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Management of its investments is contracted to its \nsubsidiary Syncona Investment Management Limited, the Investment \nManager. Its company secretarial and administrative functions are \noutsourced to Citco Fund Services (Guernsey) Limited, with further \nsupport and oversight provided by the Investment Manager. Further \ndetails on the Company\u2019s Investment Manager are given below. \nThe Company\u2019s objective is to achieve superior long-term capital \nappreciation by selectively investing in growth opportunities in the life \nsciences sector, with an initial focus on realising maximum value from \nits mature portfolio assets in a timely manner. 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MELANIE GEE
JOHN ROCHE
CHAIR, SYNCONA LIMITED
NON-EXECUTIVE DIRECTOR, SYNCONA LIMITED ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "ConsolidatedStatementOfChangesInNetAssetsAttributableToHoldersOfOrdinaryShares_PeriodStartLabel_0080": { "value": "767999000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInNetAssetsAttributableToHoldersOfOrdinaryShares_PeriodStartLabel_0078": { "value": "444774000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember", "unit": "iso4217:GBP" } }, 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"1918000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00243": { "value": "1113000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0023": { "value": "1. GENERAL INFORMATION
Syncona Limited (the Company) 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 registered of\ufb01ce
of the Company is Frances House, PO Box 273, Sir William Place, St Peter Port, Guernsey, GY1 3RD.
The Company makes its life science investments through Syncona Holdings Limited (the Holding Company), a subsidiary of the Company.
The Company maintains its capital pool through Syncona Investments LP Incorporated (the Partnership), in which the Company is the sole
limited partner. The general partner of the Partnership is Syncona GP Limited (the General Partner), a wholly-owned subsidiary of the Company.
On 3 March 2026, Syncona Carry 1 GP Limited (the Carry GP) was incorporated and included into the structure. Syncona Limited, the General
Partner and the Carry GP are collectively referred to as the \u201cGroup\u201d.
Syncona Investment Management Limited (SIML), a subsidiary, is appointed as the Company\u2019s Alternative Investment Fund Manager
(Investment Manager).
The investment objective and policy is set out in the Directors\u2019 report on page 88. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0013": { "value": "Syncona Limited ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0016": { "value": "Syncona Limited ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0020": { "value": "Syncona Limited ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0014": { "value": "Guernsey ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0017": { "value": "Guernsey ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0021": { "value": "Guernsey ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0022": { "value": "closed-ended investment company.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0024": { "value": "The Company makes its life science investments through Syncona Holdings Limited (the Holding Company), a subsidiary of the Company.
The Company maintains its capital pool through Syncona Investments LP Incorporated (the Partnership), in which the Company is the sole
limited partner. The general partner of the Partnership is Syncona GP Limited (the General Partner), a wholly-owned subsidiary of the Company.
On 3 March 2026, Syncona Carry 1 GP Limited (the Carry GP) was incorporated and included into the structure. Syncona Limited, the General
Partner and the Carry GP are collectively referred to as the \u201cGroup\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0031": { "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 17 June 2026.
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 (\u00a3 or GBP). \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 \u00a31,037.7 million (31 March 2025: \u00a31,053.08 million) of which \u00a3205.6 million
(31 March 2025: \u00a3289.67 million) are readily realisable within three months in normal market conditions, and liabilities including uncalled
commitments to underlying investments and funds amounting to \u00a398.1 million (31 March 2025: \u00a381.7 million).
Given the Group\u2019s capital pool of \u00a3198.3 million (31 March 2025: \u00a3287.69 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, the General Partner and the Carry GP.
The results of the General Partner and the Carry GP 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 and the Carry GP
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 and the Carry GP to bring the
accounting policies used in line with those used by the Group. During the years ended 31 March 2026 and 31 March 2025, no such
adjustments have been made. All intra-group transactions, balances and expenses are eliminated on consolidation.
Entities that meet the de\ufb01nition of an investment entity under IFRS 10 hold their investments at fair value through pro\ufb01t or loss in accordance
with IFRS 9 \u201cFinancial Instruments\u201d. The Company meets the de\ufb01nition of an investment entity and therefore holds the Partnership and the
Holding Company at fair value through pro\ufb01t or loss. The General Partner and the Carry GP do not meet the de\ufb01nition of an investment entity
due to providing investment management-related services to the Group, and are therefore consolidated.
NEW STANDARDS ADOPTED BY THE GROUP
There are no standards, amendments to standards or interpretations that are effective for the year ending on 31 March 2026 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 IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current
\u2013
Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments; and
\u2013
IFRS 19: Subsidiaries without Public Accountability
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements, introducing new requirements that will help to achieve comparability of the \ufb01nancial
performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or
measurement of items in the \ufb01nancial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related
to the consolidated statement of comprehensive income and providing management-de\ufb01ned performance measures within the \ufb01nancial statements.
The Group is currently assessing the potential impact of these changes on its Consolidated Financial Statements. The Group expects to adopt
IFRS 18 for the \ufb01nancial year ending 31 March 2028, with comparative information for the year ending 31 March 2027 restated in accordance
with the standard.
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 2026 and 31 March 2025, 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 2026 and 31 March 2025.
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 (deferred consideration) 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 Holdings LP 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, including trade receivables,
either on a 12-month or lifetime basis. The Group\u2019s trade receivables do not contain a signi\ufb01cant \ufb01nancing component and have maturities of
less than 12 months. In accordance with IFRS 9, these characteristics mean the Group is required to apply the simpli\ufb01ed approach to recognise
lifetime ECLs for these receivables.
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 (Articles) 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
15% to 29% (31 March 2025: 15% to 27%); and probabilities of success that result in an average cumulative probability of success across the
life science portfolio of 30% (31 March 2025: 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.
Realised bonus pool
The Group operates a Realised Bonus Pool (RBP) scheme as part of its long-term incentive arrangements for certain employees. The RBP
entitles eligible employees to receive awards linked to realised investment proceeds up to a de\ufb01ned hurdle threshold. Awards under the RBP
will be paid by the Company to the Manager, with the Manager responsible for administering and allocating the proceeds to employees in
accordance with the contractual terms of the scheme.
The terms of the incentive arrangements provide that half of the proceeds (net of expected taxes) are settled to employees by SIML in Company
shares which are subject to staggered holding restrictions until \u00a3250 million has been returned to shareholders, with one third restricted for 12
months, one third for 24 months and one third for 36 months, with the balance paid in cash. Consequently, the arrangements are deemed to be
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 RBP is measured at the grant date, being 6 March 2026, following the approval of the RBP scheme by shareholders.
The fair value is measured using probability-weighted expected realisation proceeds discounted over the expected timing until realisation.
The cash-settled component of the RBP is measured at fair value at each reporting date, based on the expected amount payable under the
scheme, taking into account expected investment realisations, vesting conditions and any non-vesting conditions.
The key assumptions used within the model are forecasted exit value; expected exit date; discount rates; and probabilities of success of reaching
the expected realisation date. In this case, the expected future payout to the RBP was made by reference to the maximum achievable under the
RBP, being 2.5% of realisations up to 1.25x of the scheme baseline NAV adjusted for funds retained by the Manager. This is then discounted into
present value terms adopting an appropriate discount rate.
The cost of the RBP is recognised as an employee expense over the vesting period, being the period over which the employee services are
expected to be received, and the relevant vesting conditions are satis\ufb01ed. The charge is recognised on a straight-line basis unless another
pattern better re\ufb02ects the consumption of employee services.
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
The Group\u2019s income relates to distributions from the Partnership.
EXPENSES
Expenses are accounted for on an 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 an 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 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0025": { "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 17 June 2026.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0027": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0026": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "FUNCTIONAL CURRENCY
The Group\u2019s functional currency is Sterling (\u00a3 or GBP). \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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0028": { "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 \u00a31,037.7 million (31 March 2025: \u00a31,053.08 million) of which \u00a3205.6 million
(31 March 2025: \u00a3289.67 million) are readily realisable within three months in normal market conditions, and liabilities including uncalled
commitments to underlying investments and funds amounting to \u00a398.1 million (31 March 2025: \u00a381.7 million).
Given the Group\u2019s capital pool of \u00a3198.3 million (31 March 2025: \u00a3287.69 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0032": { "value": "BASIS OF CONSOLIDATION
The Group\u2019s Consolidated Financial Statements consist of the \ufb01nancial records of the Company, the General Partner and the Carry GP.
The results of the General Partner and the Carry GP 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 and the Carry GP
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 and the Carry GP to bring the
accounting policies used in line with those used by the Group. During the years ended 31 March 2026 and 31 March 2025, no such
adjustments have been made. All intra-group transactions, balances and expenses are eliminated on consolidation.
Entities that meet the de\ufb01nition of an investment entity under IFRS 10 hold their investments at fair value through pro\ufb01t or loss in accordance
with IFRS 9 \u201cFinancial Instruments\u201d. The Company meets the de\ufb01nition of an investment entity and therefore holds the Partnership and the
Holding Company at fair value through pro\ufb01t or loss. The General Partner and the Carry GP do not meet the de\ufb01nition of an investment entity
due to providing investment management-related services to the Group, and are therefore consolidated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0019": { "value": "2026-03-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0033": { "value": "NEW STANDARDS ADOPTED BY THE GROUP
There are no standards, amendments to standards or interpretations that are effective for the year ending on 31 March 2026 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 IAS 1: Classi\ufb01cation of Liabilities as Current or Non-current
\u2013
Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments; and
\u2013
IFRS 19: Subsidiaries without Public Accountability
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements, introducing new requirements that will help to achieve comparability of the \ufb01nancial
performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or
measurement of items in the \ufb01nancial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related
to the consolidated statement of comprehensive income and providing management-de\ufb01ned performance measures within the \ufb01nancial statements.
The Group is currently assessing the potential impact of these changes on its Consolidated Financial Statements. The Group expects to adopt
IFRS 18 for the \ufb01nancial year ending 31 March 2028, with comparative information for the year ending 31 March 2027 restated in accordance
with the standard.", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0072": { "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 2026 and 31 March 2025, 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 2026 and 31 March 2025.
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 (deferred consideration) 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 Holdings LP 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, including trade receivables,
either on a 12-month or lifetime basis. The Group\u2019s trade receivables do not contain a signi\ufb01cant \ufb01nancing component and have maturities of
less than 12 months. In accordance with IFRS 9, these characteristics mean the Group is required to apply the simpli\ufb01ed approach to recognise
lifetime ECLs for these receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0074": { "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 2026 and 31 March 2025, 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 2026 and 31 March 2025.
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 (deferred consideration) 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 Holdings LP 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, including trade receivables,
either on a 12-month or lifetime basis. The Group\u2019s trade receivables do not contain a signi\ufb01cant \ufb01nancing component and have maturities of
less than 12 months. In accordance with IFRS 9, these characteristics mean the Group is required to apply the simpli\ufb01ed approach to recognise
lifetime ECLs for these receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0075": { "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 2026 and 31 March 2025, 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 2026 and 31 March 2025.
