Financial instruments (Tables)

12 Months Ended

Dec. 31, 2020

Contractual maturities of financial assets and liabilities

The following are the contractual maturities of financial assets and liabilities, including estimated interest payments in respect of the interest-bearing loans and borrowings:

At December 31, 2020	Carrying amount £’000		Contractual cash flows £’000		One year or less £’000
Financial assets
Trade receivables		1,797		1,797		1,797
Clinical trial deposits in current assets		1,221		1,221		1,221
Non-current financial assets		3.573		3,573		-
Cash and cash equivalents		129,716		129,716		129,716
Total financial assets		136,307		136,307		132,734
Financial liabilities
Trade payables		25,084		25,084		25,084
Interest-bearing loans and borrowings (Note 18)		36,654		51,421		3,354
Total financial liabilities		61,738		76,505		28,438

At December 31, 2019	Carrying amount £’000		Contractual cash flows £’000		One year or less £’000
Financial assets
Trade receivables		1,471		1,471		1,471
Interest receivable		28		28		28
Prepayments and accrued income		2,282		2,282		424
Long-term security deposit		2,532		2,532		-
Cash and cash equivalents		73,966		73,966		73,966
Total financial assets		80,279		80,279		75,889
Financial liabilities
Trade payables		15,579		15,579		15,579
Interest-bearing loans and borrowings (Note 21)		19,157		19,426		19,157
Derivative liability		5,127		-		5,127
Total financial liabilities		39,863		35,005		39,863

Financial assets subject to variable interest rates

Financial assets subject to variable interest rates are as follows:

	2020 Carrying amount £’000		2019 Carrying amount £’000
Cash and cash equivalents		129,716		73,966
		129,716		73,966

Financial liabilities subject to variable interest rates

Financial liabilities subject to variable interest rates are as follows:

	2020 Carrying amount £’000		2019 Carrying amount £’000
Interest-bearing loans and borrowings		36,654		19,157
		36,654		19,157-

Financial assets and liabilities in foreign currency risk

Financial assets and liabilities in foreign currencies are as follows:

	2020 Carrying amount £’000		2019 Carrying amount £’000
Financial assets at amortized cost:
Interest receivable		-		15
Clinical trial deposits and other debtors		4,036		1,858
Cash and cash equivalents		92,844		12,518
		96,880		14,391
Financial liabilities at amortized cost:
Trade payables		13,779		4,374
Interest-bearing loans and borrowings (Notes 18 and 21)		36,654		19,157
		50,433		23,531

Disclosure of financial assets and liabilities

Fair value of financial assets

	2020				2019
	Carrying amount £’000		Fair value £’000		Carrying amount £’000		Fair value £’000
Financial assets at amortized cost:
Trade receivables		1,797		1,797		1,471		1,471
Interest receivable				-		28		28
Current clinical trial deposits and accrued income		1,221		1,221		424-		424-
Non-current financial assets		3,573		3,573		4,390		4,390
Embedded derivative asset		-		-		266		266
Cash and cash equivalents		129,716		129,716		73,966		73,966
Total financial assets at amortized cost		136,307		136,307		80,545		80,545

Fair value of financial liabilities

	2020				2019
	Carrying				Carrying
	amount		Fair value		amount		Fair value
	£	’000	£	’000	£	’000	£	’000
Financial liabilities at amortized cost
Trade payables		25,084		25,084		15,579		15,579
Interest-bearing loans and borrowings (Notes 18 and 21)		36,654		36,654		19,157		19,157
Derivative liability		-		-		5,127		5,127
Total financial liabilities		61,738		61,738		39,863		39,863

Changes in liabilities arising from financing activities

	At January 1, 2020 £’000		Cash flows £’000			Foreign exchange movement £’000			Net finance (income) / costs £’000			Leases £’000			Other £’000			At December 31, 2020 £’000
Interest-bearing loans and borrowings		19,157		37,252			(1,306	)		708						(19,157	)		36,654
Derivative liability		5,127		-			-			(1,287	)		-			(3,840	)		-
Lease liabilities		40,250		(4,426	)		-						(8,591	)					27,233
Total liabilities from financing activities		64,534		32,826			(1,306	)		(579	)		(8,591	)		(22,997	)		63,887

	At January 1, 2019 £’000		Cash flows £’000			Foreign exchange movement £’000			Net finance (income) / costs £’000		Leases £’000			At December 31, 2019 £’000
Interest-bearing loans and borrowings		18,878		-			(563	)		842		-			19,157
Derivative liability		-		-			-			5,127		-			5,127
Lease liabilities		46,555		(4,036	)		9			2,938		(5,216	)		40,250
Total liabilities from financing activities		65,433		(4,036	)		(554	)		8,907		(5,216	)		64,534