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Melanie Gee
Rob Hutchinson
Chair
Non-Executive Director
Syncona Limited
Syncona Limited", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f13919": { "value": "767999000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f13921": { "value": "530449000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember", "unit": "iso4217:GBP" } }, "f13923": { "value": "11393000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": 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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2022-04-01T00:00:00", "unit": "iso4217:GBP" } }, "f14086": { "value": "261000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "f14088": { "value": "11000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "f14106": { "value": "1. GENERAL INFORMATION
Syncona 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 97.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14109": { "value": "Syncona Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14110": { "value": "Syncona Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14111": { "value": "Syncona Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14112": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14113": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14114": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14115": { "value": "closed-ended investment company.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14118": { "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:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14119": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14132": { "value": "2. ACCOUNTING POLICIES
The Group\u2019s investments in life science companies, other investments within the life science portfolio and capital pool investments
are held, respectively, through the Holding Company and the Partnership, which are measured at fair value through pro\ufb01t or loss in
accordance with the requirement of IFRS 10 \u201cConsolidated Financial Statements\u201d.
STATEMENT OF COMPLIANCE
The 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 19 June 2024.
Information reported to the Board (the Chief Operating Decision Maker (CODM)) 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 \ufb01nancial
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
\ufb01nancial statements. IFRS requires operating segments to be identi\ufb01ed on the basis of the internal \ufb01nancial 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 PREPARATION
The Consolidated Financial Statements have been prepared under the historical cost basis, except for investments and share based
payment provision held at fair value through pro\ufb01t or loss, which have been measured at fair value.
FUNCTIONAL CURRENCY
The 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 signi\ufb01cant exposure to other currencies as described in note 18.
GOING CONCERN
The \ufb01nancial 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 \u00a31,238.9 million (31 March 2023: \u00a31,254.7 million) of
which \u00a3435.8 million (31 March 2023: \u00a3629.4 million) are readily realisable within three months in normal market conditions, and liabilities
including uncalled commitments to underlying investments and funds amounting to \u00a395.2 million (31 March 2023: \u00a389.2 million).
Given the Group\u2019s capital pool of \u00a3452.8 million (31 March 2023: \u00a3650.1 million) the Directors consider that the Group has adequate
\ufb01nancial resources to continue its operations, including existing commitments to its investments and planned additional capital
expenditure for 12 months following the approval of the \ufb01nancial statements. The Directors also continue to monitor the ever changing
macro environment 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.
BASIS OF CONSOLIDATION
The Group\u2019s Consolidated Financial Statements consist of the \ufb01nancial 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 \ufb01nancial statements of the General Partner are prepared in accordance
with United Kingdom (UK) Accounting Standards under Financial Reporting Standard 101 \u201cReduced Disclosure Framework\u201d. Where
necessary, adjustments are made to the \ufb01nancial 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 2024 and 31 March 2023, no such adjustments have been made. All
intra-group transactions, balances and expenses are eliminated on consolidation.
\u00a0
Entities that meet the de\ufb01nition of an investment entity under IFRS 10 are held at fair value through pro\ufb01t or loss in accordance with
IFRS 9 \u201cFinancial Instruments\u201d. The Company, the Partnership and the Holding Company meet the de\ufb01nition of investment entities.
The General Partner does not meet the de\ufb01nition of an investment entity due to providing investment management related services
to the Group, and is therefore consolidated.
NEW STANDARDS ADOPTED BY THE GROUP
There are no standards, amendments to standards or interpretations that are effective for the annual period ending on 31 March 2024
that have a material effect on the Group\u2019s Consolidated Financial Statements.
STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET EFFECTIVE
There 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 expected to have a material impact on the Group\u2019s Consolidated Financial Statements.
\u2013
Amendments to IFRS 17: Insurance Contracts;
\u2013
Amendments to IFRS 10 and IAS 28: Sale or contribution of assets between an investor and its associate or joint venture;
\u2013
Amendments to IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current;
\u2013
Amendments to IAS 1: Non-current Liabilities with Covenants;
\u2013
Amendments to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors;
\u2013
Amendments to IAS 12: Income Taxes; and
\u2013
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback.
FINANCIAL INSTRUMENTS
Financial assets 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, \ufb01nancial assets are recognised at fair value less transaction costs which
are recognised in the Statement of Comprehensive Income.
On subsequent measurement, a \ufb01nancial asset is classi\ufb01ed as measured at amortised cost, fair value through other comprehensive
income, or fair value through pro\ufb01t or loss.
Financial assets measured at amortised cost
Financial assets are measured at amortised cost if held within a business model whose objective is to hold \ufb01nancial assets in order to
collect contractual cash \ufb02ows and its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding. The Group includes in this category short-term non-\ufb01nancing receivables including
trade and other receivables.
As at 31 March 2024 and 31 March 2023, there are no \ufb01nancial assets measured at fair value through other comprehensive income.
Financial liabilities measured at amortised cost
This category includes all \ufb01nancial liabilities, other than those measured at fair value through pro\ufb01t or loss. The Group includes in this
category short-term payables.
Financial assets at fair value through pro\ufb01t or loss
The 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 pro\ufb01t or loss in accordance with the requirement of IFRS 10. The
Net Asset Value (NAV) 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 subsidiaries
The Group classi\ufb01ed its direct investments in subsidiaries as investments at fair value through pro\ufb01t or loss in accordance with the
requirements under IFRS 10.
Fair value \u2013 life science portfolio \u2013 life science investments
The 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 (IPEV) valuation guidelines. These may include the use of recent arm\u2019s length transactions, discounted cash
\ufb02ow (DCF) 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:
\u2013
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 (PRI) 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.
\u2013
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 is
undertaken at each valuation point and considers changes in the key company indicators, changes to the external environment,
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 in the \ufb01nancial, 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.
\u2013
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 signi\ufb01cant 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 \ufb01nal stages of clinical testing prior to regulatory approval or has \ufb01led for regulatory approval. No life science
investments were valued on a DCF basis as at 31 March 2024 and 31 March 2023.
Fair value \u2013 life science portfolio \u2013 milestone payments
Milestone 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 pro\ufb01t or loss. Subsequent measurement of milestone payments
is at fair value through pro\ufb01t 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 consideration
Financial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on
a non-\ufb01nancial variable not speci\ufb01c to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value.
Subsequent measurement of the \ufb01nancial asset is at fair value through pro\ufb01t or loss. When estimating the fair value of the \ufb01nancial
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 funds
The Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether \ufb01nal 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 noti\ufb01ed 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 contracts
Forward 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.
Other \ufb01nancial liabilities
Other \ufb01nancial liabilities include all other \ufb01nancial liabilities other than \ufb01nancial liabilities at fair value through pro\ufb01t or loss. The Group\u2019s
other \ufb01nancial 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 \ufb01nancial liabilities.
Offsetting of \ufb01nancial instruments
Financial 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 \ufb01nancial instruments
A \ufb01nancial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the \ufb01nancial asset have expired; (b) the Group retains the
right to receive cash \ufb02ows from the \ufb01nancial 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 \ufb01nancial asset, or has
neither transferred nor retained substantially all the risks and rewards of the \ufb01nancial asset, but has transferred control of the \ufb01nancial asset.
A \ufb01nancial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expired.
Impairment of \ufb01nancial assets
IFRS 9 requires the Group to record expected credit losses (ECLs) on all \ufb01nancial 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 \ufb01nancing component and which have
maturities of less than 12 months at amortised cost and therefore has applied the simpli\ufb01ed approach to recognise lifetime ECLs
permitted by IFRS 9.
Commitments
Through 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 payments
Certain employees of SIML participate in equity incentive arrangements under which they receive awards of Management Equity
Shares (MES) 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 become
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 13% to 28% (31 March 2023: 12% to 27%); and probabilities of success that result in
an average cumulative probability of success across the life science portfolio of 18% (31 March 2023: 26%). 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 \ufb01nancial 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 \ufb01nancial 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.
TREASURY SHARES
Treasury shares are Ordinary Shares of the Company held by the Company and presented as a reduction of equity, at the consideration
paid, including any incremental attributable costs. The Ordinary Shares are purchased from the London Stock Exchange at market value.
INCOME
All 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.
EXPENSES
Expenses are accounted for on accruals basis. Expenses incurred on the acquisition of investments at fair value through pro\ufb01t 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 EQUIVALENTS
Cash comprises 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 insigni\ufb01cant changes in value.
TRANSLATION OF FOREIGN CURRENCY
Items 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 INCOME
In order to better re\ufb02ect the activities of an investment company, supplementary information which analyses the Consolidated Statement
of Comprehensive Income and reserves between items of a revenue and capital nature has been presented alongside the Consolidated
Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Holders of Ordinary Shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14138": { "value": "STATEMENT OF COMPLIANCE
The 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 19 June 2024.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14150": { "value": "IFRS requires operating segments to be identi\ufb01ed on the basis of the internal \ufb01nancial 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:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14154": { "value": "BASIS OF PREPARATION
The Consolidated Financial Statements have been prepared under the historical cost basis, except for investments and share based
payment provision held at fair value through pro\ufb01t or loss, which have been measured at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14160": { "value": "FUNCTIONAL CURRENCY
The 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 signi\ufb01cant exposure to other currencies as described in note 18. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14167": { "value": "GOING CONCERN
The \ufb01nancial 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 \u00a31,238.9 million (31 March 2023: \u00a31,254.7 million) of
which \u00a3435.8 million (31 March 2023: \u00a3629.4 million) are readily realisable within three months in normal market conditions, and liabilities
including uncalled commitments to underlying investments and funds amounting to \u00a395.2 million (31 March 2023: \u00a389.2 million).
Given the Group\u2019s capital pool of \u00a3452.8 million (31 March 2023: \u00a3650.1 million) the Directors consider that the Group has adequate
\ufb01nancial resources to continue its operations, including existing commitments to its investments and planned additional capital
expenditure for 12 months following the approval of the \ufb01nancial statements. The Directors also continue to monitor the ever changing
macro environment 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14180": { "value": "BASIS OF CONSOLIDATION
The Group\u2019s Consolidated Financial Statements consist of the \ufb01nancial 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 \ufb01nancial statements of the General Partner are prepared in accordance
with United Kingdom (UK) Accounting Standards under Financial Reporting Standard 101 \u201cReduced Disclosure Framework\u201d. Where
necessary, adjustments are made to the \ufb01nancial 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 2024 and 31 March 2023, no such adjustments have been made. All
intra-group transactions, balances and expenses are eliminated on consolidation.
\u00a0
Entities that meet the de\ufb01nition of an investment entity under IFRS 10 are held at fair value through pro\ufb01t or loss in accordance with
IFRS 9 \u201cFinancial Instruments\u201d. The Company, the Partnership and the Holding Company meet the de\ufb01nition of investment entities.
The General Partner does not meet the de\ufb01nition 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14188": { "value": "2024-03-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14217": { "value": "NEW STANDARDS ADOPTED BY THE GROUP
There are no standards, amendments to standards or interpretations that are effective for the annual period ending on 31 March 2024
that have a material effect on the Group\u2019s Consolidated Financial Statements.
STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET EFFECTIVE
There 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 expected to have a material impact on the Group\u2019s Consolidated Financial Statements.
\u2013
Amendments to IFRS 17: Insurance Contracts;
\u2013
Amendments to IFRS 10 and IAS 28: Sale or contribution of assets between an investor and its associate or joint venture;
\u2013
Amendments to IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current;
\u2013
Amendments to IAS 1: Non-current Liabilities with Covenants;
\u2013
Amendments to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors;
\u2013
Amendments to IAS 12: Income Taxes; and
\u2013
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback.", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14240": { "value": "FINANCIAL INSTRUMENTS
Financial assets 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, \ufb01nancial assets are recognised at fair value less transaction costs which
are recognised in the Statement of Comprehensive Income.
On subsequent measurement, a \ufb01nancial asset is classi\ufb01ed as measured at amortised cost, fair value through other comprehensive
income, or fair value through pro\ufb01t or loss.
Financial assets measured at amortised cost
Financial assets are measured at amortised cost if held within a business model whose objective is to hold \ufb01nancial assets in order to
collect contractual cash \ufb02ows and its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding. The Group includes in this category short-term non-\ufb01nancing receivables including
trade and other receivables.
As at 31 March 2024 and 31 March 2023, there are no \ufb01nancial assets measured at fair value through other comprehensive income.
Financial liabilities measured at amortised cost
This category includes all \ufb01nancial liabilities, other than those measured at fair value through pro\ufb01t or loss. The Group includes in this
category short-term payables.
Financial assets at fair value through pro\ufb01t or loss
The 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 pro\ufb01t or loss in accordance with the requirement of IFRS 10. The
Net Asset Value (NAV) 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 subsidiaries
The Group classi\ufb01ed its direct investments in subsidiaries as investments at fair value through pro\ufb01t or loss in accordance with the
requirements under IFRS 10.
Fair value \u2013 life science portfolio \u2013 life science investments
The 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 (IPEV) valuation guidelines. These may include the use of recent arm\u2019s length transactions, discounted cash
\ufb02ow (DCF) 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:
\u2013
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 (PRI) 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.
\u2013
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 is
undertaken at each valuation point and considers changes in the key company indicators, changes to the external environment,
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 in the \ufb01nancial, 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.
\u2013
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 signi\ufb01cant 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 \ufb01nal stages of clinical testing prior to regulatory approval or has \ufb01led for regulatory approval. No life science
investments were valued on a DCF basis as at 31 March 2024 and 31 March 2023.
Fair value \u2013 life science portfolio \u2013 milestone payments
Milestone 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 pro\ufb01t or loss. Subsequent measurement of milestone payments
is at fair value through pro\ufb01t 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 consideration
Financial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on
a non-\ufb01nancial variable not speci\ufb01c to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value.
Subsequent measurement of the \ufb01nancial asset is at fair value through pro\ufb01t or loss. When estimating the fair value of the \ufb01nancial
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 funds
The Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether \ufb01nal 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 noti\ufb01ed 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 contracts
Forward 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.
Other \ufb01nancial liabilities
Other \ufb01nancial liabilities include all other \ufb01nancial liabilities other than \ufb01nancial liabilities at fair value through pro\ufb01t or loss. The Group\u2019s
other \ufb01nancial 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 \ufb01nancial liabilities.
Offsetting of \ufb01nancial instruments
Financial 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 \ufb01nancial instruments
A \ufb01nancial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the \ufb01nancial asset have expired; (b) the Group retains the
right to receive cash \ufb02ows from the \ufb01nancial 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 \ufb01nancial asset, or has
neither transferred nor retained substantially all the risks and rewards of the \ufb01nancial asset, but has transferred control of the \ufb01nancial asset.
A \ufb01nancial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expired.
Impairment of \ufb01nancial assets
IFRS 9 requires the Group to record expected credit losses (ECLs) on all \ufb01nancial 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 \ufb01nancing component and which have
maturities of less than 12 months at amortised cost and therefore has applied the simpli\ufb01ed approach to recognise lifetime ECLs
permitted by IFRS 9.
Commitments
Through 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 payments
Certain employees of SIML participate in equity incentive arrangements under which they receive awards of Management Equity
Shares (MES) 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 become
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 13% to 28% (31 March 2023: 12% to 27%); and probabilities of success that result in
an average cumulative probability of success across the life science portfolio of 18% (31 March 2023: 26%). 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 \ufb01nancial 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 \ufb01nancial 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14241": { "value": "FINANCIAL INSTRUMENTS
Financial assets 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, \ufb01nancial assets are recognised at fair value less transaction costs which
are recognised in the Statement of Comprehensive Income.
On subsequent measurement, a \ufb01nancial asset is classi\ufb01ed as measured at amortised cost, fair value through other comprehensive
income, or fair value through pro\ufb01t or loss.
Financial assets measured at amortised cost
Financial assets are measured at amortised cost if held within a business model whose objective is to hold \ufb01nancial assets in order to
collect contractual cash \ufb02ows and its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding. The Group includes in this category short-term non-\ufb01nancing receivables including
trade and other receivables.
As at 31 March 2024 and 31 March 2023, there are no \ufb01nancial assets measured at fair value through other comprehensive income.
Financial liabilities measured at amortised cost
This category includes all \ufb01nancial liabilities, other than those measured at fair value through pro\ufb01t or loss. The Group includes in this
category short-term payables.
Financial assets at fair value through pro\ufb01t or loss
The 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 pro\ufb01t or loss in accordance with the requirement of IFRS 10. The
Net Asset Value (NAV) 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 subsidiaries
The Group classi\ufb01ed its direct investments in subsidiaries as investments at fair value through pro\ufb01t or loss in accordance with the
requirements under IFRS 10.
Fair value \u2013 life science portfolio \u2013 life science investments
The 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 (IPEV) valuation guidelines. These may include the use of recent arm\u2019s length transactions, discounted cash
\ufb02ow (DCF) 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:
\u2013
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 (PRI) 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.
\u2013
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 is
undertaken at each valuation point and considers changes in the key company indicators, changes to the external environment,
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 in the \ufb01nancial, 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.
\u2013
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 signi\ufb01cant 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 \ufb01nal stages of clinical testing prior to regulatory approval or has \ufb01led for regulatory approval. No life science
investments were valued on a DCF basis as at 31 March 2024 and 31 March 2023.
Fair value \u2013 life science portfolio \u2013 milestone payments
Milestone 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 pro\ufb01t or loss. Subsequent measurement of milestone payments
is at fair value through pro\ufb01t 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 consideration
Financial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on
a non-\ufb01nancial variable not speci\ufb01c to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value.
Subsequent measurement of the \ufb01nancial asset is at fair value through pro\ufb01t or loss. When estimating the fair value of the \ufb01nancial
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 funds
The Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether \ufb01nal 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 noti\ufb01ed 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 contracts
Forward 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.
Other \ufb01nancial liabilities
Other \ufb01nancial liabilities include all other \ufb01nancial liabilities other than \ufb01nancial liabilities at fair value through pro\ufb01t or loss. The Group\u2019s
other \ufb01nancial 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 \ufb01nancial liabilities.
Offsetting of \ufb01nancial instruments
Financial 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 \ufb01nancial instruments
A \ufb01nancial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the \ufb01nancial asset have expired; (b) the Group retains the
right to receive cash \ufb02ows from the \ufb01nancial 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 \ufb01nancial asset, or has
neither transferred nor retained substantially all the risks and rewards of the \ufb01nancial asset, but has transferred control of the \ufb01nancial asset.
A \ufb01nancial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expired.
Impairment of \ufb01nancial assets
IFRS 9 requires the Group to record expected credit losses (ECLs) on all \ufb01nancial 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 \ufb01nancing component and which have
maturities of less than 12 months at amortised cost and therefore has applied the simpli\ufb01ed approach to recognise lifetime ECLs
permitted by IFRS 9.
Commitments
Through 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 payments
Certain employees of SIML participate in equity incentive arrangements under which they receive awards of Management Equity
Shares (MES) 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 become
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 13% to 28% (31 March 2023: 12% to 27%); and probabilities of success that result in
an average cumulative probability of success across the life science portfolio of 18% (31 March 2023: 26%). 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 \ufb01nancial 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 \ufb01nancial 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14242": { "value": "FINANCIAL INSTRUMENTS
Financial assets 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, \ufb01nancial assets are recognised at fair value less transaction costs which
are recognised in the Statement of Comprehensive Income.
On subsequent measurement, a \ufb01nancial asset is classi\ufb01ed as measured at amortised cost, fair value through other comprehensive
income, or fair value through pro\ufb01t or loss.
Financial assets measured at amortised cost
Financial assets are measured at amortised cost if held within a business model whose objective is to hold \ufb01nancial assets in order to
collect contractual cash \ufb02ows and its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding. The Group includes in this category short-term non-\ufb01nancing receivables including
trade and other receivables.
As at 31 March 2024 and 31 March 2023, there are no \ufb01nancial assets measured at fair value through other comprehensive income.
Financial liabilities measured at amortised cost
This category includes all \ufb01nancial liabilities, other than those measured at fair value through pro\ufb01t or loss. The Group includes in this
category short-term payables.
Financial assets at fair value through pro\ufb01t or loss
The 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 pro\ufb01t or loss in accordance with the requirement of IFRS 10. The
Net Asset Value (NAV) 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 subsidiaries
The Group classi\ufb01ed its direct investments in subsidiaries as investments at fair value through pro\ufb01t or loss in accordance with the
requirements under IFRS 10.
Fair value \u2013 life science portfolio \u2013 life science investments
The 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 (IPEV) valuation guidelines. These may include the use of recent arm\u2019s length transactions, discounted cash
\ufb02ow (DCF) 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:
\u2013
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 (PRI) 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.
\u2013
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 is
undertaken at each valuation point and considers changes in the key company indicators, changes to the external environment,
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 in the \ufb01nancial, 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.
\u2013
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 signi\ufb01cant 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 \ufb01nal stages of clinical testing prior to regulatory approval or has \ufb01led for regulatory approval. No life science
investments were valued on a DCF basis as at 31 March 2024 and 31 March 2023.
Fair value \u2013 life science portfolio \u2013 milestone payments
Milestone 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 pro\ufb01t or loss. Subsequent measurement of milestone payments
is at fair value through pro\ufb01t 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 consideration
Financial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on
a non-\ufb01nancial variable not speci\ufb01c to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value.
Subsequent measurement of the \ufb01nancial asset is at fair value through pro\ufb01t or loss. When estimating the fair value of the \ufb01nancial
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 funds
The Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether \ufb01nal 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 noti\ufb01ed 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 contracts
Forward 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.
Other \ufb01nancial liabilities
Other \ufb01nancial liabilities include all other \ufb01nancial liabilities other than \ufb01nancial liabilities at fair value through pro\ufb01t or loss. The Group\u2019s
other \ufb01nancial 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 \ufb01nancial liabilities.
Offsetting of \ufb01nancial instruments
Financial 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 \ufb01nancial instruments
A \ufb01nancial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the \ufb01nancial asset have expired; (b) the Group retains the
right to receive cash \ufb02ows from the \ufb01nancial 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 \ufb01nancial asset, or has
neither transferred nor retained substantially all the risks and rewards of the \ufb01nancial asset, but has transferred control of the \ufb01nancial asset.
A \ufb01nancial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expired.
Impairment of \ufb01nancial assets
IFRS 9 requires the Group to record expected credit losses (ECLs) on all \ufb01nancial 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 \ufb01nancing component and which have
maturities of less than 12 months at amortised cost and therefore has applied the simpli\ufb01ed approach to recognise lifetime ECLs
permitted by IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14252": { "value": "Financial assets measured at amortised cost
Financial assets are measured at amortised cost if held within a business model whose objective is to hold \ufb01nancial assets in order to
collect contractual cash \ufb02ows and its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding. The Group includes in this category short-term non-\ufb01nancing receivables including
trade and other receivables.
As at 31 March 2024 and 31 March 2023, there are no \ufb01nancial assets measured at fair value through other comprehensive income.Financial assets at fair value through pro\ufb01t or loss
The 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 pro\ufb01t or loss in accordance with the requirement of IFRS 10. The
Net Asset Value (NAV) 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 subsidiaries
The Group classi\ufb01ed its direct investments in subsidiaries as investments at fair value through pro\ufb01t or loss in accordance with the
requirements under IFRS 10.
Fair value \u2013 life science portfolio \u2013 life science investments
The 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 (IPEV) valuation guidelines. These may include the use of recent arm\u2019s length transactions, discounted cash
\ufb02ow (DCF) 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:
\u2013
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 (PRI) 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.
\u2013
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 is
undertaken at each valuation point and considers changes in the key company indicators, changes to the external environment,
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 in the \ufb01nancial, 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.
\u2013
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 signi\ufb01cant 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 \ufb01nal stages of clinical testing prior to regulatory approval or has \ufb01led for regulatory approval. No life science
investments were valued on a DCF basis as at 31 March 2024 and 31 March 2023.
Fair value \u2013 life science portfolio \u2013 milestone payments
Milestone 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 pro\ufb01t or loss. Subsequent measurement of milestone payments
is at fair value through pro\ufb01t 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 consideration
Financial assets resulting from an investment purchase entitling the Group to future income that has a price which is dependent on
a non-\ufb01nancial variable not speci\ufb01c to a party in the contract (\u201cdeferred consideration\u201d) is measured on initial recognition at fair value.
Subsequent measurement of the \ufb01nancial asset is at fair value through pro\ufb01t or loss. When estimating the fair value of the \ufb01nancial
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 funds
The Group\u2019s capital pool investments in underlying funds are ordinarily valued using the values (whether \ufb01nal 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 noti\ufb01ed 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 contracts
Forward 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14261": { "value": "Financial liabilities measured at amortised cost
This category includes all \ufb01nancial liabilities, other than those measured at fair value through pro\ufb01t or loss. The Group includes in this
category short-term payables.Other \ufb01nancial liabilities
Other \ufb01nancial liabilities include all other \ufb01nancial liabilities other than \ufb01nancial liabilities at fair value through pro\ufb01t or loss. The Group\u2019s
other \ufb01nancial 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 \ufb01nancial liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14365": { "value": "Offsetting of \ufb01nancial instruments
Financial 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14372": { "value": "Derecognition of \ufb01nancial instruments
A \ufb01nancial asset is derecognised when: (a) the rights to receive cash \ufb02ows from the \ufb01nancial asset have expired; (b) the Group retains the
right to receive cash \ufb02ows from the \ufb01nancial 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 \ufb01nancial asset, or has
neither transferred nor retained substantially all the risks and rewards of the \ufb01nancial asset, but has transferred control of the \ufb01nancial asset.
A \ufb01nancial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14414": { "value": "Impairment of \ufb01nancial assets
IFRS 9 requires the Group to record expected credit losses (ECLs) on all \ufb01nancial 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 \ufb01nancing component and which have
maturities of less than 12 months at amortised cost and therefore has applied the simpli\ufb01ed approach to recognise lifetime ECLs
permitted by IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14417": { "value": "IFRS 9 requires the Group to record expected credit losses (ECLs) on all \ufb01nancial 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 \ufb01nancing component and which have
maturities of less than 12 months at amortised cost and therefore has applied the simpli\ufb01ed approach to recognise lifetime ECLs
permitted by IFRS 9.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14426": { "value": "Commitments
Through 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14432": { "value": "Share based payments
Certain employees of SIML participate in equity incentive arrangements under which they receive awards of Management Equity
Shares (MES) 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 become
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 13% to 28% (31 March 2023: 12% to 27%); and probabilities of success that result in
an average cumulative probability of success across the life science portfolio of 18% (31 March 2023: 26%). 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 \ufb01nancial 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 \ufb01nancial 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14472": { "value": "TREASURY SHARES
Treasury shares are Ordinary Shares of the Company held by the Company and presented as a reduction of equity, at the consideration
paid, including any incremental attributable costs. The Ordinary Shares are purchased from the London Stock Exchange at market value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14478": { "value": "INCOME
All 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14510": { "value": "EXPENSES
Expenses are accounted for on accruals basis. Expenses incurred on the acquisition of investments at fair value through pro\ufb01t 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14520": { "value": "CASH AND CASH EQUIVALENTS
Cash comprises 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 insigni\ufb01cant changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14526": { "value": "TRANSLATION OF FOREIGN CURRENCY
Items 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14545": { "value": "3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The 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. 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 JUDGEMENTS
In the process of applying the Group\u2019s accounting policies, the following judgements have been made, which have the most signi\ufb01cant
effect on the amounts recognised in the Consolidated Financial Statements:
Fair value \u2013 life science portfolio
In 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, or 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 scienti\ufb01c 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 life cycle 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 (L.E.K.) in respect of Syncona\u2019s valuation of the following investments:
\u2013
Resolution Therapeutics Limited
\u2013
Anaveon AG
\u2013
Freeline Therapeutics Plc (now Spur Therapeutics Limited)
\u2013
SwanBio Therapeutics Limited (now Spur Therapeutics Limited)
\u2013
Beacon Therapeutics Holdings Limited
\u2013
Quell Therapeutics Limited
\u2013
OMass Therapeutics Limited
\u2013
Purespring Therapeutics Limited
\u2013
CRT Pioneer Fund
As with any review of investments these can only be considered in the context of the limited procedures and agreed scope de\ufb01ning such
review and are subject to assumptions which may be forward looking in nature and subjective judgements. Upon completion of such
limited agreed procedures, L.E.K. estimated an independent range of fair values of those investments subjected to the limited procedures.
In making its determination of fair value Syncona considered the review as one of multiple inputs. The limited procedures were undertaken
within the agreed scope and limited by the information reviewed which did not involve an audit, review, compilation or any other form
of veri\ufb01cation, examination or attestation under generally accepted auditing standards and was based on the review of multiple de\ufb01ned
sources. SIML is responsible for determining the fair value of the investments, and the agreed limited procedures in the review performed
to assist Syncona in its determination are only one element of, and are supplementary to, the inquiries and procedures that SIML is
required to undertake to determine the fair value of the said investments for which Management is ultimately responsible.
KEY SOURCES OF ESTIMATION UNCERTAINTY
The Group\u2019s investments consist of its investments in the Holding Company and the Partnership, both of which are classi\ufb01ed at fair
value through pro\ufb01t 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, 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 dif\ufb01cult 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 progress towards
and achievement of core milestones as well as underlying company indicators 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
\ufb01nancing events which crystallise value at those points in time. The range of +/- 12% (2023: +/- 10%) identi\ufb01ed by Management
re\ufb02ects their estimate of the range of reasonably possible valuations over the next \ufb01nancial 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.
As at the year end, none (31 March 2023: 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14662": { "value": "4. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES
The Company meets the de\ufb01nition 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 \ufb01nancial assets
at fair value through pro\ufb01t or loss.
DIRECT INTERESTS IN SUBSIDIARIES
\n \n
Principal place
2024
2023
Subsidiary
of business
Principal activity
% interest
1
% interest
1
Syncona 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 signi\ufb01cant restrictions on the ability of subsidiaries to transfer funds to the Company.
INDIRECT INTERESTS IN SUBSIDIARIES AND ASSOCIATES
\n \n
Principal place
2024
Indirect subsidiaries
of business
Immediate parent
Principal activity
% interest
1
Syncona 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 IP Holdco (3) 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%
Bidco 1354 Limited
2
UK
Syncona Portfolio Limited
Gene therapy
99%
Force\ufb01eld Therapeutics Limited
UK
Syncona Portfolio Limited
Biologics
94%
Resolution Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
83%
Purespring Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
81%
Beacon Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Gene therapy
77%
Kesmalea Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
59%
Mosaic Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
51%
\n \n
Principal place
2024
Indirect associates
of business
Immediate parent
Principal activity
% interest
1
Quell Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
38%
Anaveon AG
Switzerland
Syncona Portfolio Limited
Biologics
37%
OMass Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
37%
Azeria Therapeutics Limited
UK
Syncona Portfolio Limited
In voluntary liquidation
34%
Achilles Therapeutics plc
UK
Syncona Portfolio Limited
Cell therapy
27%
Clade Therapeutics Inc
United States
Syncona Portfolio Limited
Cell therapy
22%
iOnctura B.V.
Netherlands
Syncona Portfolio Limited
Small molecules
20%
1. Based on undiluted issued share capital and excluding the MES issued by Syncona Holdings Limited (see note 12).
2. Has subsequently been renamed Spur Therapeutics Limited.
\n \n
Principal place
2023
Indirect subsidiaries
of business
Immediate parent
Principal activity
% interest
1
Syncona 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%
Force\ufb01eld Therapeutics Limited
UK
Syncona Portfolio Limited
Biologics
76%
Beacon Therapeutics Holdings 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 molecules
51%
\n \n
2023
Indirect associates
Principal place of business
Immediate parent
Principal activity
% interest
1
Anaveon 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 molecules
41%
OMass Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
35%
Azeria Therapeutics Limited
UK
Syncona Portfolio Limited
In voluntary liquidation
34%
Achilles Therapeutics plc
UK
Syncona Portfolio Limited
Cell therapy
27%
Clade Therapeutics Inc
United States
Syncona Portfolio Limited
Cell therapy
17%
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f14663": { "value": "4. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES
The Company meets the de\ufb01nition 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 \ufb01nancial assets
at fair value through pro\ufb01t or loss.
DIRECT INTERESTS IN SUBSIDIARIES
\n \n
Principal place
2024
2023
Subsidiary
of business
Principal activity
% interest
1
% interest
1
Syncona 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 signi\ufb01cant restrictions on the ability of subsidiaries to transfer funds to the Company.
INDIRECT INTERESTS IN SUBSIDIARIES AND ASSOCIATES
\n \n
Principal place
2024
Indirect subsidiaries
of business
Immediate parent
Principal activity
% interest
1
Syncona 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 IP Holdco (3) 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%
Bidco 1354 Limited
2
UK
Syncona Portfolio Limited
Gene therapy
99%
Force\ufb01eld Therapeutics Limited
UK
Syncona Portfolio Limited
Biologics
94%
Resolution Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
83%
Purespring Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
81%
Beacon Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Gene therapy
77%
Kesmalea Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
59%
Mosaic Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
51%
\n \n
Principal place
2024
Indirect associates
of business
Immediate parent
Principal activity
% interest
1
Quell Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
38%
Anaveon AG
Switzerland
Syncona Portfolio Limited
Biologics
37%
OMass Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
37%
Azeria Therapeutics Limited
UK
Syncona Portfolio Limited
In voluntary liquidation
34%
Achilles Therapeutics plc
UK
Syncona Portfolio Limited
Cell therapy
27%
Clade Therapeutics Inc
United States
Syncona Portfolio Limited
Cell therapy
22%
iOnctura B.V.
Netherlands
Syncona Portfolio Limited
Small molecules
20%
1. Based on undiluted issued share capital and excluding the MES issued by Syncona Holdings Limited (see note 12).
2. Has subsequently been renamed Spur Therapeutics Limited.
\n \n
Principal place
2023
Indirect subsidiaries
of business
Immediate parent
Principal activity
% interest
1
Syncona 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%
Force\ufb01eld Therapeutics Limited
UK
Syncona Portfolio Limited
Biologics
76%
Beacon Therapeutics Holdings 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 molecules
51%
\n \n
2023
Indirect associates
Principal place of business
Immediate parent
Principal activity
% interest
1
Anaveon 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 molecules
41%
OMass Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
35%
Azeria Therapeutics Limited
UK
Syncona Portfolio Limited
In voluntary liquidation
34%
Achilles Therapeutics plc
UK
Syncona Portfolio Limited
Cell therapy
27%
Clade Therapeutics Inc
United States
Syncona Portfolio Limited
Cell therapy
17%
1. Based on undiluted issued share capital and excluding the MES issued by Syncona Holdings Limited (see note 12).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15290": { "value": "5. TAXATION
The 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 \u00a31,600 (31 March 2023: \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 pro\ufb01t (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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15303": { "value": "6. INCOME
The Group\u2019s income relates to distributions from the Partnership which are used for paying costs and dividends of the Group.
During the year, distribution income from the Partnership amounted to \u00a349,137,740 (31 March 2023: \u00a327,494,517) of which
\u00a34,353,307 (31 March 2023: \u00a34,633,973) remained receivable as at 31 March 2024. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15311": { "value": "7. NET GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
The net gains/(losses) on \ufb01nancial assets at fair value through pro\ufb01t or loss arise from the Group\u2019s holdings in the Holding Company
and Partnership.
\n \n
2024
2023
Note
\u00a3\u2019000
\u00a3\u2019000
Net gains/(losses) from:
The Holding Company
7.a
893
(62,636)
The Partnership
7.b
(19,282)
(4,650)
Total
(18,389)
(67,286)
7.A MOVEMENTS IN THE HOLDING COMPANY:
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Expenses
(98)
(97)
Movement in unrealised gains/(losses) on life science investments at fair value through pro\ufb01t or loss
991
(62,539)
Net gains/(losses) on \ufb01nancial assets at fair value through pro\ufb01t or loss
893
(62,636)
7.B MOVEMENTS IN THE PARTNERSHIP:
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Investment income
771
106
Rebates and donations
(164)
81
Other income
41
\u2013
Expenses
(406)
(342)
Realised gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
8,775
13,933
Movement in unrealised gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
16,876
6,049
Gains on foreign currency
3,962
3,018
Gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
29,855
22,845
Distributions
(49,137)
(27,495)
Net losses on \ufb01nancial assets at fair value through pro\ufb01t or loss
(19,282)
(4,650)
19. FAIR VALUE MEASUREMENT
IFRS 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:
\u2013
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013
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
\u2013
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 signi\ufb01cant to the fair value measurement. For this purpose, the signi\ufb01cance of an input is assessed against
the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require signi\ufb01cant adjustment based
on unobservable inputs, that measurement is a Level 3 measurement. Assessing the signi\ufb01cance of a particular input to the fair value
measurement requires judgement, considering factors speci\ufb01c to the asset or liability.
The determination of what constitutes \u201cobservable\u201d requires signi\ufb01cant judgement by the Group. The Group considers observable data
to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, and provided by independent sources
that are actively involved in the relevant market.
The following table presents the Group\u2019s \ufb01nancial assets by level within the valuation hierarchy as at 31 March 2024 and 31 March 2023:
\n \n
2024
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
922,680
922,680
The Partnership
\u2013
\u2013
319,018
319,018
Total assets
\u2013
\u2013
1,241,698
1,241,698
\n \n
2023
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
919,958
919,958
The Partnership
\u2013
\u2013
338,300
338,300
Total assets
\u2013
\u2013
1,258,258
1,258,258
The investments in the Holding Company and the Partnership are classi\ufb01ed 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
signi\ufb01cant unobservable inputs as outlined in the sections that follow.
The underlying assets of the Holding Company and the Partnership are shown on the next page.
The following table presents the Holding Company\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
and 31 March 2023:
\n \n
Impact on
31 March 2024
31 March 2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
180,448
73,943
Publicly available share
N/A
N/A
bid price as at
statement of \ufb01nancial
position date
SIML
3
5,831
6,108
Net assets of SIML
Carrying value of assets and liabilities
+/- 292
determined in accordance with
generally accepted accounting
principles, without adjustment.
A sensitivity of 5% (31 March 2023: 5%)
of the NAV of SIML is applied.
Milestone payments
3
2,248
54,516
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
of the assigned probability of milestone
+/- 413
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 100
5ppts) of the respective inputs is applied.
Deferred
3
14,362
15,882
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
consideration
of the assigned probability of milestone
+/- 898
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 5,312
5ppts) of the respective inputs is applied.
Calibrated price of
3
555,174
427,552
Calibrated PRI
The main unobservable input is
+/- 66,621
recent investment
the quanti\ufb01cation of the progress
(PRI)
1
investments make against internal
\ufb01nancing and/or corporate milestones
where appropriate. A reasonable shift
in the fair value of the investment would
be +/-12% (31 March 2023: +/-10%).
Cash
2
N/A
41
294
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Other net assets
3
N/A
169,283
346,272
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Total \ufb01nancial
927,387
924,567
assets held at fair
value through pro\ufb01t
or loss
1.
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 \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
4.
Amortised cost is considered equivalent to fair value.
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2024 and
31\u00a0March 2023:
\n \n
Milestone
payments and
Life science
deferred
2024
2023
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
427,552
70,398
6,108
504,058
381,286
Purchases during the year
171,256
\u2013
\u2013
171,256
156,363
Sales during the year
(1,030)
\u2013
\u2013
(1,030)
(15,311)
Movement from Level 1 to Level 3
12,934
\u2013
\u2013
12,934
\u2013
Unrealised losses on \ufb01nancial assets at fair value through pro\ufb01t or loss
(55,538)
(53,788)
(277)
(109,603)
(18,280)
Closing balance
555,174
16,610
5,831
577,615
504,058
The net unrealised 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 \u00a3109,603,000 (31 March 2023: \u00a318,280,000 (net unrealised loss)).
During the year, there were no movements from Level 3 to Level 1 (31 March 2023: \u00a3Nil). There was one movement from Level 1
to Level 3 (31 March 2023: Nil) relating to the delisting of Freeline Therapeutics Holdings plc from an active market.
\n\n
\n
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
\n
and 31 March 2023:
\n\n \n
31 March
31 March
Impact on
2024
2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
163,373
284,960
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
112,015
101,566
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Credit funds
fund components are from
observable inputs
Capital pool
2
\u2013
58,615
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Multi asset funds
fund components are from
observable inputs
Capital pool
3
70,500
101,421
Valuation produced
The main unobservable input include
+/- 3,525
investment fund
by fund administrator
the assessment of the performance
\u2013 Multi asset funds
of the underlying assets by the fund
administrator. A fair reasonable shift in
the fair value of the instruments would
be +/-5% (31 March 2023: +/-5%)
Legacy funds \u2013
3
28,778
33,001
Valuation produced
The main unobservable input include
+/- 2,878
Long-term unlisted
by fund administrator
the assessment of the performance
investments
of the underlying fund by the fund
administrator. A reasonable possible
shift in the fair value of the
instruments would be +/-10%
(31 March 2023: +/-13%).
CRT Pioneer Fund
3
33,874
32,727
Valuation produced by fund
Unobservable inputs include the
+/- 10,840
administrator and adjusted
fund manager\u2019s assessment of
by Management
the 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 +/-32%
(31 March 2023: +/-36%).
Cash
1
N/A
38,957
74,863
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Cash equivalents
N/A
59,706
\u2013
Amortised cost equivalent
N/A
N/A
\u2013 money market
to publicly available price
funds
2
as at statement of \ufb01nancial
position date
Other net liabilities
3
N/A
(188,184)
(348,853)
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Total \ufb01nancial assets
319,018
338,300
held at fair value
through pro\ufb01t or loss
\n
1.
Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.
\n
2.
Money Market Funds are deemed as cash equivalents and valued at amortised cost, being equivalent to their fair value.
\n
3.
Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
\n
4.
Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2024, there were no movements from Level 1 to Level 2 (31 March 2023: \u00a3Nil).
Assets classi\ufb01ed 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
classi\ufb01ed as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
Assets classi\ufb01ed 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 2024:
\n \n
Investment in
Capital pool
2024
2023
subsidiary
investment
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
40,386
134,422
174,808
71,508
Purchases
\u2013
729
729
100,352
Sales during the year
\u2013
(37,000)
(37,000)
\u2013
Return of capital
\u2013
(6,290)
(6,290)
(10,551)
Unrealised gains on \ufb01nancial assets at fair value
2,668
7,416
10,084
13,499
Closing balance
43,054
99,277
142,331
174,808
The net unrealised gain 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 \u00a310,084,000 (31 March 2023: \u00a313,499,000 (unrealised gain)).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15509": { "value": "8. CHARITABLE DONATIONS
For the year ended 31 March 2024, the Group has agreed to make a charitable donation to The Syncona Foundation of 0.35%
of the total NAV of the Group calculated on a monthly basis (31 March 2023: 0.35%). The donation is made by the General Partner.
During the year, charitable donations expense amounted to \u00a34,353,307 (31 March 2023: \u00a34,633,973) of which \u00a34,353,307
(31 March 2023: \u00a34,633,973) remained payable as at 31 March 2024. Refer to note 13.", "dimensions": { "concept": "sync:DisclosureOfCharitableDonationsExplanatoryTextBlock", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15517": { "value": "9. GENERAL EXPENSES
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
Share based payments provision
12
2,972
(2,968)
Investment management fees
16
16,645
12,121
Directors\u2019 remuneration
16
506
499
Auditor\u2019s remuneration
290
183
Other expenses
2,195
1,758
Total
22,608
11,593
Auditor\u2019s remuneration includes audit fees in relation to the Group of \u00a3168,650 (31 March 2023: \u00a3132,900). Total audit fees paid by
the Group and the Syncona Group Companies for the year ended 31 March 2024 totalled \u00a3322,000 (31 March 2023: \u00a3134,900).
Additional fees paid to the auditor were \u00a350,620 (31 March 2023: \u00a344,200) which relates to work performed at the interim review
of \u00a340,600 (31 March 2023: \u00a336,200) and other non-audit fees of \u00a310,020 (31 March 2023: \u00a38,000) which relates to regulatory
compliance reporting for the Investment Manager and a subscription fee to the auditor\u2019s accounting research tool.
Further details of the share based payments provision can be found in note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15519": { "value": "
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
Share based payments provision
12
2,972
(2,968)
Investment management fees
16
16,645
12,121
Directors\u2019 remuneration
16
506
499
Auditor\u2019s remuneration
290
183
Other expenses
2,195
1,758
Total
22,608
11,593
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15520": { "value": "
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
Share based payments provision
12
2,972
(2,968)
Investment management fees
16
16,645
12,121
Directors\u2019 remuneration
16
506
499
Auditor\u2019s remuneration
290
183
Other expenses
2,195
1,758
Total
22,608
11,593
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15521": { "value": "
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
Share based payments provision
12
2,972
(2,968)
Investment management fees
16
16,645
12,121
Directors\u2019 remuneration
16
506
499
Auditor\u2019s remuneration
290
183
Other expenses
2,195
1,758
Total
22,608
11,593
Auditor\u2019s remuneration includes audit fees in relation to the Group of \u00a3168,650 (31 March 2023: \u00a3132,900). Total audit fees paid by
the Group and the Syncona Group Companies for the year ended 31 March 2024 totalled \u00a3322,000 (31 March 2023: \u00a3134,900).
Additional fees paid to the auditor were \u00a350,620 (31 March 2023: \u00a344,200) which relates to work performed at the interim review
of \u00a340,600 (31 March 2023: \u00a336,200) and other non-audit fees of \u00a310,020 (31 March 2023: \u00a38,000) which relates to regulatory
compliance reporting for the Investment Manager and a subscription fee to the auditor\u2019s accounting research tool.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15599": { "value": "10. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
The Holding Company
10.a
922,680
919,958
The Partnership
10.b
319,018
338,300
Total
1,241,698
1,258,258
The Holding Company and the Partnership are the only two investments held directly by the Group and as such the reconciliation
of movement in investments has been presented separately for each.
10.A THE NET ASSETS OF THE HOLDING COMPANY
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Cost of the Holding Company\u2019s investment at the start of the year
494,810
494,810
Purchases during the year
\u2013
\u2013
Cost of the Holding Company\u2019s investments at the end of the year
494,810
494,810
Net unrealised gains on investments at the end of the year
432,577
429,757
Fair value of the Holding Company\u2019s investments at the end of the year
927,387
924,567
Other net current liabilities
(4,707)
(4,609)
Financial assets at fair value through pro\ufb01t or loss at the end of the year
922,680
919,958
10.B THE NET ASSETS OF THE PARTNERSHIP
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Cost of the Partnership\u2019s investments at the start of the year
597,753
334,834
Purchases during the year
542,413
1,848,806
Sales during the year
(755,229)
(1,575,336)
Return of capital
(6,290)
(10,551)
Cost of the Partnership\u2019s investments at the end of the year
378,647
597,753
Net unrealised gains on investments at the end of the year
39,072
22,196
Fair value of the Partnership\u2019s investments at the end of the year
417,719
619,949
Cash and cash equivalents
89,576
67,190
Other net current liabilities
(188,277)
(348,839)
Financial assets at fair value through pro\ufb01t or loss at the end of the year
319,018
338,300
17. FINANCIAL INSTRUMENTS
In accordance with its investment objectives and policies, the Group holds \ufb01nancial instruments which at any one time may comprise
the following:
\u2013
securities and investments held in accordance with the investment objectives and policies;
\u2013
cash and short-term receivables and payables arising directly from operations; and
\u2013
derivative instruments including forward currency contracts.
The \ufb01nancial instruments held by the Group are comprised principally of the investments in the Holding Company and the Partnership.
Details of the Group\u2019s signi\ufb01cant 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 \ufb01nancial assets and liabilities are disclosed in note 2.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
The Holding Company
922,680
919,958
The Partnership
319,018
338,300
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
1,241,698
1,258,258
Financial assets measured at amortised cost
Cash and cash equivalents
261
11
Other \ufb01nancial assets
9,138
10,143
Total \ufb01nancial assets measured at amortised cost
9,399
10,154
Financial liabilities at fair value through pro\ufb01t or loss
Provision for share based payments
(4,621)
(7,296)
Total \ufb01nancial liabilities at fair value through pro\ufb01t or loss
(4,621)
(7,296)
Financial liabilities measured at amortised cost
Other \ufb01nancial liabilities
(7,598)
(6,461)
Total \ufb01nancial liabilities measured at amortised cost
(7,598)
(6,461)
Net \ufb01nancial assets
1,238,878
1,254,655
The \ufb01nancial 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 and US treasury bills and cash.
The table below analyses the carrying amounts of the \ufb01nancial assets and liabilities held by the Holding Company by category
as de\ufb01ned in IFRS 9 (see note 2).
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
Investment in subsidiaries
927,387
924,567
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
927,387
924,567
Financial assets measured at amortised cost
1
Current assets
39
847
Financial liabilities measured at amortised cost
1
Current liabilities
(4,746)
(5,456)
Net \ufb01nancial assets of the Holding Company
922,680
919,958
1. Has a fair value which does not materially differ to amortised cost.
The table below analyses the carrying amounts of the \ufb01nancial assets and liabilities held by the Partnership by category as de\ufb01ned in IFRS 9.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
Listed investments
275,388
445,141
Unlisted investments
99,278
134,422
Investment in subsidiaries
43,053
40,386
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
417,719
619,949
Financial assets measured at amortised cost
1
Current assets
92,053
67,973
Financial liabilities measured at amortised cost
1
Current liabilities
(190,754)
(349,622)
Net \ufb01nancial assets of the Partnership
319,018
338,300
1. Has a fair value which does not materially differ to amortised cost.
CAPITAL RISK MANAGEMENT
The 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 bene\ufb01ts 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 \ufb01nancing share repurchases or redemptions, making investments (including as
bridge \ufb01nance 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.19. FAIR VALUE MEASUREMENT
IFRS 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:
\u2013
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013
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
\u2013
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 signi\ufb01cant to the fair value measurement. For this purpose, the signi\ufb01cance of an input is assessed against
the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require signi\ufb01cant adjustment based
on unobservable inputs, that measurement is a Level 3 measurement. Assessing the signi\ufb01cance of a particular input to the fair value
measurement requires judgement, considering factors speci\ufb01c to the asset or liability.
The determination of what constitutes \u201cobservable\u201d requires signi\ufb01cant judgement by the Group. The Group considers observable data
to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, and provided by independent sources
that are actively involved in the relevant market.
The following table presents the Group\u2019s \ufb01nancial assets by level within the valuation hierarchy as at 31 March 2024 and 31 March 2023:
\n \n
2024
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
922,680
922,680
The Partnership
\u2013
\u2013
319,018
319,018
Total assets
\u2013
\u2013
1,241,698
1,241,698
\n \n
2023
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
919,958
919,958
The Partnership
\u2013
\u2013
338,300
338,300
Total assets
\u2013
\u2013
1,258,258
1,258,258
The investments in the Holding Company and the Partnership are classi\ufb01ed 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
signi\ufb01cant unobservable inputs as outlined in the sections that follow.
The underlying assets of the Holding Company and the Partnership are shown on the next page.
The following table presents the Holding Company\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
and 31 March 2023:
\n \n
Impact on
31 March 2024
31 March 2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
180,448
73,943
Publicly available share
N/A
N/A
bid price as at
statement of \ufb01nancial
position date
SIML
3
5,831
6,108
Net assets of SIML
Carrying value of assets and liabilities
+/- 292
determined in accordance with
generally accepted accounting
principles, without adjustment.
A sensitivity of 5% (31 March 2023: 5%)
of the NAV of SIML is applied.
Milestone payments
3
2,248
54,516
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
of the assigned probability of milestone
+/- 413
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 100
5ppts) of the respective inputs is applied.
Deferred
3
14,362
15,882
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
consideration
of the assigned probability of milestone
+/- 898
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 5,312
5ppts) of the respective inputs is applied.
Calibrated price of
3
555,174
427,552
Calibrated PRI
The main unobservable input is
+/- 66,621
recent investment
the quanti\ufb01cation of the progress
(PRI)
1
investments make against internal
\ufb01nancing and/or corporate milestones
where appropriate. A reasonable shift
in the fair value of the investment would
be +/-12% (31 March 2023: +/-10%).
Cash
2
N/A
41
294
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Other net assets
3
N/A
169,283
346,272
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Total \ufb01nancial
927,387
924,567
assets held at fair
value through pro\ufb01t
or loss
1.
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 \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
4.
Amortised cost is considered equivalent to fair value.
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2024 and
31\u00a0March 2023:
\n \n
Milestone
payments and
Life science
deferred
2024
2023
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
427,552
70,398
6,108
504,058
381,286
Purchases during the year
171,256
\u2013
\u2013
171,256
156,363
Sales during the year
(1,030)
\u2013
\u2013
(1,030)
(15,311)
Movement from Level 1 to Level 3
12,934
\u2013
\u2013
12,934
\u2013
Unrealised losses on \ufb01nancial assets at fair value through pro\ufb01t or loss
(55,538)
(53,788)
(277)
(109,603)
(18,280)
Closing balance
555,174
16,610
5,831
577,615
504,058
The net unrealised 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 \u00a3109,603,000 (31 March 2023: \u00a318,280,000 (net unrealised loss)).
During the year, there were no movements from Level 3 to Level 1 (31 March 2023: \u00a3Nil). There was one movement from Level 1
to Level 3 (31 March 2023: Nil) relating to the delisting of Freeline Therapeutics Holdings plc from an active market.
\n
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
\n
and 31 March 2023:
\n\n \n
31 March
31 March
Impact on
2024
2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
163,373
284,960
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
112,015
101,566
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Credit funds
fund components are from
observable inputs
Capital pool
2
\u2013
58,615
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Multi asset funds
fund components are from
observable inputs
Capital pool
3
70,500
101,421
Valuation produced
The main unobservable input include
+/- 3,525
investment fund
by fund administrator
the assessment of the performance
\u2013 Multi asset funds
of the underlying assets by the fund
administrator. A fair reasonable shift in
the fair value of the instruments would
be +/-5% (31 March 2023: +/-5%)
Legacy funds \u2013
3
28,778
33,001
Valuation produced
The main unobservable input include
+/- 2,878
Long-term unlisted
by fund administrator
the assessment of the performance
investments
of the underlying fund by the fund
administrator. A reasonable possible
shift in the fair value of the
instruments would be +/-10%
(31 March 2023: +/-13%).
CRT Pioneer Fund
3
33,874
32,727
Valuation produced by fund
Unobservable inputs include the
+/- 10,840
administrator and adjusted
fund manager\u2019s assessment of
by Management
the 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 +/-32%
(31 March 2023: +/-36%).
Cash
1
N/A
38,957
74,863
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Cash equivalents
N/A
59,706
\u2013
Amortised cost equivalent
N/A
N/A
\u2013 money market
to publicly available price
funds
2
as at statement of \ufb01nancial
position date
Other net liabilities
3
N/A
(188,184)
(348,853)
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Total \ufb01nancial assets
319,018
338,300
held at fair value
through pro\ufb01t or loss
\n
1.
Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.
\n
2.
Money Market Funds are deemed as cash equivalents and valued at amortised cost, being equivalent to their fair value.
\n
3.
Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
\n
4.
Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2024, there were no movements from Level 1 to Level 2 (31 March 2023: \u00a3Nil).
Assets classi\ufb01ed 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
classi\ufb01ed as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
Assets classi\ufb01ed 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 2024:
\n \n
Investment in
Capital pool
2024
2023
subsidiary
investment
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
40,386
134,422
174,808
71,508
Purchases
\u2013
729
729
100,352
Sales during the year
\u2013
(37,000)
(37,000)
\u2013
Return of capital
\u2013
(6,290)
(6,290)
(10,551)
Unrealised gains on \ufb01nancial assets at fair value
2,668
7,416
10,084
13,499
Closing balance
43,054
99,277
142,331
174,808
The net unrealised gain 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 \u00a310,084,000 (31 March 2023: \u00a313,499,000 (unrealised gain)).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15811": { "value": "11. TRADE AND OTHER RECEIVABLES \n \n
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
Due from related parties
16
4,720
5,457
Charitable donation receivable
16
4,353
4,618
Prepayments
65
68
Total
9,138
10,143
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f15864": { "value": "12. SHARE BASED PAYMENTS PROVISION
Share 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:
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Charge/(credit) related to revaluation of the liability for cash settled share awards
2,972
(2,968)
Total
2,972
(2,968)
Other movements in the provision relating to realisations and granting of awards totalled \u00a35,647,140 (31 March 2023: \u00a37,583,660).
Amounts recognised in the Consolidated Statement of Financial Position, representing the carrying amount of liabilities arising from
share based payments transactions, are shown below:
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Share based payments provision \u2013 current
1,760
7,296
Share based payments provision \u2013 non-current
2,861
\u2013
Total
4,621
7,296
When 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 2024 was \u00a3757,576 (31 March 2023: \u00a32,529,130). This represents 6,859,411 new MES issued (31 March
2023: 9,367,155). Awards were made on 13 July 2023 and 18 December 2023 at 11p and 14p per MES respectively.
The number of MES outstanding are shown below:
\n \n
2024
2023
Outstanding at the start of the year
43,871,228
42,282,122
Issued
6,859,411
9,367,155
Realised
(6,700,688)
(7,762,846)
Lapsed
(3,835,892)
(15,203)
Outstanding at the end of the year
40,194,059
43,871,228
Weighted average remaining contractual life of outstanding MES, years
1.15
1.29
Vested MES as at the year end
30,085,530
29,523,421
Realisable MES as at the year end
8,997,656
12,010,048
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16031": { "value": "13. ACCRUED EXPENSE AND PAYABLES \n \n
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
Charitable donations payable
16
4,353
4,634
Management fees accrued
2,222
1,374
Other payables
1,023
453
Total
7,598
6,461
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16032": { "value": "13. ACCRUED EXPENSE AND PAYABLES \n \n
2024
2023
Notes
\u00a3\u2019000
\u00a3\u2019000
Charitable donations payable
16
4,353
4,634
Management fees accrued
2,222
1,374
Other payables
1,023
453
Total
7,598
6,461
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16085": { "value": "14. SHARE CAPITAL
14.A AUTHORISED SHARE CAPITAL
The 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.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Authorised Share Capital
Balance at the start of the year
767,999
767,999
Balance at the end of the year
767,999
767,999
\n \n
2024
2023
Shares
Shares
Outstanding Ordinary Share Capital
Balance at the start of the year
669,329,324
666,733,588
Share based payment shares issued during the year
2,477,342
2,595,736
Treasury shares purchased by the Company
(16,471,080)
\u2013
Balance at the end of the year
655,335,586
669,329,324
At 31 March 2024, 280,000 Ordinary Shares had no voting rights attached and were entered into treasury by the close of 3 April 2024.
Resulting in the total Ordinary Shares available for trade on an open market being 655,335,586.
During the year the associated cost of purchasing the treasury shares totalled \u00a320,223,241.
The Company has issued one Deferred Share to The Syncona Foundation for \u00a31.
14.B CAPITAL AND REVENUE RESERVES
Gains 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 EARNINGS/(LOSS) PER SHARE
The calculations for the (loss)/earnings per share attributable to the Ordinary Shares of the Company excluding Ordinary Shares
purchased by the Company and held as treasury shares are based on the following data:
\n \n
2024
2023
Earnings/(loss) for the purposes of earnings per share
\u00a33,788,000
\u00a3(56,018,000)
Basic weighted average number of shares
656,371,037
668,575,494
Basic revenue earnings per share
3.33p
1.69p
Basic capital loss per share
(2.76)p
(10.07)p
Basic earnings/(loss) per share
0.57p
(8.38)p
Diluted weighted average number of shares
666,854,451
668,575,494
Diluted revenue earnings per shares
3.33p
1.69p
Diluted capital loss per share
(2.76)p
(10.07)p
Diluted earnings/(loss) per share
0.57p
(8.38)p
\n \n
2024
2023
Issued share capital at the start of the year
669,329,324
666,733,588
Weighted effect of share issues and purchases
Share based payments
1,732,786
1,841,906
Potential share based payment share issues
1,035,451
3,487,581
Treasury shares
(4,207,658)
\u2013
Diluted weighted average number of shares
667,889,903
672,063,075
14.D NAV PER SHARE
\n \n
2024
2023
Net assets for the purposes of NAV per share
\u00a31,238,878,132
\u00a31,254,654,716
Ordinary Shares available to trade
655,335,586
669,329,324
NAV per share
189.04p
187.40p
Diluted number of shares
656,371,037
672,816,905
Diluted NAV per share
188.74p
186.50p
As at 31 March 2024, if all MES were realised, the number of shares issued in the Company as a result would increase by 1,035,451
(31 March 2023: 3,487,581). The undiluted per share value of net assets attributable to holders of Ordinary Shares would move from
\u00a31.89 to \u00a31.89 (31 March 2023: \u00a31.87 to \u00a31.86) if these shares were issued.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16088": { "value": "14.A AUTHORISED SHARE CAPITAL
The 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.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Authorised Share Capital
Balance at the start of the year
767,999
767,999
Balance at the end of the year
767,999
767,999
\n \n
2024
2023
Shares
Shares
Outstanding Ordinary Share Capital
Balance at the start of the year
669,329,324
666,733,588
Share based payment shares issued during the year
2,477,342
2,595,736
Treasury shares purchased by the Company
(16,471,080)
\u2013
Balance at the end of the year
655,335,586
669,329,324
At 31 March 2024, 280,000 Ordinary Shares had no voting rights attached and were entered into treasury by the close of 3 April 2024.
Resulting in the total Ordinary Shares available for trade on an open market being 655,335,586.
During the year the associated cost of purchasing the treasury shares totalled \u00a320,223,241.
The Company has issued one Deferred Share to The Syncona Foundation for \u00a31.
14.B CAPITAL AND REVENUE RESERVES
Gains 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16126": { "value": "\n \n
2024
2023
Shares
Shares
Outstanding Ordinary Share Capital
Balance at the start of the year
669,329,324
666,733,588
Share based payment shares issued during the year
2,477,342
2,595,736
Treasury shares purchased by the Company
(16,471,080)
\u2013
Balance at the end of the year
655,335,586
669,329,324
At 31 March 2024, 280,000 Ordinary Shares had no voting rights attached and were entered into treasury by the close of 3 April 2024.
Resulting in the total Ordinary Shares available for trade on an open market being 655,335,586.
During the year the associated cost of purchasing the treasury shares totalled \u00a320,223,241.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16200": { "value": "14.B CAPITAL AND REVENUE RESERVES
Gains 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16208": { "value": "14.C EARNINGS/(LOSS) PER SHARE
The calculations for the (loss)/earnings per share attributable to the Ordinary Shares of the Company excluding Ordinary Shares
purchased by the Company and held as treasury shares are based on the following data:
\n \n
2024
2023
Earnings/(loss) for the purposes of earnings per share
\u00a33,788,000
\u00a3(56,018,000)
Basic weighted average number of shares
656,371,037
668,575,494
Basic revenue earnings per share
3.33p
1.69p
Basic capital loss per share
(2.76)p
(10.07)p
Basic earnings/(loss) per share
0.57p
(8.38)p
Diluted weighted average number of shares
666,854,451
668,575,494
Diluted revenue earnings per shares
3.33p
1.69p
Diluted capital loss per share
(2.76)p
(10.07)p
Diluted earnings/(loss) per share
0.57p
(8.38)p
\n \n
2024
2023
Issued share capital at the start of the year
669,329,324
666,733,588
Weighted effect of share issues and purchases
Share based payments
1,732,786
1,841,906
Potential share based payment share issues
1,035,451
3,487,581
Treasury shares
(4,207,658)
\u2013
Diluted weighted average number of shares
667,889,903
672,063,075
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16330": { "value": "14.D NAV PER SHARE \n \n
2024
2023
Net assets for the purposes of NAV per share
\u00a31,238,878,132
\u00a31,254,654,716
Ordinary Shares available to trade
655,335,586
669,329,324
NAV per share
189.04p
187.40p
Diluted number of shares
656,371,037
672,816,905
Diluted NAV per share
188.74p
186.50p
As at 31 March 2024, if all MES were realised, the number of shares issued in the Company as a result would increase by 1,035,451
(31 March 2023: 3,487,581). The undiluted per share value of net assets attributable to holders of Ordinary Shares would move from
\u00a31.89 to \u00a31.89 (31 March 2023: \u00a31.87 to \u00a31.86) if these shares were issued.", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16380": { "value": "15. DISTRIBUTION TO SHAREHOLDERS
The Company may pay a dividend at the discretion of the Directors.
During the year ended 31 March 2024, the Company did not declare or pay a dividend (31 March 2023: \u00a3Nil was paid in relation
to the year ended 31 March 2022). The Directors believe that it is not appropriate for the Company to pay a dividend.
The Company is not declaring a 2024 dividend.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16400": { "value": "16. RELATED PARTY TRANSACTIONS
The 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 INVESTMENTS
The 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 \u00a3131,996,869 (31 March 2023:
\u00a3127,143,441).
The Group makes other equity investments where it does not have control but may have signi\ufb01cant in\ufb02uence through its ability
to participate in the \ufb01nancial 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 signi\ufb01cant in\ufb02uence was \u00a338,276,591
(31 March 2023: \u00a325,404,894).
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 \u00a3268,012 in relation to Directors\u2019 fees (31 March 2023: \u00a3215,094).
INVESTMENT MANAGER
SIML, an indirectly held subsidiary of the Company, is the Investment Manager of the Group.
For the year ended 31 March 2024, SIML was entitled to receive reimbursement of reasonably incurred expenses relating
to its investment management activities.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Amounts paid to SIML
16,645
12,121
Amounts owed to SIML in respect of management fees totalled \u00a32,222,128 as at 31 March 2024 (31 March 2023: \u00a31,374,098).
During the year, SIML received fees from the Group\u2019s portfolio companies of \u00a31,290,464 (31 March 2023: \u00a3864,632).
COMPANY DIRECTORS
As 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 2024 and 31 March 2023, excluding expenses incurred, and outstanding
Directors\u2019 remuneration as at the end of the year, are set out below:
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Directors\u2019 remuneration for the year
506
499
Payable at the end of the year
\u2013
\u2013
Shares 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 2023: 0.04%) of the Syncona Limited voting shares.
THE SYNCONA FOUNDATION
Charitable 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 2024 was \u00a34,621,843
(31 March 2023: \u00a32,428,478).
OTHER RELATED PARTIES
As at 31 March 2024, the Company has a receivable from the Partnership, Holding Company and Syncona Portfolio Limited amounting
to \u00a31,500 (31 March 2023: \u00a315,438), \u00a34,716,678 (31 March 2023: \u00a35,426,437) and \u00a31,500 (31 March 2023: \u00a315,438), respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16498": { "value": "17. FINANCIAL INSTRUMENTS
In accordance with its investment objectives and policies, the Group holds \ufb01nancial instruments which at any one time may comprise
the following:
\u2013
securities and investments held in accordance with the investment objectives and policies;
\u2013
cash and short-term receivables and payables arising directly from operations; and
\u2013
derivative instruments including forward currency contracts.
The \ufb01nancial instruments held by the Group are comprised principally of the investments in the Holding Company and the Partnership.
Details of the Group\u2019s signi\ufb01cant 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 \ufb01nancial assets and liabilities are disclosed in note 2.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
The Holding Company
922,680
919,958
The Partnership
319,018
338,300
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
1,241,698
1,258,258
Financial assets measured at amortised cost
Cash and cash equivalents
261
11
Other \ufb01nancial assets
9,138
10,143
Total \ufb01nancial assets measured at amortised cost
9,399
10,154
Financial liabilities at fair value through pro\ufb01t or loss
Provision for share based payments
(4,621)
(7,296)
Total \ufb01nancial liabilities at fair value through pro\ufb01t or loss
(4,621)
(7,296)
Financial liabilities measured at amortised cost
Other \ufb01nancial liabilities
(7,598)
(6,461)
Total \ufb01nancial liabilities measured at amortised cost
(7,598)
(6,461)
Net \ufb01nancial assets
1,238,878
1,254,655
The \ufb01nancial 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 and US treasury bills and cash.
The table below analyses the carrying amounts of the \ufb01nancial assets and liabilities held by the Holding Company by category
as de\ufb01ned in IFRS 9 (see note 2).
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
Investment in subsidiaries
927,387
924,567
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
927,387
924,567
Financial assets measured at amortised cost
1
Current assets
39
847
Financial liabilities measured at amortised cost
1
Current liabilities
(4,746)
(5,456)
Net \ufb01nancial assets of the Holding Company
922,680
919,958
1. Has a fair value which does not materially differ to amortised cost.
The table below analyses the carrying amounts of the \ufb01nancial assets and liabilities held by the Partnership by category as de\ufb01ned in IFRS 9.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
Listed investments
275,388
445,141
Unlisted investments
99,278
134,422
Investment in subsidiaries
43,053
40,386
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
417,719
619,949
Financial assets measured at amortised cost
1
Current assets
92,053
67,973
Financial liabilities measured at amortised cost
1
Current liabilities
(190,754)
(349,622)
Net \ufb01nancial assets of the Partnership
319,018
338,300
1. Has a fair value which does not materially differ to amortised cost.
CAPITAL RISK MANAGEMENT
The 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 bene\ufb01ts 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 \ufb01nancing share repurchases or redemptions, making investments (including as
bridge \ufb01nance 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.19. FAIR VALUE MEASUREMENT
IFRS 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:
\u2013
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013
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
\u2013
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 signi\ufb01cant to the fair value measurement. For this purpose, the signi\ufb01cance of an input is assessed against
the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require signi\ufb01cant adjustment based
on unobservable inputs, that measurement is a Level 3 measurement. Assessing the signi\ufb01cance of a particular input to the fair value
measurement requires judgement, considering factors speci\ufb01c to the asset or liability.
The determination of what constitutes \u201cobservable\u201d requires signi\ufb01cant judgement by the Group. The Group considers observable data
to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, and provided by independent sources
that are actively involved in the relevant market.
The following table presents the Group\u2019s \ufb01nancial assets by level within the valuation hierarchy as at 31 March 2024 and 31 March 2023:
\n \n
2024
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
922,680
922,680
The Partnership
\u2013
\u2013
319,018
319,018
Total assets
\u2013
\u2013
1,241,698
1,241,698
\n \n
2023
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
919,958
919,958
The Partnership
\u2013
\u2013
338,300
338,300
Total assets
\u2013
\u2013
1,258,258
1,258,258
The investments in the Holding Company and the Partnership are classi\ufb01ed 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
signi\ufb01cant unobservable inputs as outlined in the sections that follow.
The underlying assets of the Holding Company and the Partnership are shown on the next page.
The following table presents the Holding Company\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
and 31 March 2023:
\n \n
Impact on
31 March 2024
31 March 2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
180,448
73,943
Publicly available share
N/A
N/A
bid price as at
statement of \ufb01nancial
position date
SIML
3
5,831
6,108
Net assets of SIML
Carrying value of assets and liabilities
+/- 292
determined in accordance with
generally accepted accounting
principles, without adjustment.
A sensitivity of 5% (31 March 2023: 5%)
of the NAV of SIML is applied.
Milestone payments
3
2,248
54,516
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
of the assigned probability of milestone
+/- 413
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 100
5ppts) of the respective inputs is applied.
Deferred
3
14,362
15,882
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
consideration
of the assigned probability of milestone
+/- 898
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 5,312
5ppts) of the respective inputs is applied.
Calibrated price of
3
555,174
427,552
Calibrated PRI
The main unobservable input is
+/- 66,621
recent investment
the quanti\ufb01cation of the progress
(PRI)
1
investments make against internal
\ufb01nancing and/or corporate milestones
where appropriate. A reasonable shift
in the fair value of the investment would
be +/-12% (31 March 2023: +/-10%).
Cash
2
N/A
41
294
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Other net assets
3
N/A
169,283
346,272
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Total \ufb01nancial
927,387
924,567
assets held at fair
value through pro\ufb01t
or loss
1.
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 \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
4.
Amortised cost is considered equivalent to fair value.
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2024 and
31\u00a0March 2023:
\n \n
Milestone
payments and
Life science
deferred
2024
2023
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
427,552
70,398
6,108
504,058
381,286
Purchases during the year
171,256
\u2013
\u2013
171,256
156,363
Sales during the year
(1,030)
\u2013
\u2013
(1,030)
(15,311)
Movement from Level 1 to Level 3
12,934
\u2013
\u2013
12,934
\u2013
Unrealised losses on \ufb01nancial assets at fair value through pro\ufb01t or loss
(55,538)
(53,788)
(277)
(109,603)
(18,280)
Closing balance
555,174
16,610
5,831
577,615
504,058
The net unrealised 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 \u00a3109,603,000 (31 March 2023: \u00a318,280,000 (net unrealised loss)).
During the year, there were no movements from Level 3 to Level 1 (31 March 2023: \u00a3Nil). There was one movement from Level 1
to Level 3 (31 March 2023: Nil) relating to the delisting of Freeline Therapeutics Holdings plc from an active market.
\n\n
\n
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
\n
and 31 March 2023:
\n\n \n
31 March
31 March
Impact on
2024
2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
163,373
284,960
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
112,015
101,566
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Credit funds
fund components are from
observable inputs
Capital pool
2
\u2013
58,615
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Multi asset funds
fund components are from
observable inputs
Capital pool
3
70,500
101,421
Valuation produced
The main unobservable input include
+/- 3,525
investment fund
by fund administrator
the assessment of the performance
\u2013 Multi asset funds
of the underlying assets by the fund
administrator. A fair reasonable shift in
the fair value of the instruments would
be +/-5% (31 March 2023: +/-5%)
Legacy funds \u2013
3
28,778
33,001
Valuation produced
The main unobservable input include
+/- 2,878
Long-term unlisted
by fund administrator
the assessment of the performance
investments
of the underlying fund by the fund
administrator. A reasonable possible
shift in the fair value of the
instruments would be +/-10%
(31 March 2023: +/-13%).
CRT Pioneer Fund
3
33,874
32,727
Valuation produced by fund
Unobservable inputs include the
+/- 10,840
administrator and adjusted
fund manager\u2019s assessment of
by Management
the 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 +/-32%
(31 March 2023: +/-36%).
Cash
1
N/A
38,957
74,863
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Cash equivalents
N/A
59,706
\u2013
Amortised cost equivalent
N/A
N/A
\u2013 money market
to publicly available price
funds
2
as at statement of \ufb01nancial
position date
Other net liabilities
3
N/A
(188,184)
(348,853)
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Total \ufb01nancial assets
319,018
338,300
held at fair value
through pro\ufb01t or loss
\n
1.
Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.
\n
2.
Money Market Funds are deemed as cash equivalents and valued at amortised cost, being equivalent to their fair value.
\n
3.
Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
\n
4.
Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2024, there were no movements from Level 1 to Level 2 (31 March 2023: \u00a3Nil).
Assets classi\ufb01ed 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
classi\ufb01ed as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
Assets classi\ufb01ed 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 2024:
\n \n
Investment in
Capital pool
2024
2023
subsidiary
investment
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
40,386
134,422
174,808
71,508
Purchases
\u2013
729
729
100,352
Sales during the year
\u2013
(37,000)
(37,000)
\u2013
Return of capital
\u2013
(6,290)
(6,290)
(10,551)
Unrealised gains on \ufb01nancial assets at fair value
2,668
7,416
10,084
13,499
Closing balance
43,054
99,277
142,331
174,808
The net unrealised gain 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 \u00a310,084,000 (31 March 2023: \u00a313,499,000 (unrealised gain)).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16499": { "value": "17. FINANCIAL INSTRUMENTS
In accordance with its investment objectives and policies, the Group holds \ufb01nancial instruments which at any one time may comprise
the following:
\u2013
securities and investments held in accordance with the investment objectives and policies;
\u2013
cash and short-term receivables and payables arising directly from operations; and
\u2013
derivative instruments including forward currency contracts.
The \ufb01nancial instruments held by the Group are comprised principally of the investments in the Holding Company and the Partnership.
Details of the Group\u2019s signi\ufb01cant 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 \ufb01nancial assets and liabilities are disclosed in note 2.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
The Holding Company
922,680
919,958
The Partnership
319,018
338,300
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
1,241,698
1,258,258
Financial assets measured at amortised cost
Cash and cash equivalents
261
11
Other \ufb01nancial assets
9,138
10,143
Total \ufb01nancial assets measured at amortised cost
9,399
10,154
Financial liabilities at fair value through pro\ufb01t or loss
Provision for share based payments
(4,621)
(7,296)
Total \ufb01nancial liabilities at fair value through pro\ufb01t or loss
(4,621)
(7,296)
Financial liabilities measured at amortised cost
Other \ufb01nancial liabilities
(7,598)
(6,461)
Total \ufb01nancial liabilities measured at amortised cost
(7,598)
(6,461)
Net \ufb01nancial assets
1,238,878
1,254,655
The \ufb01nancial 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 and US treasury bills and cash.
The table below analyses the carrying amounts of the \ufb01nancial assets and liabilities held by the Holding Company by category
as de\ufb01ned in IFRS 9 (see note 2).
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
Investment in subsidiaries
927,387
924,567
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
927,387
924,567
Financial assets measured at amortised cost
1
Current assets
39
847
Financial liabilities measured at amortised cost
1
Current liabilities
(4,746)
(5,456)
Net \ufb01nancial assets of the Holding Company
922,680
919,958
1. Has a fair value which does not materially differ to amortised cost.
The table below analyses the carrying amounts of the \ufb01nancial assets and liabilities held by the Partnership by category as de\ufb01ned in IFRS 9.
\n \n
2024
2023
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
Listed investments
275,388
445,141
Unlisted investments
99,278
134,422
Investment in subsidiaries
43,053
40,386
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
417,719
619,949
Financial assets measured at amortised cost
1
Current assets
92,053
67,973
Financial liabilities measured at amortised cost
1
Current liabilities
(190,754)
(349,622)
Net \ufb01nancial assets of the Partnership
319,018
338,300
1. Has a fair value which does not materially differ to amortised cost.
CAPITAL RISK MANAGEMENT
The 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 bene\ufb01ts 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 \ufb01nancing share repurchases or redemptions, making investments (including as
bridge \ufb01nance 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.19. FAIR VALUE MEASUREMENT
IFRS 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:
\u2013
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013
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
\u2013
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 signi\ufb01cant to the fair value measurement. For this purpose, the signi\ufb01cance of an input is assessed against
the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require signi\ufb01cant adjustment based
on unobservable inputs, that measurement is a Level 3 measurement. Assessing the signi\ufb01cance of a particular input to the fair value
measurement requires judgement, considering factors speci\ufb01c to the asset or liability.
The determination of what constitutes \u201cobservable\u201d requires signi\ufb01cant judgement by the Group. The Group considers observable data
to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, and provided by independent sources
that are actively involved in the relevant market.
The following table presents the Group\u2019s \ufb01nancial assets by level within the valuation hierarchy as at 31 March 2024 and 31 March 2023:
\n \n
2024
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
922,680
922,680
The Partnership
\u2013
\u2013
319,018
319,018
Total assets
\u2013
\u2013
1,241,698
1,241,698
\n \n
2023
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
919,958
919,958
The Partnership
\u2013
\u2013
338,300
338,300
Total assets
\u2013
\u2013
1,258,258
1,258,258
The investments in the Holding Company and the Partnership are classi\ufb01ed 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
signi\ufb01cant unobservable inputs as outlined in the sections that follow.
The underlying assets of the Holding Company and the Partnership are shown on the next page.
The following table presents the Holding Company\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
and 31 March 2023:
\n \n
Impact on
31 March 2024
31 March 2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
180,448
73,943
Publicly available share
N/A
N/A
bid price as at
statement of \ufb01nancial
position date
SIML
3
5,831
6,108
Net assets of SIML
Carrying value of assets and liabilities
+/- 292
determined in accordance with
generally accepted accounting
principles, without adjustment.
A sensitivity of 5% (31 March 2023: 5%)
of the NAV of SIML is applied.
Milestone payments
3
2,248
54,516
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
of the assigned probability of milestone
+/- 413
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 100
5ppts) of the respective inputs is applied.
Deferred
3
14,362
15,882
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
consideration
of the assigned probability of milestone
+/- 898
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 5,312
5ppts) of the respective inputs is applied.
Calibrated price of
3
555,174
427,552
Calibrated PRI
The main unobservable input is
+/- 66,621
recent investment
the quanti\ufb01cation of the progress
(PRI)
1
investments make against internal
\ufb01nancing and/or corporate milestones
where appropriate. A reasonable shift
in the fair value of the investment would
be +/-12% (31 March 2023: +/-10%).
Cash
2
N/A
41
294
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Other net assets
3
N/A
169,283
346,272
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Total \ufb01nancial
927,387
924,567
assets held at fair
value through pro\ufb01t
or loss
1.
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 \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
4.
Amortised cost is considered equivalent to fair value.
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2024 and
31\u00a0March 2023:
\n \n
Milestone
payments and
Life science
deferred
2024
2023
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
427,552
70,398
6,108
504,058
381,286
Purchases during the year
171,256
\u2013
\u2013
171,256
156,363
Sales during the year
(1,030)
\u2013
\u2013
(1,030)
(15,311)
Movement from Level 1 to Level 3
12,934
\u2013
\u2013
12,934
\u2013
Unrealised losses on \ufb01nancial assets at fair value through pro\ufb01t or loss
(55,538)
(53,788)
(277)
(109,603)
(18,280)
Closing balance
555,174
16,610
5,831
577,615
504,058
The net unrealised 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 \u00a3109,603,000 (31 March 2023: \u00a318,280,000 (net unrealised loss)).
During the year, there were no movements from Level 3 to Level 1 (31 March 2023: \u00a3Nil). There was one movement from Level 1
to Level 3 (31 March 2023: Nil) relating to the delisting of Freeline Therapeutics Holdings plc from an active market.
\n\n
\n
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
\n
and 31 March 2023:
\n\n \n
31 March
31 March
Impact on
2024
2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
163,373
284,960
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
112,015
101,566
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Credit funds
fund components are from
observable inputs
Capital pool
2
\u2013
58,615
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Multi asset funds
fund components are from
observable inputs
Capital pool
3
70,500
101,421
Valuation produced
The main unobservable input include
+/- 3,525
investment fund
by fund administrator
the assessment of the performance
\u2013 Multi asset funds
of the underlying assets by the fund
administrator. A fair reasonable shift in
the fair value of the instruments would
be +/-5% (31 March 2023: +/-5%)
Legacy funds \u2013
3
28,778
33,001
Valuation produced
The main unobservable input include
+/- 2,878
Long-term unlisted
by fund administrator
the assessment of the performance
investments
of the underlying fund by the fund
administrator. A reasonable possible
shift in the fair value of the
instruments would be +/-10%
(31 March 2023: +/-13%).
CRT Pioneer Fund
3
33,874
32,727
Valuation produced by fund
Unobservable inputs include the
+/- 10,840
administrator and adjusted
fund manager\u2019s assessment of
by Management
the 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 +/-32%
(31 March 2023: +/-36%).
Cash
1
N/A
38,957
74,863
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Cash equivalents
N/A
59,706
\u2013
Amortised cost equivalent
N/A
N/A
\u2013 money market
to publicly available price
funds
2
as at statement of \ufb01nancial
position date
Other net liabilities
3
N/A
(188,184)
(348,853)
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Total \ufb01nancial assets
319,018
338,300
held at fair value
through pro\ufb01t or loss
\n
1.
Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.
\n
2.
Money Market Funds are deemed as cash equivalents and valued at amortised cost, being equivalent to their fair value.
\n
3.
Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
\n
4.
Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2024, there were no movements from Level 1 to Level 2 (31 March 2023: \u00a3Nil).
Assets classi\ufb01ed 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
classi\ufb01ed as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
Assets classi\ufb01ed 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 2024:
\n \n
Investment in
Capital pool
2024
2023
subsidiary
investment
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
40,386
134,422
174,808
71,508
Purchases
\u2013
729
729
100,352
Sales during the year
\u2013
(37,000)
(37,000)
\u2013
Return of capital
\u2013
(6,290)
(6,290)
(10,551)
Unrealised gains on \ufb01nancial assets at fair value
2,668
7,416
10,084
13,499
Closing balance
43,054
99,277
142,331
174,808
The net unrealised gain 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 \u00a310,084,000 (31 March 2023: \u00a313,499,000 (unrealised gain)).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16818": { "value": "18. FINANCIAL RISK MANAGEMENT AND ASSOCIATED RISKS
FINANCIAL RISK MANAGEMENT
The Group is exposed to a variety of \ufb01nancial 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 \ufb01nancial assets at fair value through pro\ufb01t
or loss. The Group has signi\ufb01cant 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
magni\ufb01ed by gearing in some, not many, cases, resulting in increased liquidity and return risk.
SYNCONA LIMITED
Syncona Limited is exposed to \ufb01nancial 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 COMPANY
Market price risk
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.
Foreign currency risk
Foreign currency risk represents the potential losses or gains on the life science investments future income streams and the potential
losses or gains on investments made in United States Dollars (USD), Swiss Francs (CHF) and Euro (EUR) 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.
\n \n
2024
CHF
EUR
USD
GBP
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
35,713
25,646
323,624
542,404
927,387
Cash and cash equivalents
\u2013
\u2013
\u2013
39
39
Accrued expense and payables
1
\u2013
\u2013
\u2013
(4,746)
(4,746)
Total
35,713
25,646
323,624
537,697
922,680
\n \n
2023
CHF
EUR
USD
GBP
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
64,203
\u2013
310,625
549,739
924,567
Cash and cash equivalents
\u2013
\u2013
\u2013
847
847
Accrued expense and payables
1
\u2013
\u2013
\u2013
(5,456)
(5,456)
Total
64,203
\u2013
310,625
545,130
919,958
1. In which 99.49% (31 March 2023: 99.44%) is payable within the Group.
Foreign currency sensitivity analysis
The following table details the sensitivity of the Holding Company\u2019s NAV to a 10% change in the USD, CHF and EUR exchange rate
against the GBP currency 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.
\n \n
2024
2024
2024
2023
2023
2023
CHF
EUR
USD
CHF
EUR
USD
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
10% increase
3,572
2,565
32,362
7,134
\u2013
41,490
10% decrease
(3,572)
(2,565)
(32,362)
(5,837)
\u2013
(33,946)
Interest rate risk
Interest rate risk is negligible in the Holding Company as minimal cash and no debt are held.
Liquidity risk
Liquidity risk is the risk that the \ufb01nancial 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 below.
The table below details the Holding Company\u2019s liquidity analysis for its \ufb01nancial assets and liabilities.
\n \n
2024
<12 months
>12 months
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u2013
927,387
927,387
Cash and cash equivalents
39
\u2013
39
Accrued expense and payables
(4,746)
\u2013
(4,746)
Total
(4,707)
927,387
922,680
Percentage
(0.5)%
100.5%
100.00%
\n \n
2023
<12 months
>12 months
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u2013
924,567
924,567
Cash and cash equivalents
847
\u2013
847
Accrued expense and payables
(35)
(5,421)
(5,456)
Total
812
919,146
919,958
Percentage
0.1%
99.9%
100.00%
THE PARTNERSHIP
Market price risk
The 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 speci\ufb01c 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
\ufb01nancial instruments is generally determined by the fair value of underlying funds. The overall market exposure as at 31 March 2024
and 31 March 2023 is shown in the Consolidated Statement of Financial Position.
The \ufb01nancial 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 \ufb01nancial instruments.
Foreign currency risk
Foreign 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, EUR, and GBP. The Partnership\u2019s functional and presentation currency is
\u00a3; hence, the Consolidated Statement of Financial Position may be signi\ufb01cantly 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.
\n \n
2024
USD
EUR
GBP
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
61,407
12,130
344,182
417,719
Cash and cash equivalents
23,522
15
66,039
89,576
Trade and other receivables
614
1,861
2
2,477
Accrued expense and payables
1
(170,696)
\u2013
(15,705)
(186,401)
Distributions payable
\u2013
\u2013
(4,353)
(4,353)
Total
(85,153)
14,006
390,165
319,018
1. In which 91.58% (31 March 2023: 99.97%) is payable within the Group.
\n \n
2023
USD
EUR
GBP
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
123,311
18,565
478,073
619,949
Cash and cash equivalents
40,519
27
26,644
67,190
Trade and other receivables
1
\u2013
782
783
Accrued expense and payables
1
(249,160)
\u2013
(95,825)
(344,985)
Distributions payable
\u2013
\u2013
(4,637)
(4,637)
Total
(85,329)
18,592
405,037
338,300
1. In which 91.58% (31 March 2023: 99.97%) is payable within the Group.
FOREIGN CURRENCY SENSITIVITY ANALYSIS
The following table details the sensitivity of the Partnership\u2019s NAV to a 10% (31 March 2023: 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.
\n \n
2024
2024
2023
2023
USD
EUR
USD
EUR
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
10% increase
(8,515)
(1,401)
(8,534)
1,592
10% decrease
8,515
1,401
8,534
(1,592)
INTEREST RATE RISK
Interest 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 RISK
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 Custodian) 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 UK and US treasury bills and considers the associated credit risk to be negligible. The Partnership\u2019s
\ufb01nancial assets are 34.9% (31 March 2023: 46.5%) 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 trade and other receivables.
The Group\u2019s cash and cash equivalents are held with major \ufb01nancial institutions; the two largest ones hold 67% and 32% respectively
(31 March 2023: 79% and 20% respectively).
LIQUIDITY RISK
The 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 \ufb01nancial records have been audited. Therefore, the
Partnership may hold receivables that may not be received by the Partnership for a signi\ufb01cant period of time, may not accrue any
interest and ultimately may not be paid to the Partnership. As at 31 March 2024, no (31 March 2023: Nil) suspension from redemptions
existed in any of the Partnership\u2019s underlying investments.
The Partnership invests in short-term UK and US treasury bills, daily traded money market funds and daily traded credit funds and considers
the associated liquidity risk to be negligible. The Partnership\u2019s \ufb01nancial assets are 34.3% (31 March 2023: 46.5%) short-term UK and US
treasury bills, 23.6% (31 March 2023: 16.6%) daily traded credit funds and 12.6% (31 March 2023: Nil) daily traded Money Market Funds.
The table below details the Partnership\u2019s liquidity analysis for its \ufb01nancial assets and liabilities. The table has been drawn up based on
the undiscounted net cash \ufb02ows on the \ufb01nancial assets and liabilities that settle on a net basis and the undiscounted gross cash \ufb02ows
on those \ufb01nancial assets and liabilities that require gross settlement.
\n \n
2024
1
Within 1 month
>1 to 3 months
>3 to 12 months
>12 months
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
232,186
113,702
2,368
69,463
417,719
Cash and cash equivalents
89,576
\u2013
\u2013
\u2013
89,576
Trade and other receivables
2,477
\u2013
\u2013
\u2013
2,477
Accrued expense and payables
(186,401)
\u2013
\u2013
\u2013
(186,401)
Distributions payable
\u2013
(4,353)
\u2013
\u2013
(4,353)
Total
137,838
109,349
2,368
69,463
319,018
Percentage
43.2%
34.3%
0.7%
21.8%
100.0%
1.
The liquidity tables within this note re\ufb02ect the anticipated cash \ufb02ows assuming notice was given to all underlying investments as at 31 March 2024 and 31 March 2023 and that all
UK and US 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 \ufb01rm 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.
\n \n
2023
1
Within 1 month
>1 to 3 months
>3 to 12 months
>12 months
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
320,284
166,425
59,853
73,387
619,949
Cash and cash equivalents
67,190
\u2013
\u2013
\u2013
67,190
Trade and other receivables
783
\u2013
\u2013
\u2013
783
Accrued expense and payables
(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
338,300
Percentage
12.8%
47.8%
17.7%
21.7%
100.0%
1.
The liquidity tables within this note re\ufb02ect the anticipated cash \ufb02ows assuming notice was given to all underlying investments as at 31 March 2024 and 31 March 2023 and that all
UK and US 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 \ufb01rm 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f16836": { "value": "Market price risk
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.Market price risk
The 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 speci\ufb01c 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
\ufb01nancial instruments is generally determined by the fair value of underlying funds. The overall market exposure as at 31 March 2024
and 31 March 2023 is shown in the Consolidated Statement of Financial Position.
The \ufb01nancial 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 \ufb01nancial instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17041": { "value": "Foreign currency sensitivity analysis
The following table details the sensitivity of the Holding Company\u2019s NAV to a 10% change in the USD, CHF and EUR exchange rate
against the GBP currency 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.
\n \n
2024
2024
2024
2023
2023
2023
CHF
EUR
USD
CHF
EUR
USD
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
10% increase
3,572
2,565
32,362
7,134
\u2013
41,490
10% decrease
(3,572)
(2,565)
(32,362)
(5,837)
\u2013
(33,946)
FOREIGN CURRENCY SENSITIVITY ANALYSIS
The following table details the sensitivity of the Partnership\u2019s NAV to a 10% (31 March 2023: 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.
\n \n
2024
2024
2023
2023
USD
EUR
USD
EUR
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
10% increase
(8,515)
(1,401)
(8,534)
1,592
10% decrease
8,515
1,401
8,534
(1,592)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17123": { "value": "Liquidity risk
Liquidity risk is the risk that the \ufb01nancial 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 below.
The table below details the Holding Company\u2019s liquidity analysis for its \ufb01nancial assets and liabilities.
\n \n
2024
<12 months
>12 months
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u2013
927,387
927,387
Cash and cash equivalents
39
\u2013
39
Accrued expense and payables
(4,746)
\u2013
(4,746)
Total
(4,707)
927,387
922,680
Percentage
(0.5)%
100.5%
100.00%
\n \n
2023
<12 months
>12 months
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u2013
924,567
924,567
Cash and cash equivalents
847
\u2013
847
Accrued expense and payables
(35)
(5,421)
(5,456)
Total
812
919,146
919,958
Percentage
0.1%
99.9%
100.00%
LIQUIDITY RISK
The 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 \ufb01nancial records have been audited. Therefore, the
Partnership may hold receivables that may not be received by the Partnership for a signi\ufb01cant period of time, may not accrue any
interest and ultimately may not be paid to the Partnership. As at 31 March 2024, no (31 March 2023: Nil) suspension from redemptions
existed in any of the Partnership\u2019s underlying investments.
The Partnership invests in short-term UK and US treasury bills, daily traded money market funds and daily traded credit funds and considers
the associated liquidity risk to be negligible. The Partnership\u2019s \ufb01nancial assets are 34.3% (31 March 2023: 46.5%) short-term UK and US
treasury bills, 23.6% (31 March 2023: 16.6%) daily traded credit funds and 12.6% (31 March 2023: Nil) daily traded Money Market Funds.
The table below details the Partnership\u2019s liquidity analysis for its \ufb01nancial assets and liabilities. The table has been drawn up based on
the undiscounted net cash \ufb02ows on the \ufb01nancial assets and liabilities that settle on a net basis and the undiscounted gross cash \ufb02ows
on those \ufb01nancial assets and liabilities that require gross settlement.
\n \n
2024
1
Within 1 month
>1 to 3 months
>3 to 12 months
>12 months
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
232,186
113,702
2,368
69,463
417,719
Cash and cash equivalents
89,576
\u2013
\u2013
\u2013
89,576
Trade and other receivables
2,477
\u2013
\u2013
\u2013
2,477
Accrued expense and payables
(186,401)
\u2013
\u2013
\u2013
(186,401)
Distributions payable
\u2013
(4,353)
\u2013
\u2013
(4,353)
Total
137,838
109,349
2,368
69,463
319,018
Percentage
43.2%
34.3%
0.7%
21.8%
100.0%
1.
The liquidity tables within this note re\ufb02ect the anticipated cash \ufb02ows assuming notice was given to all underlying investments as at 31 March 2024 and 31 March 2023 and that all
UK and US 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 \ufb01rm 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:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17591": { "value": "CREDIT RISK
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 Custodian) 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 UK and US treasury bills and considers the associated credit risk to be negligible. The Partnership\u2019s
\ufb01nancial assets are 34.9% (31 March 2023: 46.5%) 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 trade and other receivables.
The Group\u2019s cash and cash equivalents are held with major \ufb01nancial institutions; the two largest ones hold 67% and 32% respectively
(31 March 2023: 79% and 20% respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f17918": { "value": "19. FAIR VALUE MEASUREMENT
IFRS 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:
\u2013
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013
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
\u2013
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 signi\ufb01cant to the fair value measurement. For this purpose, the signi\ufb01cance of an input is assessed against
the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require signi\ufb01cant adjustment based
on unobservable inputs, that measurement is a Level 3 measurement. Assessing the signi\ufb01cance of a particular input to the fair value
measurement requires judgement, considering factors speci\ufb01c to the asset or liability.
The determination of what constitutes \u201cobservable\u201d requires signi\ufb01cant judgement by the Group. The Group considers observable data
to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, and provided by independent sources
that are actively involved in the relevant market.
The following table presents the Group\u2019s \ufb01nancial assets by level within the valuation hierarchy as at 31 March 2024 and 31 March 2023:
\n \n
2024
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
922,680
922,680
The Partnership
\u2013
\u2013
319,018
319,018
Total assets
\u2013
\u2013
1,241,698
1,241,698
\n \n
2023
Level 1
Level 2
Level 3
Total
Assets
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss:
The Holding Company
\u2013
\u2013
919,958
919,958
The Partnership
\u2013
\u2013
338,300
338,300
Total assets
\u2013
\u2013
1,258,258
1,258,258
The investments in the Holding Company and the Partnership are classi\ufb01ed 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
signi\ufb01cant unobservable inputs as outlined in the sections that follow.
The underlying assets of the Holding Company and the Partnership are shown on the next page.
The following table presents the Holding Company\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
and 31 March 2023:
\n \n
Impact on
31 March 2024
31 March 2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
180,448
73,943
Publicly available share
N/A
N/A
bid price as at
statement of \ufb01nancial
position date
SIML
3
5,831
6,108
Net assets of SIML
Carrying value of assets and liabilities
+/- 292
determined in accordance with
generally accepted accounting
principles, without adjustment.
A sensitivity of 5% (31 March 2023: 5%)
of the NAV of SIML is applied.
Milestone payments
3
2,248
54,516
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
of the assigned probability of milestone
+/- 413
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 100
5ppts) of the respective inputs is applied.
Deferred
3
14,362
15,882
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS:
consideration
of the assigned probability of milestone
+/- 898
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2023:
+/- 5,312
5ppts) of the respective inputs is applied.
Calibrated price of
3
555,174
427,552
Calibrated PRI
The main unobservable input is
+/- 66,621
recent investment
the quanti\ufb01cation of the progress
(PRI)
1
investments make against internal
\ufb01nancing and/or corporate milestones
where appropriate. A reasonable shift
in the fair value of the investment would
be +/-12% (31 March 2023: +/-10%).
Cash
2
N/A
41
294
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Other net assets
3
N/A
169,283
346,272
Amortised cost
4
N/A
N/A
(31 March 2023:
Transaction price)
Total \ufb01nancial
927,387
924,567
assets held at fair
value through pro\ufb01t
or loss
1.
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 \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
4.
Amortised cost is considered equivalent to fair value.
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2024 and
31\u00a0March 2023:
\n \n
Milestone
payments and
Life science
deferred
2024
2023
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
427,552
70,398
6,108
504,058
381,286
Purchases during the year
171,256
\u2013
\u2013
171,256
156,363
Sales during the year
(1,030)
\u2013
\u2013
(1,030)
(15,311)
Movement from Level 1 to Level 3
12,934
\u2013
\u2013
12,934
\u2013
Unrealised losses on \ufb01nancial assets at fair value through pro\ufb01t or loss
(55,538)
(53,788)
(277)
(109,603)
(18,280)
Closing balance
555,174
16,610
5,831
577,615
504,058
The net unrealised 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 \u00a3109,603,000 (31 March 2023: \u00a318,280,000 (net unrealised loss)).
During the year, there were no movements from Level 3 to Level 1 (31 March 2023: \u00a3Nil). There was one movement from Level 1
to Level 3 (31 March 2023: Nil) relating to the delisting of Freeline Therapeutics Holdings plc from an active market.
\n\n
\n
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2024
\n
and 31 March 2023:
\n\n \n
31 March
31 March
Impact on
2024
2023
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
163,373
284,960
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
112,015
101,566
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Credit funds
fund components are from
observable inputs
Capital pool
2
\u2013
58,615
Valuation produced by fund
N/A
N/A
investment fund
administrator. Inputs into
\u2013 Multi asset funds
fund components are from
observable inputs
Capital pool
3
70,500
101,421
Valuation produced
The main unobservable input include
+/- 3,525
investment fund
by fund administrator
the assessment of the performance
\u2013 Multi asset funds
of the underlying assets by the fund
administrator. A fair reasonable shift in
the fair value of the instruments would
be +/-5% (31 March 2023: +/-5%)
Legacy funds \u2013
3
28,778
33,001
Valuation produced
The main unobservable input include
+/- 2,878
Long-term unlisted
by fund administrator
the assessment of the performance
investments
of the underlying fund by the fund
administrator. A reasonable possible
shift in the fair value of the
instruments would be +/-10%
(31 March 2023: +/-13%).
CRT Pioneer Fund
3
33,874
32,727
Valuation produced by fund
Unobservable inputs include the
+/- 10,840
administrator and adjusted
fund manager\u2019s assessment of
by Management
the 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 +/-32%
(31 March 2023: +/-36%).
Cash
1
N/A
38,957
74,863
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Cash equivalents
N/A
59,706
\u2013
Amortised cost equivalent
N/A
N/A
\u2013 money market
to publicly available price
funds
2
as at statement of \ufb01nancial
position date
Other net liabilities
3
N/A
(188,184)
(348,853)
Amortised cost
4
(31 March
N/A
N/A
2023: Transaction price)
Total \ufb01nancial assets
319,018
338,300
held at fair value
through pro\ufb01t or loss
\n
1.
Cash and other net liabilities held within the Partnership are primarily measured at amortised cost which is equivalent to their fair value.
\n
2.
Money Market Funds are deemed as cash equivalents and valued at amortised cost, being equivalent to their fair value.
\n
3.
Other net liabilities primarily consists of a payable due to Syncona Portfolio Limited totalling \u00a3170,700,000 (31 March 2023: \u00a3344,900,000).
\n
4.
Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2024, there were no movements from Level 1 to Level 2 (31 March 2023: \u00a3Nil).
Assets classi\ufb01ed 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
classi\ufb01ed as Level 2 because their value is based on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
Assets classi\ufb01ed 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 2024:
\n \n
Investment in
Capital pool
2024
2023
subsidiary
investment
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
40,386
134,422
174,808
71,508
Purchases
\u2013
729
729
100,352
Sales during the year
\u2013
(37,000)
(37,000)
\u2013
Return of capital
\u2013
(6,290)
(6,290)
(10,551)
Unrealised gains on \ufb01nancial assets at fair value
2,668
7,416
10,084
13,499
Closing balance
43,054
99,277
142,331
174,808
The net unrealised gain 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 \u00a310,084,000 (31 March 2023: \u00a313,499,000 (unrealised gain)).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19381": { "value": "20. COMMITMENTS AND CONTINGENCIES
The Group had the following commitments as at 31 March 2024:
\n \n
2024 Uncalled
2023 Uncalled
commitment
commitment
\u00a3\u2019000
\u00a3\u2019000
Life science portfolio
Milestone payments to life science companies
1
92,585
85,143
CRT Pioneer Fund
1,561
2,499
Capital pool investments
1,018
1,585
Total
95,164
89,227
1.
Milestone payments to life science companies consist of \ufb01nancial commitments undertaken before or at the reporting date, that are contingent upon the achievement of the agreed
investment milestones. When the agreed investment milestones are not achieved, the decision to make partial or full payments remains at the discretion of the Group.
There were no contingent liabilities as at 31 March 2024 (March 2023: Nil). The commitments are expected to fall due in the next 36 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19384": { "value": "The Group had the following commitments as at 31 March 2024: \n \n
2024 Uncalled
2023 Uncalled
commitment
commitment
\u00a3\u2019000
\u00a3\u2019000
Life science portfolio
Milestone payments to life science companies
1
92,585
85,143
CRT Pioneer Fund
1,561
2,499
Capital pool investments
1,018
1,585
Total
95,164
89,227
1.
Milestone payments to life science companies consist of \ufb01nancial commitments undertaken before or at the reporting date, that are contingent upon the achievement of the agreed
investment milestones. When the agreed investment milestones are not achieved, the decision to make partial or full payments remains at the discretion of the Group.
There were no contingent liabilities as at 31 March 2024 (March 2023: Nil). The commitments are expected to fall due in the next 36 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19445": { "value": "There were no contingent liabilities as at 31 March 2024 (March 2023: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f19447": { "value": "21. SUBSEQUENT EVENTS
As of 31 March 2024, 280,000 shares were in the process of being purchased by the Company and therefore not available for trade.
These shares were withdrawn and held as treasury shares by the close of 3 April 2024 once the transactions settled.
As of 19 June 2024, a further 8,655,000 shares have been purchased through the share buyback programme.
Post period end a further \u00a320.0m has been allocated to the share buyback programme.
Post period end Force\ufb01eld Therapeutics Limited syndicated their Series A \ufb01nancing resulting in a valuation uplift of \u00a32.4 million.
The accounts have not been updated to re\ufb02ect this.
Post period end the valuation of the quoted life science investments decreased by \u00a369.8 million.
These Consolidated Financial Statements were approved for issuance by the Directors on 19 June 2024. Subsequent events have
been evaluated until 19 June 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "f20154": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }