value": "\n \n 18. Financial instruments The Company\u2019s financial instruments comprise equity and interest-bearing investments, cash at bank, investments in money market funds and liquid resources including debtors and creditors. The Company holds financial assets in accordance with its investment policy of investing mainly in a portfolio of VCT-qualifying unquoted and AIM-quoted securities whilst holding a proportion of its assets in cash or near-cash investments in order to provide a reserve of liquidity. Fixed asset investments (see Note 8) are valued at fair value. For quoted investments this is either bid price or the latest traded price, depending on the convention of the exchange on which the investment is quoted. Unquoted investments are carried at fair value as determined by the Directors in accordance with current venture capital industry guidelines. The fair value of all other financial assets and liabilities is represented by their carrying value in the balance sheet, due to the short term nature of these instruments. In carrying on its investment activities, the Company is exposed to various types of risk associated with the financial instruments and markets in which it invests. The most significant types of financial risk facing the Company are market risk, credit risk and liquidity risk. The Company\u2019s approach to managing these risks is set out below together with a description of the nature and amount of the financial instruments held at the balance sheet date. \n \n Market risk The Company\u2019s strategy for managing investment risk is determined with regard to the Company\u2019s investment objective, as outlined in the Strategic Report on page 24. The management of market risk is part of the investment management process and is a central feature of venture capital investment. The Company\u2019s portfolio is managed in accordance with the policies and procedures described in the Corporate Governance statement on pages 47 to 54, having regard to the possible effects of adverse price movements, with the objective of maximising overall returns to shareholders. Investments in unquoted companies, by their nature, usually involve a higher degree of risk than investments in companies quoted on a recognised stock exchange, though the risk can be mitigated to a certain extent by diversifying the portfolio across business sectors and asset classes. The overall disposition of the Company\u2019s assets is monitored by the Board on a quarterly basis. Details of the Company\u2019s investment portfolio at the balance sheet date are set out on pages 15 to 17. An analysis of investments between debt and equity instruments is given in Note 8. 4.4% (31 March 2025: 12.0%) by value of the Company\u2019s net assets comprises equity securities listed on regulated stock exchanges. A 5% increase in the bid price of these securities as at 31 March 2026 would have increased net assets and the total return for the year by \u00a3295,000 (31 March 2025: \u00a3780,000); a corresponding fall would have reduced net assets and the total return for the year by the same amount. Other price risk sensitivity 69.5% (31 March 2025: 67.3%) by value of the Company\u2019s net assets comprises investments in unquoted companies held at fair value. A sensitivity analysis is provided in Note 8 which recognises that the valuation methodologies employed involve subjectivity in the selection of the key inputs, as described in the valuation policy on page 24. Although the Directors believe that the estimates of fair value are appropriate, the use of different methodologies or assumptions regarding the inputs could lead to different measurements of fair value.\n \n \n \n \n \n Interest rate risk Some of the Company\u2019s financial assets are interest-bearing, of which some are at fixed rates and some variable. As a result, the Company is exposed to fair value interest rate risk due to fluctuations in the prevailing levels of market interest rates. (a) Fixed rate investments The table below summarises weighted average effective interest rates for the Company\u2019s fixed rate interest-bearing financial instruments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 31 March 2025
Total \ufb01xed rate portfolio \u00a3000 Weighted average interest rate % Weighted average period for which rate is \ufb01xed Years Total \ufb01xed rate portfolio \u00a3000 Weighted average interest rate % Weighted average period for which rate is \ufb01xed Years
Fixed-rate investments in unquoted companies 11,838 9.6% 2.5 9,788 10.4% 1.9
\n Although the Company holds investments in loan stocks that pay interest, the Board does not consider it appropriate to assess the impact of interest rate changes in isolation upon the value of the unquoted investment portfolio, as interest rate changes are only one factor affecting the market price movements that are discussed above under market price risk. (b) Floating rate investments The Company\u2019s floating rate investments comprise floating-rate loans to unquoted companies and cash and cash equivalents. The benchmark rate which determines the rate of interest receivable is the UK bank base rate for cash and cash equivalents, which was 3.75% at 31 March 2026 (31 March 2025: 4.5%). It is considered that an increase or decrease of 100 basis points in interest rates as at the reporting date would not have a significant effect on the Company\u2019s net assets or total return for the year. The amounts held in floating rate investments at the balance sheet date were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 31 March 2025
\u00a3000 \u00a3000
Cash and cash equivalents 34,858 24,862
34,858 24,862