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 (deferred consideration) 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 Holdings LP 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, including trade receivables,
either on a 12-month or lifetime basis. The Group\u2019s trade receivables do not contain a signi\ufb01cant \ufb01nancing component and have maturities of
less than 12 months. In accordance with IFRS 9, these characteristics mean the Group is required to apply the simpli\ufb01ed approach to recognise
lifetime ECLs for these receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0073": { "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 2026 and 31 March 2025, 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 2026 and 31 March 2025.
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 (deferred consideration) 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 Holdings LP from time to
time for hedging purposes only. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "Impairment of \ufb01nancial assets
IFRS 9 requires the Group to record expected credit losses (ECLs) on all \ufb01nancial assets held at amortised cost, including trade receivables,
either on a 12-month or lifetime basis. The Group\u2019s trade receivables do not contain a signi\ufb01cant \ufb01nancing component and have maturities of
less than 12 months. In accordance with IFRS 9, these characteristics mean the Group is required to apply the simpli\ufb01ed approach to recognise
lifetime ECLs for these receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0071": { "value": "IFRS 9 requires the Group to record expected credit losses (ECLs) on all \ufb01nancial assets held at amortised cost, including trade receivables,
either on a 12-month or lifetime basis. The Group\u2019s trade receivables do not contain a signi\ufb01cant \ufb01nancing component and have maturities of
less than 12 months. In accordance with IFRS 9, these characteristics mean the Group is required to apply the simpli\ufb01ed approach to recognise
lifetime ECLs for these receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "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 (Articles) 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
15% to 29% (31 March 2025: 15% to 27%); and probabilities of success that result in an average cumulative probability of success across the
life science portfolio of 30% (31 March 2025: 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.
Realised bonus pool
The Group operates a Realised Bonus Pool (RBP) scheme as part of its long-term incentive arrangements for certain employees. The RBP
entitles eligible employees to receive awards linked to realised investment proceeds up to a de\ufb01ned hurdle threshold. Awards under the RBP
will be paid by the Company to the Manager, with the Manager responsible for administering and allocating the proceeds to employees in
accordance with the contractual terms of the scheme.
The terms of the incentive arrangements provide that half of the proceeds (net of expected taxes) are settled to employees by SIML in Company
shares which are subject to staggered holding restrictions until \u00a3250 million has been returned to shareholders, with one third restricted for 12
months, one third for 24 months and one third for 36 months, with the balance paid in cash. Consequently, the arrangements are deemed to be
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 RBP is measured at the grant date, being 6 March 2026, following the approval of the RBP scheme by shareholders.
The fair value is measured using probability-weighted expected realisation proceeds discounted over the expected timing until realisation.
The cash-settled component of the RBP is measured at fair value at each reporting date, based on the expected amount payable under the
scheme, taking into account expected investment realisations, vesting conditions and any non-vesting conditions.
The key assumptions used within the model are forecasted exit value; expected exit date; discount rates; and probabilities of success of reaching
the expected realisation date. In this case, the expected future payout to the RBP was made by reference to the maximum achievable under the
RBP, being 2.5% of realisations up to 1.25x of the scheme baseline NAV adjusted for funds retained by the Manager. This is then discounted into
present value terms adopting an appropriate discount rate.
The cost of the RBP is recognised as an employee expense over the vesting period, being the period over which the employee services are
expected to be received, and the relevant vesting conditions are satis\ufb01ed. The charge is recognised on a straight-line basis unless another
pattern better re\ufb02ects the consumption of employee services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "INCOME The Group\u2019s income relates to distributions from the Partnership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "EXPENSES
Expenses are accounted for on an 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 an 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0034": { "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.
The Directors\u2019 determination of the fair values of certain investments took into consideration multiple sources including management information,
publicly available information and publications and including certain input from independent advisors L.E.K. Consulting LLP (L.E.K.), who has
undertaken an independent review of certain investments and has assisted the Directors with their valuation of such investments. The review was
limited to certain procedures that the Directors identi\ufb01ed and requested L.E.K. to perform within an agreed scope. The investments covered in
the review were limited to:
\u2013
Spur Therapeutics Limited;
\u2013
Anaveon AG;
\u2013
Quell Therapeutics Limited;
\u2013
Beacon Therapeutics Holdings Limited;
\u2013
Resolution Therapeutics Limited;
\u2013
OMass Therapeutics Limited;
\u2013
Purespring Therapeutics Limited;
\u2013
iOnctura B.V.; and
\u2013
Mosaic Therapeutics Limited.
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. In making its determination of fair value the Directors
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. The Investment Manager as the AIFM is responsible for determining
the fair value of the investments, and the agreed limited procedures in the review performed to assist the Directors in its determination are only
one element of, and are supplementary to, the inquiries and procedures that the AIFM is required to undertake to determine the fair value of the
said investments for which the Directors are 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 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, the Directors 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 +/-8% (31 March 2025: +/-10%) identi\ufb01ed by the Directors 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 the Directors 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 2025: none) of the Partnership\u2019s underlying investments held in the capital pool 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0035": { "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
and the Carry GP, 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2026%
2025 %
Subsidiary
Principal place 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%
Syncona Carry 1 GP Limited
Guernsey
General Partner
100%
0%
\n
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 \n
Principal place
2026
Indirect subsidiaries
of business
Immediate parent
Principal activity
% interest
1
Syncona Discovery Limited
UK
Syncona Investments LP Inc
Portfolio management
100%
Syncona Portfolio Holdings LP
Guernsey
Syncona Carry 1 GP Limited
Portfolio management
100%
Syncona Portfolio Limited
Guernsey
Syncona Portfolio Holdings LP
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 IP Holdco (4) Limited
UK
Syncona Portfolio Limited
Portfolio management
100%
Syncona Investment Management Limited
UK
Syncona Holdings Limited
Portfolio management
100%
Syncona Carry 1 LP
Guernsey
Syncona Carry 1 GP Limited
Portfolio management
100%
SIML Switzerland AG
Switzerland
SIML
Portfolio management
100%
Slingshot Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Drug discovery
100%
Spur Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
98%
Resolution Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
91%
Force\ufb01eld Therapeutics Limited
UK
Syncona Portfolio Limited
Biologics
77%
Mosaic Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
68%
Yellowstone Bio Sciences
UK
Syncona Portfolio Limited
Biologics
72%
Kesmalea Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
61%
\n\n \n
Principal place
2026
Indirect associates
of business
Immediate parent
Principal activity
% interest
1
Purespring Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
48%
Beacon Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Gene therapy
47%
Anaveon AG
Switzerland
Syncona Portfolio Limited
Biologics
43%
Quell Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
35%
OMass Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
32%
Achilles Therapeutics plc
UK
Syncona Portfolio Limited
In voluntary liquidation
26%
iOnctura B.V.
Netherlands
Syncona Portfolio Limited
Small molecule
23%
\n\n \n
Principal place
2025
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 IP Holdco (4) 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%
Slingshot Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Drug discovery
100%
Spur Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
98%
Resolution Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
93%
Force\ufb01eld Therapeutics Limited
UK
Syncona Portfolio Limited
Biologics
85%
Mosaic Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
76%
Yellowstone Bio Sciences
UK
Syncona Portfolio Limited
Biologics
72%
Kesmalea Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
61%
Beacon Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Gene therapy
59%
Purespring Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
59%
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Principal place
\u00a0 \u00a0
2025
Indirect associates
of business
Immediate parent
Principal activity
% interest
1
Anaveon AG
Switzerland
Syncona Portfolio Limited
Biologics
43%
Quell Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
36%
Azeria Therapeutics Limited
UK
Syncona Portfolio Limited
In voluntary liquidation
34%
OMass Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
33%
Achilles Therapeutics plc
UK
Syncona Portfolio Limited
In voluntary liquidation
26%
iOnctura B.V.
Netherlands
Syncona Portfolio Limited
Biologics
25%
\n1. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0036": { "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
and the Carry GP, 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2026%
2025 %
Subsidiary
Principal place 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%
Syncona Carry 1 GP Limited
Guernsey
General Partner
100%
0%
\n
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.
\n\n\n
INDIRECT INTERESTS IN SUBSIDIARIES AND ASSOCIATES
\n\n \n
Principal place
2026
Indirect subsidiaries
of business
Immediate parent
Principal activity
% interest
1
Syncona Discovery Limited
UK
Syncona Investments LP Inc
Portfolio management
100%
Syncona Portfolio Holdings LP
Guernsey
Syncona Carry 1 GP Limited
Portfolio management
100%
Syncona Portfolio Limited
Guernsey
Syncona Portfolio Holdings LP
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 IP Holdco (4) Limited
UK
Syncona Portfolio Limited
Portfolio management
100%
Syncona Investment Management Limited
UK
Syncona Holdings Limited
Portfolio management
100%
Syncona Carry 1 LP
Guernsey
Syncona Carry 1 GP Limited
Portfolio management
100%
SIML Switzerland AG
Switzerland
SIML
Portfolio management
100%
Slingshot Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Drug discovery
100%
Spur Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
98%
Resolution Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
91%
Force\ufb01eld Therapeutics Limited
UK
Syncona Portfolio Limited
Biologics
77%
Mosaic Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
68%
Yellowstone Bio Sciences
UK
Syncona Portfolio Limited
Biologics
72%
Kesmalea Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
61%
\n\n \n
Principal place
2026
Indirect associates
of business
Immediate parent
Principal activity
% interest
1
Purespring Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
48%
Beacon Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Gene therapy
47%
Anaveon AG
Switzerland
Syncona Portfolio Limited
Biologics
43%
Quell Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
35%
OMass Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
32%
Achilles Therapeutics plc
UK
Syncona Portfolio Limited
In voluntary liquidation
26%
iOnctura B.V.
Netherlands
Syncona Portfolio Limited
Small molecule
23%
\n\n \n
Principal place
2025
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 IP Holdco (4) 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%
Slingshot Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Drug discovery
100%
Spur Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
98%
Resolution Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
93%
Force\ufb01eld Therapeutics Limited
UK
Syncona Portfolio Limited
Biologics
85%
Mosaic Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
76%
Yellowstone Bio Sciences
UK
Syncona Portfolio Limited
Biologics
72%
Kesmalea Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecule
61%
Beacon Therapeutics Holdings Limited
UK
Syncona Portfolio Limited
Gene therapy
59%
Purespring Therapeutics Limited
UK
Syncona Portfolio Limited
Gene therapy
59%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Principal place
\u00a0 \u00a0
2025
Indirect associates
of business
Immediate parent
Principal activity
% interest
1
Anaveon AG
Switzerland
Syncona Portfolio Limited
Biologics
43%
Quell Therapeutics Limited
UK
Syncona Portfolio Limited
Cell therapy
36%
Azeria Therapeutics Limited
UK
Syncona Portfolio Limited
In voluntary liquidation
34%
OMass Therapeutics Limited
UK
Syncona Portfolio Limited
Small molecules
33%
Achilles Therapeutics plc
UK
Syncona Portfolio Limited
In voluntary liquidation
26%
iOnctura B.V.
