2022-03-31-accounts - Street (UK) Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

				Page
Reference and Administrative Details
Report ofthe Trustees			2	to	9
Report ofthe Iudependent Auditors			10	to	12
Consolidated Statement ofFinancial	Activities			13
Consolidated Balance Sheet &Company		Balance	14	to	15
Sheet
Consolidated Cash Flow Statement				16
Notes to the Cash Flow Statement				17
Notes to the Financial Statements			18	to	34

Lending			15%New customer lending growth
		Outcome	31%New customer lending growth
Social impact-Income			50% Customers with Minimum Income Standard
standard			(MIS)ofless than 820,100
		Outconie	80%ofcustomers have MIS ofless than $20,100
Social bnpact - Savings to			Net bonowing-costs savings to customers
custotuers
		Outcome	Based on an average loan amount off510, net
			borrowing-cost savings of$443 for each customer
			when compared against a prominent doorstep lender.
Social Dnpact - Deprivation		JCPI	&50%ofcustomers setved live in the top 20%of
index			deprived postcodes
		Outcome	71%ofcustomers served live in the top 20%of
			deprived postcodes.
Customer	Feedback-		Customer complaints not to exceed 5%ofcustomers
Complaints			served
		Outcome	Customer complaints totalled 4.9%ofall customers
			served.
Customer	Feedback - Reviews	KPJ	Independent positive customer feedback &95%
			satisfaction rate,
		Outcome	98%positive feedback fiom customers and a Feefo
			Platinum Tmsted Award

				Unrestricted	Unrestricted	Restricted	Total	Total
					funds	funds	funds	funds
							2022	2021
			Notes
INCOME AND ENDOWMENTS		FROM
Donations and legacies			2		39,647	111,000	150,647	325,464
Charitable activities
Provision ofloan finance to excluded
individuals					698,646		698,646	1,011,681
Other trading activities			3		520,253		520,253	1,261,629
Investment income			4		522		322	2 798
Total				1,259,068		111,000	1,370,068	2,601,572
EXPENDITURE ON
Raising funds
Other trading activities			6		466 413		466,413	600,753
					466,413		466,413	600,753
Charitable activities
Provision ofloan finance to excluded
individuals				1,257,408			1,257,408	1,495,998
Total				1,723,821			1,723,821	2,096,751
NET INCOME/(EXPENDITURE)					(464,753)	111,000	(353,753)	504,821
Transfers between funds			23	~100,0003		100,000
Net movement in funds					(564,753)	211,000	(353,753)	504,821
RECONCILIATION OFFUNDS
Total funds brought forward				2,264,945			2,264,945	1,760, 124
TOTAL FUNDS CARRIED FORWARD				1,700, 192		211,000	1,911,192	2,264,945
CONTINUING OPERATIONS
All income and expendihtre	bas arisen from		continuing		activities.

			Group	Group	Company	Company
			2022	2021	2022	2021
		Notes
FIXEDASSETS
Intangible assets		13	122,815	59,505
Tangible assets		14	32,508	61,188
Investments		15	192	192
			155,515	120,885
CURRENT ASSETS
Debtors: amounts	due within one year	16	1,017,013	1,032,407	1,535,695	2,232,847
Debtots: amounts	falling due after one year	16	28,660	40,810	278,660	40,810
Cash at bank			1 924,451	2,627, 163	6,863	3,659
			2,970,124	3,700,380	1,821,218	2,277,316
CREDITORS
Amounts falling due within one year		17	~3214447	~562910	~23 030	~32375
NET CURRENT	ASSETS		1755677	3137470	1800,188	2,264941
TOTAL ASSETSLESSCURRENT
LIABILITIES			1,911,192	3,258,355	1,800,192	2,264,945
CREDITORS
Amounts falling due more than one year		18		993,410
NET ASSETS			1,911,192	2,264,945	1 800 192	2 264 945

			31Mar	ch 2022
				Group	Group	Company	Company
				2022	2021	2022	2021
							g
			Notes
FUNDS
Unrestricted	funds:		23
General fund				1,700,192	2,264,945	1,000,192	2,264,945
Restricted funds:
Capital fund-Street		UK Homes		100,000
Capital fund-IT Development				111,000
				211,000
TOTAL FUNDS				1,911,192	2,264 945	1 000 192	2,264,945

			Consolidated	Consolidated	Cash Flotv Statement
			for	the Year	Ended 31March 2022
					2022	2021
			Notes
Cash flows from operating activities Cash generated from operations				I	~)73,406)	1,792 793
Net cash (used in)/provided		by operating		activities	~173,406)	1,792,793
Cash flows from investing		activities
Purchase ofintangible fixed assets					(63,310)	(59,505)
Purchase oftangible fixed	assets				(13,012)	(9,557)
Interest received					522	2,798
Net cash used in investing	activities				~75 800)	~66,264)
Cash flows from financing		activities
Loan repayments in year					(328,756)	(91,491)
Interest paid					~124,750)	~120,892)
Net cash used in financing		activities			~453,506)	~212'181)
Change in cash and cash		equivalents
in the reporting period					(702,712)	1,514,146
Cash and cash equivalents		at the
beginning ofthe reporting		period			2,627, 163	1,113,017
Cash and cash equivalents		at the	end
ofthe reporting period					1,924,451	2,627,163

							2022	2021
Net (expenditure)/income				for the reporting		period (as per the
Statement ofFinancial				Activities)			(353,753)	504,821
Adjustments	for:
Depreciation	charges						29,915	38,922
Loss on disposal offixed				assets			11,777	4,881
Interest received							(522)	(2,798)
Finance expense							124,750	120,892
Decrease in debtors (Decrease)/increase		in creditors					27,544 ~)3,3 37	1,067,702 58,373
Net cash (used in)/provided					by operations		~373,406)	1,792,793
ANALYSIS	OF CHANGES				IN NET FUNDS
						At 1/4/21	Cash flow	At 31/3/22
						f
Net cash
Cash at bank						2 627 163	~702,7)2	1,924,451
						2,627,163	~702 712	1 924 451
Debt
Debts falling	due within			1 year		(329,327)	(664,654)	(993,981)
Debts falling	due atter		1	year		~993,430)	993,410
						~1,322 737)	328 756	~993,98I)
Total						1,3t)4426	~l71956	930470

Improvements to property	Improvements to property	straight	line over the life	ofthe lease
Platform development		30%on	reducing balance
Fixtures and fittings		I0% to	30%on reducing	balance
Office and computer	equipment	Straight	line over 22.5 years

				2022	2021
	Grants			150,647	325,464
	Grants received, included		in the above, are as follows:
				2022	2021
					f
	Capital Grant				2,533
	Government grant			39,647	101,931
	Financial support	grant			221,000
	Financial support	giant (Restricted)		111,000
				150647	325,464
3.	OTHER TRADING ACTIVITIES
				2022	2021
	Back office charges			516,561	1,252,282
	Commission			3,692	9,347
				520,253	1,261,629
4.	INVESTMENT	INCOME
				2022	2021
	Deposit account interest			522	~2798

	INCOME FROM CH	ARIT	ABLE ACTIVITIES
				2022	2021
			Activity
			Provision ofloan finance to excluded
	Interest and fees		individuals	698,646	1,011,681
	receivable
6.	OTHER TRADING ACTIVITIES
				2022	2021
	Staffcosts			167,120	270,385
	Office and sundry			19,699	2,015
	Occupancy			30,095
	Communications			10,869
	Legal and professional	fees		2,086
	Interest, fees and charges			21,172
	IT costs			90,474
	Depreciation			8,201
	Loss on sale ofassets			3,683
	Support costs			113,014	328,353
				466,413	600,753
7.	CHARITABLE ACTIVITIES COSTS
				Support
			Direct	costs (see
			Costs	note 8)	Totals
					g
	Provision ofloan finance to
	excluded individuals		1,094,010	163,398 Governance	1,257,408
8.	SUPPORT COSTS
			Management	costs	Totals
	Other trading activities		102,276	10,738	113,014
	Provision ofloan finance to		excluded
	individuals		147,292	16,106	163,398
			249,568	26,844	276,412

Management
					2022	2021
				Provision
				ofloan
				finance
			Other	to
			trading	excluded	Total	Total
			activities	individuals	activities	activities
				8
Wages			74,102	111,154	185,256	225,533
Occupancy			8,390	12,585	20,975	106,182
Legal and professional		fees	3,975		3,975	4,436
Communications			3,030	4,544	7,574	41,436
ITcosts						73,047
Office and sundry			6,420	9,472	15,892	81,503
Interest, fees	and charges		3,046	4,568	7,614	55,380
Depreciation	oftangible	assets	2,286	3,428	5,714	36,922
Loss on sale	oftangible	fixed assets	1,027	1,541	2,568	4,881
			102,276	147,292	249,568	629,320
Governance	costs
					2022	2021
				Provision
				ofloan
				finance
			Other	to
			trading	excluded	Total	Total
			activities	individuals	activities	activities
Auditors' remuneration			9,312	13,968	23,280	22,340
Auditors' remuneration		for non audit
work.			792	1,188	1,980
Legal and professional		fees	634	950	1,584	19,190
			10,738	16,106	26,844	41,530

			2022	2021
				f,
Auditors' remuneration			5,760	4,900
Audit ofthe charity's	subsidiaries		17,520	17,440
Auditors' remuneration	for non audit work		1,980
Depreciation - owned	assets		29,915	38,922
Deficit on disposal offixed		assets	11,777	4,881
Pension costs			17,480	13,289
Operating leases			209,756	206,123
Research and development		costs	102,100

STAF	F COSTS
		2022	2021
		f.
Wages	and salaries	763,266	839,499
Social	security costs	69,869	57,467
Other	pension costs	17480	13,289
		850,615	910,255

The average monthly number ofeniployee	s during the year was as follows:
	2022	2021
Staff	32	37

The num f60,000	ber of employees whose employee be was. '	nefits (excluding employer pension co	sts) excee
		2022	2021
f60,001 f80,001	- f70,000 - f90,000	2 1
f90,001	—f100,000

			Urnestricted	Restricted	Total
			funds	I'unde	funds
				f,
INCOME AND ENDOWMENTS FROM
Donations and legacies			322,931	2,533	325,464
Charitable activities
Provision ofloan finance to excluded		individuals	1,011,681		1,011,681
Other trading activities			1,261,629		1,261,629
Investment income			2,798		2,798
Total			2,599,039	2,533	2,601,572
EXPENDITURE ON
Raising funds
Other trading activities			599,525	3,228	888 733
			599,525	1,228	600,753
Charitable activities
Provision ofloan finance to excluded		individuals	1,494,693	1,305	1,495,998
Total			2,094,218	2,533	2,096,751
NET INCOME			504,821		504,821
RECONCILIATION	OF FUNDS
Total funds brought	fomvard		1,760,124		1,760,124
TOTAL FUNDS CARRIED FORWARD			2,264,945		2,264,945
		page 25			continued. ..

Group
	Development
	costs
COST
At 1 April 2021	59,505
Additions	63,310
At 31March 2022	122,815
NET BOOK VALUE
At 31March 2022	122,815
At 31March 2021	59,505

Group
					Office
		Improvements		Fixtures	and
		to	Platform	and	computer
		property	development	fittings	equipment	Totals
		f.	I,
COST
At 1 April	2021	19,556	10,000	7,448	256,429	293,433
Additions			11,125		1,887	13,012
Disposals		~4,688)			~57,842)	~62,530)
At 31 March 2022		14,868	21,125	7,448	200,474	243,915
DEPRECIATION
At 1 April	2021	18,073	2,218	5,026	206,928	232,245
Charge for Eliminated	year on disposal	82 ~3,287)	3,700	909	25,224 ~47,466)	29,915 ~50,753)
At 31 March 2022		14,868	5,918	5,935	184,686	211,407
NKT BOOKVALUE
At 31 March 2022			15,207	1,513	15,788	32,508
At 31March 2021		1,483	7,782	2,422	49,501	61,188

	Shares in
	Unlisted
	investments
COST
At 1 Aptal 2021 and 31 March 2022	73,699
PROVISIONS
At I April 2021 and 31March 2022	73,507
NET BOOI&VALUE
At 31March 2022	192
At 31 March 2021	192

Amounts falli	ng due within o	ne year:	ne year:
		Group		Group	Company	Company
		31 March		31 March	31 March	31 March
			2022	2021	2022	2021
Trade debtors			44,002	171,798
Loan Portfolio			849,024	715,054
Amounts due	from
subsidiaries					1,527,295	2,229,097
Other debtors			8,400	3,750	8,400	3,750
Prepayments	and accmed
income			115,587	141 805
		1017,013		1,032407	1 535 695	2,232,847
Amounts falling due after
one year:
Other debtors			28,660	40,810	28,660	40,810
Amounts due	fiom
subsidiaries					250,000
			28,660	40,810	278,660	40,810
Aggregate amounts		I	045 673	1,073,217	1,314,355	2 273 657

		Group	Group	Company	Company
		31 March	31 March	31 March	31 March
		2022	2021	2022	2021
Loan portfolio before
adjustments	for bad debts and
acciued interest and fees		2,780,040	2,805,254
Specific bad	debt provision	(870,220)	(63,614)
General bad	debt provision	(1,702,660)	(3,057,602)
Accrual for	interest due not
yet received		641,364	1031,016
Loan pottfolio		849,024	715,054

		Group	Group	Company	Company
		31 March	31 March	31 March	31 March
		2022	2021	2022	2021
				g	g
Other loans(see	note 19)	993,981	329,327
Trade creditors		85,678	61,076		1,439
Amounts owed	to
subsidiaries				14,480	4,386
Social security	and other
taxes		21,628	26,199
Other creditors		113,160	146,308	6,550	6,550
		4 214447	562,910	21,030	12,375

				Group	Group	Company	Company
				31 March	31 March	31 March	31 March
				2022	2021	2022	2021
					f		8
Other	loans(see	note	19)		~993410

An analysis ofthe maturity o	floans is given below:
		2022	2021
Amounts falling due within one year on demand:
Other loans		993,981	329 327
Amounts falling due between	two and five years;
Other loans - 2-5 years			993,410

	Group	Group	Company	Company
	31March	31March	31 March	31March
	2022	2021	2022	2021
Within one year	101,911	124,765
Between one and five years	102,225	222,803
	204,136	347,568

	2022	2021
Otherloans	993,981	1,322,737

			2022	2021
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
Fixed assets	155,323		155,323	120,693
Investments	192		192	192
Current assets	2,759,124	211,000	2,970,124	3,700,380
Current liabilities Long term liabilities	(1,214,447)		(1,214,447)	(562,910) ~993,41'3
	1,700,192	211,000	1,911,192	2,264,945

MOVE	MEN	T IN FUNDS
				Net	Transfers
				nlovenlent	between		At
			At I/4/21	in funds	funds		3 I/3/22
							8
Unrestricted		funds
General	fund		2,264,945	(464,753)	(100,000)	1,700, 192
Restricted funds
Capital Capital	fund fund	Street UK Homes IT Development		111000	100,000		100,000 111000
				111,000	100,000		211,000
TOTAL FUNDS			2,264 945	~353,753)		I	911,192

		Incoming	Resources	Movement
		resources	expended	in funds
			8	8
Unrestricted	funds
General fund		1,259,068	(1,723,821)	(464,753)
Restricted funds
Capital fund	IT Development	111,000		111,000
TOTAL FUNDS		1,370,068	t),723,82))	~353,753)

Comparatives	for movement in fuuds
				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

Comparative	net movement	in the above are as follows;
		Incoming	Resources	Movement
		resources	expended	in funds
				f
Unrestricted	funds
General fund		2,599,039	(2,094,218)	504,821
Restricted funds
Capital fund		2,533	(2,533)
TOTAL FUNDS		2.6111.572	~2,096,7517	504,821

CAPITAL	COMMITMENTS	COMMITMENTS
				2022	2021
					f
Contracted	but not provided	for in the financial	statements	36,435	40 000

			2022
Balance	at 1 April 2021 owed to charity		2,224,71 1
Donation to subsidiaty undertakings Funds transfen'ed to and fi'om subsidiaiy		undertakings	(453,570) ~II,3263
Balance	at 31March 2022 owed to charity		1,762,815
Amounts	falling due within one year		1,512,815
Amounts	falling due after more than one	year	250,000
Balance	at 31 March 2022 owed to charity		1,762,815