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"value": "1, Accounting policies Oxford Biomedica plc (Oxford Biomedica or the Company) is a public company limited by shares, incorporated and domiciled in England, and listed on the London Stock Exchange. The consolidated \ufb01nancial statements for the year ended 31 December 2022 comprise the results of the Company and its subsidiary undertakings (together referred to as the Group). The Company\u2019s principal subsidiary is Oxford Biomedica (UK) Limited. The Group is a cell and gene therapy research, development and bioprocessing business providing services to third parties as well as performing internal research and development for its own purposes. The Group currently has no marketed pharmaceutical products. ",
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"value": "1, Accounting policies Oxford Biomedica plc (Oxford Biomedica or the Company) is a public company limited by shares, incorporated and domiciled in England, and listed on the London Stock Exchange. The consolidated \ufb01nancial statements for the year ended 31 December 2022 comprise the results of the Company and its subsidiary undertakings (together referred to as the Group). The Company\u2019s principal subsidiary is Oxford Biomedica (UK) Limited. The Group is a cell and gene therapy research, development and bioprocessing business providing services to third parties as well as performing internal research and development for its own purposes. The Group currently has no marketed pharmaceutical products. Basis of preparation The principal accounting policies adopted in the preparation of these \ufb01nancial statements are set out below. These policies have been consistently applied to all the \ufb01nancial years presented, unless otherwise stated. The Group and parent Company \ufb01nancial statements were prepared in accordance UK-adopted international accounting standards. As more fully explained in the Directors\u2019 Report on pages 115 to 121 and below, the going concern basis has been adopted in preparing the \ufb01nancial statements. A summary of the more important Group accounting policies is set out below. The preparation of the \ufb01nancial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requiresmanagement to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or where assumptions and estimates are signi\ufb01cant to the \ufb01nancial statements, are disclosed in note 2. Measurement convention The \ufb01nancial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: \u2014 Assets held at fair value through pro\ufb01t & loss \u2014 Put option liability Non-current assets and disposal groups held for sale are stated at the lower of previous carrying amount and fair value less costs to sell. Going concern The \ufb01nancial position of the Group, its cash \ufb02ows and liquidity position are described in the strategic report and notes to these \ufb01nancial statements. The Group made a loss for the year ended 31 December 2022 of \u00a345.2 million and consumed net cash \ufb02ows from operating activities for the year of \u00a312.6 million. The Group also: \u2014 raised \u00a377.0 million (net of \u00a33 million of share issue cost) in cash from an equity fundraise in January and March 2022; \u2014 entered into a one year US$85 million (\u00a363 million) loan facility with Oaktree as part of the acquisition of Oxford Biomedica Solutions in March 2022 which was then converted into a four-year term loan facility together with repayment of US$35 million of the initial principal amount in October 2022; \u2014 during November 2022, sold its Windrush Court facility in a sale and leaseback transaction for \u00a360 million to Kadans, whilst also agreeing an occupational lease of the property for 15 years; and \u2014 ended the year with cash and cash equivalents of \u00a3141.3 million. In considering the basis of preparation of the Annual report and accounts, the Directors have prepared cash \ufb02ow forecasts for a period of at least 12 months from the date of approval of these \ufb01nancial statements, based in the \ufb01rst instance on the Group\u2019s 2023 annual budget and forecasts for 2024. The Directors have undertaken a rigorous assessment of this base case forecast and have also assessed the potential impact from the principal risks and uncertainties outlined in the strategic report of the Group\u2019s Annual report and accounts, taking into consideration the magnitude and likelihood of these risks and uncertainties occurring to prepare a downside scenario with associated mitigated actions. The cash \ufb02ow forecast prepared for the severe but plausible downside scenario with mitigating actions assumes the following: \u2014 Commercial challenges leading to a substantial manufacturing and development revenue downside affecting both the LentiVector \u00ae platform and AAV businesses; \u2014 Signi\ufb01cant decreases in forecasted existing client milestone and royalty revenues; \u2014 The product development spin out strategy taking longer, or ultimately being unsuccessful; and \u2014 The potential impacts of the current ongoing war in Ukraine on the Group and its clients including expected revenues from existing clients under long term contracts. Under both the base case and mitigated downside scenario, the Group and parent company has sufficient cash resources to continue in operation for a period of at least 12 months from the date of approval of these \ufb01nancial statements. In the event of the downside scenarios crystallising, the Group would continue to meet its existing loan covenants until June 2024 without taking any mitigating actions, but the Board has mitigating actions in place that are entirely within its control that would enable the Group to reduce its spend within a reasonably short time-frame to increase its cash covenant headroom as required by the loan facility with Oaktree Capital Management. The Board has con\ufb01dence in the Group\u2019s ability to continue as a going concern for the following reasons: \u2014 The Group has cash balances of \u00a3141.3 million at the end of December 2022 and \u00a3139.1 million at the end of March 2023; \u2014 Approximately two thirds of 2023 forecasted revenues are covered by binding purchase orders which give certainty to revenues over the next 12 months; \u2014 The Group\u2019s history of being able to access capital markets including raising \u00a377 million of equity during 2022; \u2014 The Group\u2019s history of being able to obtain loan \ufb01nancing when required for purposes of both capital expenditure and operational purposes, as recently evidenced by the US$85 million one-year facility and US$50 million replacement four-year facility obtained with Oaktree; \u2014 The Group\u2019s ability to continue to be successful in winning new clients and building its brand as demonstrated by successfully entering into new and expanding existing client agreements with AstraZeneca, Juno Therapeutics (a wholly owned subsidiary of Bristol Myers Squibb Company), Homology Medicines and multiple other new partners over the last twelve months. Taking account of the matters described above, the Directors are con\ufb01dent that the Group and parent company will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the \ufb01nancial statements and therefore have prepared the \ufb01nancial statements on a going concern basis. Accounting developments The Group has adopted the following IFRSs in these \ufb01nancial statements: \u2014 Annual Improvements to IFRS Standards 2018\u20132020 \u2014 Property, Plant and Equipment: Proceed before intended use \u2013 amendments to IAS16 At the date of authorisation of these Group \ufb01nancial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB. None of these Standards or amendments to existing Standards has been adopted early by the Group.The Directors anticipate that all relevant pronouncements will be adopted for the \ufb01rst period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group \ufb01nancial statements. Basis of consolidation The consolidated \ufb01nancial statements comprise the Company and its subsidiary undertakings for the year to 31 December each year. Subsidiaries are entities that are directly or indirectly controlled by the Group. Subsidiaries are consolidated from the date at which control is transferred to the Group. Control exists where the Group has the power to govern the \ufb01nancial and operating policies of the entity so as to obtain bene\ufb01ts from its activities. The Group does not currently have any associates. All intragroup transactions and balances are eliminated on consolidation. Foreign currencies Foreign currency transactions The Group\u2019s presentational currency is sterling. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items that are measured at fair value in a foreign currency are translated into functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in pro\ufb01t or loss and presented within operational costs. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into sterling at the exchanges rates at reporting date. The income and expenses of foreign operations are translated into sterling at the average exchange rate for the month based on the date of the transaction. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. The assets and liabilities of foreign operations are translated to the Group\u2019s presentational currency, at foreign exchange rates in effect at the statement of \ufb01nancial position date. The revenue and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates in effect at the dates of the translations. Exchange differences arising from the translation of foreign operations are reported as an item of other comprehensive income and accumulated in an exchange reserve and subsequently reclassi\ufb01ed to the Consolidated Income Statement on disposal of the net investment. Revenue Revenue comprises income derived from bioprocessing of clinical product for clients, fees charged for providing development services to clients, product and technology licence transactions, royalties, options, and funded research and development programmes. Platform The Group bioprocesses batches on behalf of clients who use this manufactured clinical product for clinical and commercial purposes. The bioprocessing of a batch creates an asset with no alternative use and the Group has an enforceable right to payment for performance completed to date, thereby meeting IFRS 15.35. Bioprocessing of clinical/commercial product for clients is therefore recognised on a percentage of completion basis over time as the processes are carried out using the Input Method under IFRS. Progress is determined based on the achievement of veri\ufb01able stages of the process with incremental adjustments made based on the percentage of completion of the next unachieved veri\ufb01able stage. The gross amount due from clients, on all partnerships with regards to bioprocessing batches in progress for which costs incurred plus recognised pro\ufb01ts exceed progress billings, is presented separately as a contract asset within the note to Trade and Other receivables as presented in the statement of \ufb01nancial position. Consideration received in excess of the stage of completion will be deferred until such time as it is appropriate to recognise the revenue. The Group has determined that its contracts with clients do not contain a signi\ufb01cant \ufb01nancing component. Revenues for providing process development activities to clients are recognised during the period in which the service is rendered on a percentage of completion basis over time as the processes are carried out. The process development activities are recognized over time as the activities create an asset that has no alternative use to the Group and the Group has an enforceable right to payment for the work packages within the process development activity completed to date. \u2014 Oxford Biomedica (UK) Ltd makes use of the output method under IFRS with revenue being recognised based on the achievement of veri\ufb01able stages of the process. \u2014 Oxford Biomedica Solutions makes use of the input method under IFRS with revenue being recognised based on the labour and other resources expended to provide the services as a percentage of the total expected effort to complete the services. Technology licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright to access\u201d licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to the client. The granting of the technology licences to the Group\u2019s background intellectual property and know-how constitutes a \u201cright to use\u201d licence as the Group\u2019s clients are able to conduct development work on the licence independent of the Group. The Group is incentivised separately for its performance obligations in relation to development work and milestone payments. The criteria for recognising these technology licences as \u201cright to access\u201d licences has therefore not been met. Milestones relating to bioprocessing or process development activities have been identi\ufb01ed as separate performance obligations as they involve the transfer of a distinct good or service, determined with reference to conditions stipulated in the relevant agreements or contracts. Each milestone is determined as either binary or non-binary. Milestones that are considered to be binary relate to the achievement of speci\ufb01c events rather than the provision of, for example, support. Milestones related to the achievement of speci\ufb01c deliverables are considered to be binary milestones and will be recognised in full once it is deemed highly probable that the obligation will be met. Milestones related to the provision of support services are considered to be non-binary Milestones and are recognised on a percentage of completion basis, but taking into account the likelihood of achievement of the deliverable. Amounts receivable on delivery of a milestone performance obligation represents variable consideration and have been allocated to the relevant performance obligation. Options to technology licences are considered to form part of the technology licence performance obligation and as such are recognised when the client exercises the option to obtain that licence. Options to technology licences are not considered to be material rights.Product Product licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright to access\u201d licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to the client. The granting of the product licences to the Group\u2019s background intellectual property and know-how constitutes a \u201cright to use\u201d licence as the Group\u2019s clients are able to conduct development work on the licence independent of the Group. The Group is incentivised separately for its performance obligations in relation to development work and milestone payments. The criteria for recognising these technology licences as \u201cright to access\u201d licences has therefore not been met. Amounts receivable in respect of milestone payments are considered to be separate performance obligations which are binary and will be recognised in full once it is deemed highly probable that the speci\ufb01c performance obligations stipulated in the licence agreement have been met. Payments linked to \u201csuccess\u201d such as regulatory \ufb01ling or approval, or achievement of speci\ufb01ed sales volumes, are recognised in full when the relevant event has occurred. Non-binary milestones are recognised on a percentage of completion basis in the period in which related costs are incurred, or over the estimated period to completion of the relevant phase of development or associated clinical trials. Amounts receivable on delivery of a milestone performance obligation represents variable consideration and have been allocated to the relevant performance obligation. Royalty revenue is recognised as the underlying commercial sales of the underlying manufactured product occur to third parties of our contracted clients. Cost of sales Cost of sales comprises the cost of bioprocessing clinical product for clients, the cost of client development project activities, and royalties arising on clients\u2019 licences. The cost of client development project activities includes the labour costs, overheads and other directly attributable material and third party costs. Costs are recognised as incurred. The cost of bioprocessing clinical product for clients includes the raw materials, labour costs, overheads and other directly attributable third party costs. Costs are recognised as incurred. The Group\u2019s products and technologies include technology elements that are licensed from third parties. Royalties arising from such clients\u2019 licences are treated as cost of sales. Where royalties due have not been paid they are included in accruals. Where revenue is spread over a number of accounting periods, the royalty attributable to the deferred revenue is included in prepayments. Research, development and bioprocessing Research, development and bioprocessing expenditure is charged to the statement of comprehensive income in the period in which it is incurred. Employee bene\ufb01t costs Employee bene\ufb01t costs, notably holiday pay and contributions to the Group\u2019s de\ufb01ned contribution pension plan, are charged to the statement of comprehensive income on an accruals basis. The assets of the pension scheme are held separately from those of the Group in independently administered funds. The Group does not offer any other post-retirement bene\ufb01ts. Share based payments The Group\u2019s employee share option schemes, long term incentive plans, a Sharesave scheme and deferred bonus plans allow Group employees to acquire shares of the Company subject to certain criteria. The fair value of options granted is recognised as an expense of employment in the statement of comprehensive income with a corresponding increase in equity. The fair value is measured at the date of grant and spread over the period during which the employees become unconditionally entitled to the options where the options are not nil cost options. Nil cost options are valued at the market price on the date of grant of the options. The fair value of options granted under the share option schemes and share save scheme is measured using the Black-Scholes model. The fair value of options granted under the LTIP schemes, which includes market condition performance criteria, is measured using a Monte Carlo model taking into account the performance conditions under which the options were granted. The fair value of options granted under the deferred bonus plan is based on the market value of the underlying shares at the date of grant of these options. At each \ufb01nancial year end, the Group revises its estimate of the number of options that are expected to become exercisable based on forfeiture such that at the end of the vesting period the cumulative charge re\ufb02ects the actual options that have vested, with no charge for those options which were forfeit prior to vesting. When share options are exercised the proceeds received are credited to equity. Options over the Company\u2019s shares have been awarded to employees of Oxford Biomedica (UK) Ltd. In accordance with IFRS 2 \u2019Share- based Payments\u2019, the expense in respect of these awards is recognised in the subsidiaries\u2019 \ufb01nancial statements. In accordance with IFRS 2 the Company has treated the awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment and a corresponding credit to reserves. Employee Bene\ufb01t Trust The Oxford Biomedica Employee Bene\ufb01t Trust (EBT) has been set up to hold market-purchased shares to settle the 2013 Deferred Bonus Share Awards made to Executive Directors and employees. Within the Company \ufb01nancial statements, the investment in the Oxford Biomedica Employee Trust forms part of the Investments and loans in subsidiary, taking the form of a loan to subsidiaries. The EBT is consolidated within the Group \ufb01nancial statements. Leases As a lessee At commencement or on modi\ufb01cation of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property, the Group has elected not to separate non-lease components, and to account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, and an estimate of costs to dismantle and remove the underlying asset, or to restore the underlying asset or site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method, from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the cost of the right-of- use asset re\ufb02ects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally,
the Group uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining relevant interest rates from external \ufb01nancing sources and makes
certain adjustments to re\ufb02ect the terms of the lease and the type of the asset leased.
Lease payments included in the measurement of the lease liability comprise \ufb01xed payments.
The lease liability is measured at amortised cost using the effective interest method. It is re-measured if:
\u2014 there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual future lease payments;
\u2014 the Group changes its assessment of whether it will exercise a purchase, extension or termination options; or
\u2014 there is a revised in-substance \ufb01xed lease payment.
If a lease liability is re-measured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in
the Pro\ufb01t or Loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group presents right-of-use assets in \u2019property, plant and equipment\u2019 and lease liabilities as a category on the face of the Statement
of Financial Position.
Short term or low-value leases
The Group has elected not to recognise right-of-use assets and lease liabilities of short term and low-value leases. The Group recognises
lease payments associated with these leases as an expense on a straight-line basis over the lease term.
Sales & Leaseback
A sale and leaseback is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the
buyer.
For sale and operating leasebacks, generally the assets are sold at fair value, and accordingly the pro\ufb01ts and loss from the sale are
recognised immediately in the Statement of Pro\ufb01t and loss. The fair value is determined by obtaining a valuation from an independent
property valuation \ufb01rm.
A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant
and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right
retained. Any gain or loss arising relates to the rights transferred to the buyer.
Grants
Income from government and other grants is recognised over the period necessary to match them with the related costs which they
are intended to compensate. Grant income is included as other operating income within the statement of comprehensive income, and
the related costs are included within research, development and bioprocessing costs, and administrative expenses. Where grant income
received exceeds grant income recognised, it is included within deferred income on the Statement of \ufb01nancial position, whereas grant
income recognised exceeds grant income received, it is included within accrued income on the Statement of \ufb01nancial position.
Finance income and costs
Finance income and costs comprise interest income and interest payable during the year, calculated using the effective interest rate
method. It also includes the revaluation of external loans denominated in a foreign currency.
Financing expenses include interest payable and \ufb01nance charges on lease liabilities recognised in pro\ufb01t or loss using the effective interest
method and unwinding of the discount on provisions.
Interest income and interest payable is recognised in pro\ufb01t or loss as it accrues, using the effective interest method.
Taxation
In 2022 and before, the Group was entitled to claim tax credits in the United Kingdom for certain research and development expenditure.
The Group receives a Research and Development Expenditure Credit (\u2019RDEC\u2019) which is accounted for as a reduction in research and
development costs in the statement of comprehensive income, and within trade and other receivables in the Statement of \ufb01nancial
position. The credit is paid in arrears once tax returns have been \ufb01led and agreed.
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates
and laws that have been enacted, or substantially enacted, by the Statement of \ufb01nancial position date.
Deferred tax is calculated in respect of all temporary differences identi\ufb01ed at the Statement of \ufb01nancial position date except for: the
initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable pro\ufb01t other than in
a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future.
Temporary differences are differences between the carrying amount of the Group\u2019s assets and liabilities and their tax base. Deferred tax
liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining deferred
tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable taxable
pro\ufb01ts within the same jurisdiction in the foreseeable future against which the deductible temporary difference can be utilised.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability settled, based on tax rates and laws that have been enacted or substantially enacted by the Statement of \ufb01nancial position date. Measurement of deferred tax liabilities and assets re\ufb02ects the tax consequence expected to fall from the manner in which the asset or liability is recovered or settled. Property, plant and equipment Property, plant and equipment are carried at cost, together with any incidental expenses of acquisition, less depreciation. Cost includes the original purchase price of the asset and any costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated to write off the cost of property, plant and equipment less their estimated residual values on a straight-line basis over the expected useful economic lives of the assets concerned. Depreciation of an asset begins when it is available for use. The principal annual rates used for this purpose are: Freehold property 10% Leasehold improvements 10% (over the remaining lease term if shorter) Office equipment and computers 20\u201333% Bioprocessing and laboratory equipment 20% The assets\u2019 residual values and useful lives are reviewed annually. Residual values are set at zero and will be reassessed should the asset\u2019s selling price exceed its net book value. The bioprocessing plants are reviewed annually for impairment triggers and, where necessary, a full impairment review is performed. Assets under construction are capitalised throughout the course of the construction period with depreciation starting once the asset is available for use. Assets capitalised under a category of \ufb01xed assets may be transferred to another category within \ufb01xed assets if, upon review, it is identi\ufb01ed that the asset is more appropriately identi\ufb01able with that other category of \ufb01xed asset. Intangible assets & Goodwill Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Developed technology Developed technology acquired by the Group (see note 11) has a \ufb01nite useful life. It is measured at cost less accumulated amortisation and any accumulated impairment losses. Patents Patents have \ufb01nite useful lives and are measured at cost less accumulated amortisation and any accumulated impairment losses. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t or loss as incurred. Cash generating unit (CGU) A cash generating unit is the smallest group of assets that independently generates cash \ufb02ow and whose cash \ufb02ow is largely independent of the cash \ufb02ows generated by other assets. Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in pro\ufb01t or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2014 patents: 3\u201320 years \u2014 developed technology: 15 years Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Impairment The carrying value of non-\ufb01nancial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows or
cash-generating units. Impairment losses are recognised for the amount by which each asset\u2019s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell, and value in use. Value in use is calculated using
estimated discounted future cash \ufb02ows. The key assumptions used in calculating the discounted future cash \ufb02ows are management
estimates, based where possible on available market information and information for similar products.
Impairment and amortisation charges are included within research, development and bioprocessing costs in the statement of
comprehensive income.
Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that
have been purchased by the Group.
Investments in subsidiaries
Investments are carried at cost less any provision made for impairment. Options over the Company\u2019s shares have been awarded to
employees of subsidiary companies. In accordance with IFRS2, the Company treats the value of these awards as a capital contribution
to the subsidiaries, resulting in an increase in the cost of investment.
Investments in subsidiary undertakings, including shares and loans, are carried at cost less any impairment provision. Such investments are
subject to review, and any impairment is charged to the statement of comprehensive income.
At each year end the Directors review the carrying value of the Company\u2019s investment in subsidiaries. Where there is a material and
sustained shortfall in the market capitalisation, or a signi\ufb01cant and sustained change in the business resulting in a decrease in market
capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value of the
Company\u2019s investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the Group
is an appropriate external measure of the value of the Company\u2019s subsidiaries for this purpose.
At year end the Directors will assess the requirement to write back a portion or all of any impairment previously recognised on its
investment in subsidiaries. Factors which will be taken into account with regard to this decision will be the Groups track record of
improved \ufb01nancial results across the last three to four years, as well as the expectation of future impairments being required after a write
back was accounted for.
Financial assets
Assets at fair value through pro\ufb01t and loss
The gain or loss on Assets at fair value through pro\ufb01t and loss is recognised in the statement of comprehensive income.
Investments
Other investments held by the Group are classi\ufb01ed as at fair value through pro\ufb01t and loss.
Bank deposits
Bank deposits with original maturities between three months and twelve months are included in current assets and are valued
at amortised cost.
Financial instruments
Classi\ufb01cation
On initial recognition, a \ufb01nancial asset is classi\ufb01ed as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment;
or FVTPL. Financial assets are not reclassi\ufb01ed subsequent to their initial recognition unless the Company changes its business model for
managing \ufb01nancial assets in which case all affected \ufb01nancial assets are reclassi\ufb01ed on the \ufb01rst day of the \ufb01rst reporting period following
the change in the business model.
A \ufb01nancial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
\u2014 it is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and
\u2014 its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal
amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
\u2014 it is held within a business model whose objective is achieved by both collecting contractual cash \ufb02ows and selling \ufb01nancial assets;
and
\u2014 its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal, and interest on the principal
amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent
changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described above, are measured at FVTPL. This includes
all derivative \ufb01nancial assets. On initial recognition, the Group may irrevocably designate a \ufb01nancial asset that otherwise meets the
requirements to be measured at amortised cost or at FVOCI, as at FVTPL if doing so eliminates, or signi\ufb01cantly reduces an accounting
mismatch that would otherwise arise.
Derecognition Financial assets The Group derecognises a \ufb01nancial asset when: \u2014 the contractual rights to the cash \ufb02ows from the \ufb01nancial asset expire; or \u2014 it transfers the rights to receive the contractual cash \ufb02ows in a transaction in which either; or \u2014 substantially all of the risks and rewards of ownership of the \ufb01nancial asset are transferred; or \u2014 the Group neither transfers nor retains substantially all of the risks and rewards of ownership, and it does not retain control of the \ufb01nancial asset. Financial liabilities The Group derecognises a \ufb01nancial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a \ufb01nancial liability when its terms are modi\ufb01ed and the cash \ufb02ows of the modi\ufb01ed liability are substantially different, in which case a new \ufb01nancial liability based on the modi\ufb01ed terms is recognised at fair value. On derecognition of a \ufb01nancial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed), is recognised in pro\ufb01t or loss. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Trade receivables Trade receivables are recognised initially at the transaction price as these assets do not have signi\ufb01cant \ufb01nancing components, and are subsequently measured at amortised cost. The Group recognises loss allowances for receivables under the expected credit loss model as established by evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents include cash in hand, bank deposits repayable on demand, and other short term highly liquid investments with original maturities of three months or less. Deposits Deposits consist of amounts held in escrow and is included within other receivables within the Statement of \ufb01nancial position until such time as the restrictions relating to those amounts have been lifted. Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Trade payables are classi\ufb01ed as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Contract liabilities Contract liabilities primarily relate to the advance consideration received from clients for commercial development work and bioprocessing batches, as well as options and funded research and development activities. Deferred income Deferred income primarily relates to the advance consideration received for grants and lease incentives. Provisions Provisions for dilapidation costs and other potential liabilities are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an out\ufb02ow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using the 3 year historic in\ufb02ation rate. The increase in the provision due to the passage of time is recognised as a \ufb01nance cost. Share capital Ordinary shares are classi\ufb01ed as equity. Costs of share issues are charged to the share premium account. Merger reserve A merger reserve is used where more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under s612 and s613 of the Companies Act 2006. Business combinations
The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets
the de\ufb01nition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a
business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process,
and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u2019concentration test\u2019 that permits
a simpli\ufb01ed assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if
substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able asset or group of similar identi\ufb01able
assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identi\ufb01able net assets acquired.
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in pro\ufb01t or loss immediately.
Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are
generally recognised in pro\ufb01t or loss.
Non-controlling interests (NCI)
NCI are measured initially at the Group\u2019s proportionate interest in the recognised amount of the identi\ufb01able assets and liabilities of the
acquiree. NCI are measured subsequently at their proportionate share of the subsidiary\u2019s net assets at the reporting date. Changes in the
Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
When a foreign operation is disposed of in its entirety, or partially such that control, signi\ufb01cant control or joint control, is lost, the
cumulative amount in the translation reserve related to the foreign operation is reclassi\ufb01ed to pro\ufb01t or loss as part of the gain or loss on
disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative
amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining signi\ufb01cant in\ufb02uence
or joint control, the relevant proportion of the cumulative amount is reclassi\ufb01ed to pro\ufb01t or loss.
Financial liability: loans
On initial recognition, external loans are measured at fair value plus directly attributable transaction costs. On subsequent measurement,
external loans are measured at amortised cost under the effective interest rate method. The effective interest rate method is a method
of calculating the amortised cost of a \ufb01nancial liability and allocating the interest expense over the relevant period. The calculation of the
effective interest rate takes into account the estimated cash \ufb02ows which consider all the contractual terms of the \ufb01nancial instrument,
including any embedded derivatives which are not subject to separation.
Financial liability: Put Options
Where a put option with non-controlling shareholders (NCI) exists on their equity interests, a liability for the fair value of the exercise price
of the option is recognised.
Management have assessed that the NCI still have access to the returns associated with the underlying ownership interests, and have
therefore chosen to apply the present access method under which the corresponding entry is recognised in Other Equity. As required by
IFRS, Oxford Biomedica has chosen to apply an accounting policy, to be applied consistently for all put liabilities: that subsequent to initial
recognition, changes in fair value of the put liability will be recognised in equity.
The value of the put liability is determined using a Monte Carlo simulation which calculates the expected future exercise value of the put
option, taking into consideration Oxford Biomedica Solutions\u2019 forecasted cash \ufb02ows over the period up until the expected exercise date
along with the expected volatility of those cash \ufb02ows over that same period. The expected future exercise value is then discounted to
the present using a discount rate in order to capture the counter party risk of the expected payment. The discount rate may be impacted
by economic and market factors as well as changes to the risk free rate of return which impacts debt borrowing rates.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "1, Accounting policies Oxford Biomedica plc (Oxford Biomedica or the Company) is a public company limited by shares, incorporated and domiciled in England, and listed on the London Stock Exchange. The consolidated \ufb01nancial statements for the year ended 31 December 2022 comprise the results of the Company and its subsidiary undertakings (together referred to as the Group). The Company\u2019s principal subsidiary is Oxford Biomedica (UK) Limited. The Group is a cell and gene therapy research, development and bioprocessing business providing services to third parties as well as performing internal research and development for its own purposes. The Group currently has no marketed pharmaceutical products. Basis of preparation The principal accounting policies adopted in the preparation of these \ufb01nancial statements are set out below. These policies have been consistently applied to all the \ufb01nancial years presented, unless otherwise stated. The Group and parent Company \ufb01nancial statements were prepared in accordance UK-adopted international accounting standards. As more fully explained in the Directors\u2019 Report on pages 115 to 121 and below, the going concern basis has been adopted in preparing the \ufb01nancial statements. A summary of the more important Group accounting policies is set out below. The preparation of the \ufb01nancial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requiresmanagement to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or where assumptions and estimates are signi\ufb01cant to the \ufb01nancial statements, are disclosed in note 2. Measurement convention The \ufb01nancial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value:\u2014 Assets held at fair value through pro\ufb01t & loss \u2014 Put option liability Non-current assets and disposal groups held for sale are stated at the lower of previous carrying amount and fair value less costs to sell. Going concern The \ufb01nancial position of the Group, its cash \ufb02ows and liquidity position are described in the strategic report and notes to these \ufb01nancial statements. The Group made a loss for the year ended 31 December 2022 of \u00a345.2 million and consumed net cash \ufb02ows from operating activities for the year of \u00a312.6 million. The Group also: \u2014 raised \u00a377.0 million (net of \u00a33 million of share issue cost) in cash from an equity fundraise in January and March 2022; \u2014 entered into a one year US$85 million (\u00a363 million) loan facility with Oaktree as part of the acquisition of Oxford Biomedica Solutions in March 2022 which was then converted into a four-year term loan facility together with repayment of US$35 million of the initial principal amount in October 2022; \u2014 during November 2022, sold its Windrush Court facility in a sale and leaseback transaction for \u00a360 million to Kadans, whilst also agreeing an occupational lease of the property for 15 years; and \u2014 ended the year with cash and cash equivalents of \u00a3141.3 million. In considering the basis of preparation of the Annual report and accounts, the Directors have prepared cash \ufb02ow forecasts for a period of at least 12 months from the date of approval of these \ufb01nancial statements, based in the \ufb01rst instance on the Group\u2019s 2023 annual budget and forecasts for 2024. The Directors have undertaken a rigorous assessment of this base case forecast and have also assessed the potential impact from the principal risks and uncertainties outlined in the strategic report of the Group\u2019s Annual report and accounts, taking into consideration the magnitude and likelihood of these risks and uncertainties occurring to prepare a downside scenario with associated mitigated actions. The cash \ufb02ow forecast prepared for the severe but plausible downside scenario with mitigating actions assumes the following: \u2014 Commercial challenges leading to a substantial manufacturing and development revenue downside affecting both the LentiVector \u00ae platform and AAV businesses; \u2014 Signi\ufb01cant decreases in forecasted existing client milestone and royalty revenues; \u2014 The product development spin out strategy taking longer, or ultimately being unsuccessful; and \u2014 The potential impacts of the current ongoing war in Ukraine on the Group and its clients including expected revenues from existing clients under long term contracts. Under both the base case and mitigated downside scenario, the Group and parent company has sufficient cash resources to continue in operation for a period of at least 12 months from the date of approval of these \ufb01nancial statements. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 December 2022 In the event of the downside scenarios crystallising, the Group would continue to meet its existing loan covenants until June 2024
without taking any mitigating actions, but the Board has mitigating actions in place that are entirely within its control that would enable
the Group to reduce its spend within a reasonably short time-frame to increase its cash covenant headroom as required by the loan
facility with Oaktree Capital Management. The Board has con\ufb01dence in the Group\u2019s ability to continue as a going concern for the
following reasons:
\u2014 The Group has cash balances of \u00a3141.3 million at the end of December 2022 and \u00a3139.1 million at the end of March 2023;
\u2014 Approximately two thirds of 2023 forecasted revenues are covered by binding purchase orders which give certainty to revenues over
the next 12 months;
\u2014 The Group\u2019s history of being able to access capital markets including raising \u00a377 million of equity during 2022;
\u2014 The Group\u2019s history of being able to obtain loan \ufb01nancing when required for purposes of both capital expenditure and operational
purposes, as recently evidenced by the US$85 million one-year facility and US$50 million replacement four-year facility obtained with
Oaktree;
\u2014 The Group\u2019s ability to continue to be successful in winning new clients and building its brand as demonstrated by successfully entering
into new and expanding existing client agreements with AstraZeneca, Juno Therapeutics (a wholly owned subsidiary of Bristol Myers
Squibb Company), Homology Medicines and multiple other new partners over the last twelve months.
Taking account of the matters described above, the Directors are con\ufb01dent that the Group and parent company will have sufficient
funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the \ufb01nancial statements and
therefore have prepared the \ufb01nancial statements on a going concern basis.
Accounting developments
The Group has adopted the following IFRSs in these \ufb01nancial statements:
\u2014 Annual Improvements to IFRS Standards 2018\u20132020
\u2014 Property, Plant and Equipment: Proceed before intended use \u2013 amendments to IAS16
At the date of authorisation of these Group \ufb01nancial statements, several new, but not yet effective, Standards and amendments to existing
Standards, and Interpretations have been published by the IASB. None of these Standards or amendments to existing Standards has been
adopted early by the Group.
The Directors anticipate that all relevant pronouncements will be adopted for the \ufb01rst period beginning on or after the effective date of
the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they
are not expected to have a material impact on the Group \ufb01nancial statements.
Basis of consolidation
The consolidated \ufb01nancial statements comprise the Company and its subsidiary undertakings for the year to 31 December each year.
Subsidiaries are entities that are directly or indirectly controlled by the Group. Subsidiaries are consolidated from the date at which control
is transferred to the Group. Control exists where the Group has the power to govern the \ufb01nancial and operating policies of the entity
so as to obtain bene\ufb01ts from its activities. The Group does not currently have any associates.
All intragroup transactions and balances are eliminated on consolidation.
Foreign currencies
Foreign currency transactions
The Group\u2019s presentational currency is sterling. Transactions in foreign currencies are translated into sterling at the rate of exchange
ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency
at the exchange rate at the reporting date. Non-monetary items that are measured at fair value in a foreign currency are translated
into functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured at historical
cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally
recognised in pro\ufb01t or loss and presented within operational costs.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into
sterling at the exchanges rates at reporting date. The income and expenses of foreign operations are translated into sterling at the average
exchange rate for the month based on the date of the transaction.
Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation
difference is allocated to NCI.
The assets and liabilities of foreign operations are translated to the Group\u2019s presentational currency, at foreign exchange rates in effect
at the statement of \ufb01nancial position date. The revenue and expenses of foreign operations are translated at an average rate for the year
where this rate approximates to the foreign exchange rates in effect at the dates of the translations. Exchange differences arising from the
translation of foreign operations are reported as an item of other comprehensive income and accumulated in an exchange reserve and
subsequently reclassi\ufb01ed to the Consolidated Income Statement on disposal of the net investment.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 December 2022
Revenue
Revenue comprises income derived from bioprocessing of clinical product for clients, fees charged for providing development services
to clients, product and technology licence transactions, royalties, options, and funded research and development programmes.
Platform
The Group bioprocesses batches on behalf of clients who use this manufactured clinical product for clinical and commercial purposes.
The bioprocessing of a batch creates an asset with no alternative use and the Group has an enforceable right to payment for performance
completed to date, thereby meeting IFRS 15.35. Bioprocessing of clinical/commercial product for clients is therefore recognised on a
percentage of completion basis over time as the processes are carried out using the Input Method under IFRS. Progress is determined
based on the achievement of veri\ufb01able stages of the process with incremental adjustments made based on the percentage of completion
of the next unachieved veri\ufb01able stage. The gross amount due from clients, on all partnerships with regards to bioprocessing batches in
progress for which costs incurred plus recognised pro\ufb01ts exceed progress billings, is presented separately as a contract asset within the
note to Trade and Other receivables as presented in the statement of \ufb01nancial position.
Consideration received in excess of the stage of completion will be deferred until such time as it is appropriate to recognise the revenue.
The Group has determined that its contracts with clients do not contain a signi\ufb01cant \ufb01nancing component.
Revenues for providing process development activities to clients are recognised during the period in which the service is rendered on
a percentage of completion basis over time as the processes are carried out. The process development activities are recognized over time
as the activities create an asset that has no alternative use to the Group and the Group has an enforceable right to payment for the work
packages within the process development activity completed to date.
\u2014 Oxford Biomedica (UK) Ltd makes use of the output method under IFRS with revenue being recognised based on the achievement
of veri\ufb01able stages of the process.
\u2014 Oxford Biomedica Solutions makes use of the input method under IFRS with revenue being recognised based on the labour and other
resources expended to provide the services as a percentage of the total expected effort to complete the services.
Technology licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright to
access\u201d licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to the client.
The granting of the technology licences to the Group\u2019s background intellectual property and know-how constitutes a \u201cright to use\u201d
licence as the Group\u2019s clients are able to conduct development work on the licence independent of the Group. The Group is incentivised
separately for its performance obligations in relation to development work and milestone payments. The criteria for recognising these
technology licences as \u201cright to access\u201d licences has therefore not been met.
Milestones relating to bioprocessing or process development activities have been identi\ufb01ed as separate performance obligations as
they involve the transfer of a distinct good or service, determined with reference to conditions stipulated in the relevant agreements
or contracts. Each milestone is determined as either binary or non-binary.
Milestones that are considered to be binary relate to the achievement of speci\ufb01c events rather than the provision of, for example, support.
Milestones related to the achievement of speci\ufb01c deliverables are considered to be binary milestones and will be recognised in full once it
is deemed highly probable that the obligation will be met.
Milestones related to the provision of support services are considered to be non-binary Milestones and are recognised on a percentage of
completion basis, but taking into account the likelihood of achievement of the deliverable. Amounts receivable on delivery of a milestone
performance obligation represents variable consideration and have been allocated to the relevant performance obligation.
Options to technology licences are considered to form part of the technology licence performance obligation and as such are recognised
when the client exercises the option to obtain that licence. Options to technology licences are not considered to be material rights.
Product
Product licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright to access\u201d
licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to the client.
The granting of the product licences to the Group\u2019s background intellectual property and know-how constitutes a \u201cright to use\u201d licence
as the Group\u2019s clients are able to conduct development work on the licence independent of the Group. The Group is incentivised
separately for its performance obligations in relation to development work and milestone payments. The criteria for recognising these
technology licences as \u201cright to access\u201d licences has therefore not been met.
Amounts receivable in respect of milestone payments are considered to be separate performance obligations which are binary and will
be recognised in full once it is deemed highly probable that the speci\ufb01c performance obligations stipulated in the licence agreement have
been met. Payments linked to \u201csuccess\u201d such as regulatory \ufb01ling or approval, or achievement of speci\ufb01ed sales volumes, are recognised
in full when the relevant event has occurred.
Non-binary milestones are recognised on a percentage of completion basis in the period in which related costs are incurred, or over
the estimated period to completion of the relevant phase of development or associated clinical trials. Amounts receivable on delivery
of a milestone performance obligation represents variable consideration and have been allocated to the relevant performance obligation.
Royalty revenue is recognised as the underlying commercial sales of the underlying manufactured product occur to third parties of our
contracted clients.
Cost of sales
Cost of sales comprises the cost of bioprocessing clinical product for clients, the cost of client development project activities, and
royalties arising on clients\u2019 licences.
The cost of client development project activities includes the labour costs, overheads and other directly attributable material and third
party costs. Costs are recognised as incurred.
The cost of bioprocessing clinical product for clients includes the raw materials, labour costs, overheads and other directly attributable
third party costs. Costs are recognised as incurred.
The Group\u2019s products and technologies include technology elements that are licensed from third parties. Royalties arising from such
clients\u2019 licences are treated as cost of sales. Where royalties due have not been paid they are included in accruals. Where revenue is
spread over a number of accounting periods, the royalty attributable to the deferred revenue is included in prepayments.
Research, development and bioprocessing
Research, development and bioprocessing expenditure is charged to the statement of comprehensive income in the period in which
it is incurred.
Employee bene\ufb01t costs
Employee bene\ufb01t costs, notably holiday pay and contributions to the Group\u2019s de\ufb01ned contribution pension plan, are charged to the
statement of comprehensive income on an accruals basis. The assets of the pension scheme are held separately from those of the Group
in independently administered funds. The Group does not offer any other post-retirement bene\ufb01ts.
Share based payments
The Group\u2019s employee share option schemes, long term incentive plans, a Sharesave scheme and deferred bonus plans allow Group
employees to acquire shares of the Company subject to certain criteria. The fair value of options granted is recognised as an expense of
employment in the statement of comprehensive income with a corresponding increase in equity. The fair value is measured at the date
of grant and spread over the period during which the employees become unconditionally entitled to the options where the options are
not nil cost options. Nil cost options are valued at the market price on the date of grant of the options. The fair value of options granted
under the share option schemes and share save scheme is measured using the Black-Scholes model. The fair value of options granted
under the LTIP schemes, which includes market condition performance criteria, is measured using a Monte Carlo model taking into
account the performance conditions under which the options were granted. The fair value of options granted under the deferred bonus
plan is based on the market value of the underlying shares at the date of grant of these options.
At each \ufb01nancial year end, the Group revises its estimate of the number of options that are expected to become exercisable based on
forfeiture such that at the end of the vesting period the cumulative charge re\ufb02ects the actual options that have vested, with no charge
for those options which were forfeit prior to vesting. When share options are exercised the proceeds received are credited to equity.
Options over the Company\u2019s shares have been awarded to employees of Oxford Biomedica (UK) Ltd. In accordance with IFRS 2 \u2019Share-
based Payments\u2019, the expense in respect of these awards is recognised in the subsidiaries\u2019 \ufb01nancial statements. In accordance with IFRS 2
the Company has treated the awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment and a
corresponding credit to reserves.
Employee Bene\ufb01t Trust
The Oxford Biomedica Employee Bene\ufb01t Trust (EBT) has been set up to hold market-purchased shares to settle the 2013 Deferred Bonus
Share Awards made to Executive Directors and employees. Within the Company \ufb01nancial statements, the investment in the Oxford
Biomedica Employee Trust forms part of the Investments and loans in subsidiary, taking the form of a loan to subsidiaries. The EBT is
consolidated within the Group \ufb01nancial statements.
Leases
As a lessee
At commencement or on modi\ufb01cation of a contract that contains a lease component, the Group allocates the consideration in the
contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property, the Group has
elected not to separate non-lease components, and to account for the lease and non-lease components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially
measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs incurred, and an estimate of costs to dismantle and remove the underlying asset,
or to restore the underlying asset or site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method, from the commencement date to the end of the lease
term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the cost of the right-of-
use asset re\ufb02ects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life
of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is
periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining relevant interest rates from external \ufb01nancing sources and makes certain adjustments to re\ufb02ect the terms of the lease and the type of the asset leased. Lease payments included in the measurement of the lease liability comprise \ufb01xed payments. The lease liability is measured at amortised cost using the effective interest method. It is re-measured if: \u2014 there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual future lease payments; \u2014 the Group changes its assessment of whether it will exercise a purchase, extension or termination options; or \u2014 there is a revised in-substance \ufb01xed lease payment. If a lease liability is re-measured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the Pro\ufb01t or Loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets in \u2019property, plant and equipment\u2019 and lease liabilities as a category on the face of the Statement of Financial Position. Short term or low-value leases The Group has elected not to recognise right-of-use assets and lease liabilities of short term and low-value leases. The Group recognises lease payments associated with these leases as an expense on a straight-line basis over the lease term. Sales & Leaseback A sale and leaseback is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. For sale and operating leasebacks, generally the assets are sold at fair value, and accordingly the pro\ufb01ts and loss from the sale arerecognised immediately in the Statement of Pro\ufb01t and loss. The fair value is determined by obtaining a valuation from an independentproperty valuation \ufb01rm.A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. Grants Income from government and other grants is recognised over the period necessary to match them with the related costs which they are intended to compensate. Grant income is included as other operating income within the statement of comprehensive income, and the related costs are included within research, development and bioprocessing costs, and administrative expenses. Where grant income received exceeds grant income recognised, it is included within deferred income on the Statement of \ufb01nancial position, whereas grant income recognised exceeds grant income received, it is included within accrued income on the Statement of \ufb01nancial position. Finance income and costs Finance income and costs comprise interest income and interest payable during the year, calculated using the effective interest rate method. It also includes the revaluation of external loans denominated in a foreign currency. Financing expenses include interest payable and \ufb01nance charges on lease liabilities recognised in pro\ufb01t or loss using the effective interest method and unwinding of the discount on provisions. Interest income and interest payable is recognised in pro\ufb01t or loss as it accrues, using the effective interest method. Taxation In 2022 and before, the Group was entitled to claim tax credits in the United Kingdom for certain research and development expenditure. The Group receives a Research and Development Expenditure Credit (\u2019RDEC\u2019) which is accounted for as a reduction in research and development costs in the statement of comprehensive income, and within trade and other receivables in the Statement of \ufb01nancial position. The credit is paid in arrears once tax returns have been \ufb01led and agreed. Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted, or substantially enacted, by the Statement of \ufb01nancial position date. Deferred tax is calculated in respect of all temporary differences identi\ufb01ed at the Statement of \ufb01nancial position date except for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable pro\ufb01t other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Temporary differences are differences between the carrying amount of the Group\u2019s assets and liabilities and their tax base. Deferred tax liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining deferred tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable taxable pro\ufb01ts within the same jurisdiction in the foreseeable future against which the deductible temporary difference can be utilised. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability settled,
based on tax rates and laws that have been enacted or substantially enacted by the Statement of \ufb01nancial position date.
Measurement of deferred tax liabilities and assets re\ufb02ects the tax consequence expected to fall from the manner in which the asset
or liability is recovered or settled.
Property, plant and equipment
Property, plant and equipment are carried at cost, together with any incidental expenses of acquisition, less depreciation. Cost includes
the original purchase price of the asset and any costs attributable to bringing the asset to its working condition for its intended use.
Depreciation is calculated to write off the cost of property, plant and equipment less their estimated residual values on a straight-line
basis over the expected useful economic lives of the assets concerned. Depreciation of an asset begins when it is available for use. The
principal annual rates used for this purpose are:
Freehold property 10%
Leasehold improvements 10%
(over the remaining lease term if shorter)
Office equipment and computers 20\u201333%
Bioprocessing and laboratory equipment 20%
The assets\u2019 residual values and useful lives are reviewed annually. Residual values are set at zero and will be reassessed should the asset\u2019s
selling price exceed its net book value.
The bioprocessing plants are reviewed annually for impairment triggers and, where necessary, a full impairment review is performed.
Assets under construction are capitalised throughout the course of the construction period with depreciation starting once the asset is
available for use.
Assets capitalised under a category of \ufb01xed assets may be transferred to another category within \ufb01xed assets if, upon review, it is identi\ufb01ed
that the asset is more appropriately identi\ufb01able with that other category of \ufb01xed asset.
Intangible assets & Goodwill
Recognition and measurement
Goodwill
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
Developed technology
Developed technology acquired by the Group (see note 11) has a \ufb01nite useful life. It is measured at cost less
accumulated amortisation and any accumulated impairment losses.
Patents
Patents have \ufb01nite useful lives and are measured at cost less accumulated amortisation and
any accumulated impairment losses.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to which
it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t or loss as
incurred.
Cash generating unit (CGU)
A cash generating unit is the smallest group of assets that independently generates cash \ufb02ow and whose cash \ufb02ow is largely independent
of the cash \ufb02ows generated by other assets.
Amortisation
Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over
their estimated useful lives, and is generally recognised in pro\ufb01t or loss. Goodwill is not amortised.
The estimated useful lives for current and comparative periods are as follows:
\u2014 patents: 3\u201320 years
\u2014 developed technology: 15 years
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Impairment
The carrying value of non-\ufb01nancial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and
provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income.
For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows or cash-generating units. Impairment losses are recognised for the amount by which each asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash \ufb02ows. The key assumptions used in calculating the discounted future cash \ufb02ows are management estimates, based where possible on available market information and information for similar products. Impairment and amortisation charges are included within research, development and bioprocessing costs in the statement of comprehensive income. Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that have been purchased by the Group. Investments in subsidiaries Investments are carried at cost less any provision made for impairment. Options over the Company\u2019s shares have been awarded to employees of subsidiary companies. In accordance with IFRS2, the Company treats the value of these awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment. Investments in subsidiary undertakings, including shares and loans, are carried at cost less any impairment provision. Such investments are subject to review, and any impairment is charged to the statement of comprehensive income. At each year end the Directors review the carrying value of the Company\u2019s investment in subsidiaries. Where there is a material and sustained shortfall in the market capitalisation, or a signi\ufb01cant and sustained change in the business resulting in a decrease in market capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value of the Company\u2019s investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the Group is an appropriate external measure of the value of the Company\u2019s subsidiaries for this purpose. At year end the Directors will assess the requirement to write back a portion or all of any impairment previously recognised on its investment in subsidiaries. Factors which will be taken into account with regard to this decision will be the Groups track record of improved \ufb01nancial results across the last three to four years, as well as the expectation of future impairments being required after a write back was accounted for. Financial assets Assets at fair value through pro\ufb01t and loss The gain or loss on Assets at fair value through pro\ufb01t and loss is recognised in the statement of comprehensive income. Investments Other investments held by the Group are classi\ufb01ed as at fair value through pro\ufb01t and loss. Bank deposits Bank deposits with original maturities between three months and twelve months are included in current assets and are valued at amortised cost. Financial instruments Classi\ufb01cation On initial recognition, a \ufb01nancial asset is classi\ufb01ed as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassi\ufb01ed subsequent to their initial recognition unless the Company changes its business model for managing \ufb01nancial assets in which case all affected \ufb01nancial assets are reclassi\ufb01ed on the \ufb01rst day of the \ufb01rst reporting period following the change in the business model. A \ufb01nancial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and \u2014 its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is achieved by both collecting contractual cash \ufb02ows and selling \ufb01nancial assets; and \u2014 its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal, and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described above, are measured at FVTPL. This includes all derivative \ufb01nancial assets. On initial recognition, the Group may irrevocably designate a \ufb01nancial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI, as at FVTPL if doing so eliminates, or signi\ufb01cantly reduces an accounting mismatch that would otherwise arise. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 Derecognition
Financial assets
The Group derecognises a \ufb01nancial asset when:
\u2014 the contractual rights to the cash \ufb02ows from the \ufb01nancial asset expire; or
\u2014 it transfers the rights to receive the contractual cash \ufb02ows in a transaction in which either; or
\u2014 substantially all of the risks and rewards of ownership of the \ufb01nancial asset are transferred; or
\u2014 the Group neither transfers nor retains substantially all of the risks and rewards of ownership, and it does not retain control of
the \ufb01nancial asset.
Financial liabilities
The Group derecognises a \ufb01nancial liability when its contractual obligations are discharged or cancelled, or expire. The Group also
derecognises a \ufb01nancial liability when its terms are modi\ufb01ed and the cash \ufb02ows of the modi\ufb01ed liability are substantially different, in which
case a new \ufb01nancial liability based on the modi\ufb01ed terms is recognised at fair value.
On derecognition of a \ufb01nancial liability, the difference between the carrying amount extinguished and the consideration paid (including
any non-cash assets transferred or liabilities assumed), is recognised in pro\ufb01t or loss.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. It excludes
borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling
expenses.
Trade receivables
Trade receivables are recognised initially at the transaction price as these assets do not have signi\ufb01cant \ufb01nancing components, and are
subsequently measured at amortised cost. The Group recognises loss allowances for receivables under the expected credit loss model
as established by evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, bank deposits repayable on demand, and other short term highly liquid investments with
original maturities of three months or less.
Deposits
Deposits consist of amounts held in escrow and is included within other receivables within the Statement of \ufb01nancial position until such
time as the restrictions relating to those amounts have been lifted.
Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Trade payables are classi\ufb01ed as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Contract liabilities
Contract liabilities primarily relate to the advance consideration received from clients for commercial development work and
bioprocessing batches, as well as options and funded research and development activities.
Deferred income
Deferred income primarily relates to the advance consideration received for grants and lease incentives.
Provisions
Provisions for dilapidation costs and other potential liabilities are recognised when the Group has a present legal or constructive
obligation as a result of past events; it is probable that an out\ufb02ow of resources will be required to settle the obligation; and the amount
has been reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using the 3 year historic
in\ufb02ation rate. The increase in the provision due to the passage of time is recognised as a \ufb01nance cost.
Share capital
Ordinary shares are classi\ufb01ed as equity. Costs of share issues are charged to the share premium account.
Merger reserve
A merger reserve is used where more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new
shares by the Company, thereby attracting merger relief under s612 and s613 of the Companies Act 2006.
Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the de\ufb01nition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process, and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u2019concentration test\u2019 that permits a simpli\ufb01ed assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able asset or group of similar identi\ufb01able assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identi\ufb01able net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in pro\ufb01t or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in pro\ufb01t or loss. Non-controlling interests (NCI) NCI are measured initially at the Group\u2019s proportionate interest in the recognised amount of the identi\ufb01able assets and liabilities of the acquiree. NCI are measured subsequently at their proportionate share of the subsidiary\u2019s net assets at the reporting date. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. When a foreign operation is disposed of in its entirety, or partially such that control, signi\ufb01cant control or joint control, is lost, the cumulative amount in the translation reserve related to the foreign operation is reclassi\ufb01ed to pro\ufb01t or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining signi\ufb01cant in\ufb02uence or joint control, the relevant proportion of the cumulative amount is reclassi\ufb01ed to pro\ufb01t or loss. Financial liability: loans On initial recognition, external loans are measured at fair value plus directly attributable transaction costs. On subsequent measurement, external loans are measured at amortised cost under the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost of a \ufb01nancial liability and allocating the interest expense over the relevant period. The calculation of the effective interest rate takes into account the estimated cash \ufb02ows which consider all the contractual terms of the \ufb01nancial instrument, including any embedded derivatives which are not subject to separation. Financial liability: Put Options Where a put option with non-controlling shareholders (NCI) exists on their equity interests, a liability for the fair value of the exercise price of the option is recognised. Management have assessed that the NCI still have access to the returns associated with the underlying ownership interests, and have therefore chosen to apply the present access method under which the corresponding entry is recognised in Other Equity. As required by IFRS, Oxford Biomedica has chosen to apply an accounting policy, to be applied consistently for all put liabilities: that subsequent to initial recognition, changes in fair value of the put liability will be recognised in equity. The value of the put liability is determined using a Monte Carlo simulation which calculates the expected future exercise value of the put option, taking into consideration Oxford Biomedica Solutions\u2019 forecasted cash \ufb02ows over the period up until the expected exercise date along with the expected volatility of those cash \ufb02ows over that same period. The expected future exercise value is then discounted to the present using a discount rate in order to capture the counter party risk of the expected payment. The discount rate may be impacted by economic and market factors as well as changes to the risk free rate of return which impacts debt borrowing rates. 2, Critical accounting judgements and estimates In applying the Group\u2019s accounting policies, management is required to make judgements and assumptions concerning the future in a number of areas. Actual results may be different from those estimated using these judgements and assumptions. The key sources of estimation uncertainty and the critical accounting judgements that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are discussed below. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 Key accounting matters
Judgements
Contract revenues: Identi\ufb01cation of performance obligations, allocation of revenue and timing of revenue recognition
The Group has identi\ufb01ed three key areas of judgement within the collaboration agreements entered into during the period. Firstly, in
relation to the number of distinct performance obligations contained within each collaboration agreement; secondly the fair value
allocation of revenue to each performance obligation; and thirdly the timing of revenue recognition based on the achievement of the
relevant performance obligation. The sales royalties contained within the collaboration agreements qualify for the royalty exemption
available under IFRS 15 and will only be recognised as the underlying sales are made even though the performance obligation, in terms
of the technology licence, has already been met.
The judgements with regards to the number of distinct performance obligations and the fair value allocation of revenue to each
performance obligation takes place on a contract-by-contract basis across numerous contracts entered into by the Group. As these
judgements take place across numerous contracts, each with different characteristics, it is not practical to provide a quantitative analysis
of the impact of applying different judgements, and the Directors do not believe that disclosing a range of outcomes resulting from
applying different judgements provides meaningful information to the reader of the \ufb01nancial statements. Consequently, no quantitative
analysis has been provided for these judgements.
Number of distinct performance obligations
Upon review of certain client contracts and preparation of accounting papers setting out the accounting treatment as per IFRS 15,
the Group is required to exercise judgement in identifying the distinct performance obligations contained within the contract. These have
been identi\ufb01ed as being:
\u2014 The granting of technology licences
\u2014 Milestones relating to bioprocessing or process development activities
The fair value allocation of revenue to each performance obligation
Because there is no readily available market price for many of the performance obligations contained in the client contracts, the Group
exercises judgment in estimating the stand alone selling price of each of these performance obligations. Key areas of judgement are
assessed to be:
\u2014 The stand alone selling price of technology licences. The Group assesses the stand alone selling price of licences by reference to the
stand alone selling price of previously recognised client technology licences, and the size of the market of the target indication and
other market related observable inputs
\u2014 The stand alone selling price of bioprocessing batches. The Group assesses the stand alone selling price of the batches in terms the
stand alone selling price of its other client contract batch selling prices
\u2014 The stand alone selling price in terms of the annual full time equivalent rate to charge for process development activities. The Group
assesses the full time equivalent rate in terms the stand alone equivalent rate of its other client contract equivalent rates
Timing of revenue recognition: technology licence revenues
One of the key judgemental areas identi\ufb01ed within the collaboration agreements is the timing of recognition of licence revenue based
on the achievement of the relevant performance obligation. The individual factors and aspects relating to licence revenue are assessed as
part of the IFRS 15 accounting paper prepared for each agreement and a judgement is made as to whether the licence fee performance
obligation related to the granting of the licence to the client has been achieved. If it was judged that the performance obligations on
licences granted in 2022 had not been met, revenues would have been \u00a33,385,000 lower with the revenue expected to be recognised
in future when the performance obligations were deemed to have been met.
Modi\ufb01cation of Oaktree loan agreement
When a loan agreement with an existing lender is modi\ufb01ed, a determination has to be made as to whether the modi\ufb01cation is treated
as the extinguishment of the existing \ufb01nancial liability and the recognition of a new liability, or accounting for the modi\ufb01cation of the
agreement as a modi\ufb01cation to the existing \ufb01nancial liability.
On 10 March 2022 the Group entered into and drew down an US$85 million loan facility agreement with Oaktree under a 1 year facility
agreement maturing in 2023 with a nominal interest rate on the loan of 8.5%. On 7 October 2022, the Loan Agreement was amended,
US$35 million was repaid and the term extended to October 2026, with a variable interest rate which is capped at 10.25% per annum.
A substantial modi\ufb01cation under IFRS 9 is deemed to have occurred if the net present value of the cash \ufb02ows under the new terms,
including any fees, differs by at least 10% from the present value of the remaining cash\ufb02ows under the original terms.
Management has determined that the modi\ufb01cation of the Oaktree loan agreement on 7 October 2022 does not meet the substantial
modi\ufb01cation criteria and therefore will be recognised as a non-substantial modi\ufb01cation to the existing loan, with the loan being restated
to its present value and subsequently at amortised cost under the effective interest rate method.
This was determined on the basis of the quantitative test performed as required by IFRS 9 resulting in a 3% change to the net present value of the remaining cash \ufb02ows when compared to the original cash \ufb02ows under the original terms. Management has also performed a qualitative assessment to identify substantial differences in terms that by nature were not captured by the quantitative assessment. In considering the qualitative factors, Management has considered the payment terms, options, change in other terms and collaterals. Based on the quantitative and qualitative assessment, Management has determined that the modi\ufb01cation of the loan does not meet the substantial modi\ufb01cation criteria. If the Group had concluded that the amendment constitutes a signi\ufb01cant modi\ufb01cation, this accounting treatment would have resulted in the recognition of a loss on extinguishment of \u00a31,391,000, recognition of legal fees of \u00a3439,000, and an increase in the loan balance of \u00a3409,000 on the 7th of October 2022. Estimations The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are discussed below. The nature of estimation means that actual outcomes could differ from those estimates. Percentage of completion of bioprocessing batch revenues Bioprocessing of clinical/commercial product for clients is recognised on a percentage of completion basis over time as the processes arecarried out. Progress is determined based on the achievement of veri\ufb01able stages of the bioprocessing process. Revenues are recognisedon a percentage of completion basis and as such require estimation in terms of the assessment of the correct stage of completionincluding the expected costs to completion for that speci\ufb01c bioprocessing batch. The value of the revenue recognised with regard to thebioprocessing batches which remain in progress at year end is\u00a3 32,051,000. If the assessed percentage of completion was 10 percentagepoints higher or lower, revenue recognised in the period would have been\u00a3 3,866,000 higher or lower.Percentage of completion of \ufb01xed price process development revenues As it satis\ufb01es its performance obligations the Group recognises revenue and the related contract asset with regard to \ufb01xed price process development work packages. Revenues are recognised on a percentage of completion basis and as such require estimation in terms of the assessment of the correct percentage of completion for that speci\ufb01c process development work package. The value of the revenue recognised raised with regard to the work packages which remain in progress at year end is \u00a38,179,000. If the assessed percentage of completion was 10 percentage points higher or lower, revenue recognised in the period would have been \u00a3818,000 higher or lower. Provision for out of speci\ufb01cation bioprocessing batches Bioprocessing of clinical/commercial product for clients is recognised on a percentage of completion basis over time as the processes are carried out. Progress is determined based on the achievement of veri\ufb01able stages of the process. As Oxford Biomedica (UK) Ltd has now been bioprocessing product across a number of years, and also in a commercial capacity, Oxford Biomedica (UK) Ltd has assessed the need to include an estimate of bioprocessed product for which revenue has previously been recognised and which may be reversed should the product go out of speci\ufb01cation during the remaining period over which the product is bioprocessed. In calculating this estimate Oxford Biomedica (UK) Ltd has looked at historical rates of out of speci\ufb01cation batches across the last four years, and has applied the percentage of out of speci\ufb01cation batches to total batches produced across the assessed period to the revenue recognised on batches which have not yet completed the bioprocessing process at year end. This estimate, based on the historical percentage, may be signi\ufb01cantly higher or lower depending on the number of bioprocessing batches actually going out of speci\ufb01cation in future. If the historical percentage had been 10% higher or lower, the estimate would be \u00a3259,000 higher or lower. The estimate will increase or decrease based on the number of bioprocessing batches undertaken, the percentage of completion of those bioprocessing batches, and the number of batches which go out of speci\ufb01cation over the assessment period. Consequently, bioprocessing revenue of \u00a32,592,000 (2021: \u00a3769,000) has not been recognised during 2022, with the corresponding credit to contract liabilities (note 19). This revenue will be recognised as the batches complete bioprocessing. No provision for out of speci\ufb01cation batches has been raised for Oxford Biomedica Solutions as management has concluded that, based on review of analytical testing results received after year end, no bioprocessing batch was deemed to be at risk of failure to meet speci\ufb01cations. Amortisation of intangibles assets (developed technology) The estimated useful life of developed technology acquired by the Group is 15 years as the Group expects the technology to generate cash \ufb02ows for a total of 15 years. The estimate of 15 years is based on management\u2019s experience of the time period over which the technology acquired as part of the acquisition of Oxford Biomedica Solutions will become fully obsolete. Over time as the platform technology is improved, parts of the technology become obsolete as they are superseded by new technology until after 15 years the original technology is expected to have been fully replaced by newer/improved technology. If the estimated useful life of the assets had been 10 years, the estimated amortisation for the year ended 31 December 2022 would be \u00a33,036,000 higher (2021: nil); whilst, if the estimated useful life of the assets had been 20 years, the estimated amortisation for the year ended 31 December 2022 would be \u00a31,518,000 lower (2021:nil). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 Sale and leaseback \u2013 Lease liability discount rate
During November 2022 the Group sold its Windrush Court facility property to Kadans for a cash consideration of \u00a360 million in a sale and
leaseback transaction (refer note 33). A key estimate identi\ufb01ed by the Group within the sale and leaseback agreement is the incremental
borrowing rate used to discount the lease liability cash \ufb02ows back to their present value to determine the lease liability at year end.
Since the rate implicity in the lease is not readily determinable, the Group's incremental borrowing rate has been used (the rate of
interest that would have to be paid to borrow on a collateralised basis over a similar term for an amount equal to the lease payments
in a similar economic environment) based on the information available at commencement date in determining the discount rate used
to calculate the present value of lease payments. The rates have been determined using previously available information on borrowing
rates as well as indicative borrowing rates that would be available based on the value, currency and borrowing term provided by \ufb01nancial
institutions, adjusted for company and market speci\ufb01c factors. Estimation of uncertainty is involved in selecting an appropriate rate, and
the rate selected for each lease will have an impact on the value of the lease liability and corresponding right-of-use (ROU) asset in the
Consolidated Statement of \ufb01nancial positions.
If the estimated lease liability discount rate had been one percentage higher or lower, the gain recognised on the sale of Windrush court
would have been \u00a31,775,000 higher or lower (2021: \u00a3nil) with the other side of the entry decreasing or increasing the lease liability by a
\u00a32,027,000 (2021: \u00a3nil) and decreasing and increasing right of use assets by a \u00a3253,000 (2021: \u00a3nil).
Valuation of put option liability
Where a put option with non-controlling shareholders exists on their equity interests, a liability for the fair value of the exercise price
of the option is recognised. On 10 March 2022, the Group recognised a put option liability to acquire the remaining 20% of Oxford
Biomedica Solutions that it doesn\u2019t already own, from Homology Medicines. The fair value of the option at the date of acquisition was
assessed to be \u00a339.0 million. At 31 December 2022 the fair value of the put option liability was \u00a338.2 million (Dec 2021: \u00a3nil).
The Group estimates the value of the put liability using a Monte Carlo simulation which calculates the expected future exercise value of
the put option, taking into consideration Oxford Biomedica Solutions\u2019 forecasted revenues over the period up until the expected exercise
date along with the expected volatility of those revenues over that same period. The expected future exercise value is then discounted
to the present using a discount rate in order to capture the counter party risk of the expected payment.
Key estimation uncertainty inputs which directly impact the valuation of the put option liability are assessed to be:
\u2014 Revenues of Oxford Biomedica Solutions \u2013\u2009the revenues of Oxford Biomedica Solutions are based on the management approved forecast
up until the end of the option period. Should the forecast change or the actual results vary this may impact the value of the put option
liability.
\u2014 Expected volatility of revenues \u2013 should the expected volatility of Oxford Biomedica Solutions revenues vary, this may impact the value
of the put option liability,
\u2014 Discount rate \u2013 the discount rate may be impacted by economic and market factors, as well as changes to the risk free rate of return
which impacts debt borrowing rates. Should the discount rate calculated by management be adjusted, this may impact the value of
the put option. Management has calculated the discount rate based on the risk free rate, the expected return from similar companies
and the Group\u2019s cost of debt.
Fair value
Put option liability
31 December 2022
Increase Decrease
Effect in thousands of pounds:
Revenues of Oxford Biomedica Solutions:
10% higher or lower
2.1 (2.4)
Discount rate 2% lower or higher 1.4 (1.4)
Valuation of acquired intangible assets As part of the acquisition accounting for the acquisition of Oxford Biomedica Solutions LLC in 2022, we have performed an assessment on the identi\ufb01cation, fair value, and expected useful economic lives of acquired intangible assets such as developed technology assets at the date of acquisition. The fair value attributed to intangible assets arising on acquisition is recognised in accordance with IAS 38 Intangible assets and is based on a number of estimates. The acquired identi\ufb01able assets and liabilities have been recognised at their fair values at acquisition date and in accordance with the Group\u2019s accounting policies. The fair value of the developed technologies intangible asset is considered a key estimate subject to estimation uncertainty. Below are the details for the valuation methodologies used for the intangible assets. Acquired developed technology has been valued using the multi-period excess earnings method (MPEEM) method, valued at \u00a3102.8 million, The MPEEM method considers the present value of net cash \ufb02ows expected to be generated by the client relationships, by excluding any cash \ufb02ows related to contributory assets. Management considers the weighted average return on assets and discount rates as critical estimates as a reasonably possible change to these assumptions in aggregation, or in isolation, will have an impact on the consolidated \ufb01nancial statements. The weighted average return on assets and discount rate used by management in the valuation of the developed technology is 17.3% and 20% respectively. Below are the various sensitivities of weighted average return on assets and discount rates and their impact on the related intangible assets. Sensitivities Discount rate Weighted average rate of return Adjusted Developed technology value \u00a3\u2019m Impact \u00a3\u2019m 17% 15.0% 121.8 19.0 18% 15.8% 113.5 10.7 19% 16.5% 106.0 3.2 3, Financial risk management Financial risk factors The Group has a simple corporate structure which consists of the Company and two main operating subsidiaries, one domiciled in the UK and the other in the US. Monitoring of \ufb01nancial risk is part of the Board\u2019s ongoing risk management, the effectiveness of which is reviewed annually. The Group\u2019s agreed policies are implemented by the Chief Financial Officer, who submits reports at each Board meeting. The Group does not use \ufb01nancial derivatives, and it is the Group\u2019s policy not to undertake any trading in \ufb01nancial instruments. (a) Foreign exchange risk In 2022 the Group\u2019s revenues were mostly receivable in Sterling and US Dollars, and certain of its expenditures were payable in Euros and US Dollars. The majority of the UK based entities\u2019 operating costs are denominated in Sterling. A 10% difference in the \u00a3/$ average exchange rate would have had an impact of approximately \u00a31,121,000 (2021: \u00a3712,000) over the year. The US based entities\u2019 revenue and operating costs are all in USD. The Group also has exposure to the \u00a3/$ exchange rate due to the Oaktree loan facility denominated in Dollars. Had the \u00a3/$ exchange rate been 10% different, the impact on cost in 2022 would have been approximately \u00a3455,000 (2021: nil). The Group also has exposure to the \u00a3/\u20ac exchange rate due to the need to fund certain expenditure denominated in Euros. Had the average\u00a3/\u20ac exchange rate been 10% different, the impact on cost in 2022 would have been approximately \u00a3418,000 (2021: \u00a3305,000). TheGroup\u2019s policy is to hold the majority of its funds in Sterling and US Dollars. No other hedging of foreign currency cash \ufb02ows is undertaken.(b) Interest rate risk The Group\u2019s policy is to maximise interest receivable on deposits, subject to maintaining access to sufficient liquid funds to meet day to day operational requirements and preserving the security of invested funds. With the current low level of bank interest rates at the start of the year, interest receivable on bank deposits in 2022 was just \u00a3973,000 (2021: \u00a3nil). On 10 March 2022, the Group drew down an US$85 million loan facility with Oaktree to \ufb01nance the acquisition of Oxford Biomedica Solutions, under a 1 year facility agreement maturing in 2023. On 7 October 2022, the loan facility was re\ufb01nanced with Oaktree. Under the terms of such re\ufb01nancing, the Company has partially repaid the outstanding amounts under the Short-Term Loan Facility and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of US$50 million. The Term Loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the \ufb01rst twelve months payable in kind as additional loan principal, at the option of the Company. The interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions. If interest rates had been 1% higher in 2022 the impact on cash interest paid would have been \u00a3nil (2022: \u00a3nil). (c) Credit risks Cash balances are mainly held on short term deposits with \ufb01nancial institutions with a credit rating of at least A, in line with the Group\u2019s policy to minimise the risk of loss. Trade debtors are monitored to minimise the risk of loss (note 16). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 Derivative \ufb01nancial instruments and hedging
There were no material derivatives at 31 December 2022 or 31 December 2021 which have required separation, and hedge accounting
has not been used.
Fair value estimates
The fair value of short term deposits with a maturity of one year or less is assumed to be the book value.
Capital Management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide
returns to shareholders and bene\ufb01ts for other stakeholders, and to maintain an optimal capital structure to minimise the cost of capital.
Group
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Net (cash)/debt\u2009\u00b2 (101,505) (108,944)\u2009\u00b9
Equity 236,192 187,338
Debt/equity 43% (58%)
\u00b9 Represents Cash balance only as no debt.
\u00b2 Net (cash)/debt is Cash and cash equivalents less Loans as outlined on page 136.
4, Segmental analysis Segmental reporting
The chief operating decision-maker has been identi\ufb01ed as the Senior Executive Team (SET), comprising the Executive Directors, Chief
Commercial Officer, Chief Technical Officer, Chief Scienti\ufb01c Officer, Chief Business and Corporate Development Officer, Chief Operations
Officer, Chief People Officer, Chief Information Officer and General Counsel. The SET monitors the performance of the Group in two
business segments:
(i) Platform \u2013 this segment consists of the revenue generating bioprocessing and process development activities undertaken for third
parties (i.e the partner programmes LentiVector
\u00ae
and AAV CDMOs business). It also includes internal technology developments and
technical intellectual property within the LentiVector
\u00ae
platform.
(ii) Product \u2013 this segment consists of the clinical and pre-clinical development of in vivo and ex vivo cell and gene therapy products
(gene therapeutics) which are owned by the Group.
In the \ufb01rst quarter of 2023, the SET has re-assessed the reporting segments to re\ufb02ect the way the business will be managed in future.
Management reporting is currently being reworked to align with these new segments going forward and the Group expects to be
able to report on these new segments during 2023 and thereafter. No changes from the current basis have been re\ufb02ected in the 2022
Annual report and accounts.
Revenues, other operating income and operating loss by segment
Revenues, Operating EBITDA and Operating pro\ufb01t/(loss) represent the Group\u2019s measures of segment pro\ufb01t and loss as they are a primary
measure used for the purpose of making decisions about allocating resources and assessing performance of segments.
2022
Platform
\u00a3\u2019000
Product
\u00a3\u2019000
Total
\u00a3\u2019000
Revenue 139,903 86 139,989
Other operating income 2,307 \u2013 2,307
Gain on sale and leaseback 21,389 \u2013 21,389
Operating EBITDA\u00b9 11,654 (10,023) 1,631
Depreciation, amortisation and share based payment (29,551) (2,250) (31,801)
Operating loss (17,948) (12,272) (30,220)
Net \ufb01nance cost (15,756)
Loss before tax (45,976)
2021
Platform
\u00a3\u2019000
Product
\u00a3\u2019000
Total
\u00a3\u2019000
Revenue 142,693 104 142,797
Other operating income 867 \u2013 867
Operating EBITDA\u00b9 45,292 (9,368) 35,924
Depreciation, amortisation and share based payment (13,702) (1,288) (14,990)
Revaluation of investments (165) \u2013 (165)
Operating pro\ufb01t/(loss) 31,425 (10,657) 20,768
Net \ufb01nance cost (888)
Pro\ufb01t before tax 19,880
\u00b9 Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, revaluation of investments and Assets at fair value through pro\ufb01t and loss, and Share Based
Payments) is a non-GAAP measure often used as a surrogate for operational cash \ufb02ow as it excludes from operating pro\ufb01t or loss all non-cash items, including the
charge for share based payments options. A reconciliation to GAAP measures is provided on page 34.