Netherlands
Syncona Portfolio Limited
Biologics
25%
\n1. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0077": { "value": "5. TAXATION
The Company, the General Partner and the Carry GP are exempt from taxation in Guernsey under the provisions of The Income Tax
(Exempt Bodies) (Guernsey) Ordinance, 1989 and all have paid an annual exemption fee of \u00a31,600 (31 March 2025: \u00a31,600).
The General Partner and the Carry GP are incorporated and are tax resident in Guernsey, their corporate affairs being managed solely in Guernsey.
Having regard to the non-UK tax residence of the General Partner, the Company and the Carry GP, 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, the Company\u2019s or the Carry GP\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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0039": { "value": "6. INCOME
The Group\u2019s income relates to distributions from the Partnership.
During the year, distribution income from the Partnership amounted to \u00a349,334,439 (31 March 2025: \u00a366,539,058) of which \u00a33,642,398
(31 March 2025: \u00a34,002,355) remained receivable as at 31 March 2026. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0063": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Net gains/(losses) from:
\u00a0 \u00a0 \u00a0
The Holding Company
7.a
24,549
(134,830)
The Partnership
7.b
(53,610)
(53,149)
Total
\u00a0
(29,061)
(187,979)
\n
7.A MOVEMENTS IN THE HOLDING COMPANY:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Expenses
(105)
(101)
Movement in gains/(losses) on investments at fair value through pro\ufb01t or loss
24,654
(134,729)
Net gains/(losses) on \ufb01nancial assets at fair value through pro\ufb01t or loss
24,549
(134,830)
7.B MOVEMENTS IN THE PARTNERSHIP:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Investment income
18
24
Rebates and donations
(1)
(83)
Other income
56
49
Expenses
(153)
(196)
Realised gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
7,929
30,455
Movement in unrealised losses on \ufb01nancial assets at fair value through pro\ufb01t or loss
(13,792)
(20,137)
Gains on foreign currency
1,667
3,278
(Losses)/gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
(4,276)
13,390
Distributions
(49,334)
(66,539)
Net losses on \ufb01nancial assets at fair value through pro\ufb01t or loss
(53,610)
(53,149)
\n17. 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
The Holding Company
814,334
789,084
The Partnership
212,259
265,869
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
1,026,593
1,054,953
Financial assets measured at amortised cost
\u00a0 \u00a0
Cash and cash equivalents
1,918
1,113
Other \ufb01nancial assets
24,192
8,809
Total \ufb01nancial assets measured at amortised cost
26,110
9,922
Financial liabilities at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Provision for share based payments
(7,599)
(5,532)
Total \ufb01nancial liabilities at fair value through pro\ufb01t or loss
(7,599)
(5,532)
Financial liabilities measured at amortised cost
\u00a0 \u00a0
Other \ufb01nancial liabilities
(7,355)
(6,263)
Total \ufb01nancial liabilities measured at amortised cost
(7,355)
(6,263)
Net \ufb01nancial assets
1,037,749
1,053,080
\n
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\u00a09 (see note 2):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Investment in subsidiaries
819,247
793,892
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
819,247
793,892
Financial assets measured at amortised cost
1
\u00a0 \u00a0
Current assets
15,570
3
Financial liabilities measured at amortised cost
1
\u00a0 \u00a0
Current liabilities
(20,483)
(4,811)
Net \ufb01nancial assets of the Holding Company
814,334
789,084
\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Listed investments
81,873
134,108
Unlisted investments
79,245
85,313
Investment in subsidiaries
11,624
29,517
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
172,742
248,938
Financial assets measured at amortised cost
1
\u00a0 \u00a0
Cash and cash equivalents
37,496
61,444
Current assets
5,704
9,235
Financial liabilities measured at amortised cost
1
\u00a0 \u00a0
Current liabilities
(3,683)
(53,748)
Net \ufb01nancial assets of the Partnership
212,259
265,869
\n
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 2026 and 31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2026
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
814,334
814,334
The Partnership
\u2013
\u2013
212,259
212,259
Total assets
\u2013
\u2013
1,026,593
1,026,593
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2025
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
789,084
789,084
The Partnership
\u2013
\u2013
265,869
265,869
Total assets
\u2013
\u2013
1,054,953
1,054,953
\n
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 2026 and
\n
31 March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
32,140
34,584
Publicly available share bid
N/A
N/A
price as at statement of
\ufb01nancial position date
SIML
3
5,922
6,400
Net Assets of SIML
Carrying value of assets and liabilities
+/- 296
determined in accordance with generally
accepted accounting principles, without
adjustment. A sensitivity of +/-5%
(31 March 2025: +/-5%) of the NAV of
SIML is applied.
Milestone payments
3
804
6,769
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/- \u00a391
of the assigned probability of milestone
Discount rate:
success and the discount rate used.
\u00a39
A sensitivity of 5ppts (31 March 2025:
5ppts) of the respective inputs is applied.
Deferred consideration
3
25,446
15,422
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/-
of the assigned probability of milestone
\u00a31,807
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2025:
\u00a36,118
5ppts) of the respective inputs is applied.
Calibrated price of
3
770,822
681,326
Calibrated PRI
The main unobservable input is
+/- \u00a377,082
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 +/-10% (31 March 2025: +/-10%).
Cash
2
N/A
10
17
Amortised cost
4
N/A
N/A
Other net (liabilities)/
N/A
(20,810)
44,566
Amortised cost
4
N/A
N/A
assets
3
Total net \ufb01nancial
814,334
789,084
assets held at fair
value through pro\ufb01t
or loss
5
\n
1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances.
\n
2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.
\n
3. Other net (liabilities)/assets primarily consists of a payable to the Company of \u00a320,462,000 (31 March 2025: \u00a34,785,000).
\n
4. Amortised cost is considered equivalent to fair value.
\n
5.
Cash and other net assets within the prior year comparatives have been represented in order to ensure consistency with current year presentation.
\n
This presentation has no impact on the Net Asset Value of the Holding Company, or the Group, nor on the loss for the year.
\n
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2026 and 31 March 2025:
\n\n \n
Milestone
payments and
Life science
deferred
2026
2025
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
681,326
22,191
6,400
709,917
577,615
Purchases during the year
80,848
\u2013
\u2013
80,848
305,685
Sales during the year
(54,629)
(6,106)
\u2013
(60,735)
(189,502)
Movement from Level 1 to Level 3
\u2013
\u2013
\u2013
\u2013
10,980
Unrealised gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
63,277
10,165
(478)
72,964
5,139
Closing balance
770,822
26,250
5,922
802,994
709,917
\n
The net unrealised gain for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments
\n
in the Holding Company held as at the year end amounted to \u00a372,964,000 (31 March 2025: \u00a35,139,000).
\n
During the year, there were no movements between levels (31 March 2025: one movement from Level 1 to Level 3, relating to the delisting
\n
of Achilles Therapeutics Limited from an active market) in the fair value hierarchy.
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2026 and
\n
31\u00a0March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
\u2013
55,651
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
81,873
78,457
Valuation produced by fund
N/A
N/A
investment fund
administrator as at statement
\u2013 Credit funds
of \ufb01nancial position date.
Inputs into fund components
are from observable inputs
Capital pool
3
77,664
73,940
Valuation produced by fund
The main unobservable input includes
+/- 3,883
investment fund
administrator as at statement
the assessment of the performance
\u2013 Multi-asset funds
of \ufb01nancial position date
of the underlying assets by the fund
administrator. A fair reasonable shift
in the fair value of the instruments would
be +/-5% (31 March 2025: +/-5%).
Legacy funds \u2013
3
1,581
11,373
Valuation produced by fund
The main unobservable input includes the
+/- 158
long-term unlisted
administrator as at statement
assessment of the performance of the
investments
of \ufb01nancial position date
underlying fund by the fund administrator.
A reasonable possible shift in the fair
value of the instruments would be +/-10%
(31 March 2025: +/-19%).
CRT Pioneer Fund
3
10,189
27,294
Valuation produced by fund
Unobservable inputs include the
+/- 2,242
administrator as at statement
fund manager\u2019s assessment of
of \ufb01nancial position date and
the performance of the underlying
adjusted by Management
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 +/-22% (31 March 2025: +/-25%).
Cash
1
N/A
6,654
10,871
Amortised cost
3
N/A
N/A
Cash equivalents
N/A
37,496
61,444
Amortised cost equivalent
N/A
N/A
\u2013 money market funds
2
to publicly available price
as at statement of \ufb01nancial
position date
Other net liabilities
N/A
(3,198)
(53,161)
Amortised cost
3
N/A
N/A
Total net \ufb01nancial
212,259
265,869
assets 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. Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2026, there were no movements from Level 1 to Level 2 (31 March 2025: \u00a3Nil) or between other levels in the fair
\n
value hierarchy.
\n
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
\n
fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above
\n
are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit
\n
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
\n
on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
\n
Assets classi\ufb01ed as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value
\n
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 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Investment in
Capital pool
2026
2025
\u00a0
subsidiary
investment
Total
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
29,517
85,313
114,830
142,331
Purchases during the year
\u2013
\u2013
\u2013
\u2013
Sales during the year
\u2013
\u2013
\u2013
(10,319)
Return of capital
(2,850)
(9,733)
(12,583)
(12,852)
Unrealised (losses)/gains on \ufb01nancial assets at fair value
(15,043)
3,665
(11,378)
(4,330)
Closing balance
11,624
79,245
90,869
114,830
\n
The net unrealised loss 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 \u00a311,378,000 (31 March 2025: \u00a34,330,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0040": { "value": "8. CHARITABLE DONATIONS
For the year ended 31 March 2026, 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 2025: 0.35%). The donation is made by the General Partner.
During the year, charitable donations expense amounted to \u00a33,642,398 (31 March 2025: \u00a34,002,355) of which \u00a33,642,398 (31 March 2025:
\u00a34,002,355) remained payable as at 31 March 2026. Refer to note 13. ", "dimensions": { "concept": "sync:DisclosureOfCharitableDonationsExplanatoryTextBlock", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0042": { "value": "9. GENERAL EXPENSES \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Investment management fees
16
13,974
13,708
Share based payments
12
1,959
1,028
Directors\u2019 remuneration
16
510
536
Auditor\u2019s remuneration
\u00a0
329
257
Other expenses
\u00a0
8,664
2,189
Total
\u00a0
25,436
17,718
\n
Auditor\u2019s remuneration includes audit fees in relation to the Group of \u00a3188,350 (31 March 2025: \u00a3179,410). Total audit fees paid by the Group
and the Syncona Group Companies for the year ended 31 March 2026 totalled \u00a3389,950 (31 March 2025: \u00a3359,480). Additional fees paid to
the auditor were \u00a360,700 (31 March 2025: \u00a352,820) which relates to work performed at the interim review of \u00a346,900 (31 March 2025: \u00a341,820)
and other non-audit fees of \u00a313,800 (31 March 2025: \u00a311,000) 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. Other expenses for the year ended 31 March 2026 include costs
associated with the change in investment policy during the year, which are not expected to recur.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0044": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Investment management fees
16
13,974
13,708
Share based payments
12
1,959
1,028
Directors\u2019 remuneration
16
510
536
Auditor\u2019s remuneration
\u00a0
329
257
Other expenses
\u00a0
8,664
2,189
Total
\u00a0
25,436
17,718
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0043": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Investment management fees
16
13,974
13,708
Share based payments
12
1,959
1,028
Directors\u2019 remuneration
16
510
536
Auditor\u2019s remuneration
\u00a0
329
257
Other expenses
\u00a0
8,664
2,189
Total
\u00a0
25,436
17,718
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0041": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Investment management fees
16
13,974
13,708
Share based payments
12
1,959
1,028
Directors\u2019 remuneration
16
510
536
Auditor\u2019s remuneration
\u00a0
329
257
Other expenses
\u00a0
8,664
2,189
Total
\u00a0
25,436
17,718
\n
Auditor\u2019s remuneration includes audit fees in relation to the Group of \u00a3188,350 (31 March 2025: \u00a3179,410). Total audit fees paid by the Group
and the Syncona Group Companies for the year ended 31 March 2026 totalled \u00a3389,950 (31 March 2025: \u00a3359,480). Additional fees paid to
the auditor were \u00a360,700 (31 March 2025: \u00a352,820) which relates to work performed at the interim review of \u00a346,900 (31 March 2025: \u00a341,820)
and other non-audit fees of \u00a313,800 (31 March 2025: \u00a311,000) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0065": { "value": "10. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
The Holding Company
10.a
814,334
789,084
The Partnership
10.b
212,259
265,869
Total
\u00a0
1,026,593
1,054,953
\n
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 below.
10.A THE NET ASSETS OF THE HOLDING COMPANY
On 6 March 2026, in order to implement the new Long Term Incentive Arrangements, additional group structuring was required whereby the Holding
Company became a limited partner in Syncona Portfolio Holdings LP (the Holding Partnership). In addition, the Holding Company transferred
its ownership in its previously wholly-owned subsidiary, Syncona Portfolio Limited, to the Holding Partnership in return for an intercompany loan
and is recorded as an investment in subsidiaries in accordance with International Accounting Standards 27 \u201cSeparate Financial Statements\u201d.
The below schedule details the impact of this on the \ufb01nancial assets of the Holding Company.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\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
826,444
\u2013
Sales during the year
(464,443)
\u2013
Cost of the Holding Company\u2019s investments at the end of the year
856,811
494,810
Net unrealised (losses)/gains on investments at the end of the year
(37,564)
299,082
Fair value of the Holding Company\u2019s investments at the end of the year
819,247
793,892
Other net current liabilities
(4,913)
(4,808)
Financial assets at fair value through pro\ufb01t or loss at the end of the year
814,334
789,084
\n
10.B THE NET ASSETS OF THE PARTNERSHIP
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Cost of the Partnership\u2019s investments at the start of the year
230,003
378,647
Purchases during the year
\u2013
253,992
Sales during the year
(54,698)
(387,965)
Return of capital
(12,583)
(14,671)
Cost of the Partnership\u2019s investments at the end of the year
162,722
230,003
Net unrealised gains on investments at the end of the year
10,020
18,935
Fair value of the Partnership\u2019s investments at the end of the year
172,742
248,938
Cash and cash equivalents
42,677
70,074
Other net current liabilities
(3,160)
(53,143)
Financial assets at fair value through pro\ufb01t or loss at the end of the year
212,259
265,869
\n17. 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
The Holding Company
814,334
789,084
The Partnership
212,259
265,869
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
1,026,593
1,054,953
Financial assets measured at amortised cost
\u00a0 \u00a0
Cash and cash equivalents
1,918
1,113
Other \ufb01nancial assets
24,192
8,809
Total \ufb01nancial assets measured at amortised cost
26,110
9,922
Financial liabilities at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Provision for share based payments
(7,599)
(5,532)
Total \ufb01nancial liabilities at fair value through pro\ufb01t or loss
(7,599)
(5,532)
Financial liabilities measured at amortised cost
\u00a0 \u00a0
Other \ufb01nancial liabilities
(7,355)
(6,263)
Total \ufb01nancial liabilities measured at amortised cost
(7,355)
(6,263)
Net \ufb01nancial assets
1,037,749
1,053,080
\n
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\u00a09 (see note 2):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Investment in subsidiaries
819,247
793,892
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
819,247
793,892
Financial assets measured at amortised cost
1
\u00a0 \u00a0
Current assets
15,570
3
Financial liabilities measured at amortised cost
1
\u00a0 \u00a0
Current liabilities
(20,483)
(4,811)
Net \ufb01nancial assets of the Holding Company
814,334
789,084
\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Listed investments
81,873
134,108
Unlisted investments
79,245
85,313
Investment in subsidiaries
11,624
29,517
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
172,742
248,938
Financial assets measured at amortised cost
1
\u00a0 \u00a0
Cash and cash equivalents
37,496
61,444
Current assets
5,704
9,235
Financial liabilities measured at amortised cost
1
\u00a0 \u00a0
Current liabilities
(3,683)
(53,748)
Net \ufb01nancial assets of the Partnership
212,259
265,869
\n
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 2026 and 31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2026
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
814,334
814,334
The Partnership
\u2013
\u2013
212,259
212,259
Total assets
\u2013
\u2013
1,026,593
1,026,593
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2025
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
789,084
789,084
The Partnership
\u2013
\u2013
265,869
265,869
Total assets
\u2013
\u2013
1,054,953
1,054,953
\n
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.
\n
The following table presents the Holding Company\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2026 and
\n
31 March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
32,140
34,584
Publicly available share bid
N/A
N/A
price as at statement of
\ufb01nancial position date
SIML
3
5,922
6,400
Net Assets of SIML
Carrying value of assets and liabilities
+/- 296
determined in accordance with generally
accepted accounting principles, without
adjustment. A sensitivity of +/-5%
(31 March 2025: +/-5%) of the NAV of
SIML is applied.
Milestone payments
3
804
6,769
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/- \u00a391
of the assigned probability of milestone
Discount rate:
success and the discount rate used.
\u00a39
A sensitivity of 5ppts (31 March 2025:
5ppts) of the respective inputs is applied.
Deferred consideration
3
25,446
15,422
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/-
of the assigned probability of milestone
\u00a31,807
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2025:
\u00a36,118
5ppts) of the respective inputs is applied.
Calibrated price of
3
770,822
681,326
Calibrated PRI
The main unobservable input is
+/- \u00a377,082
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 +/-10% (31 March 2025: +/-10%).
Cash
2
N/A
10
17
Amortised cost
4
N/A
N/A
Other net (liabilities)/
N/A
(20,810)
44,566
Amortised cost
4
N/A
N/A
assets
3
Total net \ufb01nancial
814,334
789,084
assets held at fair
value through pro\ufb01t
or loss
5
\n
1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances.
\n
2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.
\n
3. Other net (liabilities)/assets primarily consists of a payable to the Company of \u00a320,462,000 (31 March 2025: \u00a34,785,000).
\n
4. Amortised cost is considered equivalent to fair value.
\n
5.
Cash and other net assets within the prior year comparatives have been represented in order to ensure consistency with current year presentation.
\n
This presentation has no impact on the Net Asset Value of the Holding Company, or the Group, nor on the loss for the year.
\n
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2026 and 31 March 2025:
\n\n \n
Milestone
payments and
Life science
deferred
2026
2025
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
681,326
22,191
6,400
709,917
577,615
Purchases during the year
80,848
\u2013
\u2013
80,848
305,685
Sales during the year
(54,629)
(6,106)
\u2013
(60,735)
(189,502)
Movement from Level 1 to Level 3
\u2013
\u2013
\u2013
\u2013
10,980
Unrealised gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
63,277
10,165
(478)
72,964
5,139
Closing balance
770,822
26,250
5,922
802,994
709,917
\n
The net unrealised gain for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments
\n
in the Holding Company held as at the year end amounted to \u00a372,964,000 (31 March 2025: \u00a35,139,000).
\n
During the year, there were no movements between levels (31 March 2025: one movement from Level 1 to Level 3, relating to the delisting
\n
of Achilles Therapeutics Limited from an active market) in the fair value hierarchy.
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2026 and
\n
31\u00a0March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
\u2013
55,651
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
81,873
78,457
Valuation produced by fund
N/A
N/A
investment fund
administrator as at statement
\u2013 Credit funds
of \ufb01nancial position date.
Inputs into fund components
are from observable inputs
Capital pool
3
77,664
73,940
Valuation produced by fund
The main unobservable input includes
+/- 3,883
investment fund
administrator as at statement
the assessment of the performance
\u2013 Multi-asset funds
of \ufb01nancial position date
of the underlying assets by the fund
administrator. A fair reasonable shift
in the fair value of the instruments would
be +/-5% (31 March 2025: +/-5%).
Legacy funds \u2013
3
1,581
11,373
Valuation produced by fund
The main unobservable input includes the
+/- 158
long-term unlisted
administrator as at statement
assessment of the performance of the
investments
of \ufb01nancial position date
underlying fund by the fund administrator.
A reasonable possible shift in the fair
value of the instruments would be +/-10%
(31 March 2025: +/-19%).
CRT Pioneer Fund
3
10,189
27,294
Valuation produced by fund
Unobservable inputs include the
+/- 2,242
administrator as at statement
fund manager\u2019s assessment of
of \ufb01nancial position date and
the performance of the underlying
adjusted by Management
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 +/-22% (31 March 2025: +/-25%).
Cash
1
N/A
6,654
10,871
Amortised cost
3
N/A
N/A
Cash equivalents
N/A
37,496
61,444
Amortised cost equivalent
N/A
N/A
\u2013 money market funds
2
to publicly available price
as at statement of \ufb01nancial
position date
Other net liabilities
N/A
(3,198)
(53,161)
Amortised cost
3
N/A
N/A
Total net \ufb01nancial
212,259
265,869
assets 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. Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2026, there were no movements from Level 1 to Level 2 (31 March 2025: \u00a3Nil) or between other levels in the fair
\n
value hierarchy.
