|||||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 funds, included|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|
|24.|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|