\n \n \n \n \n \n Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company. The Manager and the Board carry out a regular review of counterparty risk. The carrying values of financial assets represent the maximum credit risk exposure at the balance sheet date. At 31 March 2026 the Company\u2019s financial assets exposed to credit risk comprised the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Fixed-rate investments in unquoted companies (above) 11,838 9,788
Cash and cash equivalents 34.858 24,862
Accrued dividends and interest receivable 101 115
46.797 34,765
\n Credit risk relating to loans and preference shares in unquoted companies is considered to be part of market risk. The balances included within unquoted loan investments related to loans which were past due as at 31 March 2026 is nil (31 March 2025: nil). The exposure to credit risk on accrued income is mitigated by performing loan affordability evaluations on investee companies as part of the investment due diligence process. Those assets of the Company which are traded on recognised stock exchanges are held on the Company\u2019s behalf by a third party custodian (a nominee company of Brewin Dolphin Limited). Bankruptcy or insolvency of a custodian could cause the Company\u2019s rights with respect to securities held by the custodian to be delayed or limited. Credit risk arising on transactions with brokers relates to transactions in quoted securities awaiting settlement. Risk relating to unsettled transactions is considered to be low due to the short settlement period involved and the high credit quality of the brokers used. The Board further mitigates the risk by monitoring the quality of service provided by the brokers. The Company\u2019s cash and cash equivalents are maintained with major banks of high creditworthiness or highly rated low volatility money market funds (see Note 13 for further detail). There were no significant concentrations of credit risk to counterparties at 31 March 2026 or 31 March 2025. \n \n \n Liquidity risk The Company\u2019s financial assets include investments in unquoted equity securities which are not traded on a recognised stock exchange and which generally may be illiquid. As a result, the Company may not be able to realise some of its investments in these instruments quickly at an amount close to their fair value in order to meet its liquidity requirements, or to respond to specific events such as a deterioration in the creditworthiness of any particular issuer. The Company\u2019s cash and cash equivalents investments are considered to be readily realisable as they are of high credit quality as outlined above.\n \n \n \n \n \n The Company\u2019s liquidity risk is managed on a continuing basis by the Manager in accordance with policies and procedures laid down by the Board. The Company\u2019s overall liquidity risks are monitored on a quarterly basis by the Board. The Company maintains sufficient cash and cash equivalents to pay accounts payable and accrued expenses. At 31 March 2026 these investments were valued at \u00a334,858,000 (31 March 2025: \u00a336,974,000).\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624122927276": { "value": "\n 18. Financial instruments The Company\u2019s financial instruments comprise equity and interest-bearing investments, cash at bank, investments in money market funds and liquid resources including debtors and creditors. The Company holds financial assets in accordance with its investment policy of investing mainly in a portfolio of VCT-qualifying unquoted and AIM-quoted securities whilst holding a proportion of its assets in cash or near-cash investments in order to provide a reserve of liquidity. Fixed asset investments (see Note 8) are valued at fair value. For quoted investments this is either bid price or the latest traded price, depending on the convention of the exchange on which the investment is quoted. Unquoted investments are carried at fair value as determined by the Directors in accordance with current venture capital industry guidelines. The fair value of all other financial assets and liabilities is represented by their carrying value in the balance sheet, due to the short term nature of these instruments. In carrying on its investment activities, the Company is exposed to various types of risk associated with the financial instruments and markets in which it invests. The most significant types of financial risk facing the Company are market risk, credit risk and liquidity risk. The Company\u2019s approach to managing these risks is set out below together with a description of the nature and amount of the financial instruments held at the balance sheet date. \n \n Market risk The Company\u2019s strategy for managing investment risk is determined with regard to the Company\u2019s investment objective, as outlined in the Strategic Report on page 24. The management of market risk is part of the investment management process and is a central feature of venture capital investment. The Company\u2019s portfolio is managed in accordance with the policies and procedures described in the Corporate Governance statement on pages 47 to 54, having regard to the possible effects of adverse price movements, with the objective of maximising overall returns to shareholders. Investments in unquoted companies, by their nature, usually involve a higher degree of risk than investments in companies quoted on a recognised stock exchange, though the risk can be mitigated to a certain extent by diversifying the portfolio across business sectors and asset classes. The overall disposition of the Company\u2019s assets is monitored by the Board on a quarterly basis. Details of the Company\u2019s investment portfolio at the balance sheet date are set out on pages 15 to 17. An analysis of investments between debt and equity instruments is given in Note 8. 