| Page | ||
|---|---|---|
| Reference and Administrative Details |
||
| Report ofthe Trustees | 2 to | 8 |
| Report ofthe Independent Auditors |
9 to | 11 |
| Consolidated Statement ofFinancial Activities |
12 | |
| Consolidated Balance Sheet ds Company Balance |
13 to | 14 |
| Sheet | ||
| Consolidated Cash Flow Statement |
15 | |
| Notes to the Cash Flow Statement | 16 | |
| Notes to the Financial Statements | 17 to | 31 |
| Key Performance Indica |
tors | tors | ||||
|---|---|---|---|---|---|---|
| The board has developed | the evaluation | ofsuccess against the Groups | strategic and financial objectives. In |
|||
| order to measure performance. | Each year | the | board reviews Key Performance | Indicators (KPI's) on which it | ||
| monitors and assess the Groups performance: |
||||||
| Lending | KPI | 15%New customer | lending | growth | ||
| Outcome | 10%New customer | lending | growth | |||
| Bad debt Provisions | Bad debt provisions | not to exceed 15%YEgross loan | ||||
| book | ||||||
| Outcome | Baddebt provisions | were 11.5%ofYEgross loan | ||||
| book | ||||||
| Social Impact - Income | %Customers with Minimum |
Income Standard (MIS) | ||||
| Standard | &f20,100 | |||||
| Outcome | 80%ofcustomers has MIS |
ofless than 620,100 | ||||
| Social Impact - Savings | EPI | Net savings to customers | ||||
| to customers | Outcome | Based on an average loan amount ofF510,net savings off375for each customer when compared against a |
||||
| prominent doorstep |
lender. | |||||
| Social Impact - Deprivation | %ofcustomers who |
live in | the most deprived 20% | |||
| Index | postcodes &50% | |||||
| Outcome | 77%ofcustomers served lived in the top 20%of |
|||||
| deprived postcodes. | ||||||
| Customer Feedback- | Customer complaints |
as %customers served not to |
||||
| Complaints | exceed 5% | |||||
| Outcome | Customer complaints | totalled 6.7%ofall customers | ||||
| served. | ||||||
| Customer Feedback— | Independent positive |
customer feedback &95% | ||||
| Reviews | satisfaction rate. | |||||
| Outcome | 95%positive feedback from | customers. |
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2021 | 2020 | |||||
| Notes | ||||||
| INCOME AND ENDOWMENTS | ||||||
| Donations and legacies |
2 | 322,931 | 2,533 | 325,464 | ||
| Charitable activities |
||||||
| Provision ofloan finance to excluded | ||||||
| individuals | 1,011,681 | 1,011,681 | 1,835,396 | |||
| Other trading activities | 3 | 1,261,629 | 1,261,629 | 1,172,774 | ||
| Investment income |
4 | 2,798 | 2,798 | 26,873 | ||
| Total | 2,599,039 | 2,533 | 2,601,572 | 3,035,087 | ||
| EXPENDITURE ON | ||||||
| Raising funds | ||||||
| Other trading activities | 6 | 599,525 | 1,228 | 600,753 | 601,383 | |
| 599,525 | 1,228 | 600,753 | 601,383 | |||
| Charitable activities |
||||||
| Provision ofloan finance to excluded | ||||||
| individuals | 1,494,693 | 1,305 | 1,495,998 | 2,149,374 | ||
| Total | 2,094,218 | 2,533 | 2,096,751 | 2,750,757 | ||
| NKT INCOME | 504,821 | 504,821 | 284,330 | |||
| RECONCILIATION | OFFUNDS | |||||
| Total funds brought forward | 1,760,124 | 1,760,124 | 1,475,794 | |||
| TOTAL FUNDS CARRIED FORWARD | 2,264,945 | 2,264,945 | 1,760,124 | |||
| CONTINUING OPERATIONS |
| Consolidated | and | Company Balance Sheet | Company Balance Sheet | ||||
|---|---|---|---|---|---|---|---|
| As at31March 2021 | |||||||
| Group | Group | Company | Company | ||||
| 2021 | 2020 | 2021 | 2020 | ||||
| Notes | |||||||
| FIXEDASSETS | |||||||
| Intangible assets |
13 | 59,505 | |||||
| Tangible assets | 14 | 61,188 | 95,434 | ||||
