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GENERAL INFORMATIONSyncona Limited (the \u201cCompany\u201d) is incorporated in Guernsey as a registered closed-ended investment company. The Company\u2019s Ordinary Shares were listed on the Premium Segment of the London Stock Exchange on 26 October 2012 when it commenced its business.The Company makes its life science investments through Syncona Holdings Limited (the \u201cHolding Company\u201d), a subsidiary of the Company. The Company maintains its capital pool through Syncona Investments LP Incorporated (the \u201cPartnership\u201d), in which the Company is the sole limited partner. The general partner of the Partnership is Syncona GP Limited (the \u201cGeneral Partner\u201d), a wholly owned subsidiary of the Company. Syncona Limited and Syncona GP Limited are collectively referred to as the \u201cGroup\u201d.Syncona Investment Management Limited (\u201cSIML\u201d), a subsidiary, was appointed as the Company\u2019s Alternative Investment Fund Manager (\u201cInvestment Manager\u201d).The investment objective and policy is set out in the Directors\u2019 Report on page 98.2. ACCOUNTING POLICIESThe Group\u2019s investments in life science companies, other investments within the life science portfolio and capital pool investments are held through the Holding Company and the Partnership, which are measured at fair value through profit or loss in accordance with the requirement of IFRS 10 \u201cConsolidated Financial Statements\u201d.Statement of complianceThe Consolidated Financial Statements which give a true and fair view are prepared in accordance with IFRS as adopted by the European Union and are in compliance with The Companies (Guernsey) Law, 2008. The Consolidated Financial Statements were approved by the Board and authorised for issue on 14 June 2023.Information reported to the Board (the Chief Operating Decision Maker (\u201cCODM\u201d)) for the purpose of allocating resources and monitoring performance of the Group\u2019s overall strategy to found, build and fund companies in innovative areas of healthcare, consists of financial information reported at the Group level. The capital pool is fundamental to the delivery of the Group\u2019s strategy and performance is reviewed by the CODM only to the extent this enables the allocation of those resources to support the Group\u2019s investment in life science companies. There are no reconciling items between the results contained within this information and amounts reported in the financial statements. IFRS requires operating segments to be identified on the basis of the internal financial reports that are provided to the CODM, and as such the Directors present the results of the Group as a single operating segment.Basis of preparationThe Consolidated Financial Statements have been prepared under the historical cost basis, except for investments and derivatives held at fair value through profit or loss, which have been measured at fair value.Functional currencyThe Group\u2019s functional currency is Sterling (\u201c\u00a3\u201d or \u201cGBP\u201d). \u00a3 is the currency in which the Group measures its performance and reports its results. Ordinary Shares are denominated in \u00a3 and any dividends declared are paid in \u00a3. The Directors believe that \u00a3 best represents the functional currency, although the Group has significant exposure to other currencies as described in note 18.Going concernThe financial statements are prepared on a going concern basis. The net assets held by the Group and within investment entities controlled by the Group currently consist of securities and cash amounting to \u00a31,254.7 million (31 March 2022: \u00a31,309.8 million) of which \u00a3629.4 million (31 March 2022: \u00a3764.7 million) are readily realisable within three months in normal market conditions, and liabilities including uncalled commitments to underlying investments and funds amounting to \u00a389.2 million (31 March 2022: \u00a388.5 million).Given the Group\u2019s capital pool of \u00a3650.1 million (31 March 2022: \u00a3784.9 million) the Directors consider that the Group has adequate financial resources to continue its operations, including existing commitments to its investments and planned additional capital expenditure, for 12 months following the approval of the financial statements. The Directors also continue to monitor the potential future impact of the war in Ukraine and the ever-changing macro environment, including in\ufb02ationary pressures, on the Group. Hence, the Directors believe that it is appropriate to continue to adopt the going concern basis in preparing the Consolidated Financial Statements.2. ACCOUNTING POLICIES CONTINUEDBasis of consolidationThe Group\u2019s Consolidated Financial Statements consist of the financial records of the Company and the General Partner.The results of the General Partner during the year are consolidated in the Consolidated Statement of Comprehensive Income from the effective date of incorporation and are consolidated in full. The financial statements of the General Partner are prepared in accordance with United Kingdom (\u201cUK\u201d) Accounting Standards under Financial Reporting Standard 101 \u201cReduced Disclosure Framework\u201d. Where necessary, adjustments are made to the financial statements of the General Partner to bring the accounting policies used in line with those used by the Group. During the years ended 31 March 2023 and 31 March 2022, no such adjustments have been made. All intra-group transactions, balances and expenses are eliminated on consolidation.Entities that meet the definition of an investment entity under IFRS 10 are held at fair value through profit or loss in accordance with IFRS 9 \u201cFinancial Instruments\u201d. The Company, the Partnership and the Holding Company meet the definition of investment entities. The General Partner does not meet the definition of an investment entity due to providing investment management related services to the Group, and is therefore consolidated.New standards adopted by the GroupThere are no standards, amendments to standards or interpretations that are effective for the annual period ending on 31 March 2023 that have a material effect on the Group\u2019s Consolidated Financial Statements.Standards, amendments and interpretations not yet effectiveThere are a number of other standards, amendments and interpretations that are not yet effective and are not relevant to the Group as listed below. These are not discussed in detail as no material impact to the Group\u2019s Consolidated Financial Statements is expected.\u2022 Amendments to IFRS 17: Insurance Contracts;\u2022 Amendments to IFRS 10 and IAS 28: Sale or contribution of assets between an investor and its associate or joint venture;\u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current;\u2022 Amendments to IAS 1: Non-current Liabilities with Covenants;\u2022 Amendments to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors;\u2022 Amendments to IAS 12: Income Taxes; and\u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback.Financial instrumentsFinancial assets and derivatives are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets are recognised at fair value less transaction costs which are recognised in the statement of comprehensive income.On subsequent measurement, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income, or fair value through profit or loss.Financial assets measured at amortised costFinancial assets are measured at amortised cost if held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows and its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. The Group includes in this category short-term, non-financing receivables including trade and other receivables.As at 31 March 2023 and 31 March 2022, there are no financial assets measured at fair value through other comprehensive income.Financial liabilities measured at amortised costThis category includes all financial liabilities, other than those measured at fair value through profit or loss. The Group includes in this category short-term payables.Financial assets at fair value through profit or lossThe Group\u2019s investments in life science companies and capital pool investments are held through the Holding Company and the Partnership, respectively, which are measured at fair value through profit or loss in accordance with the requirement of IFRS 10. The Net Asset Value (\u201cNAV\u201d) of the Holding Company and the Partnership represent the Group\u2019s assessment of the fair value of its directly held assets (see note 10) and have been determined on the basis of the policies adopted for underlying investments described below.Fair value \u2013 investments in subsidiariesThe Group classified its investments in subsidiaries as investments at fair value through profit or loss in accordance with the requirements under IFRS 10.Fair value \u2013 life science portfolio \u2013 life science investmentsThe Group\u2019s investments in life science companies are, in the case of quoted companies, valued based on bid prices in an active market as at the reporting date.In the case of the Group\u2019s investments in unlisted companies, the fair value is determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) valuation guidelines. These may include the use of recent arm\u2019s length transactions, Discounted Cash Flow (\u201cDCF\u201d) analysis and earnings multiples as valuation techniques. Wherever possible, the Group uses valuation techniques which make maximum use of market-based inputs.The following considerations are used when calculating the fair value of unlisted life science companies:\u2022 Cost at the transaction date is the primary input when determining fair value. Similarly, where there has been a recent investment in the unlisted company by third parties, the Price of Recent Investment (\u201cPRI\u201d) is the primary input when determining fair value, although further judgement may be required to the extent that the instrument in which the recent investment was made is different from the instrument held by the Group.\u2022 The length of period for which it remains appropriate to consider cost or the PRI as the primary input when determining fair value depends on the achievement of target milestones of the investment at the time of acquisition. An analysis of such milestones, which can be value maintaining or value enhancing, is undertaken at each valuation point and considers changes to the external environment, the suitability of the milestones and the current facts and circumstances. Where this calibration process shows there is objective evidence that an investment has been impaired or increased in value since the investment was made, such as observable data suggesting a change of the financial, technical or commercial performance of the underlying investment, the Group carries out an enhanced assessment which may use one or more of the alternative methodologies set out in the IPEV Valuation Guidelines.\u2022 DCF involves estimating the fair value of an investment by calculating the present value of expected future cash \ufb02ows, based on the most recent forecasts in respect of the underlying business. Given the significant uncertainties involved with producing reliable cash \ufb02ow forecasts for seed, start-up and early-stage companies, the DCF methodology will more commonly be used in the event that a life science company is in the final stages of clinical testing prior to regulatory approval or has filed for regulatory approval. No investments were valued on a DCF basis as at 31 March 2023 and 31 March 2022.Fair value \u2013 life science portfolio \u2013 milestone paymentsMilestone payments which form part of the total consideration resulting from a business combination and are dependent on the meeting of future conditions are initially recognised at fair value through profit or loss. Subsequent measurement of milestone payments is at fair value through profit or loss. When estimating the fair value of the milestone payments the present value of expected future cash \ufb02ows is calculated based on the known future cash \ufb02ows and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 life science portfolio \u2013 deferred considerationFinancial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on a non-financial variable not specific to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value. Subsequent measurement of the financial asset is at fair value through profit or loss. When estimating the fair value of the financial asset the present value of expected future cash \ufb02ows is calculated using an income-based valuation approach and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 capital pool investments in underlying fundsThe Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether final or estimated) as advised to the Investment Manager by the managers, general partners or administrators of the relevant underlying fund. The valuation date of such investments may not always be coterminous with the valuation dates of the Company and in such cases the valuation of the investments as at the last valuation date is used. The NAV reported by the administrator may be unaudited and, in some cases, the notified asset values are based upon estimates. The Group or the Investment Manager may depart from this policy where it is considered such valuation is inappropriate and may, at its discretion, permit any other valuation method to be used if it considers that such valuation method better re\ufb02ects value generally or in particular markets or market conditions and is in accordance with good accounting practice.Forward currency contractsForward foreign currency contracts are derivative contracts and as such are recognised at fair value on the date on which they are entered into and subsequently remeasured at their fair value. Fair value is determined by forward rates in active currency markets. Whilst the Group currently holds no forward currency contracts, forward currency contracts are held by the Partnership and Syncona Portfolio Limited from time to time for hedging purposes only.2. ACCOUNTING POLICIES CONTINUEDOther financial liabilitiesOther financial liabilities include all other financial liabilities other than financial liabilities at fair value through profit or loss. The Group\u2019s other financial liabilities include payables and share based payments. The carrying amounts shown in the Consolidated Statement of Financial Position approximate the fair values due to the short-term nature of these other financial liabilities.Offsetting of financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise assets and settle the liabilities simultaneously.Derecognition of financial instrumentsA financial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the financial asset have expired; (b) the Group retains the right to receive cash \ufb02ows from the financial asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through arrangement\u201d; or (c) the Group has transferred substantially all the risks and rewards of the financial asset, or has neither transferred nor retained substantially all the risks and rewards of the financial asset, but has transferred control of the financial asset.A financial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expires.Impairment of financial assetsIFRS 9 requires the Group to record expected credit losses (\u201cECLs\u201d) on all financial assets held at amortised cost, all loans and trade receivables, either on a 12-month or lifetime basis. The Group only holds receivables with no financing component and which have maturities of less than 12 months at amortised cost and therefore has applied the simplified approach to recognise lifetime ECLs permitted by IFRS 9.CommitmentsThrough its investment in the Holding Company and the Partnership, the Group has outstanding commitments to investments that are not recognised in the Consolidated Financial Statements. Refer to note 20 for further details.Share based paymentsCertain employees of SIML participate in equity incentive arrangements under which they receive awards of Management Equity Shares (\u201cMES\u201d) in the Holding Company above a base line value set out at the date of award. The MES are not entitled to dividends but any dividends or capital value realised by the Group in relation to the Holding Company are taken into account in determining the value of the MES. MES vest if an individual remains in employment for the applicable vesting period. 25% of an individual MES becomes realisable each year, they have the right to sell these realisable shares to the Company and the Company is obligated to purchase said shares. The price is determined using a formula stipulated in the Articles of Association (\u201cArticles\u201d) of the Holding Company.The terms of the equity incentive arrangements provide that half of the proceeds (net of expected taxes) are settled in Company shares which must be held for at least 12 months, with the balance paid in cash. Consequently, the arrangements are deemed to be partly an equity-settled share based payment scheme and partly a cash-settled share based payment scheme under IFRS 2 \u201cShare Based Payments\u201d in the Consolidated Financial Statements of the Group.The fair value of the MES at the time of the initial award is determined in accordance with IFRS 2 and taking into account the particular rights attached to the MES as described in the Articles. The fair value is measured using a probability-weighted expected returns methodology, which is an appropriate future-oriented approach when considering the fair value of shares that have no intrinsic value at the time of issue. The approach replicates that of a binomial option pricing model. The key assumptions used within the model are: NAV progression; discount rates ranging from 12% to 27% (31 March 2022: 12% to 30%); and probabilities of success that result in an average cumulative probability of success across the life science portfolio of 26% (31 March 2022: 32%). In this case, the expected future payout to the MES was made by reference to the expected evolution of the Holding Company\u2019s value, including expected dividends and other realisations which is then compared to the base line value. This is then discounted into present value terms adopting an appropriate discount rate. The \u201ccapital asset pricing methodology\u201d was used when considering an appropriate discount rate to apply to the payout expected to accrue to the MES on realisation.When MES are awarded, a share based payment charge is recognised in the Consolidated Statement of Comprehensive Income of the employing company, SIML, equal to the fair value at that date, spread over the vesting period. In its own financial statements, the Company records a capital contribution to the Holding Company with an amount credited to the share based payments reserve in respect of the equity-settled proportion and to liabilities in respect of the cash-settled proportion (see below).When the Company issues new shares to acquire the MES, the fair value of the MES is credited to share capital.To the extent that the Company expects to pay cash to acquire the MES, the fair value of the MES is recognised as a liability in the Company\u2019s Consolidated Statement of Financial Position. The fair value is established at each statement of financial position date and recognised in the Consolidated Statement of Comprehensive Income throughout the vesting period, based on the proportion vested at each statement of financial position date and adjusted to re\ufb02ect subsequent movements in fair value up to the date of acquisition of the MES by the Company.The fair value paid to acquire MES (whether in shares in the Company or cash) will result in an increase in the carrying value of the Holding Company by the Company.The movement in the share based payment provision of the Group is a non-cash fair value movement to the reported liability, rather than a working capital balance movement. This movement is recognised directly in the Consolidated Statement of Comprehensive Income.IncomeAll income is accounted for in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d and is recognised in the Consolidated Statement of Comprehensive Income when the right to receive is established. Income is further discussed in note 6.ExpensesExpenses are accounted for on accruals basis. Expenses incurred on the acquisition of investments at fair value through profit or loss are presented within the Capital column of the Consolidated Statement of Comprehensive Income. All other expenses are presented within the Revenue column of the Consolidated Statement of Comprehensive Income. Charitable donations are accounted for on accruals basis and are recognised in the Consolidated Statement of Comprehensive Income. Expenses directly attributable to the issuance of shares are charged against capital and recognised in the Consolidated Statement of Changes in Net Assets Attributable to Holders of Ordinary Shares.Cash and cash equivalentsCash comprises of cash at bank. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant changes in value.Translation of foreign currencyItems included in the Group\u2019s Consolidated Financial Statements are measured in \u00a3, which is the currency of the primary economic environment where the Group operates. The Group\u2019s assets are primarily denominated in \u00a3.Transactions in currencies other than \u00a3 are translated at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the Consolidated Statement of Financial Position are retranslated into \u00a3 at the rate of exchange ruling at that date.Foreign exchange differences arising on retranslation are recognised in the Consolidated Statement of Comprehensive Income. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the rate of exchange at the date of the transaction.Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated into \u00a3 at foreign exchange rates ruling at the date the fair value was determined.Presentation of the Consolidated Statement of Comprehensive IncomeIn order to better re\ufb02ect the activities of an investment company, supplementary information which analyses the Consolidated Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the Consolidated Statement of Comprehensive Income.3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYThe preparation of the Group\u2019s Consolidated Financial Statements requires judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses at the reporting date. The Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 62 to 65. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors have considered the impact of climate change on going concern and viability of the Group over the next three years and the valuation of the unquoted life science investments. However, uncertainties about these assumptions and estimates, in particular relating to underlying investments of private equity investments and the life science investments, could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in future periods.Critical accounting judgementsIn the process of applying the Group\u2019s accounting policies, the following judgements have been made, which have the most significant effect on the amounts recognised in the Consolidated Financial Statements:Fair value \u2013 life science portfolioIn the case of the Group\u2019s investments in unlisted companies, the fair value is determined in accordance with the IPEV Valuation Guidelines. These include the use of recent arm\u2019s length transactions, DCF analysis and earnings multiples. Wherever possible, the Group uses valuation techniques which make maximum use of market-based inputs.In most cases, where the Group is the sole institutional investor and/or until such time as substantial clinical data has been generated, the primary valuation input is Cost or PRI, subject to adequate consideration being given to current facts and circumstances. This includes whether there is objective evidence that suggests the investment has been impaired or increased in value due to observable data, technical, or commercial performance.Where considered appropriate, once substantial clinical data has been generated the Group will use input from independent valuation advisers to assist in the determination of fair value.The key judgement relates to determining whether a Cost or PRI (Market) based approach is the most appropriate for determining fair value of the Group\u2019s investments in unlisted companies. In making this judgement, the Group highlights that the majority of its investments are early-stage businesses, typically with products in the discovery stage of drug development and pre-revenue generation. As a result, it considers that the determination of fair value should be based on what a market participant buyer would pay to acquire or develop a substitute asset with comparable scientific or commercial progression, adjusted for obsolescence (i.e. its current replacement cost). This technique is applied until such time that the life science investment is at a stage in its lifecycle where cash \ufb02ow forecasts are more predictable, thus using an income-based approach provides a more reliable estimate of fair value.However, there are also other methodologies that can be used to determine the fair value of investments in private companies, including the use of the DCF methodology. It is possible that the use of an alternative valuation methodology would result in a different fair value than that recorded by the Group.When assessing the judgement, the Group\u2019s determination of the fair values of certain investments took into consideration multiple sources including Management and publicly available information and publications, as well as input from an independent review by L.E.K. Consulting LLP (\u201cL.E.K.\u201d) in respect of Syncona\u2019s valuation of the following investments: Anaveon AG; OMass Therapeutics Limited; Beacon Therapeutics Holdings Limited (formally known as SPL 123 Limited); Quell Therapeutics Limited; and SwanBio Therapeutics Limited.The review was limited to certain specific limited procedures which we identified and requested L.E.K. to perform within an agreed limited scope, and it was subject to assumptions which are forward-looking in nature and subjective judgements. Upon completion of the review within the parameters of the agreed procedures, L.E.K. estimated an independent range of fair values of those investments. The limited procedures carried out by L.E.K. did not involve an audit, review, compilation or any other form of verification, examination or attestation under generally accepted auditing standards and were based on the sources agreed in the limited scope only. Syncona Limited is responsible for determining the fair value of the investments, and the review performed by L.E.K. to assist Syncona is only one element of the enquiries and procedures in the process in making a determination of the fair value of those investments and for which the Directors of Syncona Limited are ultimately responsible.Contingent considerationDuring the year ended 31 March 2022, the investment in Gyroscope was sold to an external third party for consideration comprising upfront cash and cash to be paid in the future subject to certain milestones being met (\u201cmilestone payments\u201d). Gyroscope was previously held as an investment at fair value through profit or loss by Syncona Portfolio Limited due to Syncona Portfolio Limited meeting the conditions of being an investment entity and holding its subsidiaries at fair value through profit or loss.There is currently no prescriptive accounting standard for the seller where milestone payments which are contingent on a future event are agreed in a contract for the disposal of a subsidiary. Guidance available within IFRS 3 \u201cBusiness Combinations\u201d to the acquiring entity was therefore applied to the recognition and measurement of the milestone payments. IFRS 3 requires the acquirer to recognise any milestone payments dependent on uncertain events to be recognised as a financial liability at fair value through profit or loss in their financial statements. In accordance with available guidance and industry practice it was concluded that the milestone payments receivable following the sale of a subsidiary in a business combination are required to be recognised as a financial asset measured at fair value through profit or loss in the financial statements of Syncona Portfolio Limited. This forms part of the fair value of the Group\u2019s investment in the Holding Company.Key sources of estimation uncertaintyThe Group\u2019s investments consist of its investments in the Holding Company and the Partnership, both of which are classified at fair value through profit or loss and are valued accordingly, as disclosed in note 2. The key sources of estimation uncertainty are the valuation of the Holding Company\u2019s investments in privately held life science companies and milestone payments on sale of a subsidiary, the Partnership\u2019s private equity investments and investment in the CRT Pioneer Fund, and the valuation of the share based payment liability.The unquoted investments within the life science portfolio are very illiquid. Many of the companies are early-stage investments and privately owned. Accordingly, a market value can be difficult to determine. The primary inputs used by the Company to determine the fair value of investments in privately held life science companies are the cost of the capital invested and PRI, adjusted to re\ufb02ect the achievement or otherwise of milestones or other factors. The accounting policy for all investments is described in note 2 and the fair value of all investments is described in note 19.In determining a suitable range to sensitise the fair value of the unlisted life science portfolio, Management note the achievement or not of value-enhancing milestones as being a key source of estimation uncertainty. Such activities and resulting data emanating from the life science companies can be the key trigger for fair value changes and typically involve financing events which crystallise value at those points in time. The range of 10% (2022: 18%) identified by Management re\ufb02ects their estimate of the range of reasonably possible valuations over the next financial year, taking into account the position of the portfolio as a whole. Key technical milestones considered by Management and that typically trigger value enhancement (or deterioration if not achieved) include the generation of substantial clinical data. The Company has assessed the current impact of the war in Ukraine on the private life science companies and does not consider that any revaluations are required as a result; however, the final impact of the war is not yet certain and may have effects on the portfolio companies that have not been anticipated.As at the year end, none (31 March 2022: none) of the Partnership\u2019s underlying investments have imposed restrictions on redemptions. However, underlying managers often have the right to impose such restrictions. The Directors believe it remains appropriate to estimate their fair values based on NAV as reported by the administrators of the relevant investments.Where investments held by the Partnership can be subscribed to, the Directors believe that such NAV represents fair value because subscriptions and redemptions in the underlying investments occur at these prices at the Consolidated Statement of Financial Position date, where permitted.4. INVESTMENT IN SUBSIDIARIES AND ASSOCIATESThe Company meets the definition of an investment entity in accordance with IFRS 10. Therefore, with the exception of the General Partner, the Company does not consolidate its subsidiaries and indirect associates, but rather recognises them as financial assets at fair value through profit or loss.Direct interests in subsidiaries20232022Subsidiary Principal place of business Principal activity% interest1% interest1Syncona GP Limited Guernsey General Partner 100% 100%Syncona Holdings Limited Guernsey Portfolio management 100% 100%Syncona Investments LP Incorporated Guernsey Portfolio management 100% 100%1. Based on undiluted issued share capital and excluding the MES issued by Syncona Holdings Limited (see note 12).There are no significant restrictions on the ability of subsidiaries to transfer funds to the Company.4. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES CONTINUEDIndirect interests in subsidiaries and associatesPrincipal place 2023 Indirect subsidiariesof business Immediate parent Principal activity% interest1Syncona Discovery Limited UK Syncona Investments LP Inc Portfolio management 100%Syncona Portfolio Limited Guernsey Syncona Holdings Limited Portfolio management 100%Syncona IP Holdco Limited UK Syncona Portfolio Limited Portfolio management 100%Syncona IP Holdco (2) Limited UK Syncona Portfolio Limited Portfolio management 100%Syncona Investment Management Limited UK Syncona Holdings Limited Portfolio management 100%SIML Switzerland AG Switzerland SIML Portfolio management 100%Resolution Therapeutics Limited UK Syncona Portfolio Limited Cell therapy 85%SwanBio Therapeutics Limited United States Syncona Portfolio Limited Gene therapy 82%Purespring Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 81%Forcefield Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 76%SPL 123 Limited UK Syncona Portfolio Limited Gene therapy 70%Freeline Therapeutics Holdings plc UK Syncona Portfolio Limited Gene therapy 58%Mosaic Therapeutics Limited UK Syncona Portfolio Limited Small molecule 51%Principal place 2023 Indirect associatesof business Immediate parent Principal activity% interest1Anaveon AG Switzerland Syncona Portfolio Limited Biologics 46%Quell Therapeutics Limited UK Syncona Portfolio Limited Cell therapy 44%Kesmalea Therapeutics Limited UK Syncona Portfolio Limited Small molecule 41%OMass Therapeutics Limited UK Syncona Portfolio Limited Small molecule 35%Azeria Therapeutics Limited UK Syncona Portfolio Limited In voluntary liquidation 34%Achilles Therapeutics plc UK Syncona Portfolio Limited Cell therapy 27%1. Based on undiluted issued share capital and excluding the MES issued by Syncona Holdings Limited (see note 12).Principal place 2022 Indirect subsidiariesof business Immediate parent Principal activity% interest1Syncona Discovery Limited UK Syncona Investments LP Inc Portfolio management 100%Syncona Portfolio Limited Guernsey Syncona Holdings Limited Portfolio management 100%Syncona IP Holdco Limited UK Syncona Portfolio Limited Portfolio management 100%Syncona Investment Management Limited UK Syncona Holdings Limited Portfolio management 100%SIML Switzerland AG Switzerland SIML Portfolio management 100%SwanBio Therapeutics Limited United States Syncona Portfolio Limited Gene therapy 76%Purespring Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 76%Forcefield Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 76%Resolution Therapeutic Limited UK Syncona Portfolio Limited Cell therapy 73%Freeline Therapeutics Holdings plc UK Syncona Portfolio Limited Gene therapy 61%OMass Therapeutics Limited UK Syncona Portfolio Limited Small molecule 53%Principal place 2022 Indirect associatesof business Immediate parent Principal activity% interest1Quell Therapeutics Limited UK Syncona Portfolio Limited Cell therapy 44%Anaveon AG Switzerland Syncona Portfolio Limited Biologics 41%Azeria Therapeutics Limited UK Syncona Portfolio Limited In voluntary liquidation 34%Achilles Therapeutics plc UK Syncona Portfolio Limited Cell therapy 27%Autolus Therapeutics plc UK Syncona Portfolio Limited Cell therapy 21%1. Based on undiluted issued share capital and excluding the MES issued by Syncona Holdings Limited (see note 12).5. TAXATIONThe Company and the General Partner are exempt from taxation in Guernsey under the provisions of The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 and have both paid an annual exemption fee of \u00a31,200 (31 March 2022: \u00a31,200).The General Partner is incorporated and a tax resident in Guernsey, its corporate affairs being managed solely in Guernsey. Having regard to the non-UK tax residence of the General Partner and the Company, and on the basis that the Partnership is treated as transparent for UK and Guernsey tax purposes and that the Partnership\u2019s business is an investment business and not a trade, no UK tax will be payable on either the General Partner\u2019s or the Company\u2019s shares of Partnership profit (save to the extent of any UK withholding tax on certain types of UK income such as interest).Some of the Group\u2019s underlying investments may be liable to tax, although the tax impact is not expected to be material to the Group, and is included in the fair value of the Group\u2019s investments.6. INCOMEThe Group\u2019s income relates to cash transfers from the Partnership which are used for paying costs and dividends of the Group. During the year, income received from the Partnership amounted to \u00a327,494,517 (31 March 2022: \u00a325,390,625) of which \u00a34,633,973 (31 March 2022: \u00a34,249,836) remained receivable as at 31 March 2023. The receivable re\ufb02ects the charitable donations of the Group. Refer to note 8.7. NET \ue61aLOSSES\ue619/GAINS ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSSThe net (losses)/gains on financial assets at fair value through profit or loss arise from the Group\u2019s holdings in the Holding Company and Partnership.2023 2022 Note\u00a3\u2019000\u00a3\u2019000Net (losses)/gains from:The Holding Company 7.a (62,636) 22,019The Partnership 7.b (4,650) (28,717)Total (67,286) (6,698)7.a Movements in the Holding Company2023 2022 \u00a3\u2019000\u00a3\u2019000Expenses (97) (90)Movement in unrealised (loss)/gains on life science investments at fair value through profit or loss (62,539) 22,109Net (loss)/gains on financial assets at fair value through profit or loss (62,636) 22,0197.b Movements in the Partnership2023 2022 \u00a3\u2019000\u00a3\u2019000Investment income 106 23Rebates and donations 81 409Expenses (342) (229)Realised gains on financial assets at fair value through profit or loss 13,933 13,716Movement in unrealised gains/(losses) on financial assets at fair value through profit or loss 6,049 (19,185)Gains on foreign currency 3,018 1,940Gains/(losses) on financial assets at fair value through profit or loss 22,845 (3,326)Distributions (27,495) (25,391)Net losses on financial assets at fair value through profit or loss (4,650) (28,717)8. CHARITABLE DONATIONSFor the year ending 31 March 2023, the Group has agreed to make a donation to charity of 0.35% of the total NAV of the Group calculated on a monthly basis, 0.35% (31 March 2022: 0.2%) to be donated to The Syncona Foundation and 0% (31 March 2022: 0.15%) to The Institute of Cancer Research, and these donations are made by the General Partner.During the year, charitable donations expense amounted to \u00a34,633,973 (31 March 2022: \u00a34,249,836) of which \u00a34,633,973 (31 March 2022: \u00a34,249,836) remained payable as at 31 March 2023. Refer to note 13.9. GENERAL EXPENSES2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Share based payments 12 (2,968) (7, 30 4)Investment management fees 16 12,121 10,699Directors\u2019 remuneration 16 499 419Auditor\u2019s remuneration 183 141Other expenses 1,758 1,650Total 11,593 5,605Auditor\u2019s remuneration includes audit fees in relation to the Group of \u00a3132,900 (31 March 2022: \u00a3105,000). Total audit fees paid by the Group and the Syncona Group Companies for the year ended 31 March 2023 totalled \u00a3134,900 (31 March 2022: \u00a3210,000). Additional fees paid to the auditor were \u00a344,200 (31 March 2022: \u00a338,000) which relates to work performed at the interim review of \u00a336,200 (31\ue61dMarch 2022: \u00a330,000) and other non-audit fees of \u00a38,000 (31 March 2022: \u00a38,000).Further details of the share based payments can be found in note 12.10. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS20232022 Note\u00a3\u2019000\u00a3\u2019000The Holding Company 10.a 919,958 980,282The Partnership 10.b 338,300 342,950Total 1,258,258 1,323,232The Holding Company and the Partnership are the only two investments held directly and as such the reconciliation of movement in investments has been presented separately for each below:10.a The net assets of the Holding Company2023 2022 \u00a3\u2019000\u00a3\u2019000Cost of the Holding Company\u2019s investment at the start of the year 494,810 494,810Purchases during the year \u2013 \u2013Cost of the Holding Company\u2019s investments at the end of the year 494,810 494,810Net unrealised gains on investments at the end of the year 429,757 489,984Fair value of the Holding Company\u2019s investments at the end of the year 924,567 984,794Other net current liabilities (4,609) (4,512)Financial assets at fair value through profit or loss at the end of the year 919,958 980,28210.b The net assets of the Partnership2023 2022 \u00a3\u2019000\u00a3\u2019000Cost of the Partnership\u2019s investments at the start of the year 334,834 418,472Purchases during the year 1,848,806 835,375Sales during the year (1,589,269) (923,659)Return of capital (10,551) (9,070)Net realised gains on disposals during the year 13,933 13,716Cost of the Partnership\u2019s investments at the end of the year 597,753 334,834Net unrealised gains on investments at the end of the year 22,196 16,147Fair value of the Partnership\u2019s investments at the end of the year 619,949 350,981Cash and cash equivalents 67,19 0 475,786Other net current liabilities (348,839) (483,817)Financial assets at fair value through profit or loss at the end of the year 338,300 342,95011. TRADE AND OTHER RECEIVABLES2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Due from related parties 16 5,457 5,462Charitable donation receivable 16 4,618 4,250Prepayments 68 166Total 10,143 9,87812. SHARE BASED PAYMENTSShare based payments are associated with awards of MES in the Holding Company, relevant details of which are set out in note 2.The total cost recognised within general expenses in the Consolidated Statement of Comprehensive Income is shown below:2023 2022 \u00a3\u2019000\u00a3\u2019000Charge related to revaluation of the liability for cash settled share awards (2,968) ( 7,3 04)Total (2,968) ( 7,3 04)Other movements in the provision relating to realisations and granting of awards totalled \u00a37,583,660 (31 March 2022: \u00a37,189,892). Amounts recognised in the Consolidated Statement of Financial Position, representing the carrying amount of liabilities arising from share based payments transactions, are shown below:2023 2022 \u00a3\u2019000\u00a3\u2019000Share based payments \u2013 current 7,296 9,388Share based payments \u2013 non-current \u2013 8,459Total 7,296 17, 847When a participant elects to realise vested MES by sale of the MES to the Company, half of the proceeds (net of anticipated taxes) will be settled in shares of the Company, with the balance settled in cash.The fair value of the MES is established using an externally developed model as set out in note 2. Vesting is subject only to the condition that employees must remain in employment at the vesting date. Each MES is entitled to share equally in value attributable to the Holding Company above the applicable base line value at the date of award, provided that the applicable hurdle value of 15% or 30% growth in the value of the Holding Company above the base line value at the date of award has been achieved.The fair value of awards made in the year ended 31 March 2023 was \u00a32,529,130 (31 March 2022: \u00a32,883,500). This represents 9,367,155 new MES issued (31 March 2022: 8,238,571). An award was made on 15 July 2022 at 27p per MES.12. SHARE BASED PAYMENTS CONTINUEDThe number of MES outstanding are shown below:2023 2022Outstanding at the start of the year 42,282,122 43,873,239Issued 9,367,155 8,238,571Realised (7,762,84 6) ( 7, 25 3,6 38)Lapsed (15,203) (2,576,050)Outstanding at the end of the year 43,871,228 42,282,122Weighted average remaining contractual life of outstanding MES, years 1.29 1.20Vested MES as at the year end 29,523,421 31,293,486Realisable MES as at the year end 12,010,048 11,478,05013. PAYABLES2023 2022 \u00a3\u2019000\u00a3\u2019000Charitable donations payable 4,634 4,250Management fees payable 1,374 1,048Other payables 453 400Total 6,461 5,69814. SHARE CAPITAL14.a Authorised share capitalThe Company is authorised to issue an unlimited number of shares, which may have a par value or no par value. The Company is a closed-ended investment company with an unlimited life.As the Company\u2019s shares have no par value, the share price consists solely of share premium and the amounts received for issued shares are recorded in share capital in accordance with The Companies (Guernsey) Law, 2008.2023 2022 \u00a3\u2019000\u00a3\u2019000Ordinary Share capitalBalance at the start of the year 767,999 767,999Balance at the end of the year 767,999 767,9992023 2022 SharesSharesOrdinary Share capitalBalance at the start of the year 666,733,588 664,580,417Share based payment shares issued during the year 2,595,736 2,153,171Balance at the end of the year 669,329,324 666,733,588The Company has issued one Deferred Share to The Syncona Foundation for \u00a31.14.b Capital and revenue reservesGains and losses recorded on the realisation of investments, realised exchange differences, unrealised gains and losses recorded on the revaluation of investments held as at the year end and unrealised exchange differences of a capital nature are transferred to capital reserves. Income and expenses of a revenue nature are transferred to revenue reserves.14.c (Loss)/earnings per shareThe calculations for the (loss)/earnings per share attributable to the Ordinary Shares of the Company are based on the following data:2023 2022(Loss)/earnings for the purposes of earnings per share \u00a3(56,018,000) \u00a38,838,000Basic weighted average number of shares 668,575,494 666,108,284Basic revenue earnings per share 1.69p 2.34pBasic capital (loss)/earnings per share (10.07)p (1.01)pBasic earnings per share (8.38)p 1.33pDiluted weighted average number of shares 668,575,494 672,988,341Diluted revenue earnings per share 1.69p 2.3pDiluted capital (loss)/earnings per share (10.07)p (1.00)pDiluted earnings per share (8.38)p 1.31pPotential Ordinary Shares shall be treated as dilutive when, and only when, their conversion to Ordinary Shares would decrease earnings per share or increase loss per share from continuing operations. Therefore at 31 March 2023 both basic and diluted EPS are consistent.2023 2022Issued share capital at the start of the year 666,733,588 664,580,417Weighted effect of share issuesShare based payments 1,841,906 1, 527,8 67Potential share based payment share issues 3,487,581 6,880,057Diluted weighted average number of shares 672,063,075 672,988,34114.d NAV per share2023 2022Net assets for the purposes of NAV per share \u00a31,254,654,716 \u00a31,309,840,518Ordinary Shares in issue 669,329,324 666,733,588NAV per share 187.40 p 196.50pDiluted number of shares 672,816,905 673,613,645Diluted NAV per share 186.50p 194.40pAs at 31 March 2023, if all MES were realised, the number of shares issued in the Company as a result would increase by 3,487,581 (31 March 2022: 6,880,057). The undiluted per share value of net assets attributable to holders of Ordinary Shares would fall from \u00a31.87 to \u00a31.86 (31 March 2022: \u00a31.97 to \u00a31.94) if these shares were issued.15. DISTRIBUTION TO SHAREHOLDERSThe Company may pay a dividend at the discretion of the Directors.During the year ended 31 March 2023, the Company did not declare or pay a dividend (31 March 2022: \u00a3Nil was paid in relation to the year ended 31 March 2021). The Directors believe that it is not appropriate for the Company to pay a dividend. The Company is not declaring a 2023 dividend.16. RELATED PARTY TRANSACTIONSThe Group has various related parties: life science investments held by the Holding Company, the Investment Manager, the Company\u2019s Directors and The Syncona Foundation.Life science investmentsThe Group makes equity investments in some life science investments where it retains control. The Group has taken advantage of the investment entity exception as permitted by IFRS 10 and has not consolidated these investments, but does consider them to be related parties.During the year, the total amount invested in life science investments which the Group controls was \u00a3127,143,441 (31 March 2022: \u00a362,765,311).The Group makes other equity investments where it does not have control but may have significant in\ufb02uence through its ability to participate in the financial and operating policies of these companies, therefore the Group considers them to be related parties. These amounts are unsecured, interest free, and repayable on demand. During the year, the total amount invested in life science investments in which the Group has significant in\ufb02uence was \u00a325,404,894 (31 March 2022: \u00a346,592,768).Commitments of milestone payments to the life science investments are disclosed in note 20.During the year, SIML charged the life science investments a total of \u00a3215,094 in relation to Directors\u2019 fees (31 March 2022: \u00a3222,406).Investment ManagerSIML, an indirectly held subsidiary of the Company, is the Investment Manager of the Group.For the year ended 31 March 2023, SIML was entitled to receive reimbursement of reasonably incurred expenses as it relates to its investment management activities. In the year ended 31 March 2022 this was capped at 1.05% per annum of the Company\u2019s NAV. This cap was removed during the year effective from 1 April 2022.2023 2022 \u00a3\u2019000\u00a3\u2019000Amounts paid to SIML 12,121 10,699Amounts owed to SIML in respect of management fees totalled \u00a31,374,098 as at 31 March 2023 (31 March 2022: \u00a31,047,525).During the year, SIML received fees from the Group\u2019s portfolio companies of \u00a3864,632 (31 March 2022: \u00a3615,342).Company DirectorsAs at the year end, the Company had seven Directors, all of whom served in a non-executive capacity. Rob Hutchinson also serves as a Director of the General Partner. Directors\u2019 remuneration for the years ended 31 March 2023 and 31 March 2022, excluding expenses incurred, and outstanding Directors\u2019 remuneration as at the end of the year, are set out below:2023 2022 \u00a3\u2019000\u00a3\u2019000Directors\u2019 remuneration for the year 499 419Payable at end of the year \u2013 \u2013Shares held by the Directors can be found in the Report of the Remuneration Committee. The directors of Syncona Limited together hold 0.04% (31 March 2022: 0.04%) of the Syncona Limited voting shares.The Syncona FoundationCharitable donations are made by the Company to The Syncona Foundation. The Syncona Foundation was incorporated in England and Wales on 17 May 2012 as a private company limited by guarantee, with exclusively charitable purposes, and holds the Deferred Share in the Company. The amount donated to The Syncona Foundation during the year ended 31 March 2023 was \u00a32,428,478 (31 March 2022: \u00a32,691,553).Other related partiesAs at 31 March 2023, the Company has a receivable from the Partnership, Holding Company and Syncona Portfolio Limited amounting to \u00a315,438 (31 March 2022: \u00a315,409), \u00a35,426,437 (31 March 2022: \u00a35,431,409) and \u00a315,438 (31 March 2022: \u00a315,409), respectively.17. FINANCIAL INSTRUMENTSIn accordance with its investment objectives and policies, the Group holds financial instruments which at any one time may comprise the following:\u2022 securities and investments held in accordance with the investment objectives and policies;\u2022 cash and short-term receivables and payables arising directly from operations; and\u2022 derivative instruments including forward currency contracts.The financial instruments held by the Group are comprised principally of the investments in the Holding Company and the PartnershipDetails of the Group\u2019s significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of its financial assets and liabilities are disclosed in note 2.2023 2022 \u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company 919,958 980,282The Partnership 338,300 342,950Total financial assets at fair value through profit or loss 1,258,258 1,323,232Financial assets measured at amortised costBank and cash deposits 11 276Other financial assets 10,143 9,878Total financial assets measured at amortised cost 10,154 10,154Financial liabilities at fair value through profit or lossProvision for share based payments (7,296) (17,8 47 )Total financial liabilities at fair value through profit or loss (7,296) (17,847 )Financial liabilities measured at amortised costOther financial liabilities (6,461) (5,698)Total financial liabilities measured at amortised cost (6,461) (5,698)Net financial assets 1,254,655 1,309,841The financial instruments held by the Group\u2019s underlying investments are comprised principally of life science investments, hedge, equity, credit, long-term alternative investment funds, short-term UK treasury bills and cash.The table below analyses the carrying amounts of the financial assets and liabilities held by the Holding Company by category as defined in IFRS 9 (see note 2).2023 2022 \u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossInvestment in subsidiaries 924,567 984,794Total financial assets at fair value through profit or loss 924,567 984,7941Financial assets measured at amortised costCurrent assets 847 9471Financial liabilities measured at amortised costCurrent liabilities (5,456) (5,459)Net financial assets of the Holding Company 919,958 980,2821. Has a fair value which does not materially differ to amortised cost.17. FINANCIAL INSTRUMENTS CONTINUEDThe table below analyses the carrying amounts of the financial assets and liabilities held by the Partnership by category as defined in IFRS 9.2023 2022 \u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossListed investments 445,141 279,473Unlisted investments 134,422 39,857Investment in subsidiaries 40,386 31,651Total financial assets at fair value through profit or loss 619,949 350,9811Financial assets measured at amortised costCurrent assets 67,973 476,5861Financial liabilities measured at amortised costCurrent liabilities (349,622) (484,617)Net financial assets of the Partnership 338,300 342,9501. Has a fair value which does not materially differ to amortised cost.Capital risk managementThe Group\u2019s objectives when managing capital include the safeguarding of the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.The Group does not have externally imposed capital requirements.The Group may incur indebtedness for the purpose of financing share repurchases or redemptions, making investments (including as bridge finance for investment obligations), satisfying working capital requirements or to assist in payment of the charitable donation, up to a maximum of 20% of the NAV at the point of obtaining debt. The Group may utilise gearing for investment purposes if, at the time of incurrence, it considers it prudent and desirable to do so in light of prevailing market conditions. There is no limitation on indebtedness being incurred at the level of the underlying investments.18. FINANCIAL RISK MANAGEMENT AND ASSOCIATED RISKSFinancial risk managementThe Group is exposed to a variety of financial risks as a result of its activities. These risks include market risk (including market price risk, foreign currency risk and interest rate risk), credit risk and liquidity risk. These risks have existed throughout the year and the Group\u2019s policies for managing them are summarised below.The risks below do not re\ufb02ect the risks of the underlying investment portfolios of certain of the financial assets at fair value through profit or loss. The Group has significant indirect exposure to a number of risks through the underlying portfolios of the investment entities. There is no mechanism to control these risks without considerably prejudicing return objectives.Due to the lack of transparency in certain underlying assets, in particular certain of those held by the Partnership, it is not possible to quantify or hedge the impact of these risks on the portfolio as each investment entity may have complex and changing risk dynamics that are not easily observable or predictable. These risks will include interest, foreign exchange and other market risks which are magnified by gearing in some, not many cases, resulting in increased liquidity and return risk.Syncona LimitedSyncona Limited is exposed to financial risks through its investments in the Holding Company and the Partnership. The risks and policies for managing them are set out in the following sections.The Holding CompanyMarket price riskThe Holding Company invests in early-stage life science companies that typically have limited products in development, and any problems encountered in development may have a damaging effect on that company\u2019s business and the value of the investment.This is mitigated by the employment of highly experienced personnel, the performance of extensive due diligence prior to investment and ongoing performance monitoring.Foreign currency riskForeign currency risk represents the potential losses or gains on the life science investments\u2019 future income streams and the potential losses or gains on investments made in United States Dollars (\u201cUSD\u201d) and Swiss Francs (\u201cCHF\u201d) by the Holding Company\u2019s underlying investments.The following tables present the Holding Company\u2019s assets and liabilities in their respective currencies, converted into the Group\u2019s functional currency.2023 CHF USD GBP Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 64,203 310,625 549,739 924,567Cash and cash equivalents \u2013 \u2013 847 8471Payables\u2013 \u2013 (5,456) (5,456)Total 64,203 310,625 545,130 919,9582022 CHF USD GBP Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 59,818 370,772 554,204 984,794Cash and cash equivalents \u2013 \u2013 297 297Receivables \u2013 \u2013 650 6501Payables\u2013 \u2013 (5,459) (5,459)Total 59,818 370,772 549,692 980,2821. In which 99.44% (31 March 2022: 99.49%) is payable within the Group.Foreign currency sensitivity analysisThe following table details the sensitivity of the Holding Company\u2019s NAV to a 10% change in the GBP exchange rate against the USD and CHF with all other variables held constant. The sensitivity analysis percentage represents the Investment Manager\u2019s assessment, based on the foreign exchange rate movements over the relevant period and of a reasonably possible change in foreign exchange rates.2023202320222022USDCHFUSDCHF\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u201900010% increase 41,490 7,134 35,663 6,64610% decrease (33,946) (5,837) (29,179) (5,438)Interest rate riskInterest rate risk is negligible in the Holding Company as minimal cash and no debt is held.Liquidity riskLiquidity risk is the risk that the financial commitments made by the Holding Company are not able to be met as they fall due. The Holding Company holds minimal cash and has no access to debt and instead relies on liquidity from the Partnership. The liquidity risk associated with the Partnership is set out in the Partnership section.18. FINANCIAL RISK MANAGEMENT AND ASSOCIATED RISKS CONTINUEDThe table below details the Holding Company\u2019s liquidity analysis for its financial assets and liabilities.