Notes to the Consolidated Financial Statements

For the year ended 31 March 2023

17. Issued share capital

Allotted, called up and fully paid

The Company has issued one special share to the University of Cambridge that: entitles the University of Cambridge to be issued ordinary shares for no consideration if, on the issue of ordinary or class A commitment shares to third parties, its founding shareholding falls below 5% of the then in issue ordinary and class A commitment shares;

• carries no right to participate in the income of the Company; carries no right to receive notice of, or to attend, speak or vote at, any General Meeting of the Company; entitles the holder to the nominal value of the special share on a return of assets on liquidation or capital reduction or otherwise; and is not transferable.

At 31 March 2023, the Cambridge Innovation Capital Limited Employee Benefit Trust held

(2022: 1,167,371) ordinary shares of £0.0001 each.

During the year ended 31 March 2022, the Company: issued 28,324,079 class B commitment shares at a subscription price of £0.88495 each that immediately paired up with the same amount of class A commitment shares, with each pair of class A and class B commitment shares converting into one new ordinary share; completed a capital reduction whereby the share premium account and the capital redemption reserve were cancelled and the amount arising from such cancellation was credited to retained earnings; and bought back at £1.29 each, and subsequently cancelled, 35,033,253 ordinary shares.

18. Non-controlling interests

Non-controlling interests represent the interests of minority shareholders in the total comprehensive income (or expense) and net assets of subsidiary companies where the Company holds less than 100% of the issued share capital. The movements in non-controlling interests during the year were as follows:

19. Related party transactions

The Group discloses transactions with related parties that are not subsidiaries. Convertible loans to related parties typically have the potential to be long term in nature. As a result, they are included within non-current investments (see Note 12) and the aggregate balance is shown below:

Income from related parties that primarily relates to management fees, interest on convertible loans and recharged expenses

20. Financial instruments

the Group's

The Group is entirely equity funded and uses certain financial instruments including cash, trade and other receivables, trade and other payables, lease liabilities and equity interests in, and loans to, investments held by the Group. The carrying amounts of assets and liabilities may be categorised as follows: