Notes to the Consolidated Financial Statements

For the year ended 31 March 2023

All of the Group’s investments are in unquoted entities, except for Bicycle Therapeutics plc and Centessa Pharmaceuticals plc, which are listed on Nasdaq.

At 31 March 2023, the Group had committed, subject to certain milestone provisions contained in the relevant legal documentation, to make further investments of £1.4 million (2022: $1.3 million) in portfolio companies and £9.7 million (2022: £11.9 million) as fund investments. As these relate to future investments, they have not been included in the financial statements.

Please also see the post balance sheet events disclosed in Note 21.

Details of the Group’s interests in associated undertakings are as follows:

Summarised financial information in respect of the associated undertakings is set out below:

The following table reconciles the summary information above to the carrying amount of the Group’s interests in associated undertakings:

All amounts are short term. The carrying values of receivables are considered reasonable approximations to fair value. All of the receivables have been reviewed for indicators of impairment.

All trade and other payables are unsecured, interest free and payable on demand. The carrying values of trade and other payables are all in pounds sterling and are considered reasonable approximations to fair value.

There were no deferred tax assets or liabilities recognised by the Group during the year (2022: £nil). A deferred tax asset would be recognised only when sufficient taxable profits are expected to be generated to relieve the trading losses.

Deferred tax amounts not provided for

The Company may also benefit from a tax deduction when the outstanding options over ordinary shares of the Company are exercised. Such a benefit would create an additional tax deductible expense.