Notes to the Consolidated Financial Statements

For the year ended 31 March 2023

Cambridge Innovation Capital Limited is incorporated in England and Wales and is domiciled in the UK, the address of its registered office being 22 Station Road, Cambridge, England, CB1 2JD. Cambridge Innovation Capital Limited and its subsidiaries, disclosed in Note H to the Company’s financial statements, form the ‘Group’ and the Group’s consolidated financial statements presented herein are in sterling. The Group invests in and supports world-leading life sciences and technology companies with an affiliation to Cambridge, Europe’s leading capital for innovation.

The Group’s cash is sufficient to meet the investment requirements and operational needs of the Group for at least a year from the date of approval of the financial statements. As a result, the financial statements for the year ended 31 March 2023 have been prepared: on a going concern basis and under the historical cost convention, as modified by the revaluation of certain financial assets and financial liabilities at fair value through the income statement; and in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 (‘IFRS’).

The principal accounting policies adopted in the preparation of these financial statements have been consistently applied to all the years presented, unless otherwise stated.

The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.

The consolidated financial statements include the financial information of the Company and entities controlled by it (its subsidiary undertakings). Control is achieved when the Group:

• has power over the subsidiary undertaking;

• is exposed or has rights to a variable return from its involvement with the subsidiary undertaking; and has the ability to use its power to affect its returns.

The Group reassesses whether or not it controls a subsidiary undertaking if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group has less than a majority of the voting rights, it considers that it has power over the entity when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the entity unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an entity are sufficient to give it such power, including: the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; potential voting rights held by the Group, other vote holders or other parties; rights arising from other contractual arrangements; and

• any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made.