4.4% (31 March 2025: 12.0%) by value of the Company\u2019s net assets comprises equity securities listed on regulated stock exchanges. A 5% increase in the bid price of these securities as at 31 March 2026 would have increased net assets and the total return for the year by \u00a3295,000 (31 March 2025: \u00a3780,000); a corresponding fall would have reduced net assets and the total return for the year by the same amount. Other price risk sensitivity 69.5% (31 March 2025: 67.3%) by value of the Company\u2019s net assets comprises investments in unquoted companies held at fair value. A sensitivity analysis is provided in Note 8 which recognises that the valuation methodologies employed involve subjectivity in the selection of the key inputs, as described in the valuation policy on page 24. Although the Directors believe that the estimates of fair value are appropriate, the use of different methodologies or assumptions regarding the inputs could lead to different measurements of fair value.\n \n \n \n Interest rate risk Some of the Company\u2019s financial assets are interest-bearing, of which some are at fixed rates and some variable. As a result, the Company is exposed to fair value interest rate risk due to fluctuations in the prevailing levels of market interest rates. (a) Fixed rate investments The table below summarises weighted average effective interest rates for the Company\u2019s fixed rate interest-bearing financial instruments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 31 March 2025
Total \ufb01xed rate portfolio \u00a3000 Weighted average interest rate % Weighted average period for which rate is \ufb01xed Years Total \ufb01xed rate portfolio \u00a3000 Weighted average interest rate % Weighted average period for which rate is \ufb01xed Years
Fixed-rate investments in unquoted companies 11,838 9.6% 2.5 9,788 10.4% 1.9
\n Although the Company holds investments in loan stocks that pay interest, the Board does not consider it appropriate to assess the impact of interest rate changes in isolation upon the value of the unquoted investment portfolio, as interest rate changes are only one factor affecting the market price movements that are discussed above under market price risk. (b) Floating rate investments The Company\u2019s floating rate investments comprise floating-rate loans to unquoted companies and cash and cash equivalents. The benchmark rate which determines the rate of interest receivable is the UK bank base rate for cash and cash equivalents, which was 3.75% at 31 March 2026 (31 March 2025: 4.5%). It is considered that an increase or decrease of 100 basis points in interest rates as at the reporting date would not have a significant effect on the Company\u2019s net assets or total return for the year. The amounts held in floating rate investments at the balance sheet date were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 31 March 2025
\u00a3000 \u00a3000
Cash and cash equivalents 34,858 24,862
34,858 24,862
\n \n \n \n Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company. The Manager and the Board carry out a regular review of counterparty risk. The carrying values of financial assets represent the maximum credit risk exposure at the balance sheet date. At 31 March 2026 the Company\u2019s financial assets exposed to credit risk comprised the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Fixed-rate investments in unquoted companies (above) 11,838 9,788
Cash and cash equivalents 34.858 24,862
Accrued dividends and interest receivable 101 115
46.797 34,765
\n Credit risk relating to loans and preference shares in unquoted companies is considered to be part of market risk. The balances included within unquoted loan investments related to loans which were past due as at 31 March 2026 is nil (31 March 2025: nil). The exposure to credit risk on accrued income is mitigated by performing loan affordability evaluations on investee companies as part of the investment due diligence process. Those assets of the Company which are traded on recognised stock exchanges are held on the Company\u2019s behalf by a third party custodian (a nominee company of Brewin Dolphin Limited). Bankruptcy or insolvency of a custodian could cause the Company\u2019s rights with respect to securities held by the custodian to be delayed or limited. Credit risk arising on transactions with brokers relates to transactions in quoted securities awaiting settlement. Risk relating to unsettled transactions is considered to be low due to the short settlement period involved and the high credit quality of the brokers used. The Board further mitigates the risk by monitoring the quality of service provided by the brokers. The Company\u2019s cash and cash equivalents are maintained with major banks of high creditworthiness or highly rated low volatility money market funds (see Note 13 for further detail). There were no significant concentrations of credit risk to counterparties at 31 March 2026 or 31 March 2025. \n \n \n Liquidity risk The Company\u2019s financial assets include investments in unquoted equity securities which are not traded on a recognised stock exchange and which generally may be illiquid. As a result, the Company may not be able to realise some of its investments in these instruments quickly at an amount close to their fair value in order to meet its liquidity requirements, or to respond to specific events such as a deterioration in the creditworthiness of any particular issuer. The Company\u2019s cash and cash equivalents investments are considered to be readily realisable as they are of high credit quality as outlined above.\n \n \n \n The Company\u2019s liquidity risk is managed on a continuing basis by the Manager in accordance with policies and procedures laid down by the Board. The Company\u2019s overall liquidity risks are monitored on a quarterly basis by the Board. The Company maintains sufficient cash and cash equivalents to pay accounts payable and accrued expenses. At 31 March 2026 these investments were valued at \u00a334,858,000 (31 March 2025: \u00a336,974,000).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123025476": { "value": "\n Market risk The Company\u2019s strategy for managing investment risk is determined with regard to the Company\u2019s investment objective, as outlined in the Strategic Report on page 24. The management of market risk is part of the investment management process and is a central feature of venture capital investment. The Company\u2019s portfolio is managed in accordance with the policies and procedures described in the Corporate Governance statement on pages 47 to 54, having regard to the possible effects of adverse price movements, with the objective of maximising overall returns to shareholders. Investments in unquoted companies, by their nature, usually involve a higher degree of risk than investments in companies quoted on a recognised stock exchange, though the risk can be mitigated to a certain extent by diversifying the portfolio across business sectors and asset classes. The overall disposition of the Company\u2019s assets is monitored by the Board on a quarterly basis. Details of the Company\u2019s investment portfolio at the balance sheet date are set out on pages 15 to 17. An analysis of investments between debt and equity instruments is given in Note 8. 4.4% (31 March 2025: 12.0%) by value of the Company\u2019s net assets comprises equity securities listed on regulated stock exchanges. A 5% increase in the bid price of these securities as at 31 March 2026 would have increased net assets and the total return for the year by \u00a3295,000 (31 March 2025: \u00a3780,000); a corresponding fall would have reduced net assets and the total return for the year by the same amount. Other price risk sensitivity 69.5% (31 March 2025: 67.3%) by value of the Company\u2019s net assets comprises investments in unquoted companies held at fair value. A sensitivity analysis is provided in Note 8 which recognises that the valuation methodologies employed involve subjectivity in the selection of the key inputs, as described in the valuation policy on page 24. Although the Directors believe that the estimates of fair value are appropriate, the use of different methodologies or assumptions regarding the inputs could lead to different measurements of fair value.\n \n Interest rate risk Some of the Company\u2019s financial assets are interest-bearing, of which some are at fixed rates and some variable. As a result, the Company is exposed to fair value interest rate risk due to fluctuations in the prevailing levels of market interest rates. (a) Fixed rate investments The table below summarises weighted average effective interest rates for the Company\u2019s fixed rate interest-bearing financial instruments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 31 March 2025
Total \ufb01xed rate portfolio \u00a3000 Weighted average interest rate % Weighted average period for which rate is \ufb01xed Years Total \ufb01xed rate portfolio \u00a3000 Weighted average interest rate % Weighted average period for which rate is \ufb01xed Years
Fixed-rate investments in unquoted companies 11,838 9.6% 2.5 9,788 10.4% 1.9
\n Although the Company holds investments in loan stocks that pay interest, the Board does not consider it appropriate to assess the impact of interest rate changes in isolation upon the value of the unquoted investment portfolio, as interest rate changes are only one factor affecting the market price movements that are discussed above under market price risk. (b) Floating rate investments The Company\u2019s floating rate investments comprise floating-rate loans to unquoted companies and cash and cash equivalents. The benchmark rate which determines the rate of interest receivable is the UK bank base rate for cash and cash equivalents, which was 3.75% at 31 March 2026 (31 March 2025: 4.5%). It is considered that an increase or decrease of 100 basis points in interest rates as at the reporting date would not have a significant effect on the Company\u2019s net assets or total return for the year. The amounts held in floating rate investments at the balance sheet date were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 31 March 2025
\u00a3000 \u00a3000
Cash and cash equivalents 34,858 24,862
34,858 24,862
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123052860": { "value": "\n Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company. The Manager and the Board carry out a regular review of counterparty risk. The carrying values of financial assets represent the maximum credit risk exposure at the balance sheet date. At 31 March 2026 the Company\u2019s financial assets exposed to credit risk comprised the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 March 2026 \u00a3000 31 March 2025 \u00a3000
Fixed-rate investments in unquoted companies (above) 11,838 9,788
Cash and cash equivalents 34.858 24,862
Accrued dividends and interest receivable 101 115
46.797 34,765
\n Credit risk relating to loans and preference shares in unquoted companies is considered to be part of market risk. The balances included within unquoted loan investments related to loans which were past due as at 31 March 2026 is nil (31 March 2025: nil). The exposure to credit risk on accrued income is mitigated by performing loan affordability evaluations on investee companies as part of the investment due diligence process. Those assets of the Company which are traded on recognised stock exchanges are held on the Company\u2019s behalf by a third party custodian (a nominee company of Brewin Dolphin Limited). Bankruptcy or insolvency of a custodian could cause the Company\u2019s rights with respect to securities held by the custodian to be delayed or limited. Credit risk arising on transactions with brokers relates to transactions in quoted securities awaiting settlement. Risk relating to unsettled transactions is considered to be low due to the short settlement period involved and the high credit quality of the brokers used. The Board further mitigates the risk by monitoring the quality of service provided by the brokers. The Company\u2019s cash and cash equivalents are maintained with major banks of high creditworthiness or highly rated low volatility money market funds (see Note 13 for further detail). There were no significant concentrations of credit risk to counterparties at 31 March 2026 or 31 March 2025. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123111459": { "value": "\n Liquidity risk The Company\u2019s financial assets include investments in unquoted equity securities which are not traded on a recognised stock exchange and which generally may be illiquid. As a result, the Company may not be able to realise some of its investments in these instruments quickly at an amount close to their fair value in order to meet its liquidity requirements, or to respond to specific events such as a deterioration in the creditworthiness of any particular issuer. The Company\u2019s cash and cash equivalents investments are considered to be readily realisable as they are of high credit quality as outlined above.\n \n The Company\u2019s liquidity risk is managed on a continuing basis by the Manager in accordance with policies and procedures laid down by the Board. The Company\u2019s overall liquidity risks are monitored on a quarterly basis by the Board. The Company maintains sufficient cash and cash equivalents to pay accounts payable and accrued expenses. At 31 March 2026 these investments were valued at \u00a334,858,000 (31 March 2025: \u00a336,974,000).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123146778": { "value": "\n \n 19. Contingencies At 31 March 2026 contingent assets not recognised in the financial statements in respect of potential deferred proceeds from the sale of investee companies amounted to approximately \u00a3202,000 (31 March 2025: \u00a3794,000). The extent to which these amounts will become receivable in due course is dependent on future events. The Company had no contingent liabilities at 31 March 2026 or 31 March 2025.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260625153928739": { "value": "\n 19. Contingencies At 31 March 2026 contingent assets not recognised in the financial statements in respect of potential deferred proceeds from the sale of investee companies amounted to approximately \u00a3202,000 (31 March 2025: \u00a3794,000). The extent to which these amounts will become receivable in due course is dependent on future events. The Company had no contingent liabilities at 31 March 2026 or 31 March 2025.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123209560": { "value": "\n 20. Related party transactions Fees payable during the year to the Directors and their interest in shares of the Company are disclosed within the Directors\u2019 Remuneration Report on page 44. There were no amounts outstanding and due to the Directors as at 31 March 2026 (31 March 2025: nil). Fees charged by the Manager to the Company are disclosed in Note 3. As detailed in the Directors\u2019 report on page 41, the Manager also charged investee companies \u00a3437,000 (2025: \u00a3404,000) of arrangement fees and \u00a3343,000 (2025: \u00a3345,000) of directors\u2019 and monitoring fees in the year.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624123227475": { "value": "\n 21. Post balance sheet events After the year end, on 2 April 2026, the Company issued 20,180,102 ordinary shares for a net consideration of \u00a317,638,000 as a result of the prospectus share offer launched during the year ended 31 March 2026. On 1 April 2026, the Company invested \u00a3973,000 in a new portfolio company, Flok Health, a digital healthcare company providing AI-enabled physiotherapy services, primarily focused on musculoskeletal conditions. On 15 April 2026, the Company invested \u00a3973,000 in a new portfolio company, Fifth Dimension AI, a software company providing decision-intelligence tools for the real estate and real-assets sector. Since the year end, the Company has invested \u00a31,457,000 of follow-on capital across three existing portfolio companies. Since the year end, the Company has fully exited four AIM-listed venture holdings (CelLBxHealth (formerly Angle), Netcall, Pebble Beach Holdings and Velocity Composites) for total proceeds of \u00a3864,000, compared with a carrying value at 31 March 2026 of \u00a3680,000 and a cost of \u00a3960,000. Since the year end, the Company has also partially exited its AIM-listed holdings in Eco Animal Health and Synectics, for proceeds of \u00a378,000, compared with a carrying value at 31 March 2026 of \u00a381,000 and an original cost of \u00a3178,000.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "Fxbrl_20260624155204609": { "value": "\n Forward House 17 High Street Henley-in-Arden B95 5AA\n ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MWOA6W221PI432", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "FN20260625155758556": { "value": "The revaluation reserve is generally non-distributable other than that part of the reserve relating to gains or losses on readily realisable quoted investments, which is distributable, see note 16 for more details. ", "dimensions": { "concept": "xbrl:note", "noteId": "FN20260625155758556", "language": "en" } } } }