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Statement of Financial Position Contents
Financial For the year ended 31 December Note 2021 2020
Contents
£’000
Statements Assets 13 240,158 190,962 Strategic Report
Cash and balances at central banks
Loans and advances to banks 14 12,293 9,687
Debt securities 17 37,137 38,044
Loans and advances to customers 15 977,834 828,380
Derivative financial assets 21 – 9
Statement of Profit or Loss and Other Comprehensive Income Other assets and prepayments 20 2,091 1,431
For the year ended 31 December Property plant and equipment 18 2,587 2,934 Corporate Governance Statement
Intangible assets 19 1,589 1,567
Current tax asset 407 522
£’000 Note 2021 2020
Deferred taxation 12 775 725
Interest income calculated using the effective interest rate 6 55,335 50,897
Total assets 1,274,871 1,074,261
Interest expense 6 (10,408) (12,785)
Net interest income 44,927 38,112
Liabilities
Other income 7 23 30
Customers’ accounts 22 1,025,520 917,215
Total operating income 44,950 38,142
Central Bank facilities 23 78,000 –
Administrative expenses 9 (21,965) (20,236) Independent Auditor’s Report
Derivative financial liabilities 21 254 –
Depreciation and amortisation 18,19 (971) (932)
Other liabilities and accruals 24 7,280 6,911
Operating profit before impairment losses 22,014 16,974
Total liabilities 1,111,054 924,126
Impairment losses on loans and advances to customers 16 (3,524) (5,813)
Profit before tax 18,490 11,161
Equity
Taxation charge 12 (3,024) (1,763)
Share capital 25 44,955 44,955
Profit after tax 15,466 9,398
Convertible loan notes 25 22,900 22,900
Fair value through other comprehensive income reserve 25 (475) 26 Financial Statements
Other comprehensive income
Retained earnings 96,437 82,254
Items that are or may be reclassified subsequently to profit or loss
Total equity 163,817 150,135
Fair value through other comprehensive income: Debt securities (501) 24
Fair value through other comprehensive income – net change in value 25 (411) 29
Total liabilities and equity 1,274,871 1,074,261
Related tax 25 (90) (5)
Total other comprehensive income (501) 24
These financial statements were approved by the Board of Directors on 12 April 2022
and were signed on its behalf by:
Total comprehensive income attributable to owners of the Bank 14,964 9,422 Notes to the Financial Statements
Donald Kerr
Chief Executive Officer
All profit for the year arises from continuing operations. Company registered number: 07972522
The Notes on pages 90 - 126 are an integral part of these financial statements. The Notes on pages 90 - 126 are an integral part of these financial statements.