\n
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
\n
fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above
\n
are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit
\n
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
\n
on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
\n
Assets classi\ufb01ed as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value
\n
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 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Investment in
Capital pool
2026
2025
\u00a0
subsidiary
investment
Total
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
29,517
85,313
114,830
142,331
Purchases during the year
\u2013
\u2013
\u2013
\u2013
Sales during the year
\u2013
\u2013
\u2013
(10,319)
Return of capital
(2,850)
(9,733)
(12,583)
(12,852)
Unrealised (losses)/gains on \ufb01nancial assets at fair value
(15,043)
3,665
(11,378)
(4,330)
Closing balance
11,624
79,245
90,869
114,830
\n
The net unrealised loss 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 \u00a311,378,000 (31 March 2025: \u00a34,330,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0045": { "value": "11. TRADE AND OTHER RECEIVABLES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Due from related parties
16
20,471
4,742
Charitable donation receivable
16
3,642
4,002
Prepayments
\u00a0
79
65
Total
\u00a0
24,192
8,809
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0046": { "value": "12. SHARE BASED PAYMENTS PROVISION
Share based payments are associated with awards of MES in the Holding Company and the RBP in the 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
MES cash settled scheme
1,756
1,028
RBP cash settled scheme
203
\u2013
Total
1,959
1,028
\n
Other movements in the provision relating to realisations and granting of MES awards totalled \u00a3107,965 (31 March 2025: \u00a3117,125). 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Share based payments provision \u2013 current
56
396
Share based payments provision \u2013 non-current
7,543
5,136
Total
7,599
5,532
\n
MANAGEMENT EQUITY SHARES
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 Ordinary 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 MES awards made in the year ended 31 March 2026 was \u00a3Nil (31 March 2025: \u00a31,277,401). There are no new MES issued
in the year ended 31 March 2026 (31 March 2025: 6,082,864).
The number of MES outstanding are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Outstanding at the start of the year
42,947,398
40,194,059
Issued
\u2013
6,082,864
Realised
(869,120)
(1,316,074)
Lapsed
(979,325)
(2,013,451)
Outstanding at the end of the year
41,098,953
42,947,398
Weighted average and maximum remaining contractual life of outstanding MES, years
10.7
11.7
Vested MES as at the year end
36,648,709
33,213,081
Realisable MES as at the year end
9,231,183
8,994,985
\nThe weighted average vesting period of the outstanding MES is 0.48 years (2025: 0.96 years).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0047": { "value": "13. ACCRUED EXPENSES AND PAYABLES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Charitable donations payable
16
3,642
4,002
Management fees accrued
\u00a0
2,951
1,079
Other payables
\u00a0
762
1,182
Total
\u00a0
7,355
6,263
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0048": { "value": "13. ACCRUED EXPENSES AND PAYABLES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Charitable donations payable
16
3,642
4,002
Management fees accrued
\u00a0
2,951
1,079
Other payables
\u00a0
762
1,182
Total
\u00a0
7,355
6,263
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0049": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Authorised Share Capital
\u00a0 \u00a0
Balance at the start of the year
767,999
767,999
Balance at the end of the year
767,999
767,999
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Shares
Shares
Outstanding Ordinary Share Capital
\u00a0 \u00a0
Balance at the start of the year
615,645,995
655,335,586
Share based payment shares issued during the year
334,788
407,966
Ordinary Shares bought back and transferred to treasury
(7,787,759)
(40,097,557)
Balance at the end of the year
608,193,024
615,645,995
\n
At 31 March 2026 a total of 63,356,396 (31 March 2025: 56,568,637) Ordinary Shares amounting to \u00a370,064,357 (31 March 2025: \u00a363,286,356)
has been entered into treasury resulting in the total Ordinary Shares available for trade on an open market at 31 March 2026 being 608,193,024
(31 March 2025: 615,645,995).
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 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Loss for the purposes of earnings per share
\u00a3(8,853,000)
\u00a3(143,160,000)
Basic weighted average number of shares
608,370,745
616,204,349
Basic revenue earnings per share
3.32p
7.04p
Basic capital loss per share
(4.77)p
(29.52)p
Basic loss per share
(1.45)p
(22.48)p
Diluted weighted average number of shares
608,814,908
636,796,662
Diluted revenue earnings per shares
3.32p
7.04p
Diluted capital loss per share
(4.77)p
(29.52)p
Diluted loss per share
(1.45)p
(22.48)p
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Issued share capital at the start of the year
615,645,995
655,335,586
Weighted effect of share issues and purchases
\u00a0 \u00a0
Share based payments
122,908
287,253
Potential share based payment share issues
177,721
558,354
Treasury shares
(6,953,995)
(18,826,177)
Diluted weighted average number of shares
608,992,629
637,355,016
\n
14.D NAV PER SHARE
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Net assets for the purposes of NAV per share
\u00a31,037,749,358
\u00a31,053,079,495
Ordinary Shares available to trade
608,193,024
615,645,995
NAV per share
170.63p
171.05p
Diluted number of shares
608,370,745
616,204,349
Diluted NAV per share
170.58p
170.90p
\n
As at 31 March 2026, if all MES were realised, the number of shares issued in the Company as a result would increase by 177,721
(31 March 2025: 558,354). The undiluted per share value of net assets attributable to holders of Ordinary Shares would move from \u00a31.71
to \u00a31.71 (31 March 2025: \u00a31.71 to \u00a31.71) if these shares were issued.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0050": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Authorised Share Capital
\u00a0 \u00a0
Balance at the start of the year
767,999
767,999
Balance at the end of the year
767,999
767,999
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Shares
Shares
Outstanding Ordinary Share Capital
\u00a0 \u00a0
Balance at the start of the year
615,645,995
655,335,586
Share based payment shares issued during the year
334,788
407,966
Ordinary Shares bought back and transferred to treasury
(7,787,759)
(40,097,557)
Balance at the end of the year
608,193,024
615,645,995
\n
At 31 March 2026 a total of 63,356,396 (31 March 2025: 56,568,637) Ordinary Shares amounting to \u00a370,064,357 (31 March 2025: \u00a363,286,356)
has been entered into treasury resulting in the total Ordinary Shares available for trade on an open market at 31 March 2026 being 608,193,024
(31 March 2025: 615,645,995).
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0051": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Shares
Shares
Outstanding Ordinary Share Capital
\u00a0 \u00a0
Balance at the start of the year
615,645,995
655,335,586
Share based payment shares issued during the year
334,788
407,966
Ordinary Shares bought back and transferred to treasury
(7,787,759)
(40,097,557)
Balance at the end of the year
608,193,024
615,645,995
\n
At 31 March 2026 a total of 63,356,396 (31 March 2025: 56,568,637) Ordinary Shares amounting to \u00a370,064,357 (31 March 2025: \u00a363,286,356)
has been entered into treasury resulting in the total Ordinary Shares available for trade on an open market at 31 March 2026 being 608,193,024
(31 March 2025: 615,645,995). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0052": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0053": { "value": "14.C EARNINGS/(LOSS) PER SHARE
The calculations for the 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Loss for the purposes of earnings per share
\u00a3(8,853,000)
\u00a3(143,160,000)
Basic weighted average number of shares
608,370,745
616,204,349
Basic revenue earnings per share
3.32p
7.04p
Basic capital loss per share
(4.77)p
(29.52)p
Basic loss per share
(1.45)p
(22.48)p
Diluted weighted average number of shares
608,814,908
636,796,662
Diluted revenue earnings per shares
3.32p
7.04p
Diluted capital loss per share
(4.77)p
(29.52)p
Diluted loss per share
(1.45)p
(22.48)p
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Issued share capital at the start of the year
615,645,995
655,335,586
Weighted effect of share issues and purchases
\u00a0 \u00a0
Share based payments
122,908
287,253
Potential share based payment share issues
177,721
558,354
Treasury shares
(6,953,995)
(18,826,177)
Diluted weighted average number of shares
608,992,629
637,355,016
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0054": { "value": "14.D NAV PER SHARE \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Net assets for the purposes of NAV per share
\u00a31,037,749,358
\u00a31,053,079,495
Ordinary Shares available to trade
608,193,024
615,645,995
NAV per share
170.63p
171.05p
Diluted number of shares
608,370,745
616,204,349
Diluted NAV per share
170.58p
170.90p
\n
As at 31 March 2026, if all MES were realised, the number of shares issued in the Company as a result would increase by 177,721
(31 March 2025: 558,354). The undiluted per share value of net assets attributable to holders of Ordinary Shares would move from \u00a31.71
to \u00a31.71 (31 March 2025: \u00a31.71 to \u00a31.71) if these shares were issued.", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0055": { "value": "15. DISTRIBUTION TO SHAREHOLDERS
The Company may pay a dividend at the discretion of the Directors.
During the year ended 31 March 2026, the Company did not declare or pay a dividend (31 March 2025: \u00a3Nil). The Directors believe that it is not
appropriate for the Company to pay a dividend.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0056": { "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 \u00a345,721,820 (31 March 2025: \u00a3121,432,267).
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.
During the year, the total amount invested in life science investments in which the Group has signi\ufb01cant in\ufb02uence was \u00a335,090,879
(31 March 2025: \u00a313,760,769).
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 \u00a3227,119 in relation to Directors\u2019 fees (31 March 2025: \u00a3196,814).
INVESTMENT MANAGER
SIML, an indirectly held subsidiary of the Company, is the Investment Manager of the Group.
For the year ended 31 March 2026, SIML was entitled to receive reimbursement of reasonably incurred expenses relating to its investment
management activities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Amounts paid to SIML
13,974
13,708
\n
Amounts owed to SIML in respect of management fees totalled \u00a32,951,360 as at 31 March 2026 (31 March 2025: \u00a31,079,267).
During the year, SIML received fees from the Group\u2019s portfolio companies of \u00a31,693,140 (31 March 2025: \u00a31,889,793).
COMPANY DIRECTORS
As at the year end, the Company had \ufb01ve Directors, all of whom served in a non-executive capacity. John Roche also serves as a Director of the
General Partner and Syncona Carry 1 GP Limited. Virginia Holmes served as the Senior Independent Director until her resignation on 5 August
2025. On 5 August 2025, Kemal Malik was appointed as the Senior Independent Director. On 31 January 2026, Cristina Csimma resigned from
the Board of Directors. On 3 March 2026, Rob Hutchinson resigned from the Board of Directors.
Directors\u2019 remuneration for the years ended 31 March 2026 and 31 March 2025, excluding expenses incurred, and outstanding Directors\u2019
remuneration as at the end of the year, are set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Directors\u2019 remuneration for the year
510
536
Payable at the end of the year
\u2013
\u2013
\n
Shares held by the Directors can be found in the Report of the Remuneration Committee. The Directors of Syncona Limited together hold 0.05%
(31 March 2025: 0.05%) 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 2026 was \u00a33,986,756 (31 March 2025: \u00a34,356,122).
The charitable donation accrued for the year ended 31 March 2026 was \u00a33,642,398 (31 March 2025: \u00a34,002,355).
OTHER RELATED PARTIES
As at 31 March 2026, the Company has a receivable from the Partnership, Holding Company and Syncona Portfolio Limited amounting
to \u00a3Nil (31 March 2025: \u00a310,352), \u00a320,470,497 (31 March 2025: \u00a34,720,843) and \u00a3Nil (31 March 2025: \u00a310,352), respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0076": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
The Holding Company
814,334
789,084
The Partnership
212,259
265,869
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
1,026,593
1,054,953
Financial assets measured at amortised cost
\u00a0 \u00a0
Cash and cash equivalents
1,918
1,113
Other \ufb01nancial assets
24,192
8,809
Total \ufb01nancial assets measured at amortised cost
26,110
9,922
Financial liabilities at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Provision for share based payments
(7,599)
(5,532)
Total \ufb01nancial liabilities at fair value through pro\ufb01t or loss
(7,599)
(5,532)
Financial liabilities measured at amortised cost
\u00a0 \u00a0
Other \ufb01nancial liabilities
(7,355)
(6,263)
Total \ufb01nancial liabilities measured at amortised cost
(7,355)
(6,263)
Net \ufb01nancial assets
1,037,749
1,053,080
\n
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\u00a09 (see note 2):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Investment in subsidiaries
819,247
793,892
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
819,247
793,892
Financial assets measured at amortised cost
1
\u00a0 \u00a0
Current assets
15,570
3
Financial liabilities measured at amortised cost
1
\u00a0 \u00a0
Current liabilities
(20,483)
(4,811)
Net \ufb01nancial assets of the Holding Company
814,334
789,084
\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Listed investments
81,873
134,108
Unlisted investments
79,245
85,313
Investment in subsidiaries
11,624
29,517
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
172,742
248,938
Financial assets measured at amortised cost
1
\u00a0 \u00a0
Cash and cash equivalents
37,496
61,444
Current assets
5,704
9,235
Financial liabilities measured at amortised cost
1
\u00a0 \u00a0
Current liabilities
(3,683)
(53,748)
Net \ufb01nancial assets of the Partnership
212,259
265,869
\n
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 2026 and 31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2026
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
814,334
814,334
The Partnership
\u2013
\u2013
212,259
212,259
Total assets
\u2013
\u2013
1,026,593
1,026,593
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2025
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
789,084
789,084
The Partnership
\u2013
\u2013
265,869
265,869
Total assets
\u2013
\u2013
1,054,953
1,054,953
\n
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.
\n
The following table presents the Holding Company\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2026 and
\n
31 March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
32,140
34,584
Publicly available share bid
N/A
N/A
price as at statement of
\ufb01nancial position date
SIML
3
5,922
6,400
Net Assets of SIML
Carrying value of assets and liabilities
+/- 296
determined in accordance with generally
accepted accounting principles, without
adjustment. A sensitivity of +/-5%
(31 March 2025: +/-5%) of the NAV of
SIML is applied.
Milestone payments
3
804
6,769
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/- \u00a391
of the assigned probability of milestone
Discount rate:
success and the discount rate used.
\u00a39
A sensitivity of 5ppts (31 March 2025:
5ppts) of the respective inputs is applied.
Deferred consideration
3
25,446
15,422
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/-
of the assigned probability of milestone
\u00a31,807
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2025:
\u00a36,118
5ppts) of the respective inputs is applied.
Calibrated price of
3
770,822
681,326
Calibrated PRI
The main unobservable input is
+/- \u00a377,082
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 +/-10% (31 March 2025: +/-10%).
Cash
2
N/A
10
17
Amortised cost
4
N/A
N/A
Other net (liabilities)/
N/A
(20,810)
44,566
Amortised cost
4
N/A
N/A
assets
3
Total net \ufb01nancial
814,334
789,084
assets held at fair
value through pro\ufb01t
or loss
5
\n
1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances.
\n
2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.
\n
3. Other net (liabilities)/assets primarily consists of a payable to the Company of \u00a320,462,000 (31 March 2025: \u00a34,785,000).
\n
4. Amortised cost is considered equivalent to fair value.
\n
5.
Cash and other net assets within the prior year comparatives have been represented in order to ensure consistency with current year presentation.
\n
This presentation has no impact on the Net Asset Value of the Holding Company, or the Group, nor on the loss for the year.
\n
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2026 and 31 March 2025:
\n\n \n
Milestone
payments and
Life science
deferred
2026
2025
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
681,326
22,191
6,400
709,917
577,615
Purchases during the year
80,848
\u2013
\u2013
80,848
305,685
Sales during the year
(54,629)
(6,106)
\u2013
(60,735)
(189,502)
Movement from Level 1 to Level 3
\u2013
\u2013
\u2013
\u2013
10,980
Unrealised gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
63,277
10,165
(478)
72,964
5,139
Closing balance
770,822
26,250
5,922
802,994
709,917
\n
The net unrealised gain for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments
\n
in the Holding Company held as at the year end amounted to \u00a372,964,000 (31 March 2025: \u00a35,139,000).
\n
During the year, there were no movements between levels (31 March 2025: one movement from Level 1 to Level 3, relating to the delisting
\n
of Achilles Therapeutics Limited from an active market) in the fair value hierarchy.
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2026 and
\n
31\u00a0March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
\u2013
55,651
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
81,873
78,457
Valuation produced by fund
N/A
N/A
investment fund
administrator as at statement
\u2013 Credit funds
of \ufb01nancial position date.
Inputs into fund components
are from observable inputs
Capital pool
3
77,664
73,940
Valuation produced by fund
The main unobservable input includes
+/- 3,883
investment fund
administrator as at statement
the assessment of the performance
\u2013 Multi-asset funds
of \ufb01nancial position date
of the underlying assets by the fund
administrator. A fair reasonable shift
in the fair value of the instruments would
be +/-5% (31 March 2025: +/-5%).
Legacy funds \u2013
3
1,581
11,373
Valuation produced by fund
The main unobservable input includes the
+/- 158
long-term unlisted
administrator as at statement
assessment of the performance of the
investments
of \ufb01nancial position date
underlying fund by the fund administrator.
A reasonable possible shift in the fair
value of the instruments would be +/-10%
(31 March 2025: +/-19%).
CRT Pioneer Fund
3
10,189
27,294
Valuation produced by fund
Unobservable inputs include the
+/- 2,242
administrator as at statement
fund manager\u2019s assessment of
of \ufb01nancial position date and
the performance of the underlying
adjusted by Management
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 +/-22% (31 March 2025: +/-25%).
Cash
1
N/A
6,654
10,871
Amortised cost
3
N/A
N/A
Cash equivalents
N/A
37,496
61,444
Amortised cost equivalent
N/A
N/A
\u2013 money market funds
2
to publicly available price
as at statement of \ufb01nancial
position date
Other net liabilities
N/A
(3,198)
(53,161)
Amortised cost
3
N/A
N/A
Total net \ufb01nancial
212,259
265,869
assets 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. Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2026, there were no movements from Level 1 to Level 2 (31 March 2025: \u00a3Nil) or between other levels in the fair
\n
value hierarchy.
\n
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
\n
fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above
\n
are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit
\n
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
\n
on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
\n
Assets classi\ufb01ed as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value
\n
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 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Investment in
Capital pool
2026
2025
\u00a0
subsidiary
investment
Total
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
29,517
85,313
114,830
142,331
Purchases during the year
\u2013
\u2013
\u2013
\u2013
Sales during the year
\u2013
\u2013
\u2013
(10,319)
Return of capital
(2,850)
(9,733)
(12,583)
(12,852)
Unrealised (losses)/gains on \ufb01nancial assets at fair value
(15,043)
3,665
(11,378)
(4,330)
Closing balance
11,624
79,245
90,869
114,830
\n
The net unrealised loss 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 \u00a311,378,000 (31 March 2025: \u00a34,330,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0064": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
The Holding Company
814,334
789,084
The Partnership
212,259
265,869
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
1,026,593
1,054,953
Financial assets measured at amortised cost
\u00a0 \u00a0
Cash and cash equivalents
1,918
1,113
Other \ufb01nancial assets
24,192
8,809
Total \ufb01nancial assets measured at amortised cost
26,110
9,922
Financial liabilities at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Provision for share based payments
(7,599)
(5,532)
Total \ufb01nancial liabilities at fair value through pro\ufb01t or loss
(7,599)
(5,532)
Financial liabilities measured at amortised cost
\u00a0 \u00a0
Other \ufb01nancial liabilities
(7,355)
(6,263)
Total \ufb01nancial liabilities measured at amortised cost
(7,355)
(6,263)
Net \ufb01nancial assets
1,037,749
1,053,080
\n
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\u00a09 (see note 2):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Investment in subsidiaries
819,247
793,892
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
819,247
793,892
Financial assets measured at amortised cost
1
\u00a0 \u00a0
Current assets
15,570
3
Financial liabilities measured at amortised cost
1
\u00a0 \u00a0
Current liabilities
(20,483)
(4,811)
Net \ufb01nancial assets of the Holding Company
814,334
789,084
\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u00a0 \u00a0
Listed investments
81,873
134,108
Unlisted investments
79,245
85,313
Investment in subsidiaries
11,624
29,517
Total \ufb01nancial assets at fair value through pro\ufb01t or loss
172,742
248,938
Financial assets measured at amortised cost
1
\u00a0 \u00a0
Cash and cash equivalents
37,496
61,444
Current assets
5,704
9,235
Financial liabilities measured at amortised cost
1
\u00a0 \u00a0
Current liabilities
(3,683)
(53,748)
Net \ufb01nancial assets of the Partnership
212,259
265,869
\n
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 2026 and 31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2026
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
814,334
814,334
The Partnership
\u2013
\u2013
212,259
212,259
Total assets
\u2013
\u2013
1,026,593
1,026,593
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2025
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
789,084
789,084
The Partnership
\u2013
\u2013
265,869
265,869
Total assets
\u2013
\u2013
1,054,953
1,054,953
\n
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.
\n
The following table presents the Holding Company\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2026 and
\n
31 March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
32,140
34,584
Publicly available share bid
N/A
N/A
price as at statement of
\ufb01nancial position date
SIML
3
5,922
6,400
Net Assets of SIML
Carrying value of assets and liabilities
+/- 296
determined in accordance with generally
accepted accounting principles, without
adjustment. A sensitivity of +/-5%
(31 March 2025: +/-5%) of the NAV of
SIML is applied.
Milestone payments
3
804
6,769
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/- \u00a391
of the assigned probability of milestone
Discount rate:
success and the discount rate used.
\u00a39
A sensitivity of 5ppts (31 March 2025:
5ppts) of the respective inputs is applied.
Deferred consideration
3
25,446
15,422
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/-
of the assigned probability of milestone
\u00a31,807
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2025:
\u00a36,118
5ppts) of the respective inputs is applied.
Calibrated price of
3
770,822
681,326
Calibrated PRI
The main unobservable input is
+/- \u00a377,082
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 +/-10% (31 March 2025: +/-10%).