<12 months>12 months2023 Total\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss \u2013 924,567 924,567Cash and cash equivalents 847 \u2013 847Receivables \u2013 \u2013 \u2013Payables (35) (5,421) (5,456)Total 812 919,146 919,958Percentage 0.1% 99.9% 100.00%<12 months>12 months2022 Tota l\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss \u2013 984,794 984,794Cash and cash equivalents 297 \u2013 297Receivables \u2013 650 650Payables (37) (5,422) (5,459)Total 260 980,022 980,282Percentage 0.0% 100.0% 100.0%The PartnershipMarket price riskThe overall market price risk management of each of the fund holdings of the Partnership is primarily driven by their respective investment objectives. The Partnership\u2019s assets include investments in multi-asset funds and segregated portfolios which are actively managed by appointed investment managers with specific objectives to manage market risk. The Investment Manager assesses the risk in the Partnership\u2019s fund portfolio by monitoring exposures, liquidity, and concentrations of the underlying funds\u2019 investments, in the context of the historic and current volatility of their asset classes, and the Investment Manager\u2019s risk appetite. The maximum risk resulting from financial instruments is generally determined by the fair value of underlying funds. The overall market exposure as at 31 March 2023 and 31 March 2022 is shown in the Consolidated Statement of Financial Position.The financial instruments are sensitive to market price risk; any increase or decrease in market price will have an equivalent effect on the market value of the financial instruments.Foreign currency riskForeign currency risk represents the potential losses or gains the Partnership may suffer through holding foreign currency assets in the face of foreign exchange movements. The Partnership\u2019s treatment of currency transactions is set out in note 2 to the Consolidated Financial Statements under \u201cTranslation of foreign currency\u201d and \u201cForward currency contracts\u201d. Currency risk exists in the underlying investments, the analysis of which is not feasible.The investments of the Partnership are denominated in USD, Euro (\u201cEUR\u201d) and GBP. The Partnership\u2019s functional and presentation currency is \u00a3; hence, the Consolidated Statement of Financial Position may be significantly affected by movements in the exchange rates between the foreign currencies previously mentioned. The Investment Manager may manage exposure to EUR and USD movements by using forward currency contracts to hedge exposure to investments in EUR and USD-denominated share classes.The following tables present the Partnership\u2019s assets and liabilities in their respective currencies, converted into the Group\u2019s functional currency.2023USDEURGBPTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 123,311 18,565 478,073 619,949Cash and cash equivalents 40,519 27 26,644 67,19 0Trade and other receivables 1 \u2013 782 7831Payables(249,160) \u2013 (95,825) (344,985)Distributions payable \u2013 \u2013 (4,637) (4,637)Total (85,329) 18,592 405,037 338,3001. In which 99.97% (31 March 2022: 99.18%) is payable within the Group.2022USDEURGBPTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 3,899 27,418 319,664 350,981Cash and cash equivalents 354,553 28 121,205 475,786Trade and other receivables 2 \u2013 798 8001Payables(334,998) \u2013 (145,369) (480,367)Distributions payable \u2013 \u2013 (4,250) (4,250)Total 23,456 27,4 46 292,048 342,9501. In which 99.97% (31 March 2022: 99.18%) is payable within the Group.Foreign currency sensitivity analysisThe following table details the sensitivity of the Partnership\u2019s NAV to a 10% change in the GBP exchange rate against the USD and EUR with all other variables held constant. The sensitivity analysis percentage represents the Investment Manager\u2019s assessment, based on the foreign exchange rate movements over the relevant period and of a reasonably possible change in foreign exchange rates.2023202320222022USDEURUSDEUR\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u201900010% increase (8,534) 1,592 2,355 2,74510% decrease 8,534 (1,592) (2,355) (2,745)Interest rate riskInterest receivable on bank deposits or payable on bank overdrafts is affected by \ufb02uctuations in interest rates, however the effect is not expected to be material. All cash balances receive interest at variable rates. Interest rate risk may exist in the Partnership\u2019s underlying investments, the analysis of which is impractical due to the lack of visibility over the underlying information required to perform this analysis within the Partnership\u2019s investments.Credit riskCredit risk in relation to listed securities transactions awaiting settlement is managed through the rules and procedures of the relevant stock exchanges. In particular, settlements for transactions in listed securities are affected by the credit risk of the Citco Custody (UK) Limited (the \u201cCustodian\u201d) which acts as the custodian of the Partnership\u2019s assets, on a delivery against payment or receipt against payment basis. Transactions in unlisted securities are affected against binding subscription agreements. Credit risk may exist in the Partnership\u2019s underlying fund investments, the analysis of which is impractical due to the lack of visibility over the underlying information required to perform this analysis within the Partnership\u2019s investments.The Partnership invests in short-term treasury bills and considers the associated credit risk to be negligible. The Partnership\u2019s financial assets are 46.5% (31 March 2022: 51.8%) short-term treasury bills.The principal credit risks for the Partnership are in relation to deposits with banks. The securities held by the Custodian are held in trust and are registered in the name of the Partnership. Citco is \u201cnon-rated\u201d; however, the Investment Manager takes comfort over the credit risk of Citco as they have proven to rank amongst the \u201cBest in Class\u201d and \u201cTop rated\u201d in the recognised industry survey, carrying a global presence and over 40 years of experience in the provision of custodian and other services to their clients and the hedge fund industry. The credit risk associated with debtors is limited to other receivables.The Group\u2019s cash and cash equivalents are held with major financial institutions; the two largest ones hold 79% and 20% respectively (31 March 2022: 85% and 14% respectively).Liquidity riskThe Partnership is exposed to the possibility that it may be unable to liquidate certain of its assets as it otherwise deems advisable as the Partnership\u2019s underlying funds or their managers may require minimum holding periods and restrictions on redemptions. Further, there may be suspension or delays in payment of redemption proceeds by underlying funds or holdbacks of redemption proceeds otherwise payable to the Partnership until after the applicable underlying fund\u2019s financial records have been audited. Therefore, the Partnership may hold receivables that may not be received by the Partnership for a significant period of time, may not accrue any interest and ultimately may not be paid to the Partnership. As at 31 March 2023, no (31 March 2022: Nil) suspension from redemptions existed in any of the Partnership\u2019s underlying investments.The Partnership invests in short-term treasury bills and considers the associated liquidity risk to be negligible. The Partnership\u2019s financial assets are 46.5% (31 March 2022: 51.8%) short-term treasury bills.18. FINANCIAL RISK MANAGEMENT AND ASSOCIATED RISKS CONTINUEDThe table below details the Partnership\u2019s liquidity analysis for its financial assets and liabilities. The table has been drawn up based on the undiscounted net cash \ufb02ows on the financial assets and liabilities that settle on a net basis and the undiscounted gross cash \ufb02ows on those financial assets and liabilities that require gross settlement.20231Within 1 month>1 to 3 months>3 to 12 months>12 monthsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 320,284 166,425 59,853 73,387 619,949Cash and cash equivalents 67,19 0 \u2013 \u2013 \u2013 67,19 0Trade and other receivables 783 \u2013 \u2013 \u2013 783Payables (344,985) \u2013 \u2013 \u2013 (344,985)Distributions payable \u2013 (4,637) \u2013 \u2013 (4,637)Total 43,272 161,788 59,853 73,387 338,300Percentage 12.8% 47.8% 17.7% 21.7% 100.0%20221Within 1 month>1 to 3 months>3 to 12 months>12 monthsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 279,473 \u2013 \u2013 71,508 350,981Cash and cash equivalents 475,786 \u2013 \u2013 \u2013 475,786Trade and other receivables 800 \u2013 \u2013 \u2013 800Payables (480,367) \u2013 \u2013 \u2013 (480,367)Distributions payable \u2013 (4,250) \u2013 \u2013 (4,250)Total 275,692 (4,250) \u2013 71,508 342,950Percentage 80.3% (1.2)% 0.0% 20.9% 100.0%1. The liquidity tables above re\ufb02ect the anticipated cash \ufb02ows assuming notice was given to all underlying investments as at 31 March 2023 and 31 March 2022 and that all treasury bills are held to maturity. They include a provision for \u201caudit hold back\u201d which most hedge funds can apply to full redemptions and any other known restrictions the managers of the underlying funds may have placed on redemptions. Where there is currently no firm indication from the underlying manager on the expected timing of the receipt of redemption proceeds, the relevant amount is included in the \u201c>12 months\u201d category. The liquidity tables are therefore conservative estimates.19. FAIR VALUE MEASUREMENTIFRS 13 \u201cFair Value Measurement\u201d requires the Group to establish a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under IFRS 13 are set as follows:\u2022 Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;\u2022 Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices) or other market corroborated inputs; and\u2022 Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement requires judgement, considering factors specific to the asset or liability.The determination of what constitutes \u201cobservable\u201d requires significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market.The following table presents the Group\u2019s financial assets by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:2023Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 919,958 919,958The Partnership \u2013 \u2013 338,300 338,300Total assets \u2013 \u2013 1,258,258 1,258,2582022Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 980,282 980,282The Partnership \u2013 \u2013 342,950 342,950Total assets \u2013 \u2013 1,323,232 1,323,232The investments in the Holding Company and the Partnership are classified as Level 3 investments due to the use of the adjusted NAV of the subsidiaries as a proxy for fair value, as detailed in note 2. The subsidiaries hold some investments valued using techniques with significant unobservable inputs as outlined in the sections that follow.The underlying assets of the Partnership and the Holding Company are shown below.The following table presents the Holding Company\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000Listed investment 1 73,943 121,226 Publicly available share bid N/A N/Aprice as at statement of financial position dateSIML 3 6,108 5,822 Net assets of SIML Carrying value of assets and liabilities +/- \u00a3305determined in accordance with generally accepted accounting principles, without adjustment. A sensitivity of 5% (31 March 2022: 5%) of the NAV of SIML is applied.Milestone payments 3 54,516 49,802 Discounted Cash Flow The main unobservable inputs consist PoS: +/- resulting from sale of the assigned probability of milestone \u00a36,447 of subsidiarysuccess and the discount rate used.Discount rate: \u00a38,486Deferred 3 15,882 \u2013 Discounted Cash Flow The main unobservable inputs consist PoS: +/- considerationof the assigned probability of milestone \u00a310,963 success and the discount rate used.Discount rate: \u00a35,3431Calibrated PRI3 427,552 325,662 Calibrated PRI The main unobservable input is the +/- \u00a342,755quantification of the progress investments make against internal financing and/or corporate milestones where appropriate. A reasonable shift in the fair value of the investment would be +/-10% (31 March 2022: +/-18%).2CashN/A 294 543 Transaction price N/A N/A3Other net assetsN/A 346,272 481,739 Transaction price N/A N/A Total financial 924,567 984,794assets held at fair value through profit or loss1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances. 2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.3. Other net assets primarily consists of a receivable due from the Partnership totalling \u00a3344.9 million.19. FAIR VALUE MEASUREMENT CONTINUEDThe following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2023 and 31\ue61dMarch 2022:Life science Milestone 2023 2022 investmentspaymentsSIMLTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 325,662 49,802 5,822 381,286 303,804Purchases during the year 154,051 \u2013 2,312 156,363 107, 817Sales during the year (15,311) \u2013 \u2013 (15,311) (325,837)(Losses)/gains on financial assets at fair value through profit or loss (36,850) 20,596 (2,026) (18,280) 295,502Transfer from Level 3 \u2013 \u2013 \u2013 \u2013 \u2013Closing balance 427,5 52 70,398 6,10 8 504,058 381,286The net loss for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments in the Holding Company held as at the year end amounted to \u00a318,280,000 (31 March 2022: \u00a3295,502,000).During the year, there were no movements from Level 3 to Level 1 (31 March 2022: \u00a3Nil).The following table presents the Partnership\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000UK treasury bills 1 284,960 179,984 Publicly available price as at N/A N/Astatement of financial position dateCapital pool 2 101,566 99,489 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Credit fundscomponents are from observable inputsCapital pool 2 58,615 \u2013 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Multi-asset fundscomponents are from observable inputsCapital pool 3 101,421 \u2013 Valuation produced by fund The main unobservable inputs include +/- \u00a35,071investment fund administratorthe assessment of the performance \u2013 Multi-asset fundsof the underlying assets by the fund administrator. A fair reasonable shift in the fair value of the instruments would be +/-5% (31 March 2022: N/A).Legacy funds \u2013 3 33,001 39,857 Valuation produced by fund The main unobservable inputs include +/- \u00a34,290Long-term unlisted administratorthe assessment of the performance investmentsof the underlying fund by the fund administrator. A reasonable possible shift in the fair value of the instruments would be +/-13% (31 March 2022: +/-10%).CRT Pioneer Fund 3 32,727 28,183 Valuation produced by fund Unobservable inputs include the +/- \u00a311,782administrator and adjusted by fund manager\u2019s assessment of managementthe performance of the underlying investments and adjustments made to this assessment to generate the deemed fair value. A reasonable possible shift in the fair value of the instruments would be +/-36% (31 March 2022: +/-48%).1CashN/A 74,863 475,786 Transaction price N/A N/A2Other net liabilitiesN/A (348,853) (480,349) Transaction price N/A N/ATotal financial assets 338,300 342,950held at fair value through profit or loss1. Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.2. Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3344.9 million.During the year ended 31 March 2023, there were no movements from Level 1 to Level 2 (31 March 2022: \u00a3Nil).Assets classified as Level 2 investments are primarily underlying funds fair-valued using the latest available NAV of each fund as reported by each fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit funds priced using the latest market price equivalent to their NAV. Such investments have been classified as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.Assets classified as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value of these assets is derived from quarterly statements provided by each fund\u2019s administrator.The following table presents the movements in Level 3 investments of the Partnership for the year ended 31 March 2023:Investment in Capital pool 2023 2022 subsidiaryinvestmentTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 31,651 39,857 71,508 82,844Purchases \u2013 100,352 100,352 2,592Return of capital \u2013 (10,551) (10,551) (9,070)Gains/(losses) on financial assets at fair value 8,735 4,764 13,499 (4,858)Closing balance 40,386 134,422 174,808 71,508The net gains/losses for the year included in the Statement of Comprehensive Income in respect of Level 3 investments of the Partnership held as at the year end amounted to \u00a313,499,000 gains (31 March 2022: \u00a34,858,000 losses).20. COMMITMENTS AND CONTINGENCIESThe Group had the following commitments as at 31 March 2023:2023 Uncalled 2022 Uncalled commitmentcommitment\u00a3\u2019000\u00a3\u2019000Life science portfolioMilestone payments to life science companies 85,143 82,617CRT Pioneer Fund 2,499 3,424Capital pool investments 1,585 2,429Total 89,227 88,470There were no contingent liabilities as at 31 March 2023 (March 2022: Nil). The commitments are expected to fall due in the next 36 months.21. SUBSEQUENT EVENTSThese Consolidated Financial Statements were approved for issuance by the Directors on 14 June 2023. Subsequent events have been evaluated until 14 June 2023.Since the balance sheet date, share price movements resulted in an increase in value of the listed life science investments of \u00a317.1 million as at 13\ue61dJune\ue61d2023.At 31 March 2023, SwanBio Therapeutics Limited (\u201cSwanBio\u201d) was running fundraising processes to bring in external capital required to finance the company as a platform-based business and to progress the lead programme into clinical trials. Management had reasonable expectations based on investor activity that these fundraising processes would generate the additional external funding by early June 2023. Prior to the year end Syncona put in place two convertible loan notes to provide SwanBio ongoing funding to support the entire platform through to the end of June 2023, and beyond this, to support SBT101 to complete low dose cohort whilst it continues to pursue fundraising. At the date these financial statements are approved, the fundraising processes continue to progress with no offers generated yet. Ongoing investor discussions led Syncona and SwanBio\u2019s management to believe that these processes were unlikely to generate additional capital by the end of June. Consequently, on 14 June 2023, SwanBio decided to restructure the programme pipeline to focus solely on its lead asset, SBT101. Management believes this provides further evidence that external capital access was constrained at the year end and has assessed and accounted its impact as an adjusting post-balance sheet event. The drawdown of the second convertible loan was conditional on this restructuring, in the absence of external fundraising, to fund the business through to the end of its low dose cohort to generate data and whilst it continues to look at financing and strategic options for the business.21. SUBSEQUENT EVENTS CONTINUEDThe restructuring of the programmes changed the investment thesis of SwanBio from a platform-based business (with four pipeline programmes) to a single asset business. This triggered Management to revisit the valuation of SwanBio and write off the value attributed to the programmes no longer being progressed. SwanBio is valued using calibrated cost in line with the investment valuation policy as described in note 2. The change in investment thesis due to the restructuring has resulted in a reduction in the fair value of SwanBio from \u00a3109.9 million to \u00a358.2 million at the year\ue61dend. This was determined through assessing the value of SBT101 relative to the total valuation of SwanBio as a platform company attributed by Syncona previously at the Series B funding and applying this percentage to the total capital invested in the company, exclusive of any funding which was allocated specifically to SBT101. This has resulted in a calibration adjustment of 47% of cost being applied to the valuation of SwanBio.SwanBio continues to make positive progress post-year end. This supports the judgement made by Management that value is maintained within the SBT101 programme.SYNCONA LIMITEDFrances House PO Box 273 Sir William Place St. Peter Port Guernsey GY1 3RD", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__6": { "value": "1. GENERAL INFORMATIONSyncona Limited (the \u201cCompany\u201d) is incorporated in Guernsey as a registered closed-ended investment company. The Company\u2019s Ordinary Shares were listed on the Premium Segment of the London Stock Exchange on 26 October 2012 when it commenced its business.The Company makes its life science investments through Syncona Holdings Limited (the \u201cHolding Company\u201d), a subsidiary of the Company. The Company maintains its capital pool through Syncona Investments LP Incorporated (the \u201cPartnership\u201d), in which the Company is the sole limited partner. The general partner of the Partnership is Syncona GP Limited (the \u201cGeneral Partner\u201d), a wholly owned subsidiary of the Company. Syncona Limited and Syncona GP Limited are collectively referred to as the \u201cGroup\u201d.Syncona Investment Management Limited (\u201cSIML\u201d), a subsidiary, was appointed as the Company\u2019s Alternative Investment Fund Manager (\u201cInvestment Manager\u201d).The investment objective and policy is set out in the Directors\u2019 Report on page 98.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__8": { "value": "Syncona Limited", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__7": { "value": "Syncona Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__10": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__9": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__11": { "value": "closed-ended investment company.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__13": { "value": "The Company makes its life science investments through Syncona Holdings Limited (the \u201cHolding Company\u201d), a subsidiary of the Company. The Company maintains its capital pool through Syncona Investments LP Incorporated (the \u201cPartnership\u201d), in which the Company is the sole limited partner. The general partner of the Partnership is Syncona GP Limited (the \u201cGeneral Partner\u201d), a wholly owned subsidiary of the Company. Syncona Limited and Syncona GP Limited are collectively referred to as the \u201cGroup\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__12": { "value": "makes its life science investments", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__20": { "value": "2. ACCOUNTING POLICIESThe Group\u2019s investments in life science companies, other investments within the life science portfolio and capital pool investments are held through the Holding Company and the Partnership, which are measured at fair value through profit or loss in accordance with the requirement of IFRS 10 \u201cConsolidated Financial Statements\u201d.Statement of complianceThe Consolidated Financial Statements which give a true and fair view are prepared in accordance with IFRS as adopted by the European Union and are in compliance with The Companies (Guernsey) Law, 2008. The Consolidated Financial Statements were approved by the Board and authorised for issue on 14 June 2023.Information reported to the Board (the Chief Operating Decision Maker (\u201cCODM\u201d)) for the purpose of allocating resources and monitoring performance of the Group\u2019s overall strategy to found, build and fund companies in innovative areas of healthcare, consists of financial information reported at the Group level. The capital pool is fundamental to the delivery of the Group\u2019s strategy and performance is reviewed by the CODM only to the extent this enables the allocation of those resources to support the Group\u2019s investment in life science companies. There are no reconciling items between the results contained within this information and amounts reported in the financial statements. IFRS requires operating segments to be identified on the basis of the internal financial reports that are provided to the CODM, and as such the Directors present the results of the Group as a single operating segment.Basis of preparationThe Consolidated Financial Statements have been prepared under the historical cost basis, except for investments and derivatives held at fair value through profit or loss, which have been measured at fair value.Functional currencyThe Group\u2019s functional currency is Sterling (\u201c\u00a3\u201d or \u201cGBP\u201d). \u00a3 is the currency in which the Group measures its performance and reports its results. Ordinary Shares are denominated in \u00a3 and any dividends declared are paid in \u00a3. The Directors believe that \u00a3 best represents the functional currency, although the Group has significant exposure to other currencies as described in note 18.Going concernThe financial statements are prepared on a going concern basis. The net assets held by the Group and within investment entities controlled by the Group currently consist of securities and cash amounting to \u00a31,254.7 million (31 March 2022: \u00a31,309.8 million) of which \u00a3629.4 million (31 March 2022: \u00a3764.7 million) are readily realisable within three months in normal market conditions, and liabilities including uncalled commitments to underlying investments and funds amounting to \u00a389.2 million (31 March 2022: \u00a388.5 million).Given the Group\u2019s capital pool of \u00a3650.1 million (31 March 2022: \u00a3784.9 million) the Directors consider that the Group has adequate financial resources to continue its operations, including existing commitments to its investments and planned additional capital expenditure, for 12 months following the approval of the financial statements. The Directors also continue to monitor the potential future impact of the war in Ukraine and the ever-changing macro environment, including in\ufb02ationary pressures, on the Group. Hence, the Directors believe that it is appropriate to continue to adopt the going concern basis in preparing the Consolidated Financial Statements.2. ACCOUNTING POLICIES CONTINUEDBasis of consolidationThe Group\u2019s Consolidated Financial Statements consist of the financial records of the Company and the General Partner.The results of the General Partner during the year are consolidated in the Consolidated Statement of Comprehensive Income from the effective date of incorporation and are consolidated in full. The financial statements of the General Partner are prepared in accordance with United Kingdom (\u201cUK\u201d) Accounting Standards under Financial Reporting Standard 101 \u201cReduced Disclosure Framework\u201d. Where necessary, adjustments are made to the financial statements of the General Partner to bring the accounting policies used in line with those used by the Group. During the years ended 31 March 2023 and 31 March 2022, no such adjustments have been made. All intra-group transactions, balances and expenses are eliminated on consolidation.Entities that meet the definition of an investment entity under IFRS 10 are held at fair value through profit or loss in accordance with IFRS 9 \u201cFinancial Instruments\u201d. The Company, the Partnership and the Holding Company meet the definition of investment entities. The General Partner does not meet the definition of an investment entity due to providing investment management related services to the Group, and is therefore consolidated.New standards adopted by the GroupThere are no standards, amendments to standards or interpretations that are effective for the annual period ending on 31 March 2023 that have a material effect on the Group\u2019s Consolidated Financial Statements.Standards, amendments and interpretations not yet effectiveThere are a number of other standards, amendments and interpretations that are not yet effective and are not relevant to the Group as listed below. These are not discussed in detail as no material impact to the Group\u2019s Consolidated Financial Statements is expected.