Other operating income of \u00a32.3 million (2021: \u00a30.9 million) includes sub lease rental income of \u00a31.4 million (2021: Nil) in relation to a portion of the Patriot\u2019s Park property in the US accounted for as a as a short term lease, and grant income to further develop our supply chain capabilities of \u00a30.9 million (2021: \u00a30.9 million) and is included within the Platform segment. Costs are allocated to the segments on a speci\ufb01c basis as far as possible. Costs which cannot readily be allocated speci\ufb01cally are apportioned between the segments using relevant metrics such as headcount or direct costs. No intangible assets or \ufb01xed assets of any signi\ufb01cant value have been assessed to be assigned speci\ufb01cally to the Products division, and therefore no impairment has been required as a result of the decision by the Group to look for alternative funding for the Product division. A segmental or geographical split of assets and liabilities is not provided because this information is not received or reviewed by the chief operating decision-maker. All assets are located within the United Kingdom and United States. Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement. 2022 Platform \u00a3\u2019000 Product \u00a3\u2019000 Total \u00a3\u2019000 Bioprocessing/Commercial development 127,994 86 128,080 Licence fees, milestones and royalties 11,909 \u2013 11,909 Total 139,903 86 139,989 2021 Platform \u00a3\u2019000 Product \u00a3\u2019000 Total \u00a3\u2019000 Bioprocessing/Commercial development 128,318 104 128,422 Licence fees, milestones and royalties 14,375 \u2013 14,375 Total 142,693 104 142,797 Timing of transfer of goods or services 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Products and services transferred at a point of time 11,909 13,997 Products and services transferred over time 128,080 128,800 Total revenue 139,989 142,797 The majority of the Group\u2019s revenue is typically recognised over time as the performance obligations in the contract are being ful\ufb01lled. Results by geographical location The Group\u2019s revenue derives wholly from assets located in the United Kingdom and the United States. Analysed by location the Group\u2019s revenues derive predominantly from United Kingdom, United States, Europe and the rest of the world: Revenue by client location 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 49,939 97,063 United States 61,591 20,816 Europe 28,063 21,632 Rest of world 396 3,286 Total revenue 139,989 142,797 In 2022 \ufb01ve clients each provided 10% or more of the Group\u2019s revenues in the platform segment. Geographic split of operating loss 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom (1,465) (20,768) United States (28,755) \u2013 Total operating loss (30,220) (20,768) Geographic split of non current assets 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 94,997 73,385 United States 149,679 \u2013 Total non current assets 244,676 73,385 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 5, Employees and directors
The monthly average number of persons (including Executive Directors) employed by the Group during the year was:
By activity
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Office and management 117 56
Research, development and bioprocessing 812 703
Total 929 759
Employee bene\ufb01t costs
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Wages and salaries 70,042 43,174
Social security costs 6,165 5,122
Other pension costs (note 32) 3,560 2,839
Share based payments (note 28) 6,471 3,523
Total employee bene\ufb01t costs 86,238 54,658
Key management compensation
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Wages and salaries 4,486 3,167
Social security costs 760 893
Other pension costs 293 250
Share based payments 2,620 2,075
Total 8,159 6,385
The key management \ufb01gures above include Executive and Non-Executive Directors and the other members of the SET. Further information
about the remuneration of individual Directors, including the highest paid Director, is provided in the audited part of the Directors\u2019
Remuneration Report on page 95 which forms part of these \ufb01nancial statements.
The Company had no employees during the year (2021: zero).
6, Finance income and costs
Group Company
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Finance income:
Bank interest receivable 973 \u2013 \u2013 \u2013
Total \ufb01nance income
973 \u2013 \u2013 \u2013
Finance costs:
Unwinding of discount in provisions (note 20)
(66) (27) (28) \u2013
Gain on foreign exchange (7,975) \u2013 (7,964) \u2013
Interest payable on loans (5,564) \u2013 (5,564) \u2013
Interest payable on \ufb01nance leases (3,124) (861) (477) \u2013
Total \ufb01nance costs (16,729) (888) (14,033) \u2013
Net \ufb01nance costs (15,756) (888) (14,033) \u2013
7, Expenses by nature
Group Company
Notes
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Employee bene\ufb01t costs 5 86,238 54,658 992 823
Depreciation of property, plant and equipment 12 20,271 12,435 323 \u2013
Amortisation 11 6,088 21 \u2013 \u2013
Raw materials and consumables used in bioprocessing 27,449 23,026 \u2013 \u2013 Operating lease payments 231 236 \u2013 \u2013 Net loss on foreign exchange (751) (115) \u2013 \u2013 Company employee bene\ufb01t costs include \u00a3992,000 (2021: \u00a3823,000) relating to non-executive costs paid by Oxford Biomedica UK Ltd and recharged to the Company. Depreciation is charged to cost of goods, research and development, and bioprocessing costs in the statement of comprehensive income. Amortisation is charged to research and development in the statement of comprehensive income. The operating lease payments relate to short term leases which have been accounted for under the IFRS 16 exemption. During the year the Group (including its subsidiaries) obtained services from the Group\u2019s auditors and their associates as detailed below: Services provided by the Group\u2019s auditors 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable for the audit of the parent company and consolidated \ufb01nancial statements 50 50 Fees payable for other services: The audit of the Company\u2019s subsidiaries 895 350 Additional fees relating to prior year audit 98 70 Review of interim results 35 35 Total 1,078 505 8, Taxation During 2020 the Group ceased being eligible to claim a research and development tax credits under the Government\u2019s small company scheme, and instead in 2021 and 2022 claimed under the Large Company scheme. Current tax 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Corporation tax (1,282) (1,427) (1,282) (1,427) Adjustments in respect of prior periods: United Kingdom corporation tax research and development credit 307 558 Current tax (975) (869) Deferred tax Relating to the origination of timing differences 1,792 \u2013 Deferred tax 1,792 \u2013 Taxation credit/(charge) 817 (869) U.K. income tax The amount of \u00a31,282,000 (2021:\u00a31,427,000) included as part of the taxation charge within the statement of comprehensive income for the year ended 31 December 2022 comprises the corporation tax payable on the amount claimed as a Large Company Tax credit (RDEC) within research and development expenses in the statement of comprehensive income. The adjustment of current tax in respect of the prior year of \u00a3307,000 relates to the corporation tax credit on a lower than anticipated RDEC tax receipt. In 2021 the adjustment in respect of prior years in the amount of \u00a3558,000 related to a SME tax credit received relating to prior years. The United Kingdom corporation tax research and development (RDEC) credit which is included in research and development expenses, is paid in arrears once tax returns have been \ufb01led and agreed. The tax credit recognised in the \ufb01nancial statements but not yet received is included in trade and other receivables in the Statement of \ufb01nancial position. During 2022 the Group recognised \u00a3125,000 (2021: \u00a3458,000) of current tax relating to tax relief obtained on exercise of share options directly within equity. The Company has no tax liability, nor is it entitled to tax credits (2021: \u00a3nil). At 31 December 2022, the Group had UK tax losses, with no expiry date, to be carried forward of approximately \u00a376.2 million (2021: \u00a378.3 million). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 U.S. income tax Deferred tax of \u00a31,764,000 (2021: Nil) relates to temporary differences relating to intangible assets. At 31 December 2022, the Group had US tax losses to be carried forward of approximately \u00a37.3 million (2021: \u00a3nil) that expire 20 years from it being incurred. Reconciliation of effective tax rate The tax credit for the year is lower (2021: lower) than the standard rate of corporation tax in the UK. The differences are explained below: Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Loss/(pro\ufb01t) on ordinary activities before tax (45,976) 19,880 (4,804) (2,366) Loss/(pro\ufb01t) on ordinary activities before tax multiplied by the standard rate of corporation tax in the UK of 19% (2021: 19%) 8,734 (3,777) 913 450 Effects of: Expenses not deductible for tax purposes (1,985) (649) (28) (101) Income not taxable 376 344 1,272 \u2013 Transfer pricing adjustments (1,005) \u2013 (1,005) \u2013 Current tax relief less than accounting charge on share options (517) (174) \u2013 \u2013 Effects of group relief/other reliefs \u2013 \u2013 (158) (349) Deferred tax not recognised \u2013 2,829 579 \u2013 Amounts not recognised (4,753) \u2013 (1,573) \u2013 Rolled over gains (3,074) \u2013 \u2013 \u2013 Effects of overseas tax rates 2,734 \u2013 \u2013 \u2013 Adjustments in respect of prior periods 307 558 \u2013 \u2013 Total tax (charge)/credit for the year 817 (869) \u2013 \u2013 9, Basic and diluted pro\ufb01t/(loss) per ordinary share The basic loss per share of 41.29p (2021: pro\ufb01t 22.77p) has been calculated by dividing the (loss)/pro\ufb01t for the period by the weighted average number of shares in issue during the year ended 31 December 2022 being, 94,829,892 (2021: 83,484,173). As the Group made a loss this year, there is therefore no difference between the basic loss per ordinary share and the diluted loss per ordinary share in the current period. The Group made a pro\ufb01t in the prior period and the diluted earnings per share in the year was 22.20p, which was calculated by dividing the earnings for the period by the weighted average number of shares in issue during the period after adjusting for the dilutive effect of the share options outstanding at 31 December 2021 (2,134,494). 10, Loss for the \ufb01nancial year As permitted by section 408 of the Companies Act 2006, the Company\u2019s statement of comprehensive income has not been included in these \ufb01nancial statements. The Company\u2019s loss for the year was \u00a34,804,000 (2021: \u00a32,366,000) . 11, Intangible assets Notes Goodwill \u00a3\u2019000 Developed technology \u00a3\u2019000 Patents \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 \u2013 \u2013 5,636 5,636 At 31 December 2021 \u2013 \u2013 5,636 5,636 At 1 January 2022 \u2013 \u2013 5,636 5,636 Acquisitions through business combinations 35 610 102,869 \u2013 103,479 Retirements \u2013 \u2013 (3,825) (3,825) Effects of movements in exchange rates 51 8,536 \u2013 8,587 At 31 December 2022 661 111,405 1,811 113,877 Accumulated amortisation and impairment At 1 January 2021 \u2013 \u2013 5,563 5,563 Charge for the year \u2013 \u2013 21 21 At 31 December 2021 \u2013 \u2013 5,584 5,584 At 1 January 2022 \u2013 \u2013 5,584 5,584 Charge for the year \u2013 6,072 16 6,088 Retirements \u2013 \u2013 (3,797) (3,797) Effects of movements in exchange rates \u2013 116 \u2013 116 At 31 December 2022 \u2013 6,188 1,803 7,991 Net book amount at 31 December 2022 661 105,217 8 105,886 Net book amount at 31 December 2021 \u2013 \u2013 52 52 Intangible assets comprise Goodwill, Developed Technology and Patents for intellectual property rights. The Group has not capitalised any internally generated intangible assets. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 12, Property, plant and equipment
Group
Freehold
property
\u00a3\u2019000
Leasehold
improvements\u00b9
\u00a3\u2019000
Office
equipment
and computers
\u00a3\u2019000
Bioprocessing
and Laboratory
equipment
\u00a3\u2019000
Right of use
asset
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 January 2022 25,409 28,145 10,663 29,505 18,411 112,133
Additions at cost 113 7,767 955 7,461 13,038 29,334
Reallocations 14 (417) (6) 409 \u2013 \u2013
Acquisitions through business
combinations \u2013 22,747 788 10,436 24,974 58,945
Disposals (15,688) (45) (127) \u2013 (15,860)
Change in estimate \u2013 \u2013 \u2013 \u2013 (1,349) (1,349)
Effects of movements
in exchange rates \u2013 1,986 65 912 2,072 5,035
At 31 December 2022 9,848 60,228 12,420 48,596 57,146 188,238
Accumulated depreciation
At 1 January 2022 12,652 6,226 6,863 12,519 4,145 42,405
Charge for the year 2,052 5,167 2,204 5,916 4,932 20,271
Effects of movements
in exchange rates \u2013 47 2 40 19 108
Disposals (8,210) \u2013 (27) (89) \u2013 (8,326)
At 31 December 2022 6,494 11,440 9,042 18,386 9,096 54,458
Net book amount
at 31 December 2022 3,354 48,788 3,378 30,210 48,050 133,780
Group
Freehold
property
\u00a3\u2019000
Leasehold
improvements
\u00a3\u2019000
Office
equipment
and computers
\u00a3\u2019000
Bioprocessing
and Laboratory
equipment
\u00a3\u2019000
Right of use
asset
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 January 2021 23,331 27,219 9,106 24,606 18,012 102,274
Additions at cost 2,078 939 1,557 4,886 21 9,481
Reclassi\ufb01cation \u2013 (13) \u2013 13 \u2013 \u2013
Disposals \u2013 \u2013 \u2013 \u2013 378 378
At 31 December 2021 25,409 28,145 10,663 29,505 18,411 112,133
Accumulated depreciation
At 1 January 2021 10,444 3,519 4,610 9,177 2,220 29,970
Charge for the year 2,208 2,707 2,253 3,342 1,925 12,435
Reclassi\ufb01cation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
At 31 December 2021 12,652 6,226 6,863 12,519 4,145 42,405
Net book amount at
31 December 2021 12,757 21,919 3,800 16,986 14,266 69,728
\u00b9 Included within Leasehold Improvements are Assets under Construction of \u00a35,541,000 (2021:\u00a3nil) representing ongoing construction works at Patriots Park, Boston,
which will start being depreciated once completed and in use.
Leasehold improvements are capital improvements to buildings which the Group leases. Bioprocessing and laboratory equipment is
equipment purchased for the Group\u2019s laboratory and bioprocessing processes, and are generally movable from one facility to another.
During the year a sale and leaseback transaction was completed on the Windrush facility and as a result assets with a net book value of \u00a37.5 million
have been disposed of in the period and a Right of use Asset of \u00a35.8 million recognised at Group. Refer to note 33 for details of the lease.
Company Right of use asset \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2022 \u2013 \u2013 Additions at cost 39,717 39,717 At 31 December 2022 39,717 39,717 Accumulated depreciation At 1 January 2022 \u2013 \u2013 Charge for the year 323 323 At 31 December 2022 323 323 Net book amount at 31 December 2022 39,394 39,394 The Windrush Court building was owned and then sold by Oxford Biomedica (UK) Ltd in October 2022, after which the building wasimmediately leased under a 15 year lease by Oxford Biomedica PLC on the same day. In the Company\u2019s individual accounts, the Companyhas accounted for the lease as a standalone lease with the resultant lease liability and matching right of use asset, whilst Oxford Biomedica(UK) Ltd has accounted for the transaction as a standalone sale of an asset. However, from a Group perspective the transaction has beenaccounted for as a sale and leaseback transaction as both companies form part of the same group and both the sale and leaseback wasnegotiated and entered into at the same time. The Company had no property, plant and equipment at 31 December 2021.13, Assets at fair value through pro\ufb01t and loss Assets at fair value through pro\ufb01t and loss (FVTPL): Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January 74 239 Additions \u2013 \u2013 Sale of shares \u2013 \u2013 Change in fair value of FVTPL asset (51) (165) At 31 December 23 74 14, Investments and loans in subsidiaries 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Shares in group undertakings At 1 January and 31 December 15,182 15,182 Loans to group undertakings At 1 January 273,253 262,002 Loan advanced in the year 153,602 11,251 At 31 December 426,855 273,253 Total investments in shares and loans to group undertakings 442,037 288,435 Accumulated impairment At 1 January and 31 December 126,065 126,065 Net book amount at 31 December 315,972 162,370 Capital contribution in respect of employee share schemes At 1 January 18,793 15,269 Additions in the year (note 27 and 28) 6,471 3,523 At 31 December 25,264 18,792 Total investments 341,237 18,792 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 The Company recognised a loss allowance for expected credit losses on \ufb01nancial assets. The expected credit losses are estimated by
reference to an analysis of the subsidiary\u2019s current \ufb01nancial position and future repayment expectations. The loss allowance recognised on
loans in subsidiaries at the end of the year was \u00a393.1 million (2021: \u00a393.1 million). In addition to the loss allowance recognised on loans in
subsidiaries, an impairment loss is recognised under IAS 36 for shares in Group undertakings and for capital contribution in respect
of employee share schemes of \u00a332.9 million (2021: \u00a332.9 million).
The loan from Oxford Biomedica plc to Oxford Biomedica (UK) Limited is unsecured and interest free. The loan is legally due for
repayment on demand though the expectation is that it will not be repaid within 12 months of the year end.
Net investment in foreign operations:
The company has designated a US$180 million intercompany loan to Oxford Biomedica (US) Inc as a monetary item that forms part of
the Group\u2019s net investment in Oxford Biomedica Solutions with the foreign exchange differences recognised as a separate component
in Other Comprehensive income until such time as the investment in Oxford Biomedica Solutions is disposed of. A translation gain of
\u00a310.6 million was recognised in 2022 (2021: Nil).
Interests in subsidiary undertakings
Country of
incorporation
Description
of shares held
Proportion of nominal
value of issued shares
held by the Group
and Company Nature of business
Oxford Biomedica (UK) Limited Great Britain 1p ordinary shares 100%
Gene therapy research development
and manufacturing
Oxford Biomedica (Ireland) Limited Ireland 1p ordinary shares 100% Product release
Oxxon Therapeutics Limited Great Britain 1p ordinary shares 100% Dormant
Oxford Biomedica Solutions LLC United States N/A 80%
Gene therapy research, development
and manufacturing
Oxford Biomedica (US) Inc. United States 1c ordinary shares 100% Business Development
Invivusbio Limited Great Britain 1p ordinary shares 100% Dormant
The registered office of the Company, its UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford,
OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office
of Oxford Biomedica Solutions LLC is 1 Patriots Park, Bedford, MA 01730, USA.
In addition, the Group set up the Oxford Biomedica Employee Bene\ufb01t Trust (EBT) to hold market-purchased shares to settle the 2013
deferred bonus share awards made to Executive Directors and employees (note 27).
All of the above subsidiaries have been consolidated in these \ufb01nancial statements.
At each year end the Directors review the carrying value of the Company\u2019s investment in subsidiaries. Where there is a material and
sustained shortfall in the market capitalisation, or a signi\ufb01cant and sustained change in the business resulting in a decrease in market
capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value of the
Company\u2019s investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the Group is an
appropriate external measure of the value of the Group for this purpose. Cumulative impairment of \u00a3126.0 million has been recognised
up to 31 December 2022.
15, Inventories
Group
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Raw Materials 12,625 9,521
Total inventory 12,625 9,521
Inventories constitute raw materials held for commercial bioprocessing purposes, all of which the Group expects to recover within the
next 12 months.
During the year, the Group wrote down \u00a31,117,000 (2021: \u00a3766,000) of inventory which is not expected to be used in production or
sold onwards. During the year, the Group wrote off \u00a311,717,000 of inventory as a result of cancelled orders from a client, which was
recognised as part of cost of sales in the year. The Company holds no inventories.
16, Trade and other receivables Group Company Current 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade receivables 34,109 22,398 \u2013 \u2013 Contract assets 10,897 13,547 \u2013 \u2013 Other receivables 4,832 365 \u2013 \u2013 Other tax receivable 7,757 5,227 \u2013 \u2013 Prepayments 3,976 3,210 \u2013 \u2013 Total trade and other receivables 61,571 44,747 \u2013 \u2013 Non-current trade and other receivables constitute other receivables of \u00a35,010,000 (2021: \u00a33,605,000) which are deposits held in escrow as part of the Windrush Innovation Centre and Oxbox lease arrangements. The fair value of trade and other receivables are the current book values. The Group has performed an impairment assessment under IFRS 9 and has concluded that the application of the expected credit loss model has had an immaterial impact on the level of impairment of receivables. The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sterling 50,395 44,527 US Dollar 16,186 3,825 66,581 48,352 The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. Trade receivables Included in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u00a31,336,000 (2021: \u00a33,800,000) which were past due at the reporting date and of which \u00a31,333,000 (2021: \u00a33,800,000) has been received after the reporting date. Ageing of past due but not impaired trade receivables: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 0\u201330 days 171 3,266 30\u201360 days 3 389 60+ days 1,162 145 1,336 3,800 Contract assets Contract assets relates to the Group\u2019s rights to consideration for work completed but not invoiced at the reporting date for commercial development work and bioprocessing batches. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the client. The balance of \u00a310.9 million (2021: \u00a313.5 million) mainly relates to commercial development milestones which have been accrued as the speci\ufb01c conditions stipulated in the licence agreement have been met, commercial development work orders accrued on a percentage complete basis which will be invoiced as the related work package completes, and bioprocessing batches accrued on a percentage of completion basis which will be invoiced as the manufacturing of the batch is completed. Contract assets have decreased from \u00a313.5 million at the end of 2021 to \u00a310.9 million at the end of 2022 due to the timing of bioprocessing and commercial development activities undertaken during the year leading to a lower level of consideration for work completed but not yet billed. A portion of contract assets relates to \ufb01xed price process development work packages which are recognised on a percentage of completion basis and as such requires estimation in terms of the assessment of the correct percentage of completion for that speci\ufb01c work package. The value of the contract asset raised with regard to these work packages is \u00a38,179,000 (2021: \u00a38,022,000). If the assessed percentage of completion was 1 percentage point higher or lower, revenue recognised in the period would have been \u00a382,000 higher or lower (2021: \u00a380,000). The Group performed an impairment assessment under IFRS 9 and has concluded that the application of the expected credit loss model has had an immaterial impact on the level of impairment on contract assets. We have noted there has been no change in the time frame for a right to consideration to become unconditional and the performance obligation to be satis\ufb01ed. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 17, Cash and cash equivalents
Group Company
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Cash at bank and in hand 141,285 108,944 19,197 61,630
18, Trade and other payables
Group Company
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Trade payables 13,604 5,260 \u2013 \u2013
Other taxation and social security 2,347 1,899 \u2013 \u2013
Accruals 20,628 11,899 143 152
Total trade and other payables 36,579 19,058 143 152
19, Contract liabilities and deferred income
Contract liabilities and deferred income arise when the Group has received payment for services in excess of the stage of completion
of the services being provided.
Contract liabilities and deferred income have increased from \u00a315.2 million at the end of 2021 to \u00a320.4 million at the end of 2022 due
to funds received in advance for future licencing, bioprocessing and process development activities. Of the \u00a312.6 million balance included
in the statement of \ufb01nancial position at the end of 2021, \u00a312.5 million has been recognised as revenue during the 2022 \ufb01nancial year.
Contract liabilities consists primarily of deferred bioprocessing and process development revenues, which are expected to be released
as the related performance obligations are satis\ufb01ed over the period as described below:
At 31 December 2022
0\u20131
\u00a3\u2019000
1\u20133
\u00a3\u2019000
3\u20135
\u00a3\u2019000
5\u201310
\u00a3\u2019000
Total
\u00a3\u2019000
Contract liabilities 18,370 32 32 12 18,446
Bioprocessing income 10,218 \u2013 \u2013 \u2013 10,218
Process development income 3,136 \u2013 \u2013 \u2013 3,136
Licence fees and Milestones 5,016 32 32 12 5,092
Deferred Income 894 1,069 \u2013 \u2013 1,963
Grant 894 1,069 \u2013 \u2013 1,963
At 31 December 2021
0\u20131
\u00a3\u2019000
1\u20133
\u00a3\u2019000
3\u20135
\u00a3\u2019000
5\u201310
\u00a3\u2019000
Total
\u00a3\u2019000
Contract liabilities 12,502 48 44 \u2013 12,594
Bioprocessing income 9,755 \u2013 \u2013 \u2013 9,755
Process development income 2,325 \u2013 \u2013 \u2013 2,325
Licence fees and Milestones 422 48 44 \u2013 514
Deferred Income 894 1,760 \u2013 \u2013 2,654
Grant 894 1,760 \u2013 \u2013 2,654
Included within bioprocessing contract liabilities is revenue of \u00a32,592,000 million which has not been recognised during 2022 (2021:
\u00a30.8 million) relating to the estimate of out of speci\ufb01cation batches (see note 2: \u2019Estimations\u2019 for additional information).
Deferred income relates to grant funding received from the UK Government for capital equipment purchased as part of the Oxbox
bioprocessing facility expansion. The income will be recognised over the period over which the purchased assets are depreciated.
The Company had primarily no contract liabilities or deferred income in 2022 or 2021.
20, Provisions Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January 6,244 5,839 \u2013 \u2013 Unwinding of discount 66 27 28 \u2013 Additional provision recognised 3,463 \u2013 3,207 \u2013 Change in estimate (1,349) 378 (477) \u2013 At 31 December 8,424 6,244 2,758 \u2013 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current \u2013 \u2013 \u2013 \u2013 Non-current 8,424 6,244 2,758 \u2013 Total provisions 8,424 6,244 2,758 \u2013 Provisions are exclusively in respect of dilapidations. The new provisions during the year relate to new lease liabilities at theWallingford Warehouse, and as a result of the sale and leaseback by the Company of the Windrush Court facility the provisions are based on the anticipated costs of restoring the leaseholds at the end of the lease terms, both of which are 2037. The existing dilapidations provisions relate to anticipated costs of restoring the leasehold Yarnton, Oxbox, Windrush Innovation Centre and Corporate Office properties in Oxford, UK to their original condition at the end of the lease terms in 2024, 2033, 2028 and 2030 respectively. The future anticipated costs of restoring the properties is calculated by in\ufb02ating the current expected restoration costs using the 3 year historic UK Consumer Price In\ufb02ation rate, up to the end of the lease term. The discount rate utilised for the purpose of determining the present value of the provision is 5.41% based on the risk free rate adjusted for in\ufb02ation. The present value of the future anticipated costs of restoration is calculated by discounting the future expected value using the nominal rate. The unwinding of this discount over time is included within \ufb01nance costs. 21, Loans On 10 March 2022, the Group drew down an US$85 million loan facility with Oaktree to \ufb01nance the acquisition of Oxford Biomedica Solutions under a 1 year facility agreement maturing in 2023. Over the course of the term loan interest was payable quarterly with a nominal interest rate on the loan of 8.5%. On 7 October 2022, the loan facility was re\ufb01nanced with Oaktree. Under the terms of such re\ufb01nancing, the Company has partially repaid the outstanding amounts under the Short-Term Loan Facility and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of US$50 million. The Term Loan will mature four years after the date of completion and will not amortise, with the full aggregate principal and outstanding amount being repayable on the \ufb01nal maturity date. The Term Loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the \ufb01rst twelve months payable in kind as additional loan principal, at the option of the Company. The interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions. The Company also has secured the option, subject to the same commercial conditions as the amended facility and available for a three- year period, to draw down a further US$25 million from Oaktree to fund certain permitted acquisitions. If the option were to be exercised, it would be assessed against meeting the substantial modi\ufb01cation requirements under IFRS 9. The terms include \ufb01nancial covenants including holding a minimum of US$20 million cash at all times, restrictions on the level of indebtedness the Group may enter into or distributions made by the Group. The Oaktree facility was secured by a pledge over substantially all of the Group\u2019s assets. Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January \u2013 \u2013 \u2013 \u2013 New Loan 64,866 \u2013 64,866 \u2013 Interest accrued 5,564 \u2013 5,564 \u2013 Interest paid (4,554) \u2013 (4,554) \u2013 Foreign exchange movement 7,964 \u2013 7,964 \u2013 Amortised fees 588 \u2013 588 \u2013 Loan repayment (31,424) \u2013 (31,424) \u2013 Arrangement fees (3,224) \u2013 (3,224) \u2013 At 31 December 39,780 \u2013 39,780 \u2013 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 22, Put option liability
2022
\u00a3\u2019000
2021
\u00a3\u2019000
At 1 January \u2013 \u2013
Recognised at fair value 38,996 \u2013
Revaluation (814) \u2013
At 31 December 38,182 \u2013
On 10th March 2022, the Group recognised a put option liability to acquire the remaining 20% of Oxford Biomedica Solutions that it
doesn\u2019t already own from Homology Medicines. The fair value of the option at the date of acquisition was assessed to be \u00a339.0 million.
At 31st December 2022 the fair value of the Put option liability was \u00a338.2 million (Dec 2021: \u00a3nil). The lower liability valuation was due
to increases in borrowing rates over the period leading to a higher discount rate applied and a resultant lower put option liability.
23, Financial instruments
The Group and Company\u2019s \ufb01nancial instruments comprise cash and cash equivalents, trade and other receivables, assets at fair value
through pro\ufb01t and loss, and trade and other payables. Additional disclosures are set out in the Corporate Governance Report and in
note 3 relating to risk management.
The Group had the following \ufb01nancial instruments at 31 December each year:
Financial assets\u2009/\u2009\ufb01nancial liabilities
at fair value through pro\ufb01t and loss
Cash and receivables
Amortised costs, loans
and other liabilities
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Cash and cash equivalents
(note 17) \u2013 \u2013 141,285 108,944 \u2013 \u2013
Trade receivables and
other receivables (note 16) \u2013 \u2013 62,605 45,142 \u2013 \u2013
Assets at fair value through pro\ufb01t
and loss (note 13) 23 74 \u2013 \u2013 \u2013 \u2013
Trade and other payables
excluding tax (note 18) \u2013 \u2013 \u2013 \u2013 34,232 17,160
Loan (note 21) \u2013 \u2013 \u2013 \u2013 39,780 \u2013
Put option liability (note 22)\u2009\u00b9 \u2013 \u2013 \u2013 \u2013 38,182 \u2013
23 74 203,890 154,086 112,194 17,160
1 Although the put option is included within the amortised cost table, it is not measured at amortised cost but at the fair value of the expected consideration payable.
The Company had the following \ufb01nancial instruments at 31 December each year:
Cash and receivables
Amortised costs, loans
and other liabilities
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Cash and cash equivalents (note 17) 19,197 61,630 \u2013 \u2013
Trade and other payables excluding tax (note 18) \u2013 \u2013 143 152
Loan (note 21) \u2013 \u2013 39,780 \u2013
19,197 61,630 39,923 152
Floating rate instant access deposits earned interest at prevailing bank rates.
2022
Weighted average
rate
2021
Weighted average
rate
Sterling 1.67% 0.02%
US Dollar 1.26% 0.00%
Assessment of \ufb01nancial assets by credit risk rating: Cash and cash equivalents are held with reputable banks with a low assessed risk of default. All trade receivables are assessed as having a low credit risk rating as the debt is owed by blue chip pharmaceutical groups in the top 10 in the world by market capitalisation, and by biotechnology companies with sufficient cash reserves to satisfy their obligations. There has been no change in the determined risk during 2022, therefore no reconciliation between the 2021 and 2022 closing debtor balance assessed by risk of default has been provided. The opening and closing position was low (2021: low). Other receivables are rent deposits held in separately administered bank accounts with covenants limiting their use and are as such assessed as having a low risk of default. The Group considers a \ufb01nancial asset to be in default when: \u2014 The debtor is unlikely to pay its credit obligation to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2014 the \ufb01nancial asset is more than 90 days past its contracted due date. Fair value The Directors consider that the fair values of the Group\u2019s \ufb01nancial instruments do not differ signi\ufb01cantly from their book values. The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sterling 117,247 96,477 Euro 623 524 US Dollar 23,415 11,943 141,285 108,944 Financial assets classi\ufb01ed as level 1 in hierarchy The investment asset represented by ordinary shares in Orchard Therapeutics is classi\ufb01ed as at fair value through pro\ufb01t and loss. Please refer to note 13 for further information. Financial liabilities classi\ufb01ed as level 3 in hierarchy The Put option liability is classi\ufb01ed as at fair value as a liability. Please refer to note 22 for further information. Measurement of fair values Valuation techniques and signi\ufb01cant unobservable inputs: The following table shows the valuation techniques used in measuring level 3 fair values, as well as the signi\ufb01cant unobservable inputs used: Type Valuation technique Signi\ufb01cant unobservable inputs Interrelationship between unobservable inputs and fair value measurement: Put option liability Monte Carlo simulation Revenues of Oxford Biomedica Solutions \u2014 The revenues of Oxford Biomedica Solutions are based on the management approved forecast up until the end of the option period. Should the forecast change or the actual results vary this may impact the value of the put option liability. Discount rate \u2014 The discount rate may be impacted by economic and market factors, as well as changes to the risk free rate of return which impacts debt borrowing rates. Should the discount rate calculated by management be adjusted, this may impact the value of the put option. Management has calculated the discount rate based on the risk free rate, the expected return from similar companies and the Group\u2019s cost of debt. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 Sensitivity analysis
For the fair values of the put option liability, reasonably possible changes at the reporting date to one of the signi\ufb01cant unobservable inputs,
holding other inputs constant, would have the following effects:
Fair value
Put option liability
31 December 2022
Increase Decrease
Effect in thousands of pounds:
Revenues of Oxford Biomedica Solutions:
10% higher or lower
2.1 (2.4)
Discount rate 2% lower or higher 1.4 (1.4 )
Reconciliation of movements of liabilities to cash \ufb02ows arising from \ufb01nancing activities
Liabilities Equity Total
Group
Lease
liabilities
\u00a3\u2019000
Loan
\u00a3\u2019000
Share
capital
\u00a3\u2019000
Share
Premium
\u00a3\u2019000
Total
\u00a3\u2019000
Balance at 1 January 2021 13,845 \u2013 41,161 258,017 313,023
Changes from \ufb01nancing cash \ufb02ows
Share options \u2013 Proceeds from shares issued \u2013 \u2013 236 1,439 1,675
Issue of shares excluding options \u2013 \u2013 1,691 48,309 50,000
Payments for the principal portion of lease liabilities (4,520) \u2013 \u2013 \u2013 (4,520)
Payments for the interest portion of lease liabilities (873) \u2013 \u2013 \u2013 (873)
Total changes from \ufb01nancing cash \ufb02ows (5,393) \u2013 1,927 49,748 46,282
Other changes:
Additions 16 \u2013 \u2013 \u2013 16
Interest 873 \u2013 \u2013 \u2013 873
Balance at 31 December 2021 9,341 \u2013 43,088 307,765 360,194
Changes from \ufb01nancing cash \ufb02ows
Share options \u2013 Proceeds from shares issued \u2013 \u2013 106 78 184
Issue of shares excluding options \u2013 \u2013 4,938 75,062 80,000
Cost of share issues \u2013 \u2013 \u2013 (2,952) (2,952)
Loans received \u2013 64,866 \u2013 \u2013 64,866
Loans repaid \u2013 (31,424) \u2013 \u2013 (31,424)
Arrangement fees \u2013 (3,224) \u2013 \u2013 (3,224)
Interest paid \u2013 (4,554) \u2013 \u2013 (4,554)
Payments for the principal portion of lease liabilities (1,120) \u2013 \u2013 \u2013 (1,120)
Payments for the interest portion of lease liabilities (3,124) \u2013 \u2013 \u2013 (3,124)
Total changes from \ufb01nancing cash \ufb02ows (4,244) 25,664 5,044 72,188 98,652
Other changes:
Acquisitions 24,974 \u2013 \u2013 \u2013 24,974
Additions 39,193 \u2013 \u2013 \u2013 39,193
Interest 3,124 5,564 \u2013 \u2013 8,688
Fee amortisation \u2013 588 \u2013 \u2013 588
Foreign exchange 2,113 7,964 \u2013 \u2013 10,077
Closing balance at 31 December 2022 74,501 39,780 48,132 379,953 542,366
Liabilities Equity Total
Company
Lease
liabilities
\u00a3\u2019000
Loan
\u00a3\u2019000
Share
capital
\u00a3\u2019000
Share
Premium
\u00a3\u2019000
Total
\u00a3\u2019000
Balance at 1 January 2021 \u2013 \u2013 41,161 258,017 299,178
Changes from \ufb01nancing cash \ufb02ows
Share options \u2013 Proceeds from shares issued \u2013 \u2013 236 1,439 1,675
Issue of shares excluding options \u2013 \u2013 1,691 48,309 50,000
Total changes from \ufb01nancing cash \ufb02ows \u2013 \u2013 1,927 49,748 51,675
Balance at 31 December 2021 \u2013 \u2013 43,088 307,765 350,853
Changes from \ufb01nancing cash \ufb02ows
Share options \u2013 Proceeds from shares issued \u2013 \u2013 106 78 184
Issue of shares excluding options \u2013 \u2013 4,938 75,062 80,000
Cost of share issues \u2013 \u2013 \u2013 (2,952) (2,952)
Loans received \u2013 64,866 \u2013 \u2013 64,866
Loans repaid \u2013 (31,424) \u2013 \u2013 (31,424)
Interest paid \u2013 (4,554) \u2013 \u2013 (4,554)
Arrangement fees \u2013 (3,224) \u2013 \u2013 (3,224)
Payments for the principal portion of lease liabilities 55 \u2013 \u2013 \u2013 55
Payments for the interest portion of lease liabilities (477) \u2013 \u2013 \u2013 (477)
Total changes from \ufb01nancing cash \ufb02ows (422) 25,664 5,044 72,188 102,474
Other changes:
Additions 35,567 \u2013 \u2013 \u2013 35,567
Interest 477 5,564 \u2013 \u2013 6,041
Fee amortisation \u2013 588 \u2013 \u2013 588
Foreign exchange \u2013 7,964 \u2013 \u2013 7,964
Closing balance at 31 December 2022 35,622 39,780 48,132 379,953 503,487
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
for the year ended 31 December 2022
Exposure to Liquidity Risk
Contractual Cash \ufb02ows
Group
At 31 December 2022
Carrying
Amount
\u00a3\u2019000
Total
\u00a3\u2019000
2 months
or less
\u00a3\u2019000
2\u201312
months
\u00a3\u2019000
1\u20132 years
\u00a3\u2019000
2\u20135 years
\u00a3\u2019000
>5 years
\u00a3\u2019000
Lease Liabilities 74,501 119,496 \u2013 9,179 18,681 24,353 67,283
Loans 39,780 59,082 \u2013 4,294 4,306 50,482 \u2013
Contractual Cash \ufb02ows
Group
At 31 December 2021
Carrying
Amount
\u00a3\u2019000
Total
\u00a3\u2019000
2 months
or less
\u00a3\u2019000
2\u201312
months
\u00a3\u2019000
1\u20132 years
\u00a3\u2019000
2\u20135 years
\u00a3\u2019000
>5 years
\u00a3\u2019000
Lease Liabilities 9,341 13,456 \u2013 1,590 3,033 2,850 5,983
Loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Contractual Cash \ufb02ows
Company
At 31 December 2022
Carrying
Amount
\u00a3\u2019000
Total
\u00a3\u2019000
2 months
or less
\u00a3\u2019000
2\u201312
months
\u00a3\u2019000
1\u20132 years
\u00a3\u2019000
2\u20135 years
\u00a3\u2019000
>5 years
\u00a3\u2019000
Lease Liabilities 35,622 63,226 \u2013 3,500 7,000 6,300 46,426
Loans 39,780 59,082 \u2013 4,294 4,306 50,482 \u2013
Contractual Cash \ufb02ows
Company
At 31 December 2021
Carrying
Amount
\u00a3\u2019000
Total
\u00a3\u2019000
2 months
or less
\u00a3\u2019000
2\u201312
months
\u00a3\u2019000
1\u20132 years
\u00a3\u2019000
2\u20135 years
\u00a3\u2019000
>5 years
\u00a3\u2019000
Lease Liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
24, Deferred taxation
U.K. deferred tax
The Group has recognised UK deferred tax assets and liabilities at 31 December 2022 and 31 December 2021. In light of the Group\u2019s
history of losses, recovery of the whole deferred tax asset is not sufficiently certain, and therefore a deferred tax asset has been
recognised only to the extent that there is a deferred tax liability.
