Financial highlights

• £1,343m* Gross portfolio value (31 March 2024: £1,379m)

• £51m Cash invested in the period by the Company, and a further £12m from the managed EIS/VCT funds (six months to 30 September 2023: £17m from Molten Ventures and £30m from the managed EIS/VCT funds)

• £76m Cash proceeds from realisations (six months to 30 September 2024: £33m)

• -1%* Gross portfolio fair value movement (six months to 30 September 2023: -4%)

• £82m Consolidated Group cash (31 March 2024: £57m Company cash), and a further £40m available to invest from the managed EIS/VCT funds (31 March 2024: £40m)

• £1,205m Net assets (31 March 2024: £1,251m)

• 646p NAV per share (31 March 2024: 662p)

• <1% Operating costs (net of fee income) continue to be substantially less than the targeted 1% of period-end NAV (31 March 2024: <1%)

Molten Ventures plc

Ben Wilkinson (Chief Executive Officer)

Andy Zimmermann (Interim Chief Financial Officer)

+44 (0)20 7931 8800

 ir@molten.vc

Deutsche Numis Securities

Joint Financial Adviser and Corporate Broker 

Simon Willis

Jamie Loughborough

Iqra Amin

+44 (0)20 7260 1000

Goodbody Stockbrokers

Joint Financial Adviser and Corporate Broker,

Euronext Dublin Sponsor

Don Harrington

Tom Nicholson 

William Hall

+44 (0) 20 3841 6202

Sodali & Co.

Public relations

Elly Williamson

Jane Glover

+44 (0)7970 246 725

molten@sodali.com

New Companies*

During the period, we invested £13 million into new portfolio companies, including:

Company

Stage

Who they are?

SALESAPE.AI

Early

SalesApe is an AI-powered sales assistant platform designed to help businesses manage lead qualification, engagement, and conversion through automated, conversational AI agents. This platform integrates with various CRMs and messaging systems to engage new leads quickly, respond across channels like email and SMS, and manage essential sales tasks such as pre-qualifying leads and booking appointments for human sales agents.

One Data

Growth

OneData is a technology firm focused on streamlining and enhancing data management for businesses through its AI-powered data products. OneData provides comprehensive solutions in areas like data analytics, machine learning, business intelligence, and database design. OneData enables companies to develop “data products” highly structured data packages that help bridge communication between IT teams and business users, making it easier to derive insights and meet organisational goals.

Sightline Climate

Early

Sightline Climate is a market intelligence platform focused on the emerging climate economy, helping investors, corporations, and government entities make informed decisions on climate-focused investments. Built on the success of the Climate Tech VC (CTVC) newsletter, Sightline provides an extensive database of solutions across key sectors like energy, transportation, and carbon management. The platform allows users to track industry developments, identify investment opportunities, and understand the commercialisation stages of various climate technologies, such as carbon capture and alternative energy sources.

Follow-on*

We continue to support our existing portfolio as they grow, investing over £8 million in follow-ons during the period, including those set out below:

Company

Stage

Who they are?

Schüttflix

Growth

Schüttflix, is a digital marketplace transforming logistics for construction bulk materials like sand, gravel, and grit. Through its app, Schüttflix connects suppliers and carriers directly with customers across various sectors, including road construction, civil engineering, and landscaping. Molten first invested in 2021 as part of its Series A.

Manna

Growth

Manna is a drone delivery company focused on high-speed, eco-friendly, last-mile delivery services. The company uses autonomous drones to deliver items like food, groceries, and pharmaceuticals within minutes to suburban homes. Manna’s drones fly at over 80 km/h, operate at an altitude of 80 meters, and cover up to a 2-kilometer radius, enabling faster, quieter, and safer delivery compared to traditional road-based options. Molten first invested in 2021 as part of its Series A.

Makers

Growth

Makers is a technology education provider that trains individuals in software development, offering a structured coding bootcamp focused on helping students transition into careers as software engineers. Their program includes immersive training in full-stack development, web technologies, and essential software engineering skills, emphasising both technical and professional development to address the tech talent gap. Forward Partners, acquired by Molten Ventures in March 2024, first invested in 2014.

Realisation

During the period Molten realised £76 million, with a further £48 million expected from the sale of M-Files which, subject to regulatory approval being obtained, would take the total to £124 million.

Company

Who they are?

Endomag

A medical technology company devoted to improving the global standard of care in breast cancer. Molten realised a total return of £35 million at a 3.9x multiple on invested capital, modestly above the holding value. Molten first invested in Endomag in July 2018, with investment from its balance sheet and EIS and VCT funds. Follow-on funding was provided to support Endomag's continued growth in 2020.

Perkbox

An employee benefits and reward platform. Cash proceeds of approximately £18m were above the Molten holding value of £16m and delivered a 1.3x multiple on invested capital since Molten first invested in 2016. Further capital was invested to support the growth of Perkbox from 2017 to 2019 including by the EIS funds. Perkbox was acquired by Great Hill Partners, a US-based private equity firm.

Graphcore

A machine intelligence semiconductor company, which develops Intelligent Processing Units (‘IPUs’). Molten realised a total return of $26m, broadly in line with its Group holding value, following Graphcore’s acquisition by SoftBank. Molten first invested in Graphcore in 2016 as part of the company’s Series A and further supported the business in subsequent funding rounds including through the EIS funds. At a 0.9x multiple on invested capital, the majority of the cost has been returned which demonstrates the benefit of downside protection with preference shares.

M-Files*

An intelligent file management platform and leader in knowledge work automation using generative AI. Pending regulatory approval, this deal values Molten's stake at the 31 March 2024 holding value of £48 million and would deliver a 7.4x multiple on invested capital. Molten first invested in M-Files in its Series A in 2013.

Aircall

Location:
Paris, France

Sector:
Enterprise Technology

Aircall is a cloud-based customer phone and communication platform that is designed exclusively for sales and support teams. Its platform integrates with existing CRM systems and helpdesk tools that eliminates any need for desk phones, allowing company teams to be set up across several locations in an instant with an internet connection.

During the period, Aircall accelerated AI integration, introducing sentiment analysis, automated call summaries, and real-time tagging to enhance customer insights and operational efficiency. The launch of Aircall Workspace consolidated communication channels and improved analytics, notably with refined Time to Answer metrics, supporting scalable, data-driven customer service improvements across finance and enterprise sectors.

The telephony market has evolved and, with the introduction of VOIP (Voice Over Internet Protocol), Aircall drives value to its customers through actionable analytics, sentiment analysis and now AI applications. Aircall’s integrations with CRMs and other lead generation-customer service integration applications has resulted in substantial benefits for its clients. Aircall’s early adoption into the call centre market positions it as a pioneer in the space, having a deep longstanding customer relationships and expansion potential.

Invested:

£14m

Fair Value:

£64m

UN Sustainable Development Goals Mapping:

8 9

Aiven

Location:
Helsinki, Finland

Sector:
Enterprise Technology

Aiven is a multi-cloud managed service provider which hosts and manages open-source databases and messaging-system solutions on all major cloud platforms. Aiven’s products are built using public cloud infrastructure such as Apache Kafka, Cassandra, Elasticsearch, M3 and PostgreSQL, supporting developers around the world with building new applications, without having to manage backend infrastructure.

Aiven enhanced its AI capabilities with an AI-driven SQL Optimizer, streamlining query performance to reduce cloud costs and optimise workloads. Achieving AWS Data & Analytics Competency and expanding in Oracle Cloud, Aiven strengthens multi-cloud and open-source analytics, positioning itself as a key partner for AI and data-driven enterprise efficiency across scalable environments.

Aiven also signed a three-year strategic collaboration agreement with Amazon Web Services (AWS), also achieving AWS Data and Analytics Competency status as it continues to build its strategic relationship with AWS.

Aiven is a look-through investment held via Earlybird.

Invested:

£5m

Fair Value:

£72m

UN Sustainable Development Goals Mapping:

8 9

CoachHub

Location:
Berlin, Germany

Sector:
Enterprise Technology

CoachHub is a global digital coaching and talent development platform that helps organisations to create personalised, measurable, and scalable coaching programmes on a one-to- one basis for entire workforces and teams. Coaching sessions are based on scientific research and market insights led by behavioural scientists and global research leaders to maximise business impact and drive innovation. These are delivered via an AI-enabled technology platform and seamless user experience. The coaching journey is delivered by c. 3,500 business coaches across six continents in more than 80 languages.

CoachHub advanced AI-driven coaching by integrating with Microsoft Teams, enabling seamless, personalised engagement through automated recommendations. The launch of “CoachHub Feedback” provides data-rich insights into employee development via multi-source feedback and behavioural tracking, aligning with their science-based coaching model. This strategic AI adoption underscores CoachHub’s commitment to scalable, measurable workforce development.

Coachhub’s platform and offering meet the needs of a rapidly transforming and growing industry, where traditional formats are disrupted and where traditional formats are disrupted and new talent generations ask for more career development options. The business started in 2018 and is emerging to be a global category leader with an impressive blue chip customer base.

Invested:

£31m

Fair Value:

£90m

UN Sustainable Development Goals Mapping:

4 11

Form3

Location:
London, UK

Sector:
Enterprise Technology

Form3 is a cloud native payments-as-a-service platform that designs, builds, and runs the technology that powers the future of payments. Removing reliance on outdated, complex and costly payments infrastructure through provision of a modern, real-time account-to-account payment platform, Form3’s product is designed as a single-instance, multi-tenant architecture, meaning a single instance of the software supports multiple clients. When payment scheme rules change, banks face difficulties in adapting - Form3’s technology once implemented is applied to all customers in realtime, seamlessly.

Form3 expanded its account-to-account payments infrastructure by advancing its financial crime management capabilities, emphasising enhanced compliance and risk solutions integrated directly within its platform. These features align with the demand for robust, real-time transaction monitoring and fraud detection, a growing priority as financial services increasingly rely on rapid, cloud-based payment solutions. Form3 raised $60 million in a Series C extension. This funding, supported by British Patient Capital and Visa, will fuel Form3’s growth across the UK, Europe, and the U.S., reinforcing banks' transitions to cloud-based, real-time payment systems.

Payment schemes and systems are largely regional and defined by currency, they are governed by a combination of Governments, central and commercial banks. All major payments schemes around the world are shifting into and/or are looking at building real-time schemes, which by design will require cloud-native software to support the implementation and continued maintenance.

Invested:

£30m

Fair Value:

£59m

UN Sustainable Development Goals Mapping:

8 9

FintechOS

Location:
London, UK

Sector:
Enterprise Technology

FintechOS is a global leader in high productivity fintech infrastructure and aims to simplify and accelerate the launch and service of innovative financial products. FintechOS achieves high speed product launches for major retail banks and insurance companies. These solutions give companies the ability to engage customers across new digital channels. With a low code/no code approach, their product facilitates interaction across technical and non-technical product teams at banks and insurers.

In the period, FintechOS announced the completion of its $60 million Series B+ investment round, co-led by Molten Ventures, to drive growth and profitability. FintechOS continued to develop its no-code/low-code financial technology platform by expanding its product features in loan customisation, and strengthened partnerships, including OTP Bank’s digital SME solutions. These efforts aligned with continued platform enhancements and solidified FintechOS’s position in digital finance transformation for banks and insurers worldwide.

FintechOS’s product is designed to prioritise speed to market. The repeal and replace legacy technology method works for certain types of banks, typically larger Tier 1 banks, where it takes many years and at high cost. However, for the vast majority of the banks and insurance market, their technology stacks remain an amalgamation and accumulation of technology. They require technology that can seamlessly integrate with their existing stack and enable them to innovate, which FintechOS helps to facilitate.

Invested:

£30m

Fair Value:

£29m

UN Sustainable Development Goals Mapping:

8 9

Freetrade

Location:
Bristol, UK

Sector:
Consumer Technology

Freetrade is a commission-free investment platform that allows users to buy and sell shares in companies and exchange-traded funds (ETFs) without paying any trading fees or commissions. Freetrade aims to make investing more accessible and affordable by eliminating the traditional trading commissions charged by many brokers.

Freetrade focused on enhancing its UK services by withdrawing from the Swedish market, aiming for improved product development and user experience. The company announced the upcoming launch of Junior ISAs and Lifetime ISAs for 2025 and shifted away from cryptocurrency offerings. Engaging with its user community helped inform these changes, resulting in positive investor sentiment regarding Freetrade's strategic direction.

Freetrade is the leading challenger broker in the UK. Freetrade positions itself as an investment platform designed to make investing more accessible and affordable for everyone, their mission is “to get everyone investing” by simplifying the process and offering commission-free trading.

Invested:

£14m

Fair Value:

£17m

UN Sustainable Development Goals Mapping:

8 9

HiveMQ

Location:
Munich, Germany

Sector:
Hardware & Deeptech

HiveMQ provides an enterprise messaging platform (MQTT) that enables reliable, scalable and secure connectivity for IoT devices to the cloud. The MQTT was designed for the fast, efficient and reliable bi-directional movement of data between device and the cloud allowing enterprises to connect, communicate, and control IoT data under real-world stress. From its roots in the automotive industry in Germany, HiveMQ has grown into other sectors and internationally. Leading brands choose HiveMQ to build smarter IoT projects, modernise factories, and create better customer experiences in use cases in automotive, energy, logistics, smart manufacturing, transportation, and more.

In July, HiveMQ earned SOC 2 Type II compliance, reinforcing its commitment to secure, enterprise-grade solutions for handling sensitive IoT data. This certification is crucial for clients prioritising data security and compliance in IoT deployments.

With an early mover advantage in MQTT, the de-facto IoT messaging standard, HiveMQ is well-positioned to capitalise on the rapidly growing $2 trillion+ IoT market. Already generating significant revenue with over 130 Fortune 500 customers, HiveMQ has raised over €49 million from investors.

Invested:

£20m

Fair Value:

£23m

UN Sustainable Development Goals Mapping

9

ICEYE

Location:
Espoo, Finland

Sector:
Hardware & Deeptech

ICEYE is a commercial radar imaging satellite company that operates a synthetic-aperture radar (SAR) satellite constellation designed to deliver monitoring capabilities for any location on earth. Using SAR technology provides imaging services, designed to deliver frequent coverage, 24/7, to help clients resolve challenges in sectors such as maritime, disaster management, insurance, and finance. ICEYE’s SAR satellites enable the company to develop unparalleled insights without the need for line-of-sight.

ICEYE can see through clouds and offer more reliable data for their clients around the world, including some of the largest global insurance companies and governments. ICEYE has signed deals with the likes of the Centers for Disease Control and Prevention (CDC) in the US and the Australian Government to detect natural disasters like floods and bushfires.

In August, ICEYE successfully launched four new SAR satellites. The new satellites further expand the world’s largest SAR constellation, owned and operated by ICEYE. In September, ICEYE was selected by NASA to provide SAR data for its Commercial Smallsat Data Acquisition (CSDA) Program through a 5-year fixed-price, indefinite- delivery/ indefinite-quantity (IDIQ), multiple-award contract.

Invested:

£23m

Fair Value:

£40m

UN Sustainable Development Goals Mapping:

9 13

Isar AeroSpace

Location:
Munich, Germany

Sector:
Hardware & Deeptech

ISAR AeroSpace develops and builds launch vehicles to perform satellite launch operations. To disrupt the space industry by lowering the entry barriers to space and to make space access affordable and sustainable, ISAR is developing a fully in-house designed space launch vehicle. ISAR transports small- and medium- sized satellites, and satellite constellations, into Earth’s orbit and beyond, contributing to humanity’s progress and our planet’s sustainable technological and economic development.

In June, ISAR announced a significant extension of its Series C to €220m bringing total funding since its 2018 founding to over €400m. This followed the announcement in May of the establishment of a world-leading commercial launch vehicle production facility near Munich, Germany. In collaboration with the pan-European real estate company VGP Group, who will develop and build the facility, ISAR expect to be able to produce 40 spectrum launch vehicles per year in the future.

ISAR is a look-through investment held via Earlybird.

Invested:

£4m

Fair Value:

£23m

Ledger

Location:
Paris, France

Sector:
Hardware & Deeptech

Ledger produces hardware wallets to store private crypto asse tkeys in a secure, offline environment. Hot wallets (crypto wallets connected to the internet) are susceptible to online attacks and Ledger’s hardware wallets provide enhanced security to prevent fraudulent access to crypto assets digitally. Customers can integrate their Ledger device with 50+ software wallets. In addition to their hardware wallet product offering, Ledger has also built a full stack software platform to help customers buy, sell, swap, stake, and lend their crypto assets securely - the Ledger Live app provides a secure gateway to access dApps and blockchain apps, allowing users to manage their cryptocurrencies, finances, NFTs and crypto assets from one easy-to-use interface.

Ledger launched two new hardware wallets, Ledger Stax in May, featuring a curved E-Ink display and Ledger Flex in July, both designed to enhance user experience with touchscreen technology. In conjunction with these products, Ledger introduced its Security Key app designed to facilitate passwordless authentication using passkeys. This app addresses common concerns about seed phrase management by integrating recovery options into familiar security tools.

The company’s innovative products, enable individuals and institutions to safely store, trade and grow their crypto holdings.

Invested:

£29m

Fair Value:

£64m

UN Sustainable Development Goals Mapping:

8

M-Files

Location:
Austin, USA

Sector:
Enterprise Technology

M-Files is an intelligent file management platform allowing its customers to organise their content to improve search efficiency, categorisation, and document security. From document creation and management to workflow automation, external collaboration, enterprise search, security, compliance, and audit trail, knowledge workers can increase productivity and unlock efficiencies with M-Files’ industry-tailored solutions. Its metadata-driven document management platform enables knowledge workers to instantly find the right information in any context, and the platform connects to existing folder networks and uses AI to help best categorise information.

A definitive agreement was reached for a majority recapitalisation investment led by Haveli Investments, a Texas based technology- focused private equity firm, and Bregal Milestone, a European software private equity firm. The recapitalisation, subject to regulatory approval, would provide a realisation for the entire Molten investment totalling £48m, which is in line with the Group holding value.

Invested:

£7m

Fair Value:

£48m

UN Sustainable Development Goals Mapping:

8

N26

Location:
Berlin, Germany

Sector:
Consumer Technology

N26 is a leading European neobank focused on a mobile-first, streamlined banking experience. Fully licensed in Germany, N26 simplifies the account setup and verification process through video chat-based KYC, enhancing speed and accessibility. Its app offers robust personal finance tools, including spending insights, instant transfers, and location-based security features to millions of customers in 24 markets across Europe. N26 has raised c.€1.8 billion to date.

