RCS - Tally Central Ltd - Final Results & AGM
16/12/2022 15:15
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RNS Number : 0462K Tally Central Ltd 16 December 2022
TALLY CENTRAL LTD
("Tally" or the "Company")
Final Results & AGM
16 December 2022
Tally Central Ltd, the money innovator and developer and operator of the Tally
full-reserve non-fiat monetary system and physical-gold digital money,
tally®, is pleased to present its audited financial results for the financial
year ending 30 June 2022.
AGM
Notice of the Company's AGM has gone out to all members. The Company's AGM has
been set for Friday 30 December 2021 where, amongst other resolutions, the
accounts will be received and, if thought fit, accepted.
The notes to the financial statements are available to view in the Company's
annual report, which is available to view on the Company's website
www.tallymoney.com/investors/reports
(http://www.tallymoney.com/investors/reports)
Chief Executive Officer's Report
I am pleased to provide the following report on the financial year ended 30
June 2022 for Tally Central Ltd ("Tally Central" or "Company"). This was a
pivotal period as the Company's scope expanded from its early proof of
concept, to building out a developed vision of a MaaS (Money as a Service)
platform technology and proof of business.
Tally Central's currency product and UX (user experience) is unique for easy
access savings accounts, everyday payments, remittance and retail gold
investment. Tally Accounts are the first in the world to have individual
customer IBANs (International Bank Account Numbers) and be denominated in a
currency that is not issued by a government. Every unit of the currency
tally(®) = 1 milligram of ethically-sourced 1 kilo bars of physical gold from
LBMA (London Bullion Market Association) accredited brokers and vaulters.
The Company's gold-based full-reserve monetary system works independently to
the debt-based fiat-currency banking system, whilst operating seamlessly with
its global payments infrastructure.
During the financial year, the Company continued to grow its operational
capabilities and headcount which increased costs. Through refinements to the
B2C retail pricing model and the macroeconomic backdrop of increasing
inflation, the Company saw a significant increase over the second half of the
period in customer onboarding, account activation and deposits made. Revenues
more than doubled over the period, in part due to the introduction of one-off
account activation fees and now recognising the additional revenue stream of
margin revenue. The Company is on track to grow revenues at a higher rate
post year end. The Company made good progress during the year towards
completing negotiations to sell some of its non-current assets to convert into
current assets, which are anticipated to complete in the financial year post
the reporting period.
In addition to its core business as a Non-Bank Financial Institution and
global currency provider, Tally Central owns equity investment shares in three
companies: BaaS (Banking as a Service) fintech company Railsbank Technology
Ltd ("Railsr"), India's leading private gold exploration company Geomysore
Services India Pvt Ltd ("Geomysore"), and Finland gold exploration company
Kalevala Gold Oy ("Kalevala"). In the first half of the reporting period
Tally Central completed the sale of approximately half of its remaining
shareholding in Railsr, injecting net proceeds of £2.75m and increasing Tally
Central's total cash return from its original £1.27m investment in early 2018
to over £5 million, with approximately one quarter of the original holding
remaining.
During the period, Tally Central entered into an agreement to sell its
shareholding in Geomysore to Bombay Stock Exchange-listed Deccan Gold mines
Ltd ("Deccan") that, subject to regulatory permissions, would see Tally's
investment asset converted into Deccan shares that can be valued
mark-to-market. That transaction did not complete, however post year end the
two parties have been negotiating new terms for a transaction to complete
through a simpler and shorter process that is expected to complete within
three months of the date of this report. Tally Central has also been in
negotiations with Deccan for the sale of its shares in Finnish gold
exploration private company, Kalevala Gold Oy, and those negotiations are
ongoing.
Board changes during the period
In line with the Company's increasing need for specialist engineering
knowledge at the top level for technology strategy, build and rollout of its
platform technology "Teco" (short for Tally EcoSystem), the Company's CTO, Mr
Arun Ranganathan, was appointed to the board of Tally Central on 10 June
2022.
Mr Ranganathan joined Tally Central in January 2021 and has over twenty years
of experience in digital transformation, SaaS, mobile, banking, and payments,
across startups, scale-ups, and large corporates. His previous roles
include: CTO at Oakam, CIO at Fuel3D, and Director of Engineering at WEX.
