LENDINVEST LIMITED · EBITDA arising from the following off balance sheet entities: the LendInvest...
Transcript of LENDINVEST LIMITED · EBITDA arising from the following off balance sheet entities: the LendInvest...
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the
6 month period ended 30 September 2020
Company registration number: 08146929
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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CONTENTS
OFFICERS AND PROFESSIONAL ADVISORS 3
DIRECTORS’ REPORT 4
INDEPENDENT REVIEW REPORT TO LENDINVEST LIMITED 7
CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS 8
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME 9
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION 10
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY 12
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS 13
NOTES TO THE INTERIM FINANCIAL STATEMENTS 15
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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OFFICERS AND PROFESSIONAL ADVISORS
Directors Christopher Barnes
Christian Faes
Roderick Lockhart
Angelie Panteli
Ian Thomas
Secretary Ruth Pearson
Company number 08146929
Registered office Two Fitzroy Place, 8 Mortimer Street, London, W1T 3JJ
Auditors BDO LLP
Bankers Barclays Bank PLC
HSBC Bank PLC
RBC Investor Services Bank SA
U.S. Bancorp, US
LENDINVEST LIMITED
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DIRECTORS’ REPORT
Performance in the period
The unaudited condensed interim financial statements for the period ended 30 September 2020 have been prepared in
accordance with IAS 34 Interim Financial Statements.
The LendInvest Group financials are composed of the results of LendInvest Limited (the “Company”) and its subsidiaries
(together, the “Group”). The Group’s results have been prepared in accordance with IAS 34 as adopted by the European
Union.
The Group’s principal activity is the provision of secured property lending to third party borrowers. During the period under
review, the Group generated statutory revenue of £39.1m; a 28% increase on the comparative period in 2019.
The Group recognised, for the period, £30.2m of interest revenue and origination fees under the effective interest method
(6 months ended 30 September 2019: £26.6m). This was supplemented by £4.8m of advisory and servicing fees (6 months
ended 30 September 2019: £3.9m). The Group also successfully completed the transfer of a portfolio of buy-to-let loans to
a third party as part of an ongoing ‘forward flow’ agreement, resulting in a derecognition event. The Group recognised,
through revenue, a premium of £4.1m received upon transfer of the assets. The Group has a reasonable expectation of
receiving in future financial periods, premiums and servicing fees from further transfers of originated mortgage loans under
the terms of the ‘forward flow’ agreement.
The Group recorded a non-recurring realised gain of £1.4m on the repurchase and cancellation of issued bonds from an
external bond holder at below par value.
The Group incurred administrative expenses of £11.7m (6 months ended 30 September 2019: £12.4m) and impairment
provisions of £3.1m (6 months ended 30 September 2019: £1.1m). The Group incurred higher impairment provisions for the
period due to the adverse effects of Covid-19 on the economic metrics that feed into our credit loss modelling, discussed in
greater detail in Note 12 of these financial statements. The overall profit from operations was £4.2m (6 months ended 30
September 2019: £0.8m). The cost of a restructuring programme undertaken in the period was £0.8m and is expensed in the
statement of profit and loss under exceptional costs.
The Group is also reporting gains of £23.4m (6 months ended 30 September 2019: £4.3m) in other comprehensive income
for the period. These gains are primarily a result of a £32.9m (6 months ended 30 September 2019: £5.3m) increase in the
fair value of the Group’s originated loans, driven by narrower credit spreads and favourable movements in interest rate
curves. Offsetting these fair value gains is a £2.6m (6 months ended 30 September 2019: £nil) loss on derivative hedging
instruments deferred in the cash flow hedge reserve, a fair value loss of £1.4m on the bonds now cancelled and realised
through the P&L and a deferred tax charge of £5.5m (6 months ended 30 September 2019: £1.0m).
As an online property lending and investing business, the principal risks and uncertainties of the business arise from the
general economic environment and from the UK property market as a whole. Changes to the UK tax regime for property
purchases and investment, regulatory changes for mortgage lenders and any general macro economic factors that affect the
UK property market and economic climate may affect the business.
Covid-19 and the associated government restrictions remain a risk for wider economic activity. The Group maintained
performance in the initial round of ‘lockdowns’ and continues to successfully adapt to the challenging business environment
as reflected by the robust results reported for the period.
At the date of approval of the financial statements, there remains uncertainty regarding the future relationship between the
UK and the EU. The directors do not currently consider Brexit to be a principal risk for the Group. They note the Group is
focused predominantly on lending against property assets in the UK.
A general and persistent weakening of the UK economy and a fall in market sentiment caused by the uncertainty that Brexit
or Covid-19 may pose, has the potential to impact the performance of the Group’s underlying asset recovery. The Group’s
approach to credit risk however is sufficiently robust such that the directors believe the business could withstand fluctuations
in the UK property market in the event of economic uncertainty.
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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Going Concern
The Group’s business activities together with the factors likely to affect its future development are set out in this Directors’
Report. The directors have considered these factors alongside the Group’s financial plan and any associated risks, and it is
on this basis that the directors have continued to prepare the financial statements on a going concern basis.
The impact of Covid-19 has been assessed and several financial forecasts have been prepared across a range of potential
scenarios. Alongside this, a comprehensive review of all covenants attached to all funding sources, has been conducted to
ensure ongoing compliance both under expected circumstances and potential stressed scenarios. The directors have
reviewed these plans and consider the Group to have sufficient resources to continue its activities for 12 months from the
reporting date, including against the most severe but plausible outcome and do not consider there to be any material
uncertainty.
Key Performance Indicators (KPIs)
Interim gross management accounts Interim financial statements
6 month period ended 30
September 2020
6 month period ended 30
September 2019
6 month period ended 30
September 2020
6 month period ended 30
September 2019
(Unaudited and unreviewed)
(Unaudited and unreviewed)
(Unaudited) (Unaudited)
Revenue (£m) 56.4 51.0 39.1 30.5
Gross profit (£m) 17.6 14.4 17.6 14.4
Profit from operations (£m) 4.2 0.8 4.2 0.8
EBITDA (£m) 6.2 1.8 n/a n/a
Loans and advances (£m) 1,386.2 1,094.2 836.6 786.3
The gross management accounts KPIs above include revenue, gross profit, loans and advances, profit from operations and
EBITDA arising from the following off balance sheet entities: the LendInvest Real Estate Opportunity Fund, Steorra
Investments DAC, the self-select platform and BTL Aggregator 1 Limited. Loans and advances held in off balance sheet entities
continue to be serviced by the Group.
The KPIs provided above for both the gross management accounts and the interim financial statements are a non-statutory
complimentary component of these financial statements.
Events after the period end date
In November 2020 the United Kingdom government imposed a second nationwide Covid-19 lockdown. The new restrictions
are scheduled to end on 2 December 2020 and are not as restrictive as those imposed in March 2020. The UK property
market will remain open during the second lockdown and to date the restrictions have had a minimal effect on the Group’s
operations.
The Group is deeply saddened to announce that Angelie Panteli, Chief Financial Officer, executive director and hugely
respected colleague, passed away on 30 November 2020.
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Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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Responsibility statement of the directors in respect of the interim condensed consolidated financial statements for the 6
month period ended 30 September 2020
We confirm that to the best of our knowledge:
● the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting,
as adopted by the EU.
Approved on behalf of the board:
Ian Thomas
Director
10 December 2020
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Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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INDEPENDENT REVIEW REPORT TO LENDINVEST LIMITED
Introduction
We have been engaged by the Company to review the condensed consolidated set of financial statements in the half-yearly financial report for the six months ended 30 September 2020 which comprises the condensed consolidated interim statement of profit and loss, the condensed consolidated interim statement of comprehensive income, the condensed consolidated interim statement of financial position, the condensed consolidated interim statement of changes in equity, the condensed consolidated interim statement of cash flows and the related explanatory notes.
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors’ responsibilities
The half-yearly financial report is the responsibility of and has been approved by the directors. The directors are responsible for preparing the half-yearly financial report in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.
The condensed set of financial statements included in this half—yearly financial report has been prepared in accordance with International Accounting Standard 34, ”Interim Financial Reporting”, as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ‘‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’’, issued by the Financial Reporting Council for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2020 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting its responsibilities in respect of half-yearly financial reporting and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants and Registered Auditors London
10 December 2020
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS
Note 6 month period ended 30 September 2020
£’000
6 month period ended 30 September 2019
£’000
(Unaudited) (Unaudited)
Revenue 4 39,081 30,504
Cost of sales (21,443) (16,094)
Gross profit 17,638 14,410
Gain on derecognition of financial liability 5 1,361 -
Total operating income 18,999 14,410
Administrative expenses (11,730) (12,447)
Impairment provisions1 (3,112) (1,125)
Profit from operations 4,157 838
Finance income 2 36
Finance expense 6 (2,219) (6,153)
Exceptional costs (767) -
Profit/(loss) before tax 7 1,173 (5,279)
Tax (charge)/credit 9 (197) 1,061
Profit/(loss) for the period 976 (4,218)
1£1.4m of this provision relates to accrued fees due to the group from loans held in an off balance sheet entity.
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Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
Note 6 month period ended 30 September 2020
£’000
6 month period ended 30 September 2019
£’000
(Unaudited) (Unaudited)
Profit/(loss) for the period 976 (4,218)
Other comprehensive income:
Gain on derecognition of interest
bearing liabilities reclassed to profit and loss
19 (1,361) -
Items that will or may be reclassified to profit
or loss:
Cash flow hedge adjustment (2,582) -
Fair value gain on loans and advances measured
at fair value through other comprehensive
income
19 32,848
5,261
Deferred tax charge on fair value adjustment 19 (5,491) (999)
Other comprehensive income for the period 23,414 4,262
Total comprehensive income for the period 24,390 44
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
Note As at 30 September 2020
£’000
As at 31 March 2020
£’000
Assets (Unaudited) (Audited)
Cash and cash equivalents 11 72,114 91,609
Trade and other receivables 10 10,097 12,538
Loans and advances 12 836,552 786,348
Property, plant and equipment 13/14 5,155 5,615
Intangible assets 15 5,475 5,357
Investment in third parties 30 -
Fair value adj. for portfolio hedged risk asset 2,875 3,421
Deferred taxation 9 1,058 3,383
Total assets 933,356 908,271
Liabilities
Trade and other payables 16 (29,489) (32,896)
Interest bearing liabilities 17 (844,607) (846,164)
Lease liabilities (5,424) (5,717)
Derivative financial liabilities 19/20 (15,476) (12,993)
Deferred taxation 9 (3,736) (373)
Total liabilities (898,732) (898,143)
Net assets 34,624 10,128
Equity
Share capital 21 - -
Share premium 21 17,540 17,540
Employee share reserve 22 1,020 915
Fair value reserve 22 21,392 (4,113)
Cash flow hedge reserve (5,872) (3,782)
Retained earnings 22 544 (432)
Total equity 34,624 10,128
LENDINVEST LIMITED
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These interim financial statements of LendInvest Limited, with registered number 08146929, were approved by the Board
of Directors and authorised for issue on 10 December 2020. Signed on behalf of the Board of Directors by:
I Thomas
Director
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Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
Share capital
£’000
Share premium
£’000
Employee Share
Reserve £’000
Fair value reserve
net of deferred
tax £’000
Cash flow hedge
reserve net of
deferred tax
£’000
Retained earnings
£’000
Total
£’000
(Unaudited)
Balance as at 31 March 2019 - 17,278 455 549 - 2,332 20,614
Loss after taxation - - - - - (4,218) (4,218)
Fair value adjustments on loan & advances through OCI
- - - 4,262 - - 4,262
Recognition of employee share schemes
- - 246 - - - 246
Transitional impact of adopting IFRS 16
- - - - - (551) (551)
Balance as at 30 September 2019
- 17,278 701 4,811 - (2,437) 20,353
Profit after taxation - - - - - 2,005 2,005
Issue of new equity and associated costs
- 262 - - - - 262
Recognition of employee share options schemes
- - 214 - - - 214
Fair value adjustments on loan & advances through OCI
- - - (8,924) - - (8,924)
Cash flow hedge adjustments through OCI
- - - - (3,782) - (3,782)
Balance as at 31 March 2020 - 17,540 915 (4,113) (3,782) (432) 10,128
Profit after taxation - - - - - 976 976
Recognition of employee share options schemes
- - 105 - - - 105
Transfer of gain on derecognition of liability from OCI to retained earnings
- - - (1,102) - - (1,102)
Fair value adjustments on loan & advances through OCI
- - - 26,607 - - 26,607
Cash flow hedge adjustments through OCI
- - - - (2,090) - (2,090)
Balance as at 30 September 2020
- 17,540 1,020 21,392 (5,872) 544 34,624
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
Note 6 month period ended 30 September
2020 £’000
6 month period ended 30 September
2019 £’000
(Unaudited) (Unaudited)
Cash flows from operating activities
Profit/(loss) for the period1 976 (4,218)
Adjusted for:
Depreciation of property, plant and equipment 13 102 106
Amortisation of intangible fixed assets 15 1,099 549
Share option scheme 8 106 246
Finance income (2) (36)
Current income tax (credit) - (1,003)
Unrealised loss on derivatives 20 2,237 6,153
Impairment provision2 12 3,327 1,133
Depreciation of right of use asset 14 464 391
Interest expense of right of use asset 14 288 278
Non – capitalised financing cost 83 -
Change in working capital
Increase in loans and advances (20,683) (241,500)
Increase in trade and other receivables (726) (2,623)
Increase/(decrease) in trade and other payables (45) 196
Income taxes paid - (115)
Net cash outflow from operations (12,774) (240,443)
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (continued)
Cash flow from investing activities
Purchase of property, plant and equipment 13 - (136)
Capitalisation of internally developed software 15 (1,217) (1,636)
Investments in third parties (30) -
Interest received 2 36
Net cash outflow from investing activities (1,245) (1,736)
Cash flow from financing activities
(Decrease)/Increase in interest bearing liabilities (1,557) 251,190
Cancellation of interest bearing liabilities (7,315) -
Redemption of interest bearing liabilities 5,954 -
Principal elements of finance lease payments 14 (391) (570)
Interest expense of right of use asset 14 (288)
Proceeds from an equity share issue - -
Equity raising costs - -
Cash settled derivative losses 20 (1,796) -
Non – capitalised financing cost (83) -
Net cash (outflow) / inflow from financing activities (5,476) 250,620
Net (decrease) / increase in cash and cash equivalents (19,495) 8,441
Cash and cash equivalents at beginning of the period 91,609 40,081
Cash and cash equivalents at end of the period 72,114 48,522
1The cash flows related to the transfer of buy-to-let loans that form part of the ‘forward flow’ agreement are deemed operational cash flows
and included in revenue reported for the period. 2The non-cash movement in the impairment provision differs from the charge to the statement of profit and loss in respect to the impairment
provision for the 6 month period ended 30 September 2020. This is due to the charge to the statement of profit and loss including a credit
of £215k in respect of cash amounts recovered in the period on loans that have previously been written off.
LENDINVEST LIMITED
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NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
1.1 General information
LendInvest Limited is a private company incorporated on 17 July 2012 in the United Kingdom under the Companies Act. The
address of its registered office is given on page 3.
These interim condensed consolidated financial statements of LendInvest Limited, for the six month period ended 30
September 2020, comprise the results of the Company and its subsidiaries (together referred to as the Group) (collectively
“these financial statements”).
1.2 Basis of accounting
These financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” and have been
prepared on a historical cost basis, except as required in the valuation of certain financial instruments which are carried at
fair value. As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, these financial
statements have been prepared applying the accounting policies and presentation that were applied in the preparation of
the Group’s published financial statements for the year ended 31 March 2020.
These financial statements are not statutory accounts. The Group statutory accounts for the year ended 31 March 2020 have
been reported on by its auditor and delivered to the Registrar of Companies. The report of the auditor on those statutory
accounts (i) was unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of
emphasis without qualifying their report, and (iii) did not contain a statement under Section 498(2) or (3) of the Companies
Act 2006.
The Group maintains its books and records in pound sterling (“£”).
1.3 Accounting policies
The accounting policies and methods of computation are consistent with those set out in the Annual Report 2020.
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2. Financial risk management
General objectives, policies and processes
The board has the overall responsibility for the establishment and oversight of the Group’s risk management framework.
The Group’s risk management activities and exposure to credit, liquidity and market risk are consistent with those set out in
the Annual Report 2020. The tables below analyse the Group’s contractual undiscounted cash flows of its financial assets
and liabilities:
As at 30 September 2020
Carrying amount
£’000
Gross nominal inflow/ (outflow)
£’000
Amount due within one year
£’000
Amount due post one year
£’000
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Financial assets
Cash and cash equivalents 72,114 72,114 72,114 -
Trade and other receivables 2,673 2,673 1,438 1,235
Loans and advances 836,552 1,231,908 251,299 980,609
911,339 1,306,695 324,851 981,844
Financial liabilities
Trade and other payables 28,922 28,922 28,922 -
Interest bearing liabilities 844,607 909,220 27,112 882,108
Derivative financial liability 15,476 15,476 4,949 10,527
Lease liability 5,424 5,424 851 4,573
894,429 959,042 64,441 894,601
As at 31 March 2020
Carrying amount
£’000
Gross nominal inflow/ (outflow)
£’000
Amount due within one year
£’000
Amount due post one year
£’000
(Audited) (Audited) (Audited) (Audited)
Financial assets
Cash and cash equivalents 91,609 91,609 91,609 -
Trade and other receivables 4,390 4,390 3,155 1,235
Loans and advances 786,348 1,197,535 211,009 986,526
882,347 1,293,534 305,773 987,761
Financial liabilities
Trade and other payables 32,273 32,273 32,273 -
Interest bearing liabilities 846,164 916,862 45,894 870,968
Derivative financial liability 12,993 12,993 5,380 7,613
Lease liability 5,717 5,717 785 4,932
897,147 967,845 84,332 883,513
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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3. Segmental analysis
The Group’s operations are carried out solely in the UK with two main lending products: short-term lending and buy-to-let
mortgages. The results and net assets of the Group are derived from the provision of property related loans only.
The following summary describes the operations of the two reportable segments:
Short term lending
Provides finance for borrowers who need to quickly secure property, generate cash flow or fund works through the Group’s
bridging products, and provides property developers with funding to start or exit a project through development products.
The term of these loans are up to 24 months.
Buy-to-let lending
Provides finance for professional portfolio landlords looking to purchase or remortgage buy-to-let investment properties in
England, Wales and Scotland. The mortgages are available to both individual and corporate borrowers, and funds are lent
against standard properties as well as houses in multiple occupation and multi-unit freehold blocks. The term of these loans
are up to 30 years.
Please see below for a segmental analysis of the profit and loss and statement of financial position balances:
6 month period to 30 September 2020
Short Term Lending £'000
Buy-To-Let £'000
Total £'000
Statement of Profit and Loss Information
Revenue 21,146 17,935 39,081
Interest Expense (8,929) (12,514) (21,443)
Gross Profit 12,217 5,421 17,638
All other lines in the statement of profit and loss would have been disclosed within a central segment as they are
not allocated to either of the above segments. This central segment has not been disclosed.
As at 30 September 2020 Short Term Lending £'000
Buy-To-Let £'000
Total £'000
Statement of Financial Position Information
Loans & Advances 228,745 607,807 836,552
All other lines in the statement of financial position would have been disclosed within a central segment as they are not
allocated to either of the above segments. This central segment has not been disclosed.
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Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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4. Revenue
6 month period to 30 September 2020
£’000
6 month period to 30 September 2019
£’000
(Unaudited) (Unaudited)
Interest on loans and advances 23,612 21,058
Origination fees 6,612 5,548
Advisory fees 4,020 3,898
Servicing Fees * 735 -
Premium received - derecognition of financial assets**
4,102 -
39,081 30,504
* Servicing fee comprised of asset management and performance fees from sheet entities.
**Premium received on transfer of portfolio of buy-to-let mortgages to third party, culminating in a derecognition event.
5. Gain on derecognition of financial liability
The Group repurchased bonds with a par value of £7.3m from an external party in the financial year ended 31 March 2020.
The bonds were subsequently cancelled in the period under review. The bonds were repurchased at discount, realising in
the statement of profit and loss a £1.4m gain on derecognition of the bond liability.
6. Finance Expense
6 month period to 30 September 2020
£’000
6 month period to 30 September 2019
£’000
(Unaudited) (Unaudited)
FV loss from derivatives and hedge accounting -realised
(1,827) -
FV loss from derivatives and hedge accounting -unrealised
(271) (6,153)
FV value movements on undrawn committed loan facility through P&L*
150 -
Funding line exit fee (271) -
(2,219) (6,153)
*Fair value movements through profit and loss arise as a result of one loan within the lending portfolio being subject to a
committed facility. The undrawn committed facility and amount subject to fair value through profit and loss as at 30
September 2020 is £26.9m.
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7. Profit before taxation
Profit before taxation has been stated after charging:
6 month period to 30 September 2020
£’000
6 month period to 30 September 2019
£’000
(Unaudited) (Unaudited)
Wages and salaries 6,043
5,889
Depreciation and amortisation 1,664 1,046
Fees payable to the auditors for the audit of the financial statements
197 174
Audit related assurance services 75 68
Share-based payments 106 246
Lease finance expense 288 278
8. Share-based payments
Company Share Option Plans
During the financial year ended 31 March 2016, the Group issued an Enterprise Management Incentives scheme (EMI) to
employees. During prior financial years, the Group also issued a Company Share Option Plan (CSOP) to employees.
The grant of share options may be made on an annual or on an ad hoc basis.
Share Option expense recognised
During the six month ended 30 September 2020, the Group recognised a £106,000 expense as a result of issued share options
vesting.
6 month period ended 30 September 2020
£’000
6 month period ended 30 September 2019
£’000
(Unaudited) (Unaudited)
The expense is included in administrative expenses, as part of employee expenses
106 246
9. Taxation on profit on ordinary activities
The Group is subject to all taxes applicable to a commercial company in the United Kingdom. The UK business profits of the
Group are subject to UK income tax at the prevailing basic rate of 19% (2019:19%). The Group’s effective consolidated tax
rate for the period to 30 September 2020 was 17% (30 September 2019: 20%). The current period effective rate of tax is
reflective of the applicable corporate tax rate for the period and reconciling items.
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Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
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As of 30 September 2020, the Group had £2,678k in net deferred tax liabilities (DTLs) (31 March 2020: net deferred tax asset
of £3,010k). These DTAs/DTLs include:
• Assets of £194k (31 March 2020: Assets of £173k) related to temporary differences arising between the tax base
of share based payments and the carrying amount;
• Liabilities of £96k (31 March 2020: Liabilities of £114k) related to temporary differences arising between the tax
base of property, plant and equipment and the carrying amount;
• Liabilities of £3,640k (31 March 2020: Assets of £1,852k) related to the fair value reserve on loans and advances
and cash flow hedge reserve;
• Assets of £131k (31 March 2020: Assets of £140k) related to the ECL provision on transition to IFRS 9;
• Assets of £100k (31 March 2020: Assets of £110k) related to transition to IFRS 16;
• Assets of £633k (31 March 2020: Assets of £849k) related group tax losses.
10. Trade and other receivables
As at 30 September 2020 £’000
As at 31 March 2020 £’000
(Unaudited) (Audited)
Due within one year
Trade receivables 768 1,941
Other receivables:
Prepayments and accrued income 7,345 8,069
Corporation tax receivable 79 79
Other receivables 670 1,214
Due after one year
Rent deposit 1,235 1,235
10,097 12,538
11. Cash and cash equivalents
As at 30 September 2020 £’000
As at 31 March 2019 £’000
(Unaudited) (Audited)
Cash and cash equivalents 64,463 81,983
Trustee's account 7,651 9,626
72,114 91,609
Operationally, the Company does not treat the Trustees’ balances as available funds. An equal and opposite payable amount
is included within the trade payables balance (see note 16).
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
21
12. Loans and advances
As at 30 September 2020
£’000
As at 31 March 2020
£’000
(Unaudited) (Audited)
Gross loans and advances 818,423 798,491
ECL provision (8,711) (5,985)
Fair value adjustment (*) 26,840 (6,158)
Loans and advances 836,552 786,348
(*) Fair value adjustment to gross loans and advances due to classification as FVTOCI. Fair value adjustments are a function
of changes in interest rates and credit spreads on the Group’s loan assets. The changes in these variables during the period
and effect on fair value is discussed in Note 22.
ECL provision
Movement in the period £’000
Under IFRS 9 at 1 April 2020 (5,985)
Additional provisions made during the period1 (3,450)
Utilised in the period 724
Under IFRS 9 at 30 September 2020 (8,711)
1The ECL provision of £8.7m is stated including the expected credit losses incurred on the interest income recognised on
stage 3 loans and advances. The net ECL impact on the income statement for the year is £3.5m. This includes the £3.1m of
bad debt expense shown in the income statement and the total impact of expected credit losses on income recognised on
stage 3 loans and advances using the effective interest rate is £0.4m.
The ECL provision has increased since 1 April 2020 due to the downturn in the macroeconomic landscape caused by
significant falls in forecast GDP and HPI resulting from the Covid-19 pandemic. In addition to this, an increase in the
proportion of stage 2 loans and decrease in proportion of stage 1 loans has led to a further increase to the ECL provision.
Additional provisions have also been made during the period relating to accrued exit fee income and the expected
recoverability of these by the Group.
Analysis of loans and advances by stage
As at 30 September 2020
Stage 1 £’000
Stage 2 £’000
Stage 3 £’000
POCI £’000
Total £’000
Gross loans and advances 598,537 181,808 37,943 135 818,423
ECL provision (1,049) (2,260) (5,397) (5) (8,711)
Fair value adjustment 19,821 5,953 1,065 1 26,840
Loans and advances 617,309 185,501 33,611 131 836,552
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
22
As at 31 March 2020
Stage 1 £’000
Stage 2 £’000
Stage 3 £’000
POCI £’000
Total £’000
Gross loans and advances 613,960 148,917 35,184 430 798,491
ECL provision (294) (1,216) (4,468) (7) (5,985)
Fair value adjustment (6,038) (352) 206 26 (6,158)
Loans and advances 607,628 147,349 30,922 449 786,348
Impairment provisions are calculated on an expected credit loss (ECL) basis. Financial assets are classified individually into
one of the categories below:
• Stage 1 – assets are allocated to this stage on initial recognition and remain in this stage if there is no significant
increase in credit risk since initial recognition. Impairment provisions are recognised to cover 12 month ECL, being
the proportion of lifetime ECL arising from default events expected within 12 months of the reporting date;
• Stage 2 – assets where it is determined that there has been a significant increase in credit risk since initial
recognition, but where there is no objective evidence of impairment. Impairment provisions are recognised to
cover lifetime;
• Stage 3 – assets where there is objective evidence of impairment, i.e. they are considered to be in default.
Impairment provisions are recognised against lifetime ECL. For assets allocated to Stage 3, interest income is
recognised on the balance net of impairment provision;
• Purchased or originated credit impaired (“POCI”) – POCI assets are financial assets that are credit impaired on initial
recognition. On initial recognition they are recorded at fair value. ECLs are only recognised or released to the extent
that there is a subsequent change in the ECLs. Their ECL is always measured on a lifetime basis.
If a loss is ultimately realised, it is written off against the provision previously provided for with any excess charged to the
impairment provision in the statement of profit and loss.
The impairment loss provisions under IFRS 9 is calculated using macroeconomic variables, in particular UK house price
inflation and unemployment, and the probability weightings of the macroeconomic scenarios used. The Group has used
three macroeconomic scenarios, which are considered to represent a range of possible outcomes over a normal economic
cycle, in determining impairment loss provisions:
• a central scenario aligned to the Group’s business plan;
• a downside scenario as modelled in the Group’s risk management process; and
• an upside scenario representing the impact of modest improvements to assumptions used in the central
scenario.
The central scenario represents management’s current view of the most likely economic outturn. During the period, the
following weightings of the different scenarios where used:
• BTL ECL model – 40% / 40% / 20% to the central, downside and upside scenarios.
• Short Term Lending ECL models – 40% / 50% /10% to the central, downside and upside scenarios.
A further downside was applied to the scenario weightings for the short-term lending models compared to March 2020,
increasing the downside from 40% to 50%. The scenario weighting for BTL lending model remains unchanged from March
2020. The change was applied to reflect the impact of the Covid-19 pandemic and the Group’s expectation of a reduction of
property values over the medium term. This is expected to have a much greater impact on the short-term lending book.
Changes to macroeconomic assumptions, as expectations change over time, are expected to lead to volatility in impairment
loss provisions and may lead to pro-cyclicality in the recognition of impairment provisions.
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
23
The methodology on which the ECL model is based has not changed from the financial statements dated 31 March 2020. The
macroeconomic data inputs have been updated as at 30 September 2020.
Credit risk on gross loans and advances
The table below provides information on the Group’s loans and advances by stage and risk grade.
As at 30 September 2020
Stage 1 £’000
Stage 2 £’000
Stage 3 £’000
POCI Total £’000
Risk Grades 1 – 5 459,366 65,653 - - 525,019
Risk Grades 6 - 10 125,878 88,492 - - 214,370
Risk Grade 11 -15 13,293 27,663 - - 40,956
Risk Grade 16 - 17 - - - - -
Default - - 37,943 135 38,078
Total 598,537 181,808 37,943 135 818,423
The Group had two POCI loans during the period.
As at 31 March 2020
Stage 1 £’000
Stage 2 £’000
Stage 3 £’000
POCI Total £’000
Risk Grades 1 – 5 461,147 28,661 - - 489,808
Risk Grades 6 - 10 131,353 72,234 - - 203,587
Risk Grade 11 -15 20,473 44,729 - - 65,202
Risk Grade 16 - 17 987 3,293 - - 4,280
Default - - 35,184 430 35,614
Total 613,960 148,917 35,184 430 798,491
13. Property, plant and equipment
Acquisitions and disposals: During the six months ended 30 September 2020, the Group did not purchase additional assets
(the six months ended 30 September 2019: £136,000). Depreciation: During the six months ended 30 September 2020, the
Group depreciated £102,000 against property, plant and equipment (the six months ended 30 September 2019: £106,000).
14. Lease arrangements
The Group is the lessee to a property lease arrangement. The lease agreement was amended in the period, resulting in
additions of £103,000 to the right of use asset and lease liability recognised by the Group.
Depreciation: In the six months ended 30 September 2020 the Group depreciated £464,000 against the right of use asset
(the six months ended 30 September 2019: £391,000). Amortisation: During the six months ended 30 September 2020 the
Group expensed finance charges of £288,000 (the six months ended 30 September 2019: £278,000).
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
24
15. Intangible fixed assets
During this period, the Group also capitalised intangible assets with a cost of £1,217,000 (the six months ended 30 September
2019: £1,636,000). Amortisation: During the six months ended 30 September 2020, the Group amortised £1,099,000 against
intangible fixed assets (the six months ended 30 September 2019: £549,000).
16. Trade and other payables
As at 30 September 2020 £’000
As at 31 March 2020 £’000
(Unaudited) (Audited)
Trade payables 16,679 16,797
Other payables:
Corporation tax (3) (4)
Taxation and social security costs 570 627
Accruals and deferred income 12,243 15,476
29,489 32,896
The trade payables balance includes Trustees’ balances of £7.7m in respect of uninvested cash held on the self select
platform, which may be withdrawn by investors at any time. The Company has no non-current trade and other payables. The
carrying value of trade and other payables approximates fair value.
17. Interest bearing liabilities
As at 30 September 2020 £’000
As at 31 March 2020 £’000
(Unaudited) (Audited)
Funds from investors and partners 849,994 852,935
Funding line costs (5,387) (6,771)
844,607 846,164
The Group’s interest on funding has ranged between 3% to 8% in the 6 month period ended 30 September 2020.
Funding line costs are amortised on an effective interest rate basis. Interest bearing liabilities are secured by charges over
the assets and operations of the Group.
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
25
Net debt represents interest bearing liabilities (as above), less cash at bank and in hand (excluding cash held for clients) and
excluding unamortised debt issue costs but including accrued interest relating to the Group’s third-party indebtedness. A
reconciliation of net debt is:
As at 30 September 2020
£’000
As at 31 March 2020
£’000
(Unaudited) (Audited)
Interest bearing liabilities 844,607 846,164
Deduct: cash as reported in financial statements (72,114) (91,609)
Net debt: borrowings less cash as reported in the financial statements
772,493 754,555
Add back: unamortised funding line costs 5,387 6,771
Add back: trustees account cash 7,651 9,626
Add: accrued interest 2,927 2,893
Deduct: retained interest (5,311) (3,180)
Net debt 783,147 770,665
18. Reconciliation of liabilities arising from financing activities
Interest bearing liabilities
£’000
Finance Leases
£’000
Derivatives
£’000
31 March 2019 (Audited) (388,147) - (2,871)
Cash flows (459,378) - -
Fair value changes 1,361 - (10,122)
Finance leases - (5,717) -
Other
31 March 2020 (Audited) (846,164) (5,717) (12,993)
Cash flows 1,557 679 1,796
Fair value changes - - (4,279)
Finance leases - (386) -
Other - - -
30 September 2020 (Unaudited) (844,607) (5,424) (15,476)
19. Financial instruments
Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument risk arises, are: loans and advances,
trade and other receivables, cash and cash equivalents, loans and borrowings, derivatives, and trade and other payables.
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
26
Categorisation of financial assets and financial liabilities
With the exception of loan commitments classified as fair value through profit or loss, all financial assets of the Group are
carried at amortised cost or fair value through other comprehensive income as at 30 September 2020 and 31 March 2020
depending on the business model under which the Group manages the financial assets. All financial liabilities of the Group
are carried at amortised cost as at 30 September 2020 and 31 March 2020 due to the nature of the liability, with the
exception of derivatives that are measured at fair value.
Financial instruments measured at amortised cost, rather than fair value, include cash and cash equivalents, trade and
other receivables, trade and other payables, rent deposit and interest-bearing liabilities. Due to their short-term nature,
the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates
their fair value.
(a) Carrying amount of financial instruments
A summary of the financial instruments held by category is provided below:
As at 30 September 2020 £’000
As at 31 March 2020 £’000
(Unaudited) (Audited)
Financial assets at amortised cost
Cash and cash equivalents 72,114 91,609
Trade and other receivables 2,673 4,390
Financial assets at fair value through other comprehensive income
Loans and advances 836,121 786,067
Financial assets at fair value through profit and loss
Fair value adjustment for portfolio hedged risk asset
2,875 3,421
Loans and advances 431 281
Total financial assets 914,214 885,768
Financial liabilities at amortised cost
Trade and other payables 28,922 32,273
Interest bearing liabilities 844,607 846,164
Lease liability 5,424 5,717
Financial liabilities at fair value through profit & loss
Derivative financial liability 15,476 12,993
Total financial liabilities 894,429 897,147
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
27
(b) Carrying amount versus fair value
The following table compares the carrying amounts and fair values of the Group’s financial assets and financial liabilities as
at 30 September 2020.
As at 30 September 2020
£’000
As at 30 September 2020
£’000
As at 31 March 2020
£’000
As at 31 March 2020
£’000
Carrying Amount Fair Value Carrying Amount Fair Value
(Unaudited) (Unaudited) (Audited) (Audited)
Financial assets
Cash and cash equivalents 72,114 72,114 91,609 91,609
Trade and other receivables 2,673 2,673 4,390 4,390
Loans and advances 836,552 836,552 786,348 786,348
Fair value adjustment for portfolio hedged risk asset
2,875 2,875 3,421 3,421
Total financial assets 914,214 914,214 885,768 885,768
As at 30 September 2020
£’000
As at 30 September 2020
£’000
As at 31 March 2020
£’000
As at 31 March 2020
£’000
Carrying Amount Fair Value Carrying Amount Fair Value
(Unaudited) (Unaudited) (Audited) (Audited)
Financial liabilities
Trade and other payables 28,922 28,922 32,273 32,273
Interest bearing liabilities 844,607 838,503 846,164 834,935
Derivative financial liability 15,476 15,476 12,993 12,993
Lease liability 5,424 5,424 5,717 5,717
Total financial liabilities 894,429 888,325 897,147 885,918
The fair value of the Retail Bond 1 interest bearing liability is calculated based on the mid-market price of £95.425 on 30
September2020.
The fair value of the Retail Bond 2 interest bearing liability is calculated based on the mid-market price of £92.200 on 30
September 2020.
Loans and advances are classified as fair value through other comprehensive income and any changes to fair value are
calculated based on a fair value model and recognised through the Statement of Other Comprehensive Income. Interest
bearing liabilities are classified at amortised cost and the fair value in the table above is for disclosure purposes only.
(c) Fair value hierarchy
The level in the fair value hierarchy within which the financial asset or financial liability is categorised is determined on the
basis of the lowest level input that is significant to the fair value measurement. Financial assets and liabilities are classified
in their entirety into only one of the three levels. The fair value hierarchy has the following levels:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. prices) or indirectly (i.e. derived from prices);
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
28
Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would be received
to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement
date.
Financial instruments
As at 30 September
2020
£’000
Level 1
£’000
Level 2
£’000
Level 3
£’000
Interest rate swap * (15,476) - (15,476) -
Fair value adjustment for portfolio hedged risk asset*
2,875 2,875
Loans and advances* 836,552 - - 836,552
Interest bearing liabilities** (838,503) (838,503) - -
*Measured at fair value
**Measured at amortised cost
For all other financial instruments, the fair value is equal to the carrying value and has not been included in the
table above.
Financial instruments
As at 31 March 2020
£’000
Level 1
£’000
Level 2
£’000
Level 3
£’000
Interest rate swap* (12,993) - (12,993) -
Fair value adjustment for portfolio hedged risk asset*
3,422 - 3,422 -
Loans and advances* 786,348 - - 786,348
Interest bearing liabilities** (831,914) (831,914) - -
*Measured at fair value
**Measured at amortised cost
Level 2 instruments include interest rate swaps which are either 2 or 5 years in length. These lengths are aligned with the
fixed interest period of the loan book.
Level 3 instruments include loans and advances. The valuation of the asset is not based on observable market data
(unobservable inputs). Valuation techniques include net present value and discounted cash flow methods. The assumptions
used in such models include benchmark interest rates and borrower risk profile. The objective of the valuation techniques is
to determine a fair value that reflects the price of the financial instrument that would have been used by two counterparties
in an arm’s length transaction.
Financial instrument Valuation techniques used Significant unobservable inputs
Range
Loans and advances Discounted cash flow valuation
Prepayment Rate Probability of default
Discount Rate
2% - 14% 17% - 83%
2.3% - 12.2%
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
29
(d) Fair value reserve
Six months to 30 September 2020 Financial assets £’000
Deferred tax £’000
Fair value reserve £’000
Balance as at 1 April 2020 (9,747) 1,852 (7,895)
Movement in fair value of loans and advances at fair value through other comprehensive income
32,848 (6,241) 26,607
Gain on derecognition of interest
bearing liabilities reclassed to profit and loss
(1,361) 259 (1,102)
Cash flow hedge adjustment through other comprehensive income
(2,581) 491 (2,090)
Fair value reserve at 30 September 2020
19,159 (3,639) 15,520
Information about sensitivity to change in significant unobservable inputs
The significant unobservable inputs used in the fair value measurement of the reporting entity’s loans and advances are
prepayment rates, probability of default and discount rates. Significant increase / (decrease) in any of those inputs in isolation
would result in a lower / (higher) fair value measurement. A change in the assumption of these inputs will not correlate to a
change in the other inputs.
Sensitivity Analysis
Impact of changes in unobservable inputs Gain or loss at 30 September 2020
£’000
+5bps £’000
-5bps £’000
Prepayment rates 26,840 26,510 27,180
Discount rate 26,840 25,848 27,836
20. Derivatives held for risk management and hedge accounting
As at 30 September 2020 As at 31 March 2020
Unaudited Audited
Instrument type Asset £’000
Liability £’000
Asset £’000
Liability £’000
Interest rate swap - (15,476) - (12,993)
All derivatives are held at fair value for the purpose of managing risk exposures associated with the buy-to-let mortgage
portfolio. The net notional principal amount of the outstanding interest rate swap contracts at 30 September 2020 was
£581.4m (31 March 2020: £601.6m).
The Group incurred a net loss of £4.7m on its derivatives positions during the period. £2.6m of these losses were accumulated
in an effective cash flow hedge and therefore deferred in the cash flow hedge reserve.
£2.1m has been recorded in the consolidated statement of profit and loss as a finance expense. £1.8m of the Group’s
accumulated derivative losses was realised and settled during the period.
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
30
21. Share capital
As at 30 September 2020 number
As at 31 March 2020 number
(Unaudited) (Audited)
Issued and fully paid up
Ordinary Shares of £0.000001 each 20,973,850 21,168,175
"A" Ordinary shares of £0.000001 each 687,556 687,556
"A2" Ordinary shares of £0.000001 each 880,000 880,000
Series B1 Preferred shares of £0.000001 each 1,615,881 1,615,881
Series B2 Preferred shares of £0.000001 each 2,308,402 2,308,402
Series C Preferred shares of £0.000001 each 1,711,181 1,711,181
28,176,870 28,371,195
As at 30 September 2020 £
As at 31 March 2020 £
Issued and fully paid up (Unaudited) (Audited)
Ordinary Shares of £0.000001 each 21 21
"A" Ordinary shares of £0.000001 each 1 1
"A2" Ordinary shares of £0.000001 each 1 1
Series B1 Preferred shares of £0.000001 each 2 2
Series B2 Preferred shares of £0.000001 each 2 2
Series C Preferred shares of £0.000001 2 2
29 29
Share premium As at 30 September 2020 £
As at 31 March 2020 £
£’000 £’000
Closing balance 17,540 17,540
The balance on the share capital account represents the aggregate nominal value of all ordinary and preferred shares in
issue. There is no maximum number of shares authorised by the articles of association.
The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary
and preferred shares. All ordinary and preferred shares have a nominal value of £0.000001.
The C Preferred shares, B Preferred shares, Ordinary shares, “A” Ordinary shares and "A2" Ordinary shares shall rank pari
passu in all respects save for:
- On distribution of assets on liquidation, holders of the C Preferred shares and B Preferred shares rank ahead of
holders of the Ordinary shares.
LENDINVEST LIMITED
Interim consolidated condensed financial statements for the 6 month period to 30 September 2020
31
22. Reserves
Reserves are comprised of retained earnings and the employee share reserve. Retained earnings represent all net gains and
losses of the Group less prior period adjustments and the employee share reserve represents the fair value of share options
issued to employees but not exercised.
The fair value reserve represents movements in the fair value of the financial assets classified as FVTOCI. The movements in
fair value are a function of changes in credit spreads, interest rate curves and size of the loan portfolio. The Group has
reported significant fair value movements between the period ended 31 March 2020 and the period ended 30 September
2020. The unusually large movements are due to highly volatile credit spreads, which were driven by market reactions to
Covid-19. At the onset of the pandemic credit spreads widened driving losses in the measured fair value of the Group’s
financial assets for the period ended 31 March 2020. The stimulus programmes undertaken by governments and liquidity
injected into financial markets by central banks underpinned a recovery in market confidence resulting in spreads narrowing,
leading to significant fair value gains for the Group in the six months ended 30 September 2020.
The cash flow hedge reserve is the deferred portion of the change in the fair value of the hedging instrument that is
deemed to be effective.
23. Related party transactions
There were no related party transactions during the period to 30 September 2020 that would materially affect the position
or performance of the Group. Details of the transactions for the year ended 31 March 2020 can be found in the 2020
Annual Report.
24. Events after reporting date
In November 2020 the United Kingdom government imposed a second nationwide Covid-19 lockdown. The new restrictions
are scheduled to end on 2 December 2020 and are not as restrictive as those imposed in March 2020. The UK property
market will remain open during the second lockdown and to date the restrictions have had a minimal effect on the Group’s
operations.
The Group is deeply saddened to announce that Angelie Panteli, Chief Financial Officer, executive director and hugely
respected colleague, passed away on 30 November 2020.