Registered number
10704665
Green Angel Ventures Ltd
Report and Financial Statements
30 June 2023
Green Angel Ventures Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 4
Independent auditor's report 5
Income statement 8
Statement of comprehensive income 9
Statement of financial position 10
Statement of changes in equity 11
Statement of cash flows 12
Notes to the financial statements 13
Green Angel Ventures Ltd
Company Information
Directors
Nicholas Lyth
Simon Acland
Cameron Ross
Christine Chisholm
Clare Ainsworth
Francesco Cacciabue
Antoine Pradayrol
Franck Bergonzo (appointed 23rd September 2022)
Auditors
Anstey Bond LLP
1 Charterhouse Mews
London
EC1M 6BB
Registered office
42 Charlwood Road
London
SW15 1PW
Registered number
10704665
Green Angel Ventures Ltd
Registered number: 10704665
Directors' Report
The directors present their report and financial statements for the year ended 30 June 2023.
Principal activities
The company's principal activity during the year continued to be the delivery of specialist angel investment for innovations relating to climate change.
Directors
The following persons served as directors during the year:
Nicholas Lyth
Simon Acland
Cameron Ross
Christine Chisholm
Caroline Halliday (resigned 23rd September 2022)
Clare Ainsworth
Francesco Cacciabue
Antoine Pradayrol
Franck Bergonzo (appointed 23rd September 2022)
Directors' responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and
they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 6 October 2023 and signed on its behalf.
Cameron Ross
Director
Green Angel Ventures Ltd
Strategic Report
2022/23 has been another excellent year for Green Angel Ventures. We maintained our growth, increasing by 36% the sum deployed to portfolio companies, and by 43% our annual revenue compared to last year.

In addition, we expanded our portfolio to 41 companies and grew our team to 18 people on the payroll. Our membership ranging between 300 and 340 during the year makes us one of the largest active angel syndicates in the UK. Our EIS Climate Change Fund closed another two rounds, the most recent of which set a new record for the amount raised.

As a company specialising in investments in early stage companies, our own performance as an early stage company ourselves sets an example to those who apply to us for funding. These achievements have been recognised by winning the two most prestigious awards available for our category. In June 2023, BusinessGreen named Green Angel Ventures as winner in the Early Stage Investor of the Year category in the UK Green Business Awards. The following week, UK Business Angels Association awarded its Seed VC of the Year trophy to Green Angel Ventures.

Our plans to extend our fund management capability into Venture Fund management are continuing and hopefully these will be realised in our next financial year.

During the year we also changed our company name from Green Angel Syndicate 2 Limited to Green Angel Ventures Limited, reflecting our commitment to extending our sphere of operations into Venture Fund management.

Our purpose is the fight against climate change. We aim to make this as profitable as possible for all our shareholders and investors, because the fight against climate change will only be won by companies which are successful. There is no room for complacency. We are in a fight that is currently being lost, and there are people all over the world suffering as a consequence. We need to do more, better and faster, and Green Angel Ventures in its new financial year is poised to do just that.
This report was approved by the board on 6 October 2023 and signed on its behalf.
Cameron Ross
Director
Green Angel Ventures Ltd
Independent auditor's report
to the members of Green Angel Ventures Ltd
Opinion
We have audited the financial statements of Green Angel Ventures Ltd (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed non - compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relation to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Colin Ellis ACCA CF
(Senior Statutory Auditor) 1 Charterhouse Mews
for and on behalf of London
Anstey Bond LLP EC1M 6BB
Statutory Auditor
6 October 2023
Green Angel Ventures Ltd
Income Statement
for the year ended 30 June 2023
Notes 2023 2022
£ £
Turnover 2 1,005,990 705,271
Cost of sales (21,187) (32,107)
Gross profit 984,803 673,164
Administrative expenses (899,511) (644,426)
Other operating income - 8,304
Operating profit 3 85,292 37,042
Interest receivable 9,680 3,328
Profit on ordinary activities before taxation 94,972 40,370
Tax on profit on ordinary activities 6 (22,437) -
Profit for the financial year 72,535 40,370
Green Angel Ventures Ltd
Statement of Comprehensive Income
for the year ended 30 June 2023
Notes 2023 2022
£ £
Profit for the financial year 72,535 40,370
Other comprehensive income
Total comprehensive income for the year 72,535 40,370
Green Angel Ventures Ltd
Statement of Financial Position
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 7 11,592 11,846
Tangible assets 8 4,358 2,400
Investments 9 15,346 15,346
31,296 29,592
Current assets
Debtors 10 142,736 41,883
Cash at bank and in hand 790,963 736,166
933,699 778,049
Creditors: amounts falling due within one year 11 (145,908) (112,001)
Net current assets 787,791 666,048
Total assets less current liabilities 819,087 695,640
Provisions for liabilities
Deferred taxation 12 (3,988) -
Net assets 815,099 695,640
Capital and reserves
Called up share capital 13 209 209
Share premium 14 737,935 737,935
Other reserves 15 46,924 -
Profit and loss account 16 30,031 (42,504)
Total equity 815,099 695,640
Cameron Ross
Director
Approved by the board on 6 October 2023
Green Angel Ventures Ltd
Statement of Changes in Equity
for the year ended 30 June 2023
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 July 2021 209 737,935 - (82,874) 655,270
Profit for the financial year 40,370 40,370
At 30 June 2022 209 737,935 - (42,504) 695,640
At 1 July 2022 209 737,935 - (42,504) 695,640
Profit for the financial year 46,924 72,535 119,459
At 30 June 2023 209 737,935 46,924 30,031 815,099
Green Angel Ventures Ltd
Statement of Cash Flows
for the year ended 30 June 2023
Notes 2023 2022
£ £
Operating activities
Profit for the financial year 72,535 40,370
Adjustments for:
Interest receivable (9,680) (3,328)
Tax on profit on ordinary activities 22,437 -
Employee share options charge credited to other reserves 46,924 -
Depreciation 1,539 1,225
Amortisation of intangible assets 8,219 6,464
Increase in debtors (100,853) (2,388)
Increase in creditors 15,458 64,771
56,579 107,114
Interest received 9,680 3,328
Cash generated by operating activities 66,259 110,442
Investing activities
Payments to acquire intangible fixed assets (7,965) (4,500)
Payments to acquire tangible fixed assets (3,497) (2,410)
Cash used in investing activities (11,462) (6,910)
Net cash generated
Cash generated by operating activities 66,259 110,442
Cash used in investing activities (11,462) (6,910)
Net cash generated 54,797 103,532
Cash and cash equivalents at 1 July 736,166 632,634
Cash and cash equivalents at 30 June 790,963 736,166
Cash and cash equivalents comprise:
Cash at bank 790,963 736,166
Green Angel Ventures Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Costs of website development were previously treated as tangible fixed assets. It is considered that these should instead be treated as intangible fixed assets,and the comparative figures have been revised accordingly.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Fixtures, fittings, tools and equipment over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Share based payments
Share-based compensation benefits are provided to employees via the Green Angel Ventures (GAV) EMI Scheme, an employee share option scheme. Information relating to this scheme is set out in note 22.
Employee options
The value of options granted under the GAV Employee Option Plan are recognised as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the intrinsic value of the options granted:
- including any market performance conditions (such as the entity’s share price);
- excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and
- including the impact of any non-vesting conditions (such as the requirement for employees to save or hold shares for a specific period of time).
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
2 Analysis of turnover 2023 2022
£ £
Services rendered 1,005,990 705,271
By geographical market:
UK 1,005,990 705,271
3 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 1,539 1,224
Amortisation of intangible assets 8,219 6,463
Auditors' remuneration for audit services 6,500 4,500
4 Directors' emoluments 2023 2022
£ £
Emoluments 183,439 115,287
Company contributions to defined contribution pension plans 14,472 9,329
197,911 124,616
Number of directors to whom retirement benefits accrued: 2023 2022
Number Number
Defined contribution plans 4 4
5 Staff costs 2023 2022
£ £
Wages and salaries 526,076 390,202
Social security costs 49,478 27,392
Other pension costs 37,960 27,439
613,514 445,033
Average number of employees during the year Number Number
Administration 6 5
Development 4 5
Marketing - 1
Sales 7 5
17 16
6 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 18,449 -
Deferred tax:
Origination and reversal of timing differences 3,988 -
Tax on profit on ordinary activities 22,437 -
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 94,972 40,370
Standard rate of corporation tax in the UK 21% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 19,944 7,670
Effects of:
Expenses not deductible for tax purposes 10,244 1,264
Capital allowances for period in excess of depreciation (445) (246)
Utilisation of tax losses (10,716) (8,688)
Marginal relief (578) -
Current tax charge for period 18,449 -
Factors that may affect future tax charges
The increase in corporation tax rates with effect from 1st April 2023 combined with higher profits are likely to result in higher tax charges as a percentage of taxable profit. In addition, trading losses carried forward from previous years have now been fully utilised.
7 Intangible fixed assets £
Website:
Cost
At 1 July 2022 20,650
Additions 7,965
At 30 June 2023 28,615
Amortisation
At 1 July 2022 8,804
Provided during the year 8,219
At 30 June 2023 17,023
Carrying amount
At 30 June 2023 11,592
At 30 June 2022 11,846
Expenditure on the company's website is being written off in equal annual instalments over its estimated economic life of 3 years.
8 Tangible fixed assets
Fixtures, fittings, tools and equipment
At cost
£
Cost or valuation
At 1 July 2022 3,852
Additions 3,497
At 30 June 2023 7,349
Depreciation
At 1 July 2022 1,452
Charge for the year 1,539
At 30 June 2023 2,991
Carrying amount
At 30 June 2023 4,358
At 30 June 2022 2,400
9 Investments
Other
investments
£
Cost
At 1 July 2022 15,346
At 30 June 2023 15,346
Historical cost
At 1 July 2022 15,346
At 30 June 2023 15,346
The company owns 0.4% of the issued share capital of Powervault Ltd.
10 Debtors 2023 2022
£ £
Trade debtors 103,152 20,614
Prepayments and accrued income 39,584 21,269
142,736 41,883
11 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 24,222 9,215
Corporation tax 18,449 -
Other taxes and social security costs 53,899 41,945
Accruals and deferred income 49,338 60,841
145,908 112,001
12 Deferred taxation 2023 2022
£ £
Accelerated capital allowances 3,988 -
2023 2022
£ £
Charged to the profit and loss account 3,988 -
At 30 June 3,988 -
13 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £0.01 each 20,907 209 209
14 Share premium 2023 2022
£ £
At 1 July 737,935 737,935
At 30 June 737,935 737,935
15 Other reserves 2023 2022
Employee share option reserve £ £
Charged in year 46,924 -
At 30 June 46,924 -
16 Profit and loss account 2023 2022
£ £
At 1 July (42,504) (82,874)
Profit for the financial year 72,535 40,370
At 30 June 30,031 (42,504)
17 Contingent liabilities
There are no (2022: £nil) contingent liabilities or commitments at the year end and up to the date of the signing of the directors' report.
18 Controlling party
In the opinion of the directors of Green Angel Ventures Limited, there was neither an immediate controlling party nor an ultimate controlling party during the accounting period.
19 Presentation currency
The financial statements are presented in Sterling.
20 Legal form of entity and country of incorporation
Green Angel Ventures Ltd is a private company limited by shares and incorporated in England.
21 Principal place of business
The address of the company's principal place of business and registered office is:
42 Charlwood Road
London
SW15 1PW
22 Share-based payment transactions
The Company operates an equity-settled share-based compensation plan established under the Enterprise Management Initiative ("EMI"), for certain employees under which the entity receives services from employees as consideration for equity options instruments (share options) of the Company. The value of the employees services received in exchange for the grant of options is expensed on the liability basis each year, based on the Company's estimate of shares that will eventually vest and the value of the share price as at year-end.

The total amount to be expensed over the vesting period is determined by reference to the Intrinsic value of the options granted, excluding the impact of any non-market vesting conditions. The value of awards granted under EMI is measured using the intrinsic value. Non-marketing vesting conditions are included in assumptions about the number of options that are expected to vest. At each Statement of Financial Position date, the entity revises its estimates of the number of options that are expected to vest, with any changes in estimations recognised in the income statement, with a corresponding adjustment in equity.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

As a result of the small company exemptions under FRS102 being no longer applicable in 2023, we do not believe therefore that the comparative for 2022 figures are required.

Movements in the number of outstanding conditional awards of shares currently exercisable are as follows:
Average exercise price per share Number of options
£
At 1 July 50.35 4,720
Granted during the year 1,000
Exercised during the year -
Forfeited during the year (80)
At 30 June 62.94 5,640
Vested and exercisable 4,880
No options expired during the periods covered by the above table.
Share options outstanding at the end of the year have the following expiry dates and exercise prices:
Grant date Expiry date Exercise price per share Number of options
£
6 April 2020 6 April 2030 35.56 3,840
1 December 2020 1 December 2030 121.36 800
31 May 2023 31 May 2033 121.36 1,000
5,640
Weighted average remaining contractual life of options
outstanding at end of period 7.42 years
Intrinsic value of options granted
The assessed intrinsic value at the year end of the total options granted up to and during the year ended 30 June 2023 was £16.64 per option. The intrinsic value at the period closing date uses the most recent estimated actual market value of the underlying share of £60.00 less the exercise price of the call with the minimum intrinsic value being £ Nil.
Vesting period of options granted
Options granted to employees are immediately vested 40% upon issuance, with each option vesting a further 20% on each annual anniversary of issuance. This applies to all options currently granted to employees.
Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during the period as part of employee benefit expense were as follows:
2023
£
Options issued under employee option plan 46,924
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