Key financials
The loss after tax for the year was (£3,397,868) compared to a profit of
£1,293,549 for the year ending 30 June 2021.
As at 30 June 2022, the Group's cash balances of £175,800 and own gold
holdings of £137,183 totalled £312,983 (2021: £253,564).
The Company started the financial year with 668,064,392 shares in issue.
Tally issued 68,929,587 new ordinary shares at 2p each during the year
increasing the total shares on issue to 736,993,979 representing an indicative
company valuation of £14.7m at the end of the period (up 10% from £13.4m as
at 30 June 2021). The new issue of shares comprised subscriptions for £60,000
at 2p each for 3m shares, and 3m warrants at 2x the IPO price within three
years from IPO date, as part of the end of a capital raising round that
commenced prior to the start of the reporting period. In addition, the Company
issued 929,587 shares at 2p each worth a total £18,592 to three employees
following a cash bonus which was re-invested for these shares. New shares
issued during the period included an investment of £1.3m at 2p per share made
on 31 December 2021 by Yarramen Corp Limited, a company owned by the family
trust of Tally CEO & Founder, Cameron Parry, which was funded by a loan
from Tally Central repayable by 31 October 2025 with monthly interest payable
calculated at 2% p.a., for the sole purpose of participating in the placing of
65 million shares and 65 million warrants on the same terms and conditions as
Tally's other funding round completed during the reporting period. The loan is
secured by the total 100,545,988 Tally shares and 600,100 shares in Railsbank
Technology Ltd ("Railsbank") held by the CEO and his family trust.
During the reporting year, Tally Central sold 2,724,400 (27,244 pre
sub-division) Railsbank shares (30 June 2021 holding: 5,724,400 shares) for a
total gross cash consideration of $3,827,638 (£2,746,189) before costs.
The price per share achieved on the September 2021 disposal of $1.404947 was
1,112% higher than the original investment cost ($0.1263 post sub-division) in
early 2018. The Company still holds 3,000,000 of its original holding of
13,080,000 (post sub-division) shares that, based on the Company's last sale
price at a 20% discount, is shown at a current value of £2,107,440.
During the period, Tally Central Ltd entered into an agreement to sell its
shareholding in Geomysore Services (India) Pvt Ltd ("Geomysore") to Bombay
Stock Exchange-listed Deccan Gold Mines Limited ("Deccan"). However completion
did not occur under the initially proposed structure and process. Post year
end, Tally Central agreed to sell its shareholding in Geomysore to Deccan for
new ordinary shares in Deccan as part of a new transaction and completion is
expected to occur within three months of the date of this report. The value
of Tally Central Ltd's shares in Geomysore has not been revised in Tally's
balance sheet at this stage (see Note 9 for further information).
Tally Central Ltd is in talks with Deccan to acquire its shareholding in
Finnish gold exploration company Kalevala Gold Oy and an independent valuation
report is currently underway with a view to completing a sale, to be paid for
in Deccan shares, within three months of the date of this report.
The Company is continuously monitoring the rate of cash usage to ensure a
balance between investment in technology and product development, talent and
marketing, and having sufficient working capital to achieve business and
corporate objectives.
During the period Tally Central continued development of its proprietary
platform technology "Teco" as well as releasing a market leading 1-year fixed
rate savings product paying 2% p.a. on the GBP value, for the UK market.
Tally Central's AGM was held on 30 December 2021 with all resolutions
unanimously passed, including approval of the change of name from Tally Ltd
and adoption of new articles of association suitable for a standard listing of
the Company on the Main Market of the London Stock Exchange in 2023.
Investment Assets
Extract from the Tally Central Ltd balance sheet as at 30 June 2022
2022 2021
Railsbank Limited
2,107,440
5,770,181
Geomysore Services India Pvt Ltd (shown as held for
sale) 3,298,584
3,297,415
Kalevala Gold Oy (shown as held for
sale)
594,251
594,251
6,000,275 9,661,847
Outlook
We believe people should be able to hold their money in an everyday account
that maintains its value and remains in their control. This is fundamental to
individual financial health and promotes savings and productivity in society.
Since the start of 2022, inflation in the UK has climbed by 1% per month on
average and as at the date of this report, sits at around 11% (over five-fold
the central bank's 2% target). The Bank of England started raising interest
rates in an attempt to curb inflation but only at a velocity of a quarter of
rising level of inflation and as at the date of this report the official UK
bank rate was 3%. Most banks don't pass on the full interest rate to their
customers, but even if they did the real interest rate (the CPI inflation rate
less the official bank rate) is negative 8%. This is a detrimental
environment for savers. Tally offers a standalone full-reserve monetary
system using physical asset-based money, that works seamlessly with the
fractional-reserve banking system of debt-based fiat money. Tally is leading
the evolution of private sector-designed currencies available through everyday
banking accounts that is giving consumers, for the first time, a real choice
in the quality of money they can use for their savings and everyday payments.
Tally Central Ltd continues to be funded through investment capital and
generating returns on its investments. With the injection of £2.73m from the
sale of part of Tally's Railsbank shareholding during the financial year
(following the approx. £1.9m sold the previous financial year), as at the
date of this report Tally has received in cash over four times its original
£1.27m investment (completed in February 2018), and it retains circa one
quarter of its original shareholding. Since the year end, Tally Central has
successfully raised £694,000 in a pre-IPO round. Tally also holds significant
gold exploration assets that are both nearing a sale completion to convert
them from non-current assets to listed shares that can be marked-to-market as
current assets. Concurrent to this process the Company intends to continue
to raise capital pre-IPO, as part of completing a standard listing of the
Company on the London Stock Exchange in 2023.
On behalf of the Board, I would like to thank shareholders for their ongoing
support and patience as we develop Tally Central to be IPO-ready. And I'd like
to thank our team at Tally, whose efforts and commitment to our shared mission
make Tally's full-reserve monetary system and platform technology a compelling
mainstream alternative to fiat currency and the fractional-reserve banking
system.
Cameron Parry
Chief Executive Officer
15 December 2022
Board of Directors
Cameron John Parry (aged 48) (Chief Executive Officer)
Cameron Parry is the founder of the tally(®) physical gold digital currency
and asset-based full-reserve monetary system and platform technology. He is
a serial innovator and chief executive of quoted public companies who has
built numerous start-ups, private and stock market-listed companies across
industries including: financial technology, mining & exploration, life
sciences and agribusiness.
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) - which he led to become the
world's first blockchain industry company to list on a recognised investment
exchange (Dec 2015). He created the vertically integrated gold company
Lionsgold (LSE:LION), that evolved to become Tally Central Ltd and he is
Joint-CEO and a major shareholder of 36-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 Paul Joseph (aged 51) (Non-Executive Director)
Michael Joseph is a highly successful entrepreneur and the CEO of Lucida
Group, the parent company of Right Choice Insurance Brokers Ltd ("RCIB") which
he founded, growing it to over £100m per year premium income and £10m
earnings before tax. Under his leadership, the group has acquired a number
of best-in-class businesses and now employs over 600 staff, providing
insurance to in excess of 500,000 customers annually.
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 well in excess
of £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). Mr Joseph is a member of the
Bank of England, Decision Maker Panel.
Alan John Bruce Davies (aged 52) (Non-Executive Director)
Alan Davies is a renowned global executive and CEO of copper mining and
natural resources company Moxico Resources PLC and Non-Executive Director of
ASX-listed company, ioneer Limited. He is the former Chief Executive of
Energy & Minerals at FTSE-100 company, Rio Tinto PLC ("Rio Tinto"), and
has more than twenty years' experience in operational and strategic
development in the global mining industry, including over ten years of direct
project responsibility in India for Rio Tinto.
Mr Davies is a former Non-Executive Director of FTSE-100 company Rolls Royce
Holdings PLC and he holds a Bachelor of Business, Bachelor of Laws, a Master
of Laws and is a Fellow of the Chartered Accountants in Australia and New
Zealand.
Arun Ranganathan (aged 47) (Executive Director)
Arun Ranganathan is a driven platform technology developer. His expertise
spans digital transformation, SaaS, mobile, banking, and payments and he has
worked in start-ups, scale-ups and large corporates, spending years of his
career in each of Bangalore, Dublin and London. He holds a double degree from
the prestigious Birla Institute of Technology & Science in India.
Mr Ranganathan was formerly Director of Engineering at WEX and was CIO at the
Oxford University incubation project that became Fuel 3D. He was also
previously CTO at microfinance firm, Oakam, and CTO and co-founder of a
start-up targeting motorcycle enthusiasts, where he built a user platform that
leveraged facebook technology. Over his career he has gained a unique
understanding of synergies and the potential for connectivity between fintech
and social media platform services.
Directors' Report
The Directors present their report together with the consolidated financial
statements of the Group comprising Tally Central Ltd (previously Tally Ltd)
("the Company") and its subsidiaries for the year ended 30 June 2022 and the
independent auditor's report thereon.
Performance review
The Group made a total comprehensive loss of (£3,398,447) during the year
ended 30 June 2022 (2021: total comprehensive profit of £1,292,524).
Principal activities and future developments
The Group's principal activity is the provision of an asset-based
full-reserve monetary system and platform technology with a physical gold
digital currency (tally(®)). The platform enables the monetary ecosystem to
instantly and seamlessly operate with the government-issued fractional-reserve
fiat currency through mainstream banking infrastructure and point-of-sale
merchant facilities and ATMs. Tally Central Ltd is a global currency
provider and the currency tally(®) is designed for distribution as a B2B2C
product as well as offering its own retail everyday accounts operated via the
Company's smartphone app and Mastercard(® )debit card.
Subsequent events
Post year end, Tally Ltd raised an additional £694,000 in a current pre-IPO
funding round, at 3p per share, increasing the total shares on issue to
760,127,312 at the date of this report, representing a company valuation based
on 3p per share of £22.8m.
A memorandum of understanding was entered into with BSE-listed Deccan Gold
Mines Ltd on the 19(th) of October 2022, whereby Tally has agreed to sell its
810 shares in Kalevala Gold OY to Deccan Gold Mines Ltd, to be paid for by the
issuance of new fully paid ordinary shares in Deccan at a value to be
confirmed following completion of an independent valuation report. Although
there can be no guarantee of a successful completion, the sale is expected to
complete by the end of February 2023.
The Company holds 3,000,000 shares in Railsbank Technology Ltd, a UK-based
Banking-as-a-Service provider. Post year end, Railsbank completed a Series C
equity round with existing shareholders at a discount to their Series B round
in 2021, and the carrying value of the Tally's shareholding in Railsbank has
been impaired in the financials for the year ended 30 June 2022.
The board of BSE-listed Deccan Gold Mines Ltd has agreed to buy Tally's
260,648 shares in Geomysore Services (India) Pvt Ltd at 1,607 rupees each (a
24% uplift on cost price), to be paid for by the issuance of 12,666,388 new
fully paid ordinary shares in Deccan. The transaction is subject to Deccan
shareholder approval at an EGM to be held on 23 December 2022 and therefore
the value in the balance sheet is unchanged as at the year end.
As part of plans to consolidate the group structure and remove redundant
entities, the wholly owned subsidiary of TallyMoney Ltd, The Real Asset Co.
Limited, was dissolved on the 9(th) of August 2022.
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 16.
Directors' Report (Cont'd)
Accounting policies
The accounting policies of the Group as set out on pages 18 to 27 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 2022 (2021: nil).
Directors' remuneration and interests
2022 Remuneration Interests
Cash-based payments Share-based payments Shares Options
Director Totals
£ £ £ No. No.
Cameron Parry* (Chief Executive Officer) 172,939 - 172,939 100,545,988 10,000,000
Michael Joseph** - - - 53,525,000 -
Alan Davies*** - - - 14,600,000
Arun Ranganathan 149,243 20,000 169,243 566,087 -
322,182 20,000 342,182 169,237,075 10,000,000
Refer to section 13 for warrants held by Directors.
* Cameron Parry invested cash of £5,000 during the financial year for 250,000
new ordinary shares and 250,000 IPO warrants (2021: cash invested £30,000).
In addition, Yarramen Corp Limited, a company owned by the family trust of
Cameron Parry, invested £1.3m at 2p per share, which investment was funded by
a loan from Tally, for the sole purpose of participating in the placing of 65
million shares and 65 million warrants. The loan is repayable by 31 October
2025 and interest is charged on the outstanding amount at 2% p.a. and paid
monthly.
** Michael Joseph is to be paid £110,000 (including the £80,000 recorded at
year end June 2021) in shares for the 44-month period to end of June 2022 that
he acted as NED, contingent upon, and only in the event of, the Company
relisting on a recognised investment exchange, calculated at the IPO price per
share.
*** Alan Davies is to be paid £40,000 (including the £10,000 recorded at
year end June 2021) in shares for the 16-month period to end of June 2022 that
he acted as NED, contingent upon, and only in the event of, the Company
relisting on a recognised investment exchange, calculated at the IPO price per
share.
2021 Remuneration Interests
Cash-based payments Share-based payments Shares Options
Director Totals
£ £ £ No. No.
Cameron Parry* (Chief Executive Officer) 124,000 - 124,000 35,295,988 10,000,000
Ralph Hazell** 21,333 - 21,333 35,043,836 -
Michael Joseph*** - - - 53,525,000 -
Alan Davies**** - - - 14,600,000 -
145,333 - 145,333 138,464,824 10,000,000
* Cameron Parry invested cash of £30,000 during the financial year for
1,500,000 new ordinary shares and 1,500,000 IPO warrants (2020: cash
invested £50,000).
** Shares held in the name of Ralph Hazell's wife were transferred during the
period into Ralph Hazell's name.
*** Michael Joseph is to be paid £80,000 (including the £35,000 to Dec 2019
recorded at year end June 2020) in shares for the 32-month period to end of
June 2021 that he acted as NED, contingent upon, and only in the event of, the
Company relisting on a recognised investment exchange, calculated at the IPO
price per share.
**** Alan Davies is to be paid £10,000 in shares for the 4-month period to
end of June 2021 that he acted as NED, contingent upon, and only in the event
of, the Company relisting on a recognised investment exchange, calculated at
the IPO price per share.
No new options were issued during the year (2021: nil). No options were
exercised during the year (2021: nil). Refer to section 13 for new warrants
subscribed for by Directors.
Directors' Report (Cont'd)
The above remuneration relates to Tally Central Ltd Directors only. The Key
Management Personnel remuneration disclosed in Note 19 to the financial
statements includes payments to other Key Management Personnel.
Results for the year and financial position as at 30 June 2022
The Consolidated Statement of Comprehensive Income and the Consolidated
Statement of Financial Position are set out on pages 12 and 13 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:
■ select suitable accounting policies and then apply them
consistently;
■ make judgements and estimates that are reasonable and prudent;
■ state whether applicable accounting standards have been
followed, subject to any material departures disclosed and explained in the
financial statements; and
■ 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. 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.
Directors' Report (Cont'd)
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 for the financial year are
account keeping and joining/activation fees, margin revenue, mastercard
interchange revenue and interest income. The Group has incurred net operating
cash outflows for the year ended 30 June 2022 of £2,067,839 (2021: outflow of
£1,108,753). At 30 June 2022, the Group had cash of £175,800 (2021:
£200,680), gold holdings of £137,183 (2021: £52,884) and net current assets
(current assets, including cash, less current liabilities) of £3,914,734
(2021: net current assets of £445,714).
Tally Central Ltd conducted a pre-IPO capital raise of £694,000 and is
concurrently finalising terms on the sale of two of its non-core non-current
assets, being equity interests in gold exploration companies in India and
Finland, for shares in a listed entity that can be marked-to-market as current
assets and accessed to support working capital requirements if needed.
Although there can be no guarantee of a sale being completed or that the
Company will be able to raise sufficient capital pre-IPO, the Company has
historically generated sufficient working capital periodically through equity
capital raises and/or selling assets held for sale, to fund ongoing
operations.
On behalf of the Board
_____________________________________
Cameron Parry - Director
15 December 2022
Tally Central Ltd and its controlled entities
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2022
Group
Note 2022 2021
£
£
Continuing operations
Revenue 10 125,203 59,685
Administrative expenses (2,817,398) (1,649,767)
Loss from operating activities (2,692,195) (1,590,082)
Finance income 13,037 195
Finance costs 4 (30,463) (71,093)
Net financing costs (17,426) (70,898)
Share of loss of associate 8 (13,826) (30,219)
Fair value adjustment on assets held for sale 8 - (4,183)
Net (loss)/ gain on investments 8 (930,287) 3,089,935
Gain/(loss) on financial assets at fair value through profit or loss 9 101,407 (30,807)
Impairment of goodwill - (178,719)
(3,552,327) 1,185,027
Profit/(loss) before tax
5 154,459 108,522
Income tax
(3,397,868) 1,293,549
Profit/(loss) for the year
(579) (1,025)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss
Foreign exchange translation
(3,398,447) 1,292,524
Total comprehensive profit/(loss) for the year
(0.48) 0.20
Basic earnings/(loss) per share (p) 15
Diluted earnings/(loss) per share (p) 15 (0.48) 0.18
The notes on pages 18 to 48 are an integral part of the consolidated financial
statements.
Tally Central Ltd and its controlled entities
Consolidated Statement of Financial Position
as at 30 June 2022
Group
Note 2022 2021
£ £
Non-current assets
Intangible assets 6 1,303,105 1,125,621
Tangible assets 7 25,037 20,637
Right of use asset 17 143,583 59,287
Other receivables 11 1,722,500 -
Investment in associates 8 - 3,297,415
Investments at fair value through profit or loss 8 2,107,440 5,770,181
Total non-current assets 5,301,665 10,273,141
Current assets
Assets classified as held for sale 8 3,892,835 594,251
Financial assets at fair value through profit or loss 9 137,183 52,884
Trade and other receivables 11 525,356 63,802
Cash and cash equivalents 175,800 200,680
Total current assets 4,731,174 911,617
Total assets 10,032,839 11,184,758
Current liabilities
Trade and other payables 12 719,057 425,569
Lease liabilities 17 97,383 40,334
Total current liabilities 816,440 465,903
Non-current liabilities
Deferred Income 12 475,202 -
Lease liabilities 17 50,177 20,880
Total non-current liabilities 525,379 20,880
Total net assets
8,691,020 10,697,975
Equity
Share capital 14 - -
Share premium 14 32,074,279 30,699,730
Reserves 14 21,901 22,480
Share Based Payment Reserve 14 68,295 51,352
Accumulated losses (23,473,455) (20,075,587)
8,691,020 10,697,975
Total equity
These financial statements were approved by the Board of Directors on the 15
December 2022 and were signed on its behalf by:
Cameron Parry
Director
The notes on pages 18 to 48 are an integral part of the consolidated financial
statements.
Tally Central Ltd and its controlled entities
Consolidated Statement of Changes in Equity
for year ended 30 June 2022
Share capital Share premium Share based payment Foreign exchange translation reserve Shares to be issued reserve Accumulated losses Total equity
reserve
£ £ £ £ £ £ £
Balance at 30 June 2021 - 30,699,730 51,352 22,480 - (20,075,587) 10,697,975
Loss for the year - - - - - (3,397,868) (3,397,868)
Other comprehensive loss - foreign exchange translation - - - (579) - (579)
-
Total comprehensive income for the year - - - (579) (3,397,868) (3,398,447)
-
Issue of shares - 1,378,592 - - - - 1,378,592
Cost of issue - (3,300) - - - - (3,300)
Issue of warrants - (743) 16,943 - - - 16,200
Total contributions by and distributions to owners - 1,374,549 16,943 - - 1,391,492
-
Balance at 30 June 2022 - 32,074,279 68,295 21,901 - (23,473,455) 8,691,020
The notes on pages 18 to 48 are an integral part of the consolidated financial
statements.
Tally Central Ltd and its controlled entities
Consolidated Statement of Changes in Equity
for year ended 30 June 2021
Share capital Share premium Share based payment Foreign exchange translation reserve Shares to be issued reserve Accumulated losses Total equity
reserve
£ £ £ £ £ £ £
Balance at 30 June 2020 - 30,017,276 - 23,505 - (21,369,136) 8,671,645
Profit for the year - - - - - 1,293,549 1,293,549
Other comprehensive loss - foreign exchange translation - - - (1,025) - (1,025)
-
Total comprehensive income for the year - - - (1,025) 1,293,549 1,292,524
-
Issue of shares - 714,133 - - - - 714,133
Cost of issue - (25,200) - - - - (25,200)
Issue of warrants - (6,479) 51,352 - - - 44,873
Total contributions by and distributions to owners - 682,454 51,352 - - 733,806
-
Balance at 30 June 2021 - 30,699,730 51,352 22,480 - (20,075,587) 10,697,975
The notes on pages 18 to 48 are an integral part of the consolidated financial
statements.
Tally Central Ltd and its controlled entities
Consolidated Statement of Cash Flows
For the year ended 30 June 2022
Note 2022 2021
£ £
Cash flows from operating activities
Profit/(loss) for the year (3,397,868) 1,293,549
Adjustments for:
Depreciation 7,17 104,524 44,698
Amortisation 6 465,116 289,540
Share of loss of associate 8 13,826 30,219
Fair value adjustment 8 - 4,183
Fair value movement on investments and financial assets 8,9 828,880 (3,059,128)
Share based payments to consultants / employee 13 16,200 49,873
Net financing charge 4 17,426 70,898
Impairment of goodwill - 178,719
Foreign exchange variances (579) (1,025)
Operating loss before changes in working capital and provisions (1,952,475) (1,098,474)
Change in trade and other receivables 11 (884,054) 9,014
Change in trade and other payables 12 768,690 (19,293)
Net cash used in operating activities (2,067,839) (1,108,753)
Cash flows from investing activities
Net financing charge (17,426) (70,898)
Acquisition of intangible assets 6 (642,600) (500,929)
Acquisition of tangible assets 7 (13,203) (14,624)
Acquisition of financial assets at fair value 9 17,108 (23,104)
Investments in assets classified as held for sale / associates 8 (14,995) (35,100)
Exceptional costs 8 (13,735) (28,859)
Disposal of investments at fair value 8 2,746,189 1,923,927
Net cash from investing activities 2,061,338 1,250,413
Cash flows from financing activities
Proceeds from the issue of shares 14 78,592 573,041
Cost of issue 14 (3,300) (25,200)
Repayment of loan facility - (506,250)
Repayment of lease liabilities 17 (93,671) (38,507)
Net cash from financing activities (18,379) 3,084
(24,880) 144,744
Net increase/(decrease) in cash and cash equivalents
200,680 55,936
Cash and cash equivalents at 1 July
175,800 200,680
Cash and cash equivalents at 30 June
Significant non-cash transactions
Yarramen Corp Limited, a company owned by the family trust of Cameron Parry,
invested £1.3m at 2p per share, which investment was funded by a loan from
Tally and secured by the CEO's total share and warrant holdings in the
company, along with his entire holding of Railsbank shares, for the sole
purpose of participating in the placing of 65 million shares and 65 million
warrants.
The notes on pages 18 to 48 are an integral part of the consolidated financial
statements.
The notes to the financial statements are available to view in the Company's
annual report, which is available to view on the Company's website
www.tallymoney.com/investors/reports
(http://www.tallymoney.com/investors/reports)
For further information or to register for the Company's online monthly
shareholder Q&A events, please contact our office via
corporate@tallymoney.com (mailto:corporate@tallymoney.com)
Enquiries:
Cameron Parry (Chief Executive Officer) Tel: +44 (0)20 3490 6210
corporate@tallymoney.com (mailto:corporate@tallymoney.com) www.tallymoney.com (http://www.tallymoney.com)
About TALLY
· Tally Central Ltd is the monetary authority and innovator behind
the full-reserve payments platform and physical-asset digital money, tally®,
that operates seamlessly with government-issued fiat currency (e.g. pounds,
euros, dollars) and the fractional-reserve banking network.
· Each unit of tally® = 1 milligram of LBMA-accredited gold vaulted in
Switzerland with Brinks® on behalf of the customer and utilised by the
customer via their Tally Account with individual IBAN (International Bank
Account Number) and contactless Tally debit Mastercard®.
· tally® is not a fiat currency and tally® is not a
cryptocurrency.
· Tally's platform technology enables customers to use physical
gold as spendable money and save, send and spend physical asset value in
real time.
· 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 App is available on iPhone and Android by searching
TallyMoney on the Apple App Store or Google Play Store.
· Tally Central Ltd currently holds shares as investment assets in
UK-based Banking-as-a-Service fintech Railsbank Technology Ltd, India's
leading private gold exploration company Geomysore Services (India) Pvt Ltd
and Finland gold exploration joint venture company Kalevala Gold Oy.
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