In May, Germany's financial regulator, BaFin, lifted the cap on new customer onboarding, which had limited N26’s monthly growth to 60,000 new customers per month. The restriction ceased from 1 June. In October, N26 launched its Stocks and ETFs trading feature across 12 new European markets, allowing customers to invest in popular U.S. and European assets directly through the app with competitive pricing and options for fractional shares.

N26 is a look-through investment held via Earlybird.

Invested:

£11m

Fair Value:

£11m

UN Sustainable Development Goals Mapping:

10

RavenPack

Location:
Marbella, Spain

Sector:
Enterprise Technology

RavenPack is a leading provider of insights and technology for data-driven companies. The company’s AI tools and products allow financial institutions (including the most successful hedge funds, banks, and asset managers in the world) to extract value and insights from large amounts of information to enhance returns, reduce risk, and increase efficiency by systematically incorporating the effects of public information on their models and workflows. RavenPack delivers structured analytics on published content from high-quality sources (including gated content) and over 40,000 web and social media sources, including news and information in 13 languages for local-level precision and global perspectives.

RavenPack launched a new platform called Bigdata.com in October. This advanced AI platform is designed to transform financial research and decision-making by providing users with real-time insights from billions of financial documents. Bigdata.com allows users to interactively "chat" with data, create custom research tools, and automate tasks, significantly enhancing research efficiency. The launch was supported by a $20 million investment led by GP Bullhound, and the platform has been in beta since July, already being utilised by over 40 major financial institutions.

Molten has been invested in RavenPack since 2017 where we were the first institutional backers of the business. The team has been together for over 20 years and offers a truly differentiated data product focused on the financial services and buy side sector. Their high-quality client base of well-known investment banks and hedge funds have been using RavenPack data for many years to help optimise returns and understand market sentiment on companies around the world. With the rich nature of RavenPack’s underlying data, they are leading the AI charge with respect to financial services and will undoubtedly be bringing more interesting products to market.

Invested:

£8m

Fair Value:

£36m

UN Sustainable Development Goals Mapping:

8

Revolut

Location:
London, UK

Sector:
Consumer Technology

Revolut is a global financial services company that specialises in mobile banking, card payments, money remittance, and foreign exchange. With 45+ million personal customers globally, Revolut’s platform allows users to send money to 160+ countries, hold up to 36 currencies in the app, and spend in 150+ currencies. Revolut also boasts 500k+ business customers to date. Revolut’s goal is for everyone to do all things money - spending, saving, investing, borrowing, managing, and more - in just a few taps.

Revolut gained nearly 2 million customers in 2024, reaching a total of over 45 million globally, with 10 million in the UK alone. Revolut carried out a secondary share sale of employee stock options at an increased valuation to $45 billion. In July, Revolut secured a banking license in the UK, which is a crucial step for its plans to offer a broader range of financial services, including traditional banking products.

Revolut generates revenue from a variety of sources including interchange fees, foreign exchange spreads, trading commissions, premium subscription fees, and business account fees. This diversification, along with a focus on cross-selling products to existing customers, has enabled Revolut to achieve strong revenue growth.

Invested:

£11m

Fair Value:

£124m

UN Sustainable Development Goals Mapping:

8 9

Riverlane

Location:
Cambridge, UK

Sector:
Hardware & Deeptech

Riverlane is a quantum computing company that is building the Quantum Error Correction Stack (QEC) to comprehensively control all qubit types and correct the millions of data errors that prevent today’s generation of quantum computers from achieving useful scale. Riverlane’s customers are typically governments, quantum computer hardware companies and world-leading research labs.

Riverlane made strides in quantum computing by securing a DARPA grant for its Quantum Benchmarking program, aimed at developing essential metrics for quantum performance. In July, the company introduced a three-year roadmap for its Deltaflow quantum error correction technology, targeting the achievement of one million error-free quantum operations by 2026, a crucial step toward surpassing classical supercomputing capabilities. Riverlane is collaborating with top universities and national labs to advance its QEC efforts, focusing on practical applications and fault tolerance.

Riverlane are pioneering quantum computing company focused on developing the critical quantum error correction stack, including high-speed decoders, orchestration, and universal interfaces, to enable large-scale, fault-tolerant quantum computing in partnership with hardware makers.

Invested:

£5m

Fair Value:

£20m

UN Sustainable Development Goals Mapping:

3 9

Schüttflix

Location:
Gütersloh, Germany

Sector:
Enterprise Technology

Schüttflix is Europe’s leading logistics platform and B2B marketplace for bulk construction materials and adjacent products in Europe. Bringing together partners from the whole industry - including materials sellers, waste disposers, transport carriers, and contractors - the app connects suppliers and carriers directly with customers, enabling the supply of materials and products on demand to professionals in relevant sectors, such as landscaping, gardening, civil engineering, and road construction. By providing a comprehensive overview of project details - such as materials ordered, prices, delivery dates, key carrier company contacts, and more - Schüttflix has laid the foundation for the digital evolution of construction industry logistics, and is on a mission to be the digital cornerstone of every construction project.

Schüttflix secured €45 million in funding in August 2024 to enhance its construction technology platform. The investment, led by existing and new investors including FJ Labs and DEVK Insurance, aims to boost operational efficiencies and transparency in the construction supply chain. Schüttflix plans to use these resources for expansion into other European markets and to develop innovative digital products that address industry challenges. These initiatives reflect the company's commitment to transforming the construction landscape through enhanced digital solutions.

The construction industry is under pressure to improve efficiency, reduce emissions, and adopt digital solutions. Schüttflix’s platform provides key capabilities like paperless delivery documentation, live tracking, price comparison, and optimized route planning to help construction companies streamline operations and reduce waste.

Invested:

£24m

Fair Value:

£24m

UN Sustainable Development Goals Mapping:

9

SimScale

Location:
Munich, Germany

Sector:
Enterprise Technology

SimScale provides a High-Performance Computing (HPC) workbench that enables cloud-based engineering simulations. Unlike traditional solutions from legacy providers which are primarily on-premise, SimScale’s platform is significantly more cost-effective (approximately 10x less per annual license), operates up to three times faster, and is easier to use without extensive training. Through its Software-as-a-Service (SaaS) model, SimScale offers a unified platform that supports real-time collaboration and automation for engineering simulations in the cloud. Since April, SimScale expanded its cloud-native simulation platform, introducing AI- driven enhancements for automotive design and new features in electromagnetics and structural analysis. The platform has now surpassed 600,000 users and was showcased at the IAA Transportation Trade Fair, where CEO David Heiny highlighted its role in transforming automotive design through accessible, real- time simulation.

SimScale has developed the world’s first cloud-native engineering simulation platform, empowering businesses to deliver higher- quality hardware products faster, more affordably, and at scale. By democratising access to simulation—currently available to just 1 in 25 engineers, with minimal reach in SMEs—SimScale overcomes the limitations of traditional simulation tools, which restrict widespread deployment and result in siloed usage.

Invested:

£10m

Fair Value:

£11m

UN Sustainable Development Goals Mapping:

8

Thought Machine

Location:
London, UK

Sector:
Hardware & Deeptech

Traditional banks face significant challenges due to fragmented, siloed information within their on-premise technology stacks. Thought Machine provides cloud-native core banking infrastructure to both incumbent and challenger banks. With an existing library of 200+ products, its cloud-native offering - including Vault Core (core banking platform) and Vault Payments (payments processing platform) - is designed to give banks total flexibility in designing products that are scalable. The company’s technology provides an alternative, flexible, cloud-based solution that can be configured to provide product, user experience, operating model, or data analysis capability. Emerging as a global category leader in this space, Thought Machine’s ability to build and deliver core banking transformations for Tier 1 banks and fintechs is world class.

Thought Machine secured strategic partnerships, including with Mastercard as its first core banking partner, and collaborated with Quantifeed for private banking solutions. They successfully migrated Judo Bank's lending business and PayU's LazyPay service to their Vault platform. This period highlights Thought Machine's commitment to expanding its fintech footprint and enhancing its technology offerings.

Invested:

£37m

Fair Value:

£63m

UN Sustainable Development Goals Mapping:

8

Investments

Fair Value of investments 31-Mar-24

£’m

Investments

£’m

Realisations

£’m

Non-Investment cash movements

Movement in foreign exchange  £’m

Fair value movement £’m

Total Fair Value movement 30-Sep-24
£’m

Fair Value of investments
30-Sep-24
£’m

Cost of Investment 30-Sep-24

£m

Multiple of Invested Cost

30-Sep-24

Ownership interest
range1

Revolut

65.1

–

–

–

(3.7)

62.1

58.4

123.5

11.1

11.1x

A

CoachHub

91.8

–

–

–

(2.3)

–

(2.3)

89.5

31.3

2.9x

C

Aiven

81.9

–

–

–

(2.0)

(8.3)

(10.3)

71.6

4.6

15.6x

B

Ledger

61.0

–

–

–

(1.5)

4.4

2.9

63.9

28.5

2.2x

B

Aircall

60.6

–

–

–

(3.5)

6.5

3.0

63.6

14.3

4.4x

B

Thought Machine

99.2

–

–

–

–

(35.8)

(35.8)

63.4

36.5

1.7x

A

Form3

59.1

–

–

–

–

0.2

0.2

59.3

30.1

2.0x

B

M-Files

47.7

–

–

–

(1.2)

1.9

0.7

48.4

6.5

7.4x

B

ICEYE

42.8

–

–

–

(2.4)

(0.4)

(2.8)

40.0

22.5

1.8x

B

RavenPack

37.2

–

–

–

(2.1)

1.0

(1.1)

36.1

7.5

4.8x

D

FintechOS

29.6

–

–

–

(0.7)

–

(0.7)

28.9

29.6

1.0x

D

Schuttflix

22.1

2.3

–

–

(0.6)

0.2

(0.4)

24.0

23.8

1.0x

B

HiveMQ

20.3

–

–

–

(0.5)

3.0

2.5

22.8

20.2

1.1x

B

ISAR AeroSpace

23.4

–

–

–

(0.6)

–

(0.6)

22.8

4.1

5.6x

A

Riverlane

15.9

–

–

–

–

4.1

4.1

20.0

5.1

3.9x

B

Freetrade

14.4

–

–

–

–

2.9

2.9

17.3

14.0

1.2x

B

N26

10.7

–

–

–

(0.3)

0.5

0.2

10.9

10.6

1.0x

B

SimScale

11.0

–

–

–

(0.3)

–

(0.3)

10.7

9.9

1.1x

B

Remaining

585.1

48.2

(75.8)

           –

(8.6)

(22.8)

(31.4)

526.1

559.8

0.9x

Gross Portfolio Value

1,378.9

50.5

(75.8)

–

(30.3)

19.5

(10.8)

1,342.8

870.0

1.5x

Carry external

(87.1)

–

–

–

–

4.4

4.4

(82.7)

Portfolio deferred tax

–

–

–

–

–

–

–

–

Trading carry and co-invest

0.3

–

–

–

–

–

–

0.3

Non-investment cash movement

–

–

–

8.5

–

(8.5)

(8.5)

–

Net Portfolio value

1,292.1

50.5

(75.8)

8.5

(30.3)

15.4

(14.9)

1,260.4

Unaudited Period ended 30 Sep 2024

Unaudited Period ended 30 Sep 2023

Notes 

£’m

£’m

Movements on investments held at fair value through profit or loss

6

(14.9)

(63.2)

Fee income

11.9

9.7

Total investment loss

(3.0)

(53.5)

Operating expenses

General administrative expenses

(13.1)

(10.8)

Depreciation and amortisation

(0.1)

(0.3)

Share-based payments – resulting from Company share option scheme

(3.2)

(2.5)

Investment and acquisition costs

-

(0.1)

Total operating expenses

(16.4)

(13.7)

Loss from operations

(19.4)

(67.2)

Finance income

7

1.0

–

Finance expense

7

(6.8)

(5.2)

Loss before tax

(25.2)

(72.4)

Income taxes

(12.3)

0.2

Total comprehensive loss for the period

(37.5)

(72.2)

Loss per share attributable to owners of the parent:

Basic loss per weighted average share (pence)

8

(20)

(47)

Diluted loss per weighted average share (pence)

8

(20)

(47)

Notes 

Unaudited 
30 Sep 2024

Audited
31 Mar 2024

£’m

£’m

Non-current assets

Intangible assets

10.3

10.4

Financial assets held at fair value through profit or loss

10

1,260.4

1,292.1

Property, plant and equipment

2.0

0.1

Total non-current assets

1,272.7

1,302.6

Current assets

Trade and other receivables

5.5

1.6

Cash and cash equivalents

82.2

57.0

Total current assets

87.7

58.6

Current liabilities

Trade and other payables

(9.8)

(9.1)

Financial liabilities

15

(0.3)

–

Total current liabilities

(10.1)

(9.1)

Non-current liabilities

Deferred tax

12

(24.0)

(11.7)

Provisions

(0.9)

(0.3)

Financial liabilities

15

(120.6)

(89.4)

Total non-current liabilities

(145.5)

(101.4)

Net assets

1,204.8

1,250.7

Equity

Share capital

13

1.9

1.9

Share premium account

13

671.2

671.2

Own shares reserve

16(i)

(20.4)

(8.8)

Other reserves

16(ii)

77.9

74.7

Retained earnings

474.2

511.7

Total equity

1,204.8

1,250.7

Net assets per share (pence)

8

646

662

Diluted net assets per share (pence)

8

646

660

Notes 

Unaudited Period ended 30 Sep 2024

Unaudited Period ended 30 Sep 2023

£’m

£’m

Cash flows from operating activities

Loss after tax

(37.5)

(72.2)

Adjustments to reconcile loss to net cash outflow in operating activities

17

33.5

69.2

Purchase of investments

10

(50.5)

(16.5)

Proceeds from disposals in underlying investment vehicles

10

75.8

32.6

Net loans made to underlying investment vehicles and Group companies

10

(8.5)

(6.4)

Net cash inflow from operating activities

12.8

6.7

Cash flows from investing activities

Property, plant and equipment

(0.2)

–

Net cash outflow from investing activities

(0.2)

-

Cash flows from financing activities

Loan proceeds

15

30.0

–

Fees paid on issuance of loan

15

(0.8)

–

Interest paid

(4.0)

(4.8)

Acquisition of own shares

16

(11.6)

–

Cost of acquisition of own shares

(0.1)

–

Repayments of leasing liabilities

15

(0.1)

(0.2)

Net cash inflow/(outflow) from financing activities

13.4

(5.0)

Net increase in cash and cash equivalents

26.0

1.7

Cash and cash equivalents at the beginning of the period

57.0

22.9

Exchange differences on cash and cash equivalents

(0.8)

–

Cash and cash equivalents at the end of the period

82.2

24.6

Attributable to equity holders of the parent (£’m)

Period ended 30 September 2024 (unaudited) 

Notes

Share capital

Share premium

Own shares reserve

Other reserves

Retained earnings

Total equity

Brought forward as at 1 April 2024

1.9

671.2

(8.8)

74.7

511.7

1,250.7

Comprehensive expense for the period

Loss for the period

-

-

-

-

(37.5)

(37.5)

Total comprehensive expense for the period

-

-

-

-

(37.5)

(37.5)

Contributions by, and distributions to, the owners:

Acquisition of treasury shares

16

-

-

(11.6)

-

-

(11.6)

Options granted and awards exercised

14, 16

-

-

-

3.2

-

3.2

Total contributions by and distributions to the owners

-

-

(11.6)

3.2

-

(8.4)

Balance as at 30 September 2024

1.9

671.2

(20.4)

77.9

474.2

1,204.8

Attributable to equity holders of the parent (£’m)

Period ended 30 September 2023 (unaudited) 

Notes

Share capital

Share premium

Own shares reserve

Other reserves

Retained earnings

Total equity

Brought forward as at 1 April 2023

1.5

615.9

(8.9)

33.3

552.3

1,194.1

Comprehensive income for the period

Loss for the period

–

–

–

–

(72.2)

(72.2)

Total comprehensive expense for the period

–

–

–

–

(72.2)

(72.2)

Contributions by and distributions to the owners:

Options granted and awards exercised

14

–

–

–

2.3

–

2.3

Total contributions by and distributions to the owners

–

–

–

2.3

–

2.3

Balance as at 30 September 2023

1.5

615.9

(8.9)

35.6

480.1

1,124.2

The notes in pages 32 to 54 are an integral part of these condensed consolidated interim financial statements.

1. General information

Name of the Company

Molten Ventures plc

LEI code of the Company

213800IPCR3SAYJWSW10

Domicile of Company

United Kingdom

Legal form of the Company

Public limited company

Country of incorporation

England and Wales

Address of Company’s registered office

20 Garrick Street, London WC2E 9BT

Principal place of business

20 Garrick Street, London WC2E 9BT

Description of nature of entity’s operations and principal activities

Venture capital firm

Name of parent entity

Molten Ventures plc

Name of ultimate parent of Group

Molten Ventures plc

Period covered by financial statements

1 April 2024–30 September 2024

Molten Ventures plc (the “Company”) is a public limited company incorporated and domiciled in England and Wales. On 23 July 2021, the Company’s ordinary shares were admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s Main Market for listed securities, as well as to the secondary listing of the Official List of the Irish Stock Exchange plc and to trading on the regulated market of Euronext Dublin. Prior to this, between 15 June 2016 and 22 July 2021, the Company was listed on the London Stock Exchange’s AIM market and the Irish Stock Exchange’s Euronext Growth market.

The Company is the ultimate parent company in which results of subsidiaries are consolidated in line with IFRS 10. The condensed consolidated interim financial statements for the period ended 30 September 2024, and for the comparative periods ending 31 March 2024 and 30 September 2023, comprise the condensed consolidated interim financial statements of the Company and its subsidiaries (together, the “Group”). These condensed interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006 and have been reviewed, not audited. The Annual Report and Accounts for the year ended 31 March 2024, which were unqualified audited accounts, were approved by the Board of Directors on 11 June 2024 and delivered to the Registrar of Companies.

The condensed consolidated interim financial statements are presented in Pounds Sterling (GBP/£), which is the currency of the primary economic environment in which the Group operates. All amounts are rounded to the nearest million, unless otherwise stated.

2. Going concern assessment and principal risks

Going concern

The Group’s primary sources of liquidity are the cash flows it generates from its operations, realisations of its investments and borrowings. The primary use of this liquidity is to fund the Group’s operations (including the purchase of investments). Responsibility for liquidity risk management rests with the Board, which has established a framework for the management of the Group’s funding and liquidity management requirements.

The Group manages liquidity risk by maintaining adequate reserves and with ongoing monitoring of forecast and actual cash flows. The Group has undertaken a going concern assessment and the latest assessment showed sufficient headroom for liquidity for at least the next 12 months from the date of signing of these financial statements.

The assessment of going concern considered both the Group’s current performance and future outlook, including:

• An assessment of the Group’s liquidity and solvency position using a severe but plausible scenario to assess the potential impact on the Group’s operations and portfolio companies. This scenario includes (i) unpredictability of exit timing, being no realisations throughout the Going Concern period; (ii) portfolio company valuations subject to change, being a 25% decrease in GPV to assess the impact on covenant compliance; and (iii) the impact of an additional 2% increase in interest rates to take SONIA to 6.95%. The Group manages and monitors liquidity regularly and continually assesses investments, commitments, realisations, operating expenses, and receipt of portfolio cash income including under stress scenarios ensuring liquidity is adequate and sufficient. As at the date of signing, the Directors believe the Group has sufficient cash resources and liquidity, and is well placed to manage the business risks in the current economic environment with the ability to utilise the Debt Facility as required.

• The Group has used the same severe but plausible scenario to test both financial and non-financial covenants as part of the debt facility agreement, with no breaches identified.

After making enquiries and following challenge and review, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for 12 months from the date of approval of these financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Principal risks

The Group has reviewed its exposure to its principal risks and concluded that these did not have a significant impact on the financial performance and/or position of the Group for the period and as at 30 September 2024, respectively. For further details on the Group’s principal risks, as well as its risk management processes, please see the Management Report to these accounts and the Risk Management and Principal Risks Section of the Annual Report and Accounts for the year ended 31 March 2024.

3. Adoption of new and revised standards

i. Adoption of new and revised standards

No changes to IFRS have impacted this period’s financial statements.

ii. Impact of standards issued not yet applied

No upcoming changes under IFRS are likely to have a material effect on the reported results or financial position. Management will continue to monitor upcoming changes.

4. Significant accounting policies

Basis of preparation

These condensed consolidated interim financial statements for the six months ended 30 September 2024 have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’ (“IAS 34”) as adopted by the European Union, UK-adopted IAS 34, the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority and the Transparency (Directive 2004/109/ EC) Regulations 2007 (as amended) and the Central Bank of Ireland (Investment Market Conduct) Rules 2019.

The unaudited condensed consolidated interim financial statements for the six months ended 30 September 2024 were approved by the Board of Directors on 19 November 2024.

The annual financial statements of the Group for the year ended 31 March 2024 were prepared in accordance with UK-adopted International Accounting Standards (“IAS”) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (“IFRS”) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. Except as noted below, the condensed consolidated interim financial statements have been prepared applying the accounting policies that were applied in the preparation of the Group’s published consolidated financial statements for the year ended 31 March 2024.

a. Significant accounting policies

The condensed consolidated interim financial statements have been prepared in accordance with the accounting policies adopted by the Group’s most recent Annual Report and Accounts for the year ended 31 March 2024.

b. Basis of consolidation

The condensed consolidated interim financial statements have been prepared in accordance with the basis of consolidation adopted by the Group’s most recent Annual Report and Accounts for the year ended 31 March 2024.

5. Critical accounting estimates and judgements

The Directors have made the following judgements and estimates that have had the most significant effect on the carrying amounts of the assets and liabilities in the consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Actual results may differ from estimates. The key estimate, (5) (a), and judgement, (5)(b), are discussed below. There have been no new critical accounting estimates and judgements in the period ended 30 September 2024.

Estimate:

a.  Valuation of unquoted equity investments at fair value through profit and loss

The Group invests into limited companies and Limited Partnerships, which are considered to be investment companies that invest for the benefit of the Group. These investment companies are measured at fair value through profit or loss based on their net asset value (“NAV”) at the year-end. The Group controls these entities and is responsible for preparing their NAV, which is mostly based on the valuation of their unquoted investments. The Group’s valuation of investments measured at fair value through profit or loss is, therefore, dependent upon estimations of the valuation of the underlying portfolio companies.

The Group, through its controlled investment companies also invests in investment funds, which primarily focus on seed investments. These investments are considered to be “Fund of Fund investments” for the Group and are recognised at their NAV at the period-end date. These Fund of Fund investments are not controlled by the Group and some do not have coterminous year-ends with the Group. To value these investments, management obtains the latest audited financial statements or partner reports of the investments and discusses further movements with the management of the funds following consideration of whether the funds follow the IPEV Guidelines.

Where the Fund of Funds hold investments that are individually material to the Group, management perform further procedures to determine that the valuation of these investments has been prepared in accordance with the Group’s valuation policies for portfolio companies, as outlined below, and these valuations will be adjusted by the Group where necessary based on the Group valuation policy for portfolio companies.

The estimates required to determine the appropriate valuation methodology of investments means there is a risk of material adjustment to the carrying amounts of assets and liabilities. These estimates include whether to increase or decrease investment valuations and require the use of assumptions about the carrying amounts of assets and liabilities that are not readily available or observable.

The fair value of investments is established with reference to the IPEV Guidelines. An assessment will be made at each measurement date as to the most appropriate valuation methodology.

The Group invests in early-stage and growth technology companies, through predominantly unlisted securities. Given the nature of these investments, there are often no current or short-term future earnings or positive cash flows. Consequently, although not considered to be the default valuation technique, the appropriate approach to determine fair value may be based on a methodology with reference to observable market data, being the price of the most recent transaction. Fair value estimates that are based on observable market data will be of greater reliability than those based on estimates and assumptions and, accordingly, where there have been recent investments by third parties, the price of that investment will generally provide a basis of the valuation.

If this methodology is used, its initial use and the length of period for which it remains appropriate to use the calibration of last round price depends on the specific circumstances of the investment, and the Group will consider whether this basis remains appropriate each time valuations are reviewed. In addition, the inputs to the valuation model (e.g. revenue, comparable peer group, product roadmap, and other milestones) will be recalibrated to assess the appropriateness of the methodology used in relation to the market performance and technical/product milestones since the round and the Company’s trading performance relative to the expectations of the round.

The Group considers alternative methodologies in the IPEV Guidelines, being principally price-revenue or price-earnings multiples, depending upon the stage of the asset, requiring management to make assumptions over the timing and nature of future revenues and earnings when calculating fair value. When using multiples, we consider public traded multiples as at measurement date (30 September 2024 for this report) in similar lines of business, which are adjusted based on the relative growth potential and risk profile of the subject company versus the market and to reflect the degree of control and lack of marketability as well as considering company performance against milestones (e.g. financial/technical/product milestones).

The equity values of our portfolio companies are generally assessed via the methodologies described above. For direct investments, the equity values are run through their relevant waterfalls to assess the fair value of the investment to Molten Ventures under the current value methodology. Other methodologies are considered if appropriate.

In all cases, valuations are based on the judgement of the Directors after consideration of the above and upon available information believed to be reliable, which may be affected by conditions in the financial markets. Due to the inherent uncertainty of the investment valuations, the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and the differences could be material. Due to this uncertainty, the Group may not be able to sell its investments at the carrying value in these financial statements when it desires to do so, or to realise what it perceives to be fair value in the event of a sale. See Note 18 for information on unobservable inputs used and sensitivity analysis on investments held at fair value through profit or loss.

Judgement

b. Investment entity

The Group has a number of entities within its corporate structure and a judgement has been made regarding which should be consolidated in accordance with IFRS 10, and which should not. The Group consolidates all entities where it has control, as defined by IFRS 10, over the following:

• power over the investee to significantly direct the activities;

• exposure, or rights, to variable returns from its involvement with the investee; and

• the ability to use its power over the investee to affect the amount of the investor’s returns.

The Company does not consolidate qualifying investment entities it controls in accordance with IFRS 10 and instead recognises them as investments held at fair value through profit or loss. An investment entity, as defined by IFRS 10, is an entity that:

• obtains funds from one or more investors for the purpose of providing those investor(s) with the investment management services;

• commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and

• measures and evaluates the performance of substantially all of its investments on a fair value basis.

When judging whether an entity within the Group is an investment entity, the Group structure as a whole is considered. As a Group, the investment entities have the characteristics of an investment entity. This is because the Group has:

• more than one investment;

• more than one investor;

• unrelated investors; and

• equity ownership interests.

6. Movements on investments held at fair value through profit or loss

Period ended 30 Sep 2024
£’m

Period ended 30 Sep 2023
£’m

Changes in unrealised losses on investments held at fair value through profit or loss

(10.1)

(53.8)

Changes in realised gains/ (losses) on investments held at fair value through profit or loss

25.5

(4.4)

Net foreign exchange losses on investments held at fair value through profit or loss

(30.3)

(5.0)

Total movements on investments held at fair value through profit and loss

(14.9)

(63.2)

7. Net finance expense

Period ended 30 Sep 2024

Period ended 30 Sep 2023

£’m

 £’m

Interest and expenses on loans and borrowings

(6.8)

(5.2)

Finance expense

(6.8)

(5.2)

Interest Income

1.0

–

Finance income

1.0

–

Net finance expense

(5.8)

(5.2)

8. Loss per share and net asset value

The calculation of basic earnings per weighted average share is based on the profit attributable to Shareholders and the weighted average number of shares. When calculating the diluted earnings per share, the weighted average number of shares in issue is adjusted for the effect of all dilutive share options and awards.

Basic loss per ordinary share

Loss after tax

No. of shares

Pence

£’m

per share

For the period ended 30 September 2024

(37.5)

188.5

(20)

For the period ended 30 September 2023

(72.2)

153.0

(47)

Diluted loss per ordinary share

Loss after tax

No. of shares1

Pence

£’m

per share

30 September 2024

(37.5)

188.4

(20)

30 September 2023

(72.2)

153.5

(47)

1 The basic number of shares is 186.5 million, which has been adjusted for treasury shares of £2.6m. Please see Note 16 (i) for further details (period to 30 September 2023: 153.0 million). Diluted shares has been calculated to adjust by the accounting for options of 0.04 million in the period (period to 30 September 2023: 0.5 million) to get to the diluted number of shares of 188.4 million (period to 30 September 2023:  153.5 million).

Net asset value per share is based on the net asset attributable to Shareholders and the number of shares at the relevant reporting date. When calculating the diluted earnings per share, the number of shares in issue at balance sheet date is adjusted for the effect of all dilutive share options and awards.

Net asset value per ordinary share

Net assets

No. of shares

Pence

£’m

per share

As at 30 September 2024

1,204.8

186.5

646

As at 31 March 2024

1,250.7

189.0

662

Diluted net asset value per ordinary share

Net assets

No. of shares2

Pence

£’m

per share

As at 30 September 2024

1,204.8

186.4

646

As at 31 March 2024

1,250.7

189.4

660

2 The basic number of shares is 186.5 million, which has been adjusted for treasury shares of £2.6m. Please see Note 16 (i) for further details (31 March 2024: 189.0 million). This has been adjusted to calculate the diluted number of shares by accounting for options of 0.04 million in the year (31 March 2024: 0.4 million) to get to the diluted number of shares of 188.4 million (31 March 2024: 189.4 million).

9. Significant holdings in undertakings other than subsidiary undertakings

For further details of other related undertakings within the Group, see Note 4 of these condensed consolidated interim financial statements and Note 4(b) of the Annual Report and Accounts for the year ended 31 March 2024.

Please see below details of investments held by the Group’s investment companies, where the ownership percentage or partnership interest exceeds 20%. These are held at fair value through the profit or loss in the condensed consolidated interim statement of financial position.

Name

Address

Principal activity

Type of shareholding

Interest FD category at reporting date/partnership interest*

Earlybird GmbH & Co. Beteiligungs-KG IV

c/o Earlybird Venture Capital, Maximilianstr. 14, 80539, München

Limited partnership pursuant to which the Group holds certain investments

Partnership interest

27%

Earlybird Special Opportunities LP

c/o Earlybird Venture Capital, Maximilianstr. 14, 80539, München

Limited partnership pursuant to which the Group holds certain investments

Partnership interest

35%

Earlybird DWES Fund VI GmbH & Co. KG

c/o Earlybird Venture Capital, Maximilianstr. 14, 80539, München

Limited partnership pursuant to which the Group holds certain investments

Partnership interest

50%

FintechOS Holding B.V

Amstelplein 1, 1096 HA Amsterdam, Netherlands

Trading company

Ordinary Shares Preference shares

D

Outthink Limited

80 Cheapside, London, United Kingdom, EC2V 6EE

Trading company

Ordinary Shares Preference shares

D

Plyable Ltd

14 Fenchurch Court, Bobby Fryer Close, Oxford, England, OX4 6ZN

Trading company

Ordinary Shares Preference shares

D

Driftrock Limited

124 City Road, London, United Kingdom, EC1V 2NX

Trading company

Ordinary Shares Preference shares

D

Ahauz Limited

10 Orange St Haymarket, London, England, WC2H 7DQ

Trading company

Ordinary Shares Preference shares

D

Makers Academy Limited

Unit 2f Zetland House, 5-25 Scrutton St, London, England, EC2A 4HJ

Trading company

Ordinary Shares Preference shares

E

Lion Wolf Hart Limited

7 Regal Lane, London, England, NW1 7TH

Trading company

Ordinary Shares Preference shares

E

Connect Ventures One LP

6th Floor 125 London Wall, London, England, EC2Y 5AS

Limited partnership pursuant to which the Group holds certain investments

Partnership interest

E

Realeyes (Holdings) Limited

5 New Street Square, London, EX4A 3TW, GB

Trading company

Ordinary Shares Preference shares

E

* Fully diluted interest categorised as follows: Cat A: 0–5%, Cat B: 6–10%, Cat C: 11–15%, Cat D: 16–25% and Cat E:  >25%

Details of the fair value of the core companies are detailed as part of the Gross Portfolio Value table in the Financial Review.

10. Financial assets held at fair value through profit or loss

The Group holds investments through the investment vehicles it manages. The investments are carried at fair value through profit and loss. The Group’s valuation policies are set out in detail in the Annual Report and Accounts for the year ended 31 March 2024. The table below sets out the movement in the balance sheet value of investments from the start to the end of the period, showing investments made, cash receipts and fair value movements.

Unaudited

Audited

period ended

year ended

30 Sep 2024

31 Mar 2024

£’m

£’m

As at 1 April

1,292.1

1,277.0

Investments made in the period/year

50.5

65.3

Realisations from underlying investment vehicles

(75.8)

(38.9)

Carry external

-

1.9

Non-investment cash movement

8.5

15.8

Movements in fair value of investments held at fair value through profit or loss

(14.9)

(29.0)

As at period-end

1,260.4

1,292.1

11. Operating Segments

IFRS 8, ‘Operating Segments’, defines operating segments as those activities of an entity about which separate financial information is available and which are evaluated by the Chief Operating Decision Maker to assess performance and determine the allocation of resources.

The Board of Directors have identified Molten’s Chief Operating Decision Maker to be the Chief Executive Officer (“CEO”). The Group’s investment portfolio engages in business activities from which it earns revenues and incurs expenses, has operating results, which are regularly reviewed by the CEO to make decisions about resources and assess performance, and the portfolio has discrete financial information available. The Group’s investment portfolio has similar economic characteristics, and investments are similar in nature. Dealflow for the investment portfolio is now consistent across all funds (except for the Legacy funds – see below) and the Group’s Investment Committee reviews and approves (where appropriate) investments for all the investment portfolio in line with the strategy set by the Molten Ventures plc Board of Directors. Although the managers of our EIS funds, VCT funds and plc funds have a separate management committee, the majority of those sitting on the committees are consistent across all. Taking into account the above points, and in line with IFRS 8, the investment portfolio (across all funds) has been aggregated into one single operating segment.

Legacy funds – the legacy funds (Esprit Capital I Fund No 1 LP, and Esprit Capital IIIi Fund LP) continue to be managed by the Group (Esprit Capital Partners LLP). These funds are in run-off. Although the investments held within these funds are not consistent with the rest of the investment portfolio (although there has been some cross-over in the past), they are similar in nature and the Group does not earn material revenue (neither is material expenditure incurred) from the management of these funds, which would meet the quantitative thresholds set out in IFRS 8. Management does not believe that separate disclosure of information relating to the legacy funds would be useful to users of the financial statements.

The majority of the Group's revenues are not from interest, and Management does not primarily rely on net interest revenue to assess the performance of the Group and make decisions about resource allocation. Therefore, the Group reports interest revenue separately from interest expense.

The Group’s management considers the Group’s investment portfolio represents a coherent and diversified portfolio with similar economic characteristics and as a result these individual investments have been aggregated into a single operating segment. In the view of the Directors, there is accordingly one reportable segment under the provisions of IFRS 8.

12. Deferred tax

Deferred tax is calculated in full on temporary differences under the balance sheet liability method using the tax rate expected to apply when the temporary differences reverse. See breakdown below:

Unaudited as at 30 Sep 2024

Audited as at
31 Mar 2024

£’m

£’m

Arising on share-based payments

(1.6)

(1.6)

Arising on co-invest and carried interest

(0.4)

(0.2)

Arising on the investment portfolio

(22.0)

(9.8)

Other timing differences

-

(0.1)

Deferred tax liability

(24.0)

(11.7)

As at 30 September 2024, the Group had tax losses carried forward of £2.9m (31 March 2024: £2.9m).

13. Share capital and share premium

Ordinary share capital

Number

Pence

£’m

Period ended 30 September 2024 – Allotted and fully paid

At the beginning of the period

189,046,450.0

1.0

1.9

At the end of the period

189,046,450.0

1.0

1.9

Ordinary share capital

Number

Pence

£’m

Year ended 31 March 2024 – Allotted and fully paid

At the beginning of the year

152,999,853

1.0

1.5

Issue of share capital during the year for cash1

21,261,548

1.0

0.2

Share-for-share exchange2

14,785,049

1.0

0.2

At the end of the year

189,046,450

1.0

1.9

1 In December 2023, the Company raised equity by issuing 21,261,548 new ordinary shares at 1 pence.

2 In March 2024, the Company exchanged 14,785,049 new ordinary shares as part of the Forward Partners Group Limited acquisition.

Share premium

Allotted and fully paid

Unaudited period ended

Audited year ended

30 Sep 2024

31 Mar 2024

£’m

£’m

At the beginning of the period

671.2

615.9

Premium arising on the issue of ordinary shares

-

57.1

Equity issuance costs

-

(1.8)

At the end of the period

671.2

671.2

14. Share-based payments

Date of grant

b/f 1 April 2024 (No.)

Granted in the year (No.)

Lapsed in the year (No.)

Exercised in the year (No.)

c/f 30 Sep 2024 (No.)

Vesting period

Exercise Price (pence)

Fair value per granted instrument (pence)

Molten Ventures plc 2016 Company Share Option Scheme (“CSOP”)

28-Nov-16

499,320

-

-

-

499,320

3 years

355

64.1

11-Nov-17

120,000

-

-

-

120,000

3 years

530

89.3

28-Nov-17

306,384

-

-

-

306,384

3 years

387

70.9

30-Jul-18

650,750

-

-

-

650,750

3 years

492

152.9

12-Feb-19

546,868

-

-

-

546,868

3 years

530

67.8

29-Jun-20

200,000

-

(200,000)

-

-

3 years

449

81.2

26-Jul-21

36,364

-

-

(4,566)

31,798

1 year

1

986.0

Molten Ventures plc Long-Term Incentive Plan (“LTIP”)

29-Jun-20

269,331

-

-

(14,198)

255,133

3 years

1

449.0

16-Jul-21

545,005

-

(422,530)

(2,838)

119,637

1 year

1

940.0

17-Jun-22

457,171

-

(8,799)

-

448,372

3 years

1

540.0

17-Jun-22

543,609

-

-

-

543,609

5 years*

1

540.0

22-Jun-23

95,416

-

(1,837)

-

93,579

2 years

1

241.0

22-Jun-23

113,453

-

-

-

113,453

2 years

1

447.0

23-Jun-23

2,344,779

-

(22,933)

-

2,321,846

3 years

1

274.0

19-Jun-24

-

803,099

-

-

803,099

3 years

1

354.0

28-Jun-24

-

934,668

-

-

934,668

3 years

1

322.0

1-Sep-24

-

51,582

-

-

51,582

3 years

1

357.0

Molten Ventures plc Deferred Benefit Plan (“DBP”)

17-Jun-22

211,110

-

-

-

211,110

2 years

1

540.0

22-Jun-23

44,058

-

-

-

44,058

2 years

1

241.0

19-Jun-24

-

174,070

-

-

174,070

2 years

1

354.0

Total

6,983,618

1,963,419

(656,099)

(21,602)

8,269,336

*This is a vesting period of three years and a further two-year holding period.

Set out below are summaries of the options granted under the plan

Unaudited period ended

Audited year ended

 30 Sep 2024

31 Mar 24

At the beginning of the period

 6,983,618

4,689,148

Granted during the period/year

 1,963,419

2,633,901

Lapsed in the period/year

(656,099)

(279,288)

Exercised during the period/year

(21,602)

(60,143)

As at period- /year-end

 8,269,336

6,983,618

Both the CSOP, LTIP and DBP are, as of 30 September 2024, partly administered by the Molten Ventures Employee Benefit Trust (“Trust”). The Trust is consolidated in these consolidated financial statements. The Trust may purchase shares from the market and, from time to time, when the options are exercised, the Trust transfers the appropriate number of shares to the employee or sells these as agent for the employee. The proceeds received, net of any directly attributable transaction costs, are credited directly to equity. Shares held by the Trust at the end of the reporting period are shown as own shares in the consolidated financial statements (see Note 16). Of the 21,602 options exercised during the period, none were satisfied with new ordinary shares issued by Molten Ventures plc (six-month period ended 30 September 2023: 34,249 options exercised, no new ordinary shares issued). All outstanding options have been assessed to be reportable as equity-settled.

The options granted under the LTIP have an exercise price of 1p per share and are subject to performance conditions for directors. Additional share options awarded to employees under the LTIP also have an exercise price of 1p per share and are subject to performance underpins, one of which is dependent on Group NAV.

The options awarded under the DBP also have an exercise price of 1p each and are subject to a two-year deferral period before they can be exercised.

The fair value of the LTIP shares is valued using the Black-Scholes model, which includes a Monte Carlo simulation model. A six-monthly review takes place of non-market performance conditions and, as at 30 September 2024, the best estimate for expecting vesting of unvested share options is 52%.

FY24 bonus amounts were paid in cash for an amount up to 100% of each Director's salary, with the balance being paid in the form of a deferred share award over a number of shares calculated based on the Volume Weighted Average Price per share for the five trading days immediately prior to the date of grant. The deferral period under the bonus scheme is two years from the date of the award.

Vesting is not subject to any further performance conditions (other than continued employment at the date of vesting). The Black-Scholes Option Pricing Model has been used for valuation purposes.

The share-based payment charge for the period is £3.2 million (period ended 30 September 2023: £2.5 million).

15. Financial liabilities

Unaudited

Audited

30 Sep 2024

31 Mar 2024

£’m

£’m

Current liabilities

Leases

(0.3)

–

Total current financial liabilities

(0.3)

–

Non-current liabilities

Leases

(1.4)

–

Loans and borrowings

(119.2)

(89.4)

Total non-current financial liabilities

(120.6)

(89.4)

Total

(120.9)

(89.4)

The below table shows the changes in liabilities from financing activities.

Borrowings

Leases

£’m

£’m

As at 1 April 2023

(89.0)

(0.3)

Payment of lease liabilities

-

0.3

Drawdowns

(38.0)

-

Repayment of debt

38.0

-

As at 31 March 2024

(89.0)

-

Recognition of liability from new lease

-

(1.8)

Payment of lease liabilities

-

0.1

Drawdowns

(30.0)

-

Other charges - interest payments (presented as cash flows)

0.2

-

At 30 September 2024

(118.8)

(1.7)

Loans and borrowings

In the period, the Company extended their facility agreement, effective from 7 September 2024, with J.P. Morgan Chase Bank, N.A. (“JPM”) and HSBC Innovation Banking Limited (“HSBCIB”), which may be used for Investment and corporate purposes.

The Extended Debt Facility comprises a £120.0 million term loan (“Term Loan”) drawn on day one and a revolving credit facility (“RCF”) of up to £60.0 million, both with a three-year tenor. Repayment date is September 2027, or both may be extended by two 12-month periods subject to the lenders’ willingness to extend and satisfaction of various conditions. The headline interest rate applied on both the Term Loan and RCF remains at SONIA plus a “margin” of 5.50% per annum. The Debt Facility is secured against various Group assets, LP interests and bank accounts in the Group.

Drawdown of the RCF component of the Extended Debt Facility is subject to a maximum loan to value ratio of 12.5%. The Company’s ability to satisfy its financial and non-financial covenants is dependent on the value of the investment portfolio. The value of the portfolio will continue to be subject to periodic independent third-party valuation.

The Group incurred transaction fees of £0.8 million, which are presented within loans and borrowings on the statement of financial position and are amortised over the life of the facility. Interest-related charges are reported in the consolidated statement of comprehensive income as finance costs.

The Debt Facility contains financial and non-financial covenants, which the Company and certain members of the Group must comply with throughout the term of the Debt Facility:

• Maintain a value to cost ratio of investments of at least 10% (1.10:1.00).

• Total financial indebtedness not to exceed 20% (10% on each utilisation; 12.5% in certain circumstances) of the value of investments in the portfolio with adjustments for concentration limits (see below) together with the value of all amounts held in specified bank accounts subject to the security package.

• Total aggregate financial indebtedness of the Company and certain members of the Group is not to exceed 35% (25% on each utilisation) of the value of secured investments in the portfolio with adjustments for concentration limits calculated by reference to specified assets and bank accounts subject to the security package.

• The Company and certain members of its Group must maintain a minimum number of investments subject to concentration limits connected to sector, geography, joint or collective value, and/or listed status.

Failure to satisfy financial covenants may limit the Company’s ability to borrow and/or also trigger events of default, which in some instances could trigger a cash sweep on realisations and/or require the Company to cure those breaches by repaying the Debt Facility (either partially or in full).

Period ended 30 Sep 2024

Period ended 30 Sep 2023

Year ended

31 Mar 2024

£’m

£’m

£’m

Bank loan senior facility amount

180.0

150.0

150.0

SONIA Rate

SONIA Rate

SONIA Rate

Interest rate

+5.5%

+5.5%

+5.5%

Drawn at balance sheet date

(120.0)

(90.0)

(90.0)

Arrangement fees

0.8

0.8

0.6

Loan liability balance

(119.2)

(89.2)

(89.4)

Undrawn facilities at balance sheet date

60.0

60.0

60.0

16. Own shares and other reserves

(i) Own shares reserve

Own shares are shares held in Molten Ventures plc that are held by Molten Ventures Employee Benefit Trust (“Trust”) and shares in Molten Ventures plc repurchased as part of a share buyback programme during the period.

Shares held in Molten Ventures plc held by the Trust are for the purpose of issuing shares under the Molten Ventures plc 2016 Company Share Options Plan, Long-Term Incentive Plan and Deferred Bonus Plan. Shares issued to employees are recognised on a weighted average cost basis. The Trust holds 0.8% of the issued share capital at 30 September 2024.

On 26 July 2024, a share buyback programme was announced up to a maximum aggregate consideration of £10.0 million to commence on the same day. On 23 September 2024, the programme was completed. The Company acquired a total of 2,574,540 ordinary shares, which represent approx. 1.4% of the Company's issued share capital at period-end. The average price paid per ordinary share as part of the programme was £391p. The repurchased shares are held in treasury, with no plans to cancel the shares. The fees charged for the share repurchase were £40k. The repurchased shares and directly associated fees are recognised directly in equity.

Period ended 30 Sep 2024

Period ended 30 Sep 2023

Year ended 31 Mar 2024

No. of shares

£’m

No. of shares

£’m

No. of shares

£’m

m

m

m

Opening balance

(1.1)

(8.8)

(1.1)

(8.9)

(1.1)

(8.9)

Acquisition of shares by the Trust

(0.4)

(1.6)

–

–

–

–

Acquisition of shares as part of the share buyback programme

(2.6)

(10.0)

–

–

–

–

Disposal or transfer of shares by the Trust*

-

-

–

–

–

0.1

Closing balance

(4.1)

(20.4)

(1.1)

(8.9)

(1.1)

(8.8)

* Disposals or transfers of shares by the Trust also include shares transferred to employees net of exercise price with no resulting cash movements. Cash receipts in respect of sale of shares in the period ended 30 September 2024 were £Nil (year ending 31 March 2024: £Nil).

(ii) Other reserves

The following table shows a breakdown of the “other reserves” line in the condensed consolidated interim statement of financial position and the movements in those reserves during the period. A description of the nature and purpose of each reserve is provided below the following tables.

Period to 30 September 2024

Merger relief reserve

Share-based payments reserve – resulting from Company share option scheme

Share-based payments reserve resulting from acquisition of subsidiary

Total other reserves

£’m

£’m

£’m

£’m

Opening balance

50.0

13.9

10.8

74.7

Share-based payments

-

3.2

-

3.2

Share-based payments – exercised during the period

-

-

-

-

Closing balance

50.0

17.1

10.8

77.9

Period to 30 September 2023

Merger relief reserve

Share-based payments reserve – resulting from Company share option scheme

Share-based payments reserve resulting from acquisition of subsidiary

Total other reserves

£’m

£’m

£’m

£’m

Opening balance

13.1

9.4

10.8

33.3

Share-based payments

–

2.5

–

2.5

Share-based payments – exercised during the period

–

(0.2)

–

(0.2)

Closing balance

13.1

11.7

10.8

35.6

Year to 31 March 2024

Merger relief reserve

Share-based payments reserve – resulting from Company share option scheme

Share-based payments reserve resulting from acquisition of subsidiary

Total other reserves

£’m

£’m

£’m

£’m

Opening balance

13.1

9.4

10.8

33.3

Share-based payments

–

4.5

 –

4.5

Share-for-share exchange

36.9

 –

 –

36.9

Closing balance

50

13.9

10.8

74.7

Merger relief reserve

In accordance with the Companies Act 2006, a Merger Relief Reserve of £13.1 million (net of the cost of share capital issued of £80,000) was created on the issue of 4,392,332 ordinary shares for 300 pence each in Molten Ventures plc as consideration for the acquisition of 100% of the capital interests in Esprit Capital Partners LLP on 15 June 2016.

A Merger Relief Reserve of £36.9 million was created on the issue of 14,785,049 ordinary Shares of 250 pence each in Molten Ventures plc as consideration for the acquisition of 100% of the capital interest in Forward Partners Group plc on 14 March 2024.

Share-based payment reserve

Where the Group engages in equity-settled share-based payment transactions, the fair value at the date of grant is recognised as an expense over the vesting period of the options. The corresponding credit is recognised in the share-based payment reserve. Please see Note 14 for further details on how the fair value at the date of grant is recognised.

17. Adjustments to reconcile operating loss to net cash outflow in operating activities

Period ended

Period ended

30 Sep 2024

30 Sep 2023

£’m

£’m

Adjustments to reconcile operating loss to net cash (outflow) in operating activities:

Revaluation of investments held at fair value through profit or loss

14.9

63.2

Depreciation and amortisation

0.1

0.3

Share-based payments – resulting from Company share option scheme

3.2

2.5

Finance income

(1.0)

–

Finance expense

6.8

5.2

Deferred tax expense

12.3

–

(Increase)/decrease in trade and other receivables and other working capital movements

(3.9)

2.6

Increase/(decrease) in trade and other payables

1.1

(4.6)

Adjustments to reconcile operating loss to net cash outflow in operating activities:

33.5

69.2

Please see Note 15 for the changes in liabilities from financing activities.

18. Fair value measurements

i. Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value in the financial statements. This section should be read with reference to Notes 5a and 10. As outlined in Note 5a, valuation of unquoted equity investments at fair value through profit or loss is a critical accounting estimate and actuals may differ from estimates. The Group has considered the impact of ESG and climate-related risks on its portfolio, and consider these to be currently immaterial to the value of our portfolio for six months to 30 September 2024 (year ending 31 March 2024: immaterial) and taking into consideration the climate risk impact channels and their financial impact across the portfolio companies, however this will be monitored each year to assess any changes. The Group recognised a number of climate-related opportunities within the portfolio via our Climate Tech thesis. The inputs to our valuations are described in the sensitivities analysis table below, and because these are more short-term in nature (e.g. forecast revenue for the current year applied to current market multiples, and recent transactions), we do not currently see any material impacts on these inputs from the longer term risks described in our TCFD report within the Annual Report for the year ended 31 March 2024 and, therefore, the values as at 30 September 2024. We also recognise that, although the risks are not currently material, they could become material in the medium- to long-term without mitigating actions, which are described within the TCFD section of the Strategic Report within our Annual Report for the year ended 31 March 2024. For further discussion of our climate-related risks, please see our TCFD and Principal Risks sections of the Strategic Report in the Annual Report for the year ending 31 March 2024.

The Group classifies financial instruments measured at fair value through profit or loss (“FVTPL”) according to the following fair value hierarchy prescribed under the accounting standards:

• Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date (30 September 2024; and 31 March 2024 for comparatives);

• Level 2: inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

• Level 3: inputs are unobservable inputs for the asset or liability.

All financial instruments measured at FVTPL in both periods presented are financial assets relating to holdings in high-growth technology companies. The Group invests in special purpose vehicles and limited partnerships that are considered to be investment companies that invest in equities for the benefit of the Group. These are held at their respective net asset values and, as such, are noted to be all Level 3 for both periods presented. For details of the reconciliation of those amounts please refer to Note 10. The additional disclosures below are made on a look-through basis and are based on the Gross Portfolio Value (“GPV”). In order to arrive at the Net Portfolio Value (“NPV”), which is the value recognised as investments held at FVTPL in the statement of financial position, the GPV is subject to deductions for the fair value of carry liabilities and adjustments for Irish deferred tax. UK deferred tax is recognised in the consolidated statement of financial position as a liability to align the recognition of deferred tax to the location in which it will likely become payable on realisation of the assets. For details of the GPV and its reconciliation to the investment balance in the financial statements, please refer to the extract of the Gross Portfolio Value table below:

Investments

Fair Value of Investments31 Mar 2024

£’m

Investments

£’m

Realisations

£’m

Non investment cash movement

£’m

Movement in Foreign Exchange

£’m

Movement in Fair Value

£’m

Fair Value movement
30 Sep 2024

£’m

Fair Value of Investments
30 Sep 2024

£’m

Gross Portfolio Value

1,378.9

50.5

(75.8)

-

(30.3)

19.5

(10.8)

1,342.8

Carry external

(87.1)

-

-

-

-

4.4

4.4

(82.7)

Portfolio deferred tax

-

-

-

-

-

-

-

-

Trading carry and co-invest

0.3

-

-

-

-

-

-

0.3

Non-investment cash movement

-

-

-

8.5

-

(8.5)

(8.5)

-

Net Portfolio Value

1,292.1

50.5

(75.8)

8.5

(30.3)

15.4

(14.9)

1,260.4

Investments

Fair Value of Investments

31 Mar 2023

£’m

Investments

£’m

Realisations

£’m

Non investment cash movement

£’m

Movement in Foreign Exchange

£’m

Movement in Fair Value

£’m

Fair Value movement

31 Mar 2024

£’m

Fair Value of Investments

31 March 2024

£’m

Gross Portfolio Value

1,370.8

65.3

(38.9)

-

(23.9)

5.6

(18.3)

1,378.9

Carry external

(94.9)

-

1.9

-

-

5.0

5.0

(87.1)

Portfolio deferred tax

-

-

-

-

-

-

-

-

Trading carry and co-invest

0.3

-

-

-

-

-

-

0.3

Non-investment cash movement

-

-

-

15.8

-

(15.8)

(15.8)

-

Net Portfolio Value

1,277.1

65.3

(37.0)

15.8

(23.9)

(5.2)

(29.1)

1,292.1

Carry external – this relates to accrued carry that is due to former and current employees or managers external to the Group. These values are calculated based on the reported fair value, applying the provisions of the limited partnership agreements to determine the value that would be payable by the Group's investment entities to external managers and the carried interest partnerships.

Portfolio deferred tax – this relates to tax accrued against gains in the portfolio to reflect those portfolio companies where tax is expected to be payable on exits. This relates to Irish deferred tax only. UK deferred tax is recognised in the consolidated statement of financial position as a liability to align the recognition of deferred tax to the location in which it will likely become payable on realisation of the assets. These values are calculated based on unrealised fair value of investments at the reporting date at the applicable tax rate.

Trading carry and co-invest – this relates to accrued carry that is due to the Group.