\u2022 Amendments to IFRS 17: Insurance Contracts;\u2022 Amendments to IFRS 10 and IAS 28: Sale or contribution of assets between an investor and its associate or joint venture;\u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current;\u2022 Amendments to IAS 1: Non-current Liabilities with Covenants;\u2022 Amendments to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors;\u2022 Amendments to IAS 12: Income Taxes; and\u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback.Financial instrumentsFinancial assets and derivatives are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets are recognised at fair value less transaction costs which are recognised in the statement of comprehensive income.On subsequent measurement, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income, or fair value through profit or loss.Financial assets measured at amortised costFinancial assets are measured at amortised cost if held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows and its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. The Group includes in this category short-term, non-financing receivables including trade and other receivables.As at 31 March 2023 and 31 March 2022, there are no financial assets measured at fair value through other comprehensive income.Financial liabilities measured at amortised costThis category includes all financial liabilities, other than those measured at fair value through profit or loss. The Group includes in this category short-term payables.Financial assets at fair value through profit or lossThe Group\u2019s investments in life science companies and capital pool investments are held through the Holding Company and the Partnership, respectively, which are measured at fair value through profit or loss in accordance with the requirement of IFRS 10. The Net Asset Value (\u201cNAV\u201d) of the Holding Company and the Partnership represent the Group\u2019s assessment of the fair value of its directly held assets (see note 10) and have been determined on the basis of the policies adopted for underlying investments described below.Fair value \u2013 investments in subsidiariesThe Group classified its investments in subsidiaries as investments at fair value through profit or loss in accordance with the requirements under IFRS 10.Fair value \u2013 life science portfolio \u2013 life science investmentsThe Group\u2019s investments in life science companies are, in the case of quoted companies, valued based on bid prices in an active market as at the reporting date.In the case of the Group\u2019s investments in unlisted companies, the fair value is determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) valuation guidelines. These may include the use of recent arm\u2019s length transactions, Discounted Cash Flow (\u201cDCF\u201d) analysis and earnings multiples as valuation techniques. Wherever possible, the Group uses valuation techniques which make maximum use of market-based inputs.The following considerations are used when calculating the fair value of unlisted life science companies:\u2022 Cost at the transaction date is the primary input when determining fair value. Similarly, where there has been a recent investment in the unlisted company by third parties, the Price of Recent Investment (\u201cPRI\u201d) is the primary input when determining fair value, although further judgement may be required to the extent that the instrument in which the recent investment was made is different from the instrument held by the Group.\u2022 The length of period for which it remains appropriate to consider cost or the PRI as the primary input when determining fair value depends on the achievement of target milestones of the investment at the time of acquisition. An analysis of such milestones, which can be value maintaining or value enhancing, is undertaken at each valuation point and considers changes to the external environment, the suitability of the milestones and the current facts and circumstances. Where this calibration process shows there is objective evidence that an investment has been impaired or increased in value since the investment was made, such as observable data suggesting a change of the financial, technical or commercial performance of the underlying investment, the Group carries out an enhanced assessment which may use one or more of the alternative methodologies set out in the IPEV Valuation Guidelines.\u2022 DCF involves estimating the fair value of an investment by calculating the present value of expected future cash \ufb02ows, based on the most recent forecasts in respect of the underlying business. Given the significant uncertainties involved with producing reliable cash \ufb02ow forecasts for seed, start-up and early-stage companies, the DCF methodology will more commonly be used in the event that a life science company is in the final stages of clinical testing prior to regulatory approval or has filed for regulatory approval. No investments were valued on a DCF basis as at 31 March 2023 and 31 March 2022.Fair value \u2013 life science portfolio \u2013 milestone paymentsMilestone payments which form part of the total consideration resulting from a business combination and are dependent on the meeting of future conditions are initially recognised at fair value through profit or loss. Subsequent measurement of milestone payments is at fair value through profit or loss. When estimating the fair value of the milestone payments the present value of expected future cash \ufb02ows is calculated based on the known future cash \ufb02ows and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 life science portfolio \u2013 deferred considerationFinancial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on a non-financial variable not specific to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value. Subsequent measurement of the financial asset is at fair value through profit or loss. When estimating the fair value of the financial asset the present value of expected future cash \ufb02ows is calculated using an income-based valuation approach and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 capital pool investments in underlying fundsThe Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether final or estimated) as advised to the Investment Manager by the managers, general partners or administrators of the relevant underlying fund. The valuation date of such investments may not always be coterminous with the valuation dates of the Company and in such cases the valuation of the investments as at the last valuation date is used. The NAV reported by the administrator may be unaudited and, in some cases, the notified asset values are based upon estimates. The Group or the Investment Manager may depart from this policy where it is considered such valuation is inappropriate and may, at its discretion, permit any other valuation method to be used if it considers that such valuation method better re\ufb02ects value generally or in particular markets or market conditions and is in accordance with good accounting practice.Forward currency contractsForward foreign currency contracts are derivative contracts and as such are recognised at fair value on the date on which they are entered into and subsequently remeasured at their fair value. Fair value is determined by forward rates in active currency markets. Whilst the Group currently holds no forward currency contracts, forward currency contracts are held by the Partnership and Syncona Portfolio Limited from time to time for hedging purposes only.2. ACCOUNTING POLICIES CONTINUEDOther financial liabilitiesOther financial liabilities include all other financial liabilities other than financial liabilities at fair value through profit or loss. The Group\u2019s other financial liabilities include payables and share based payments. The carrying amounts shown in the Consolidated Statement of Financial Position approximate the fair values due to the short-term nature of these other financial liabilities.Offsetting of financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise assets and settle the liabilities simultaneously.Derecognition of financial instrumentsA financial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the financial asset have expired; (b) the Group retains the right to receive cash \ufb02ows from the financial asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through arrangement\u201d; or (c) the Group has transferred substantially all the risks and rewards of the financial asset, or has neither transferred nor retained substantially all the risks and rewards of the financial asset, but has transferred control of the financial asset.A financial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expires.Impairment of financial assetsIFRS 9 requires the Group to record expected credit losses (\u201cECLs\u201d) on all financial assets held at amortised cost, all loans and trade receivables, either on a 12-month or lifetime basis. The Group only holds receivables with no financing component and which have maturities of less than 12 months at amortised cost and therefore has applied the simplified approach to recognise lifetime ECLs permitted by IFRS 9.CommitmentsThrough its investment in the Holding Company and the Partnership, the Group has outstanding commitments to investments that are not recognised in the Consolidated Financial Statements. Refer to note 20 for further details.Share based paymentsCertain employees of SIML participate in equity incentive arrangements under which they receive awards of Management Equity Shares (\u201cMES\u201d) in the Holding Company above a base line value set out at the date of award. The MES are not entitled to dividends but any dividends or capital value realised by the Group in relation to the Holding Company are taken into account in determining the value of the MES. MES vest if an individual remains in employment for the applicable vesting period. 25% of an individual MES becomes realisable each year, they have the right to sell these realisable shares to the Company and the Company is obligated to purchase said shares. The price is determined using a formula stipulated in the Articles of Association (\u201cArticles\u201d) of the Holding Company.The terms of the equity incentive arrangements provide that half of the proceeds (net of expected taxes) are settled in Company shares which must be held for at least 12 months, with the balance paid in cash. Consequently, the arrangements are deemed to be partly an equity-settled share based payment scheme and partly a cash-settled share based payment scheme under IFRS 2 \u201cShare Based Payments\u201d in the Consolidated Financial Statements of the Group.The fair value of the MES at the time of the initial award is determined in accordance with IFRS 2 and taking into account the particular rights attached to the MES as described in the Articles. The fair value is measured using a probability-weighted expected returns methodology, which is an appropriate future-oriented approach when considering the fair value of shares that have no intrinsic value at the time of issue. The approach replicates that of a binomial option pricing model. The key assumptions used within the model are: NAV progression; discount rates ranging from 12% to 27% (31 March 2022: 12% to 30%); and probabilities of success that result in an average cumulative probability of success across the life science portfolio of 26% (31 March 2022: 32%). In this case, the expected future payout to the MES was made by reference to the expected evolution of the Holding Company\u2019s value, including expected dividends and other realisations which is then compared to the base line value. This is then discounted into present value terms adopting an appropriate discount rate. The \u201ccapital asset pricing methodology\u201d was used when considering an appropriate discount rate to apply to the payout expected to accrue to the MES on realisation.When MES are awarded, a share based payment charge is recognised in the Consolidated Statement of Comprehensive Income of the employing company, SIML, equal to the fair value at that date, spread over the vesting period. In its own financial statements, the Company records a capital contribution to the Holding Company with an amount credited to the share based payments reserve in respect of the equity-settled proportion and to liabilities in respect of the cash-settled proportion (see below).When the Company issues new shares to acquire the MES, the fair value of the MES is credited to share capital.To the extent that the Company expects to pay cash to acquire the MES, the fair value of the MES is recognised as a liability in the Company\u2019s Consolidated Statement of Financial Position. The fair value is established at each statement of financial position date and recognised in the Consolidated Statement of Comprehensive Income throughout the vesting period, based on the proportion vested at each statement of financial position date and adjusted to re\ufb02ect subsequent movements in fair value up to the date of acquisition of the MES by the Company.The fair value paid to acquire MES (whether in shares in the Company or cash) will result in an increase in the carrying value of the Holding Company by the Company.The movement in the share based payment provision of the Group is a non-cash fair value movement to the reported liability, rather than a working capital balance movement. This movement is recognised directly in the Consolidated Statement of Comprehensive Income.IncomeAll income is accounted for in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d and is recognised in the Consolidated Statement of Comprehensive Income when the right to receive is established. Income is further discussed in note 6.ExpensesExpenses are accounted for on accruals basis. Expenses incurred on the acquisition of investments at fair value through profit or loss are presented within the Capital column of the Consolidated Statement of Comprehensive Income. All other expenses are presented within the Revenue column of the Consolidated Statement of Comprehensive Income. Charitable donations are accounted for on accruals basis and are recognised in the Consolidated Statement of Comprehensive Income. Expenses directly attributable to the issuance of shares are charged against capital and recognised in the Consolidated Statement of Changes in Net Assets Attributable to Holders of Ordinary Shares.Cash and cash equivalentsCash comprises of cash at bank. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant changes in value.Translation of foreign currencyItems included in the Group\u2019s Consolidated Financial Statements are measured in \u00a3, which is the currency of the primary economic environment where the Group operates. The Group\u2019s assets are primarily denominated in \u00a3.Transactions in currencies other than \u00a3 are translated at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the Consolidated Statement of Financial Position are retranslated into \u00a3 at the rate of exchange ruling at that date.Foreign exchange differences arising on retranslation are recognised in the Consolidated Statement of Comprehensive Income. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the rate of exchange at the date of the transaction.Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated into \u00a3 at foreign exchange rates ruling at the date the fair value was determined.Presentation of the Consolidated Statement of Comprehensive IncomeIn order to better re\ufb02ect the activities of an investment company, supplementary information which analyses the Consolidated Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__16-1": { "value": "Statement of complianceThe Consolidated Financial Statements which give a true and fair view are prepared in accordance with IFRS as adopted by the European Union and are in compliance with The Companies (Guernsey) Law, 2008. The Consolidated Financial Statements were approved by the Board and authorised for issue on 14 June 2023.Information reported to the Board (the Chief Operating Decision Maker (\u201cCODM\u201d)) for the purpose of allocating resources and monitoring performance of the Group\u2019s overall strategy to found, build and fund companies in innovative areas of healthcare, consists of financial information reported at the Group level. The capital pool is fundamental to the delivery of the Group\u2019s strategy and performance is reviewed by the CODM only to the extent this enables the allocation of those resources to support the Group\u2019s investment in life science companies. There are no reconciling items between the results contained within this information and amounts reported in the financial statements. IFRS requires operating segments to be identified on the basis of the internal financial reports that are provided to the CODM, and as such the Directors present the results of the Group as a single operating segment.Basis of preparationThe Consolidated Financial Statements have been prepared under the historical cost basis, except for investments and derivatives held at fair value through profit or loss, which have been measured at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__15": { "value": "Statement of complianceThe Consolidated Financial Statements which give a true and fair view are prepared in accordance with IFRS as adopted by the European Union and are in compliance with The Companies (Guernsey) Law, 2008. The Consolidated Financial Statements were approved by the Board and authorised for issue on 14 June 2023.Information reported to the Board (the Chief Operating Decision Maker (\u201cCODM\u201d)) for the purpose of allocating resources and monitoring performance of the Group\u2019s overall strategy to found, build and fund companies in innovative areas of healthcare, consists of financial information reported at the Group level. The capital pool is fundamental to the delivery of the Group\u2019s strategy and performance is reviewed by the CODM only to the extent this enables the allocation of those resources to support the Group\u2019s investment in life science companies. There are no reconciling items between the results contained within this information and amounts reported in the financial statements. IFRS requires operating segments to be identified on the basis of the internal financial reports that are provided to the CODM, and as such the Directors present the results of the Group as a single operating segment.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__17": { "value": "the Directors present the results of the Group as a single operating segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__21": { "value": "Functional currencyThe Group\u2019s functional currency is Sterling (\u201c\u00a3\u201d or \u201cGBP\u201d). \u00a3 is the currency in which the Group measures its performance and reports its results. Ordinary Shares are denominated in \u00a3 and any dividends declared are paid in \u00a3. The Directors believe that \u00a3 best represents the functional currency, although the Group has significant exposure to other currencies as described in note 18.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__19": { "value": "Going concernThe financial statements are prepared on a going concern basis. The net assets held by the Group and within investment entities controlled by the Group currently consist of securities and cash amounting to \u00a31,254.7 million (31 March 2022: \u00a31,309.8 million) of which \u00a3629.4 million (31 March 2022: \u00a3764.7 million) are readily realisable within three months in normal market conditions, and liabilities including uncalled commitments to underlying investments and funds amounting to \u00a389.2 million (31 March 2022: \u00a388.5 million).Given the Group\u2019s capital pool of \u00a3650.1 million (31 March 2022: \u00a3784.9 million) the Directors consider that the Group has adequate financial resources to continue its operations, including existing commitments to its investments and planned additional capital expenditure, for 12 months following the approval of the financial statements. The Directors also continue to monitor the potential future impact of the war in Ukraine and the ever-changing macro environment, including in\ufb02ationary pressures, on the Group. Hence, the Directors believe that it is appropriate to continue to adopt the going concern basis in preparing the Consolidated Financial Statements.2. ACCOUNTING POLICIES CONTINUED", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__22": { "value": "The Group\u2019s Consolidated Financial Statements consist of the financial records of the Company and the General Partner.The results of the General Partner during the year are consolidated in the Consolidated Statement of Comprehensive Income from the effective date of incorporation and are consolidated in full. The financial statements of the General Partner are prepared in accordance with United Kingdom (\u201cUK\u201d) Accounting Standards under Financial Reporting Standard 101 \u201cReduced Disclosure Framework\u201d. Where necessary, adjustments are made to the financial statements of the General Partner to bring the accounting policies used in line with those used by the Group. During the years ended 31 March 2023 and 31 March 2022, no such adjustments have been made. All intra-group transactions, balances and expenses are eliminated on consolidation.Entities that meet the definition of an investment entity under IFRS 10 are held at fair value through profit or loss in accordance with IFRS 9 \u201cFinancial Instruments\u201d. The Company, the Partnership and the Holding Company meet the definition of investment entities. The General Partner does not meet the definition of an investment entity due to providing investment management related services to the Group, and is therefore consolidated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__26": { "value": "Financial instrumentsFinancial assets and derivatives are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets are recognised at fair value less transaction costs which are recognised in the statement of comprehensive income.On subsequent measurement, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income, or fair value through profit or loss.Financial assets measured at amortised costFinancial assets are measured at amortised cost if held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows and its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. The Group includes in this category short-term, non-financing receivables including trade and other receivables.As at 31 March 2023 and 31 March 2022, there are no financial assets measured at fair value through other comprehensive income.Financial liabilities measured at amortised costThis category includes all financial liabilities, other than those measured at fair value through profit or loss. The Group includes in this category short-term payables.Financial assets at fair value through profit or lossThe Group\u2019s investments in life science companies and capital pool investments are held through the Holding Company and the Partnership, respectively, which are measured at fair value through profit or loss in accordance with the requirement of IFRS 10. The Net Asset Value (\u201cNAV\u201d) of the Holding Company and the Partnership represent the Group\u2019s assessment of the fair value of its directly held assets (see note 10) and have been determined on the basis of the policies adopted for underlying investments described below.Fair value \u2013 investments in subsidiariesThe Group classified its investments in subsidiaries as investments at fair value through profit or loss in accordance with the requirements under IFRS 10.Fair value \u2013 life science portfolio \u2013 life science investmentsThe Group\u2019s investments in life science companies are, in the case of quoted companies, valued based on bid prices in an active market as at the reporting date.In the case of the Group\u2019s investments in unlisted companies, the fair value is determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) valuation guidelines. These may include the use of recent arm\u2019s length transactions, Discounted Cash Flow (\u201cDCF\u201d) analysis and earnings multiples as valuation techniques. Wherever possible, the Group uses valuation techniques which make maximum use of market-based inputs.The following considerations are used when calculating the fair value of unlisted life science companies:\u2022 Cost at the transaction date is the primary input when determining fair value. Similarly, where there has been a recent investment in the unlisted company by third parties, the Price of Recent Investment (\u201cPRI\u201d) is the primary input when determining fair value, although further judgement may be required to the extent that the instrument in which the recent investment was made is different from the instrument held by the Group.\u2022 The length of period for which it remains appropriate to consider cost or the PRI as the primary input when determining fair value depends on the achievement of target milestones of the investment at the time of acquisition. An analysis of such milestones, which can be value maintaining or value enhancing, is undertaken at each valuation point and considers changes to the external environment, the suitability of the milestones and the current facts and circumstances. Where this calibration process shows there is objective evidence that an investment has been impaired or increased in value since the investment was made, such as observable data suggesting a change of the financial, technical or commercial performance of the underlying investment, the Group carries out an enhanced assessment which may use one or more of the alternative methodologies set out in the IPEV Valuation Guidelines.\u2022 DCF involves estimating the fair value of an investment by calculating the present value of expected future cash \ufb02ows, based on the most recent forecasts in respect of the underlying business. Given the significant uncertainties involved with producing reliable cash \ufb02ow forecasts for seed, start-up and early-stage companies, the DCF methodology will more commonly be used in the event that a life science company is in the final stages of clinical testing prior to regulatory approval or has filed for regulatory approval. No investments were valued on a DCF basis as at 31 March 2023 and 31 March 2022.Fair value \u2013 life science portfolio \u2013 milestone paymentsMilestone payments which form part of the total consideration resulting from a business combination and are dependent on the meeting of future conditions are initially recognised at fair value through profit or loss. Subsequent measurement of milestone payments is at fair value through profit or loss. When estimating the fair value of the milestone payments the present value of expected future cash \ufb02ows is calculated based on the known future cash \ufb02ows and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 life science portfolio \u2013 deferred considerationFinancial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on a non-financial variable not specific to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value. Subsequent measurement of the financial asset is at fair value through profit or loss. When estimating the fair value of the financial asset the present value of expected future cash \ufb02ows is calculated using an income-based valuation approach and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 capital pool investments in underlying fundsThe Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether final or estimated) as advised to the Investment Manager by the managers, general partners or administrators of the relevant underlying fund. The valuation date of such investments may not always be coterminous with the valuation dates of the Company and in such cases the valuation of the investments as at the last valuation date is used. The NAV reported by the administrator may be unaudited and, in some cases, the notified asset values are based upon estimates. The Group or the Investment Manager may depart from this policy where it is considered such valuation is inappropriate and may, at its discretion, permit any other valuation method to be used if it considers that such valuation method better re\ufb02ects value generally or in particular markets or market conditions and is in accordance with good accounting practice.Forward currency contractsForward foreign currency contracts are derivative contracts and as such are recognised at fair value on the date on which they are entered into and subsequently remeasured at their fair value. Fair value is determined by forward rates in active currency markets. Whilst the Group currently holds no forward currency contracts, forward currency contracts are held by the Partnership and Syncona Portfolio Limited from time to time for hedging purposes only.2. ACCOUNTING POLICIES CONTINUEDOther financial liabilitiesOther financial liabilities include all other financial liabilities other than financial liabilities at fair value through profit or loss. The Group\u2019s other financial liabilities include payables and share based payments. The carrying amounts shown in the Consolidated Statement of Financial Position approximate the fair values due to the short-term nature of these other financial liabilities.Offsetting of financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise assets and settle the liabilities simultaneously.Derecognition of financial instrumentsA financial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the financial asset have expired; (b) the Group retains the right to receive cash \ufb02ows from the financial asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through arrangement\u201d; or (c) the Group has transferred substantially all the risks and rewards of the financial asset, or has neither transferred nor retained substantially all the risks and rewards of the financial asset, but has transferred control of the financial asset.A financial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expires.Impairment of financial assetsIFRS 9 requires the Group to record expected credit losses (\u201cECLs\u201d) on all financial assets held at amortised cost, all loans and trade receivables, either on a 12-month or lifetime basis. The Group only holds receivables with no financing component and which have maturities of less than 12 months at amortised cost and therefore has applied the simplified approach to recognise lifetime ECLs permitted by IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__25": { "value": "Financial instrumentsFinancial assets and derivatives are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets are recognised at fair value less transaction costs which are recognised in the statement of comprehensive income.On subsequent measurement, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income, or fair value through profit or loss.Financial assets measured at amortised costFinancial assets are measured at amortised cost if held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows and its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. The Group includes in this category short-term, non-financing receivables including trade and other receivables.As at 31 March 2023 and 31 March 2022, there are no financial assets measured at fair value through other comprehensive income.Financial liabilities measured at amortised costThis category includes all financial liabilities, other than those measured at fair value through profit or loss. The Group includes in this category short-term payables.Financial assets at fair value through profit or lossThe Group\u2019s investments in life science companies and capital pool investments are held through the Holding Company and the Partnership, respectively, which are measured at fair value through profit or loss in accordance with the requirement of IFRS 10. The Net Asset Value (\u201cNAV\u201d) of the Holding Company and the Partnership represent the Group\u2019s assessment of the fair value of its directly held assets (see note 10) and have been determined on the basis of the policies adopted for underlying investments described below.Fair value \u2013 investments in subsidiariesThe Group classified its investments in subsidiaries as investments at fair value through profit or loss in accordance with the requirements under IFRS 10.Fair value \u2013 life science portfolio \u2013 life science investmentsThe Group\u2019s investments in life science companies are, in the case of quoted companies, valued based on bid prices in an active market as at the reporting date.In the case of the Group\u2019s investments in unlisted companies, the fair value is determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) valuation guidelines. These may include the use of recent arm\u2019s length transactions, Discounted Cash Flow (\u201cDCF\u201d) analysis and earnings multiples as valuation techniques. Wherever possible, the Group uses valuation techniques which make maximum use of market-based inputs.The following considerations are used when calculating the fair value of unlisted life science companies:\u2022 Cost at the transaction date is the primary input when determining fair value. Similarly, where there has been a recent investment in the unlisted company by third parties, the Price of Recent Investment (\u201cPRI\u201d) is the primary input when determining fair value, although further judgement may be required to the extent that the instrument in which the recent investment was made is different from the instrument held by the Group.\u2022 The length of period for which it remains appropriate to consider cost or the PRI as the primary input when determining fair value depends on the achievement of target milestones of the investment at the time of acquisition. An analysis of such milestones, which can be value maintaining or value enhancing, is undertaken at each valuation point and considers changes to the external environment, the suitability of the milestones and the current facts and circumstances. Where this calibration process shows there is objective evidence that an investment has been impaired or increased in value since the investment was made, such as observable data suggesting a change of the financial, technical or commercial performance of the underlying investment, the Group carries out an enhanced assessment which may use one or more of the alternative methodologies set out in the IPEV Valuation Guidelines.\u2022 DCF involves estimating the fair value of an investment by calculating the present value of expected future cash \ufb02ows, based on the most recent forecasts in respect of the underlying business. Given the significant uncertainties involved with producing reliable cash \ufb02ow forecasts for seed, start-up and early-stage companies, the DCF methodology will more commonly be used in the event that a life science company is in the final stages of clinical testing prior to regulatory approval or has filed for regulatory approval. No investments were valued on a DCF basis as at 31 March 2023 and 31 March 2022.Fair value \u2013 life science portfolio \u2013 milestone paymentsMilestone payments which form part of the total consideration resulting from a business combination and are dependent on the meeting of future conditions are initially recognised at fair value through profit or loss. Subsequent measurement of milestone payments is at fair value through profit or loss. When estimating the fair value of the milestone payments the present value of expected future cash \ufb02ows is calculated based on the known future cash \ufb02ows and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 life science portfolio \u2013 deferred considerationFinancial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on a non-financial variable not specific to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value. Subsequent measurement of the financial asset is at fair value through profit or loss. When estimating the fair value of the financial asset the present value of expected future cash \ufb02ows is calculated using an income-based valuation approach and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 capital pool investments in underlying fundsThe Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether final or estimated) as advised to the Investment Manager by the managers, general partners or administrators of the relevant underlying fund. The valuation date of such investments may not always be coterminous with the valuation dates of the Company and in such cases the valuation of the investments as at the last valuation date is used. The NAV reported by the administrator may be unaudited and, in some cases, the notified asset values are based upon estimates. The Group or the Investment Manager may depart from this policy where it is considered such valuation is inappropriate and may, at its discretion, permit any other valuation method to be used if it considers that such valuation method better re\ufb02ects value generally or in particular markets or market conditions and is in accordance with good accounting practice.Forward currency contractsForward foreign currency contracts are derivative contracts and as such are recognised at fair value on the date on which they are entered into and subsequently remeasured at their fair value. Fair value is determined by forward rates in active currency markets. Whilst the Group currently holds no forward currency contracts, forward currency contracts are held by the Partnership and Syncona Portfolio Limited from time to time for hedging purposes only.2. ACCOUNTING POLICIES CONTINUEDOther financial liabilitiesOther financial liabilities include all other financial liabilities other than financial liabilities at fair value through profit or loss. The Group\u2019s other financial liabilities include payables and share based payments. The carrying amounts shown in the Consolidated Statement of Financial Position approximate the fair values due to the short-term nature of these other financial liabilities.Offsetting of financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise assets and settle the liabilities simultaneously.Derecognition of financial instrumentsA financial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the financial asset have expired; (b) the Group retains the right to receive cash \ufb02ows from the financial asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through arrangement\u201d; or (c) the Group has transferred substantially all the risks and rewards of the financial asset, or has neither transferred nor retained substantially all the risks and rewards of the financial asset, but has transferred control of the financial asset.A financial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expires.Impairment of financial assetsIFRS 9 requires the Group to record expected credit losses (\u201cECLs\u201d) on all financial assets held at amortised cost, all loans and trade receivables, either on a 12-month or lifetime basis. The Group only holds receivables with no financing component and which have maturities of less than 12 months at amortised cost and therefore has applied the simplified approach to recognise lifetime ECLs permitted by IFRS 9.CommitmentsThrough its investment in the Holding Company and the Partnership, the Group has outstanding commitments to investments that are not recognised in the Consolidated Financial Statements. Refer to note 20 for further details.Share based paymentsCertain employees of SIML participate in equity incentive arrangements under which they receive awards of Management Equity Shares (\u201cMES\u201d) in the Holding Company above a base line value set out at the date of award. The MES are not entitled to dividends but any dividends or capital value realised by the Group in relation to the Holding Company are taken into account in determining the value of the MES. MES vest if an individual remains in employment for the applicable vesting period. 25% of an individual MES becomes realisable each year, they have the right to sell these realisable shares to the Company and the Company is obligated to purchase said shares. The price is determined using a formula stipulated in the Articles of Association (\u201cArticles\u201d) of the Holding Company.The terms of the equity incentive arrangements provide that half of the proceeds (net of expected taxes) are settled in Company shares which must be held for at least 12 months, with the balance paid in cash. Consequently, the arrangements are deemed to be partly an equity-settled share based payment scheme and partly a cash-settled share based payment scheme under IFRS 2 \u201cShare Based Payments\u201d in the Consolidated Financial Statements of the Group.The fair value of the MES at the time of the initial award is determined in accordance with IFRS 2 and taking into account the particular rights attached to the MES as described in the Articles. The fair value is measured using a probability-weighted expected returns methodology, which is an appropriate future-oriented approach when considering the fair value of shares that have no intrinsic value at the time of issue. The approach replicates that of a binomial option pricing model. The key assumptions used within the model are: NAV progression; discount rates ranging from 12% to 27% (31 March 2022: 12% to 30%); and probabilities of success that result in an average cumulative probability of success across the life science portfolio of 26% (31 March 2022: 32%). In this case, the expected future payout to the MES was made by reference to the expected evolution of the Holding Company\u2019s value, including expected dividends and other realisations which is then compared to the base line value. This is then discounted into present value terms adopting an appropriate discount rate. The \u201ccapital asset pricing methodology\u201d was used when considering an appropriate discount rate to apply to the payout expected to accrue to the MES on realisation.When MES are awarded, a share based payment charge is recognised in the Consolidated Statement of Comprehensive Income of the employing company, SIML, equal to the fair value at that date, spread over the vesting period. In its own financial statements, the Company records a capital contribution to the Holding Company with an amount credited to the share based payments reserve in respect of the equity-settled proportion and to liabilities in respect of the cash-settled proportion (see below).When the Company issues new shares to acquire the MES, the fair value of the MES is credited to share capital.To the extent that the Company expects to pay cash to acquire the MES, the fair value of the MES is recognised as a liability in the Company\u2019s Consolidated Statement of Financial Position. The fair value is established at each statement of financial position date and recognised in the Consolidated Statement of Comprehensive Income throughout the vesting period, based on the proportion vested at each statement of financial position date and adjusted to re\ufb02ect subsequent movements in fair value up to the date of acquisition of the MES by the Company.The fair value paid to acquire MES (whether in shares in the Company or cash) will result in an increase in the carrying value of the Holding Company by the Company.The movement in the share based payment provision of the Group is a non-cash fair value movement to the reported liability, rather than a working capital balance movement. This movement is recognised directly in the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__23": { "value": "Financial instrumentsFinancial assets and derivatives are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets are recognised at fair value less transaction costs which are recognised in the statement of comprehensive income.On subsequent measurement, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income, or fair value through profit or loss.Financial assets measured at amortised costFinancial assets are measured at amortised cost if held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows and its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. The Group includes in this category short-term, non-financing receivables including trade and other receivables.As at 31 March 2023 and 31 March 2022, there are no financial assets measured at fair value through other comprehensive income.Financial liabilities measured at amortised costThis category includes all financial liabilities, other than those measured at fair value through profit or loss. The Group includes in this category short-term payables.Financial assets at fair value through profit or lossThe Group\u2019s investments in life science companies and capital pool investments are held through the Holding Company and the Partnership, respectively, which are measured at fair value through profit or loss in accordance with the requirement of IFRS 10. The Net Asset Value (\u201cNAV\u201d) of the Holding Company and the Partnership represent the Group\u2019s assessment of the fair value of its directly held assets (see note 10) and have been determined on the basis of the policies adopted for underlying investments described below.Fair value \u2013 investments in subsidiariesThe Group classified its investments in subsidiaries as investments at fair value through profit or loss in accordance with the requirements under IFRS 10.Fair value \u2013 life science portfolio \u2013 life science investmentsThe Group\u2019s investments in life science companies are, in the case of quoted companies, valued based on bid prices in an active market as at the reporting date.In the case of the Group\u2019s investments in unlisted companies, the fair value is determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) valuation guidelines. These may include the use of recent arm\u2019s length transactions, Discounted Cash Flow (\u201cDCF\u201d) analysis and earnings multiples as valuation techniques. Wherever possible, the Group uses valuation techniques which make maximum use of market-based inputs.The following considerations are used when calculating the fair value of unlisted life science companies:\u2022 Cost at the transaction date is the primary input when determining fair value. Similarly, where there has been a recent investment in the unlisted company by third parties, the Price of Recent Investment (\u201cPRI\u201d) is the primary input when determining fair value, although further judgement may be required to the extent that the instrument in which the recent investment was made is different from the instrument held by the Group.\u2022 The length of period for which it remains appropriate to consider cost or the PRI as the primary input when determining fair value depends on the achievement of target milestones of the investment at the time of acquisition. An analysis of such milestones, which can be value maintaining or value enhancing, is undertaken at each valuation point and considers changes to the external environment, the suitability of the milestones and the current facts and circumstances. Where this calibration process shows there is objective evidence that an investment has been impaired or increased in value since the investment was made, such as observable data suggesting a change of the financial, technical or commercial performance of the underlying investment, the Group carries out an enhanced assessment which may use one or more of the alternative methodologies set out in the IPEV Valuation Guidelines.\u2022 DCF involves estimating the fair value of an investment by calculating the present value of expected future cash \ufb02ows, based on the most recent forecasts in respect of the underlying business. Given the significant uncertainties involved with producing reliable cash \ufb02ow forecasts for seed, start-up and early-stage companies, the DCF methodology will more commonly be used in the event that a life science company is in the final stages of clinical testing prior to regulatory approval or has filed for regulatory approval. No investments were valued on a DCF basis as at 31 March 2023 and 31 March 2022.Fair value \u2013 life science portfolio \u2013 milestone paymentsMilestone payments which form part of the total consideration resulting from a business combination and are dependent on the meeting of future conditions are initially recognised at fair value through profit or loss. Subsequent measurement of milestone payments is at fair value through profit or loss. When estimating the fair value of the milestone payments the present value of expected future cash \ufb02ows is calculated based on the known future cash \ufb02ows and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 life science portfolio \u2013 deferred considerationFinancial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on a non-financial variable not specific to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value. Subsequent measurement of the financial asset is at fair value through profit or loss. When estimating the fair value of the financial asset the present value of expected future cash \ufb02ows is calculated using an income-based valuation approach and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 capital pool investments in underlying fundsThe Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether final or estimated) as advised to the Investment Manager by the managers, general partners or administrators of the relevant underlying fund. The valuation date of such investments may not always be coterminous with the valuation dates of the Company and in such cases the valuation of the investments as at the last valuation date is used. The NAV reported by the administrator may be unaudited and, in some cases, the notified asset values are based upon estimates. The Group or the Investment Manager may depart from this policy where it is considered such valuation is inappropriate and may, at its discretion, permit any other valuation method to be used if it considers that such valuation method better re\ufb02ects value generally or in particular markets or market conditions and is in accordance with good accounting practice.Forward currency contractsForward foreign currency contracts are derivative contracts and as such are recognised at fair value on the date on which they are entered into and subsequently remeasured at their fair value. Fair value is determined by forward rates in active currency markets. Whilst the Group currently holds no forward currency contracts, forward currency contracts are held by the Partnership and Syncona Portfolio Limited from time to time for hedging purposes only.2. ACCOUNTING POLICIES CONTINUEDOther financial liabilitiesOther financial liabilities include all other financial liabilities other than financial liabilities at fair value through profit or loss. The Group\u2019s other financial liabilities include payables and share based payments. The carrying amounts shown in the Consolidated Statement of Financial Position approximate the fair values due to the short-term nature of these other financial liabilities.Offsetting of financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise assets and settle the liabilities simultaneously.Derecognition of financial instrumentsA financial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the financial asset have expired; (b) the Group retains the right to receive cash \ufb02ows from the financial asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through arrangement\u201d; or (c) the Group has transferred substantially all the risks and rewards of the financial asset, or has neither transferred nor retained substantially all the risks and rewards of the financial asset, but has transferred control of the financial asset.A financial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expires.Impairment of financial assetsIFRS 9 requires the Group to record expected credit losses (\u201cECLs\u201d) on all financial assets held at amortised cost, all loans and trade receivables, either on a 12-month or lifetime basis. The Group only holds receivables with no financing component and which have maturities of less than 12 months at amortised cost and therefore has applied the simplified approach to recognise lifetime ECLs permitted by IFRS 9.CommitmentsThrough its investment in the Holding Company and the Partnership, the Group has outstanding commitments to investments that are not recognised in the Consolidated Financial Statements. Refer to note 20 for further details.Share based paymentsCertain employees of SIML participate in equity incentive arrangements under which they receive awards of Management Equity Shares (\u201cMES\u201d) in the Holding Company above a base line value set out at the date of award. The MES are not entitled to dividends but any dividends or capital value realised by the Group in relation to the Holding Company are taken into account in determining the value of the MES. MES vest if an individual remains in employment for the applicable vesting period. 25% of an individual MES becomes realisable each year, they have the right to sell these realisable shares to the Company and the Company is obligated to purchase said shares. The price is determined using a formula stipulated in the Articles of Association (\u201cArticles\u201d) of the Holding Company.The terms of the equity incentive arrangements provide that half of the proceeds (net of expected taxes) are settled in Company shares which must be held for at least 12 months, with the balance paid in cash. Consequently, the arrangements are deemed to be partly an equity-settled share based payment scheme and partly a cash-settled share based payment scheme under IFRS 2 \u201cShare Based Payments\u201d in the Consolidated Financial Statements of the Group.The fair value of the MES at the time of the initial award is determined in accordance with IFRS 2 and taking into account the particular rights attached to the MES as described in the Articles. The fair value is measured using a probability-weighted expected returns methodology, which is an appropriate future-oriented approach when considering the fair value of shares that have no intrinsic value at the time of issue. The approach replicates that of a binomial option pricing model. The key assumptions used within the model are: NAV progression; discount rates ranging from 12% to 27% (31 March 2022: 12% to 30%); and probabilities of success that result in an average cumulative probability of success across the life science portfolio of 26% (31 March 2022: 32%). In this case, the expected future payout to the MES was made by reference to the expected evolution of the Holding Company\u2019s value, including expected dividends and other realisations which is then compared to the base line value. This is then discounted into present value terms adopting an appropriate discount rate. The \u201ccapital asset pricing methodology\u201d was used when considering an appropriate discount rate to apply to the payout expected to accrue to the MES on realisation.When MES are awarded, a share based payment charge is recognised in the Consolidated Statement of Comprehensive Income of the employing company, SIML, equal to the fair value at that date, spread over the vesting period. In its own financial statements, the Company records a capital contribution to the Holding Company with an amount credited to the share based payments reserve in respect of the equity-settled proportion and to liabilities in respect of the cash-settled proportion (see below).When the Company issues new shares to acquire the MES, the fair value of the MES is credited to share capital.To the extent that the Company expects to pay cash to acquire the MES, the fair value of the MES is recognised as a liability in the Company\u2019s Consolidated Statement of Financial Position. The fair value is established at each statement of financial position date and recognised in the Consolidated Statement of Comprehensive Income throughout the vesting period, based on the proportion vested at each statement of financial position date and adjusted to re\ufb02ect subsequent movements in fair value up to the date of acquisition of the MES by the Company.The fair value paid to acquire MES (whether in shares in the Company or cash) will result in an increase in the carrying value of the Holding Company by the Company.The movement in the share based payment provision of the Group is a non-cash fair value movement to the reported liability, rather than a working capital balance movement. This movement is recognised directly in the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__24-1": { "value": "Financial assets measured at amortised costFinancial assets are measured at amortised cost if held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows and its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. The Group includes in this category short-term, non-financing receivables including trade and other receivables.As at 31 March 2023 and 31 March 2022, there are no financial assets measured at fair value through other comprehensive income.Financial assets at fair value through profit or lossThe Group\u2019s investments in life science companies and capital pool investments are held through the Holding Company and the Partnership, respectively, which are measured at fair value through profit or loss in accordance with the requirement of IFRS 10. The Net Asset Value (\u201cNAV\u201d) of the Holding Company and the Partnership represent the Group\u2019s assessment of the fair value of its directly held assets (see note 10) and have been determined on the basis of the policies adopted for underlying investments described below.Fair value \u2013 investments in subsidiariesThe Group classified its investments in subsidiaries as investments at fair value through profit or loss in accordance with the requirements under IFRS 10.Fair value \u2013 life science portfolio \u2013 life science investmentsThe Group\u2019s investments in life science companies are, in the case of quoted companies, valued based on bid prices in an active market as at the reporting date.In the case of the Group\u2019s investments in unlisted companies, the fair value is determined in accordance with the International Private Equity and Venture Capital (\u201cIPEV\u201d) valuation guidelines. These may include the use of recent arm\u2019s length transactions, Discounted Cash Flow (\u201cDCF\u201d) analysis and earnings multiples as valuation techniques. Wherever possible, the Group uses valuation techniques which make maximum use of market-based inputs.The following considerations are used when calculating the fair value of unlisted life science companies:\u2022 Cost at the transaction date is the primary input when determining fair value. Similarly, where there has been a recent investment in the unlisted company by third parties, the Price of Recent Investment (\u201cPRI\u201d) is the primary input when determining fair value, although further judgement may be required to the extent that the instrument in which the recent investment was made is different from the instrument held by the Group.\u2022 The length of period for which it remains appropriate to consider cost or the PRI as the primary input when determining fair value depends on the achievement of target milestones of the investment at the time of acquisition. An analysis of such milestones, which can be value maintaining or value enhancing, is undertaken at each valuation point and considers changes to the external environment, the suitability of the milestones and the current facts and circumstances. Where this calibration process shows there is objective evidence that an investment has been impaired or increased in value since the investment was made, such as observable data suggesting a change of the financial, technical or commercial performance of the underlying investment, the Group carries out an enhanced assessment which may use one or more of the alternative methodologies set out in the IPEV Valuation Guidelines.\u2022 DCF involves estimating the fair value of an investment by calculating the present value of expected future cash \ufb02ows, based on the most recent forecasts in respect of the underlying business. Given the significant uncertainties involved with producing reliable cash \ufb02ow forecasts for seed, start-up and early-stage companies, the DCF methodology will more commonly be used in the event that a life science company is in the final stages of clinical testing prior to regulatory approval or has filed for regulatory approval. No investments were valued on a DCF basis as at 31 March 2023 and 31 March 2022.Fair value \u2013 life science portfolio \u2013 milestone paymentsMilestone payments which form part of the total consideration resulting from a business combination and are dependent on the meeting of future conditions are initially recognised at fair value through profit or loss. Subsequent measurement of milestone payments is at fair value through profit or loss. When estimating the fair value of the milestone payments the present value of expected future cash \ufb02ows is calculated based on the known future cash \ufb02ows and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 life science portfolio \u2013 deferred considerationFinancial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on a non-financial variable not specific to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value. Subsequent measurement of the financial asset is at fair value through profit or loss. When estimating the fair value of the financial asset the present value of expected future cash \ufb02ows is calculated using an income-based valuation approach and an estimate of the likelihood of meeting the stated conditions using publicly available information where possible.Fair value \u2013 capital pool investments in underlying fundsThe Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether final or estimated) as advised to the Investment Manager by the managers, general partners or administrators of the relevant underlying fund. The valuation date of such investments may not always be coterminous with the valuation dates of the Company and in such cases the valuation of the investments as at the last valuation date is used. The NAV reported by the administrator may be unaudited and, in some cases, the notified asset values are based upon estimates. The Group or the Investment Manager may depart from this policy where it is considered such valuation is inappropriate and may, at its discretion, permit any other valuation method to be used if it considers that such valuation method better re\ufb02ects value generally or in particular markets or market conditions and is in accordance with good accounting practice.Forward currency contractsForward foreign currency contracts are derivative contracts and as such are recognised at fair value on the date on which they are entered into and subsequently remeasured at their fair value. Fair value is determined by forward rates in active currency markets. Whilst the Group currently holds no forward currency contracts, forward currency contracts are held by the Partnership and Syncona Portfolio Limited from time to time for hedging purposes only.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__27-1": { "value": "Financial liabilities measured at amortised costThis category includes all financial liabilities, other than those measured at fair value through profit or loss. The Group includes in this category short-term payables.Other financial liabilitiesOther financial liabilities include all other financial liabilities other than financial liabilities at fair value through profit or loss. The Group\u2019s other financial liabilities include payables and share based payments. The carrying amounts shown in the Consolidated Statement of Financial Position approximate the fair values due to the short-term nature of these other financial liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__32": { "value": "Offsetting of financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise assets and settle the liabilities simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__29": { "value": "Derecognition of financial instrumentsA financial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the financial asset have expired; (b) the Group retains the right to receive cash \ufb02ows from the financial asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through arrangement\u201d; or (c) the Group has transferred substantially all the risks and rewards of the financial asset, or has neither transferred nor retained substantially all the risks and rewards of the financial asset, but has transferred control of the financial asset.A financial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expires", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__31": { "value": "Impairment of financial assetsIFRS 9 requires the Group to record expected credit losses (\u201cECLs\u201d) on all financial assets held at amortised cost, all loans and trade receivables, either on a 12-month or lifetime basis. The Group only holds receivables with no financing component and which have maturities of less than 12 months at amortised cost and therefore has applied the simplified approach to recognise lifetime ECLs permitted by IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__34-1": { "value": "CommitmentsThrough its investment in the Holding Company and the Partnership, the Group has outstanding commitments to investments that are not recognised in the Consolidated Financial Statements. Refer to note 20 for further details.Presentation of the Consolidated Statement of Comprehensive IncomeIn order to better re\ufb02ect the activities of an investment company, supplementary information which analyses the Consolidated Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__33": { "value": "Share based paymentsCertain employees of SIML participate in equity incentive arrangements under which they receive awards of Management Equity Shares (\u201cMES\u201d) in the Holding Company above a base line value set out at the date of award. The MES are not entitled to dividends but any dividends or capital value realised by the Group in relation to the Holding Company are taken into account in determining the value of the MES. MES vest if an individual remains in employment for the applicable vesting period. 25% of an individual MES becomes realisable each year, they have the right to sell these realisable shares to the Company and the Company is obligated to purchase said shares. The price is determined using a formula stipulated in the Articles of Association (\u201cArticles\u201d) of the Holding Company.The terms of the equity incentive arrangements provide that half of the proceeds (net of expected taxes) are settled in Company shares which must be held for at least 12 months, with the balance paid in cash. Consequently, the arrangements are deemed to be partly an equity-settled share based payment scheme and partly a cash-settled share based payment scheme under IFRS 2 \u201cShare Based Payments\u201d in the Consolidated Financial Statements of the Group.The fair value of the MES at the time of the initial award is determined in accordance with IFRS 2 and taking into account the particular rights attached to the MES as described in the Articles. The fair value is measured using a probability-weighted expected returns methodology, which is an appropriate future-oriented approach when considering the fair value of shares that have no intrinsic value at the time of issue. The approach replicates that of a binomial option pricing model. The key assumptions used within the model are: NAV progression; discount rates ranging from 12% to 27% (31 March 2022: 12% to 30%); and probabilities of success that result in an average cumulative probability of success across the life science portfolio of 26% (31 March 2022: 32%). In this case, the expected future payout to the MES was made by reference to the expected evolution of the Holding Company\u2019s value, including expected dividends and other realisations which is then compared to the base line value. This is then discounted into present value terms adopting an appropriate discount rate. The \u201ccapital asset pricing methodology\u201d was used when considering an appropriate discount rate to apply to the payout expected to accrue to the MES on realisation.When MES are awarded, a share based payment charge is recognised in the Consolidated Statement of Comprehensive Income of the employing company, SIML, equal to the fair value at that date, spread over the vesting period. In its own financial statements, the Company records a capital contribution to the Holding Company with an amount credited to the share based payments reserve in respect of the equity-settled proportion and to liabilities in respect of the cash-settled proportion (see below).When the Company issues new shares to acquire the MES, the fair value of the MES is credited to share capital.To the extent that the Company expects to pay cash to acquire the MES, the fair value of the MES is recognised as a liability in the Company\u2019s Consolidated Statement of Financial Position. The fair value is established at each statement of financial position date and recognised in the Consolidated Statement of Comprehensive Income throughout the vesting period, based on the proportion vested at each statement of financial position date and adjusted to re\ufb02ect subsequent movements in fair value up to the date of acquisition of the MES by the Company.The fair value paid to acquire MES (whether in shares in the Company or cash) will result in an increase in the carrying value of the Holding Company by the Company.The movement in the share based payment provision of the Group is a non-cash fair value movement to the reported liability, rather than a working capital balance movement. This movement is recognised directly in the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__38": { "value": "IncomeAll income is accounted for in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d and is recognised in the Consolidated Statement of Comprehensive Income when the right to receive is established. Income is further discussed in note 6.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__36": { "value": "ExpensesExpenses are accounted for on accruals basis. Expenses incurred on the acquisition of investments at fair value through profit or loss are presented within the Capital column of the Consolidated Statement of Comprehensive Income. All other expenses are presented within the Revenue column of the Consolidated Statement of Comprehensive Income. Charitable donations are accounted for on accruals basis and are recognised in the Consolidated Statement of Comprehensive Income. Expenses directly attributable to the issuance of shares are charged against capital and recognised in the Consolidated Statement of Changes in Net Assets Attributable to Holders of Ordinary Shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__35": { "value": "Cash and cash equivalentsCash comprises of cash at bank. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__37": { "value": "Translation of foreign currencyItems included in the Group\u2019s Consolidated Financial Statements are measured in \u00a3, which is the currency of the primary economic environment where the Group operates. The Group\u2019s assets are primarily denominated in \u00a3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__40": { "value": "3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYThe preparation of the Group\u2019s Consolidated Financial Statements requires judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses at the reporting date. The Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 62 to 65. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors have considered the impact of climate change on going concern and viability of the Group over the next three years and the valuation of the unquoted life science investments. However, uncertainties about these assumptions and estimates, in particular relating to underlying investments of private equity investments and the life science investments, could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in future periods.Critical accounting judgementsIn the process of applying the Group\u2019s accounting policies, the following judgements have been made, which have the most significant effect on the amounts recognised in the Consolidated Financial Statements:Fair value \u2013 life science portfolioIn the case of the Group\u2019s investments in unlisted companies, the fair value is determined in accordance with the IPEV Valuation Guidelines. These include the use of recent arm\u2019s length transactions, DCF analysis and earnings multiples. Wherever possible, the Group uses valuation techniques which make maximum use of market-based inputs.In most cases, where the Group is the sole institutional investor and/or until such time as substantial clinical data has been generated, the primary valuation input is Cost or PRI, subject to adequate consideration being given to current facts and circumstances. This includes whether there is objective evidence that suggests the investment has been impaired or increased in value due to observable data, technical, or commercial performance.Where considered appropriate, once substantial clinical data has been generated the Group will use input from independent valuation advisers to assist in the determination of fair value.The key judgement relates to determining whether a Cost or PRI (Market) based approach is the most appropriate for determining fair value of the Group\u2019s investments in unlisted companies. In making this judgement, the Group highlights that the majority of its investments are early-stage businesses, typically with products in the discovery stage of drug development and pre-revenue generation. As a result, it considers that the determination of fair value should be based on what a market participant buyer would pay to acquire or develop a substitute asset with comparable scientific or commercial progression, adjusted for obsolescence (i.e. its current replacement cost). This technique is applied until such time that the life science investment is at a stage in its lifecycle where cash \ufb02ow forecasts are more predictable, thus using an income-based approach provides a more reliable estimate of fair value.However, there are also other methodologies that can be used to determine the fair value of investments in private companies, including the use of the DCF methodology. It is possible that the use of an alternative valuation methodology would result in a different fair value than that recorded by the Group.When assessing the judgement, the Group\u2019s determination of the fair values of certain investments took into consideration multiple sources including Management and publicly available information and publications, as well as input from an independent review by L.E.K. Consulting LLP (\u201cL.E.K.\u201d) in respect of Syncona\u2019s valuation of the following investments: Anaveon AG; OMass Therapeutics Limited; Beacon Therapeutics Holdings Limited (formally known as SPL 123 Limited); Quell Therapeutics Limited; and SwanBio Therapeutics Limited.The review was limited to certain specific limited procedures which we identified and requested L.E.K. to perform within an agreed limited scope, and it was subject to assumptions which are forward-looking in nature and subjective judgements. Upon completion of the review within the parameters of the agreed procedures, L.E.K. estimated an independent range of fair values of those investments. The limited procedures carried out by L.E.K. did not involve an audit, review, compilation or any other form of verification, examination or attestation under generally accepted auditing standards and were based on the sources agreed in the limited scope only. Syncona Limited is responsible for determining the fair value of the investments, and the review performed by L.E.K. to assist Syncona is only one element of the enquiries and procedures in the process in making a determination of the fair value of those investments and for which the Directors of Syncona Limited are ultimately responsible.Contingent considerationDuring the year ended 31 March 2022, the investment in Gyroscope was sold to an external third party for consideration comprising upfront cash and cash to be paid in the future subject to certain milestones being met (\u201cmilestone payments\u201d). Gyroscope was previously held as an investment at fair value through profit or loss by Syncona Portfolio Limited due to Syncona Portfolio Limited meeting the conditions of being an investment entity and holding its subsidiaries at fair value through profit or loss.There is currently no prescriptive accounting standard for the seller where milestone payments which are contingent on a future event are agreed in a contract for the disposal of a subsidiary. Guidance available within IFRS 3 \u201cBusiness Combinations\u201d to the acquiring entity was therefore applied to the recognition and measurement of the milestone payments. IFRS 3 requires the acquirer to recognise any milestone payments dependent on uncertain events to be recognised as a financial liability at fair value through profit or loss in their financial statements. In accordance with available guidance and industry practice it was concluded that the milestone payments receivable following the sale of a subsidiary in a business combination are required to be recognised as a financial asset measured at fair value through profit or loss in the financial statements of Syncona Portfolio Limited. This forms part of the fair value of the Group\u2019s investment in the Holding Company.Key sources of estimation uncertaintyThe Group\u2019s investments consist of its investments in the Holding Company and the Partnership, both of which are classified at fair value through profit or loss and are valued accordingly, as disclosed in note 2. The key sources of estimation uncertainty are the valuation of the Holding Company\u2019s investments in privately held life science companies and milestone payments on sale of a subsidiary, the Partnership\u2019s private equity investments and investment in the CRT Pioneer Fund, and the valuation of the share based payment liability.The unquoted investments within the life science portfolio are very illiquid. Many of the companies are early-stage investments and privately owned. Accordingly, a market value can be difficult to determine. The primary inputs used by the Company to determine the fair value of investments in privately held life science companies are the cost of the capital invested and PRI, adjusted to re\ufb02ect the achievement or otherwise of milestones or other factors. The accounting policy for all investments is described in note 2 and the fair value of all investments is described in note 19.In determining a suitable range to sensitise the fair value of the unlisted life science portfolio, Management note the achievement or not of value-enhancing milestones as being a key source of estimation uncertainty. Such activities and resulting data emanating from the life science companies can be the key trigger for fair value changes and typically involve financing events which crystallise value at those points in time. The range of 10% (2022: 18%) identified by Management re\ufb02ects their estimate of the range of reasonably possible valuations over the next financial year, taking into account the position of the portfolio as a whole. Key technical milestones considered by Management and that typically trigger value enhancement (or deterioration if not achieved) include the generation of substantial clinical data. The Company has assessed the current impact of the war in Ukraine on the private life science companies and does not consider that any revaluations are required as a result; however, the final impact of the war is not yet certain and may have effects on the portfolio companies that have not been anticipated.As at the year end, none (31 March 2022: none) of the Partnership\u2019s underlying investments have imposed restrictions on redemptions. However, underlying managers often have the right to impose such restrictions. The Directors believe it remains appropriate to estimate their fair values based on NAV as reported by the administrators of the relevant investments.Where investments held by the Partnership can be subscribed to, the Directors believe that such NAV represents fair value because subscriptions and redemptions in the underlying investments occur at these prices at the Consolidated Statement of Financial Position date, where permitted.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__42": { "value": "Direct interests in subsidiaries20232022Subsidiary Principal place of business Principal activity% interest1% interest1Syncona GP Limited Guernsey General Partner 100% 100%Syncona Holdings Limited Guernsey Portfolio management 100% 100%Syncona Investments LP Incorporated Guernsey Portfolio management 100% 100%1. Based on undiluted issued share capital and excluding the MES issued by Syncona Holdings Limited (see note 12).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__43-1": { "value": "Indirect interests in subsidiaries and associatesPrincipal place 2023 Indirect subsidiariesof business Immediate parent Principal activity% interest1Syncona Discovery Limited UK Syncona Investments LP Inc Portfolio management 100%Syncona Portfolio Limited Guernsey Syncona Holdings Limited Portfolio management 100%Syncona IP Holdco Limited UK Syncona Portfolio Limited Portfolio management 100%Syncona IP Holdco (2) Limited UK Syncona Portfolio Limited Portfolio management 100%Syncona Investment Management Limited UK Syncona Holdings Limited Portfolio management 100%SIML Switzerland AG Switzerland SIML Portfolio management 100%Resolution Therapeutics Limited UK Syncona Portfolio Limited Cell therapy 85%SwanBio Therapeutics Limited United States Syncona Portfolio Limited Gene therapy 82%Purespring Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 81%Forcefield Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 76%SPL 123 Limited UK Syncona Portfolio Limited Gene therapy 70%Freeline Therapeutics Holdings plc UK Syncona Portfolio Limited Gene therapy 58%Mosaic Therapeutics Limited UK Syncona Portfolio Limited Small molecule 51%Principal place 2023 Indirect associatesof business Immediate parent Principal activity% interest1Anaveon AG Switzerland Syncona Portfolio Limited Biologics 46%Quell Therapeutics Limited UK Syncona Portfolio Limited Cell therapy 44%Kesmalea Therapeutics Limited UK Syncona Portfolio Limited Small molecule 41%OMass Therapeutics Limited UK Syncona Portfolio Limited Small molecule 35%Azeria Therapeutics Limited UK Syncona Portfolio Limited In voluntary liquidation 34%Achilles Therapeutics plc UK Syncona Portfolio Limited Cell therapy 27%1. Based on undiluted issued share capital and excluding the MES issued by Syncona Holdings Limited (see note 12).Principal place 2022 Indirect subsidiariesof business Immediate parent Principal activity% interest1Syncona Discovery Limited UK Syncona Investments LP Inc Portfolio management 100%Syncona Portfolio Limited Guernsey Syncona Holdings Limited Portfolio management 100%Syncona IP Holdco Limited UK Syncona Portfolio Limited Portfolio management 100%Syncona Investment Management Limited UK Syncona Holdings Limited Portfolio management 100%SIML Switzerland AG Switzerland SIML Portfolio management 100%SwanBio Therapeutics Limited United States Syncona Portfolio Limited Gene therapy 76%Purespring Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 76%Forcefield Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 76%Resolution Therapeutic Limited UK Syncona Portfolio Limited Cell therapy 73%Freeline Therapeutics Holdings plc UK Syncona Portfolio Limited Gene therapy 61%OMass Therapeutics Limited UK Syncona Portfolio Limited Small molecule 53%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__45": { "value": "INCOMEThe Group\u2019s income relates to cash transfers from the Partnership which are used for paying costs and dividends of the Group. During the year, income received from the Partnership amounted to \u00a327,494,517 (31 March 2022: \u00a325,390,625) of which \u00a34,633,973 (31 March 2022: \u00a34,249,836) remained receivable as at 31 March 2023. The receivable re\ufb02ects the charitable donations of the Group. Refer to note 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__47": { "value": "9. GENERAL EXPENSES2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Share based payments 12 (2,968) (7, 30 4)Investment management fees 16 12,121 10,699Directors\u2019 remuneration 16 499 419Auditor\u2019s remuneration 183 141Other expenses 1,758 1,650Total 11,593 5,605Auditor\u2019s remuneration includes audit fees in relation to the Group of \u00a3132,900 (31 March 2022: \u00a3105,000). Total audit fees paid by the Group and the Syncona Group Companies for the year ended 31 March 2023 totalled \u00a3134,900 (31 March 2022: \u00a3210,000). Additional fees paid to the auditor were \u00a344,200 (31 March 2022: \u00a338,000) which relates to work performed at the interim review of \u00a336,200 (31\ue61dMarch 2022: \u00a330,000) and other non-audit fees of \u00a38,000 (31 March 2022: \u00a38,000).Further details of the share based payments can be found in note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__48": { "value": "2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Share based payments 12 (2,968) (7, 30 4)Investment management fees 16 12,121 10,699Directors\u2019 remuneration 16 499 419Auditor\u2019s remuneration 183 141Other expenses 1,758 1,650Total 11,593 5,605", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__49": { "value": "Other expenses 1,758 1,650", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__46": { "value": "Auditor\u2019s remuneration includes audit fees in relation to the Group of \u00a3132,900 (31 March 2022: \u00a3105,000). Total audit fees paid by the Group and the Syncona Group Companies for the year ended 31 March 2023 totalled \u00a3134,900 (31 March 2022: \u00a3210,000). Additional fees paid to the auditor were \u00a344,200 (31 March 2022: \u00a338,000) which relates to work performed at the interim review of \u00a336,200 (31\ue61dMarch 2022: \u00a330,000) and other non-audit fees of \u00a38,000 (31 March 2022: \u00a38,000).Further details of the share based payments can be found in note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__50": { "value": "11. TRADE AND OTHER RECEIVABLES2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Due from related parties 16 5,457 5,462Charitable donation receivable 16 4,618 4,250Prepayments 68 166Total 10,143 9,878", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__51": { "value": "12. SHARE BASED PAYMENTSShare based payments are associated with awards of MES in the Holding Company, relevant details of which are set out in note 2.The total cost recognised within general expenses in the Consolidated Statement of Comprehensive Income is shown below:2023 2022 \u00a3\u2019000\u00a3\u2019000Charge related to revaluation of the liability for cash settled share awards (2,968) ( 7,3 04)Total (2,968) ( 7,3 04)Other movements in the provision relating to realisations and granting of awards totalled \u00a37,583,660 (31 March 2022: \u00a37,189,892). Amounts recognised in the Consolidated Statement of Financial Position, representing the carrying amount of liabilities arising from share based payments transactions, are shown below:2023 2022 \u00a3\u2019000\u00a3\u2019000Share based payments \u2013 current 7,296 9,388Share based payments \u2013 non-current \u2013 8,459Total 7,296 17, 847When a participant elects to realise vested MES by sale of the MES to the Company, half of the proceeds (net of anticipated taxes) will be settled in shares of the Company, with the balance settled in cash.The fair value of the MES is established using an externally developed model as set out in note 2. Vesting is subject only to the condition that employees must remain in employment at the vesting date. Each MES is entitled to share equally in value attributable to the Holding Company above the applicable base line value at the date of award, provided that the applicable hurdle value of 15% or 30% growth in the value of the Holding Company above the base line value at the date of award has been achieved.The fair value of awards made in the year ended 31 March 2023 was \u00a32,529,130 (31 March 2022: \u00a32,883,500). This represents 9,367,155 new MES issued (31 March 2022: 8,238,571). An award was made on 15 July 2022 at 27p per MES.12. SHARE BASED PAYMENTS CONTINUEDThe number of MES outstanding are shown below:2023 2022Outstanding at the start of the year 42,282,122 43,873,239Issued 9,367,155 8,238,571Realised (7,762,84 6) ( 7, 25 3,6 38)Lapsed (15,203) (2,576,050)Outstanding at the end of the year 43,871,228 42,282,122Weighted average remaining contractual life of outstanding MES, years 1.29 1.20Vested MES as at the year end 29,523,421 31,293,486Realisable MES as at the year end 12,010,048 11,478,050", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__53": { "value": "13. PAYABLES2023 2022 \u00a3\u2019000\u00a3\u2019000Charitable donations payable 4,634 4,250Management fees payable 1,374 1,048Other payables 453 400Total 6,461 5,698", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__52": { "value": "13. PAYABLES2023 2022 \u00a3\u2019000\u00a3\u2019000Charitable donations payable 4,634 4,250Management fees payable 1,374 1,048Other payables 453 400Total 6,461 5,698", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__55-1": { "value": "14.a Authorised share capitalThe Company is authorised to issue an unlimited number of shares, which may have a par value or no par value. The Company is a closed-ended investment company with an unlimited life.As the Company\u2019s shares have no par value, the share price consists solely of share premium and the amounts received for issued shares are recorded in share capital in accordance with The Companies (Guernsey) Law, 2008.2023 2022 \u00a3\u2019000\u00a3\u2019000Ordinary Share capitalBalance at the start of the year 767,999 767,999Balance at the end of the year 767,999 767,9992023 2022 SharesSharesOrdinary Share capitalBalance at the start of the year 666,733,588 664,580,417Share based payment shares issued during the year 2,595,736 2,153,171Balance at the end of the year 669,329,324 666,733,588The Company has issued one Deferred Share to The Syncona Foundation for \u00a31.14.b Capital and revenue reservesGains and losses recorded on the realisation of investments, realised exchange differences, unrealised gains and losses recorded on the revaluation of investments held as at the year end and unrealised exchange differences of a capital nature are transferred to capital reserves. Income and expenses of a revenue nature are transferred to revenue reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__54": { "value": "2023 2022 \u00a3\u2019000\u00a3\u2019000Ordinary Share capitalBalance at the start of the year 767,999 767,999Balance at the end of the year 767,999 767,9992023 2022 SharesSharesOrdinary Share capitalBalance at the start of the year 666,733,588 664,580,417Share based payment shares issued during the year 2,595,736 2,153,171Balance at the end of the year 669,329,324 666,733,588", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__57": { "value": "14.b Capital and revenue reservesGains and losses recorded on the realisation of investments, realised exchange differences, unrealised gains and losses recorded on the revaluation of investments held as at the year end and unrealised exchange differences of a capital nature are transferred to capital reserves. Income and expenses of a revenue nature are transferred to revenue reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__58": { "value": "Ordinary Shares of the Company are based on the following data:2023 2022(Loss)/earnings for the purposes of earnings per share \u00a3(56,018,000) \u00a38,838,000Basic weighted average number of shares 668,575,494 666,108,284Basic revenue earnings per share 1.69p 2.34pBasic capital (loss)/earnings per share (10.07)p (1.01)pBasic earnings per share (8.38)p 1.33pDiluted weighted average number of shares 668,575,494 672,988,341Diluted revenue earnings per share 1.69p 2.3pDiluted capital (loss)/earnings per share (10.07)p (1.00)pDiluted earnings per share (8.38)p 1.31p", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__59": { "value": "During the year ended 31 March 2023, the Company did not declare or pay a dividend (31 March 2022: \u00a3Nil was paid in relation to the year ended 31 March 2021). The Directors believe that it is not appropriate for the Company to pay a dividend. The Company is not declaring a 2023 dividend.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__60": { "value": "16. RELATED PARTY TRANSACTIONSThe Group has various related parties: life science investments held by the Holding Company, the Investment Manager, the Company\u2019s Directors and The Syncona Foundation.Life science investmentsThe Group makes equity investments in some life science investments where it retains control. The Group has taken advantage of the investment entity exception as permitted by IFRS 10 and has not consolidated these investments, but does consider them to be related parties.During the year, the total amount invested in life science investments which the Group controls was \u00a3127,143,441 (31 March 2022: \u00a362,765,311).The Group makes other equity investments where it does not have control but may have significant in\ufb02uence through its ability to participate in the financial and operating policies of these companies, therefore the Group considers them to be related parties. These amounts are unsecured, interest free, and repayable on demand. During the year, the total amount invested in life science investments in which the Group has significant in\ufb02uence was \u00a325,404,894 (31 March 2022: \u00a346,592,768).Commitments of milestone payments to the life science investments are disclosed in note 20.During the year, SIML charged the life science investments a total of \u00a3215,094 in relation to Directors\u2019 fees (31 March 2022: \u00a3222,406).Investment ManagerSIML, an indirectly held subsidiary of the Company, is the Investment Manager of the Group.For the year ended 31 March 2023, SIML was entitled to receive reimbursement of reasonably incurred expenses as it relates to its investment management activities. In the year ended 31 March 2022 this was capped at 1.05% per annum of the Company\u2019s NAV. This cap was removed during the year effective from 1 April 2022.2023 2022 \u00a3\u2019000\u00a3\u2019000Amounts paid to SIML 12,121 10,699Amounts owed to SIML in respect of management fees totalled \u00a31,374,098 as at 31 March 2023 (31 March 2022: \u00a31,047,525).During the year, SIML received fees from the Group\u2019s portfolio companies of \u00a3864,632 (31 March 2022: \u00a3615,342).Company DirectorsAs at the year end, the Company had seven Directors, all of whom served in a non-executive capacity. Rob Hutchinson also serves as a Director of the General Partner. Directors\u2019 remuneration for the years ended 31 March 2023 and 31 March 2022, excluding expenses incurred, and outstanding Directors\u2019 remuneration as at the end of the year, are set out below:2023 2022 \u00a3\u2019000\u00a3\u2019000Directors\u2019 remuneration for the year 499 419Payable at end of the year \u2013 \u2013Shares held by the Directors can be found in the Report of the Remuneration Committee. The directors of Syncona Limited together hold 0.04% (31 March 2022: 0.04%) of the Syncona Limited voting shares.The Syncona FoundationCharitable donations are made by the Company to The Syncona Foundation. The Syncona Foundation was incorporated in England and Wales on 17 May 2012 as a private company limited by guarantee, with exclusively charitable purposes, and holds the Deferred Share in the Company. The amount donated to The Syncona Foundation during the year ended 31 March 2023 was \u00a32,428,478 (31 March 2022: \u00a32,691,553).Other related partiesAs at 31 March 2023, the Company has a receivable from the Partnership, Holding Company and Syncona Portfolio Limited amounting to \u00a315,438 (31 March 2022: \u00a315,409), \u00a35,426,437 (31 March 2022: \u00a35,431,409) and \u00a315,438 (31 March 2022: \u00a315,409), respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__61": { "value": "18. FINANCIAL RISK MANAGEMENT AND ASSOCIATED RISKSFinancial risk managementThe Group is exposed to a variety of financial risks as a result of its activities. These risks include market risk (including market price risk, foreign currency risk and interest rate risk), credit risk and liquidity risk. These risks have existed throughout the year and the Group\u2019s policies for managing them are summarised below.The risks below do not re\ufb02ect the risks of the underlying investment portfolios of certain of the financial assets at fair value through profit or loss. The Group has significant indirect exposure to a number of risks through the underlying portfolios of the investment entities. There is no mechanism to control these risks without considerably prejudicing return objectives.Due to the lack of transparency in certain underlying assets, in particular certain of those held by the Partnership, it is not possible to quantify or hedge the impact of these risks on the portfolio as each investment entity may have complex and changing risk dynamics that are not easily observable or predictable. These risks will include interest, foreign exchange and other market risks which are magnified by gearing in some, not many cases, resulting in increased liquidity and return risk.Syncona LimitedSyncona Limited is exposed to financial risks through its investments in the Holding Company and the Partnership. The risks and policies for managing them are set out in the following sections.The Holding CompanyMarket price riskThe Holding Company invests in early-stage life science companies that typically have limited products in development, and any problems encountered in development may have a damaging effect on that company\u2019s business and the value of the investment.This is mitigated by the employment of highly experienced personnel, the performance of extensive due diligence prior to investment and ongoing performance monitoring.Foreign currency riskForeign currency risk represents the potential losses or gains on the life science investments\u2019 future income streams and the potential losses or gains on investments made in United States Dollars (\u201cUSD\u201d) and Swiss Francs (\u201cCHF\u201d) by the Holding Company\u2019s underlying investments.The following tables present the Holding Company\u2019s assets and liabilities in their respective currencies, converted into the Group\u2019s functional currency.2023 CHF USD GBP Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 64,203 310,625 549,739 924,567Cash and cash equivalents \u2013 \u2013 847 8471Payables\u2013 \u2013 (5,456) (5,456)Total 64,203 310,625 545,130 919,9582022 CHF USD GBP Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 59,818 370,772 554,204 984,794Cash and cash equivalents \u2013 \u2013 297 297Receivables \u2013 \u2013 650 6501Payables\u2013 \u2013 (5,459) (5,459)Total 59,818 370,772 549,692 980,2821. In which 99.44% (31 March 2022: 99.49%) is payable within the Group.Foreign currency sensitivity analysisThe following table details the sensitivity of the Holding Company\u2019s NAV to a 10% change in the GBP exchange rate against the USD and CHF with all other variables held constant. The sensitivity analysis percentage represents the Investment Manager\u2019s assessment, based on the foreign exchange rate movements over the relevant period and of a reasonably possible change in foreign exchange rates.2023202320222022USDCHFUSDCHF\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u201900010% increase 41,490 7,134 35,663 6,64610% decrease (33,946) (5,837) (29,179) (5,438)Interest rate riskInterest rate risk is negligible in the Holding Company as minimal cash and no debt is held.Liquidity riskLiquidity risk is the risk that the financial commitments made by the Holding Company are not able to be met as they fall due. The Holding Company holds minimal cash and has no access to debt and instead relies on liquidity from the Partnership. The liquidity risk associated with the Partnership is set out in the Partnership section.18. FINANCIAL RISK MANAGEMENT AND ASSOCIATED RISKS CONTINUEDThe table below details the Holding Company\u2019s liquidity analysis for its financial assets and liabilities.<12 months>12 months2023 Total\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss \u2013 924,567 924,567Cash and cash equivalents 847 \u2013 847Receivables \u2013 \u2013 \u2013Payables (35) (5,421) (5,456)Total 812 919,146 919,958Percentage 0.1% 99.9% 100.00%<12 months>12 months2022 Tota l\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss \u2013 984,794 984,794Cash and cash equivalents 297 \u2013 297Receivables \u2013 650 650Payables (37) (5,422) (5,459)Total 260 980,022 980,282Percentage 0.0% 100.0% 100.0%The PartnershipMarket price riskThe overall market price risk management of each of the fund holdings of the Partnership is primarily driven by their respective investment objectives. The Partnership\u2019s assets include investments in multi-asset funds and segregated portfolios which are actively managed by appointed investment managers with specific objectives to manage market risk. The Investment Manager assesses the risk in the Partnership\u2019s fund portfolio by monitoring exposures, liquidity, and concentrations of the underlying funds\u2019 investments, in the context of the historic and current volatility of their asset classes, and the Investment Manager\u2019s risk appetite. The maximum risk resulting from financial instruments is generally determined by the fair value of underlying funds. The overall market exposure as at 31 March 2023 and 31 March 2022 is shown in the Consolidated Statement of Financial Position.The financial instruments are sensitive to market price risk; any increase or decrease in market price will have an equivalent effect on the market value of the financial instruments.Foreign currency riskForeign currency risk represents the potential losses or gains the Partnership may suffer through holding foreign currency assets in the face of foreign exchange movements. The Partnership\u2019s treatment of currency transactions is set out in note 2 to the Consolidated Financial Statements under \u201cTranslation of foreign currency\u201d and \u201cForward currency contracts\u201d. Currency risk exists in the underlying investments, the analysis of which is not feasible.The investments of the Partnership are denominated in USD, Euro (\u201cEUR\u201d) and GBP. The Partnership\u2019s functional and presentation currency is \u00a3; hence, the Consolidated Statement of Financial Position may be significantly affected by movements in the exchange rates between the foreign currencies previously mentioned. The Investment Manager may manage exposure to EUR and USD movements by using forward currency contracts to hedge exposure to investments in EUR and USD-denominated share classes.The following tables present the Partnership\u2019s assets and liabilities in their respective currencies, converted into the Group\u2019s functional currency.2023USDEURGBPTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 123,311 18,565 478,073 619,949Cash and cash equivalents 40,519 27 26,644 67,19 0Trade and other receivables 1 \u2013 782 7831Payables(249,160) \u2013 (95,825) (344,985)Distributions payable \u2013 \u2013 (4,637) (4,637)Total (85,329) 18,592 405,037 338,3001. In which 99.97% (31 March 2022: 99.18%) is payable within the Group.2022USDEURGBPTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 3,899 27,418 319,664 350,981Cash and cash equivalents 354,553 28 121,205 475,786Trade and other receivables 2 \u2013 798 8001Payables(334,998) \u2013 (145,369) (480,367)Distributions payable \u2013 \u2013 (4,250) (4,250)Total 23,456 27,4 46 292,048 342,9501. In which 99.97% (31 March 2022: 99.18%) is payable within the Group.Foreign currency sensitivity analysisThe following table details the sensitivity of the Partnership\u2019s NAV to a 10% change in the GBP exchange rate against the USD and EUR with all other variables held constant. The sensitivity analysis percentage represents the Investment Manager\u2019s assessment, based on the foreign exchange rate movements over the relevant period and of a reasonably possible change in foreign exchange rates.2023202320222022USDEURUSDEUR\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u201900010% increase (8,534) 1,592 2,355 2,74510% decrease 8,534 (1,592) (2,355) (2,745)Interest rate riskInterest receivable on bank deposits or payable on bank overdrafts is affected by \ufb02uctuations in interest rates, however the effect is not expected to be material. All cash balances receive interest at variable rates. Interest rate risk may exist in the Partnership\u2019s underlying investments, the analysis of which is impractical due to the lack of visibility over the underlying information required to perform this analysis within the Partnership\u2019s investments.Credit riskCredit risk in relation to listed securities transactions awaiting settlement is managed through the rules and procedures of the relevant stock exchanges. In particular, settlements for transactions in listed securities are affected by the credit risk of the Citco Custody (UK) Limited (the \u201cCustodian\u201d) which acts as the custodian of the Partnership\u2019s assets, on a delivery against payment or receipt against payment basis. Transactions in unlisted securities are affected against binding subscription agreements. Credit risk may exist in the Partnership\u2019s underlying fund investments, the analysis of which is impractical due to the lack of visibility over the underlying information required to perform this analysis within the Partnership\u2019s investments.The Partnership invests in short-term treasury bills and considers the associated credit risk to be negligible. The Partnership\u2019s financial assets are 46.5% (31 March 2022: 51.8%) short-term treasury bills.The principal credit risks for the Partnership are in relation to deposits with banks. The securities held by the Custodian are held in trust and are registered in the name of the Partnership. Citco is \u201cnon-rated\u201d; however, the Investment Manager takes comfort over the credit risk of Citco as they have proven to rank amongst the \u201cBest in Class\u201d and \u201cTop rated\u201d in the recognised industry survey, carrying a global presence and over 40 years of experience in the provision of custodian and other services to their clients and the hedge fund industry. The credit risk associated with debtors is limited to other receivables.The Group\u2019s cash and cash equivalents are held with major financial institutions; the two largest ones hold 79% and 20% respectively (31 March 2022: 85% and 14% respectively).Liquidity riskThe Partnership is exposed to the possibility that it may be unable to liquidate certain of its assets as it otherwise deems advisable as the Partnership\u2019s underlying funds or their managers may require minimum holding periods and restrictions on redemptions. Further, there may be suspension or delays in payment of redemption proceeds by underlying funds or holdbacks of redemption proceeds otherwise payable to the Partnership until after the applicable underlying fund\u2019s financial records have been audited. Therefore, the Partnership may hold receivables that may not be received by the Partnership for a significant period of time, may not accrue any interest and ultimately may not be paid to the Partnership. As at 31 March 2023, no (31 March 2022: Nil) suspension from redemptions existed in any of the Partnership\u2019s underlying investments.The Partnership invests in short-term treasury bills and considers the associated liquidity risk to be negligible. The Partnership\u2019s financial assets are 46.5% (31 March 2022: 51.8%) short-term treasury bills.18. FINANCIAL RISK MANAGEMENT AND ASSOCIATED RISKS CONTINUEDThe table below details the Partnership\u2019s liquidity analysis for its financial assets and liabilities. The table has been drawn up based on the undiscounted net cash \ufb02ows on the financial assets and liabilities that settle on a net basis and the undiscounted gross cash \ufb02ows on those financial assets and liabilities that require gross settlement.20231Within 1 month>1 to 3 months>3 to 12 months>12 monthsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 320,284 166,425 59,853 73,387 619,949Cash and cash equivalents 67,19 0 \u2013 \u2013 \u2013 67,19 0Trade and other receivables 783 \u2013 \u2013 \u2013 783Payables (344,985) \u2013 \u2013 \u2013 (344,985)Distributions payable \u2013 (4,637) \u2013 \u2013 (4,637)Total 43,272 161,788 59,853 73,387 338,300Percentage 12.8% 47.8% 17.7% 21.7% 100.0%20221Within 1 month>1 to 3 months>3 to 12 months>12 monthsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or loss 279,473 \u2013 \u2013 71,508 350,981Cash and cash equivalents 475,786 \u2013 \u2013 \u2013 475,786Trade and other receivables 800 \u2013 \u2013 \u2013 800Payables (480,367) \u2013 \u2013 \u2013 (480,367)Distributions payable \u2013 (4,250) \u2013 \u2013 (4,250)Total 275,692 (4,250) \u2013 71,508 342,950Percentage 80.3% (1.2)% 0.0% 20.9% 100.0%1. The liquidity tables above re\ufb02ect the anticipated cash \ufb02ows assuming notice was given to all underlying investments as at 31 March 2023 and 31 March 2022 and that all treasury bills are held to maturity. They include a provision for \u201caudit hold back\u201d which most hedge funds can apply to full redemptions and any other known restrictions the managers of the underlying funds may have placed on redemptions. Where there is currently no firm indication from the underlying manager on the expected timing of the receipt of redemption proceeds, the relevant amount is included in the \u201c>12 months\u201d category. The liquidity tables are therefore conservative estimates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__63": { "value": "The Holding Company invests in early-stage life science companies that typically have limited products in development, and any problems encountered in development may have a damaging effect on that company\u2019s business and the value of the investment.This is mitigated by the employment of highly experienced personnel, the performance of extensive due diligence prior to investment and ongoing performance monitoring.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__65": { "value": "Liquidity riskLiquidity risk is the risk that the financial commitments made by the Holding Company are not able to be met as they fall due. The Holding Company holds minimal cash and has no access to debt and instead relies on liquidity from the Partnership. The liquidity risk associated with the Partnership is set out in the Partnership section", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__64": { "value": "The following table details the sensitivity of the Partnership\u2019s NAV to a 10% change in the GBP exchange rate against the USD and EUR with all other variables held constant. The sensitivity analysis percentage represents the Investment Manager\u2019s assessment, based on the foreign exchange rate movements over the relevant period and of a reasonably possible change in foreign exchange rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__62": { "value": "Credit risk in relation to listed securities transactions awaiting settlement is managed through the rules and procedures of the relevant stock exchanges. In particular, settlements for transactions in listed securities are affected by the credit risk of the Citco Custody (UK) Limited (the \u201cCustodian\u201d) which acts as the custodian of the Partnership\u2019s assets, on a delivery against payment or receipt against payment basis. Transactions in unlisted securities are affected against binding subscription agreements. Credit risk may exist in the Partnership\u2019s underlying fund investments, the analysis of which is impractical due to the lack of visibility over the underlying information required to perform this analysis within the Partnership\u2019s investments.The Partnership invests in short-term treasury bills and considers the associated credit risk to be negligible. The Partnership\u2019s financial assets are 46.5% (31 March 2022: 51.8%) short-term treasury bills.The principal credit risks for the Partnership are in relation to deposits with banks. The securities held by the Custodian are held in trust and are registered in the name of the Partnership. Citco is \u201cnon-rated\u201d; however, the Investment Manager takes comfort over the credit risk of Citco as they have proven to rank amongst the \u201cBest in Class\u201d and \u201cTop rated\u201d in the recognised industry survey, carrying a global presence and over 40 years of experience in the provision of custodian and other services to their clients and the hedge fund industry. The credit risk associated with debtors is limited to other receivables.The Group\u2019s cash and cash equivalents are held with major financial institutions; the two largest ones hold 79% and 20% respectively (31 March 2022: 85% and 14% respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__69": { "value": "19. FAIR VALUE MEASUREMENTIFRS 13 \u201cFair Value Measurement\u201d requires the Group to establish a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under IFRS 13 are set as follows:\u2022 Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;\u2022 Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices) or other market corroborated inputs; and\u2022 Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement requires judgement, considering factors specific to the asset or liability.The determination of what constitutes \u201cobservable\u201d requires significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market.The following table presents the Group\u2019s financial assets by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:2023Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 919,958 919,958The Partnership \u2013 \u2013 338,300 338,300Total assets \u2013 \u2013 1,258,258 1,258,2582022Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 980,282 980,282The Partnership \u2013 \u2013 342,950 342,950Total assets \u2013 \u2013 1,323,232 1,323,232The investments in the Holding Company and the Partnership are classified as Level 3 investments due to the use of the adjusted NAV of the subsidiaries as a proxy for fair value, as detailed in note 2. The subsidiaries hold some investments valued using techniques with significant unobservable inputs as outlined in the sections that follow.The underlying assets of the Partnership and the Holding Company are shown below.The following table presents the Holding Company\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000Listed investment 1 73,943 121,226 Publicly available share bid N/A N/Aprice as at statement of financial position dateSIML 3 6,108 5,822 Net assets of SIML Carrying value of assets and liabilities +/- \u00a3305determined in accordance with generally accepted accounting principles, without adjustment. A sensitivity of 5% (31 March 2022: 5%) of the NAV of SIML is applied.Milestone payments 3 54,516 49,802 Discounted Cash Flow The main unobservable inputs consist PoS: +/- resulting from sale of the assigned probability of milestone \u00a36,447 of subsidiarysuccess and the discount rate used.Discount rate: \u00a38,486Deferred 3 15,882 \u2013 Discounted Cash Flow The main unobservable inputs consist PoS: +/- considerationof the assigned probability of milestone \u00a310,963 success and the discount rate used.Discount rate: \u00a35,3431Calibrated PRI3 427,552 325,662 Calibrated PRI The main unobservable input is the +/- \u00a342,755quantification of the progress investments make against internal financing and/or corporate milestones where appropriate. A reasonable shift in the fair value of the investment would be +/-10% (31 March 2022: +/-18%).2CashN/A 294 543 Transaction price N/A N/A3Other net assetsN/A 346,272 481,739 Transaction price N/A N/A Total financial 924,567 984,794assets held at fair value through profit or loss1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances. 2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.3. Other net assets primarily consists of a receivable due from the Partnership totalling \u00a3344.9 million.19. FAIR VALUE MEASUREMENT CONTINUEDThe following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2023 and 31\ue61dMarch 2022:Life science Milestone 2023 2022 investmentspaymentsSIMLTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 325,662 49,802 5,822 381,286 303,804Purchases during the year 154,051 \u2013 2,312 156,363 107, 817Sales during the year (15,311) \u2013 \u2013 (15,311) (325,837)(Losses)/gains on financial assets at fair value through profit or loss (36,850) 20,596 (2,026) (18,280) 295,502Transfer from Level 3 \u2013 \u2013 \u2013 \u2013 \u2013Closing balance 427,5 52 70,398 6,10 8 504,058 381,286The net loss for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments in the Holding Company held as at the year end amounted to \u00a318,280,000 (31 March 2022: \u00a3295,502,000).During the year, there were no movements from Level 3 to Level 1 (31 March 2022: \u00a3Nil).The following table presents the Partnership\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000UK treasury bills 1 284,960 179,984 Publicly available price as at N/A N/Astatement of financial position dateCapital pool 2 101,566 99,489 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Credit fundscomponents are from observable inputsCapital pool 2 58,615 \u2013 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Multi-asset fundscomponents are from observable inputsCapital pool 3 101,421 \u2013 Valuation produced by fund The main unobservable inputs include +/- \u00a35,071investment fund administratorthe assessment of the performance \u2013 Multi-asset fundsof the underlying assets by the fund administrator. A fair reasonable shift in the fair value of the instruments would be +/-5% (31 March 2022: N/A).Legacy funds \u2013 3 33,001 39,857 Valuation produced by fund The main unobservable inputs include +/- \u00a34,290Long-term unlisted administratorthe assessment of the performance investmentsof the underlying fund by the fund administrator. A reasonable possible shift in the fair value of the instruments would be +/-13% (31 March 2022: +/-10%).CRT Pioneer Fund 3 32,727 28,183 Valuation produced by fund Unobservable inputs include the +/- \u00a311,782administrator and adjusted by fund manager\u2019s assessment of managementthe performance of the underlying investments and adjustments made to this assessment to generate the deemed fair value. A reasonable possible shift in the fair value of the instruments would be +/-36% (31 March 2022: +/-48%).1CashN/A 74,863 475,786 Transaction price N/A N/A2Other net liabilitiesN/A (348,853) (480,349) Transaction price N/A N/ATotal financial assets 338,300 342,950held at fair value through profit or loss1. Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.2. Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3344.9 million.During the year ended 31 March 2023, there were no movements from Level 1 to Level 2 (31 March 2022: \u00a3Nil).Assets classified as Level 2 investments are primarily underlying funds fair-valued using the latest available NAV of each fund as reported by each fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit funds priced using the latest market price equivalent to their NAV. Such investments have been classified as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.Assets classified as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value of these assets is derived from quarterly statements provided by each fund\u2019s administrator.The following table presents the movements in Level 3 investments of the Partnership for the year ended 31 March 2023:Investment in Capital pool 2023 2022 subsidiaryinvestmentTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 31,651 39,857 71,508 82,844Purchases \u2013 100,352 100,352 2,592Return of capital \u2013 (10,551) (10,551) (9,070)Gains/(losses) on financial assets at fair value 8,735 4,764 13,499 (4,858)Closing balance 40,386 134,422 174,808 71,508The net gains/losses for the year included in the Statement of Comprehensive Income in respect of Level 3 investments of the Partnership held as at the year end amounted to \u00a313,499,000 gains (31 March 2022: \u00a34,858,000 losses).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__68": { "value": "19. FAIR VALUE MEASUREMENTIFRS 13 \u201cFair Value Measurement\u201d requires the Group to establish a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under IFRS 13 are set as follows:\u2022 Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;\u2022 Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices) or other market corroborated inputs; and\u2022 Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement requires judgement, considering factors specific to the asset or liability.The determination of what constitutes \u201cobservable\u201d requires significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market.The following table presents the Group\u2019s financial assets by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:2023Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 919,958 919,958The Partnership \u2013 \u2013 338,300 338,300Total assets \u2013 \u2013 1,258,258 1,258,2582022Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 980,282 980,282The Partnership \u2013 \u2013 342,950 342,950Total assets \u2013 \u2013 1,323,232 1,323,232The investments in the Holding Company and the Partnership are classified as Level 3 investments due to the use of the adjusted NAV of the subsidiaries as a proxy for fair value, as detailed in note 2. The subsidiaries hold some investments valued using techniques with significant unobservable inputs as outlined in the sections that follow.The underlying assets of the Partnership and the Holding Company are shown below.The following table presents the Holding Company\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000Listed investment 1 73,943 121,226 Publicly available share bid N/A N/Aprice as at statement of financial position dateSIML 3 6,108 5,822 Net assets of SIML Carrying value of assets and liabilities +/- \u00a3305determined in accordance with generally accepted accounting principles, without adjustment. A sensitivity of 5% (31 March 2022: 5%) of the NAV of SIML is applied.Milestone payments 3 54,516 49,802 Discounted Cash Flow The main unobservable inputs consist PoS: +/- resulting from sale of the assigned probability of milestone \u00a36,447 of subsidiarysuccess and the discount rate used.Discount rate: \u00a38,486Deferred 3 15,882 \u2013 Discounted Cash Flow The main unobservable inputs consist PoS: +/- considerationof the assigned probability of milestone \u00a310,963 success and the discount rate used.Discount rate: \u00a35,3431Calibrated PRI3 427,552 325,662 Calibrated PRI The main unobservable input is the +/- \u00a342,755quantification of the progress investments make against internal financing and/or corporate milestones where appropriate. A reasonable shift in the fair value of the investment would be +/-10% (31 March 2022: +/-18%).2CashN/A 294 543 Transaction price N/A N/A3Other net assetsN/A 346,272 481,739 Transaction price N/A N/A Total financial 924,567 984,794assets held at fair value through profit or loss1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances. 2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.3. Other net assets primarily consists of a receivable due from the Partnership totalling \u00a3344.9 million.19. FAIR VALUE MEASUREMENT CONTINUEDThe following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2023 and 31\ue61dMarch 2022:Life science Milestone 2023 2022 investmentspaymentsSIMLTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 325,662 49,802 5,822 381,286 303,804Purchases during the year 154,051 \u2013 2,312 156,363 107, 817Sales during the year (15,311) \u2013 \u2013 (15,311) (325,837)(Losses)/gains on financial assets at fair value through profit or loss (36,850) 20,596 (2,026) (18,280) 295,502Transfer from Level 3 \u2013 \u2013 \u2013 \u2013 \u2013Closing balance 427,5 52 70,398 6,10 8 504,058 381,286The net loss for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments in the Holding Company held as at the year end amounted to \u00a318,280,000 (31 March 2022: \u00a3295,502,000).During the year, there were no movements from Level 3 to Level 1 (31 March 2022: \u00a3Nil).The following table presents the Partnership\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000UK treasury bills 1 284,960 179,984 Publicly available price as at N/A N/Astatement of financial position dateCapital pool 2 101,566 99,489 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Credit fundscomponents are from observable inputsCapital pool 2 58,615 \u2013 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Multi-asset fundscomponents are from observable inputsCapital pool 3 101,421 \u2013 Valuation produced by fund The main unobservable inputs include +/- \u00a35,071investment fund administratorthe assessment of the performance \u2013 Multi-asset fundsof the underlying assets by the fund administrator. A fair reasonable shift in the fair value of the instruments would be +/-5% (31 March 2022: N/A).Legacy funds \u2013 3 33,001 39,857 Valuation produced by fund The main unobservable inputs include +/- \u00a34,290Long-term unlisted administratorthe assessment of the performance investmentsof the underlying fund by the fund administrator. A reasonable possible shift in the fair value of the instruments would be +/-13% (31 March 2022: +/-10%).CRT Pioneer Fund 3 32,727 28,183 Valuation produced by fund Unobservable inputs include the +/- \u00a311,782administrator and adjusted by fund manager\u2019s assessment of managementthe performance of the underlying investments and adjustments made to this assessment to generate the deemed fair value. A reasonable possible shift in the fair value of the instruments would be +/-36% (31 March 2022: +/-48%).1CashN/A 74,863 475,786 Transaction price N/A N/A2Other net liabilitiesN/A (348,853) (480,349) Transaction price N/A N/ATotal financial assets 338,300 342,950held at fair value through profit or loss1. Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.2. Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3344.9 million.During the year ended 31 March 2023, there were no movements from Level 1 to Level 2 (31 March 2022: \u00a3Nil).Assets classified as Level 2 investments are primarily underlying funds fair-valued using the latest available NAV of each fund as reported by each fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit funds priced using the latest market price equivalent to their NAV. Such investments have been classified as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.Assets classified as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value of these assets is derived from quarterly statements provided by each fund\u2019s administrator.The following table presents the movements in Level 3 investments of the Partnership for the year ended 31 March 2023:Investment in Capital pool 2023 2022 subsidiaryinvestmentTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 31,651 39,857 71,508 82,844Purchases \u2013 100,352 100,352 2,592Return of capital \u2013 (10,551) (10,551) (9,070)Gains/(losses) on financial assets at fair value 8,735 4,764 13,499 (4,858)Closing balance 40,386 134,422 174,808 71,508The net gains/losses for the year included in the Statement of Comprehensive Income in respect of Level 3 investments of the Partnership held as at the year end amounted to \u00a313,499,000 gains (31 March 2022: \u00a34,858,000 losses).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__67": { "value": "19. FAIR VALUE MEASUREMENTIFRS 13 \u201cFair Value Measurement\u201d requires the Group to establish a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under IFRS 13 are set as follows:\u2022 Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;\u2022 Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices) or other market corroborated inputs; and\u2022 Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement requires judgement, considering factors specific to the asset or liability.The determination of what constitutes \u201cobservable\u201d requires significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market.The following table presents the Group\u2019s financial assets by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:2023Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 919,958 919,958The Partnership \u2013 \u2013 338,300 338,300Total assets \u2013 \u2013 1,258,258 1,258,2582022Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 980,282 980,282The Partnership \u2013 \u2013 342,950 342,950Total assets \u2013 \u2013 1,323,232 1,323,232The investments in the Holding Company and the Partnership are classified as Level 3 investments due to the use of the adjusted NAV of the subsidiaries as a proxy for fair value, as detailed in note 2. The subsidiaries hold some investments valued using techniques with significant unobservable inputs as outlined in the sections that follow.The underlying assets of the Partnership and the Holding Company are shown below.The following table presents the Holding Company\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000Listed investment 1 73,943 121,226 Publicly available share bid N/A N/Aprice as at statement of financial position dateSIML 3 6,108 5,822 Net assets of SIML Carrying value of assets and liabilities +/- \u00a3305determined in accordance with generally accepted accounting principles, without adjustment. A sensitivity of 5% (31 March 2022: 5%) of the NAV of SIML is applied.Milestone payments 3 54,516 49,802 Discounted Cash Flow The main unobservable inputs consist PoS: +/- resulting from sale of the assigned probability of milestone \u00a36,447 of subsidiarysuccess and the discount rate used.Discount rate: \u00a38,486Deferred 3 15,882 \u2013 Discounted Cash Flow The main unobservable inputs consist PoS: +/- considerationof the assigned probability of milestone \u00a310,963 success and the discount rate used.Discount rate: \u00a35,3431Calibrated PRI3 427,552 325,662 Calibrated PRI The main unobservable input is the +/- \u00a342,755quantification of the progress investments make against internal financing and/or corporate milestones where appropriate. A reasonable shift in the fair value of the investment would be +/-10% (31 March 2022: +/-18%).2CashN/A 294 543 Transaction price N/A N/A3Other net assetsN/A 346,272 481,739 Transaction price N/A N/A Total financial 924,567 984,794assets held at fair value through profit or loss1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances. 2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.3. Other net assets primarily consists of a receivable due from the Partnership totalling \u00a3344.9 million.19. FAIR VALUE MEASUREMENT CONTINUEDThe following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2023 and 31\ue61dMarch 2022:Life science Milestone 2023 2022 investmentspaymentsSIMLTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 325,662 49,802 5,822 381,286 303,804Purchases during the year 154,051 \u2013 2,312 156,363 107, 817Sales during the year (15,311) \u2013 \u2013 (15,311) (325,837)(Losses)/gains on financial assets at fair value through profit or loss (36,850) 20,596 (2,026) (18,280) 295,502Transfer from Level 3 \u2013 \u2013 \u2013 \u2013 \u2013Closing balance 427,5 52 70,398 6,10 8 504,058 381,286The net loss for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments in the Holding Company held as at the year end amounted to \u00a318,280,000 (31 March 2022: \u00a3295,502,000).During the year, there were no movements from Level 3 to Level 1 (31 March 2022: \u00a3Nil).The following table presents the Partnership\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000UK treasury bills 1 284,960 179,984 Publicly available price as at N/A N/Astatement of financial position dateCapital pool 2 101,566 99,489 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Credit fundscomponents are from observable inputsCapital pool 2 58,615 \u2013 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Multi-asset fundscomponents are from observable inputsCapital pool 3 101,421 \u2013 Valuation produced by fund The main unobservable inputs include +/- \u00a35,071investment fund administratorthe assessment of the performance \u2013 Multi-asset fundsof the underlying assets by the fund administrator. A fair reasonable shift in the fair value of the instruments would be +/-5% (31 March 2022: N/A).Legacy funds \u2013 3 33,001 39,857 Valuation produced by fund The main unobservable inputs include +/- \u00a34,290Long-term unlisted administratorthe assessment of the performance investmentsof the underlying fund by the fund administrator. A reasonable possible shift in the fair value of the instruments would be +/-13% (31 March 2022: +/-10%).CRT Pioneer Fund 3 32,727 28,183 Valuation produced by fund Unobservable inputs include the +/- \u00a311,782administrator and adjusted by fund manager\u2019s assessment of managementthe performance of the underlying investments and adjustments made to this assessment to generate the deemed fair value. A reasonable possible shift in the fair value of the instruments would be +/-36% (31 March 2022: +/-48%).1CashN/A 74,863 475,786 Transaction price N/A N/A2Other net liabilitiesN/A (348,853) (480,349) Transaction price N/A N/ATotal financial assets 338,300 342,950held at fair value through profit or loss1. Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.2. Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3344.9 million.During the year ended 31 March 2023, there were no movements from Level 1 to Level 2 (31 March 2022: \u00a3Nil).Assets classified as Level 2 investments are primarily underlying funds fair-valued using the latest available NAV of each fund as reported by each fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit funds priced using the latest market price equivalent to their NAV. Such investments have been classified as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.Assets classified as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value of these assets is derived from quarterly statements provided by each fund\u2019s administrator.The following table presents the movements in Level 3 investments of the Partnership for the year ended 31 March 2023:Investment in Capital pool 2023 2022 subsidiaryinvestmentTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 31,651 39,857 71,508 82,844Purchases \u2013 100,352 100,352 2,592Return of capital \u2013 (10,551) (10,551) (9,070)Gains/(losses) on financial assets at fair value 8,735 4,764 13,499 (4,858)Closing balance 40,386 134,422 174,808 71,508The net gains/losses for the year included in the Statement of Comprehensive Income in respect of Level 3 investments of the Partnership held as at the year end amounted to \u00a313,499,000 gains (31 March 2022: \u00a34,858,000 losses).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__66": { "value": "19. FAIR VALUE MEASUREMENTIFRS 13 \u201cFair Value Measurement\u201d requires the Group to establish a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under IFRS 13 are set as follows:\u2022 Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;\u2022 Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices) or other market corroborated inputs; and\u2022 Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement requires judgement, considering factors specific to the asset or liability.The determination of what constitutes \u201cobservable\u201d requires significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market.The following table presents the Group\u2019s financial assets by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:2023Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 919,958 919,958The Partnership \u2013 \u2013 338,300 338,300Total assets \u2013 \u2013 1,258,258 1,258,2582022Level 1Level 2Level 3TotalAssets\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets at fair value through profit or lossThe Holding Company \u2013 \u2013 980,282 980,282The Partnership \u2013 \u2013 342,950 342,950Total assets \u2013 \u2013 1,323,232 1,323,232The investments in the Holding Company and the Partnership are classified as Level 3 investments due to the use of the adjusted NAV of the subsidiaries as a proxy for fair value, as detailed in note 2. The subsidiaries hold some investments valued using techniques with significant unobservable inputs as outlined in the sections that follow.The underlying assets of the Partnership and the Holding Company are shown below.The following table presents the Holding Company\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000Listed investment 1 73,943 121,226 Publicly available share bid N/A N/Aprice as at statement of financial position dateSIML 3 6,108 5,822 Net assets of SIML Carrying value of assets and liabilities +/- \u00a3305determined in accordance with generally accepted accounting principles, without adjustment. A sensitivity of 5% (31 March 2022: 5%) of the NAV of SIML is applied.Milestone payments 3 54,516 49,802 Discounted Cash Flow The main unobservable inputs consist PoS: +/- resulting from sale of the assigned probability of milestone \u00a36,447 of subsidiarysuccess and the discount rate used.Discount rate: \u00a38,486Deferred 3 15,882 \u2013 Discounted Cash Flow The main unobservable inputs consist PoS: +/- considerationof the assigned probability of milestone \u00a310,963 success and the discount rate used.Discount rate: \u00a35,3431Calibrated PRI3 427,552 325,662 Calibrated PRI The main unobservable input is the +/- \u00a342,755quantification of the progress investments make against internal financing and/or corporate milestones where appropriate. A reasonable shift in the fair value of the investment would be +/-10% (31 March 2022: +/-18%).2CashN/A 294 543 Transaction price N/A N/A3Other net assetsN/A 346,272 481,739 Transaction price N/A N/A Total financial 924,567 984,794assets held at fair value through profit or loss1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances. 2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.3. Other net assets primarily consists of a receivable due from the Partnership totalling \u00a3344.9 million.19. FAIR VALUE MEASUREMENT CONTINUEDThe following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2023 and 31\ue61dMarch 2022:Life science Milestone 2023 2022 investmentspaymentsSIMLTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 325,662 49,802 5,822 381,286 303,804Purchases during the year 154,051 \u2013 2,312 156,363 107, 817Sales during the year (15,311) \u2013 \u2013 (15,311) (325,837)(Losses)/gains on financial assets at fair value through profit or loss (36,850) 20,596 (2,026) (18,280) 295,502Transfer from Level 3 \u2013 \u2013 \u2013 \u2013 \u2013Closing balance 427,5 52 70,398 6,10 8 504,058 381,286The net loss for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments in the Holding Company held as at the year end amounted to \u00a318,280,000 (31 March 2022: \u00a3295,502,000).During the year, there were no movements from Level 3 to Level 1 (31 March 2022: \u00a3Nil).The following table presents the Partnership\u2019s financial assets and liabilities by level within the valuation hierarchy as at 31 March 2023 and 31 March 2022:Impact on 31 March 2023 31 March 2022 Valuation Significant valuation Asset type Level\u00a3\u2019000\u00a3\u2019000techniqueunobservable inputs\u00a3\u2019000UK treasury bills 1 284,960 179,984 Publicly available price as at N/A N/Astatement of financial position dateCapital pool 2 101,566 99,489 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Credit fundscomponents are from observable inputsCapital pool 2 58,615 \u2013 Valuation produced by fund N/A N/Ainvestment fund administrator. Inputs into fund \u2013 Multi-asset fundscomponents are from observable inputsCapital pool 3 101,421 \u2013 Valuation produced by fund The main unobservable inputs include +/- \u00a35,071investment fund administratorthe assessment of the performance \u2013 Multi-asset fundsof the underlying assets by the fund administrator. A fair reasonable shift in the fair value of the instruments would be +/-5% (31 March 2022: N/A).Legacy funds \u2013 3 33,001 39,857 Valuation produced by fund The main unobservable inputs include +/- \u00a34,290Long-term unlisted administratorthe assessment of the performance investmentsof the underlying fund by the fund administrator. A reasonable possible shift in the fair value of the instruments would be +/-13% (31 March 2022: +/-10%).CRT Pioneer Fund 3 32,727 28,183 Valuation produced by fund Unobservable inputs include the +/- \u00a311,782administrator and adjusted by fund manager\u2019s assessment of managementthe performance of the underlying investments and adjustments made to this assessment to generate the deemed fair value. A reasonable possible shift in the fair value of the instruments would be +/-36% (31 March 2022: +/-48%).1CashN/A 74,863 475,786 Transaction price N/A N/A2Other net liabilitiesN/A (348,853) (480,349) Transaction price N/A N/ATotal financial assets 338,300 342,950held at fair value through profit or loss1. Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.2. Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3344.9 million.During the year ended 31 March 2023, there were no movements from Level 1 to Level 2 (31 March 2022: \u00a3Nil).Assets classified as Level 2 investments are primarily underlying funds fair-valued using the latest available NAV of each fund as reported by each fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit funds priced using the latest market price equivalent to their NAV. Such investments have been classified as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.Assets classified as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value of these assets is derived from quarterly statements provided by each fund\u2019s administrator.The following table presents the movements in Level 3 investments of the Partnership for the year ended 31 March 2023:Investment in Capital pool 2023 2022 subsidiaryinvestmentTotalTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Opening balance 31,651 39,857 71,508 82,844Purchases \u2013 100,352 100,352 2,592Return of capital \u2013 (10,551) (10,551) (9,070)Gains/(losses) on financial assets at fair value 8,735 4,764 13,499 (4,858)Closing balance 40,386 134,422 174,808 71,508The net gains/losses for the year included in the Statement of Comprehensive Income in respect of Level 3 investments of the Partnership held as at the year end amounted to \u00a313,499,000 gains (31 March 2022: \u00a34,858,000 losses).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__70": { "value": "Deferred 3 15,882 \u2013 Discounted Cash Flow The main unobservable inputs consist PoS: +/- considerationof the assigned probability of milestone \u00a310,963 success and the discount rate used.Discount rate: \u00a35,3431", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__71": { "value": "2023 Uncalled 2022 Uncalled commitmentcommitment\u00a3\u2019000\u00a3\u2019000Life science portfolioMilestone payments to life science companies 85,143 82,617CRT Pioneer Fund 2,499 3,424Capital pool investments 1,585 2,429Total 89,227 88,470", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__72": { "value": "There were no contingent liabilities as at 31 March 2023 (March 2022: Nil). The commitments are expected to fall due in the next 36 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__74": { "value": "21. SUBSEQUENT EVENTSThese Consolidated Financial Statements were approved for issuance by the Directors on 14 June 2023. Subsequent events have been evaluated until 14 June 2023.Since the balance sheet date, share price movements resulted in an increase in value of the listed life science investments of \u00a317.1 million as at 13\ue61dJune\ue61d2023.At 31 March 2023, SwanBio Therapeutics Limited (\u201cSwanBio\u201d) was running fundraising processes to bring in external capital required to finance the company as a platform-based business and to progress the lead programme into clinical trials. Management had reasonable expectations based on investor activity that these fundraising processes would generate the additional external funding by early June 2023. Prior to the year end Syncona put in place two convertible loan notes to provide SwanBio ongoing funding to support the entire platform through to the end of June 2023, and beyond this, to support SBT101 to complete low dose cohort whilst it continues to pursue fundraising. At the date these financial statements are approved, the fundraising processes continue to progress with no offers generated yet. Ongoing investor discussions led Syncona and SwanBio\u2019s management to believe that these processes were unlikely to generate additional capital by the end of June. Consequently, on 14 June 2023, SwanBio decided to restructure the programme pipeline to focus solely on its lead asset, SBT101. Management believes this provides further evidence that external capital access was constrained at the year end and has assessed and accounted its impact as an adjusting post-balance sheet event. The drawdown of the second convertible loan was conditional on this restructuring, in the absence of external fundraising, to fund the business through to the end of its low dose cohort to generate data and whilst it continues to look at financing and strategic options for the business.21. SUBSEQUENT EVENTS CONTINUEDThe restructuring of the programmes changed the investment thesis of SwanBio from a platform-based business (with four pipeline programmes) to a single asset business. This triggered Management to revisit the valuation of SwanBio and write off the value attributed to the programmes no longer being progressed. SwanBio is valued using calibrated cost in line with the investment valuation policy as described in note 2. The change in investment thesis due to the restructuring has resulted in a reduction in the fair value of SwanBio from \u00a3109.9 million to \u00a358.2 million at the year\ue61dend. This was determined through assessing the value of SBT101 relative to the total valuation of SwanBio as a platform company attributed by Syncona previously at the Series B funding and applying this percentage to the total capital invested in the company, exclusive of any funding which was allocated specifically to SBT101. This has resulted in a calibration adjustment of 47% of cost being applied to the valuation of SwanBio.SwanBio continues to make positive progress post-year end. This supports the judgement made by Management that value is maintained within the SBT101 programme.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__73": { "value": "These Consolidated Financial Statements were approved for issuance by the Directors on 14 June 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "s8_notes__8__14": { "value": "Frances House PO Box 273 Sir William Place St. Peter Port Guernsey GY1 3RD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } } } }