RCS - Tally Ltd - Final Results
TALLY LTD
("TALLY" or the "Company")
Final Results
28 April 2020
TALLY LTD, the money innovator and digital Non-Bank Financial Institution ("NBFI") that developed the full reserve banking platform and physical asset currency, Tally®, is pleased to announce its audited final results for the financial year ending 30 June 2019.
Chief Executive Officer's Report
I am pleased to provide the following report to the Shareholders of Tally Ltd (formerly named Lionsgold Limited) for the financial year 1 July 2018 to 30 June 2019.
During calendar years 2017 and 2018, the Company's financial technology vision continued to evolve beyond designing an asset-based challenger currency, and into a full-reserve banking platform and standalone monetary system. The initial (proof-of-concept) Tally® banking app was released for UK residents on 10 June 2019 and solidified the Company's strategic transition to be a digital Non-Bank Financial Institution ("NBFI") and money innovator.
Tally® is a category creator and potential disruptor to the digital banking space. Tally® uses physical gold, held outside of the banking system, as an anchor to an accountable money supply that operates seamlessly with the existing global banking infrastructure through individually issued banking accounts (and contactless debit cards). Tally® is the name of the unit of currency and the banking platform. 1 Tally® = 1 milligram of physical gold, ethically sourced and securely vaulted in Switzerland, with platform operations and development in London. As Tally® is tied to the global gold price, the value of Tally® is protected from inflation, bank lending risk and insulated from economic and political uncertainty; whilst keeping the convenience and familiarity of an everyday bank savings account. Important to note, Tally® is not a cryptocurrency. It is a new category of money.
"Tally" is a real word that is both a noun and a verb, that refers to a unit, a ledger, a measurement of account and the action to count up, to correspond and to agree. It is still used in the modern vernacular and can be used in the singular or plural form, as a unit of one, or a group of many. All of these factors made it congruent with a real (tangible) asset currency, and with the potential to be mass adopted and understood as money like the words: dollar, pound and euro.
Tally® delivers choice. Consumers may use Tally® or opt for their local fiat currency (or hold both), but now they have an alternative money available for savings, travelling and everyday banking.
In addition to its core business, during the financial year the Company maintained its exposure to interests in a digital banking and compliance API (Application Programming Interface) provider, and exploration and mining projects, through its holdings in Railsbank Technology Ltd, Geomysore Services India Pvt Ltd and Kalevala Gold Oy. Subsequent to the year-end, the Company has implemented a strategy of divesting or otherwise converting these non-core holdings, in whole or in part, to liquid assets that can be applied to the business growth of Tally®.
Board changes during the period
On 13 July 2018, Mr David Price resigned as Non-Executive Chairman and Mr Michael Corcoran was appointed as Non-Executive Director and Interim Chairman. On 9 November 2018, Mr Michael Joseph was appointed to the board as Non-Executive Director.
Subsequent to the year-end, Dr Hanuma Prasad (30 September 2019) and Mr Michael Corcoran (30 December 2019) resigned as Non-Executive Directors. On 30 December 2019, Mr Ralph Hazell (Chief Platform Officer) was appointed as an Executive Director.
Key financials
The loss after tax for the year was £408,593 compared to £865,907 for the year to June 2018.
As at 30 June 2019, the Group's cash balances were £99,230 (2018: £195,757).
The Company started the financial year (1 July 2018) with 512,459,296 shares in issue. During the financial year, the Company received exercise notices for 56,181,818 warrants issued from past placings at an exercise price of 1.2p and 2.2p per share respectively, raising £756,000. Additionally, 20,000,000 shares were allotted with respect to warrants exercised in June 2018. After taking into account these movements, the total shares in issue as at the balance sheet date was 588,641,114.
The Group is continuously monitoring the rate of cash usage to ensure a balance between investment in technology, talent and marketing, and having sufficient working capital to achieve business objectives.
Outlook
Tally Ltd released its proof-of-concept ("POC") banking app in June 2019. Subsequent to its launch, the platform has been redesigned and the product rebuilt for better robustness, scalability and functionality development. Version 2.0 was released to the UK on 27 January 2020. The platform now incorporates best-in-class KYC, AML and fraud prevention processes. And Tally® banking accounts are connected to the UK Faster Payments and EU SEPA networks. The backend architecture of the banking platform has also now been redesigned and a new back end is currently being completed to enhance scalability, security, processing speed and development capability.
As a category creator (a new form of money that is not a fiat currency, nor a cryptocurrency) the Company has had to methodically test its messaging and positioning since release of its POC app. Following release of App 2.0 the Company initiated multiple pre-planned marketing strategies with a limited budget and in mid-February an important moment occurred.
Over the 19th and 20th of February, there were more than 7,000 downloads of the Tally® App 2.0 and customer numbers jumped from the prior base of approximately 1,500 accounts, to over 5,000 within two days. Tally's App also achieved a top 10 ranking of finance apps, between Monzo® and Revolut®. This demonstrated the potential for viral customer growth.
The volume of demand for the particular promotion was so great that the Company turned off the offer after 30 hours, to manage its cash resources and to monitor new customer behaviour and analyse customer retention and account usage. It was also a great test of the robustness and capacity of Tally's product frontend, platform backend, and our integrated technology partners.
Tally Ltd is now at the stage where it has delivered its innovative banking proposition as a scalable product, connected the UK Faster Payments Network with best-in-class compliance, and Tally Ltd has evidenced rapid uptake of its retail banking offering in its inaugural jurisdiction. The Company's focus is now on monetising its non-core non-current assets and raising new equity capital to apply to customer growth, adding jurisdictions, ongoing tech development and expanding operations.
The COVID-19 coronavirus disease has understandably caused worldwide concern and uncertainty, and it is having a severe impact on the economy generally. This has created some unexpected challenges for Tally Ltd growing its business, such as a tightening of the global physical gold supply, and the fact Tally Ltd is funded in the early stages primarily through investment capital, including a corporate strategy that includes listing the Company's shares on a public stock market. Tally has implemented its business continuity plan to ensure the smooth operation of its full reserve banking platform during this pandemic. We are fortunate that as a digital NBFI most of Tally's business activities are carried out digitally, and with the necessary technology put in place, this has enabled our team to work remotely without disrupting services for our customers.
Regardless of where they are working from, the Tally Ltd team is well-organised and will continue to provide access to Tally® and support our customers' needs. And we are aware that Tally Ltd delivers an important product that is likely to grow in need for many people as the financial effects of the coronavirus and central bank countermeasures are increasingly felt.
Tally® has been developed by the people, for the people. As part of the democratisation of money, Tally Ltd aims to give the public access to the equity of the Company as a publicly trading stock. As part of the development of Tally's multi-jurisdictional B2B2C model and in the lead up to seeing the Company's shares admitted to trading, the Board is expected to be further augmented along with the operational team.
On behalf of the Board I would like to thank all of our shareholders for their patience as the Company has transformed into a money innovator and NBFI, delivering asset-based money and full-reserve banking that the mainstream public can use for their savings and spending, at home and abroad.
Cameron Parry
Chief Executive Officer
27 April 2020
Board of Directors
Cameron Parry (aged 45) (Chief Executive Officer)
Cameron Parry is a serial innovator and chief executive of quoted public companies in both the fintech and mining sectors. He is the co-founder of the Tally® full-reserve banking platform and asset-based currency and was the founder of the vertically integrated gold company Lionsgold (LSE:LION), that became Tally Ltd.
Mr Parry was the founder and inaugural CEO of natural resources investing company Metal Tiger PLC (LSE: MTR) and co-founder and inaugural Executive Chairman of Coinsilium Group Ltd (NEX: COIN) - the world's first blockchain fintech company to list on a recognised investment exchange (Dec 2015). He is also Joint-CEO and major shareholder of 33-year old London Stockbroking firm, First Equity Limited. First Equity is regulated by the Financial Conduct Authority ("FCA" Licence No. 124394) and Mr Parry is an FCA-approved person for relevant control functions (FCA reference number CJP01234).
Michael Joseph (aged 48) (Non-Executive Director)
Michael Joseph is a highly successful entrepreneur and the Managing Director of Right Choice Insurance Brokers Limited ("RCIB") - a company he founded and commenced trading in 2008 which has grown year on year, now employing circa 400 people, with over 300,000 customers currently, and in its full year financials ending 31 December 2018, had turnover of approximately £28m generating £7.5m in earnings before tax for the 12-month period.
RCIB's business is underpinned by its own purpose-built data technology platform and the competitive advantage it delivers. In June 2018, Lloyds Bank private equity division ("LDC") invested £28m at a valuation over £100m. RCIB is regulated by the Financial Conduct Authority ("FCA" reference number 475620) and Mr Joseph is an FCA-approved person for relevant control functions (FCA reference number 01051).
Ralph Hazell (aged 48) (Executive Director)
Ralph Hazell is co-Founder of the Tally® full-reserve banking platform. He is a director of Tally Ltd's UK-incorporated wholly owned subsidiary TallyMoney Ltd and its subsidiary company, The Real Asset Co. Limited.
Mr Hazell's background includes being a trader and market maker in the fixed income and commodity markets. He was a founding partner of Jebel Tariq Trading in Dubai, which was the first company to automate market making in gold futures on the DGCX (Dubai Gold and Commodities exchange). He was the founder of MoneySwap, a P2P currency exchange, which ended up being listed on AIM in 2011. He is co-Founder of The Real Asset Company - an online retail gold and silver exchange for individuals to conveniently trade and hold gold - and is the author of "The Decentralised Renaissance - how the reinvention of money will kickstart a new economic and cultural era".
Directors' Report
The Directors present their report together with the consolidated financial statements of the Group comprising Tally Ltd (the Company) and its subsidiaries for the year ended 30 June 2019 and the independent auditor's report thereon.
Performance review
The Group made a total comprehensive loss of £399,040 during the year ended 30 June 2019 (2018: total comprehensive loss of £832,272).
Principal activities and future developments
The Group's principal activity is the provision of a full reserve banking platform and independent monetary system with an asset-based challenger currency (Tally®). The platform instantly and seamlessly operates with government-issued fractional-reserve fiat currency. Tally is designed for distribution as a B2B product as well as offering its own retail banking account operated via a mobile phone banking app and contactless Mastercard® debit card.
Subsequent events
In July 2019, the Company raised £655,000 through the placing of 43,666,667 new ordinary shares at 1.5p per share (of which Directors Mr Cameron Parry and Mr Michael Joseph contributed £50,000 and £75,000 respectively). Additionally, 47,200,000 warrants for new ordinary shares were issued, each exercisable at 150% of the Company's Initial Public Offering (IPO) price with a term of two years from the IPO. Following the placing, the total number of shares in issue increased to 632,307,781.
In January 2020 the sale of approximately one-quarter of the Company's shareholding in Railsbank Technology Ltd was completed for £500,000.
On 30 September 2019, Dr Hanuma Prasad resigned as Non-Executive Director of the Company. On 30 December 2019, Mr Michael Corcoran stepped down as a Non-Executive Director of the Company and Mr Ralph Hazell was appointed as a Director.
In the first quarter of calendar year 2020, the coronavirus pandemic swept the globe and has disrupted global markets and economies the world over. Aside from the tragic loss of life already and in future due to the COVID-19 disease, this unprecedented event and the ongoing paradigm-shift to people's working environment and limited social behaviour will raise unforeseen challenges for businesses.
Tally Ltd will need to be able to adapt to this changing environment, however it is fortunate the Company is digitally native and operates in an industry that should continue to develop during these times. The two components of Tally's offering that requires physical application are: (a) relying on a service provider for the moving of physical gold (as and when required), and (b) for the production and mailout of physical Tally® debit Mastercards. The Board considers that both of these elements are manageable and are not expected to cause disruption. It is possible a lack of global supply of physical gold may curtail the speed of expansion of the Tally® monetary supply, but in that situation the value of the total Tally® in circulation will likely be increasing in value against the local fiat currency (e.g. pounds sterling, euros, dollars), and demand can be fulfilled, albeit with some possible delay in converting new deposits into Tally®. As far as printing and posting physical cards, if needed, Tally Ltd could work with its technology partners to offer the Tally® debit card to be accessed on people's smartphones through Apple Pay® and Google Pay®.
No further subsequent events took place which require disclosure in these consolidated financial statements.
Principal risks and uncertainties
The Group is exposed to a variety of financial risks including foreign exchange risk, market risk, liquidity risk, tax risk and credit risk. These risks are discussed in detail in Note 2.
Financial instruments and associated risks
The Board of Directors is committed to effective risk management and is responsible for ensuring that the Group has an appropriate framework in place to identify and effectively manage business risks and to monitor business performance and the Group's financial position. The Board is also responsible for overseeing compliance with regulatory, prudential, legal and ethical standards. These risks are discussed in detail in Note 15.
Accounting policies
The accounting policies of the Group as set out on pages 17 to 26 have been applied consistently during the year.
Dividends
No dividends have been paid and the Directors do not recommend the declaration of a dividend for the year ended 30 June 2019 (2018: nil).
Directors' remuneration and interests
2019
Remuneration
Interests
Director
Cash-based payments
Share-based payments
Totals
Shares
Options
£
£
£
No.
No.
Cameron Parry* (Chief Executive Officer)
180,000
-
180,000
30,462,655
10,000,000
Ralph Hazell
80,000
-
80,000
30,941,455
-
Hanuma Prasad
23,888
-
23,888
-
-
Michael Corcoran=
-
-
-
454,546
-
Michael Joseph#
-
-
-
48,525,000
-
David Price
-
-
-
500,000
-
283,888
-
283,333
110,883,656
10,000,000
* Cameron Parry invested cash of £90,000 during the financial year for new ordinary shares, including the exercise of 5 million warrants on 29 June 2018 (2018: cash invested £90,412).
= Michael Corcoran is to be paid £30,000 in shares for the financial year contingent upon, and only in the event of, the Company relisting on a recognised investment exchange, calculated at the IPO price per share.
# Michael Joseph is to be paid £20,000 in shares for the financial year contingent upon, and only in the event of, the Company relisting on a recognised investment exchange, calculated at the IPO price per share.
In July 2018, Cameron Parry was issued with 5,000,000 shares from the exercise of 5,000,000 1.2p warrants and in December 2018 Cameron Parry exercised a further 2,500,000 1.2p warrants to subscribe for 2,500,000 New Ordinary Shares. In December 2018 Ralph Hazell exercised 1,000,000 1.2p warrants to subscribe for 1,000,000 New Ordinary Shares. In connection with these warrants exercised, the Company advanced short-term loans to Cameron Parry and Ralph Hazell of £90,000 and £18,000 respectively during the financial year. These loans bore interest at a rate of 2.5%. The loans were fully repaid by 30 June 2019.
In October 2018 Michael Joseph exercised 22,125,000 1.2p warrants to subscribe for 22,125,000 New Ordinary Shares and in December 2018 exercised 20,000,000 1.2p warrants for 20,000,000 New Ordinary Shares.
2018
Remuneration
Interests
Director
Cash-based payments
Share-based payments
Totals
Shares
Options
£
£
£
No.
No.
Cameron Parry* (Chief Executive Officer)
175,500
-
175,500
27,962,655
10,000,000
Luke Cairns
24,000
-
24,000
-
2,000,000
Hanuma Prasad
36,378
-
36,378
-
1,800,000
David Price
14,000
4,000
18,000
500,000
-
249,878
4,000
253,878
28,462,655
13,800,000
* Cameron Parry invested cash of £90,412 during the 2018 financial year for new ordinary shares (2017: £110,000 being £55,000 invested cash and £55,000 in new shares in lieu of cash salary).
No new options were issued during the year (2018: nil). Hanuma Prasad's 1,800,000 options and Luke Cairns remaining 2,000,000 options expired without exercise on 31 December 2019. The Board resolved to extend the expiry date of Cameron Parry's existing 10,000,000 options, exercisable at 2.2p each, to 31 December 2022 subject to only being capable of exercise from the date the Company's shares recommence trading on a recognised investment exchange. No options were exercised during the year (2018: 6,000,000 options were exercised for proceeds of £132,000).
The above remuneration relates to Tally Ltd Directors only. The Key Management Personnel remuneration disclosed in Note 17 to the financial statements has been calculated on a consolidated basis and includes payments to other Key Management Personnel. Hanuma Prasad, non-executive director of the Company, received £20,475 in professional and consultancy fees from Geomysore during the year to 30 June 2019 (2018: £35,417).
Results for the year and financial position as at 30 June 2019
The Consolidated Statement of Comprehensive Income and the Consolidated Statement of Financial Position are set out on pages 11 and 12 of the financial statements.
Accounting records
The Directors believe that they have complied with the requirements of Section 244 of the Companies (Guernsey) Law 2008, as amended with regards to the financial statements by employing appropriate expertise and providing adequate resources to the financial function within the Group.
Statement of Directors' responsibilities
The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Companies (Guernsey) Law 2008, as amended require the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards as adopted by the EU and applicable law.
The financial statements are required by law to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for the year.
In preparing these financial statements, the Directors are required to:
n select suitable accounting policies and then apply them consistently;
n make judgements and estimates that are reasonable and prudent;
n state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
n prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the financial statements comply with the Companies (Guernsey) Law 2008, as amended and the AIM rules. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.
Directors' confirmation
The Directors confirm that they have complied with the requirements in preparation of the financial statements as at the date of approval of this report. So far as the Directors who held office at the date of approval of this Directors' Report are aware, there is no relevant audit information of which the Group's auditor is unaware, having taken all the steps the Directors ought to have taken to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information.
Going concern
These financial statements have been prepared on the basis of accounting principles applicable to a going concern. The Directors consider that the Group will have access to adequate resources, as set out below, to meet operational requirements for at least 12 months from the date of approval of these financial statements as well as the Group's remaining commitments to investments. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The Group's source of operating cash inflows is currently revenue generated through the subscription-model monthly account-keeping fees of its retail banking account offering. The Group has incurred net operating cash outflows for the year ended 30 June 2019 of £629,336 (2018: outflow of £623,349). At 30 June 2019, the Group had cash and cash equivalents of £99,230 (2018: £195,757) and net current liabilities (current assets, including cash, less current liabilities) of £283,249 (2018: net current assets of £336,020).
Tally Ltd completed a pre-Series A round of funding in July 2019 raising a total of £655,000 at 1.5p per share, of which the Board contributed £125,000. In January 2020, the Company completed the sale of one-quarter of its shareholding in Railsbank Technology Ltd for £500,000.
Tally Ltd has historically raised equity capital periodically to fund operations and the Board intends to continue to raise further funds through the issue of new ordinary shares. Concurrent to pursuing new equity capital, the Company is investigating opportunities for the monetisation of its non-core non-current assets, being equity interests in gold exploration companies in India and Finland, and selling part or all of the balance of its Railsbank shareholding. The impact of Covid-19 on these future capital injections is unknown and discussed further in note 1.3.
On behalf of the Board
_____________________________________
Cameron Parry - Director
27 April 2020
Tally Ltd and its controlled entities
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2019
Group
Note
2019
£2018
£Continuing operations
Revenue
36,420
40,802
Administrative expenses
(1,173,780)
(744,992)
Loss from operating activities
(1,137,360)
(704,190)
Finance income
1,445
43
Finance costs
(5,645)
(3,483)
Net financing costs
4
(4,200)
(3,440)
Share of loss of associate
8
(66,889)
(116,220)
Loss on disposal of associate
-
(42,057)
Gains on investments at fair value through profit or loss
8,9
799,856
-
Loss before tax
(408,593)
(865,907)
Income tax
5
-
-
Loss for the year
(408,593)
(865,907)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss
Foreign exchange translation
9,553
33,635
Total comprehensive loss for the year
(399,040)
(832,272)
Basic and diluted earnings per share (p)
14
(0.07)
(0.24)
Loss attributable to:
Owners of the parent
(408,593)
(851,363)
Non-controlling interest
-
(14,544)
(408,593)
(865,907)
Total comprehensive loss attributable to:
Owners of the parent
(399,040)
(817,728)
Non-controlling interest
-
(14,544)
(399,040)
(832,272)
Tally Ltd and its controlled entities
Consolidated Statement of Financial Position
as at 30 June 2019
Group
Note
2019
£
2018
£
Non-current assets
Intangible assets
6
741,215
405,159
Tangible assets
7
12,943
-
Investments at fair value through profit or loss
8
2,062,715
1,270,997
Investment in associates accounted for using the equity method
8
3,955,330
3,899,218
Total non-current assets
6,772,203
5,575,374
Current assets
Financial assets at fair value through profit or loss
9
27,644
60,847
Trade and other receivables
10
78,054
214,003
Cash and cash equivalents
99,230
195,757
Total current assets
204,928
470,607
Total assets
6,977,131
6,045,981
Current liabilities
Trade and other payables
11
488,177
134,587
Total current liabilities
488,177
134,587
Total net assets
6,488,954
5,911,394
Equity
Share capital
13
-
-
Share premium
13
29,394,063
28,375,551
Reserves
13
264,030
296,389
Accumulated losses
13
(23,169,139)
(22,760,546)
Total equity
6,488,954
5,911,394
These financial statements were approved by the Board of Directors on the 27 April 2020 and were signed on its behalf by:
_______________________
Cameron Parry
Director
Tally Ltd and its controlled entities
Consolidated Statement of Changes in Equity
for year ended 30 June 2019
Attributable to owners of the parent
Share capital
Share premium
Share based payment
reserve
Foreign exchange translation reserve
Shares to be issued reserve
Accumulated losses
Total
Non-controlling interest
Total equity
£
£
£
£
£
£
£
£
£
Balance at 30 June 2018
-
28,375,551
36,925
19,464
240,000
(22,760,546)
5,911,394
-
5,911,394
Loss for the year
-
-
-
-
-
(408,593)
(408,593)
-
(408,593)
Other comprehensive loss - foreign exchange translation
-
-
-
9,553
-
-
9,553
-
9,553
Total comprehensive loss for the year
-
-
-
9,553
-
(408,593)
(399,040)
-
(399,040)
Issue of shares
-
756,000
-
-
235,000
-
991,000
-
991,000
Cost of issue
-
(14,400)
-
-
-
-
(14,400)
-
(14,400)
Issue of shares paid in prior periods
-
240,000
-
-
(240,000)
-
-
-
-
Exercise/expiration of warrants
-
36,912
(36,912)
-
-
-
-
-
-
Total contributions by and distributions to owners
-
1,018,512
(36,912)
-
(5,000)
-
976,600
-
976,600
Balance at 30 June 2019
-
29,394,063
13
29,017
235,000
(23,169,139)
6,488,954
-
6,488,954
Tally Ltd and its controlled entities
Consolidated Statement of Changes in Equity
for year ended 30 June 2018
Attributable to owners of the parent
Share capital
Share premium
Share based payment
reserve
Foreign exchange translation reserve
Shares to be issued reserve
Accumulated losses
Total
Non-controlling interest
Total equity
£
£
£
£
£
£
£
£
£
Balance at 30 June 2017
-
24,588,942
61,914
(14,171)
-
(20,678,814)
3,957,871
-
3,957,871
Loss for the year
-
-
-
-
-
(851,363)
(851,363)
(14,544)
(865,907)
Other comprehensive loss - foreign exchange translation
-
-
-
33,635
-
-
33,635
-
33,635
Total comprehensive loss for the year
-
-
-
33,635
-
(851,363)
(817,728)
(14,544)
(832,272)
Issue of shares
-
3,790,409
-
-
240,000
-
4,030,409
-
4,030,409
Cost of issue
-
(3,800)
-
-
-
-
(3,800)
-
(3,800)
Acquisition of non-controlling interest
-
-
-
-
-
(1,255,358)
(1,255,358)
(94,250)
(1,349,608)
Disposal of non-controlling interest
-
-
-
-
-
-
-
108,794
108,794
Exercise of warrants
-
-
(24,989)
-
-
24,989
-
-
-
Total contributions by and distributions to owners
-
3,786,609
(24,989)
-
240,000
(1,230,369)
2,771,251
14,544
2,785,795
Balance at 30 June 2018
-
28,375,551
36,925
19,464
240,000
(22,760,546)
5,911,394
-
5,911,394
Tally Ltd and its controlled entities
Consolidated Statement of Cash Flows
For the year ended 30 June 2019
Note
2019
2018
£
£
Cash flows from operating activities
Loss for the year
(408,593)
(865,907)
Adjustments for:
Depreciation
534
-
Amortisation
260
-
Share based payment
-
44,000
Share of loss of associate
66,889
116,220
Loss on disposal of associate
-
42,057
Fair value movement on financial assets
(791,718)
653
Net financing charge
4,200
3,440
Foreign exchange variances
9,553
-
Operating loss before changes in working capital and provisions
(1,118,875)
(659,537)
Change in trade and other receivables
135,949
7,661
Change in trade and other payables
353,590
28,527
Net cash used in operating activities
(629,336)
(623,349)
Cash flows from investing activities
Net financing charge
(4,200)
(3,440)
Funds movement in term deposit account
-
71,435
Acquisition of subsidiaries net of cash acquired
-
(173,216)
Payments to investments in associates
8
(123,001)
(643,429)
Acquisition of investments
-
(1,270,997))
Acquisition of intangible assets
6
(336,316)
(226,440)
Acquisition of tangible assets
7
(13,477)
-
Acquisition of financial assets at fair value
9
-
(61,500)
Disposal of financial assets at fair value
9
33,203
-
Net cash used in investing activities
(443,791)
(2,307,587)
Cash flows from financing activities
Proceeds from the issue of shares
991,000
2,636,800
Cost of issue
(14,400)
(3,800)
Net cash from financing activities
976,600
2,633,000
Net decrease in cash and cash equivalents
(96,527)
(297,936)
Foreign exchange on cash balances
-
-
Cash and cash equivalents at 1 July
195,757
493,693
Cash and cash equivalents at 30 June
99,230
195,757
The notes to the financial statements are are available to view in the Company's annual report, which will be available to view on the Company's website from 29 April 2020.
For further information or if shareholders have any queries, please contact our office via corporate@tallymoney.com
Enquiries:
Cameron Parry (Chief Executive Officer)
Tel: +44 (0)20 3490 6210
About TALLY
· TALLY is the innovator of Tally® - a 100%-reserve banking platform and physical asset currency designed by the private sector, that operates seamlessly with the government fiat currency and fractional-reserve banking system.
· Each unit of Tally® is one milligram of LBMA-accredited gold held by the customer and utilised via their individually issued banking account and contactless debit card.
· Tally® is not a fiat currency and Tally® is not a cryptocurrency.
· The Tally® banking platform connects physical asset ownership to the global banking system and enables instant liquidity.
· TALLY's wholly owned UK subsidiary company, TallyMoney Ltd, is a recognised E-Money Directive Agent (FCA Ref. No. 902059) under Financial Conduct Authority-licensed E-Money Institution, PayrNet Limited (FCA Ref No. 900594).
· The Tally® banking App is available on iPhone and Android by searching TallyMoney on the Apple App Store or Google Play Store.
· TALLY also has significant investment ownership in financial technology company Railsbank Technology Ltd, leading India gold exploration company Geomysore Services India Pte Ltd (22%) and Finland gold exploration joint venture company Kalevala Gold Oy (32%).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDNRAKKFBBOBKDDQB
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