Finance Act 2020 enacted provisions to increase the UK Corporation tax rate to 19% from 1 April 2021. Finance Act 2021 which was
Substantively Enacted on 24 May 2022 included provisions to increase the rate further to 25% effective from 1 April 2023 and this rate has
been applied when calculating the UK deferred tax at the year end.
U.S. deferred tax
The Group have recognised US deferred tax assets and liabilities at 31 December 2022 (31 December 2021: Nil).
The remaining deferred tax assets have not been recognised as there is uncertainty regarding when suitable future pro\ufb01ts against which
to offset the tax losses will arise.
U.S. deferred tax assets and liabilities are calculated at a blended rate of approximately 28%.
Group \u2013 recognised Deferred tax (assets)/liabilities \u2013 recognised Trading temporary differences \u00a3\u2019000 Fixed assets \u00a3\u2019000 Tax losses \u00a3\u2019000 Intangible assets \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 \u2013 3,051 (3,051) \u2013 \u2013 Arising on acquisition \u2013 \u2013 \u2013 7,397 7,397 Foreign exchange \u2013 \u2013 \u2013 508 508 Income statement credit (1,256) 306 (439) (403) (1,792) At 31 December 2022 (1,256) 3,357 (3,490) 7,502 6,113 At 1 January 2021 \u2013 \u2013 \u2013 \u2013 \u2013 Origination and reversal of temporary differences \u2013 3,051 (3,051) \u2013 \u2013 At 31 December 2021 \u2013 3,051 (3,051) \u2013 \u2013 Group \u2013 not recognised Deferred tax (assets)/liabilities \u2013 not recognised Intangibles \u00a3\u2019000 Loan relationships \u00a3\u2019000 Provisions \u00a3\u2019000 Tax losses \u00a3\u2019000 Share options \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 \u2013 (1,668) (298) (21,760) (6,176) (29,902) Origination and reversal of temporary differences (4,819) 1,668 50 3,511 3,871 4,281 At 31 December 2022 (4,819) \u2013 (248) (18,249) (2,305) (25,621) At 1 January 2021 \u2013 (1,267) (206) (17,443) (3,239) (22,155) Origination and reversal of temporary differences \u2013 (401) (92) (4,317) (2,937) (7,747) At 31 December 2021 \u2013 (1,668) (298) (21,760) (6,176) (29,902) Oxford Biomedica PLC has unrecognised deferred tax assets of \u00a335,000 relating to non temporary trading differences. 25, Ordinary shares Group and Company Issued and fully paid 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Ordinary shares of 50p each At 1 January \u2013 86,175,055 (2021: 82,320,585) shares 43,088 41,161 Allotted for cash in placing and subscription \u2013 9,876,544 (2021: 3,382,950) shares 4,938 1,691 Allotted on exercise of share options \u2013 212,646 (2021: 471,520) 106 236 At 31 December \u2013 96,263,165 (2021: 86,175,055) shares 48,132 43,088 The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of \u00a30.50 per share. There are no restrictions on the ability of shareholders to receive dividends, nor on the repayment of capital. All ordinary shares are equally eligible to receive dividends and the repayment of capital in accordance with the Company\u2019s Articles of Association and represent one vote at shareholders\u2019 meetings of the Company. As part of the \ufb01nancing arrangements for the Oxford Biomedica Solutions acquisition, the Group raised gross proceeds of \u00a380 million through a placing of 9,876,544 shares at \u00a38.10 per share. The placing was done in 2 tranches with 5,018,134 shares placed on 28 January 2022, and a further 4,858,410 shares were placed on 10 March 2022. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 26, Share premium account
Group and Company
2022
\u00a3\u2019000
2021
\u00a3\u2019000
At 1 January 307,765 258,017
Premium on shares issued for cash in placing and subscription 75,062 48,309
Premium on exercise of share options 78 1,439
Costs associated with the issue of shares (2,952) \u2013
At 31 December 379,953 307,765
27, Options over shares of Oxford Biomedica plc
The Company has outstanding share options that were issued under the following schemes:
\u2014 The 2007 Share Option Scheme (approved February 2007)
\u2014 The 2015 Executive Share Option Scheme (approved May 2015)
\u2014 The 2007 Long Term Incentive Plan (LTIP) (approved February 2007)
\u2014 The 2015 Long Term Incentive Plan (LTIP) (approved May 2015)
\u2014 The 2013 Deferred Bonus Plan (approved February 2014)
\u2014 The 2015 Deferred Bonus Plan (approved May 2015)
\u2014 The 2015 Sharesave scheme (approved May 2015)
Share options are granted to Executive Directors and selected senior managers under the Company\u2019s Long Term Incentive Plans (LTIP),
and Deferred Bonus Plans, and to other employees under the Share Option Schemes and Sharesave scheme. All option grants are at the
discretion of the Remuneration Committee. All options granted are equity settled share options, but deferred share awards may be settled
in cash at the option of the Remuneration committee.
Options and RSUs granted under the 2007 and 2015 LTIP to Directors and other senior managers are subject to both revenue and market
condition performance criteria and will vest only if, at the third anniversary of the grant, the performance criteria have been met. Failure to
meet the minimum performance criteria by the third anniversary results in all the granted options lapsing.
The performance criteria are described in the Directors\u2019 Remuneration Report. LTIP awards made to date are exercisable at either par or at
nil cost on the third anniversary of the date of grant, and lapse 10 years after being granted. For Directors, options granted between 2019
and 2021 also have a 2 year holding period post vesting.
Restricted stock units (RSUs) granted to employees under the 2015 LTIP are issued at nil cost. They are not subject to market condition
performance criteria and the lives of the RSUs are ten years, after which the RSUs expire. RSUs granted under the 2015 Scheme cannot
normally be exercised before the third anniversary of the date of grant. RSUs are valued based on the market price at the date of grant.
Options granted under the 2007 Share Option Scheme have \ufb01xed exercise prices based on the market price at the date of grant. They
are not subject to market condition performance criteria and the lives of the options are ten years, after which the options expire. Options
granted prior to 2012 cannot normally be exercised before the third anniversary of the date of grant. Options granted under the 2007
Scheme during 2012 to 2014, with one exception, vest in tranches of 25% from the \ufb01rst to fourth anniversaries of the grant dates.
Options granted under the 2015 Executive Share Option Scheme have \ufb01xed exercise prices based on the market price at the date of
grant. They are not subject to market condition performance criteria and the lives of the options are ten years, after which the options
expire. Options granted under the 2015 Scheme cannot normally be exercised before the third anniversary of the date of grant.
Options granted under the 2015 Sharesave Scheme have \ufb01xed exercise prices based on the market price at the date of grant. They are not
subject to market condition performance criteria and the lives of the options are four years, after which the options expire and the cash
saved is returned. Options cannot be exercised before the third anniversary of the date of grant.
Share options outstanding at 31 December 2022 have the following expiry date and exercise prices: Options granted to employees under the Oxford Biomedica 2007 and 2015 Share Option Schemes 2022 Number of shares 2021 Number of shares Exercise price per share Date from which exercisable Expiry date \u2013 5,560 115p to 155p Vested 08/05/22 to 21/12/22 12,860 15,155 80p to 140p Vested 22/05/23 to 19/11/23 16,518 16,518 100p to 200p Vested 03/06/24 to 17/10/24 38,170\u2009\u00b9 39,873\u00b9 490p Vested 13/03/25 to 10/06/25 52,689\u2009\u00b9 55,309\u00b9 275p Vested 16/05/26 to 13/10/26 95,927\u2009\u00b9 106,026\u00b9 495p Vested 13/07/2017 to 13/07/27 120,903\u2009\u00b9 141,060\u00b9 502p to 904p Vested 15/02/2028 to 07 08 2028 326,889\u2009\u00b9 379,808\u00b9 618p to 705p Vested 04/01/2029 to 12/09/2029 458,426\u2009\u00b9 520,824\u2009\u00b9 760p to 817p 26/06/2023 to 05/10/2023 26/06/2030 to 05/10/2030 1,122,382 1,281,133 \u00b9 Options granted under the 2015 Executive share option scheme. Options granted to employees under the Oxford Biomedica 2015 Sharesave scheme 2022 Number of shares 2021 Number of shares Exercise price per share Date from which exercisable Expiry date \u2013 29,682 725p 10/10/21 10/04/22 187,396 237,069 422p 09/10/22 09/04/23 98,670 154,756 672p 31/10/23 30/04/24 71,109 143,345 1,226p 31/10/24 30/04/25 623,097 \u2013 294p 19/10/25 19/04/26 980,272 564,852 Options granted under the Oxford Biomedica 2007 and 2015 Long Term Incentive Plans 2022 Number of shares 2021 Number of shares Exercise price per share Date from which exercisable Expiry date 55,774 55,774 50p Vested 12/06/2023 29,524 29,524 50p Vested 20/06/2024 to 17/10/2024 43,824 43,824 0p Vested 10/01/2025 82,185 82,185 0p Vested 16/05/2026 123,754\u2009\u00b2 143,294\u2009\u00b2 0p Vested 17/07/2027 to 25/09/2027 39,652\u2009\u00b2 62,913\u2009\u00b9 , \u00b2 0p Vested 15/02/2028 to 07/08/2028 109,658\u2009\u00b9 , \u00b2 282,093\u00b9 , \u00b2 0p Vested 18/04/2029 to 12/09/2029 260,577\u2009\u00b9 , \u00b2 260,577\u00b9 , \u00b2 0p 26/06/2023 26/06/2030 263,297\u2009\u00b9 , \u00b2 263,297\u00b9 , \u00b2 0p 08/06/2024 08/06/2031 205,562\u2009\u00b3 234,883\u00b9 , \u00b2 0p 08/06/2024 08/06/2031 460,986\u2009\u00b9 , \u00b2 \u2013 0p 29/04/2025 29/04/2032 1,403,889\u2009\u00b3 \u2013 0p 10/09/2022 to 20/12/2026 18/03/2032 to 20/12/2032 3,078,692 1,590,364 5,181,346 3,436,268 \u00b9 These LTIP awards will vest provided that performance conditions speci\ufb01ed in the Directors\u2019 Remuneration Report are met. \u00b2 Options granted under the 2015 LTIP. \u00b3 Restricted Share Options (RSUs) granted under the 2015 LTIP issued to employees vesting over 3 years . NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 Deferred Share Awards
The Executive Directors and certain other senior managers have been awarded deferred bonuses in the form of share options. These
options are exercisable at nil p on either the \ufb01rst three anniversaries of the grant or the third anniversary of the grant dependent on the
option conditions. Options with a value of \u00a31,029,000 vested during 2022 (2021: \u00a31,037,000).
The options granted under the 2013 Deferred Bonus Plan will be satis\ufb01ed by market-purchased shares held by the Oxford Biomedica
Employee Bene\ufb01t Trust (EBT). As at 31 December 2022, all shares held by the EBT had vested. The EBT is consolidated at year end with
the shares held in trust until the exercise of the option. During the year 77,376 shares (2021: nil) from the EBT were exercised. Deferred
bonus share awards are valued at the market price on the date of grant.
The options granted under the 2015 Deferred Bonus Plan will be satis\ufb01ed by new issue shares at the time of exercise.
Options granted to employees under the Oxford Biomedica 2013 and 2015 Deferred Bonus Plan
2022
Number of shares
2021
Number of shares
Exercise price
per share
Date from
which exercisable Expiry date
68,725 68,725 0p Exercisable 15/06/24 and 14/10/24
27,402 27,402 0p Exercisable 04/05/25
32,010 32,010 0p Exercisable 14/05/26
27,696 27,696 0p Exercisable 11/07/27
31,815 36,205 0p Exercisable 07/08/28
67,793 67,793 0p Exercisable 18/04/29
64,701 65,576 0p 20/06/21 to 20/06/23 20/06/30
58,943 58,943 0p 08/06/22 to 08/06/24 20/06/31
175,958 \u2013 0p 29/04/23 to 29/04/25 29/04/32
555,043 384,350
National insurance liability
Certain options granted to UK employees could give rise to a national insurance (NI) liability on exercise. A liability of \u00a3642,000 (2021:
\u00a31,305,000) is included in accruals for the potential NI liability accrued to 31 December on exercisable options that were above water
based on the year-end share price of 443p (2021: 1,230p) per share.
28, Share based payments
Sharesave Scheme awards
(Model used: Black Scholes)
Options awarded
19 Oct 2022
Share price at grant date 300.00p
Exercise price 294.40p
Vesting period (years) 3
Total number of shares under option 626,154
Expected volatility (weighted average) 48.08%
Expected life (years) 3
Risk free rate (weighted average) 3.49%
Fair value per option 109.61p
LTIP awards
(Model used: Monte Carlo)
LTIPs awarded
29 Apr 2022
LTIPs awarded
18 Mar 2022
Share price at grant date 570p 697p
Exercise price 0p 0p
Vesting period (years) 3 3
Total number of shares under option 474,117 268,790
Expected volatility (weighted average) 46.03% 44.78%
Expected life (years) 3 3
Risk free rate (weighted average) 1.65% 0.21%
Fair value per option 278p 475p
The tables below show the movements in the Share Option Scheme, Sharesave scheme and the LTIP during the year, together with the related weighted average exercise prices. Excluding the LTIP, RSU and Deferred Bonus awards which are exercisable at par/nil value, the weighted average exercise price for options granted during the year was 294.4p (2021: 1,226.0p). 290,022 options were exercised in 2022 (2021: 471,520), including 4,390 of deferred bonus options (2021: 69,454). The total charge for the year relating to employee share-based payment plans was \u00a36,471,000 (2021: \u00a33,523,000), all of which related to equity-settled share based payment transactions. 2022 2021 Share options excluding LTIP Number Weighted average exercise price Number Weighted average exercise price Outstanding at 1 January 1,845,904 695.5p 2,118,041 548.7p Granted 626,154 294.4p 144,079 1,226.0p Forfeited (182,828) 718.5p (147,282) 706.4p Exercised (19,195) 467.0p (252,676) 577.5p Cancelled (167,381) 829.9p (16,258) 587.7p Outstanding at 31 December 2,102,654 565.3p 1,845,904 695.5p Exercisable at 31 December 524,463 520.0p 410,102 588.4p Exercisable and where market price exceeds exercise price at 31 December 269,463 520.0p 410,102 588.4p LTIP awards (options exercisable at par value 1p or nil cost) 2022 Number 2021 Number Outstanding at 1 January 1,590,364 1,361,829 Granted 2,053,897 507,604 Expired (299,132) (168,796) Exercised (266,437) (110,273) Outstanding at 31 December 3,078,692 1,590,364 Exercisable at 31 December 484,371 549,514 Range of exercise prices Weighted average exercise price Number of shares Weighted average remaining life (years) Weighted average exercise price Number of shares Weighted average remaining life (years) LTIP: Exercisable at par or at nil cost 1.4p 3,078,692 8.2 6.8p 1,590,364 6.9 Deferred bonus: Exercisable at par or at nil cost 0p 555,043 6.5 0p 384,350 6.3 Options: 50p to 150p 101p 21,822 0.9 101p 25,197 1.8 150p to 250p 200p 7,556 1.8 183p 12,036 1.9 250p to 350p 293p 675,786 9.3 275p 56,228 4.3 350p to 650p 452p 321,493 5.6 454p 393,529 6.7 650p+ 782p 1,075,997 7.0 798p 1,358,914 8.1 At 31 December 2021 5,736,389 3,820,618 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 29, Accumulated losses
Group Company
Notes
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
At 1 January (165,806) (188,723) (128,584) (126,143)
(Loss)/pro\ufb01t for the year (39,157) 19,011 (4,804) (2,366)
Share based payments 5,922 3,523 \u2013 \u2013
Acquisition of NCI without a change in control
37 400 \u2013 \u2013 \u2013
Deferred tax on share options 125 458 \u2013 \u2013
Exercise of nil cost option (29) (75) (15) (75)
At 31 December (198,545) (165,806) (133,403) (128,584)
\u00b9 The credit to accumulated losses is made up out of the charge for the year relating to employee share-based payment plans of \u00a35,442,000 (2021: \u00a32,486,000) (note 28),
\u00a31,029,000 (2021: \u00a31,037,000) related to the vesting of deferred share awards made to executive directors and senior managers less \u00a3549,000 of share based payment
charge allocated to Non controlling interests.
Neither the Company nor its subsidiary undertakings had reserves available for distribution at 31 December 2022 or 31 December 2021.
30, Other reserves
Group
Translation
Reserve
\u00a3\u2019000
Other equity
\u00a3\u2019000
Merger reserve
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 January 2022 \u2013 \u2013 2,291 2,291
Put option recognition \u2013 (38,996) \u2013 (38,996)
Put option revaluation \u2013 3,993 \u2013 3,993
Foreign currency translation differences 7,825 \u2013 \u2013 7,825
At 31 December 2022 7,825 (35,003) 2,291 (24,887)
Group
Merger reserve
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 January 2022 2,291 2,291
At 31 December 2022 2,291 2,291
At 1 January 2021 2,291 2,291
At 31 December 2021 2,291 2,291
Company
Merger reserve
\u00a3\u2019000
Share Scheme
Reserve
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 January 2022 1,580 18,792 20,372
Credit in relation to employee share schemes \u2013 6,471 6,471
At 31 December 2022 1,580 25,263 26,843
At 1 January 2021 1,580 15,269 16,849
Credit in relation to employee share schemes \u2013 3,523 3,523
At 31 December 2021 1,580 18,792 20,372
Merger reserve
The Group merger reserve at 31 December 2022 and 2021 comprised \u00a3711,000 arising from the consolidation of Oxford Biomedica (UK)
Ltd using the merger method of accounting in 1996, and \u00a31,580,000 from the application of merger relief to the purchase of Oxxon
Therapeutics Limited in 2007.
Share scheme reserve
Options over the Company\u2019s shares have been awarded to employees of Oxford Biomedica (UK) Ltd., Oxford Biomedica Solutions and
Oxford Biomedica (US) Inc. In accordance with IFRS 2
\u2019Share-based Payment\u2019 the expense in respect of these awards is recognised
in the subsidiaries\u2019 \ufb01nancial statements (see note 27).
In accordance with IFRS 2, the Company has treated the awards as a capital
contribution to the subsidiaries, resulting in an increase in the cost of investment of \u00a36,471,000 (2021: \u00a33,523,000) (see note 14) and
a corresponding credit to reserves.
31, Cash \ufb02ows from operating activities Reconciliation of loss before tax to net cash used in operations: Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Continuing operations (Loss)/pro\ufb01t before taxation (45,976) 19,880 (4,804) (2,366) Adjustment for: Depreciation 20,271 12,435 323 \u2013 Amortisation of intangible assets 6,088 21 \u2013 \u2013 Loss on disposal of property, plant and equipment 28 \u2013 \u2013 \u2013 (Gain) on sale and leaseback (21,389) \u2013 \u2013 \u2013 Loss on disposal of intangible 27 \u2013 \u2013 \u2013 Amortisation of loan fees 588 \u2013 588 \u2013 Finance costs 15,756 888 14,033 \u2013 Charge in relation to employee share schemes 6,471 3,981 \u2013 \u2013 Non-cash loss 51 165 \u2013 \u2013 Changes in working capital: (Increase)/decrease in trade and other receivables (17,876) 6,891 \u2013 \u2013 Increase/(decrease) in trade and other payables 16,959 (657) 6 17 Decrease in deferred income (691) (867) \u2013 \u2013 Increase/(decrease)/ in contract liabilities 5,852 (15,667) \u2013 \u2013 Decrease/(increase) in inventory 688 (2,609) \u2013 \u2013 Net cash (used in)/generated from operations (13,173) 24,461 10,146 (2,349) 32, Pension commitments The Group operates a de\ufb01ned contribution pension scheme for its directors and employees. The assets of the scheme are held in independently administered funds. The pension cost charge of \u00a33,560,000 (2021: \u00a32,839,000) represents amounts payable by the Group to the scheme. Contributions of \u00a3403,000 (2021: \u00a3392,000), included in accruals, were payable to the scheme at the year-end. 33, Leases The additions to right of use assets during the year relate to lease of at Patriot\u2019s Park (\u00a325.0 million) as part of the acquisition of Oxford Biomedica Solutions, and \u00a313.0 million related to the new lease liabilities as a result of the sale and leaseback of the Windrush Court facility and the Wallingford Warehouse. The additions in leases entered into during the year relate to those at Patriot\u2019s Park \u00a325.0 million respectively as part of the acquisition and \u00a339.2 million related to the new lease liabilities as a result of the sale and leaseback of the Windrush Court facility, and the lease of the Wallingford Warehouse. Sale and leaseback of Windrush Court The Windrush Court building was owned and then sold by Oxford Biomedica (UK) Ltd in October 2022, after which the building was immediately leased under a 15 year lease by Oxford Biomedica PLC on the same day. In the Company\u2019s individual accounts, the Company has accounted for the lease as a standalone lease with the resultant lease liability and matching right of use asset, whilst Oxford Biomedica (UK) Ltd has accounted for the transaction as a standalone sale of an asset. However, from a Group perspective the transaction has been accounted for as a sale and leaseback transaction as both companies form part of the same group and both the sale and leaseback was negotiated and entered into at the same time. The Group leases land and buildings and IT equipment. Information about leases for which the Group is a lessee is presented below: Right-of-use assets: Group Property \u00a3\u2019000 Equipment \u00a3\u2019000 IT equipment \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 January 2022 11,450 2,780 36 14,266 Acquisitions through business combinations 24,974 \u2013 \u2013 24,974 Foreign exchange 2,072 \u2013 \u2013 2,072 Additions 13,038 \u2013 \u2013 13,038 Change in estimate (1,349) \u2013 \u2013 (1,349) Depreciation charge for the period (4,185) (730) (36) (4,951) Balance at 31 December 2022 46,000 2,050 0 48,050 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 Company
Property
\u00a3\u2019000
Equipment
\u00a3\u2019000
IT equipment
\u00a3\u2019000
Total
\u00a3\u2019000
Balance at 1 January 2022 \u2013 \u2013 \u2013 \u2013
Additions 39,717 \u2013 \u2013 39,717
Depreciation charge for the period (323) \u2013 \u2013 (323)
Balance at 31 December 2022 39,394 \u2013 \u2013 39,394
Lease liabilities:
Group Company
Maturity analysis \u2013 contractual undiscounted cash \ufb02ows
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Less than one year 9,179 1,590 3,500 \u2013
One to \ufb01ve years 43,035 5,883 13,300 \u2013
Six to ten years 42,224 5,071 23,491 \u2013
More than ten years 25,059 913 22,935 \u2013
Total undiscounted cash \ufb02ows at 31 December 2022 119,497 13,457 63,226 \u2013
Lease liabilities included in the Statement of Financial Position
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Current 3,295 853 683 \u2013
Non-current 71,206 8,488 34,939 \u2013
Total lease liabilities at 31 December 2021 74,501 9,341 35,622 \u2013
Amounts recognised in the pro\ufb01t or (loss)
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Interest on lease liabilities 3,124 873 477 \u2013
Expense relating to short term leases 178 369 \u2013 \u2013
Amounts recognised in the statement of cash \ufb02ows
2022
\u00a3\u2019000
2021
\u00a3\u2019000
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Total cash out\ufb02ow for leases 4,244 5,393 422 \u2013
34, Contingent liabilities and capital commitments
The Group has a letter of credit \u00a31,405,000 (2021: nil) related to the deposit on the Patriots park lease which is disclosed within Trade and
other receivables in non current assets. The Group had commitments of \u00a32,882,000 for capital expenditure for leasehold improvements
and plant and equipment not provided for in the \ufb01nancial statements at 31 December 2022 (2021: \u00a33,974,000).
35, Acquisition of subsidiary
On 10 March 2022, the Group acquired 74% of the shares and voting interests in Oxford Biomedica Solutions LLC for US$130 million.
As a result, the Group\u2019s equity interest granted it control of Oxford Biomedica Solutions. Immediately following the acquisition, the Group
acquired a further 6% interest in Oxford Biomedica Solutions through an equity investment of \u00a338.2 million (US$50 million) leading to
a dilution in the interests of Homology Medicines from 26% to 20% (refer note 37).
Included in the identi\ufb01able assets and liabilities acquired at the date of acquisition of Oxford Biomedica Solutions are inputs, production
processes and an organised workforce. The Group has determined that together the acquired inputs and processes signi\ufb01cantly contribute
to the Group\u2019s ability to create revenue. The Group has concluded that the acquired inputs and processes is a business.
A. Consideration Transferred The following table summarises the acquisition date fair value of each major class of consideration transferred: \u00a3\u2019000 Cash 99,206 Total Consideration 99,206 B. Acquisition related expenses: The Group incurred acquisition related legal and due diligence expenses of \u00a35.1 million (2021: \u00a31.2 million) which is included in Administrative expenses. C. Identi\ufb01able assets acquired and liabilities assumed: The following table summarises the recognised amounts of assets acquired and liabilities assumed at the date of acquisition: \u00a3\u2019000 Property, plant & equipment 58,945 Intangible assets 102,869 Inventory 3,476 Prepaid expenses 229 Lease Liabilities (24,974) Deferred tax liabilities (7,307) Total identi\ufb01able net assets acquired: 133,238 The valuation techniques used for measuring the fair value of material assets acquired were as follows: Assets acquired Valuation technique Property plant and equipment Market comparison technique and cost technique \u2013 The valuation model considers market prices for similar items when they are available, and depreciated replacement cost when appropriate. Depreciated replacement cost re\ufb02ects adjustments for physical deterioration as well as functional and economic obsolescence Intangible assets Multi-period excess earnings method \u2013 The multi-period excess earnings method considers the present value of net cash \ufb02ows expected to be generated by the client relationships, by excluding any cash \ufb02ows related to contributory assets. Inventory Market comparison \u2013 To determine the fair value of the inventory, the Group obtained current prices for each of the items making up the transferred inventory. D. Goodwill \u00a3\u2019000 Consideration transferred 99,206 Interest in the identi\ufb01able net assets of non-controlling interests 34,642 Fair value of identi\ufb01able assets (133,238) Goodwill 610 The goodwill is attributable mainly to the skills and technical talent of Oxford Biomedica Solutions\u2019 workforce. None of the goodwill recognised is expected to be deductible for tax purposes. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022 36, Non-controlling interest
The proportion of the identi\ufb01able net assets of the Non-controlling interest in Oxford Biomedica Solutions on acquisition was determined
to be \u00a334,642,000. Following a review of the accounting for the acquisition of Oxford Biomedica Solutions it was identi\ufb01ed that the fair
value initially attributed to the non-controlling interest was not appropriate. As a result, the group has elected to change its accounting
policy for the initial recognition of non-controlling interest from fair value at date of acquisition to the holders' proportionate interest in the
recognised amount of the identi\ufb01able net assets of the acquiree. This valuation method better re\ufb02ects the value of the business attributable
to the non-controlling shareholders. This has resulted in a reduction in the initial value of non-controlling interest from \u00a348.4 million to
\u00a334.6 million, a corresponding reduction of 'Goodwill' recognised on acquisition from \u00a314.4 million to \u00a30.6 million and a reduction in the
'Acquisition of NCI without a change in control' of \u00a311.3 million to \u00a30.4 million. The overall impact of this to net assets is \u00a313.8 million with
no impact to pro\ufb01t or loss recognised in the period.
The following table summarises the information relating to the Group\u2019s subsidiary that has material NCI:
2022 \u00a3\u2019000
NCI percentage 20%
Non current assets 171,419
Current assets 29,732
Non-current liabilities (7,473)
Current liabilities (35,979)
Net assets\u00b9 157,699
Net assets attributable to NCI 31,539
\u00b9 Net assets include the impact of share based payments.
Revenue 23,722
Pro\ufb01t (30,011)
OCI 13,756
Total comprehensive income (16,255)
Pro\ufb01t allocated to NCI (6,002)
OCI allocated to NCI 2,750
Cash \ufb02ows from operating activities (9,732)
Cash \ufb02ows from investment activities 30,867
Cash \ufb02ow from \ufb01nancing activities (dividends to NCI: nil) (2,293)
Net increase in cash and cash equivalents 18,842
There was no Non-controlling interest in 2021.
37, Acquisition of Non-controlling interest
On 10 March 2022, the Group acquired an additional 6% interest in Oxford Biomedica Solutions through an equity investment in Oxford
Biomedica Solutions of \u00a338.2 million (US$50 million), increasing its ownership from 74% to 80%, leading to a dilution in the interests
of Homology Medicines from 26% to 20% . The carrying amount of Oxford Biomedica Solutions\u2019 net assets in the Group\u2019s consolidated
\ufb01nancial statements on the date of the acquisition was \u00a3133.2 million.
\u00a3\u2019000
Carry amount of NCI acquired 400
Consideration paid to NCI \u2013
Increase in equity attributable to owners of the Company 400
The increase in equity attributable to owners of the Company comprised solely of an increase to retained earnings.
38, Related party transactions Identity of related parties As at 31 December 2022, the Group consisted of: \u2014 a parent, Oxford Biomedica plc, \u2014 one wholly-owned UK trading subsidiary Oxford Biomedica (UK) Limited, the principal trading company, \u2014 one US trading subsidiary, 80% owned, Oxford Biomedica Solutions LLC, \u2014 one US subsidiary 100% owned, Oxford Biomedica (US) Inc, \u2014 one Irish wholly-owned subsidiary of the parent company, Oxford Biomedica (Ireland) Ltd, \u2014 one dormant subsidiary, Oxxon Therapeutics Limited which was acquired and became dormant in 2007 when its assets and trade were transferred to Oxford Biomedica (UK) Limited, and \u2014 one additional dormant subsidiary, Invivusbio Limited, which changed its name on 18 January 2023 from OXB Solutions Limited. The registered office of the Company, it\u2019s UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office of OXB Solutions LLC is 1 Patriots Park, Bedford, MA 01730, USA. The parent company is responsible for \ufb01nancing and setting Group strategy. Oxford Biomedica (UK) Limited carries out the UK elements of the Group strategy, employs all the UK staff including the Executive Directors, and owns and manages all of the Group\u2019s intellectual property. Oxford Biomedica Solutions carries out the US equivalent activities. The proceeds from the issue of shares by the parent are passed from Oxford Biomedica plc to Oxford Biomedica (UK) Limited as a loan, and Oxford Biomedica (UK) Limited manages Group funds and makes payments, including the expenses of the parent company. Company: transactions with subsidiaries 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Purchases: Parent company expenses paid by subsidiary (10,941) (749) Cash management: Cash loaned by parent to subsidiary Oxford Biomedica (UK) Limited 15,780 12,000 Cash loaned by parent to subsidiary Oxford Biomedica (US) Inc. 148,764 \u2013 The loans from Oxford Biomedica plc to Oxford Biomedica (UK) Limited and Oxford Biomedica (US) Inc. are unsecured and interest free. The loans are not due, planned or expected for repayment within 12 months of the year end. The year-end balance on the loans was: Company: year-end balance of loan 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Loan to subsidiary Oxford Biomedica (UK) Limited 278,091 273,253 Oxford Biomedica (US) Inc 148,764 \u2013 The investment in the subsidiary, of which the loan forms part, has been impaired by \u00a3126.0 million (note 14) in previous years. Transactions Balance Outstanding Other Related Party Transactions 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sales of goods and services: Homology Medicines23,252 \u2013 4,334 \u2013 Purchase of services: Homology Medicines 4,258 \u2013 1,158 \u2013 Other: Homology Medicines \u2013 rental income 1,085 \u2013 424 \u2013 In addition to the transactions above, options over the Company\u2019s shares have been awarded to employees of subsidiary companies. In accordance with IFRS 2, the Company has treated the awards as a capital contribution to the subsidiaries, resulting in a cumulative increase in the cost of investment of \u00a325,265,000 (2021: \u00a318,793,000). There were no transactions (2021: none) with Oxxon Therapeutics Limited. Company: transactions with related parties There were no other outstanding balances in respect of transactions with Directors and connected persons at 31 December 2022 (2021: none). Key person remuneration can be seen in note 5 of the \ufb01nancial statements. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) for the year ended 31 December 2022",
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"fact-383": {
"value": "Oxford Biomedica plc (Oxford Biomedica or the Company) is a public company limited by shares, incorporated and domiciled in England, ",
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"fact-1": {
"value": "Oxford Biomedica plc",
"dimensions": {
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"fact-2": {
"value": "public company limited by shares",
"dimensions": {
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"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-3": {
"value": "England",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-4": {
"value": "The Group is a cell and gene therapy research, development and bioprocessing business providing services to third parties as well as performing internal research and development for its own purposes. The Group currently has no marketed pharmaceutical products. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "Basis of preparation The principal accounting policies adopted in the preparation of these \ufb01nancial statements are set out below. These policies have been consistently applied to all the \ufb01nancial years presented, unless otherwise stated. The Group and parent Company \ufb01nancial statements were prepared in accordance UK-adopted international accounting standards. As more fully explained in the Directors\u2019 Report on pages 115 to 121 and below, the going concern basis has been adopted in preparing the \ufb01nancial statements. A summary of the more important Group accounting policies is set out below. The preparation of the \ufb01nancial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requiresmanagement to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or where assumptions and estimates are signi\ufb01cant to the \ufb01nancial statements, are disclosed in note 2. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "Measurement convention
The \ufb01nancial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value:
\u2014 Assets held at fair value through pro\ufb01t & loss
\u2014 Put option liability
Non-current assets and disposal groups held for sale are stated at the lower of previous carrying amount and fair value less costs to sell.
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "Going concern The \ufb01nancial position of the Group, its cash \ufb02ows and liquidity position are described in the strategic report and notes to these \ufb01nancial statements. The Group made a loss for the year ended 31 December 2022 of \u00a345.2 million and consumed net cash \ufb02ows from operating activities for the year of \u00a312.6 million. The Group also: \u2014 raised \u00a377.0 million (net of \u00a33 million of share issue cost) in cash from an equity fundraise in January and March 2022; \u2014 entered into a one year US$85 million (\u00a363 million) loan facility with Oaktree as part of the acquisition of Oxford Biomedica Solutions in March 2022 which was then converted into a four-year term loan facility together with repayment of US$35 million of the initial principal amount in October 2022; \u2014 during November 2022, sold its Windrush Court facility in a sale and leaseback transaction for \u00a360 million to Kadans, whilst also agreeing an occupational lease of the property for 15 years; and \u2014 ended the year with cash and cash equivalents of \u00a3141.3 million. In considering the basis of preparation of the Annual report and accounts, the Directors have prepared cash \ufb02ow forecasts for a period of at least 12 months from the date of approval of these \ufb01nancial statements, based in the \ufb01rst instance on the Group\u2019s 2023 annual budget and forecasts for 2024. The Directors have undertaken a rigorous assessment of this base case forecast and have also assessed the potential impact from the principal risks and uncertainties outlined in the strategic report of the Group\u2019s Annual report and accounts, taking into consideration the magnitude and likelihood of these risks and uncertainties occurring to prepare a downside scenario with associated mitigated actions. The cash \ufb02ow forecast prepared for the severe but plausible downside scenario with mitigating actions assumes the following: \u2014 Commercial challenges leading to a substantial manufacturing and development revenue downside affecting both the LentiVector \u00ae platform and AAV businesses; \u2014 Signi\ufb01cant decreases in forecasted existing client milestone and royalty revenues; \u2014 The product development spin out strategy taking longer, or ultimately being unsuccessful; and \u2014 The potential impacts of the current ongoing war in Ukraine on the Group and its clients including expected revenues from existing clients under long term contracts. Under both the base case and mitigated downside scenario, the Group and parent company has sufficient cash resources to continue in operation for a period of at least 12 months from the date of approval of these \ufb01nancial statements. In the event of the downside scenarios crystallising, the Group would continue to meet its existing loan covenants until June 2024 without taking any mitigating actions, but the Board has mitigating actions in place that are entirely within its control that would enable the Group to reduce its spend within a reasonably short time-frame to increase its cash covenant headroom as required by the loan facility with Oaktree Capital Management. The Board has con\ufb01dence in the Group\u2019s ability to continue as a going concern for the following reasons: \u2014 The Group has cash balances of \u00a3141.3 million at the end of December 2022 and \u00a3139.1 million at the end of March 2023; \u2014 Approximately two thirds of 2023 forecasted revenues are covered by binding purchase orders which give certainty to revenues over the next 12 months; \u2014 The Group\u2019s history of being able to access capital markets including raising \u00a377 million of equity during 2022; \u2014 The Group\u2019s history of being able to obtain loan \ufb01nancing when required for purposes of both capital expenditure and operational purposes, as recently evidenced by the US$85 million one-year facility and US$50 million replacement four-year facility obtained with Oaktree; \u2014 The Group\u2019s ability to continue to be successful in winning new clients and building its brand as demonstrated by successfully entering into new and expanding existing client agreements with AstraZeneca, Juno Therapeutics (a wholly owned subsidiary of Bristol Myers Squibb Company), Homology Medicines and multiple other new partners over the last twelve months. Taking account of the matters described above, the Directors are con\ufb01dent that the Group and parent company will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the \ufb01nancial statements and therefore have prepared the \ufb01nancial statements on a going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "Accounting developments The Group has adopted the following IFRSs in these \ufb01nancial statements: \u2014 Annual Improvements to IFRS Standards 2018\u20132020 \u2014 Property, Plant and Equipment: Proceed before intended use \u2013 amendments to IAS16 At the date of authorisation of these Group \ufb01nancial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB. None of these Standards or amendments to existing Standards has been adopted early by the Group.The Directors anticipate that all relevant pronouncements will be adopted for the \ufb01rst period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "Basis of consolidation The consolidated \ufb01nancial statements comprise the Company and its subsidiary undertakings for the year to 31 December each year. Subsidiaries are entities that are directly or indirectly controlled by the Group. Subsidiaries are consolidated from the date at which control is transferred to the Group. Control exists where the Group has the power to govern the \ufb01nancial and operating policies of the entity so as to obtain bene\ufb01ts from its activities. The Group does not currently have any associates. All intragroup transactions and balances are eliminated on consolidation. ",
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"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
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"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "Foreign currencies Foreign currency transactions The Group\u2019s presentational currency is sterling. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items that are measured at fair value in a foreign currency are translated into functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in pro\ufb01t or loss and presented within operational costs. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into sterling at the exchanges rates at reporting date. The income and expenses of foreign operations are translated into sterling at the average exchange rate for the month based on the date of the transaction. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. The assets and liabilities of foreign operations are translated to the Group\u2019s presentational currency, at foreign exchange rates in effect at the statement of \ufb01nancial position date. The revenue and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates in effect at the dates of the translations. Exchange differences arising from the translation of foreign operations are reported as an item of other comprehensive income and accumulated in an exchange reserve and subsequently reclassi\ufb01ed to the Consolidated Income Statement on disposal of the net investment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "Foreign currency transactions The Group\u2019s presentational currency is sterling. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items that are measured at fair value in a foreign currency are translated into functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in pro\ufb01t or loss and presented within operational costs. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into sterling at the exchanges rates at reporting date. The income and expenses of foreign operations are translated into sterling at the average exchange rate for the month based on the date of the transaction. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. The assets and liabilities of foreign operations are translated to the Group\u2019s presentational currency, at foreign exchange rates in effect at the statement of \ufb01nancial position date. The revenue and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates in effect at the dates of the translations. Exchange differences arising from the translation of foreign operations are reported as an item of other comprehensive income and accumulated in an exchange reserve and subsequently reclassi\ufb01ed to the Consolidated Income Statement on disposal of the net investment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "Revenue Revenue comprises income derived from bioprocessing of clinical product for clients, fees charged for providing development services to clients, product and technology licence transactions, royalties, options, and funded research and development programmes. Platform The Group bioprocesses batches on behalf of clients who use this manufactured clinical product for clinical and commercial purposes. The bioprocessing of a batch creates an asset with no alternative use and the Group has an enforceable right to payment for performance completed to date, thereby meeting IFRS 15.35. Bioprocessing of clinical/commercial product for clients is therefore recognised on a percentage of completion basis over time as the processes are carried out using the Input Method under IFRS. Progress is determined based on the achievement of veri\ufb01able stages of the process with incremental adjustments made based on the percentage of completion of the next unachieved veri\ufb01able stage. The gross amount due from clients, on all partnerships with regards to bioprocessing batches in progress for which costs incurred plus recognised pro\ufb01ts exceed progress billings, is presented separately as a contract asset within the note to Trade and Other receivables as presented in the statement of \ufb01nancial position. Consideration received in excess of the stage of completion will be deferred until such time as it is appropriate to recognise the revenue. The Group has determined that its contracts with clients do not contain a signi\ufb01cant \ufb01nancing component. Revenues for providing process development activities to clients are recognised during the period in which the service is rendered on a percentage of completion basis over time as the processes are carried out. The process development activities are recognized over time as the activities create an asset that has no alternative use to the Group and the Group has an enforceable right to payment for the work packages within the process development activity completed to date. \u2014 Oxford Biomedica (UK) Ltd makes use of the output method under IFRS with revenue being recognised based on the achievement of veri\ufb01able stages of the process. \u2014 Oxford Biomedica Solutions makes use of the input method under IFRS with revenue being recognised based on the labour and other resources expended to provide the services as a percentage of the total expected effort to complete the services. Technology licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright to access\u201d licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to the client. The granting of the technology licences to the Group\u2019s background intellectual property and know-how constitutes a \u201cright to use\u201d licence as the Group\u2019s clients are able to conduct development work on the licence independent of the Group. The Group is incentivised separately for its performance obligations in relation to development work and milestone payments. The criteria for recognising these technology licences as \u201cright to access\u201d licences has therefore not been met. Milestones relating to bioprocessing or process development activities have been identi\ufb01ed as separate performance obligations as they involve the transfer of a distinct good or service, determined with reference to conditions stipulated in the relevant agreements or contracts. Each milestone is determined as either binary or non-binary. Milestones that are considered to be binary relate to the achievement of speci\ufb01c events rather than the provision of, for example, support. Milestones related to the achievement of speci\ufb01c deliverables are considered to be binary milestones and will be recognised in full once it is deemed highly probable that the obligation will be met. Milestones related to the provision of support services are considered to be non-binary Milestones and are recognised on a percentage of completion basis, but taking into account the likelihood of achievement of the deliverable. Amounts receivable on delivery of a milestone performance obligation represents variable consideration and have been allocated to the relevant performance obligation. Options to technology licences are considered to form part of the technology licence performance obligation and as such are recognised when the client exercises the option to obtain that licence. Options to technology licences are not considered to be material rights.Product Product licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright to access\u201d licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to the client. The granting of the product licences to the Group\u2019s background intellectual property and know-how constitutes a \u201cright to use\u201d licence as the Group\u2019s clients are able to conduct development work on the licence independent of the Group. The Group is incentivised separately for its performance obligations in relation to development work and milestone payments. The criteria for recognising these technology licences as \u201cright to access\u201d licences has therefore not been met. Amounts receivable in respect of milestone payments are considered to be separate performance obligations which are binary and will be recognised in full once it is deemed highly probable that the speci\ufb01c performance obligations stipulated in the licence agreement have been met. Payments linked to \u201csuccess\u201d such as regulatory \ufb01ling or approval, or achievement of speci\ufb01ed sales volumes, are recognised in full when the relevant event has occurred. Non-binary milestones are recognised on a percentage of completion basis in the period in which related costs are incurred, or over the estimated period to completion of the relevant phase of development or associated clinical trials. Amounts receivable on delivery of a milestone performance obligation represents variable consideration and have been allocated to the relevant performance obligation. Royalty revenue is recognised as the underlying commercial sales of the underlying manufactured product occur to third parties of our contracted clients. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "Cost of sales Cost of sales comprises the cost of bioprocessing clinical product for clients, the cost of client development project activities, and royalties arising on clients\u2019 licences. The cost of client development project activities includes the labour costs, overheads and other directly attributable material and third party costs. Costs are recognised as incurred. The cost of bioprocessing clinical product for clients includes the raw materials, labour costs, overheads and other directly attributable third party costs. Costs are recognised as incurred. The Group\u2019s products and technologies include technology elements that are licensed from third parties. Royalties arising from such clients\u2019 licences are treated as cost of sales. Where royalties due have not been paid they are included in accruals. Where revenue is spread over a number of accounting periods, the royalty attributable to the deferred revenue is included in prepayments. ",
"dimensions": {
"concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForCostOfSales",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "Research, development and bioprocessing Research, development and bioprocessing expenditure is charged to the statement of comprehensive income in the period in which it is incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "Employee bene\ufb01t costs Employee bene\ufb01t costs, notably holiday pay and contributions to the Group\u2019s de\ufb01ned contribution pension plan, are charged to the statement of comprehensive income on an accruals basis. The assets of the pension scheme are held separately from those of the Group in independently administered funds. The Group does not offer any other post-retirement bene\ufb01ts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "Share based payments The Group\u2019s employee share option schemes, long term incentive plans, a Sharesave scheme and deferred bonus plans allow Group employees to acquire shares of the Company subject to certain criteria. The fair value of options granted is recognised as an expense of employment in the statement of comprehensive income with a corresponding increase in equity. The fair value is measured at the date of grant and spread over the period during which the employees become unconditionally entitled to the options where the options are not nil cost options. Nil cost options are valued at the market price on the date of grant of the options. The fair value of options granted under the share option schemes and share save scheme is measured using the Black-Scholes model. The fair value of options granted under the LTIP schemes, which includes market condition performance criteria, is measured using a Monte Carlo model taking into account the performance conditions under which the options were granted. The fair value of options granted under the deferred bonus plan is based on the market value of the underlying shares at the date of grant of these options. At each \ufb01nancial year end, the Group revises its estimate of the number of options that are expected to become exercisable based on forfeiture such that at the end of the vesting period the cumulative charge re\ufb02ects the actual options that have vested, with no charge for those options which were forfeit prior to vesting. When share options are exercised the proceeds received are credited to equity. Options over the Company\u2019s shares have been awarded to employees of Oxford Biomedica (UK) Ltd. In accordance with IFRS 2 \u2019Share- based Payments\u2019, the expense in respect of these awards is recognised in the subsidiaries\u2019 \ufb01nancial statements. In accordance with IFRS 2 the Company has treated the awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment and a corresponding credit to reserves. Employee Bene\ufb01t Trust The Oxford Biomedica Employee Bene\ufb01t Trust (EBT) has been set up to hold market-purchased shares to settle the 2013 Deferred Bonus Share Awards made to Executive Directors and employees. Within the Company \ufb01nancial statements, the investment in the Oxford Biomedica Employee Trust forms part of the Investments and loans in subsidiary, taking the form of a loan to subsidiaries. The EBT is consolidated within the Group \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "Leases As a lessee At commencement or on modi\ufb01cation of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property, the Group has elected not to separate non-lease components, and to account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, and an estimate of costs to dismantle and remove the underlying asset, or to restore the underlying asset or site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method, from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the cost of the right-of- use asset re\ufb02ects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining relevant interest rates from external \ufb01nancing sources and makes certain adjustments to re\ufb02ect the terms of the lease and the type of the asset leased. Lease payments included in the measurement of the lease liability comprise \ufb01xed payments. The lease liability is measured at amortised cost using the effective interest method. It is re-measured if: \u2014 there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual future lease payments; \u2014 the Group changes its assessment of whether it will exercise a purchase, extension or termination options; or \u2014 there is a revised in-substance \ufb01xed lease payment. If a lease liability is re-measured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the Pro\ufb01t or Loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets in \u2019property, plant and equipment\u2019 and lease liabilities as a category on the face of the Statement of Financial Position. Short term or low-value leases The Group has elected not to recognise right-of-use assets and lease liabilities of short term and low-value leases. The Group recognises lease payments associated with these leases as an expense on a straight-line basis over the lease term. Sales & Leaseback A sale and leaseback is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. For sale and operating leasebacks, generally the assets are sold at fair value, and accordingly the pro\ufb01ts and loss from the sale are recognised immediately in the Statement of Pro\ufb01t and loss. The fair value is determined by obtaining a valuation from an independent property valuation \ufb01rm.A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "Grants Income from government and other grants is recognised over the period necessary to match them with the related costs which they are intended to compensate. Grant income is included as other operating income within the statement of comprehensive income, and the related costs are included within research, development and bioprocessing costs, and administrative expenses. Where grant income received exceeds grant income recognised, it is included within deferred income on the Statement of \ufb01nancial position, whereas grant income recognised exceeds grant income received, it is included within accrued income on the Statement of \ufb01nancial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "Finance income and costs Finance income and costs comprise interest income and interest payable during the year, calculated using the effective interest rate method. It also includes the revaluation of external loans denominated in a foreign currency. Financing expenses include interest payable and \ufb01nance charges on lease liabilities recognised in pro\ufb01t or loss using the effective interest method and unwinding of the discount on provisions. Interest income and interest payable is recognised in pro\ufb01t or loss as it accrues, using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "Finance income and costs Finance income and costs comprise interest income and interest payable during the year, calculated using the effective interest rate method. It also includes the revaluation of external loans denominated in a foreign currency. Financing expenses include interest payable and \ufb01nance charges on lease liabilities recognised in pro\ufb01t or loss using the effective interest method and unwinding of the discount on provisions. Interest income and interest payable is recognised in pro\ufb01t or loss as it accrues, using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "Taxation In 2022 and before, the Group was entitled to claim tax credits in the United Kingdom for certain research and development expenditure. The Group receives a Research and Development Expenditure Credit (\u2019RDEC\u2019) which is accounted for as a reduction in research and development costs in the statement of comprehensive income, and within trade and other receivables in the Statement of \ufb01nancial position. The credit is paid in arrears once tax returns have been \ufb01led and agreed. Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted, or substantially enacted, by the Statement of \ufb01nancial position date. Deferred tax is calculated in respect of all temporary differences identi\ufb01ed at the Statement of \ufb01nancial position date except for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable pro\ufb01t other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Temporary differences are differences between the carrying amount of the Group\u2019s assets and liabilities and their tax base. Deferred tax liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining deferred tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable taxable pro\ufb01ts within the same jurisdiction in the foreseeable future against which the deductible temporary difference can be utilised. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability settled, based on tax rates and laws that have been enacted or substantially enacted by the Statement of \ufb01nancial position date. Measurement of deferred tax liabilities and assets re\ufb02ects the tax consequence expected to fall from the manner in which the asset or liability is recovered or settled. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "Deferred tax is calculated in respect of all temporary differences identi\ufb01ed at the Statement of \ufb01nancial position date except for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable pro\ufb01t other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Temporary differences are differences between the carrying amount of the Group\u2019s assets and liabilities and their tax base. Deferred tax liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining deferred tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable taxable pro\ufb01ts within the same jurisdiction in the foreseeable future against which the deductible temporary difference can be utilised. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability settled, based on tax rates and laws that have been enacted or substantially enacted by the Statement of \ufb01nancial position date. Measurement of deferred tax liabilities and assets re\ufb02ects the tax consequence expected to fall from the manner in which the asset or liability is recovered or settled. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "Property, plant and equipment Property, plant and equipment are carried at cost, together with any incidental expenses of acquisition, less depreciation. Cost includes the original purchase price of the asset and any costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated to write off the cost of property, plant and equipment less their estimated residual values on a straight-line basis over the expected useful economic lives of the assets concerned. Depreciation of an asset begins when it is available for use. The principal annual rates used for this purpose are: Freehold property 10% Leasehold improvements 10% (over the remaining lease term if shorter) Office equipment and computers 20\u201333% Bioprocessing and laboratory equipment 20% The assets\u2019 residual values and useful lives are reviewed annually. Residual values are set at zero and will be reassessed should the asset\u2019s selling price exceed its net book value. The bioprocessing plants are reviewed annually for impairment triggers and, where necessary, a full impairment review is performed. Assets under construction are capitalised throughout the course of the construction period with depreciation starting once the asset is available for use. Assets capitalised under a category of \ufb01xed assets may be transferred to another category within \ufb01xed assets if, upon review, it is identi\ufb01ed that the asset is more appropriately identi\ufb01able with that other category of \ufb01xed asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "Intangible assets & Goodwill Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Developed technology Developed technology acquired by the Group (see note 11) has a \ufb01nite useful life. It is measured at cost less accumulated amortisation and any accumulated impairment losses. Patents Patents have \ufb01nite useful lives and are measured at cost less accumulated amortisation and any accumulated impairment losses. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t or loss as incurred. Cash generating unit (CGU) A cash generating unit is the smallest group of assets that independently generates cash \ufb02ow and whose cash \ufb02ow is largely independent of the cash \ufb02ows generated by other assets. Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in pro\ufb01t or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2014 patents: 3\u201320 years \u2014 developed technology: 15 years Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Impairment The carrying value of non-\ufb01nancial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows or cash-generating units. Impairment losses are recognised for the amount by which each asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash \ufb02ows. The key assumptions used in calculating the discounted future cash \ufb02ows are management estimates, based where possible on available market information and information for similar products. Impairment and amortisation charges are included within research, development and bioprocessing costs in the statement of comprehensive income. Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that have been purchased by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "Intangible assets & Goodwill Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Developed technology Developed technology acquired by the Group (see note 11) has a \ufb01nite useful life. It is measured at cost less accumulated amortisation and any accumulated impairment losses. Patents Patents have \ufb01nite useful lives and are measured at cost less accumulated amortisation and any accumulated impairment losses. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t or loss as incurred. Cash generating unit (CGU) A cash generating unit is the smallest group of assets that independently generates cash \ufb02ow and whose cash \ufb02ow is largely independent of the cash \ufb02ows generated by other assets. Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in pro\ufb01t or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2014 patents: 3\u201320 years \u2014 developed technology: 15 years Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Impairment The carrying value of non-\ufb01nancial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows or cash-generating units. Impairment losses are recognised for the amount by which each asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash \ufb02ows. The key assumptions used in calculating the discounted future cash \ufb02ows are management estimates, based where possible on available market information and information for similar products. Impairment and amortisation charges are included within research, development and bioprocessing costs in the statement of comprehensive income. Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that have been purchased by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "Intangible assets & Goodwill Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Developed technology Developed technology acquired by the Group (see note 11) has a \ufb01nite useful life. It is measured at cost less accumulated amortisation and any accumulated impairment losses. Patents Patents have \ufb01nite useful lives and are measured at cost less accumulated amortisation and any accumulated impairment losses. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t or loss as incurred. Cash generating unit (CGU) A cash generating unit is the smallest group of assets that independently generates cash \ufb02ow and whose cash \ufb02ow is largely independent of the cash \ufb02ows generated by other assets. Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in pro\ufb01t or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2014 patents: 3\u201320 years \u2014 developed technology: 15 years Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Impairment The carrying value of non-\ufb01nancial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows or cash-generating units. Impairment losses are recognised for the amount by which each asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash \ufb02ows. The key assumptions used in calculating the discounted future cash \ufb02ows are management estimates, based where possible on available market information and information for similar products. Impairment and amortisation charges are included within research, development and bioprocessing costs in the statement of comprehensive income. Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that have been purchased by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "Investments in subsidiaries Investments are carried at cost less any provision made for impairment. Options over the Company\u2019s shares have been awarded to employees of subsidiary companies. In accordance with IFRS2, the Company treats the value of these awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment. Investments in subsidiary undertakings, including shares and loans, are carried at cost less any impairment provision. Such investments are subject to review, and any impairment is charged to the statement of comprehensive income. At each year end the Directors review the carrying value of the Company\u2019s investment in subsidiaries. Where there is a material and sustained shortfall in the market capitalisation, or a signi\ufb01cant and sustained change in the business resulting in a decrease in market capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value of the Company\u2019s investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the Group is an appropriate external measure of the value of the Company\u2019s subsidiaries for this purpose. At year end the Directors will assess the requirement to write back a portion or all of any impairment previously recognised on its investment in subsidiaries. Factors which will be taken into account with regard to this decision will be the Groups track record of improved \ufb01nancial results across the last three to four years, as well as the expectation of future impairments being required after a write back was accounted for. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "Financial assets Assets at fair value through pro\ufb01t and loss The gain or loss on Assets at fair value through pro\ufb01t and loss is recognised in the statement of comprehensive income. Investments Other investments held by the Group are classi\ufb01ed as at fair value through pro\ufb01t and loss. Bank deposits Bank deposits with original maturities between three months and twelve months are included in current assets and are valued at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "Financial instruments Classi\ufb01cation On initial recognition, a \ufb01nancial asset is classi\ufb01ed as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassi\ufb01ed subsequent to their initial recognition unless the Company changes its business model for managing \ufb01nancial assets in which case all affected \ufb01nancial assets are reclassi\ufb01ed on the \ufb01rst day of the \ufb01rst reporting period following the change in the business model. A \ufb01nancial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and \u2014 its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is achieved by both collecting contractual cash \ufb02ows and selling \ufb01nancial assets; and \u2014 its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal, and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described above, are measured at FVTPL. This includes all derivative \ufb01nancial assets. On initial recognition, the Group may irrevocably designate a \ufb01nancial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI, as at FVTPL if doing so eliminates, or signi\ufb01cantly reduces an accounting mismatch that would otherwise arise. Derecognition Financial assets The Group derecognises a \ufb01nancial asset when: \u2014 the contractual rights to the cash \ufb02ows from the \ufb01nancial asset expire; or \u2014 it transfers the rights to receive the contractual cash \ufb02ows in a transaction in which either; or \u2014 substantially all of the risks and rewards of ownership of the \ufb01nancial asset are transferred; or \u2014 the Group neither transfers nor retains substantially all of the risks and rewards of ownership, and it does not retain control of the \ufb01nancial asset. Financial liabilities The Group derecognises a \ufb01nancial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a \ufb01nancial liability when its terms are modi\ufb01ed and the cash \ufb02ows of the modi\ufb01ed liability are substantially different, in which case a new \ufb01nancial liability based on the modi\ufb01ed terms is recognised at fair value. On derecognition of a \ufb01nancial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed), is recognised in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "Derecognition Financial assets The Group derecognises a \ufb01nancial asset when: \u2014 the contractual rights to the cash \ufb02ows from the \ufb01nancial asset expire; or \u2014 it transfers the rights to receive the contractual cash \ufb02ows in a transaction in which either; or \u2014 substantially all of the risks and rewards of ownership of the \ufb01nancial asset are transferred; or \u2014 the Group neither transfers nor retains substantially all of the risks and rewards of ownership, and it does not retain control of the \ufb01nancial asset. Financial liabilities The Group derecognises a \ufb01nancial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a \ufb01nancial liability when its terms are modi\ufb01ed and the cash \ufb02ows of the modi\ufb01ed liability are substantially different, in which case a new \ufb01nancial liability based on the modi\ufb01ed terms is recognised at fair value. On derecognition of a \ufb01nancial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed), is recognised in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "Trade receivables Trade receivables are recognised initially at the transaction price as these assets do not have signi\ufb01cant \ufb01nancing components, and are subsequently measured at amortised cost. The Group recognises loss allowances for receivables under the expected credit loss model as established by evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash in hand, bank deposits repayable on demand, and other short term highly liquid investments with original maturities of three months or less. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "Deposits Deposits consist of amounts held in escrow and is included within other receivables within the Statement of \ufb01nancial position until such time as the restrictions relating to those amounts have been lifted. ",
"dimensions": {
"concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForDeposits",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Trade payables are classi\ufb01ed as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "Contract liabilities Contract liabilities primarily relate to the advance consideration received from clients for commercial development work and bioprocessing batches, as well as options and funded research and development activities. ",
"dimensions": {
"concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForContractLiabilities",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "Deferred income Deferred income primarily relates to the advance consideration received for grants and lease incentives. ",
"dimensions": {
"concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForDeferredIncome",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "Provisions Provisions for dilapidation costs and other potential liabilities are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an out\ufb02ow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using the 3 year historic in\ufb02ation rate. The increase in the provision due to the passage of time is recognised as a \ufb01nance cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "Share capital Ordinary shares are classi\ufb01ed as equity. Costs of share issues are charged to the share premium account. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "Merger reserve A merger reserve is used where more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under s612 and s613 of the Companies Act 2006. ",
"dimensions": {
"concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForMergerReserve",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the de\ufb01nition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process, and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u2019concentration test\u2019 that permits a simpli\ufb01ed assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able asset or group of similar identi\ufb01able assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identi\ufb01able net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in pro\ufb01t or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "Non-controlling interests (NCI) NCI are measured initially at the Group\u2019s proportionate interest in the recognised amount of the identi\ufb01able assets and liabilities of the acquiree. NCI are measured subsequently at their proportionate share of the subsidiary\u2019s net assets at the reporting date. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. When a foreign operation is disposed of in its entirety, or partially such that control, signi\ufb01cant control or joint control, is lost, the cumulative amount in the translation reserve related to the foreign operation is reclassi\ufb01ed to pro\ufb01t or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining signi\ufb01cant in\ufb02uence or joint control, the relevant proportion of the cumulative amount is reclassi\ufb01ed to pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "Financial liability: loans On initial recognition, external loans are measured at fair value plus directly attributable transaction costs. On subsequent measurement, external loans are measured at amortised cost under the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost of a \ufb01nancial liability and allocating the interest expense over the relevant period. The calculation of the effective interest rate takes into account the estimated cash \ufb02ows which consider all the contractual terms of the \ufb01nancial instrument, including any embedded derivatives which are not subject to separation. Financial liability: Put Options Where a put option with non-controlling shareholders (NCI) exists on their equity interests, a liability for the fair value of the exercise price of the option is recognised. Management have assessed that the NCI still have access to the returns associated with the underlying ownership interests, and have therefore chosen to apply the present access method under which the corresponding entry is recognised in Other Equity. As required by IFRS, Oxford Biomedica has chosen to apply an accounting policy, to be applied consistently for all put liabilities: that subsequent to initial recognition, changes in fair value of the put liability will be recognised in equity. The value of the put liability is determined using a Monte Carlo simulation which calculates the expected future exercise value of the put option, taking into consideration Oxford Biomedica Solutions\u2019 forecasted cash \ufb02ows over the period up until the expected exercise date along with the expected volatility of those cash \ufb02ows over that same period. The expected future exercise value is then discounted to the present using a discount rate in order to capture the counter party risk of the expected payment. The discount rate may be impacted by economic and market factors as well as changes to the risk free rate of return which impacts debt borrowing rates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "2, Critical accounting judgements and estimates In applying the Group\u2019s accounting policies, management is required to make judgements and assumptions concerning the future in a number of areas. Actual results may be different from those estimated using these judgements and assumptions. The key sources of estimation uncertainty and the critical accounting judgements that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are discussed below. Key accounting matters Judgements Contract revenues: Identi\ufb01cation of performance obligations, allocation of revenue and timing of revenue recognition The Group has identi\ufb01ed three key areas of judgement within the collaboration agreements entered into during the period. Firstly, in relation to the number of distinct performance obligations contained within each collaboration agreement; secondly the fair value allocation of revenue to each performance obligation; and thirdly the timing of revenue recognition based on the achievement of the relevant performance obligation. The sales royalties contained within the collaboration agreements qualify for the royalty exemption available under IFRS 15 and will only be recognised as the underlying sales are made even though the performance obligation, in terms of the technology licence, has already been met. The judgements with regards to the number of distinct performance obligations and the fair value allocation of revenue to each performance obligation takes place on a contract-by-contract basis across numerous contracts entered into by the Group. As these judgements take place across numerous contracts, each with different characteristics, it is not practical to provide a quantitative analysis of the impact of applying different judgements, and the Directors do not believe that disclosing a range of outcomes resulting from applying different judgements provides meaningful information to the reader of the \ufb01nancial statements. Consequently, no quantitative analysis has been provided for these judgements. Number of distinct performance obligations Upon review of certain client contracts and preparation of accounting papers setting out the accounting treatment as per IFRS 15, the Group is required to exercise judgement in identifying the distinct performance obligations contained within the contract. These have been identi\ufb01ed as being: \u2014 The granting of technology licences \u2014 Milestones relating to bioprocessing or process development activities The fair value allocation of revenue to each performance obligation Because there is no readily available market price for many of the performance obligations contained in the client contracts, the Group exercises judgment in estimating the stand alone selling price of each of these performance obligations. Key areas of judgement are assessed to be: \u2014 The stand alone selling price of technology licences. The Group assesses the stand alone selling price of licences by reference to the stand alone selling price of previously recognised client technology licences, and the size of the market of the target indication and other market related observable inputs \u2014 The stand alone selling price of bioprocessing batches. The Group assesses the stand alone selling price of the batches in terms the stand alone selling price of its other client contract batch selling prices \u2014 The stand alone selling price in terms of the annual full time equivalent rate to charge for process development activities. The Group assesses the full time equivalent rate in terms the stand alone equivalent rate of its other client contract equivalent rates Timing of revenue recognition: technology licence revenues One of the key judgemental areas identi\ufb01ed within the collaboration agreements is the timing of recognition of licence revenue based on the achievement of the relevant performance obligation. The individual factors and aspects relating to licence revenue are assessed as part of the IFRS 15 accounting paper prepared for each agreement and a judgement is made as to whether the licence fee performance obligation related to the granting of the licence to the client has been achieved. If it was judged that the performance obligations on licences granted in 2022 had not been met, revenues would have been \u00a33,385,000 lower with the revenue expected to be recognised in future when the performance obligations were deemed to have been met. Modi\ufb01cation of Oaktree loan agreement When a loan agreement with an existing lender is modi\ufb01ed, a determination has to be made as to whether the modi\ufb01cation is treated as the extinguishment of the existing \ufb01nancial liability and the recognition of a new liability, or accounting for the modi\ufb01cation of the agreement as a modi\ufb01cation to the existing \ufb01nancial liability. On 10 March 2022 the Group entered into and drew down an US$85 million loan facility agreement with Oaktree under a 1 year facility agreement maturing in 2023 with a nominal interest rate on the loan of 8.5%. On 7 October 2022, the Loan Agreement was amended, US$35 million was repaid and the term extended to October 2026, with a variable interest rate which is capped at 10.25% per annum. A substantial modi\ufb01cation under IFRS 9 is deemed to have occurred if the net present value of the cash \ufb02ows under the new terms, including any fees, differs by at least 10% from the present value of the remaining cash\ufb02ows under the original terms. Management has determined that the modi\ufb01cation of the Oaktree loan agreement on 7 October 2022 does not meet the substantial modi\ufb01cation criteria and therefore will be recognised as a non-substantial modi\ufb01cation to the existing loan, with the loan being restated to its present value and subsequently at amortised cost under the effective interest rate method. This was determined on the basis of the quantitative test performed as required by IFRS 9 resulting in a 3% change to the net present value of the remaining cash \ufb02ows when compared to the original cash \ufb02ows under the original terms. Management has also performed a qualitative assessment to identify substantial differences in terms that by nature were not captured by the quantitative assessment. In considering the qualitative factors, Management has considered the payment terms, options, change in other terms and collaterals. Based on the quantitative and qualitative assessment, Management has determined that the modi\ufb01cation of the loan does not meet the substantial modi\ufb01cation criteria. If the Group had concluded that the amendment constitutes a signi\ufb01cant modi\ufb01cation, this accounting treatment would have resulted in the recognition of a loss on extinguishment of \u00a31,391,000, recognition of legal fees of \u00a3439,000, and an increase in the loan balance of \u00a3409,000 on the 7th of October 2022. Estimations The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are discussed below. The nature of estimation means that actual outcomes could differ from those estimates. Percentage of completion of bioprocessing batch revenues Bioprocessing of clinical/commercial product for clients is recognised on a percentage of completion basis over time as the processes are carried out. Progress is determined based on the achievement of veri\ufb01able stages of the bioprocessing process. Revenues are recognised on a percentage of completion basis and as such require estimation in terms of the assessment of the correct stage of completion including the expected costs to completion for that speci\ufb01c bioprocessing batch. The value of the revenue recognised with regard to the bioprocessing batches which remain in progress at year end is \u00a3 32,051,000. If the assessed percentage of completion was 10 percentage points higher or lower, revenue recognised in the period would have been \u00a3 3,866,000 higher or lower.Percentage of completion of \ufb01xed price process development revenues As it satis\ufb01es its performance obligations the Group recognises revenue and the related contract asset with regard to \ufb01xed price process development work packages. Revenues are recognised on a percentage of completion basis and as such require estimation in terms of the assessment of the correct percentage of completion for that speci\ufb01c process development work package. The value of the revenue recognised raised with regard to the work packages which remain in progress at year end is \u00a38,179,000. If the assessed percentage of completion was 10 percentage points higher or lower, revenue recognised in the period would have been \u00a3818,000 higher or lower. Provision for out of speci\ufb01cation bioprocessing batches Bioprocessing of clinical/commercial product for clients is recognised on a percentage of completion basis over time as the processes are carried out. Progress is determined based on the achievement of veri\ufb01able stages of the process. As Oxford Biomedica (UK) Ltd has now been bioprocessing product across a number of years, and also in a commercial capacity, Oxford Biomedica (UK) Ltd has assessed the need to include an estimate of bioprocessed product for which revenue has previously been recognised and which may be reversed should the product go out of speci\ufb01cation during the remaining period over which the product is bioprocessed. In calculating this estimate Oxford Biomedica (UK) Ltd has looked at historical rates of out of speci\ufb01cation batches across the last four years, and has applied the percentage of out of speci\ufb01cation batches to total batches produced across the assessed period to the revenue recognised on batches which have not yet completed the bioprocessing process at year end. This estimate, based on the historical percentage, may be signi\ufb01cantly higher or lower depending on the number of bioprocessing batches actually going out of speci\ufb01cation in future. If the historical percentage had been 10% higher or lower, the estimate would be \u00a3259,000 higher or lower. The estimate will increase or decrease based on the number of bioprocessing batches undertaken, the percentage of completion of those bioprocessing batches, and the number of batches which go out of speci\ufb01cation over the assessment period. Consequently, bioprocessing revenue of \u00a32,592,000 (2021: \u00a3769,000) has not been recognised during 2022, with the corresponding credit to contract liabilities (note 19). This revenue will be recognised as the batches complete bioprocessing. No provision for out of speci\ufb01cation batches has been raised for Oxford Biomedica Solutions as management has concluded that, based on review of analytical testing results received after year end, no bioprocessing batch was deemed to be at risk of failure to meet speci\ufb01cations. Amortisation of intangibles assets (developed technology) The estimated useful life of developed technology acquired by the Group is 15 years as the Group expects the technology to generate cash \ufb02ows for a total of 15 years. The estimate of 15 years is based on management\u2019s experience of the time period over which the technology acquired as part of the acquisition of Oxford Biomedica Solutions will become fully obsolete. Over time as the platform technology is improved, parts of the technology become obsolete as they are superseded by new technology until after 15 years the original technology is expected to have been fully replaced by newer/improved technology. If the estimated useful life of the assets had been 10 years, the estimated amortisation for the year ended 31 December 2022 would be \u00a33,036,000 higher (2021: nil); whilst, if the estimated useful life of the assets had been 20 years, the estimated amortisation for the year ended 31 December 2022 would be \u00a31,518,000 lower (2021:nil). Sale and leaseback \u2013 Lease liability discount rate During November 2022 the Group sold its Windrush Court facility property to Kadans for a cash consideration of \u00a360 million in a sale and leaseback transaction (refer note 33). A key estimate identi\ufb01ed by the Group within the sale and leaseback agreement is the incremental borrowing rate used to discount the lease liability cash \ufb02ows back to their present value to determine the lease liability at year end. Since the rate implicity in the lease is not readily determinable, the Group's incremental borrowing rate has been used (the rate of interest that would have to be paid to borrow on a collateralised basis over a similar term for an amount equal to the lease payments in a similar economic environment) based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. The rates have been determined using previously available information on borrowing rates as well as indicative borrowing rates that would be available based on the value, currency and borrowing term provided by \ufb01nancial institutions, adjusted for company and market speci\ufb01c factors. Estimation of uncertainty is involved in selecting an appropriate rate, and the rate selected for each lease will have an impact on the value of the lease liability and corresponding right-of-use (ROU) asset in the Consolidated Statement of \ufb01nancial positions. If the estimated lease liability discount rate had been one percentage higher or lower, the gain recognised on the sale of Windrush court would have been \u00a31,775,000 higher or lower (2021: \u00a3nil) with the other side of the entry decreasing or increasing the lease liability by a \u00a32,027,000 (2021: \u00a3nil) and decreasing and increasing right of use assets by a \u00a3253,000 (2021: \u00a3nil). Valuation of put option liability Where a put option with non-controlling shareholders exists on their equity interests, a liability for the fair value of the exercise price of the option is recognised. On 10 March 2022, the Group recognised a put option liability to acquire the remaining 20% of Oxford Biomedica Solutions that it doesn\u2019t already own, from Homology Medicines. The fair value of the option at the date of acquisition was assessed to be \u00a339.0 million. At 31 December 2022 the fair value of the put option liability was \u00a338.2 million (Dec 2021: \u00a3nil). The Group estimates the value of the put liability using a Monte Carlo simulation which calculates the expected future exercise value of the put option, taking into consideration Oxford Biomedica Solutions\u2019 forecasted revenues over the period up until the expected exercise date along with the expected volatility of those revenues over that same period. The expected future exercise value is then discounted to the present using a discount rate in order to capture the counter party risk of the expected payment. Key estimation uncertainty inputs which directly impact the valuation of the put option liability are assessed to be: \u2014 Revenues of Oxford Biomedica Solutions \u2013\u2009the revenues of Oxford Biomedica Solutions are based on the management approved forecast up until the end of the option period. Should the forecast change or the actual results vary this may impact the value of the put option liability. \u2014 Expected volatility of revenues \u2013 should the expected volatility of Oxford Biomedica Solutions revenues vary, this may impact the value of the put option liability, \u2014 Discount rate \u2013 the discount rate may be impacted by economic and market factors, as well as changes to the risk free rate of return which impacts debt borrowing rates. Should the discount rate calculated by management be adjusted, this may impact the value of the put option. Management has calculated the discount rate based on the risk free rate, the expected return from similar companies and the Group\u2019s cost of debt. Fair value Put option liability 31 December 2022 Increase Decrease Effect in thousands of pounds: Revenues of Oxford Biomedica Solutions: 10% higher or lower 2.1 (2.4) Discount rate 2% lower or higher 1.4 (1.4) Valuation of acquired intangible assets As part of the acquisition accounting for the acquisition of Oxford Biomedica Solutions LLC in 2022, we have performed an assessment on the identi\ufb01cation, fair value, and expected useful economic lives of acquired intangible assets such as developed technology assets at the date of acquisition. The fair value attributed to intangible assets arising on acquisition is recognised in accordance with IAS 38 Intangible assets and is based on a number of estimates. The acquired identi\ufb01able assets and liabilities have been recognised at their fair values at acquisition date and in accordance with the Group\u2019s accounting policies. The fair value of the developed technologies intangible asset is considered a key estimate subject to estimation uncertainty. Below are the details for the valuation methodologies used for the intangible assets. Acquired developed technology has been valued using the multi-period excess earnings method (MPEEM) method, valued at \u00a3102.8 million, The MPEEM method considers the present value of net cash \ufb02ows expected to be generated by the client relationships, by excluding any cash \ufb02ows related to contributory assets. Management considers the weighted average return on assets and discount rates as critical estimates as a reasonably possible change to these assumptions in aggregation, or in isolation, will have an impact on the consolidated \ufb01nancial statements. The weighted average return on assets and discount rate used by management in the valuation of the developed technology is 17.3% and 20% respectively. Below are the various sensitivities of weighted average return on assets and discount rates and their impact on the related intangible assets. Sensitivities Discount rate Weighted average rate of return Adjusted Developed technology value \u00a3\u2019m Impact \u00a3\u2019m 17% 15.0% 121.8 19.0 18% 15.8% 113.5 10.7 19% 16.5% 106.0 3.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "3, Financial risk management Financial risk factors The Group has a simple corporate structure which consists of the Company and two main operating subsidiaries, one domiciled in the UK and the other in the US. Monitoring of \ufb01nancial risk is part of the Board\u2019s ongoing risk management, the effectiveness of which is reviewed annually. The Group\u2019s agreed policies are implemented by the Chief Financial Officer, who submits reports at each Board meeting. The Group does not use \ufb01nancial derivatives, and it is the Group\u2019s policy not to undertake any trading in \ufb01nancial instruments. (a) Foreign exchange risk In 2022 the Group\u2019s revenues were mostly receivable in Sterling and US Dollars, and certain of its expenditures were payable in Euros and US Dollars. The majority of the UK based entities\u2019 operating costs are denominated in Sterling. A 10% difference in the \u00a3/$ average exchange rate would have had an impact of approximately \u00a31,121,000 (2021: \u00a3712,000) over the year. The US based entities\u2019 revenue and operating costs are all in USD. The Group also has exposure to the \u00a3/$ exchange rate due to the Oaktree loan facility denominated in Dollars. Had the \u00a3/$ exchange rate been 10% different, the impact on cost in 2022 would have been approximately \u00a3455,000 (2021: nil). The Group also has exposure to the \u00a3/\u20ac exchange rate due to the need to fund certain expenditure denominated in Euros. Had the average \u00a3/\u20ac exchange rate been 10% different, the impact on cost in 2022 would have been approximately \u00a3418,000 (2021: \u00a3305,000). The Group\u2019s policy is to hold the majority of its funds in Sterling and US Dollars. No other hedging of foreign currency cash \ufb02ows is undertaken.(b) Interest rate risk The Group\u2019s policy is to maximise interest receivable on deposits, subject to maintaining access to sufficient liquid funds to meet day to day operational requirements and preserving the security of invested funds. With the current low level of bank interest rates at the start of the year, interest receivable on bank deposits in 2022 was just \u00a3973,000 (2021: \u00a3nil). On 10 March 2022, the Group drew down an US$85 million loan facility with Oaktree to \ufb01nance the acquisition of Oxford Biomedica Solutions, under a 1 year facility agreement maturing in 2023. On 7 October 2022, the loan facility was re\ufb01nanced with Oaktree. Under the terms of such re\ufb01nancing, the Company has partially repaid the outstanding amounts under the Short-Term Loan Facility and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of US$50 million. The Term Loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the \ufb01rst twelve months payable in kind as additional loan principal, at the option of the Company. The interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions. If interest rates had been 1% higher in 2022 the impact on cash interest paid would have been \u00a3nil (2022: \u00a3nil). (c) Credit risks Cash balances are mainly held on short term deposits with \ufb01nancial institutions with a credit rating of at least A, in line with the Group\u2019s policy to minimise the risk of loss. Trade debtors are monitored to minimise the risk of loss (note 16). Derivative \ufb01nancial instruments and hedging There were no material derivatives at 31 December 2022 or 31 December 2021 which have required separation, and hedge accounting has not been used. Fair value estimates The fair value of short term deposits with a maturity of one year or less is assumed to be the book value. Capital Management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns to shareholders and bene\ufb01ts for other stakeholders, and to maintain an optimal capital structure to minimise the cost of capital. Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Net (cash)/debt\u2009\u00b2 (101,505) (108,944)\u2009\u00b9 Equity 236,192 187,338 Debt/equity 43% (58%) \u00b9 Represents Cash balance only as no debt. \u00b2 Net (cash)/debt is Cash and cash equivalents less Loans as outlined on page 136. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "(a) Foreign exchange risk In 2022 the Group\u2019s revenues were mostly receivable in Sterling and US Dollars, and certain of its expenditures were payable in Euros and US Dollars. The majority of the UK based entities\u2019 operating costs are denominated in Sterling. A 10% difference in the \u00a3/$ average exchange rate would have had an impact of approximately \u00a31,121,000 (2021: \u00a3712,000) over the year. The US based entities\u2019 revenue and operating costs are all in USD. The Group also has exposure to the \u00a3/$ exchange rate due to the Oaktree loan facility denominated in Dollars. Had the \u00a3/$ exchange rate been 10% different, the impact on cost in 2022 would have been approximately \u00a3455,000 (2021: nil). The Group also has exposure to the \u00a3/\u20ac exchange rate due to the need to fund certain expenditure denominated in Euros. Had the average \u00a3/\u20ac exchange rate been 10% different, the impact on cost in 2022 would have been approximately \u00a3418,000 (2021: \u00a3305,000). The Group\u2019s policy is to hold the majority of its funds in Sterling and US Dollars. No other hedging of foreign currency cash \ufb02ows is undertaken.(b) Interest rate risk The Group\u2019s policy is to maximise interest receivable on deposits, subject to maintaining access to sufficient liquid funds to meet day to day operational requirements and preserving the security of invested funds. With the current low level of bank interest rates at the start of the year, interest receivable on bank deposits in 2022 was just \u00a3973,000 (2021: \u00a3nil). On 10 March 2022, the Group drew down an US$85 million loan facility with Oaktree to \ufb01nance the acquisition of Oxford Biomedica Solutions, under a 1 year facility agreement maturing in 2023. On 7 October 2022, the loan facility was re\ufb01nanced with Oaktree. Under the terms of such re\ufb01nancing, the Company has partially repaid the outstanding amounts under the Short-Term Loan Facility and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of US$50 million. The Term Loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the \ufb01rst twelve months payable in kind as additional loan principal, at the option of the Company. The interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions. If interest rates had been 1% higher in 2022 the impact on cash interest paid would have been \u00a3nil (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "(c) Credit risks Cash balances are mainly held on short term deposits with \ufb01nancial institutions with a credit rating of at least A, in line with the Group\u2019s policy to minimise the risk of loss. Trade debtors are monitored to minimise the risk of loss (note 16). Assessment of \ufb01nancial assets by credit risk rating: Cash and cash equivalents are held with reputable banks with a low assessed risk of default. All trade receivables are assessed as having a low credit risk rating as the debt is owed by blue chip pharmaceutical groups in the top 10 in the world by market capitalisation, and by biotechnology companies with sufficient cash reserves to satisfy their obligations. There has been no change in the determined risk during 2022, therefore no reconciliation between the 2021 and 2022 closing debtor balance assessed by risk of default has been provided. The opening and closing position was low (2021: low). Other receivables are rent deposits held in separately administered bank accounts with covenants limiting their use and are as such assessed as having a low risk of default. The Group considers a \ufb01nancial asset to be in default when: \u2014 The debtor is unlikely to pay its credit obligation to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2014 the \ufb01nancial asset is more than 90 days past its contracted due date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "Derivative \ufb01nancial instruments and hedging There were no material derivatives at 31 December 2022 or 31 December 2021 which have required separation, and hedge accounting has not been used. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "Fair value estimates The fair value of short term deposits with a maturity of one year or less is assumed to be the book value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-460": {
"value": "Capital Management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns to shareholders and bene\ufb01ts for other stakeholders, and to maintain an optimal capital structure to minimise the cost of capital. Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Net (cash)/debt\u2009\u00b2 (101,505) (108,944)\u2009\u00b9 Equity 236,192 187,338 Debt/equity 43% (58%) \u00b9 Represents Cash balance only as no debt. \u00b2 Net (cash)/debt is Cash and cash equivalents less Loans as outlined on page 136. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "4, Segmental analysis Segmental reporting The chief operating decision-maker has been identi\ufb01ed as the Senior Executive Team (SET), comprising the Executive Directors, Chief Commercial Officer, Chief Technical Officer, Chief Scienti\ufb01c Officer, Chief Business and Corporate Development Officer, Chief Operations Officer, Chief People Officer, Chief Information Officer and General Counsel. The SET monitors the performance of the Group in two business segments:(i) Platform \u2013 this segment consists of the revenue generating bioprocessing and process development activities undertaken for third parties (i.e the partner programmes LentiVector \u00ae and AAV CDMOs business). It also includes internal technology developments and technical intellectual property within the LentiVector\u00ae platform. (ii) Product \u2013 this segment consists of the clinical and pre-clinical development of in vivo and ex vivo cell and gene therapy products (gene therapeutics) which are owned by the Group. In the \ufb01rst quarter of 2023, the SET has re-assessed the reporting segments to re\ufb02ect the way the business will be managed in future. Management reporting is currently being reworked to align with these new segments going forward and the Group expects to be able to report on these new segments during 2023 and thereafter. No changes from the current basis have been re\ufb02ected in the 2022 Annual report and accounts. Revenues, other operating income and operating loss by segment Revenues, Operating EBITDA and Operating pro\ufb01t/(loss) represent the Group\u2019s measures of segment pro\ufb01t and loss as they are a primary measure used for the purpose of making decisions about allocating resources and assessing performance of segments. 2022 Platform \u00a3\u2019000 Product \u00a3\u2019000 Total \u00a3\u2019000 Revenue 139,903 86 139,989 Other operating income 2,307 \u2013 2,307 Gain on sale and leaseback 21,389 \u2013 21,389 Operating EBITDA\u00b9 11,654 (10,023) 1,631 Depreciation, amortisation and share based payment (29,551) (2,250) (31,801) Operating loss (17,948) (12,272) (30,220) Net \ufb01nance cost (15,756) Loss before tax (45,976) 2021 Platform \u00a3\u2019000 Product \u00a3\u2019000 Total \u00a3\u2019000 Revenue 142,693 104 142,797 Other operating income 867 \u2013 867 Operating EBITDA\u00b9 45,292 (9,368) 35,924 Depreciation, amortisation and share based payment (13,702) (1,288) (14,990) Revaluation of investments (165) \u2013 (165) Operating pro\ufb01t/(loss) 31,425 (10,657) 20,768 Net \ufb01nance cost (888) Pro\ufb01t before tax 19,880 \u00b9 Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, revaluation of investments and Assets at fair value through pro\ufb01t and loss, and Share Based Payments) is a non-GAAP measure often used as a surrogate for operational cash \ufb02ow as it excludes from operating pro\ufb01t or loss all non-cash items, including the charge for share based payments options. A reconciliation to GAAP measures is provided on page 34. Other operating income of \u00a32.3 million (2021: \u00a30.9 million) includes sub lease rental income of \u00a31.4 million (2021: Nil) in relation to a portion of the Patriot\u2019s Park property in the US accounted for as a as a short term lease, and grant income to further develop our supply chain capabilities of \u00a30.9 million (2021: \u00a30.9 million) and is included within the Platform segment. Costs are allocated to the segments on a speci\ufb01c basis as far as possible. Costs which cannot readily be allocated speci\ufb01cally are apportioned between the segments using relevant metrics such as headcount or direct costs. No intangible assets or \ufb01xed assets of any signi\ufb01cant value have been assessed to be assigned speci\ufb01cally to the Products division, and therefore no impairment has been required as a result of the decision by the Group to look for alternative funding for the Product division. A segmental or geographical split of assets and liabilities is not provided because this information is not received or reviewed by the chief operating decision-maker. All assets are located within the United Kingdom and United States. Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement. 2022 Platform \u00a3\u2019000 Product \u00a3\u2019000 Total \u00a3\u2019000 Bioprocessing/Commercial development 127,994 86 128,080 Licence fees, milestones and royalties 11,909 \u2013 11,909 Total 139,903 86 139,989 2021 Platform \u00a3\u2019000 Product \u00a3\u2019000 Total \u00a3\u2019000 Bioprocessing/Commercial development 128,318 104 128,422 Licence fees, milestones and royalties 14,375 \u2013 14,375 Total 142,693 104 142,797 Timing of transfer of goods or services 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Products and services transferred at a point of time 11,909 13,997 Products and services transferred over time 128,080 128,800 Total revenue 139,989 142,797 The majority of the Group\u2019s revenue is typically recognised over time as the performance obligations in the contract are being ful\ufb01lled. Results by geographical location The Group\u2019s revenue derives wholly from assets located in the United Kingdom and the United States. Analysed by location the Group\u2019s revenues derive predominantly from United Kingdom, United States, Europe and the rest of the world: Revenue by client location 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 49,939 97,063 United States 61,591 20,816 Europe 28,063 21,632 Rest of world 396 3,286 Total revenue 139,989 142,797 In 2022 \ufb01ve clients each provided 10% or more of the Group\u2019s revenues in the platform segment. Geographic split of operating loss 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom (1,465) (20,768) United States (28,755) \u2013 Total operating loss (30,220) (20,768) Geographic split of non current assets 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 94,997 73,385 United States 149,679 \u2013 Total non current assets 244,676 73,385 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "Results by geographical location The Group\u2019s revenue derives wholly from assets located in the United Kingdom and the United States. Analysed by location the Group\u2019s revenues derive predominantly from United Kingdom, United States, Europe and the rest of the world: Revenue by client location 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 49,939 97,063 United States 61,591 20,816 Europe 28,063 21,632 Rest of world 396 3,286 Total revenue 139,989 142,797 In 2022 \ufb01ve clients each provided 10% or more of the Group\u2019s revenues in the platform segment. Geographic split of operating loss 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom (1,465) (20,768) United States (28,755) \u2013 Total operating loss (30,220) (20,768) Geographic split of non current assets 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 94,997 73,385 United States 149,679 \u2013 Total non current assets 244,676 73,385 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "5, Employees and directors The monthly average number of persons (including Executive Directors) employed by the Group during the year was: By activity 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Office and management 117 56 Research, development and bioprocessing 812 703 Total 929 759 Employee bene\ufb01t costs 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Wages and salaries 70,042 43,174 Social security costs 6,165 5,122 Other pension costs (note 32) 3,560 2,839 Share based payments (note 28) 6,471 3,523 Total employee bene\ufb01t costs 86,238 54,658 Key management compensation 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Wages and salaries 4,486 3,167 Social security costs 760 893 Other pension costs 293 250 Share based payments 2,620 2,075 Total 8,159 6,385 The key management \ufb01gures above include Executive and Non-Executive Directors and the other members of the SET. Further information about the remuneration of individual Directors, including the highest paid Director, is provided in the audited part of the Directors\u2019 Remuneration Report on page 95 which forms part of these \ufb01nancial statements. The Company had no employees during the year (2021: zero). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-462": {
"value": "2022 \u00a3\u2019000 2021 \u00a3\u2019000 Wages and salaries 4,486 3,167 Social security costs 760 893 Other pension costs 293 250 Share based payments 2,620 2,075 Total 8,159 6,385 The key management \ufb01gures above include Executive and Non-Executive Directors and the other members of the SET. Further information about the remuneration of individual Directors, including the highest paid Director, is provided in the audited part of the Directors\u2019 Remuneration Report on page 95 which forms part of these \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "6, Finance income and costs Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Finance income: Bank interest receivable 973 \u2013 \u2013 \u2013 Total \ufb01nance income 973 \u2013 \u2013 \u2013 Finance costs: Unwinding of discount in provisions (note 20) (66) (27) (28) \u2013 Gain on foreign exchange (7,975) \u2013 (7,964) \u2013 Interest payable on loans (5,564) \u2013 (5,564) \u2013 Interest payable on \ufb01nance leases (3,124) (861) (477) \u2013 Total \ufb01nance costs (16,729) (888) (14,033) \u2013 Net \ufb01nance costs (15,756) (888) (14,033) \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "6, Finance income and costs Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Finance income: Bank interest receivable 973 \u2013 \u2013 \u2013 Total \ufb01nance income 973 \u2013 \u2013 \u2013 Finance costs: Unwinding of discount in provisions (note 20) (66) (27) (28) \u2013 Gain on foreign exchange (7,975) \u2013 (7,964) \u2013 Interest payable on loans (5,564) \u2013 (5,564) \u2013 Interest payable on \ufb01nance leases (3,124) (861) (477) \u2013 Total \ufb01nance costs (16,729) (888) (14,033) \u2013 Net \ufb01nance costs (15,756) (888) (14,033) \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "6, Finance income and costs Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Finance income: Bank interest receivable 973 \u2013 \u2013 \u2013 Total \ufb01nance income 973 \u2013 \u2013 \u2013 Finance costs: Unwinding of discount in provisions (note 20) (66) (27) (28) \u2013 Gain on foreign exchange (7,975) \u2013 (7,964) \u2013 Interest payable on loans (5,564) \u2013 (5,564) \u2013 Interest payable on \ufb01nance leases (3,124) (861) (477) \u2013 Total \ufb01nance costs (16,729) (888) (14,033) \u2013 Net \ufb01nance costs (15,756) (888) (14,033) \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "7, Expenses by nature Group Company Notes 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Employee bene\ufb01t costs 5 86,238 54,658 992 823 Depreciation of property, plant and equipment 12 20,271 12,435 323 \u2013 Amortisation 11 6,088 21 \u2013 \u2013 Raw materials and consumables used in bioprocessing 27,449 23,026 \u2013 \u2013 Operating lease payments 231 236 \u2013 \u2013 Net loss on foreign exchange (751) (115) \u2013 \u2013 Company employee bene\ufb01t costs include \u00a3992,000 (2021: \u00a3823,000) relating to non-executive costs paid by Oxford Biomedica UK Ltd and recharged to the Company. Depreciation is charged to cost of goods, research and development, and bioprocessing costs in the statement of comprehensive income. Amortisation is charged to research and development in the statement of comprehensive income. The operating lease payments relate to short term leases which have been accounted for under the IFRS 16 exemption. During the year the Group (including its subsidiaries) obtained services from the Group\u2019s auditors and their associates as detailed below: Services provided by the Group\u2019s auditors 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable for the audit of the parent company and consolidated \ufb01nancial statements 50 50 Fees payable for other services: The audit of the Company\u2019s subsidiaries 895 350 Additional fees relating to prior year audit 98 70 Review of interim results 35 35 Total 1,078 505 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-464": {
"value": "During the year the Group (including its subsidiaries) obtained services from the Group\u2019s auditors and their associates as detailed below: Services provided by the Group\u2019s auditors 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable for the audit of the parent company and consolidated \ufb01nancial statements 50 50 Fees payable for other services: The audit of the Company\u2019s subsidiaries 895 350 Additional fees relating to prior year audit 98 70 Review of interim results 35 35 Total 1,078 505 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "8, Taxation During 2020 the Group ceased being eligible to claim a research and development tax credits under the Government\u2019s small company scheme, and instead in 2021 and 2022 claimed under the Large Company scheme. Current tax 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Corporation tax (1,282) (1,427) (1,282) (1,427) Adjustments in respect of prior periods: United Kingdom corporation tax research and development credit 307 558 Current tax (975) (869) Deferred tax Relating to the origination of timing differences 1,792 \u2013 Deferred tax 1,792 \u2013 Taxation credit/(charge) 817 (869) U.K. income tax The amount of \u00a31,282,000 (2021:\u00a31,427,000) included as part of the taxation charge within the statement of comprehensive income for the year ended 31 December 2022 comprises the corporation tax payable on the amount claimed as a Large Company Tax credit (RDEC) within research and development expenses in the statement of comprehensive income. The adjustment of current tax in respect of the prior year of \u00a3307,000 relates to the corporation tax credit on a lower than anticipated RDEC tax receipt. In 2021 the adjustment in respect of prior years in the amount of \u00a3558,000 related to a SME tax credit received relating to prior years. The United Kingdom corporation tax research and development (RDEC) credit which is included in research and development expenses, is paid in arrears once tax returns have been \ufb01led and agreed. The tax credit recognised in the \ufb01nancial statements but not yet received is included in trade and other receivables in the Statement of \ufb01nancial position. During 2022 the Group recognised \u00a3125,000 (2021: \u00a3458,000) of current tax relating to tax relief obtained on exercise of share options directly within equity. The Company has no tax liability, nor is it entitled to tax credits (2021: \u00a3nil). At 31 December 2022, the Group had UK tax losses, with no expiry date, to be carried forward of approximately \u00a376.2 million (2021: \u00a378.3 million). U.S. income tax Deferred tax of \u00a31,764,000 (2021: Nil) relates to temporary differences relating to intangible assets. At 31 December 2022, the Group had US tax losses to be carried forward of approximately \u00a37.3 million (2021: \u00a3nil) that expire 20 years from it being incurred. Reconciliation of effective tax rate The tax credit for the year is lower (2021: lower) than the standard rate of corporation tax in the UK. The differences are explained below: Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Loss/(pro\ufb01t) on ordinary activities before tax (45,976) 19,880 (4,804) (2,366) Loss/(pro\ufb01t) on ordinary activities before tax multiplied by the standard rate of corporation tax in the UK of 19% (2021: 19%) 8,734 (3,777) 913 450 Effects of: Expenses not deductible for tax purposes (1,985) (649) (28) (101) Income not taxable 376 344 1,272 \u2013 Transfer pricing adjustments (1,005) \u2013 (1,005) \u2013 Current tax relief less than accounting charge on share options (517) (174) \u2013 \u2013 Effects of group relief/other reliefs \u2013 \u2013 (158) (349) Deferred tax not recognised \u2013 2,829 579 \u2013 Amounts not recognised (4,753) \u2013 (1,573) \u2013 Rolled over gains (3,074) \u2013 \u2013 \u2013 Effects of overseas tax rates 2,734 \u2013 \u2013 \u2013 Adjustments in respect of prior periods 307 558 \u2013 \u2013 Total tax (charge)/credit for the year 817 (869) \u2013 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "9, Basic and diluted pro\ufb01t/(loss) per ordinary share The basic loss per share of 41.29p (2021: pro\ufb01t 22.77p) has been calculated by dividing the (loss)/pro\ufb01t for the period by the weighted average number of shares in issue during the year ended 31 December 2022 being, 94,829,892 (2021: 83,484,173). As the Group made a loss this year, there is therefore no difference between the basic loss per ordinary share and the diluted loss per ordinary share in the current period. The Group made a pro\ufb01t in the prior period and the diluted earnings per share in the year was 22.20p, which was calculated by dividing the earnings for the period by the weighted average number of shares in issue during the period after adjusting for the dilutive effect of the share options outstanding at 31 December 2021 (2,134,494). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "10, Loss for the \ufb01nancial year As permitted by section 408 of the Companies Act 2006, the Company\u2019s statement of comprehensive income has not been included in these \ufb01nancial statements. The Company\u2019s loss for the year was \u00a34,804,000 (2021: \u00a32,366,000) ",
"dimensions": {
"concept": "oxfordbiomedicaplc:DisclosureOfTheLossForTheFinancialYear",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "11, Intangible assets Notes Goodwill \u00a3\u2019000 Developed technology \u00a3\u2019000 Patents \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 \u2013 \u2013 5,636 5,636 At 31 December 2021 \u2013 \u2013 5,636 5,636 At 1 January 2022 \u2013 \u2013 5,636 5,636 Acquisitions through business combinations 35 610 102,869 \u2013 103,479 Retirements \u2013 \u2013 (3,825) (3,825) Effects of movements in exchange rates 51 8,536 \u2013 8,587 At 31 December 2022 661 111,405 1,811 113,877 Accumulated amortisation and impairment At 1 January 2021 \u2013 \u2013 5,563 5,563 Charge for the year \u2013 \u2013 21 21 At 31 December 2021 \u2013 \u2013 5,584 5,584 At 1 January 2022 \u2013 \u2013 5,584 5,584 Charge for the year \u2013 6,072 16 6,088 Retirements \u2013 \u2013 (3,797) (3,797) Effects of movements in exchange rates \u2013 116 \u2013 116 At 31 December 2022 \u2013 6,188 1,803 7,991 Net book amount at 31 December 2022 661 105,217 8 105,886 Net book amount at 31 December 2021 \u2013 \u2013 52 52 Intangible assets comprise Goodwill, Developed Technology and Patents for intellectual property rights. The Group has not capitalised any internally generated intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-480": {