Cash
2
N/A
10
17
Amortised cost
4
N/A
N/A
Other net (liabilities)/
N/A
(20,810)
44,566
Amortised cost
4
N/A
N/A
assets
3
Total net \ufb01nancial
814,334
789,084
assets held at fair
value through pro\ufb01t
or loss
5
\n
1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances.
\n
2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.
\n
3. Other net (liabilities)/assets primarily consists of a payable to the Company of \u00a320,462,000 (31 March 2025: \u00a34,785,000).
\n
4. Amortised cost is considered equivalent to fair value.
\n
5.
Cash and other net assets within the prior year comparatives have been represented in order to ensure consistency with current year presentation.
\n
This presentation has no impact on the Net Asset Value of the Holding Company, or the Group, nor on the loss for the year.
\n
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2026 and 31 March 2025:
\n\n \n
Milestone
payments and
Life science
deferred
2026
2025
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
681,326
22,191
6,400
709,917
577,615
Purchases during the year
80,848
\u2013
\u2013
80,848
305,685
Sales during the year
(54,629)
(6,106)
\u2013
(60,735)
(189,502)
Movement from Level 1 to Level 3
\u2013
\u2013
\u2013
\u2013
10,980
Unrealised gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
63,277
10,165
(478)
72,964
5,139
Closing balance
770,822
26,250
5,922
802,994
709,917
\n
The net unrealised gain for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments
\n
in the Holding Company held as at the year end amounted to \u00a372,964,000 (31 March 2025: \u00a35,139,000).
\n
During the year, there were no movements between levels (31 March 2025: one movement from Level 1 to Level 3, relating to the delisting
\n
of Achilles Therapeutics Limited from an active market) in the fair value hierarchy.
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2026 and
\n
31\u00a0March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
\u2013
55,651
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
81,873
78,457
Valuation produced by fund
N/A
N/A
investment fund
administrator as at statement
\u2013 Credit funds
of \ufb01nancial position date.
Inputs into fund components
are from observable inputs
Capital pool
3
77,664
73,940
Valuation produced by fund
The main unobservable input includes
+/- 3,883
investment fund
administrator as at statement
the assessment of the performance
\u2013 Multi-asset funds
of \ufb01nancial position date
of the underlying assets by the fund
administrator. A fair reasonable shift
in the fair value of the instruments would
be +/-5% (31 March 2025: +/-5%).
Legacy funds \u2013
3
1,581
11,373
Valuation produced by fund
The main unobservable input includes the
+/- 158
long-term unlisted
administrator as at statement
assessment of the performance of the
investments
of \ufb01nancial position date
underlying fund by the fund administrator.
A reasonable possible shift in the fair
value of the instruments would be +/-10%
(31 March 2025: +/-19%).
CRT Pioneer Fund
3
10,189
27,294
Valuation produced by fund
Unobservable inputs include the
+/- 2,242
administrator as at statement
fund manager\u2019s assessment of
of \ufb01nancial position date and
the performance of the underlying
adjusted by Management
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 +/-22% (31 March 2025: +/-25%).
Cash
1
N/A
6,654
10,871
Amortised cost
3
N/A
N/A
Cash equivalents
N/A
37,496
61,444
Amortised cost equivalent
N/A
N/A
\u2013 money market funds
2
to publicly available price
as at statement of \ufb01nancial
position date
Other net liabilities
N/A
(3,198)
(53,161)
Amortised cost
3
N/A
N/A
Total net \ufb01nancial
212,259
265,869
assets 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. Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2026, there were no movements from Level 1 to Level 2 (31 March 2025: \u00a3Nil) or between other levels in the fair
\n
value hierarchy.
\n
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
\n
fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above
\n
are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit
\n
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
\n
on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
\n
Assets classi\ufb01ed as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value
\n
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 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Investment in
Capital pool
2026
2025
\u00a0
subsidiary
investment
Total
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
29,517
85,313
114,830
142,331
Purchases during the year
\u2013
\u2013
\u2013
\u2013
Sales during the year
\u2013
\u2013
\u2013
(10,319)
Return of capital
(2,850)
(9,733)
(12,583)
(12,852)
Unrealised (losses)/gains on \ufb01nancial assets at fair value
(15,043)
3,665
(11,378)
(4,330)
Closing balance
11,624
79,245
90,869
114,830
\n
The net unrealised loss 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 \u00a311,378,000 (31 March 2025: \u00a34,330,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0057": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2026
\u00a0
CHF
EUR
USD
GBP
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
38,420
26,201
298,870
455,756
819,247
Cash and cash equivalents
\u2013
\u2013
\u2013
3
3
Receivables
\u2013
\u2013
\u2013
15,567
15,567
Accrued expense and payables
1
\u2013
\u2013
\u2013
(20,483)
(20,483)
Total
38,420
26,201
298,870
450,843
814,334
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
\u00a0
CHF
EUR
USD
GBP
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
35,569
25,121
260,520
472,682
793,892
Cash and cash equivalents
\u2013
\u2013
\u2013
3
3
Accrued expense and payables
1
\u2013
\u2013
\u2013
(4,811)
(4,811)
Total
35,569
25,121
260,520
467,874
789,084
\n
1. In which 99.89% (31 March 2025: 98.13%) 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2026
2026
2025
2025
2025
\u00a0
CHF
EUR
USD
CHF
EUR
USD
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
10% increase
3,842
2,620
29,887
3,557
2,512
26,052
10% decrease
(3,842)
(2,620)
(29,887)
(3,557)
(2,512)
(26,052)
\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2026
\u00a0
<12 months
>12 months
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u2013
819,247
819,247
Cash and cash equivalents
15,570
\u2013
15,570
Accrued expense and payables
(20,483)
\u2013
(20,483)
Total
(4,913)
819,247
814,334
Percentage
(0.6)%
100.6%
100.0%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
\u00a0
<12 months
>12 months
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u2013
793,892
793,892
Cash and cash equivalents
3
\u2013
3
Accrued expense and payables
(4,811)
\u2013
(4,811)
Total
(4,808)
793,892
789,084
Percentage
(0.6)%
100.6%
100.0%
\n
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 2026 and 31 March 2025 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2026
\u00a0
USD
EUR
GBP
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
53
1,528
171,161
172,742
Cash and cash equivalents
4,173
\u2013
38,504
42,677
Trade and other receivables
\u2013
\u2013
523
523
Accrued expense and payables
1
\u2013
\u2013
(41)
(41)
Distributions payable
\u2013
\u2013
(3,642)
(3,642)
Total
4,226
1,528
206,505
212,259
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
USD
EUR
GBP
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Total
Financial assets at fair value through pro\ufb01t or loss
56,466
9,232
183,240
248,938
Cash and cash equivalents
24,150
2
45,922
70,074
Trade and other receivables
533
\u2013
72
605
Accrued expense and payables
1
(49,694)
\u2013
(52)
(49,746)
Distributions payable
\u2013
\u2013
(4,002)
(4,002)
Total
31,455
9,234
225,180
265,869
\n
1. None of which (31 March 2025: 99.90%) 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 2025: 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2026
2025
2025
\u00a0
USD
EUR
USD
EUR
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
10% increase
(423)
(153)
(3,146)
(923)
10% decrease
423
153
3,146
923
\n
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 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. As of 31 March 2026,
the Partnership has no short-term treasury bills (31 March 2025: 17.4% of \ufb01nancial assets).
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 maximum exposure to credit risk at the reporting date is represented by the carrying
amounts of the \ufb01nancial assets of the Partnership.
The Group\u2019s cash and cash equivalents are held with major \ufb01nancial institutions; the two largest ones hold 68% and 20% respectively
(31 March 2025: 77% and 14% 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 2026 and 31 March 2025, no suspension from redemptions existed in any of the Partnership\u2019s underlying investments.
The Partnership invests in daily traded money market funds, daily traded credit funds and short-term UK and US treasury bills and considers
the associated liquidity risk to be negligible. The Partnership\u2019s \ufb01nancial assets are 38.0% (31 March 2025: 24.6%) daily traded credit funds,
17.4% (31 March 2025: 19.3%) daily traded money market funds and 0.0% (31 March 2025: 17.4%) short-term UK and US treasury bills.
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2026
1
\u00a0
Within 1 month
>1 to 3 months
>3 to 12 months
>12 months
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
159,536
\u2013
53
13,153
172,742
Cash and cash equivalents
42,677
\u2013
\u2013
\u2013
42,677
Trade and other receivables
523
\u2013
\u2013
\u2013
523
Accrued expense and payables
(41)
\u2013
\u2013
\u2013
(41)
Distributions payable
\u2013
(3,642)
\u2013
\u2013
(3,642)
Total
202,695
(3,642)
53
13,153
212,259
Percentage
95.5%
(1.7)%
0.0%
6.2%
100.0%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
1
\u00a0
Within 1 month
>1 to 3 months
>3 to 12 months
>12 months
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
152,396
55,652
2,141
38,749
248,938
Cash and cash equivalents
70,074
\u2013
\u2013
\u2013
70,074
Trade and other receivables
605
\u2013
\u2013
\u2013
605
Accrued expense and payables
(49,746)
\u2013
\u2013
\u2013
(49,746)
Distributions payable
\u2013
(4,002)
\u2013
\u2013
(4,002)
Total
173,329
51,650
2,141
38,749
265,869
Percentage
65.2%
19.4%
0.8%
14.6%
100.0%
\n
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 2026 and 31 March 2025 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0059": { "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 2026 and 31 March 2025 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0060": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2026
2026
2025
2025
2025
\u00a0
CHF
EUR
USD
CHF
EUR
USD
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
10% increase
3,842
2,620
29,887
3,557
2,512
26,052
10% decrease
(3,842)
(2,620)
(29,887)
(3,557)
(2,512)
(26,052)
\nFOREIGN CURRENCY SENSITIVITY ANALYSIS
The following table details the sensitivity of the Partnership\u2019s NAV to a 10% (31 March 2025: 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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2026
2025
2025
\u00a0
USD
EUR
USD
EUR
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
10% increase
(423)
(153)
(3,146)
(923)
10% decrease
423
153
3,146
923
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0061": { "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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2026
\u00a0
<12 months
>12 months
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u2013
819,247
819,247
Cash and cash equivalents
15,570
\u2013
15,570
Accrued expense and payables
(20,483)
\u2013
(20,483)
Total
(4,913)
819,247
814,334
Percentage
(0.6)%
100.6%
100.0%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
\u00a0
<12 months
>12 months
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
\u2013
793,892
793,892
Cash and cash equivalents
3
\u2013
3
Accrued expense and payables
(4,811)
\u2013
(4,811)
Total
(4,808)
793,892
789,084
Percentage
(0.6)%
100.6%
100.0%
\nLIQUIDITY 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 2026 and 31 March 2025, no suspension from redemptions existed in any of the Partnership\u2019s underlying investments.
The Partnership invests in daily traded money market funds, daily traded credit funds and short-term UK and US treasury bills and considers
the associated liquidity risk to be negligible. The Partnership\u2019s \ufb01nancial assets are 38.0% (31 March 2025: 24.6%) daily traded credit funds,
17.4% (31 March 2025: 19.3%) daily traded money market funds and 0.0% (31 March 2025: 17.4%) short-term UK and US treasury bills.
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2026
1
\u00a0
Within 1 month
>1 to 3 months
>3 to 12 months
>12 months
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
159,536
\u2013
53
13,153
172,742
Cash and cash equivalents
42,677
\u2013
\u2013
\u2013
42,677
Trade and other receivables
523
\u2013
\u2013
\u2013
523
Accrued expense and payables
(41)
\u2013
\u2013
\u2013
(41)
Distributions payable
\u2013
(3,642)
\u2013
\u2013
(3,642)
Total
202,695
(3,642)
53
13,153
212,259
Percentage
95.5%
(1.7)%
0.0%
6.2%
100.0%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
1
\u00a0
Within 1 month
>1 to 3 months
>3 to 12 months
>12 months
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets at fair value through pro\ufb01t or loss
152,396
55,652
2,141
38,749
248,938
Cash and cash equivalents
70,074
\u2013
\u2013
\u2013
70,074
Trade and other receivables
605
\u2013
\u2013
\u2013
605
Accrued expense and payables
(49,746)
\u2013
\u2013
\u2013
(49,746)
Distributions payable
\u2013
(4,002)
\u2013
\u2013
(4,002)
Total
173,329
51,650
2,141
38,749
265,869
Percentage
65.2%
19.4%
0.8%
14.6%
100.0%
\n
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 2026 and 31 March 2025 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0058": { "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 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. As of 31 March 2026,
the Partnership has no short-term treasury bills (31 March 2025: 17.4% of \ufb01nancial assets).
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 maximum exposure to credit risk at the reporting date is represented by the carrying
amounts of the \ufb01nancial assets of the Partnership.
The Group\u2019s cash and cash equivalents are held with major \ufb01nancial institutions; the two largest ones hold 68% and 20% respectively
(31 March 2025: 77% and 14% respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0062": { "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 2026 and 31 March 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2026
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
814,334
814,334
The Partnership
\u2013
\u2013
212,259
212,259
Total assets
\u2013
\u2013
1,026,593
1,026,593
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
2025
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0
The Holding Company
\u2013
\u2013
789,084
789,084
The Partnership
\u2013
\u2013
265,869
265,869
Total assets
\u2013
\u2013
1,054,953
1,054,953
\n
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.
\n
The following table presents the Holding Company\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2026 and
\n
31 March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
Listed investment
1
32,140
34,584
Publicly available share bid
N/A
N/A
price as at statement of
\ufb01nancial position date
SIML
3
5,922
6,400
Net Assets of SIML
Carrying value of assets and liabilities
+/- 296
determined in accordance with generally
accepted accounting principles, without
adjustment. A sensitivity of +/-5%
(31 March 2025: +/-5%) of the NAV of
SIML is applied.
Milestone payments
3
804
6,769
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/- \u00a391
of the assigned probability of milestone
Discount rate:
success and the discount rate used.
\u00a39
A sensitivity of 5ppts (31 March 2025:
5ppts) of the respective inputs is applied.
Deferred consideration
3
25,446
15,422
Discounted cash \ufb02ow
The main unobservable inputs consist
PoS: +/-
of the assigned probability of milestone
\u00a31,807
success and the discount rate used.
Discount rate:
A sensitivity of 5ppts (31 March 2025:
\u00a36,118
5ppts) of the respective inputs is applied.
Calibrated price of
3
770,822
681,326
Calibrated PRI
The main unobservable input is
+/- \u00a377,082
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 +/-10% (31 March 2025: +/-10%).
Cash
2
N/A
10
17
Amortised cost
4
N/A
N/A
Other net (liabilities)/
N/A
(20,810)
44,566
Amortised cost
4
N/A
N/A
assets
3
Total net \ufb01nancial
814,334
789,084
assets held at fair
value through pro\ufb01t
or loss
5
\n
1. Valuation made by reference to price of recent funding round unadjusted following adequate consideration of current facts and circumstances.
\n
2. Cash and other net assets held within the Holding Company are primarily measured at amortised cost which is equivalent to their fair value.
\n
3. Other net (liabilities)/assets primarily consists of a payable to the Company of \u00a320,462,000 (31 March 2025: \u00a34,785,000).
\n
4. Amortised cost is considered equivalent to fair value.
\n
5.
Cash and other net assets within the prior year comparatives have been represented in order to ensure consistency with current year presentation.
\n
This presentation has no impact on the Net Asset Value of the Holding Company, or the Group, nor on the loss for the year.
\n
The following table presents the movements in Level 3 investments of the Holding Company for the year ended 31 March 2026 and 31 March 2025:
\n\n \n
Milestone
payments and
Life science
deferred
2026
2025
investments
consideration
SIML
Total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
681,326
22,191
6,400
709,917
577,615
Purchases during the year
80,848
\u2013
\u2013
80,848
305,685
Sales during the year
(54,629)
(6,106)
\u2013
(60,735)
(189,502)
Movement from Level 1 to Level 3
\u2013
\u2013
\u2013
\u2013
10,980
Unrealised gains on \ufb01nancial assets at fair value through pro\ufb01t or loss
63,277
10,165
(478)
72,964
5,139
Closing balance
770,822
26,250
5,922
802,994
709,917
\n
The net unrealised gain for the year included in the Consolidated Statement of Comprehensive Income in respect of Level 3 investments
\n
in the Holding Company held as at the year end amounted to \u00a372,964,000 (31 March 2025: \u00a35,139,000).
\n
During the year, there were no movements between levels (31 March 2025: one movement from Level 1 to Level 3, relating to the delisting
\n
of Achilles Therapeutics Limited from an active market) in the fair value hierarchy.
The following table presents the Partnership\u2019s \ufb01nancial assets and liabilities by level within the valuation hierarchy as at 31 March 2026 and
\n
31\u00a0March 2025. This is presented to provide additional transparency through the Syncona structure and does not represent the unit of account
\n
for IFRS 13 fair value hierarchy classi\ufb01cation.
\n\n \n
Impact on
31 March 2026
31 March 2025
valuation
Asset type
Level
\u00a3\u2019000
\u00a3\u2019000
Valuation technique
Signi\ufb01cant unobservable inputs
\u00a3\u2019000
UK and US
1
\u2013
55,651
Publicly available price as
N/A
N/A
treasury bills
at statement of \ufb01nancial
position date
Capital pool
2
81,873
78,457
Valuation produced by fund
N/A
N/A
investment fund
administrator as at statement
\u2013 Credit funds
of \ufb01nancial position date.
Inputs into fund components
are from observable inputs
Capital pool
3
77,664
73,940
Valuation produced by fund
The main unobservable input includes
+/- 3,883
investment fund
administrator as at statement
the assessment of the performance
\u2013 Multi-asset funds
of \ufb01nancial position date
of the underlying assets by the fund
administrator. A fair reasonable shift
in the fair value of the instruments would
be +/-5% (31 March 2025: +/-5%).
Legacy funds \u2013
3
1,581
11,373
Valuation produced by fund
The main unobservable input includes the
+/- 158
long-term unlisted
administrator as at statement
assessment of the performance of the
investments
of \ufb01nancial position date
underlying fund by the fund administrator.
A reasonable possible shift in the fair
value of the instruments would be +/-10%
(31 March 2025: +/-19%).
CRT Pioneer Fund
3
10,189
27,294
Valuation produced by fund
Unobservable inputs include the
+/- 2,242
administrator as at statement
fund manager\u2019s assessment of
of \ufb01nancial position date and
the performance of the underlying
adjusted by Management
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 +/-22% (31 March 2025: +/-25%).
Cash
1
N/A
6,654
10,871
Amortised cost
3
N/A
N/A
Cash equivalents
N/A
37,496
61,444
Amortised cost equivalent
N/A
N/A
\u2013 money market funds
2
to publicly available price
as at statement of \ufb01nancial
position date
Other net liabilities
N/A
(3,198)
(53,161)
Amortised cost
3
N/A
N/A
Total net \ufb01nancial
212,259
265,869
assets 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. Amortised cost is considered equivalent to fair value.
\n
During the year ended 31 March 2026, there were no movements from Level 1 to Level 2 (31 March 2025: \u00a3Nil) or between other levels in the fair
\n
value hierarchy.
\n
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
\n
fund\u2019s administrator, which are redeemable by the Group subject to necessary notice being given. Included within the Level 2 investments above
\n
are investments where the redemption notice period is greater than 90 days. Other assets within the Level 2 investments are daily traded credit
\n
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
\n
on observable inputs. The Group\u2019s liquidity analysis is detailed in note 18.
\n
Assets classi\ufb01ed as Level 3 long-term unlisted investments are underlying funds which are not traded or available for redemption. The fair value
\n
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 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Investment in
Capital pool
2026
2025
\u00a0
subsidiary
investment
Total
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
29,517
85,313
114,830
142,331
Purchases during the year
\u2013
\u2013
\u2013
\u2013
Sales during the year
\u2013
\u2013
\u2013
(10,319)
Return of capital
(2,850)
(9,733)
(12,583)
(12,852)
Unrealised (losses)/gains on \ufb01nancial assets at fair value
(15,043)
3,665
(11,378)
(4,330)
Closing balance
11,624
79,245
90,869
114,830
\n
The net unrealised loss 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 \u00a311,378,000 (31 March 2025: \u00a34,330,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0068": { "value": "20. COMMITMENTS AND CONTINGENCIES
The Group had the following commitments as at 31 March 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026 Uncalled
2025 Uncalled
\u00a0
commitment
commitment
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Life science portfolio
\u00a0 \u00a0
Milestone payments to life science companies
1
96,241
79,281
CRT Pioneer Fund
1,322
1,448
Capital pool investments
573
1,007
Total
98,136
81,736
\n
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 2026 (31 March 2025: Nil). The commitments are expected to fall due in the next 36 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0066": { "value": "The Group had the following commitments as at 31 March 2026: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026 Uncalled
2025 Uncalled
\u00a0
commitment
commitment
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Life science portfolio
\u00a0 \u00a0
Milestone payments to life science companies
1
96,241
79,281
CRT Pioneer Fund
1,322
1,448
Capital pool investments
573
1,007
Total
98,136
81,736
\n
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 2026 (31 March 2025: Nil). The commitments are expected to fall due in the next 36 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0067": { "value": "There were no contingent liabilities as at 31 March 2026 (31 March 2025: Nil). The commitments are expected to fall due in the next 36 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0070": { "value": "21. SUBSEQUENT EVENTS
These Consolidated Financial Statements were approved and authorised for issuance by the Directors on 17 June 2026. Subsequent events
have been evaluated until 17 June 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800X8MBI5VQITLW60", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0015": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }