| Net finance (costs)/income |
7Net finance (costs)/income | | | | | | | | | 2024 | | 2023 | | 2022 | | | £ 000 | | £ 000 | | £ 000 | Fair value movements on convertible loan notes | | (12,363) | | — | | — | In-kind interest on convertible loan notes | | (17,171) | | (16,160) | | (14,897) | Interest expense on leases | | (156) | | (199) | | (143) | Foreign exchange loss | | (5,174) | | — | | (13,338) | Other | | (82) | | (101) | | (116) | Total finance costs | | (34,946) | | (16,460) | | (28,494) | Interest income on deposits | | 2,162 | | 3,356 | | 623 | Foreign exchange gain | | — | | 12,867 | | — | Fair value movements on convertible loan notes | | — | | 15,705 | | 25,723 | Fair value movements on warrant liabilities | | 479 | | 3,873 | | 5,880 | Total finance income | | 2,641 | | 35,801 | | 32,226 | Substantial modification of convertible loan notes | | (457,228) | | — | | — | Fair value movements on convertible loan notes | | (230,495) | | — | | — | Total related party finance costs | | (687,723) | | — | | — | Net finance (costs)/income | | (720,028) | | 19,341 | | 3,732 |
The substantial modification of convertible loan notes includes £1,370 thousand of directly attributable transaction costs - for more information on finance income/(costs) arising on convertible loan notes see note 23. |