| Investments | 15 | 192 | 192 | ||||
| 120,885 | 95,626 | ||||||
| CURRENT ASSETS | |||||||
| Debtors: amounts | due within | one year | 16 | 1,032,407 | 2,121,219 | 2,232,847 | 1,699,870 |
| Debtors: amounts | falling due | after one year | 16 | 40,810 | 19,700 | 40,810 | 19,700 |
| Cash at bank | 2,627,163 | 1,113,017 | 3,659 | 47,600 | |||
| 3,700,380 | 3,253,936 | 2,277,316 | 1,767,170 | ||||
| CREDITORS | |||||||
| Amounts falling due within one year |
17 | ~562,910 | ~301,371 | ~12,376 | ~7,050 | ||
| NET CURRENT | ASSETS | 3 137470 | 2 952 565 | 2 264 940 | 1760120 | ||
| TOTAL ASSETS | LESSCURRENT | ||||||
| LIABILITIES | 3,258,355 | 3,048,191 | 2,264,944 | 1,760,124 | |||
| CREDITORS | |||||||
| Amounts falling due more than one year |
18 | (993,410) | (1,285,534) | ||||
| ACCRUALS AND DEFERRED INCOME |
22 | - | ~2,533 | ||||
| NET ASSETS | 2,264,945 | 1,760,124 | 2,264,944 | 1,760,124 |
| Group | Group | Company | Company | |||
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |||
| g | ||||||
| Notes | ||||||
| FUNDS | ||||||
| Unrestricted | funds: | 24 | ||||
| General fund | 2 264,945 | 1,760, 124 | 2,264,945 | 1,760,124 | ||
| TOTAL FUNDS | 2,264,945 | 17al 124 | 2,264 940 | 1,760 124 |
| Consolidated | Consolidated | Cash Flow Statement | |||
|---|---|---|---|---|---|
| for | the Year | Ended 31March 2021 | |||
| 2021 | 2020 | ||||
| Notes | |||||
| Cash flows from operating | activities | ||||
| Cash generated &om operations |
I | 1,792,794 | 300,157 | ||
| Net cash provided by operating activities |
1,792,794 | 300,157 | |||
| Cash flows from investing | activities | ||||
| Purchase ofintangible fixed |
assets | (59,505) | |||
| Purchase oftangible fixed | assets | (9,557) | (11,587) | ||
| Interest paid | (120,892) | (133,939) | |||
| Interest received | 2,798 | 26,873 | |||
| Net cash used in investing | activities | ~787,756) | ~))8,653) | ||
| Cash flows from financing | activities | ||||
| Loan repayments in year |
(91,491) | (134,073) | |||
| Fund provider loans | ~7827,895 | ||||
| Net cash used in financing | activities | ~97,497) | ~96),968) | ||
| Change in cash and cash equivalents | |||||
| in the reporting period |
1,514,147 | (780,464) | |||
| Cash and cash equivalents | at the | ||||
| beginning ofthe reporting |
period | 1,113,017 | 1,893,481 | ||
| Cash and cash equivalents | at the end | ||||
| ofthe reporting period |
2,627,164 | 1113817 |
| ACTIVITIES | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Net income for the | reporting | period (as per the Statement of | ||
| Financial Activities) | 504,821 | 284,330 | ||
| Adjustments for: |
||||
| Depreciation charges |
38,922 | 74,291 | ||
| Loss on disposal of | fixed assets | 4,881 | ||
| Interest received | (2,798) | (26,873) | ||
| Finance expense | 120,892 | 133,939 | ||
| Decrease in stocks | 6,356 | |||
| Decrease in debtors | 1,067,702 | 14,492,340 | ||
| Increase/(decrease) | in creditors | 58,374 | ~((4,664,226 | |
| Net cash provided | by operations | 1,792,794 | 300,157 |
| At 1/4/20 | Cash flow | At. 31/3/21 | ||
|---|---|---|---|---|
| Net cash | ||||
| Cash at bank | 1,113,017 | 1,514,147 | 2,627,164 | |
| 1,113,017 | 1,514,147 | 2,627,164 | ||
| Debt | ||||
| Debts falling due within | 1 year | (128,694) | (200,633) | (329,327) |
| Debts falling due after 1 year | ~(,285,534 | 292,124 | ~993,470) | |
| (7,4(4,228) | 91,491 | ~((,322,737 | ||
| Total | ~307,2(( | 1,605,638 | 1,304427 |
| Notes to the Financial Statements | -continued | ||||
|---|---|---|---|---|---|
| for the Year Ended 31March 2021 | |||||
| 3. | OTHER TRADING ACTIVITIES | ||||
| 2021 | 2020 | ||||
| Backoffice charges | 1,252,282 | 1,158,599 | |||
| Commission | 9,347 | 14,076 | |||
| Other income | 99 | ||||
| 1,261,629 | 1,172,774 | ||||
| 4. | INVKSTMKNT INCOME | ||||
| 2021 | 2020 | ||||
| f. | |||||
| Deposit account interest | 2,798 | 26,873 | |||
| 5. | INCOME FROM CHARITABLE ACTIVITIES | ||||
| 2021 | 2020 | ||||
| Interest and fees | Activity - Provision ofloan finance | ||||
| receivable | to excluded individuals | 1,011,681 | 1,835,396 | ||
| 6. | OTHER TRADING ACTIVITIES | ||||
| 2021 | 2020 | ||||
| Staffcosts | 270,385 | 226,745 | |||
| Office and sundry | 2,015 | 4,170 | |||
| Bad debts | 2,873 | ||||
| Support costs | 328,353 | 367,595 | |||
| 600,753 | 601,383 | ||||
| 7. | CHARITABLE ACTIVITIES COSTS | ||||
| Support | |||||
| Direct | costs (see | ||||
| Costs | note 8) | Totals | |||
| Provision ofloan finance | to | ||||
| excluded individuals | 1,153,501 | 342,497 | 1,495,998 |
| SUPPO | RT | COSTS | ||||||
|---|---|---|---|---|---|---|---|---|
| Governance | ||||||||
| Management | costs | Totals | ||||||
| f. | ||||||||
| Other trading activities | 317,518 | 10,835 | 328,353 | |||||
| Provision ofloan finance to excluded | ||||||||
| individuals | 311,802 | 30,695 | 342,497 | |||||
| 629,320 | 41,530 | 670,850 | ||||||
| Support | costs, included | in the above, are | as follows: | |||||
| Management | Provision | |||||||
| ofloan | ||||||||
| finance | ||||||||
| Other | to | |||||||
| trading | excluded | Total | Total | |||||
| activities | individuals | activities | activities | |||||
| 2021 | 2020 | |||||||
| g | ||||||||
| Wages | 109,384 | 116,149 | 225,533 | 318,088 | ||||
| Occupancy | 51,499 | 54,683 | 106,182 | 99,917 | ||||
| Legal and professional | fees | 4,436 | 4,436 | 15,479 | ||||
| Telephone | 55,524 | 58,959 | 114,483 | 156,881 | ||||
| Office and sundry | 39,529 | 41,974 | 81,503 | 143,037 | ||||
| Interest, | fees | and charges | 38,100 | 17,280 | 55,380 | 54,385 | ||
| Depreciation | oftangible | assets | 16,679 | 20,243 | 36,922 | 37,915 | ||
| Loss on | sale oftangible | fixed assets | 2,367 | 2,514 | 4,881 | |||
| 317,518 | 311,802 | 629,320 | 825,702 | |||||
| Governance | costs | |||||||
| Provision | ||||||||
| ofloan | ||||||||
| finance | ||||||||
| Other | to | |||||||
| trading | excluded | Total | Total | |||||
| activities | individuals | activities | activities | |||||
| 2021 | 2020 | |||||||
| g | ||||||||
| Auditors' | remuneration | 10,835 | 11,505 | 22,340 | 26,667 | |||
| Auditors' | remuneration | for non audit | ||||||
| work | 5,400 | |||||||
| Legal and professional | fees | 19,190 | 19,190 | |||||
| 10,835 | 30,695 | 41,530 | 32,067 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| g | ||||
| Auditors' | remuneration | 22,340 | 26,667 | |
| Auditors' | remuneration | for non audit work | 5,400 | |
| Depreciation -owned |
assets | 38,922 | 74,290 | |
| Deficit on | disposal of | fixed assets | 4,881 | |
| Pension costs | 13,289 | 19,235 | ||
| Operating | leases | 206,123 | 191,780 |
| STAF | FCOSTS | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Wages | and salaries | 839,499 | 936,017 |
| Social | security costs | 57,467 | 99,494 |
| Other | pension costs | 13,289 | 19,234 |
| 910,255 | 1,054,745 |
| 2021 | 2020 | |
|---|---|---|
| Staff | 37 | 45 |
| The num f60,000 |
ber of employees whose employee be was: |
nefits (excluding employer pension c |
osts) excee |
|---|---|---|---|
| 2021 | 2020 | ||
| f70,001 | - f80,000 | I | |
| f90,001 | - f.100,000 | 1 | |
| 1 | 1 |
| COMPARATIVES F | ORTHE STATEMENT O | FFINANCIAL ACTI | VITIES | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| Funds | Funds | Funds | ||
| g | f | |||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies |
44 | |||
| Charitable activities |
||||
| Provision ofloan finance to excluded | ||||
| individuals | 1,835,396 | 1,835,396 | ||
| Other trading activities | 1,172,774 | 1,172,774 | ||
| Investment income |
26,873 | 26,873 | ||
| Total | 3,035,043 | 44 | 3,035,087 | |
| EXPENDITURE ON | ||||
| Raising funds | ||||
| Other trading activities | 601,365 | 18 | 601,383 | |
| 601,365 | 18 | 601,383 | ||
| Charitable activities |
||||
| Provision ofloan finance to excluded | ||||
| individuals | 2,149,348 | 26 | 2,149,374 | |
| Total | 2,750,713 | 44 | 2,750,757 | |
| NET INCOME | 284,330 | 284,330 | ||
| RECONCILIATION | OFFUNDS | |||
| Total funds brought forward | 1,475,794 | 1,475,794 | ||
| TOTAL FUNDS CARRIED | ||||
| FORWARD | 1,760,124 | 1,760,124 |
| Group | |||||
|---|---|---|---|---|---|
| Office | |||||
| Improvements | Fixtures | and | |||
| to | Platform | and | computer | ||
| Property | development | fittings | equipment | Totals | |
| COST | |||||
| At 1 April 2020 | 19,928 | 94,900 | 7,447 | 297,593 | 419,868 |
| Additions Disposals |
~372) | ~84,900) | 9,557 ~50,721) |
9,557 (135,993) |
|
| At 31March 2021 | 19556 | 10000 | 7,447 | 256,429 | 293,432 |
| DEPRECIATION | |||||
| At 1 April 2020 | 16,987 | 85,118 | 4,420 | 217,909 | 324,434 |
| Charge for year Eliminated on disposal |
1,458 ~372) |
2,000 ~84,900) |
605 | 34,859 ~45,840) |
38,922 (131,112) |
| At 31March 2021 | 18,073 | 2,218 | 5,025 | 206,928 | 232,244 |
| NET BOOK VALUE | |||||
| At 31March 2021 | 1,483 | 7,782 | 2,422 | 49,501 | 61,188 |
| At 31March 2020 | 2,941 | 9,782 | 3,027 | 79,684 | 95,434 |
| The profits ea | rned by the subsidiaries ar |
e donated to | the charity. | |||
|---|---|---|---|---|---|---|
| 16. | DEBTORS | |||||
| Group | Group | Company | Company | |||
| 31March | 31March | 31March | 31March | |||
| 2021 | 2020 | 2021 | 2020 | |||
| f. | ||||||
| Amounts falling due within one year: |
||||||
| Trade debtors | 171,798 | 207,938 | ||||
| Loan Portfolio | 715,054 | 1,775,687 | ||||
| Amounts due |
from subsidiaries | 2,229,097 | 1,668,970 | |||
| Other debtors | 3,750 | 30,900 | 3,750 | 30,900 | ||
| Prepayments | and accrued income | 141,805 | 106,694 | |||
| 1,032,407 | 2,121,219 | 2,232,847 | 1,699,870 | |||
| Amounts falling due after one year: |
||||||
| Other debtors | 40,810 | 19,700 | 40,810 | 19,700 | ||
| Aggregate amounts |
1,073,217 | 2,140,919 | 2,273,657 | 1,719,570 |
| Group | Group | Company | Company | ||
|---|---|---|---|---|---|
| 31March | 31March | 31March | 31March | ||
| 2021 | 2020 | 2021 | 2020 | ||
| f. | |||||
| Loan portfolio before adjustment | for | ||||
| bad debts, accrued interest and fees | 2,805,254 | 3,701,740 | |||
| Specific bad debt provision | (63,614) | (180,292) | |||
| General bad debt provision | (3,057,602) | (2,741,629) | |||
| Accrual for interest not yet received | 1,031,016 | 995,868 | |||
| Loan portfolio | 715,054 | 1,775,687 |
| CREDITORS: AMOUNTS F | ALLING DUK | WITHIN ONE Y | EAR | |
|---|---|---|---|---|
| Group | Group | Company | Company | |
| 31March | 31March | 31March | 31March | |
| 2021 | 2020 | 2021 | 2020 | |
| Other loans(see note 20) | 329,327 | 128,694 | ||
| Trade creditors | 61,076 | 44,475 | 1,440 | |
| Amounts owed to subsidiaries |
4,386 | |||
| Social security and other taxes | 26,199 | 29,363 | ||
| Other creditors | 146,308 | 98,839 | 6,550 | 7,050 |
| 562,910 | 301,371 | 12,376 | 7,050 |
| Group | Group | Company | Company | ||
|---|---|---|---|---|---|
| 31March | 31March | 31March | 31March | ||
| 2021 | 2020 | 2021 | 2020 | ||
| g | |||||
| Other loans (see note 20) | 993,410 | 1,285,534 | |||
| LOANS | |||||
| An analysis ofthe maturity ofloans | is given below: | ||||
| 2021 | 2020 | ||||
| Amounts | falling due within one year on demand: | ||||
| Other loans | 329,327 | 128,694 | |||
| Amounts | falling due between two and five years: | ||||
| Other loans - 2-5 years | 993,410 | 1,285,534 |
| Group | Group | Group | Group | Company | Company | Company | |||
|---|---|---|---|---|---|---|---|---|---|
| 31March | 31 | March | 31March | 31March | |||||
| 2021 | 2020 | 2021 | 2020 | ||||||
| Within one year | 124,765 | 114,247 | |||||||
| Between one | and five years | 222,803 | 23,688 | ||||||
| 347,568 | 137,935 | ||||||||
| 21. | SECURED DEBTS | ||||||||
| The following | secured debts are | included | within | creditors: | |||||
| 2021 | 2020 | ||||||||
| F. | E | ||||||||
| Other loans | 1,322,737 | 1,414,228 | |||||||
| The Other loans are owed by Street (UK) C.I.C. | |||||||||
| 22. | ACCRUALS | AND DEFERRED INCOME | |||||||
| 2021 | 2020 | ||||||||
| Accruals and | deferred income | 2,533 | |||||||
| 23. | ANALYSIS OFNET ASSETSBETWEEN FUNDS | ||||||||
| Unrestricted | Resnicted | Total | Total | ||||||
| funds | funds | funds | funds | ||||||
| 2021 | 2020 | ||||||||
| Fixed assets | 120,693 | 120,692 | 95,434 | ||||||
| Investments | 192 | 192 | 192 | ||||||
| Current assets | 3,700,380 | 3,700,381 | 3,253,936 | ||||||
| Current liabilities | (562,910) | (562,910) | (301,371) | ||||||
| Long term liabilities Accruals and deferred income |
(993,410) | (993,410) | (1,285,534) ~2,5333 |
||||||
| 2,264,945 | 2,264,945 | 1,760,124 |
| MOVEMEN | T IN FUNDS | |||
|---|---|---|---|---|
| Net | ||||
| movement | At | |||
| At I/4/20 | in funds | 31/3/21 | ||
| Unrestricted | funds | |||
| General fund | 1,760,124 | 504,821 | 2,264,945 | |
| TOTAL FUNDS | 1,760,124 | 504,821 | 2,264,945 | |
| Net movement | in funds, included | in the above are as follows: | ||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| f. | f. | |||
| Unrestricted | funds | |||
| General fund | 2,599,039 | (2,094,218) | 504,821 | |
| Restricted funds | ||||
| Capital fund | 2,533 | (2,533) | ||
| TOTAL FUNDS | 2,601,572 | ~(2,096,751 | 504,821 |
| Comparatives | for movement in funds |
|||
|---|---|---|---|---|
| Net | ||||
| movement | At | |||
| At 1/4/19 | in funds | 31/3/20 | ||
| E | g | |||
| Unrestricted | funds | |||
| General fund | 1,475,794 | 284,330 | 1,760,124 | |
| TOTAL FUNDS | 1,475,794 | 284,330 | 1,760,124 |
| Incoming | Resources | Movement | |||
|---|---|---|---|---|---|
| resources | expended | in funds | |||
| g | 8 | f. | |||
| Unrestricted funds |
|||||
| General fund | 3,035,043 | (2,750,713) | 284,330 | ||
| Restricted | funds | ||||
| Department | ofWork and Pensions | 44 | (44) | ||
| TOTAL FUNDS | 3,035,087 | (2,750,757) | 284,330 | ||
| Capital fund - Funding to | cover capital expenditure. | ||||
| Department | ofWork and | Pensions - Funding to cover capital expenditure. | |||
| CAPITAL | COMMITMENTS | ||||
| 2021 | 2020 | ||||
| Contracted | but not pmvided | for in the financial statements | 40,000 |
| 2021 | |||
|---|---|---|---|
| Balance | at 1 April 2020 owed to charity | 1,668,970 | |
| Donation | from subsidiary undertakings |
509,912 | |
| Funds transferred to and from subsidiary |
undertakings | 45,829 | |
| Balance | at 31March 2021 owed to charity | 2 224,711 |