"value": "11, Intangible assets Notes Goodwill \u00a3\u2019000 Developed technology \u00a3\u2019000 Patents \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 \u2013 \u2013 5,636 5,636 At 31 December 2021 \u2013 \u2013 5,636 5,636 At 1 January 2022 \u2013 \u2013 5,636 5,636 Acquisitions through business combinations 35 610 102,869 \u2013 103,479 Retirements \u2013 \u2013 (3,825) (3,825) Effects of movements in exchange rates 51 8,536 \u2013 8,587 At 31 December 2022 661 111,405 1,811 113,877 Accumulated amortisation and impairment At 1 January 2021 \u2013 \u2013 5,563 5,563 Charge for the year \u2013 \u2013 21 21 At 31 December 2021 \u2013 \u2013 5,584 5,584 At 1 January 2022 \u2013 \u2013 5,584 5,584 Charge for the year \u2013 6,072 16 6,088 Retirements \u2013 \u2013 (3,797) (3,797) Effects of movements in exchange rates \u2013 116 \u2013 116 At 31 December 2022 \u2013 6,188 1,803 7,991 Net book amount at 31 December 2022 661 105,217 8 105,886 Net book amount at 31 December 2021 \u2013 \u2013 52 52 Intangible assets comprise Goodwill, Developed Technology and Patents for intellectual property rights. The Group has not capitalised any internally generated intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "11, Intangible assets Notes Goodwill \u00a3\u2019000 Developed technology \u00a3\u2019000 Patents \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 \u2013 \u2013 5,636 5,636 At 31 December 2021 \u2013 \u2013 5,636 5,636 At 1 January 2022 \u2013 \u2013 5,636 5,636 Acquisitions through business combinations 35 610 102,869 \u2013 103,479 Retirements \u2013 \u2013 (3,825) (3,825) Effects of movements in exchange rates 51 8,536 \u2013 8,587 At 31 December 2022 661 111,405 1,811 113,877 Accumulated amortisation and impairment At 1 January 2021 \u2013 \u2013 5,563 5,563 Charge for the year \u2013 \u2013 21 21 At 31 December 2021 \u2013 \u2013 5,584 5,584 At 1 January 2022 \u2013 \u2013 5,584 5,584 Charge for the year \u2013 6,072 16 6,088 Retirements \u2013 \u2013 (3,797) (3,797) Effects of movements in exchange rates \u2013 116 \u2013 116 At 31 December 2022 \u2013 6,188 1,803 7,991 Net book amount at 31 December 2022 661 105,217 8 105,886 Net book amount at 31 December 2021 \u2013 \u2013 52 52 Intangible assets comprise Goodwill, Developed Technology and Patents for intellectual property rights. The Group has not capitalised any internally generated intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "12, Property, plant and equipment Group Freehold property \u00a3\u2019000 Leasehold improvements\u00b9 \u00a3\u2019000 Office equipment and computers \u00a3\u2019000 Bioprocessing and Laboratory equipment \u00a3\u2019000 Right of use asset \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2022 25,409 28,145 10,663 29,505 18,411 112,133 Additions at cost 113 7,767 955 7,461 13,038 29,334 Reallocations 14 (417) (6) 409 \u2013 \u2013 Acquisitions through business combinations \u2013 22,747 788 10,436 24,974 58,945 Disposals (15,688) (45) (127) \u2013 (15,860) Change in estimate \u2013 \u2013 \u2013 \u2013 (1,349) (1,349) Effects of movements in exchange rates \u2013 1,986 65 912 2,072 5,035 At 31 December 2022 9,848 60,228 12,420 48,596 57,146 188,238 Accumulated depreciation At 1 January 2022 12,652 6,226 6,863 12,519 4,145 42,405 Charge for the year 2,052 5,167 2,204 5,916 4,932 20,271 Effects of movements in exchange rates \u2013 47 2 40 19 108 Disposals (8,210) \u2013 (27) (89) \u2013 (8,326) At 31 December 2022 6,494 11,440 9,042 18,386 9,096 54,458 Net book amount at 31 December 2022 3,354 48,788 3,378 30,210 48,050 133,780 Group Freehold property \u00a3\u2019000 Leasehold improvements \u00a3\u2019000 Office equipment and computers \u00a3\u2019000 Bioprocessing and Laboratory equipment \u00a3\u2019000 Right of use asset \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 23,331 27,219 9,106 24,606 18,012 102,274 Additions at cost 2,078 939 1,557 4,886 21 9,481 Reclassi\ufb01cation \u2013 (13) \u2013 13 \u2013 \u2013 Disposals \u2013 \u2013 \u2013 \u2013 378 378 At 31 December 2021 25,409 28,145 10,663 29,505 18,411 112,133 Accumulated depreciation At 1 January 2021 10,444 3,519 4,610 9,177 2,220 29,970 Charge for the year 2,208 2,707 2,253 3,342 1,925 12,435 Reclassi\ufb01cation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 2021 12,652 6,226 6,863 12,519 4,145 42,405 Net book amount at 31 December 2021 12,757 21,919 3,800 16,986 14,266 69,728 \u00b9 Included within Leasehold Improvements are Assets under Construction of \u00a35,541,000 (2021:\u00a3nil) representing ongoing construction works at Patriots Park, Boston, which will start being depreciated once completed and in use. Leasehold improvements are capital improvements to buildings which the Group leases. Bioprocessing and laboratory equipment is equipment purchased for the Group\u2019s laboratory and bioprocessing processes, and are generally movable from one facility to another. During the year a sale and leaseback transaction was completed on the Windrush facility and as a result assets with a net book value of \u00a37.5 million have been disposed of in the period and a Right of use Asset of \u00a35.8 million recognised at Group. Refer to note 33 for details of the lease. Company Right of use asset \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2022 \u2013 \u2013 Additions at cost 39,717 39,717 At 31 December 2022 39,717 39,717 Accumulated depreciation At 1 January 2022 \u2013 \u2013 Charge for the year 323 323 At 31 December 2022 323 323 Net book amount at 31 December 2022 39,394 39,394 The Windrush Court building was owned and then sold by Oxford Biomedica (UK) Ltd in October 2022, after which the building was immediately leased under a 15 year lease by Oxford Biomedica PLC on the same day. In the Company\u2019s individual accounts, the Company has accounted for the lease as a standalone lease with the resultant lease liability and matching right of use asset, whilst Oxford Biomedica (UK) Ltd has accounted for the transaction as a standalone sale of an asset. However, from a Group perspective the transaction has been accounted for as a sale and leaseback transaction as both companies form part of the same group and both the sale and leaseback was negotiated and entered into at the same time. The Company had no property, plant and equipment at 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "12, Property, plant and equipment Group Freehold property \u00a3\u2019000 Leasehold improvements\u00b9 \u00a3\u2019000 Office equipment and computers \u00a3\u2019000 Bioprocessing and Laboratory equipment \u00a3\u2019000 Right of use asset \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2022 25,409 28,145 10,663 29,505 18,411 112,133 Additions at cost 113 7,767 955 7,461 13,038 29,334 Reallocations 14 (417) (6) 409 \u2013 \u2013 Acquisitions through business combinations \u2013 22,747 788 10,436 24,974 58,945 Disposals (15,688) (45) (127) \u2013 (15,860) Change in estimate \u2013 \u2013 \u2013 \u2013 (1,349) (1,349) Effects of movements in exchange rates \u2013 1,986 65 912 2,072 5,035 At 31 December 2022 9,848 60,228 12,420 48,596 57,146 188,238 Accumulated depreciation At 1 January 2022 12,652 6,226 6,863 12,519 4,145 42,405 Charge for the year 2,052 5,167 2,204 5,916 4,932 20,271 Effects of movements in exchange rates \u2013 47 2 40 19 108 Disposals (8,210) \u2013 (27) (89) \u2013 (8,326) At 31 December 2022 6,494 11,440 9,042 18,386 9,096 54,458 Net book amount at 31 December 2022 3,354 48,788 3,378 30,210 48,050 133,780 Group Freehold property \u00a3\u2019000 Leasehold improvements \u00a3\u2019000 Office equipment and computers \u00a3\u2019000 Bioprocessing and Laboratory equipment \u00a3\u2019000 Right of use asset \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 23,331 27,219 9,106 24,606 18,012 102,274 Additions at cost 2,078 939 1,557 4,886 21 9,481 Reclassi\ufb01cation \u2013 (13) \u2013 13 \u2013 \u2013 Disposals \u2013 \u2013 \u2013 \u2013 378 378 At 31 December 2021 25,409 28,145 10,663 29,505 18,411 112,133 Accumulated depreciation At 1 January 2021 10,444 3,519 4,610 9,177 2,220 29,970 Charge for the year 2,208 2,707 2,253 3,342 1,925 12,435 Reclassi\ufb01cation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 2021 12,652 6,226 6,863 12,519 4,145 42,405 Net book amount at 31 December 2021 12,757 21,919 3,800 16,986 14,266 69,728 \u00b9 Included within Leasehold Improvements are Assets under Construction of \u00a35,541,000 (2021:\u00a3nil) representing ongoing construction works at Patriots Park, Boston, which will start being depreciated once completed and in use. Leasehold improvements are capital improvements to buildings which the Group leases. Bioprocessing and laboratory equipment is equipment purchased for the Group\u2019s laboratory and bioprocessing processes, and are generally movable from one facility to another. During the year a sale and leaseback transaction was completed on the Windrush facility and as a result assets with a net book value of \u00a37.5 million have been disposed of in the period and a Right of use Asset of \u00a35.8 million recognised at Group. Refer to note 33 for details of the lease. Company Right of use asset \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2022 \u2013 \u2013 Additions at cost 39,717 39,717 At 31 December 2022 39,717 39,717 Accumulated depreciation At 1 January 2022 \u2013 \u2013 Charge for the year 323 323 At 31 December 2022 323 323 Net book amount at 31 December 2022 39,394 39,394 The Windrush Court building was owned and then sold by Oxford Biomedica (UK) Ltd in October 2022, after which the building was immediately leased under a 15 year lease by Oxford Biomedica PLC on the same day. In the Company\u2019s individual accounts, the Company has accounted for the lease as a standalone lease with the resultant lease liability and matching right of use asset, whilst Oxford Biomedica (UK) Ltd has accounted for the transaction as a standalone sale of an asset. However, from a Group perspective the transaction has been accounted for as a sale and leaseback transaction as both companies form part of the same group and both the sale and leaseback was negotiated and entered into at the same time. The Company had no property, plant and equipment at 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "13, Assets at fair value through pro\ufb01t and loss Assets at fair value through pro\ufb01t and loss (FVTPL): Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January 74 239 Additions \u2013 \u2013 Sale of shares \u2013 \u2013 Change in fair value of FVTPL asset (51) (165) At 31 December 23 74 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "14, Investments and loans in subsidiaries 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Shares in group undertakings At 1 January and 31 December 15,182 15,182 Loans to group undertakings At 1 January 273,253 262,002 Loan advanced in the year 153,602 11,251 At 31 December 426,855 273,253 Total investments in shares and loans to group undertakings 442,037 288,435 Accumulated impairment At 1 January and 31 December 126,065 126,065 Net book amount at 31 December 315,972 162,370 Capital contribution in respect of employee share schemes At 1 January 18,793 15,269 Additions in the year (note 27 and 28) 6,471 3,523 At 31 December 25,264 18,792 Total investments 341,237 18,792 The Company recognised a loss allowance for expected credit losses on \ufb01nancial assets. The expected credit losses are estimated by reference to an analysis of the subsidiary\u2019s current \ufb01nancial position and future repayment expectations. The loss allowance recognised on loans in subsidiaries at the end of the year was \u00a393.1 million (2021: \u00a393.1 million). In addition to the loss allowance recognised on loans in subsidiaries, an impairment loss is recognised under IAS 36 for shares in Group undertakings and for capital contribution in respectof employee share schemes of \u00a332.9 million (2021: \u00a332.9 million).The loan from Oxford Biomedica plc to Oxford Biomedica (UK) Limited is unsecured and interest free. The loan is legally due for repayment on demand though the expectation is that it will not be repaid within 12 months of the year end. Net investment in foreign operations: The company has designated a US$180 million intercompany loan to Oxford Biomedica (US) Inc as a monetary item that forms part of the Group\u2019s net investment in Oxford Biomedica Solutions with the foreign exchange differences recognised as a separate component in Other Comprehensive income until such time as the investment in Oxford Biomedica Solutions is disposed of. A translation gain of \u00a310.6 million was recognised in 2022 (2021: Nil). Interests in subsidiary undertakings Country of incorporation Description of shares held Proportion of nominal value of issued shares held by the Group and Company Nature of business Oxford Biomedica (UK) Limited Great Britain 1p ordinary shares 100% Gene therapy research development and manufacturing Oxford Biomedica (Ireland) Limited Ireland 1p ordinary shares 100% Product release Oxxon Therapeutics Limited Great Britain 1p ordinary shares 100% Dormant Oxford Biomedica Solutions LLC United States N/A 80% Gene therapy research, development and manufacturing Oxford Biomedica (US) Inc. United States 1c ordinary shares 100% Business Development Invivusbio Limited Great Britain 1p ordinary shares 100% Dormant The registered office of the Company, its UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford, OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office of Oxford Biomedica Solutions LLC is 1 Patriots Park, Bedford, MA 01730, USA. In addition, the Group set up the Oxford Biomedica Employee Bene\ufb01t Trust (EBT) to hold market-purchased shares to settle the 2013 deferred bonus share awards made to Executive Directors and employees (note 27). All of the above subsidiaries have been consolidated in these \ufb01nancial statements. At each year end the Directors review the carrying value of the Company\u2019s investment in subsidiaries. Where there is a material and sustained shortfall in the market capitalisation, or a signi\ufb01cant and sustained change in the business resulting in a decrease in market capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value of the Company\u2019s investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the Group is an appropriate external measure of the value of the Group for this purpose. Cumulative impairment of \u00a3126.0 million has been recognised up to 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "14, Investments and loans in subsidiaries 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Shares in group undertakings At 1 January and 31 December 15,182 15,182 Loans to group undertakings At 1 January 273,253 262,002 Loan advanced in the year 153,602 11,251 At 31 December 426,855 273,253 Total investments in shares and loans to group undertakings 442,037 288,435 Accumulated impairment At 1 January and 31 December 126,065 126,065 Net book amount at 31 December 315,972 162,370 Capital contribution in respect of employee share schemes At 1 January 18,793 15,269 Additions in the year (note 27 and 28) 6,471 3,523 At 31 December 25,264 18,792 Total investments 341,237 18,792 The Company recognised a loss allowance for expected credit losses on \ufb01nancial assets. The expected credit losses are estimated by reference to an analysis of the subsidiary\u2019s current \ufb01nancial position and future repayment expectations. The loss allowance recognised on loans in subsidiaries at the end of the year was \u00a393.1 million (2021: \u00a393.1 million). In addition to the loss allowance recognised on loans in subsidiaries, an impairment loss is recognised under IAS 36 for shares in Group undertakings and for capital contribution in respectof employee share schemes of \u00a332.9 million (2021: \u00a332.9 million).The loan from Oxford Biomedica plc to Oxford Biomedica (UK) Limited is unsecured and interest free. The loan is legally due for repayment on demand though the expectation is that it will not be repaid within 12 months of the year end. Net investment in foreign operations: The company has designated a US$180 million intercompany loan to Oxford Biomedica (US) Inc as a monetary item that forms part of the Group\u2019s net investment in Oxford Biomedica Solutions with the foreign exchange differences recognised as a separate component in Other Comprehensive income until such time as the investment in Oxford Biomedica Solutions is disposed of. A translation gain of \u00a310.6 million was recognised in 2022 (2021: Nil). Interests in subsidiary undertakings Country of incorporation Description of shares held Proportion of nominal value of issued shares held by the Group and Company Nature of business Oxford Biomedica (UK) Limited Great Britain 1p ordinary shares 100% Gene therapy research development and manufacturing Oxford Biomedica (Ireland) Limited Ireland 1p ordinary shares 100% Product release Oxxon Therapeutics Limited Great Britain 1p ordinary shares 100% Dormant Oxford Biomedica Solutions LLC United States N/A 80% Gene therapy research, development and manufacturing Oxford Biomedica (US) Inc. United States 1c ordinary shares 100% Business Development Invivusbio Limited Great Britain 1p ordinary shares 100% Dormant The registered office of the Company, its UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford, OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office of Oxford Biomedica Solutions LLC is 1 Patriots Park, Bedford, MA 01730, USA. In addition, the Group set up the Oxford Biomedica Employee Bene\ufb01t Trust (EBT) to hold market-purchased shares to settle the 2013 deferred bonus share awards made to Executive Directors and employees (note 27). All of the above subsidiaries have been consolidated in these \ufb01nancial statements. At each year end the Directors review the carrying value of the Company\u2019s investment in subsidiaries. Where there is a material and sustained shortfall in the market capitalisation, or a signi\ufb01cant and sustained change in the business resulting in a decrease in market capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value of the Company\u2019s investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the Group is an appropriate external measure of the value of the Group for this purpose. Cumulative impairment of \u00a3126.0 million has been recognised up to 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "15, Inventories Group 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Raw Materials 12,625 9,521 Total inventory 12,625 9,521 Inventories constitute raw materials held for commercial bioprocessing purposes, all of which the Group expects to recover within the next 12 months. During the year, the Group wrote down \u00a31,117,000 (2021: \u00a3766,000) of inventory which is not expected to be used in production or sold onwards. During the year, the Group wrote off \u00a311,717,000 of inventory as a result of cancelled orders from a client, which was recognised as part of cost of sales in the year. The Company holds no inventories. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "16, Trade and other receivables Group Company Current 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade receivables 34,109 22,398 \u2013 \u2013 Contract assets 10,897 13,547 \u2013 \u2013 Other receivables 4,832 365 \u2013 \u2013 Other tax receivable 7,757 5,227 \u2013 \u2013 Prepayments 3,976 3,210 \u2013 \u2013 Total trade and other receivables 61,571 44,747 \u2013 \u2013 Non-current trade and other receivables constitute other receivables of \u00a35,010,000 (2021: \u00a33,605,000) which are deposits held in escrow as part of the Windrush Innovation Centre and Oxbox lease arrangements. The fair value of trade and other receivables are the current book values. The Group has performed an impairment assessment under IFRS 9 and has concluded that the application of the expected credit loss model has had an immaterial impact on the level of impairment of receivables. The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sterling 50,395 44,527 US Dollar 16,186 3,825 66,581 48,352 The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. Trade receivables Included in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u00a31,336,000 (2021: \u00a33,800,000) which were past due at the reporting date and of which \u00a31,333,000 (2021: \u00a33,800,000) has been received after the reporting date. Ageing of past due but not impaired trade receivables: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 0\u201330 days 171 3,266 30\u201360 days 3 389 60+ days 1,162 145 1,336 3,800 Contract assets Contract assets relates to the Group\u2019s rights to consideration for work completed but not invoiced at the reporting date for commercial development work and bioprocessing batches. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the client. The balance of \u00a310.9 million (2021: \u00a313.5 million) mainly relates to commercial development milestones which have been accrued as the speci\ufb01c conditions stipulated in the licence agreement have been met, commercial development work orders accrued on a percentage complete basis which will be invoiced as the related work package completes, and bioprocessing batches accrued on a percentage of completion basis which will be invoiced as the manufacturing of the batch is completed. Contract assets have decreased from \u00a313.5 million at the end of 2021 to \u00a310.9 million at the end of 2022 due to the timing of bioprocessing and commercial development activities undertaken during the year leading to a lower level of consideration for work completed but not yet billed. A portion of contract assets relates to \ufb01xed price process development work packages which are recognised on a percentage of completion basis and as such requires estimation in terms of the assessment of the correct percentage of completion for that speci\ufb01c work package. The value of the contract asset raised with regard to these work packages is \u00a38,179,000 (2021: \u00a38,022,000). If the assessed percentage of completion was 1 percentage point higher or lower, revenue recognised in the period would have been \u00a382,000 higher or lower (2021: \u00a380,000). The Group performed an impairment assessment under IFRS 9 and has concluded that the application of the expected credit loss model has had an immaterial impact on the level of impairment on contract assets. We have noted there has been no change in the time frame for a right to consideration to become unconditional and the performance obligation to be satis\ufb01ed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "17, Cash and cash equivalents Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash at bank and in hand 141,285 108,944 19,197 61,630 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "18, Trade and other payables Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade payables 13,604 5,260 \u2013 \u2013 Other taxation and social security 2,347 1,899 \u2013 \u2013 Accruals 20,628 11,899 143 152 Total trade and other payables 36,579 19,058 143 152 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "19, Contract liabilities and deferred income Contract liabilities and deferred income arise when the Group has received payment for services in excess of the stage of completion of the services being provided. Contract liabilities and deferred income have increased from \u00a315.2 million at the end of 2021 to \u00a320.4 million at the end of 2022 due to funds received in advance for future licencing, bioprocessing and process development activities. Of the \u00a312.6 million balance included in the statement of \ufb01nancial position at the end of 2021, \u00a312.5 million has been recognised as revenue during the 2022 \ufb01nancial year. Contract liabilities consists primarily of deferred bioprocessing and process development revenues, which are expected to be released as the related performance obligations are satis\ufb01ed over the period as described below: At 31 December 2022 0\u20131 \u00a3\u2019000 1\u20133 \u00a3\u2019000 3\u20135 \u00a3\u2019000 5\u201310 \u00a3\u2019000 Total \u00a3\u2019000 Contract liabilities 18,370 32 32 12 18,446 Bioprocessing income 10,218 \u2013 \u2013 \u2013 10,218 Process development income 3,136 \u2013 \u2013 \u2013 3,136 Licence fees and Milestones 5,016 32 32 12 5,092 Deferred Income 894 1,069 \u2013 \u2013 1,963 Grant 894 1,069 \u2013 \u2013 1,963 At 31 December 2021 0\u20131 \u00a3\u2019000 1\u20133 \u00a3\u2019000 3\u20135 \u00a3\u2019000 5\u201310 \u00a3\u2019000 Total \u00a3\u2019000 Contract liabilities 12,502 48 44 \u2013 12,594 Bioprocessing income 9,755 \u2013 \u2013 \u2013 9,755 Process development income 2,325 \u2013 \u2013 \u2013 2,325 Licence fees and Milestones 422 48 44 \u2013 514 Deferred Income 894 1,760 \u2013 \u2013 2,654 Grant 894 1,760 \u2013 \u2013 2,654 Included within bioprocessing contract liabilities is revenue of \u00a32,592,000 million which has not been recognised during 2022 (2021: \u00a30.8 million) relating to the estimate of out of speci\ufb01cation batches (see note 2: \u2019Estimations\u2019 for additional information). Deferred income relates to grant funding received from the UK Government for capital equipment purchased as part of the Oxbox bioprocessing facility expansion. The income will be recognised over the period over which the purchased assets are depreciated. The Company had primarily no contract liabilities or deferred income in 2022 or 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "19, Contract liabilities and deferred income Contract liabilities and deferred income arise when the Group has received payment for services in excess of the stage of completion of the services being provided. Contract liabilities and deferred income have increased from \u00a315.2 million at the end of 2021 to \u00a320.4 million at the end of 2022 due to funds received in advance for future licencing, bioprocessing and process development activities. Of the \u00a312.6 million balance included in the statement of \ufb01nancial position at the end of 2021, \u00a312.5 million has been recognised as revenue during the 2022 \ufb01nancial year. Contract liabilities consists primarily of deferred bioprocessing and process development revenues, which are expected to be released as the related performance obligations are satis\ufb01ed over the period as described below: At 31 December 2022 0\u20131 \u00a3\u2019000 1\u20133 \u00a3\u2019000 3\u20135 \u00a3\u2019000 5\u201310 \u00a3\u2019000 Total \u00a3\u2019000 Contract liabilities 18,370 32 32 12 18,446 Bioprocessing income 10,218 \u2013 \u2013 \u2013 10,218 Process development income 3,136 \u2013 \u2013 \u2013 3,136 Licence fees and Milestones 5,016 32 32 12 5,092 Deferred Income 894 1,069 \u2013 \u2013 1,963 Grant 894 1,069 \u2013 \u2013 1,963 At 31 December 2021 0\u20131 \u00a3\u2019000 1\u20133 \u00a3\u2019000 3\u20135 \u00a3\u2019000 5\u201310 \u00a3\u2019000 Total \u00a3\u2019000 Contract liabilities 12,502 48 44 \u2013 12,594 Bioprocessing income 9,755 \u2013 \u2013 \u2013 9,755 Process development income 2,325 \u2013 \u2013 \u2013 2,325 Licence fees and Milestones 422 48 44 \u2013 514 Deferred Income 894 1,760 \u2013 \u2013 2,654 Grant 894 1,760 \u2013 \u2013 2,654 Included within bioprocessing contract liabilities is revenue of \u00a32,592,000 million which has not been recognised during 2022 (2021: \u00a30.8 million) relating to the estimate of out of speci\ufb01cation batches (see note 2: \u2019Estimations\u2019 for additional information). Deferred income relates to grant funding received from the UK Government for capital equipment purchased as part of the Oxbox bioprocessing facility expansion. The income will be recognised over the period over which the purchased assets are depreciated. The Company had primarily no contract liabilities or deferred income in 2022 or 2021. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "20, Provisions Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January 6,244 5,839 \u2013 \u2013 Unwinding of discount 66 27 28 \u2013 Additional provision recognised 3,463 \u2013 3,207 \u2013 Change in estimate (1,349) 378 (477) \u2013 At 31 December 8,424 6,244 2,758 \u2013 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current \u2013 \u2013 \u2013 \u2013 Non-current 8,424 6,244 2,758 \u2013 Total provisions 8,424 6,244 2,758 \u2013 Provisions are exclusively in respect of dilapidations. The new provisions during the year relate to new lease liabilities at the Wallingford Warehouse, and as a result of the sale and leaseback by the Company of the Windrush Court facility the provisions are based on the anticipated costs of restoring the leaseholds at the end of the lease terms, both of which are 2037. The existing dilapidations provisions relate to anticipated costs of restoring the leasehold Yarnton, Oxbox, Windrush Innovation Centre and Corporate Office properties in Oxford, UK to their original condition at the end of the lease terms in 2024, 2033, 2028 and 2030 respectively. The future anticipated costs of restoring the properties is calculated by in\ufb02ating the current expected restoration costs using the 3 year historic UK Consumer Price In\ufb02ation rate, up to the end of the lease term. The discount rate utilised for the purpose of determining the present value of the provision is 5.41% based on the risk free rate adjusted for in\ufb02ation. The present value of the future anticipated costs of restoration is calculated by discounting the future expected value using the nominal rate. The unwinding of this discount over time is included within \ufb01nance costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "21, Loans On 10 March 2022, the Group drew down an US$85 million loan facility with Oaktree to \ufb01nance the acquisition of Oxford Biomedica Solutions under a 1 year facility agreement maturing in 2023. Over the course of the term loan interest was payable quarterly with a nominal interest rate on the loan of 8.5%. On 7 October 2022, the loan facility was re\ufb01nanced with Oaktree. Under the terms of such re\ufb01nancing, the Company has partially repaid the outstanding amounts under the Short-Term Loan Facility and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of US$50 million. The Term Loan will mature four years after the date of completion and will not amortise, with the full aggregate principal and outstanding amount being repayable on the \ufb01nal maturity date. The Term Loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the \ufb01rst twelve months payable in kind as additional loan principal, at the option of the Company. The interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions. The Company also has secured the option, subject to the same commercial conditions as the amended facility and available for a three- year period, to draw down a further US$25 million from Oaktree to fund certain permitted acquisitions. If the option were to be exercised, it would be assessed against meeting the substantial modi\ufb01cation requirements under IFRS 9. The terms include \ufb01nancial covenants including holding a minimum of US$20 million cash at all times, restrictions on the level of indebtedness the Group may enter into or distributions made by the Group. The Oaktree facility was secured by a pledge over substantially all of the Group\u2019s assets. Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January \u2013 \u2013 \u2013 \u2013 New Loan 64,866 \u2013 64,866 \u2013 Interest accrued 5,564 \u2013 5,564 \u2013 Interest paid (4,554) \u2013 (4,554) \u2013 Foreign exchange movement 7,964 \u2013 7,964 \u2013 Amortised fees 588 \u2013 588 \u2013 Loan repayment (31,424) \u2013 (31,424) \u2013 Arrangement fees (3,224) \u2013 (3,224) \u2013 At 31 December 39,780 \u2013 39,780 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "22, Put option liability 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January \u2013 \u2013 Recognised at fair value 38,996 \u2013 Revaluation (814) \u2013 At 31 December 38,182 \u2013 On 10th March 2022, the Group recognised a put option liability to acquire the remaining 20% of Oxford Biomedica Solutions that it doesn\u2019t already own from Homology Medicines. The fair value of the option at the date of acquisition was assessed to be \u00a339.0 million. At 31st December 2022 the fair value of the Put option liability was \u00a338.2 million (Dec 2021: \u00a3nil). The lower liability valuation was due to increases in borrowing rates over the period leading to a higher discount rate applied and a resultant lower put option liability. ",
"dimensions": {
"concept": "oxfordbiomedicaplc:DisclosureOfPutOptionLiability",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "23, Financial instruments The Group and Company\u2019s \ufb01nancial instruments comprise cash and cash equivalents, trade and other receivables, assets at fair value through pro\ufb01t and loss, and trade and other payables. Additional disclosures are set out in the Corporate Governance Report and in note 3 relating to risk management. The Group had the following \ufb01nancial instruments at 31 December each year: Financial assets\u2009/\u2009\ufb01nancial liabilities at fair value through pro\ufb01t and loss Cash and receivables Amortised costs, loans and other liabilities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents (note 17) \u2013 \u2013 141,285 108,944 \u2013 \u2013 Trade receivables and other receivables (note 16) \u2013 \u2013 62,605 45,142 \u2013 \u2013 Assets at fair value through pro\ufb01t and loss (note 13) 23 74 \u2013 \u2013 \u2013 \u2013 Trade and other payables excluding tax (note 18) \u2013 \u2013 \u2013 \u2013 34,232 17,160 Loan (note 21) \u2013 \u2013 \u2013 \u2013 39,780 \u2013 Put option liability (note 22)\u2009\u00b9 \u2013 \u2013 \u2013 \u2013 38,182 \u2013 23 74 203,890 154,086 112,194 17,160 1 Although the put option is included within the amortised cost table, it is not measured at amortised cost but at the fair value of the expected consideration payable. The Company had the following \ufb01nancial instruments at 31 December each year: Cash and receivables Amortised costs, loans and other liabilities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents (note 17) 19,197 61,630 \u2013 \u2013 Trade and other payables excluding tax (note 18) \u2013 \u2013 143 152 Loan (note 21) \u2013 \u2013 39,780 \u2013 19,197 61,630 39,923 152 Floating rate instant access deposits earned interest at prevailing bank rates. 2022 Weighted average rate 2021 Weighted average rate Sterling 1.67% 0.02% US Dollar 1.26% 0.00% Assessment of \ufb01nancial assets by credit risk rating: Cash and cash equivalents are held with reputable banks with a low assessed risk of default. All trade receivables are assessed as having a low credit risk rating as the debt is owed by blue chip pharmaceutical groups in the top 10 in the world by market capitalisation, and by biotechnology companies with sufficient cash reserves to satisfy their obligations. There has been no change in the determined risk during 2022, therefore no reconciliation between the 2021 and 2022 closing debtor balance assessed by risk of default has been provided. The opening and closing position was low (2021: low). Other receivables are rent deposits held in separately administered bank accounts with covenants limiting their use and are as such assessed as having a low risk of default. The Group considers a \ufb01nancial asset to be in default when: \u2014 The debtor is unlikely to pay its credit obligation to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2014 the \ufb01nancial asset is more than 90 days past its contracted due date. Fair value The Directors consider that the fair values of the Group\u2019s \ufb01nancial instruments do not differ signi\ufb01cantly from their book values. The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sterling 117,247 96,477 Euro 623 524 US Dollar 23,415 11,943 141,285 108,944 Financial assets classi\ufb01ed as level 1 in hierarchy The investment asset represented by ordinary shares in Orchard Therapeutics is classi\ufb01ed as at fair value through pro\ufb01t and loss. Please refer to note 13 for further information. Financial liabilities classi\ufb01ed as level 3 in hierarchy The Put option liability is classi\ufb01ed as at fair value as a liability. Please refer to note 22 for further information. Measurement of fair values Valuation techniques and signi\ufb01cant unobservable inputs: The following table shows the valuation techniques used in measuring level 3 fair values, as well as the signi\ufb01cant unobservable inputs used: Type Valuation technique Signi\ufb01cant unobservable inputs Interrelationship between unobservable inputs and fair value measurement: Put option liability Monte Carlo simulation Revenues of Oxford Biomedica Solutions \u2014 The revenues of Oxford Biomedica Solutions are based on the management approved forecast up until the end of the option period. Should the forecast change or the actual results vary this may impact the value of the put option liability. Discount rate \u2014 The discount rate may be impacted by economic and market factors, as well as changes to the risk free rate of return which impacts debt borrowing rates. Should the discount rate calculated by management be adjusted, this may impact the value of the put option. Management has calculated the discount rate based on the risk free rate, the expected return from similar companies and the Group\u2019s cost of debt. Sensitivity analysis For the fair values of the put option liability, reasonably possible changes at the reporting date to one of the signi\ufb01cant unobservable inputs, holding other inputs constant, would have the following effects: Fair value Put option liability 31 December 2022 Increase Decrease Effect in thousands of pounds: Revenues of Oxford Biomedica Solutions: 10% higher or lower 2.1 (2.4) Discount rate 2% lower or higher 1.4 (1.4 ) Reconciliation of movements of liabilities to cash \ufb02ows arising from \ufb01nancing activities Liabilities Equity Total Group Lease liabilities \u00a3\u2019000 Loan \u00a3\u2019000 Share capital \u00a3\u2019000 Share Premium \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 January 2021 13,845 \u2013 41,161 258,017 313,023 Changes from \ufb01nancing cash \ufb02ows Share options \u2013 Proceeds from shares issued \u2013 \u2013 236 1,439 1,675 Issue of shares excluding options \u2013 \u2013 1,691 48,309 50,000 Payments for the principal portion of lease liabilities (4,520) \u2013 \u2013 \u2013 (4,520) Payments for the interest portion of lease liabilities (873) \u2013 \u2013 \u2013 (873) Total changes from \ufb01nancing cash \ufb02ows (5,393) \u2013 1,927 49,748 46,282 Other changes: Additions 16 \u2013 \u2013 \u2013 16 Interest 873 \u2013 \u2013 \u2013 873 Balance at 31 December 2021 9,341 \u2013 43,088 307,765 360,194 Changes from \ufb01nancing cash \ufb02ows Share options \u2013 Proceeds from shares issued \u2013 \u2013 106 78 184 Issue of shares excluding options \u2013 \u2013 4,938 75,062 80,000 Cost of share issues \u2013 \u2013 \u2013 (2,952) (2,952) Loans received \u2013 64,866 \u2013 \u2013 64,866 Loans repaid \u2013 (31,424) \u2013 \u2013 (31,424) Arrangement fees \u2013 (3,224) \u2013 \u2013 (3,224) Interest paid \u2013 (4,554) \u2013 \u2013 (4,554) Payments for the principal portion of lease liabilities (1,120) \u2013 \u2013 \u2013 (1,120) Payments for the interest portion of lease liabilities (3,124) \u2013 \u2013 \u2013 (3,124) Total changes from \ufb01nancing cash \ufb02ows (4,244) 25,664 5,044 72,188 98,652 Other changes: Acquisitions 24,974 \u2013 \u2013 \u2013 24,974 Additions 39,193 \u2013 \u2013 \u2013 39,193 Interest 3,124 5,564 \u2013 \u2013 8,688 Fee amortisation \u2013 588 \u2013 \u2013 588 Foreign exchange 2,113 7,964 \u2013 \u2013 10,077 Closing balance at 31 December 2022 74,501 39,780 48,132 379,953 542,366 Liabilities Equity Total Company Lease liabilities \u00a3\u2019000 Loan \u00a3\u2019000 Share capital \u00a3\u2019000 Share Premium \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 January 2021 \u2013 \u2013 41,161 258,017 299,178 Changes from \ufb01nancing cash \ufb02ows Share options \u2013 Proceeds from shares issued \u2013 \u2013 236 1,439 1,675 Issue of shares excluding options \u2013 \u2013 1,691 48,309 50,000 Total changes from \ufb01nancing cash \ufb02ows \u2013 \u2013 1,927 49,748 51,675 Balance at 31 December 2021 \u2013 \u2013 43,088 307,765 350,853 Changes from \ufb01nancing cash \ufb02ows Share options \u2013 Proceeds from shares issued \u2013 \u2013 106 78 184 Issue of shares excluding options \u2013 \u2013 4,938 75,062 80,000 Cost of share issues \u2013 \u2013 \u2013 (2,952) (2,952) Loans received \u2013 64,866 \u2013 \u2013 64,866 Loans repaid \u2013 (31,424) \u2013 \u2013 (31,424) Interest paid \u2013 (4,554) \u2013 \u2013 (4,554) Arrangement fees \u2013 (3,224) \u2013 \u2013 (3,224) Payments for the principal portion of lease liabilities 55 \u2013 \u2013 \u2013 55 Payments for the interest portion of lease liabilities (477) \u2013 \u2013 \u2013 (477) Total changes from \ufb01nancing cash \ufb02ows (422) 25,664 5,044 72,188 102,474 Other changes: Additions 35,567 \u2013 \u2013 \u2013 35,567 Interest 477 5,564 \u2013 \u2013 6,041 Fee amortisation \u2013 588 \u2013 \u2013 588 Foreign exchange \u2013 7,964 \u2013 \u2013 7,964 Closing balance at 31 December 2022 35,622 39,780 48,132 379,953 503,487 Exposure to Liquidity Risk Contractual Cash \ufb02ows Group At 31 December 2022 Carrying Amount \u00a3\u2019000 Total \u00a3\u2019000 2 months or less \u00a3\u2019000 2\u201312 months \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 >5 years \u00a3\u2019000 Lease Liabilities 74,501 119,496 \u2013 9,179 18,681 24,353 67,283 Loans 39,780 59,082 \u2013 4,294 4,306 50,482 \u2013 Contractual Cash \ufb02ows Group At 31 December 2021 Carrying Amount \u00a3\u2019000 Total \u00a3\u2019000 2 months or less \u00a3\u2019000 2\u201312 months \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 >5 years \u00a3\u2019000 Lease Liabilities 9,341 13,456 \u2013 1,590 3,033 2,850 5,983 Loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Contractual Cash \ufb02ows Company At 31 December 2022 Carrying Amount \u00a3\u2019000 Total \u00a3\u2019000 2 months or less \u00a3\u2019000 2\u201312 months \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 >5 years \u00a3\u2019000 Lease Liabilities 35,622 63,226 \u2013 3,500 7,000 6,300 46,426 Loans 39,780 59,082 \u2013 4,294 4,306 50,482 \u2013 Contractual Cash \ufb02ows Company At 31 December 2021 Carrying Amount \u00a3\u2019000 Total \u00a3\u2019000 2 months or less \u00a3\u2019000 2\u201312 months \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 >5 years \u00a3\u2019000 Lease Liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-469": {
"value": "Fair value The Directors consider that the fair values of the Group\u2019s \ufb01nancial instruments do not differ signi\ufb01cantly from their book values. The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sterling 117,247 96,477 Euro 623 524 US Dollar 23,415 11,943 141,285 108,944 Financial assets classi\ufb01ed as level 1 in hierarchy The investment asset represented by ordinary shares in Orchard Therapeutics is classi\ufb01ed as at fair value through pro\ufb01t and loss. Please refer to note 13 for further information. Financial liabilities classi\ufb01ed as level 3 in hierarchy The Put option liability is classi\ufb01ed as at fair value as a liability. Please refer to note 22 for further information. Measurement of fair values Valuation techniques and signi\ufb01cant unobservable inputs: The following table shows the valuation techniques used in measuring level 3 fair values, as well as the signi\ufb01cant unobservable inputs used: Type Valuation technique Signi\ufb01cant unobservable inputs Interrelationship between unobservable inputs and fair value measurement: Put option liability Monte Carlo simulation Revenues of Oxford Biomedica Solutions \u2014 The revenues of Oxford Biomedica Solutions are based on the management approved forecast up until the end of the option period. Should the forecast change or the actual results vary this may impact the value of the put option liability. Discount rate \u2014 The discount rate may be impacted by economic and market factors, as well as changes to the risk free rate of return which impacts debt borrowing rates. Should the discount rate calculated by management be adjusted, this may impact the value of the put option. Management has calculated the discount rate based on the risk free rate, the expected return from similar companies and the Group\u2019s cost of debt. Sensitivity analysis For the fair values of the put option liability, reasonably possible changes at the reporting date to one of the signi\ufb01cant unobservable inputs, holding other inputs constant, would have the following effects: Fair value Put option liability 31 December 2022 Increase Decrease Effect in thousands of pounds: Revenues of Oxford Biomedica Solutions: 10% higher or lower 2.1 (2.4) Discount rate 2% lower or higher 1.4 (1.4 ",
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"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "Reconciliation of movements of liabilities to cash \ufb02ows arising from \ufb01nancing activities Liabilities Equity Total Group Lease liabilities \u00a3\u2019000 Loan \u00a3\u2019000 Share capital \u00a3\u2019000 Share Premium \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 January 2021 13,845 \u2013 41,161 258,017 313,023 Changes from \ufb01nancing cash \ufb02ows Share options \u2013 Proceeds from shares issued \u2013 \u2013 236 1,439 1,675 Issue of shares excluding options \u2013 \u2013 1,691 48,309 50,000 Payments for the principal portion of lease liabilities (4,520) \u2013 \u2013 \u2013 (4,520) Payments for the interest portion of lease liabilities (873) \u2013 \u2013 \u2013 (873) Total changes from \ufb01nancing cash \ufb02ows (5,393) \u2013 1,927 49,748 46,282 Other changes: Additions 16 \u2013 \u2013 \u2013 16 Interest 873 \u2013 \u2013 \u2013 873 Balance at 31 December 2021 9,341 \u2013 43,088 307,765 360,194 Changes from \ufb01nancing cash \ufb02ows Share options \u2013 Proceeds from shares issued \u2013 \u2013 106 78 184 Issue of shares excluding options \u2013 \u2013 4,938 75,062 80,000 Cost of share issues \u2013 \u2013 \u2013 (2,952) (2,952) Loans received \u2013 64,866 \u2013 \u2013 64,866 Loans repaid \u2013 (31,424) \u2013 \u2013 (31,424) Arrangement fees \u2013 (3,224) \u2013 \u2013 (3,224) Interest paid \u2013 (4,554) \u2013 \u2013 (4,554) Payments for the principal portion of lease liabilities (1,120) \u2013 \u2013 \u2013 (1,120) Payments for the interest portion of lease liabilities (3,124) \u2013 \u2013 \u2013 (3,124) Total changes from \ufb01nancing cash \ufb02ows (4,244) 25,664 5,044 72,188 98,652 Other changes: Acquisitions 24,974 \u2013 \u2013 \u2013 24,974 Additions 39,193 \u2013 \u2013 \u2013 39,193 Interest 3,124 5,564 \u2013 \u2013 8,688 Fee amortisation \u2013 588 \u2013 \u2013 588 Foreign exchange 2,113 7,964 \u2013 \u2013 10,077 Closing balance at 31 December 2022 74,501 39,780 48,132 379,953 542,366 Liabilities Equity Total Company Lease liabilities \u00a3\u2019000 Loan \u00a3\u2019000 Share capital \u00a3\u2019000 Share Premium \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 January 2021 \u2013 \u2013 41,161 258,017 299,178 Changes from \ufb01nancing cash \ufb02ows Share options \u2013 Proceeds from shares issued \u2013 \u2013 236 1,439 1,675 Issue of shares excluding options \u2013 \u2013 1,691 48,309 50,000 Total changes from \ufb01nancing cash \ufb02ows \u2013 \u2013 1,927 49,748 51,675 Balance at 31 December 2021 \u2013 \u2013 43,088 307,765 350,853 Changes from \ufb01nancing cash \ufb02ows Share options \u2013 Proceeds from shares issued \u2013 \u2013 106 78 184 Issue of shares excluding options \u2013 \u2013 4,938 75,062 80,000 Cost of share issues \u2013 \u2013 \u2013 (2,952) (2,952) Loans received \u2013 64,866 \u2013 \u2013 64,866 Loans repaid \u2013 (31,424) \u2013 \u2013 (31,424) Interest paid \u2013 (4,554) \u2013 \u2013 (4,554) Arrangement fees \u2013 (3,224) \u2013 \u2013 (3,224) Payments for the principal portion of lease liabilities 55 \u2013 \u2013 \u2013 55 Payments for the interest portion of lease liabilities (477) \u2013 \u2013 \u2013 (477) Total changes from \ufb01nancing cash \ufb02ows (422) 25,664 5,044 72,188 102,474 Other changes: Additions 35,567 \u2013 \u2013 \u2013 35,567 Interest 477 5,564 \u2013 \u2013 6,041 Fee amortisation \u2013 588 \u2013 \u2013 588 Foreign exchange \u2013 7,964 \u2013 \u2013 7,964 Closing balance at 31 December 2022 35,622 39,780 48,132 379,953 503,487 31, Cash \ufb02ows from operating activities Reconciliation of loss before tax to net cash used in operations: Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Continuing operations (Loss)/pro\ufb01t before taxation (45,976) 19,880 (4,804) (2,366) Adjustment for: Depreciation 20,271 12,435 323 \u2013 Amortisation of intangible assets 6,088 21 \u2013 \u2013 Loss on disposal of property, plant and equipment 28 \u2013 \u2013 \u2013 (Gain) on sale and leaseback (21,389) \u2013 \u2013 \u2013 Loss on disposal of intangible 27 \u2013 \u2013 \u2013 Amortisation of loan fees 588 \u2013 588 \u2013 Finance costs 15,756 888 14,033 \u2013 Charge in relation to employee share schemes 6,471 3,981 \u2013 \u2013 Non-cash loss 51 165 \u2013 \u2013 Changes in working capital: (Increase)/decrease in trade and other receivables (17,876) 6,891 \u2013 \u2013 Increase/(decrease) in trade and other payables 16,959 (657) 6 17 Decrease in deferred income (691) (867) \u2013 \u2013 Increase/(decrease)/ in contract liabilities 5,852 (15,667) \u2013 \u2013 Decrease/(increase) in inventory 688 (2,609) \u2013 \u2013 Net cash (used in)/generated from operations (13,173) 24,461 10,146 (2,349) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-471": {
"value": "Exposure to Liquidity Risk Contractual Cash \ufb02ows Group At 31 December 2022 Carrying Amount \u00a3\u2019000 Total \u00a3\u2019000 2 months or less \u00a3\u2019000 2\u201312 months \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 >5 years \u00a3\u2019000 Lease Liabilities 74,501 119,496 \u2013 9,179 18,681 24,353 67,283 Loans 39,780 59,082 \u2013 4,294 4,306 50,482 \u2013 Contractual Cash \ufb02ows Group At 31 December 2021 Carrying Amount \u00a3\u2019000 Total \u00a3\u2019000 2 months or less \u00a3\u2019000 2\u201312 months \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 >5 years \u00a3\u2019000 Lease Liabilities 9,341 13,456 \u2013 1,590 3,033 2,850 5,983 Loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Contractual Cash \ufb02ows Company At 31 December 2022 Carrying Amount \u00a3\u2019000 Total \u00a3\u2019000 2 months or less \u00a3\u2019000 2\u201312 months \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 >5 years \u00a3\u2019000 Lease Liabilities 35,622 63,226 \u2013 3,500 7,000 6,300 46,426 Loans 39,780 59,082 \u2013 4,294 4,306 50,482 \u2013 Contractual Cash \ufb02ows Company At 31 December 2021 Carrying Amount \u00a3\u2019000 Total \u00a3\u2019000 2 months or less \u00a3\u2019000 2\u201312 months \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 >5 years \u00a3\u2019000 Lease Liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Loans \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-442": {
"value": "24, Deferred taxation U.K. deferred tax The Group has recognised UK deferred tax assets and liabilities at 31 December 2022 and 31 December 2021. In light of the Group\u2019s history of losses, recovery of the whole deferred tax asset is not sufficiently certain, and therefore a deferred tax asset has been recognised only to the extent that there is a deferred tax liability. Finance Act 2020 enacted provisions to increase the UK Corporation tax rate to 19% from 1 April 2021. Finance Act 2021 which was Substantively Enacted on 24 May 2022 included provisions to increase the rate further to 25% effective from 1 April 2023 and this rate has been applied when calculating the UK deferred tax at the year end. U.S. deferred tax The Group have recognised US deferred tax assets and liabilities at 31 December 2022 (31 December 2021: Nil). The remaining deferred tax assets have not been recognised as there is uncertainty regarding when suitable future pro\ufb01ts against which to offset the tax losses will arise. U.S. deferred tax assets and liabilities are calculated at a blended rate of approximately 28%. Group \u2013 recognised Deferred tax (assets)/liabilities \u2013 recognised Trading temporary differences \u00a3\u2019000 Fixed assets \u00a3\u2019000 Tax losses \u00a3\u2019000 Intangible assets \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 \u2013 3,051 (3,051) \u2013 \u2013 Arising on acquisition \u2013 \u2013 \u2013 7,397 7,397 Foreign exchange \u2013 \u2013 \u2013 508 508 Income statement credit (1,256) 306 (439) (403) (1,792) At 31 December 2022 (1,256) 3,357 (3,490) 7,502 6,113 At 1 January 2021 \u2013 \u2013 \u2013 \u2013 \u2013 Origination and reversal of temporary differences \u2013 3,051 (3,051) \u2013 \u2013 At 31 December 2021 \u2013 3,051 (3,051) \u2013 \u2013 Group \u2013 not recognised Deferred tax (assets)/liabilities \u2013 not recognised Intangibles \u00a3\u2019000 Loan relationships \u00a3\u2019000 Provisions \u00a3\u2019000 Tax losses \u00a3\u2019000 Share options \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 \u2013 (1,668) (298) (21,760) (6,176) (29,902) Origination and reversal of temporary differences (4,819) 1,668 50 3,511 3,871 4,281 At 31 December 2022 (4,819) \u2013 (248) (18,249) (2,305) (25,621) At 1 January 2021 \u2013 (1,267) (206) (17,443) (3,239) (22,155) Origination and reversal of temporary differences \u2013 (401) (92) (4,317) (2,937) (7,747) At 31 December 2021 \u2013 (1,668) (298) (21,760) (6,176) (29,902) Oxford Biomedica PLC has unrecognised deferred tax assets of \u00a335,000 relating to non temporary trading differences. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-443": {
"value": "25, Ordinary shares Group and Company Issued and fully paid 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Ordinary shares of 50p each At 1 January \u2013 86,175,055 (2021: 82,320,585) shares 43,088 41,161 Allotted for cash in placing and subscription \u2013 9,876,544 (2021: 3,382,950) shares 4,938 1,691 Allotted on exercise of share options \u2013 212,646 (2021: 471,520) 106 236 At 31 December \u2013 96,263,165 (2021: 86,175,055) shares 48,132 43,088 The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of \u00a30.50 per share. There are no restrictions on the ability of shareholders to receive dividends, nor on the repayment of capital. All ordinary shares are equally eligible to receive dividends and the repayment of capital in accordance with the Company\u2019s Articles of Association and represent one vote at shareholders\u2019 meetings of the Company. As part of the \ufb01nancing arrangements for the Oxford Biomedica Solutions acquisition, the Group raised gross proceeds of \u00a380 million through a placing of 9,876,544 shares at \u00a38.10 per share. The placing was done in 2 tranches with 5,018,134 shares placed on 28 January 2022, and a further 4,858,410 shares were placed on 10 March 2022. 26, Share premium account Group and Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January 307,765 258,017 Premium on shares issued for cash in placing and subscription 75,062 48,309 Premium on exercise of share options 78 1,439 Costs associated with the issue of shares (2,952) \u2013 At 31 December 379,953 307,765 29, Accumulated losses Group Company Notes 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January (165,806) (188,723) (128,584) (126,143) (Loss)/pro\ufb01t for the year (39,157) 19,011 (4,804) (2,366) Share based payments 5,922 3,523 \u2013 \u2013 Acquisition of NCI without a change in control 37 400 \u2013 \u2013 \u2013 Deferred tax on share options 125 458 \u2013 \u2013 Exercise of nil cost option (29) (75) (15) (75) At 31 December (198,545) (165,806) (133,403) (128,584) \u00b9 The credit to accumulated losses is made up out of the charge for the year relating to employee share-based payment plans of \u00a35,442,000 (2021: \u00a32,486,000) (note 28), \u00a31,029,000 (2021: \u00a31,037,000) related to the vesting of deferred share awards made to executive directors and senior managers less \u00a3549,000 of share based payment charge allocated to Non controlling interests. Neither the Company nor its subsidiary undertakings had reserves available for distribution at 31 December 2022 or 31 December 2021. 30, Other reserves Group Translation Reserve \u00a3\u2019000 Other equity \u00a3\u2019000 Merger reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 \u2013 \u2013 2,291 2,291 Put option recognition \u2013 (38,996) \u2013 (38,996) Put option revaluation \u2013 3,993 \u2013 3,993 Foreign currency translation differences 7,825 \u2013 \u2013 7,825 At 31 December 2022 7,825 (35,003) 2,291 (24,887) Group Merger reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 2,291 2,291 At 31 December 2022 2,291 2,291 At 1 January 2021 2,291 2,291 At 31 December 2021 2,291 2,291 Company Merger reserve \u00a3\u2019000 Share Scheme Reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 1,580 18,792 20,372 Credit in relation to employee share schemes \u2013 6,471 6,471 At 31 December 2022 1,580 25,263 26,843 At 1 January 2021 1,580 15,269 16,849 Credit in relation to employee share schemes \u2013 3,523 3,523 At 31 December 2021 1,580 18,792 20,372 Merger reserve The Group merger reserve at 31 December 2022 and 2021 comprised \u00a3711,000 arising from the consolidation of Oxford Biomedica (UK) Ltd using the merger method of accounting in 1996, and \u00a31,580,000 from the application of merger relief to the purchase of Oxxon Therapeutics Limited in 2007. Share scheme reserve Options over the Company\u2019s shares have been awarded to employees of Oxford Biomedica (UK) Ltd., Oxford Biomedica Solutions and Oxford Biomedica (US) Inc. In accordance with IFRS 2 \u2019Share-based Payment\u2019 the expense in respect of these awards is recognised in the subsidiaries\u2019 \ufb01nancial statements (see note 27). In accordance with IFRS 2, the Company has treated the awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment of \u00a36,471,000 (2021: \u00a33,523,000) (see note 14) and a corresponding credit to reserves. 36, Non-controlling interest The proportion of the identi\ufb01able net assets of the Non-controlling interest in Oxford Biomedica Solutions on acquisition was determined to be \u00a334,642,000. Following a review of the accounting for the acquisition of Oxford Biomedica Solutions it was identi\ufb01ed that the fair value initially attributed to the non-controlling interest was not appropriate. As a result, the group has elected to change its accounting policy for the initial recognition of non-controlling interest from fair value at date of acquisition to the holders' proportionate interest in the recognised amount of the identi\ufb01able net assets of the acquiree. This valuation method better re\ufb02ects the value of the business attributable to the non-controlling shareholders. This has resulted in a reduction in the initial value of non-controlling interest from \u00a348.4 million to \u00a334.6 million, a corresponding reduction of 'Goodwill' recognised on acquisition from \u00a314.4 million to \u00a30.6 million and a reduction in the 'Acquisition of NCI without a change in control' of \u00a311.3 million to \u00a30.4 million. The overall impact of this to net assets is \u00a313.8 million with no impact to pro\ufb01t or loss recognised in the period.The following table summarises the information relating to the Group\u2019s subsidiary that has material NCI: 2022 \u00a3\u2019000 NCI percentage 20% Non current assets 171,419 Current assets 29,732 Non-current liabilities (7,473) Current liabilities (35,979) Net assets\u00b9 157,699 Net assets attributable to NCI 31,539 \u00b9 Net assets include the impact of share based payments. Revenue 23,722 Pro\ufb01t (30,011) OCI 13,756 Total comprehensive income (16,255) Pro\ufb01t allocated to NCI (6,002) OCI allocated to NCI 2,750 Cash \ufb02ows from operating activities (9,732) Cash \ufb02ows from investment activities 30,867 Cash \ufb02ow from \ufb01nancing activities (dividends to NCI: nil) (2,293) Net increase in cash and cash equivalents 18,842 There was no Non-controlling interest in 2021. ",
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"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-472": {
"value": "25, Ordinary shares Group and Company Issued and fully paid 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Ordinary shares of 50p each At 1 January \u2013 86,175,055 (2021: 82,320,585) shares 43,088 41,161 Allotted for cash in placing and subscription \u2013 9,876,544 (2021: 3,382,950) shares 4,938 1,691 Allotted on exercise of share options \u2013 212,646 (2021: 471,520) 106 236 At 31 December \u2013 96,263,165 (2021: 86,175,055) shares 48,132 43,088 The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of \u00a30.50 per share. There are no restrictions on the ability of shareholders to receive dividends, nor on the repayment of capital. All ordinary shares are equally eligible to receive dividends and the repayment of capital in accordance with the Company\u2019s Articles of Association and represent one vote at shareholders\u2019 meetings of the Company. As part of the \ufb01nancing arrangements for the Oxford Biomedica Solutions acquisition, the Group raised gross proceeds of \u00a380 million through a placing of 9,876,544 shares at \u00a38.10 per share. The placing was done in 2 tranches with 5,018,134 shares placed on 28 January 2022, and a further 4,858,410 shares were placed on 10 March 2022. 26, Share premium account Group and Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January 307,765 258,017 Premium on shares issued for cash in placing and subscription 75,062 48,309 Premium on exercise of share options 78 1,439 Costs associated with the issue of shares (2,952) \u2013 At 31 December 379,953 307,765 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "27, Options over shares of Oxford Biomedica plc The Company has outstanding share options that were issued under the following schemes: \u2014 The 2007 Share Option Scheme (approved February 2007) \u2014 The 2015 Executive Share Option Scheme (approved May 2015) \u2014 The 2007 Long Term Incentive Plan (LTIP) (approved February 2007) \u2014 The 2015 Long Term Incentive Plan (LTIP) (approved May 2015) \u2014 The 2013 Deferred Bonus Plan (approved February 2014) \u2014 The 2015 Deferred Bonus Plan (approved May 2015) \u2014 The 2015 Sharesave scheme (approved May 2015) Share options are granted to Executive Directors and selected senior managers under the Company\u2019s Long Term Incentive Plans (LTIP), and Deferred Bonus Plans, and to other employees under the Share Option Schemes and Sharesave scheme. All option grants are at the discretion of the Remuneration Committee. All options granted are equity settled share options, but deferred share awards may be settled in cash at the option of the Remuneration committee. Options and RSUs granted under the 2007 and 2015 LTIP to Directors and other senior managers are subject to both revenue and market condition performance criteria and will vest only if, at the third anniversary of the grant, the performance criteria have been met. Failure to meet the minimum performance criteria by the third anniversary results in all the granted options lapsing. The performance criteria are described in the Directors\u2019 Remuneration Report. LTIP awards made to date are exercisable at either par or at nil cost on the third anniversary of the date of grant, and lapse 10 years after being granted. For Directors, options granted between 2019 and 2021 also have a 2 year holding period post vesting. Restricted stock units (RSUs) granted to employees under the 2015 LTIP are issued at nil cost. They are not subject to market condition performance criteria and the lives of the RSUs are ten years, after which the RSUs expire. RSUs granted under the 2015 Scheme cannot normally be exercised before the third anniversary of the date of grant. RSUs are valued based on the market price at the date of grant. Options granted under the 2007 Share Option Scheme have \ufb01xed exercise prices based on the market price at the date of grant. They are not subject to market condition performance criteria and the lives of the options are ten years, after which the options expire. Options granted prior to 2012 cannot normally be exercised before the third anniversary of the date of grant. Options granted under the 2007 Scheme during 2012 to 2014, with one exception, vest in tranches of 25% from the \ufb01rst to fourth anniversaries of the grant dates. Options granted under the 2015 Executive Share Option Scheme have \ufb01xed exercise prices based on the market price at the date of grant. They are not subject to market condition performance criteria and the lives of the options are ten years, after which the options expire. Options granted under the 2015 Scheme cannot normally be exercised before the third anniversary of the date of grant. Options granted under the 2015 Sharesave Scheme have \ufb01xed exercise prices based on the market price at the date of grant. They are not subject to market condition performance criteria and the lives of the options are four years, after which the options expire and the cash saved is returned. Options cannot be exercised before the third anniversary of the date of grant. Share options outstanding at 31 December 2022 have the following expiry date and exercise prices: Options granted to employees under the Oxford Biomedica 2007 and 2015 Share Option Schemes 2022 Number of shares 2021 Number of shares Exercise price per share Date from which exercisable Expiry date \u2013 5,560 115p to 155p Vested 08/05/22 to 21/12/22 12,860 15,155 80p to 140p Vested 22/05/23 to 19/11/23 16,518 16,518 100p to 200p Vested 03/06/24 to 17/10/24 38,170\u2009\u00b9 39,873\u00b9 490p Vested 13/03/25 to 10/06/25 52,689\u2009\u00b9 55,309\u00b9 275p Vested 16/05/26 to 13/10/26 95,927\u2009\u00b9 106,026\u00b9 495p Vested 13/07/2017 to 13/07/27 120,903\u2009\u00b9 141,060\u00b9 502p to 904p Vested 15/02/2028 to 07 08 2028 326,889\u2009\u00b9 379,808\u00b9 618p to 705p Vested 04/01/2029 to 12/09/2029 458,426\u2009\u00b9 520,824\u2009\u00b9 760p to 817p 26/06/2023 to 05/10/2023 26/06/2030 to 05/10/2030 1,122,382 1,281,133 \u00b9 Options granted under the 2015 Executive share option scheme. Options granted to employees under the Oxford Biomedica 2015 Sharesave scheme 2022 Number of shares 2021 Number of shares Exercise price per share Date from which exercisable Expiry date \u2013 29,682 725p 10/10/21 10/04/22 187,396 237,069 422p 09/10/22 09/04/23 98,670 154,756 672p 31/10/23 30/04/24 71,109 143,345 1,226p 31/10/24 30/04/25 623,097 \u2013 294p 19/10/25 19/04/26 980,272 564,852 Options granted under the Oxford Biomedica 2007 and 2015 Long Term Incentive Plans 2022 Number of shares 2021 Number of shares Exercise price per share Date from which exercisable Expiry date 55,774 55,774 50p Vested 12/06/2023 29,524 29,524 50p Vested 20/06/2024 to 17/10/2024 43,824 43,824 0p Vested 10/01/2025 82,185 82,185 0p Vested 16/05/2026 123,754\u2009\u00b2 143,294\u2009\u00b2 0p Vested 17/07/2027 to 25/09/2027 39,652\u2009\u00b2 62,913\u2009\u00b9 , \u00b2 0p Vested 15/02/2028 to 07/08/2028 109,658\u2009\u00b9 , \u00b2 282,093\u00b9 , \u00b2 0p Vested 18/04/2029 to 12/09/2029 260,577\u2009\u00b9 , \u00b2 260,577\u00b9 , \u00b2 0p 26/06/2023 26/06/2030 263,297\u2009\u00b9 , \u00b2 263,297\u00b9 , \u00b2 0p 08/06/2024 08/06/2031 205,562\u2009\u00b3 234,883\u00b9 , \u00b2 0p 08/06/2024 08/06/2031 460,986\u2009\u00b9 , \u00b2 \u2013 0p 29/04/2025 29/04/2032 1,403,889\u2009\u00b3 \u2013 0p 10/09/2022 to 20/12/2026 18/03/2032 to 20/12/2032 3,078,692 1,590,364 5,181,346 3,436,268 \u00b9 These LTIP awards will vest provided that performance conditions speci\ufb01ed in the Directors\u2019 Remuneration Report are met. \u00b2 Options granted under the 2015 LTIP. \u00b3 Restricted Share Options (RSUs) granted under the 2015 LTIP issued to employees vesting over 3 years Deferred Share Awards The Executive Directors and certain other senior managers have been awarded deferred bonuses in the form of share options. These options are exercisable at nil p on either the \ufb01rst three anniversaries of the grant or the third anniversary of the grant dependent on the option conditions. Options with a value of \u00a31,029,000 vested during 2022 (2021: \u00a31,037,000). The options granted under the 2013 Deferred Bonus Plan will be satis\ufb01ed by market-purchased shares held by the Oxford Biomedica Employee Bene\ufb01t Trust (EBT). As at 31 December 2022, all shares held by the EBT had vested. The EBT is consolidated at year end with the shares held in trust until the exercise of the option. During the year 77,376 shares (2021: nil) from the EBT were exercised. Deferred bonus share awards are valued at the market price on the date of grant. The options granted under the 2015 Deferred Bonus Plan will be satis\ufb01ed by new issue shares at the time of exercise. Options granted to employees under the Oxford Biomedica 2013 and 2015 Deferred Bonus Plan 2022 Number of shares 2021 Number of shares Exercise price per share Date from which exercisable Expiry date 68,725 68,725 0p Exercisable 15/06/24 and 14/10/24 27,402 27,402 0p Exercisable 04/05/25 32,010 32,010 0p Exercisable 14/05/26 27,696 27,696 0p Exercisable 11/07/27 31,815 36,205 0p Exercisable 07/08/28 67,793 67,793 0p Exercisable 18/04/29 64,701 65,576 0p 20/06/21 to 20/06/23 20/06/30 58,943 58,943 0p 08/06/22 to 08/06/24 20/06/31 175,958 \u2013 0p 29/04/23 to 29/04/25 29/04/32 555,043 384,350 National insurance liability Certain options granted to UK employees could give rise to a national insurance (NI) liability on exercise. A liability of \u00a3642,000 (2021: \u00a31,305,000) is included in accruals for the potential NI liability accrued to 31 December on exercisable options that were above water based on the year-end share price of 443p (2021: 1,230p) per share. 28, Share based payments Sharesave Scheme awards (Model used: Black Scholes) Options awarded 19 Oct 2022 Share price at grant date 300.00p Exercise price 294.40p Vesting period (years) 3 Total number of shares under option 626,154 Expected volatility (weighted average) 48.08% Expected life (years) 3 Risk free rate (weighted average) 3.49% Fair value per option 109.61p LTIP awards (Model used: Monte Carlo) LTIPs awarded 29 Apr 2022 LTIPs awarded 18 Mar 2022 Share price at grant date 570p 697p Exercise price 0p 0p Vesting period (years) 3 3 Total number of shares under option 474,117 268,790 Expected volatility (weighted average) 46.03% 44.78% Expected life (years) 3 3 Risk free rate (weighted average) 1.65% 0.21% Fair value per option 278p 475p The tables below show the movements in the Share Option Scheme, Sharesave scheme and the LTIP during the year, together with the related weighted average exercise prices. Excluding the LTIP, RSU and Deferred Bonus awards which are exercisable at par/nil value, the weighted average exercise price for options granted during the year was 294.4p (2021: 1,226.0p). 290,022 options were exercised in 2022 (2021: 471,520), including 4,390 of deferred bonus options (2021: 69,454). The total charge for the year relating to employee share-based payment plans was \u00a36,471,000 (2021: \u00a33,523,000), all of which related to equity-settled share based payment transactions. 2022 2021 Share options excluding LTIP Number Weighted average exercise price Number Weighted average exercise price Outstanding at 1 January 1,845,904 695.5p 2,118,041 548.7p Granted 626,154 294.4p 144,079 1,226.0p Forfeited (182,828) 718.5p (147,282) 706.4p Exercised (19,195) 467.0p (252,676) 577.5p Cancelled (167,381) 829.9p (16,258) 587.7p Outstanding at 31 December 2,102,654 565.3p 1,845,904 695.5p Exercisable at 31 December 524,463 520.0p 410,102 588.4p Exercisable and where market price exceeds exercise price at 31 December 269,463 520.0p 410,102 588.4p LTIP awards (options exercisable at par value 1p or nil cost) 2022 Number 2021 Number Outstanding at 1 January 1,590,364 1,361,829 Granted 2,053,897 507,604 Expired (299,132) (168,796) Exercised (266,437) (110,273) Outstanding at 31 December 3,078,692 1,590,364 Exercisable at 31 December 484,371 549,514 Range of exercise prices Weighted average exercise price Number of shares Weighted average remaining life (years) Weighted average exercise price Number of shares Weighted average remaining life (years) LTIP: Exercisable at par or at nil cost 1.4p 3,078,692 8.2 6.8p 1,590,364 6.9 Deferred bonus: Exercisable at par or at nil cost 0p 555,043 6.5 0p 384,350 6.3 Options: 50p to 150p 101p 21,822 0.9 101p 25,197 1.8 150p to 250p 200p 7,556 1.8 183p 12,036 1.9 250p to 350p 293p 675,786 9.3 275p 56,228 4.3 350p to 650p 452p 321,493 5.6 454p 393,529 6.7 650p+ 782p 1,075,997 7.0 798p 1,358,914 8.1 At 31 December 2021 5,736,389 3,820,618 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "29, Accumulated losses Group Company Notes 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 At 1 January (165,806) (188,723) (128,584) (126,143) (Loss)/pro\ufb01t for the year (39,157) 19,011 (4,804) (2,366) Share based payments 5,922 3,523 \u2013 \u2013 Acquisition of NCI without a change in control 37 400 \u2013 \u2013 \u2013 Deferred tax on share options 125 458 \u2013 \u2013 Exercise of nil cost option (29) (75) (15) (75) At 31 December (198,545) (165,806) (133,403) (128,584) \u00b9 The credit to accumulated losses is made up out of the charge for the year relating to employee share-based payment plans of \u00a35,442,000 (2021: \u00a32,486,000) (note 28), \u00a31,029,000 (2021: \u00a31,037,000) related to the vesting of deferred share awards made to executive directors and senior managers less \u00a3549,000 of share based payment charge allocated to Non controlling interests. Neither the Company nor its subsidiary undertakings had reserves available for distribution at 31 December 2022 or 31 December 2021. 30, Other reserves Group Translation Reserve \u00a3\u2019000 Other equity \u00a3\u2019000 Merger reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 \u2013 \u2013 2,291 2,291 Put option recognition \u2013 (38,996) \u2013 (38,996) Put option revaluation \u2013 3,993 \u2013 3,993 Foreign currency translation differences 7,825 \u2013 \u2013 7,825 At 31 December 2022 7,825 (35,003) 2,291 (24,887) Group Merger reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 2,291 2,291 At 31 December 2022 2,291 2,291 At 1 January 2021 2,291 2,291 At 31 December 2021 2,291 2,291 Company Merger reserve \u00a3\u2019000 Share Scheme Reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 1,580 18,792 20,372 Credit in relation to employee share schemes \u2013 6,471 6,471 At 31 December 2022 1,580 25,263 26,843 At 1 January 2021 1,580 15,269 16,849 Credit in relation to employee share schemes \u2013 3,523 3,523 At 31 December 2021 1,580 18,792 20,372 Merger reserve The Group merger reserve at 31 December 2022 and 2021 comprised \u00a3711,000 arising from the consolidation of Oxford Biomedica (UK) Ltd using the merger method of accounting in 1996, and \u00a31,580,000 from the application of merger relief to the purchase of Oxxon Therapeutics Limited in 2007. Share scheme reserve Options over the Company\u2019s shares have been awarded to employees of Oxford Biomedica (UK) Ltd., Oxford Biomedica Solutions and Oxford Biomedica (US) Inc. In accordance with IFRS 2 \u2019Share-based Payment\u2019 the expense in respect of these awards is recognised in the subsidiaries\u2019 \ufb01nancial statements (see note 27). In accordance with IFRS 2, the Company has treated the awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment of \u00a36,471,000 (2021: \u00a33,523,000) (see note 14) and a corresponding credit to reserves. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "31, Cash \ufb02ows from operating activities Reconciliation of loss before tax to net cash used in operations: Group Company 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Continuing operations (Loss)/pro\ufb01t before taxation (45,976) 19,880 (4,804) (2,366) Adjustment for: Depreciation 20,271 12,435 323 \u2013 Amortisation of intangible assets 6,088 21 \u2013 \u2013 Loss on disposal of property, plant and equipment 28 \u2013 \u2013 \u2013 (Gain) on sale and leaseback (21,389) \u2013 \u2013 \u2013 Loss on disposal of intangible 27 \u2013 \u2013 \u2013 Amortisation of loan fees 588 \u2013 588 \u2013 Finance costs 15,756 888 14,033 \u2013 Charge in relation to employee share schemes 6,471 3,981 \u2013 \u2013 Non-cash loss 51 165 \u2013 \u2013 Changes in working capital: (Increase)/decrease in trade and other receivables (17,876) 6,891 \u2013 \u2013 Increase/(decrease) in trade and other payables 16,959 (657) 6 17 Decrease in deferred income (691) (867) \u2013 \u2013 Increase/(decrease)/ in contract liabilities 5,852 (15,667) \u2013 \u2013 Decrease/(increase) in inventory 688 (2,609) \u2013 \u2013 Net cash (used in)/generated from operations (13,173) 24,461 10,146 (2,349) ",
"dimensions": {
"concept": "oxfordbiomedicaplc:DisclosureOfCashFlowsFromOperatingActivities",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "32, Pension commitments The Group operates a de\ufb01ned contribution pension scheme for its directors and employees. The assets of the scheme are held in independently administered funds. The pension cost charge of \u00a33,560,000 (2021: \u00a32,839,000) represents amounts payable by the Group to the scheme. Contributions of \u00a3403,000 (2021: \u00a3392,000), included in accruals, were payable to the scheme at the year-end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "32, Pension commitments The Group operates a de\ufb01ned contribution pension scheme for its directors and employees. The assets of the scheme are held in independently administered funds. The pension cost charge of \u00a33,560,000 (2021: \u00a32,839,000) represents amounts payable by the Group to the scheme. Contributions of \u00a3403,000 (2021: \u00a3392,000), included in accruals, were payable to the scheme at the year-end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "33, Leases The additions to right of use assets during the year relate to lease of at Patriot\u2019s Park (\u00a325.0 million) as part of the acquisition of Oxford Biomedica Solutions, and \u00a313.0 million related to the new lease liabilities as a result of the sale and leaseback of the Windrush Court facility and the Wallingford Warehouse. The additions in leases entered into during the year relate to those at Patriot\u2019s Park \u00a325.0 million respectively as part of the acquisition and \u00a339.2 million related to the new lease liabilities as a result of the sale and leaseback of the Windrush Court facility, and the lease of the Wallingford Warehouse. Sale and leaseback of Windrush Court The Windrush Court building was owned and then sold by Oxford Biomedica (UK) Ltd in October 2022, after which the building was immediately leased under a 15 year lease by Oxford Biomedica PLC on the same day. In the Company\u2019s individual accounts, the Company has accounted for the lease as a standalone lease with the resultant lease liability and matching right of use asset, whilst Oxford Biomedica (UK) Ltd has accounted for the transaction as a standalone sale of an asset. However, from a Group perspective the transaction has been accounted for as a sale and leaseback transaction as both companies form part of the same group and both the sale and leaseback was negotiated and entered into at the same time. The Group leases land and buildings and IT equipment. Information about leases for which the Group is a lessee is presented below: Right-of-use assets: Group Property \u00a3\u2019000 Equipment \u00a3\u2019000 IT equipment \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 January 2022 11,450 2,780 36 14,266 Acquisitions through business combinations 24,974 \u2013 \u2013 24,974 Foreign exchange 2,072 \u2013 \u2013 2,072 Additions 13,038 \u2013 \u2013 13,038 Change in estimate (1,349) \u2013 \u2013 (1,349) Depreciation charge for the period (4,185) (730) (36) (4,951) Balance at 31 December 2022 46,000 2,050 0 48,050 Company Property \u00a3\u2019000 Equipment \u00a3\u2019000 IT equipment \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 January 2022 \u2013 \u2013 \u2013 \u2013 Additions 39,717 \u2013 \u2013 39,717 Depreciation charge for the period (323) \u2013 \u2013 (323) Balance at 31 December 2022 39,394 \u2013 \u2013 39,394 Lease liabilities: Group Company Maturity analysis \u2013 contractual undiscounted cash \ufb02ows 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Less than one year 9,179 1,590 3,500 \u2013 One to \ufb01ve years 43,035 5,883 13,300 \u2013 Six to ten years 42,224 5,071 23,491 \u2013 More than ten years 25,059 913 22,935 \u2013 Total undiscounted cash \ufb02ows at 31 December 2022 119,497 13,457 63,226 \u2013 Lease liabilities included in the Statement of Financial Position 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current 3,295 853 683 \u2013 Non-current 71,206 8,488 34,939 \u2013 Total lease liabilities at 31 December 2021 74,501 9,341 35,622 \u2013 Amounts recognised in the pro\ufb01t or (loss) 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest on lease liabilities 3,124 873 477 \u2013 Expense relating to short term leases 178 369 \u2013 \u2013 Amounts recognised in the statement of cash \ufb02ows 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Total cash out\ufb02ow for leases 4,244 5,393 422 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-481": {
"value": "34, Contingent liabilities and capital commitments The Group has a letter of credit \u00a31,405,000 (2021: nil) related to the deposit on the Patriots park lease which is disclosed within Trade and other receivables in non current assets. The Group had commitments of \u00a32,882,000 for capital expenditure for leasehold improvements and plant and equipment not provided for in the \ufb01nancial statements at 31 December 2022 (2021: \u00a33,974,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "34, Contingent liabilities and capital commitments The Group has a letter of credit \u00a31,405,000 (2021: nil) related to the deposit on the Patriots park lease which is disclosed within Trade and other receivables in non current assets. The Group had commitments of \u00a32,882,000 for capital expenditure for leasehold improvements and plant and equipment not provided for in the \ufb01nancial statements at 31 December 2022 (2021: \u00a33,974,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-448": {
"value": "34, Contingent liabilities and capital commitments The Group has a letter of credit \u00a31,405,000 (2021: nil) related to the deposit on the Patriots park lease which is disclosed within Trade and other receivables in non current assets. The Group had commitments of \u00a32,882,000 for capital expenditure for leasehold improvements and plant and equipment not provided for in the \ufb01nancial statements at 31 December 2022 (2021: \u00a33,974,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800S1GVQNXQ15K851",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-449": {
"value": "35, Acquisition of subsidiary On 10 March 2022, the Group acquired 74% of the shares and voting interests in Oxford Biomedica Solutions LLC for US$130 million. As a result, the Group\u2019s equity interest granted it control of Oxford Biomedica Solutions. Immediately following the acquisition, the Group acquired a further 6% interest in Oxford Biomedica Solutions through an equity investment of \u00a338.2 million (US$50 million) leading to a dilution in the interests of Homology Medicines from 26% to 20% (refer note 37). Included in the identi\ufb01able assets and liabilities acquired at the date of acquisition of Oxford Biomedica Solutions are inputs, production processes and an organised workforce. The Group has determined that together the acquired inputs and processes signi\ufb01cantly contribute to the Group\u2019s ability to create revenue. The Group has concluded that the acquired inputs and processes is a business.A. Consideration Transferred
The following table summarises the acquisition date fair value of each major class of consideration transferred:
\u00a3\u2019000
Cash 99,206
Total Consideration 99,206
B. Acquisition related expenses:
The Group incurred acquisition related legal and due diligence expenses of \u00a35.1 million (2021: \u00a31.2 million) which is included in
Administrative expenses.
C. Identi\ufb01able assets acquired and liabilities assumed:
The following table summarises the recognised amounts of assets acquired and liabilities assumed at the date of acquisition:
\u00a3\u2019000
Property, plant & equipment 58,945
Intangible assets 102,869
Inventory 3,476
Prepaid expenses 229
Lease Liabilities (24,974)
Deferred tax liabilities (7,307)
Total identi\ufb01able net assets acquired: 133,238
The valuation techniques used for measuring the fair value of material assets acquired were as follows:
Assets acquired Valuation technique
Property plant and equipment Market comparison technique and cost technique \u2013 The valuation model considers market prices
for similar items when they are available, and depreciated replacement cost when appropriate.
Depreciated replacement cost re\ufb02ects adjustments for physical deterioration as well as functional
and economic obsolescence
Intangible assets Multi-period excess earnings method \u2013 The multi-period excess earnings method considers the
present value of net cash \ufb02ows expected to be generated by the client relationships, by excluding
any cash \ufb02ows related to contributory assets.
Inventory
Market comparison \u2013 To determine the fair value of the inventory, the Group obtained current prices
for each of the items making up the transferred inventory.
D. Goodwill
\u00a3\u2019000
Consideration transferred 99,206
Interest in the identi\ufb01able net assets of non-controlling interests 34,642
Fair value of identi\ufb01able assets (133,238)
Goodwill 610
The goodwill is attributable mainly to the skills and technical talent of Oxford Biomedica Solutions\u2019 workforce. None of the goodwill
recognised is expected to be deductible for tax purposes.
37, Acquisition of Non-controlling interest On 10 March 2022, the Group acquired an additional 6% interest in Oxford Biomedica Solutions through an equity investment in Oxford Biomedica Solutions of \u00a338.2 million (US$50 million), increasing its ownership from 74% to 80%, leading to a dilution in the interests of Homology Medicines from 26% to 20% . The carrying amount of Oxford Biomedica Solutions\u2019 net assets in the Group\u2019s consolidated \ufb01nancial statements on the date of the acquisition was \u00a3133.2 million. \u00a3\u2019000 Carry amount of NCI acquired 400 Consideration paid to NCI \u2013 Increase in equity attributable to owners of the Company 400 The increase in equity attributable to owners of the Company comprised solely of an increase to retained earnings. ",
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"fact-476": {
"value": "36, Non-controlling interest The proportion of the identi\ufb01able net assets of the Non-controlling interest in Oxford Biomedica Solutions on acquisition was determined to be \u00a334,642,000. Following a review of the accounting for the acquisition of Oxford Biomedica Solutions it was identi\ufb01ed that the fair value initially attributed to the non-controlling interest was not appropriate. As a result, the group has elected to change its accounting policy for the initial recognition of non-controlling interest from fair value at date of acquisition to the holders' proportionate interest in the recognised amount of the identi\ufb01able net assets of the acquiree. This valuation method better re\ufb02ects the value of the business attributable to the non-controlling shareholders. This has resulted in a reduction in the initial value of non-controlling interest from \u00a348.4 million to \u00a334.6 million, a corresponding reduction of 'Goodwill' recognised on acquisition from \u00a314.4 million to \u00a30.6 million and a reduction in the 'Acquisition of NCI without a change in control' of \u00a311.3 million to \u00a30.4 million. The overall impact of this to net assets is \u00a313.8 million with no impact to pro\ufb01t or loss recognised in the period.The following table summarises the information relating to the Group\u2019s subsidiary that has material NCI: 2022 \u00a3\u2019000 NCI percentage 20% Non current assets 171,419 Current assets 29,732 Non-current liabilities (7,473) Current liabilities (35,979) Net assets\u00b9 157,699 Net assets attributable to NCI 31,539 \u00b9 Net assets include the impact of share based payments. Revenue 23,722 Pro\ufb01t (30,011) OCI 13,756 Total comprehensive income (16,255) Pro\ufb01t allocated to NCI (6,002) OCI allocated to NCI 2,750 Cash \ufb02ows from operating activities (9,732) Cash \ufb02ows from investment activities 30,867 Cash \ufb02ow from \ufb01nancing activities (dividends to NCI: nil) (2,293) Net increase in cash and cash equivalents 18,842 There was no Non-controlling interest in 2021. 37, Acquisition of Non-controlling interest On 10 March 2022, the Group acquired an additional 6% interest in Oxford Biomedica Solutions through an equity investment in Oxford Biomedica Solutions of \u00a338.2 million (US$50 million), increasing its ownership from 74% to 80%, leading to a dilution in the interests of Homology Medicines from 26% to 20% . The carrying amount of Oxford Biomedica Solutions\u2019 net assets in the Group\u2019s consolidated \ufb01nancial statements on the date of the acquisition was \u00a3133.2 million. \u00a3\u2019000 Carry amount of NCI acquired 400 Consideration paid to NCI \u2013 Increase in equity attributable to owners of the Company 400 The increase in equity attributable to owners of the Company comprised solely of an increase to retained earnings. ",
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"fact-450": {
"value": "38, Related party transactions Identity of related parties As at 31 December 2022, the Group consisted of: \u2014 a parent, Oxford Biomedica plc, \u2014 one wholly-owned UK trading subsidiary Oxford Biomedica (UK) Limited, the principal trading company, \u2014 one US trading subsidiary, 80% owned, Oxford Biomedica Solutions LLC, \u2014 one US subsidiary 100% owned, Oxford Biomedica (US) Inc, \u2014 one Irish wholly-owned subsidiary of the parent company, Oxford Biomedica (Ireland) Ltd, \u2014 one dormant subsidiary, Oxxon Therapeutics Limited which was acquired and became dormant in 2007 when its assets and trade were transferred to Oxford Biomedica (UK) Limited, and \u2014 one additional dormant subsidiary, Invivusbio Limited, which changed its name on 18 January 2023 from OXB Solutions Limited. The registered office of the Company, it\u2019s UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office of OXB Solutions LLC is 1 Patriots Park, Bedford, MA 01730, USA. The parent company is responsible for \ufb01nancing and setting Group strategy. Oxford Biomedica (UK) Limited carries out the UK elements of the Group strategy, employs all the UK staff including the Executive Directors, and owns and manages all of the Group\u2019s intellectual property. Oxford Biomedica Solutions carries out the US equivalent activities. The proceeds from the issue of shares by the parent are passed from Oxford Biomedica plc to Oxford Biomedica (UK) Limited as a loan, and Oxford Biomedica (UK) Limited manages Group funds and makes payments, including the expenses of the parent company. Company: transactions with subsidiaries 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Purchases: Parent company expenses paid by subsidiary (10,941) (749) Cash management: Cash loaned by parent to subsidiary Oxford Biomedica (UK) Limited 15,780 12,000 Cash loaned by parent to subsidiary Oxford Biomedica (US) Inc. 148,764 \u2013 The loans from Oxford Biomedica plc to Oxford Biomedica (UK) Limited and Oxford Biomedica (US) Inc. are unsecured and interest free. The loans are not due, planned or expected for repayment within 12 months of the year end. The year-end balance on the loans was: Company: year-end balance of loan 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Loan to subsidiary Oxford Biomedica (UK) Limited 278,091 273,253 Oxford Biomedica (US) Inc 148,764 \u2013 The investment in the subsidiary, of which the loan forms part, has been impaired by \u00a3126.0 million (note 14) in previous years. Transactions Balance Outstanding Other Related Party Transactions 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sales of goods and services: Homology Medicines23,252 \u2013 4,334 \u2013 Purchase of services: Homology Medicines 4,258 \u2013 1,158 \u2013 Other: Homology Medicines \u2013 rental income 1,085 \u2013 424 \u2013 In addition to the transactions above, options over the Company\u2019s shares have been awarded to employees of subsidiary companies. In accordance with IFRS 2, the Company has treated the awards as a capital contribution to the subsidiaries, resulting in a cumulative increase in the cost of investment of \u00a325,265,000 (2021: \u00a318,793,000). There were no transactions (2021: none) with Oxxon Therapeutics Limited. Company: transactions with related parties There were no other outstanding balances in respect of transactions with Directors and connected persons at 31 December 2022 (2021: none). Key person remuneration can be seen in note 5 of the \ufb01nancial statements. ",
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"fact-477": {
"value": "38, Related party transactions Identity of related parties As at 31 December 2022, the Group consisted of: \u2014 a parent, Oxford Biomedica plc, \u2014 one wholly-owned UK trading subsidiary Oxford Biomedica (UK) Limited, the principal trading company, \u2014 one US trading subsidiary, 80% owned, Oxford Biomedica Solutions LLC, \u2014 one US subsidiary 100% owned, Oxford Biomedica (US) Inc, \u2014 one Irish wholly-owned subsidiary of the parent company, Oxford Biomedica (Ireland) Ltd, \u2014 one dormant subsidiary, Oxxon Therapeutics Limited which was acquired and became dormant in 2007 when its assets and trade were transferred to Oxford Biomedica (UK) Limited, and \u2014 one additional dormant subsidiary, Invivusbio Limited, which changed its name on 18 January 2023 from OXB Solutions Limited. The registered office of the Company, it\u2019s UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office of OXB Solutions LLC is 1 Patriots Park, Bedford, MA 01730, USA. The parent company is responsible for \ufb01nancing and setting Group strategy. Oxford Biomedica (UK) Limited carries out the UK elements of the Group strategy, employs all the UK staff including the Executive Directors, and owns and manages all of the Group\u2019s intellectual property. Oxford Biomedica Solutions carries out the US equivalent activities. The proceeds from the issue of shares by the parent are passed from Oxford Biomedica plc to Oxford Biomedica (UK) Limited as a loan, and Oxford Biomedica (UK) Limited manages Group funds and makes payments, including the expenses of the parent company. Company: transactions with subsidiaries 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Purchases: Parent company expenses paid by subsidiary (10,941) (749) Cash management: Cash loaned by parent to subsidiary Oxford Biomedica (UK) Limited 15,780 12,000 Cash loaned by parent to subsidiary Oxford Biomedica (US) Inc. 148,764 \u2013 The loans from Oxford Biomedica plc to Oxford Biomedica (UK) Limited and Oxford Biomedica (US) Inc. are unsecured and interest free. The loans are not due, planned or expected for repayment within 12 months of the year end. The year-end balance on the loans was: Company: year-end balance of loan 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Loan to subsidiary Oxford Biomedica (UK) Limited 278,091 273,253 Oxford Biomedica (US) Inc 148,764 \u2013 The investment in the subsidiary, of which the loan forms part, has been impaired by \u00a3126.0 million (note 14) in previous years. Transactions Balance Outstanding Other Related Party Transactions 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Sales of goods and services: Homology Medicines23,252 \u2013 4,334 \u2013 Purchase of services: Homology Medicines 4,258 \u2013 1,158 \u2013 Other: Homology Medicines \u2013 rental income 1,085 \u2013 424 \u2013 In addition to the transactions above, options over the Company\u2019s shares have been awarded to employees of subsidiary companies. In accordance with IFRS 2, the Company has treated the awards as a capital contribution to the subsidiaries, resulting in a cumulative increase in the cost of investment of \u00a325,265,000 (2021: \u00a318,793,000). There were no transactions (2021: none) with Oxxon Therapeutics Limited. Company: transactions with related parties There were no other outstanding balances in respect of transactions with Directors and connected persons at 31 December 2022 (2021: none). Key person remuneration can be seen in note 5 of the \ufb01nancial statements. ",
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