##
||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|