REG - LendInvest SI. II LendInvest - LIV3 LendInvest - LIV4 - LISI 2 Interim Results September 2024
09/12/2024 08:15
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RNS Number : 2201P LendInvest Secured Income II 09 December 2024
LENDINVEST SECURED INCOME II PLC
Interim financial statements for the
6 month period ended 30 September 2024
Company registration number: 14068186
CONTENTS
OFFICERS AND PROFESSIONAL
ADVISORS
1
DIRECTORS'
REPORT
2
INDEPENDENT REVIEW REPORT TO LENDINVEST SECURED INCOME II
PLC
5
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS
7
CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
8
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
9
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
10
CONDENSED INTERIM STATEMENT OF CASH
FLOWS
11
NOTES TO THE CONDENSED INTERIM FINANCIAL
STATEMENTS
12
OFFICERS AND PROFESSIONAL ADVISORS
Directors
Roderick Lockhart
Ian Thomas
Secretary
Indigo Corporate Secretary Limited
Company number 14068186
Registered office Two Fitzroy Place, 8
Mortimer Street, London, W1T 3JJ
Auditors BDO
LLP
55 Baker Street
London
W1U 7EU
Bankers
HSBC Bank PLC
8 Canada Square
London
E14 5HQ
DIRECTORS' REPORT
Performance in the period
This unaudited interim condensed financial report for the half-year reporting
period ended 30 September 2024 has been prepared in accordance with the
UK-adopted International Accounting Standard 34, 'Interim Financial Reporting'
and the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority.
LendInvest Secured Income II plc's (the 'Company's') principal activity is to
provide services related to property finance in the United Kingdom. During the
period under review, the Company generated revenue of £5.2m (2023: £1.7m)
and interest expense of £4.3m (2023: £1.4m), representing a net income
margin of 17% (2023: 17%). Administrative expenses and impairment provisions
amounted to £1.2m (2023: £0.3m), resulting in a loss before tax of £0.3m
(2023: £nil).
The company was incorporated in England and Wales on 26 April 2022.
As at 30 September 2024, the Company has £87.6m (31 March 24: £80.2m) of
issued bonds by principal value outstanding. The company had a gross loan book
of £34.8m (31 March 24: £32.9m).
The Company has a number of covenants which it is required to comply with as
outlined in the prospectus issued on 12 July 2022. These covenants principally
include: notice of default, provision of financial statements within four
months of period end and three months of half year, weighted average limits on
loan portfolio, interest coverage ratio and analysis of loan portfolio within
30 days of quarter end via the London Stock Exchange's Regulatory News Service
and on the LendInvest website. At the reporting date, the Company complied
with all covenants.
Principal risks and uncertainty
The Board has the overall responsibility for the establishment and oversight
of the Company's risk management framework. The risk management policies are
established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls, and to monitor risks and ensure any
limits are adhered to. The Company's activities are reviewed regularly and
potential risks are considered. The overall objective of the Board is to set
policies that seek to reduce risk as far as possible without unduly affecting
the competitiveness and flexibility of the business.
The Company has exposure to the following risks from its use of financial
instruments: credit, market and liquidity risk.
Credit risk management
Credit risk is the risk that the Company's loans and advances and receivables
are subject to borrower default. It arises principally from the Company's
receivables from customers and cash and cash equivalents held at bank. Credit
risk management lies at the core of the business and the Company has continued
to develop its strong credit risk management framework which includes:
· A clearly defined credit risk policy.
· The continued recruitment of specialist skills in credit
underwriting.
· A Credit Committee which meets monthly.
· An Impairment & Modelling Committee - specifically formed for
the governance of IFRS 9 - which meets quarterly.
DIRECTORS' REPORT (continued)
Market risk management
The housing market continues to face challenges and opportunities, but its
performance supports our view that the "green shoots" mentioned in our FY24
results are starting to flourish. Much of this optimism is driven by shifting
expectations around interest rates, which are helping restore confidence in
our key segments. However, this optimism is tempered by caution due to recent
fiscal policy changes and geopolitical uncertainty, such as potential
conflicts in oil-rich regions and increased tariffs on large manufacturing
hubs.
In response to this risk, the entity only invests in assets which have an
appropriate risk-adjusted return. All lending has been written within risk
appetite, which generally reflects Loan-to-Value rates of under 70%.
Expected credit losses for the asset base remain in line with expectations.
The Directors are therefore confident that the business will be able to absorb
any losses from potential defaulting borrowers, even against the current
market backdrop.
Liquidity risk management
There is a risk that the Company will not be able to meet its financial
obligations as they fall due. The Company's approach to managing liquidity is
to ensure, as far as possible, that it will always have sufficient liquidity
to meet its liabilities when they fall due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the
Company's position. The Company's liquidity position is monitored and reviewed
on an ongoing basis by the directors and the Assets and Liabilities Committee.
The Company's strategy is to grow the portfolio and then periodically
securitise the assets.
Going Concern
LendInvest Secured Income II plc's business activities together with the
factors likely to affect its future development are set out in in this report.
The directors have considered these factors alongside the Group's financial
plan, as guarantor, which assesses all entities and any associated risks as
one.
The information included financial forecasts that have been prepared across a
range of potential scenarios as well as detailed consideration of potential
risks, including the impact of funding lines maturing in the next 12 months
from the date of approval of these financial statements. The Directors believe
that the Group will be able to refinance facilities falling due within the
next 12 months either with the existing funding provider or with new third
parties to continue its growth trajectory. If these facilities were not to be
refinanced, the Group would be able to sell individual loans or portfolio of
loans to facilitate the repayment of the outstanding amounts. This strategy is
in line with the existing approach of the Group to both hold assets on its
balance sheet and sell to the third parties. The Directors do not consider
that this creates a material uncertainty in the going concern assessment of
the Group.
The Directors have also considered the factors likely to affect its future
development, as set out in the Operating Review, and any associated risks
alongside the Group's financial plan. Having reviewed these plans and other
relevant information, the Directors consider the Group to have sufficient
resources to continue to operate for a period of at least 12 months from the
signing of these accounts and it is on this basis that the Directors have
continued to prepare the accounts on a going concern basis.
Alongside this, a comprehensive review of all covenants attached to the listed
bonds, has been conducted to ensure ongoing compliance both under expected
circumstances and potential stressed scenarios. The Directors have also
considered the factors likely to affect its future development, including the
risk factors set out above.
The bonds issued by the Company mature on 3 October 2026 and 8 August 2027.
DIRECTORS' REPORT (continued)
Key Performance Indicators (KPIs)
The Company uses key performance indicators to track progress against its
plans. The performance of the main indicators in this period were:
6 month period ended 30 September 2024 6 month Period ended 30 September 2023
(Unaudited) (Unaudited)
Gross amounts of loans outstanding (£m) 34.8 10.3
Cash not deployed (£m) 5.1 1.2
Euro Medium Term Note loan notes issued (£m) 87.6 38.9
Total loan losses realised (annualised %) 0.32% -
Interest coverage ratio (%) 120 132
(Loss)/profit before tax (£k) (266) -
Events after the period end date
There were no events to report after the period end date.
Responsibility statement of the directors in respect of the condensed interim
financial statements for the 6 month period ended 30 September 2024
We confirm that to the best of our knowledge:
● The condensed set of financial statements has been prepared in
accordance with the UK-adopted international Accounting Standard 34, 'IAS
Interim Reporting' and the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority, and give a
true and fair view of the assets, liabilities, financial position and profit
and loss of the Company.
● The interim management report includes a fair review of the
information required by DTR 4.2.4 R, DTR 4.2.6 R, DTR 4.2.7 R and DTR 4.2.8 R.
● The condensed set of financial statements contain a fair review
of the principal risks and uncertainties.
Approved on behalf of the board:
Roderick Lockhart
Director
06 December 2024
INDEPENDENT REVIEW REPORT TO LENDINVEST SECURED INCOME II PLC
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 2024 is not prepared,
in all material respects, in accordance with UK adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2024 which comprises the directors' report, condensed interim
statement of profit and loss, condensed interim statement of other
comprehensive income, condensed interim statement of financial position,
condensed interim statement of changes in equity, condensed interim statements
of cash flows and notes to the condensed interim financial statements.
Basis for conclusion
We conducted our review in accordance with Revised International Standard on
Review Engagements (UK) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410
(Revised)"). 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.
As disclosed in note 1.2 , the annual financial statements of the company are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410 (Revised), however future events or conditions may cause the
company to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
INDEPENDENT REVIEW REPORT TO LENDINVEST SECURED INCOME II PLC (continued)
Use of our report
Our report has been prepared in accordance with the terms of our engagement to
assist the Company in meeting the requirements of the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority 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.
Chartered Accountants
London, UK
06 December 2024
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS
Note 6 month period ended 6 month Period ended
30 September 2024 30 September 2023
£'000 £'000
(Unaudited) (Unaudited)
Interest income calculated using the effective interest rate 4 5,208 1,671
Interest expense 5 (4,331) (1,391)
Net interest income 877 280
ECL provision 9 (1,077) (223)
Administrative expenses (66) (57)
Total operating expenses (1,143) (280)
(Loss)/profit before tax (266) -
Tax charge 7 - -
(Loss)/profit for the period (266) -
CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
Note 6 month period ended 6 month Period ended
30 September 2024 30 September 2023
£'000 £'000
(Unaudited) (Unaudited)
(Loss)/profit for the period (266) -
Other comprehensive (loss)/income:
Items that will or may be reclassified to profit or loss
Fair value (loss)/gain on loans and advances measured at fair value through 12 (148) 97
other comprehensive income
Deferred tax credit/(charge) on fair value adjustment 7/12 38 (24)
Other comprehensive (loss)/income for the period (110) 73
Total comprehensive (loss)/income for the period (376) 73
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
Note As at 30 September As at 31 March
2024 2024
£'000 £'000
(Unaudited) (Audited)
Assets
Cash and cash equivalents 5,098 685
Receivables from related parties 8 72,129 67,061
Other receivables 8 132 183
Loans and advances 9 31,619 31,064
Deferred tax assets 7 12 -
Total assets 108,990 98,993
Liabilities
Other payables 10 (213) (318)
Payables to related parties 10 (20,432) (18,023)
Interest bearing liabilities 11 (89,567) (81,473)
Deferred tax liability 7 - (25)
Total liabilities (110,212) (99,839)
Net liabilities (1,222) (846)
Equity
Share capital 13 50 50
Fair value reserve (35) 75
Retained profit/(loss) (1,237) (971)
Total equity (1,222) (846)
These financial statements of LendInvest Secured Income II plc, with
registered number 14068186, were approved by the Board of Directors and
authorised for issue on 06 December 2024.
Signed on behalf of the Board of Directors by:
Roderick Lockhart
Director
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
Share capital Fair value reserve Retained loss Total
£'000 £'000 £'000 £'000
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Balance as at 30 September 2023 50 11 14 75
Loss after taxation - - (985) (985)
Fair value adjustments on - 64 - 64
loan & advances through OCI
Balance at 31 March 2024 50 75 (971) (846)
Loss after taxation - - (266) (266)
Fair value adjustments on - (110) - (110)
loan & advances through OCI
Balance as at 30 September 2024 50 (35) (1,237) (1,222)
CONDENSED INTERIM STATEMENT OF CASH FLOWS
6 month period ended 30 September 2024 Period ended 30 September 2023
£'000 £'000
Cash flow from operating activities (Unaudited) (Unaudited)
(Loss)/profit for the period (266) -
Adjusted for:
Impairment provision 1,077 223
Amortisation of pre-paid funding costs 260 124
Accrued intermediary fees - 56
Movement in accrued interest expenses 430 4
Intercompany lending interest income (2,687) (913)
Working capital adjustments
(Increase)/decrease in loans and advances (1,780) 12,988
(Increase) in receivables from related parties and other receivables (2,328) (10,899)
Increase/(decrease) in payables to related parties and other payables 2,302 (374)
Net cash flow (used in)/generated from operating activities (2,992) 1,209
Cash flow from financing activities
Proceeds from issuance of retail bonds 7,415 -
Cost of bond issuance (10) (4)
Net cash flow from/(used in) financing activities 7,405 (4)
Net increase in cash and cash equivalents 4,413 1,205
Cash and cash equivalents at beginning of the period 685 29
Cash and cash equivalents at end of the period 5,098 1,234
Interest received was £4.9m (2023: £1.6m) and interest paid was £4.1m
(2023: £1.3m)
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
1.1 General information
LendInvest Secured Income II plc was incorporated on 26 April 2022 in the
United Kingdom under the Companies Act. The address of its registered office
is given on page 1.
The principal activity of the Company is to provide services related to
property finance in the United Kingdom.
LendInvest Secured Income II plc is a 100% subsidiary of LendInvest Loan
Holdings Limited (which is in turn a 100% subsidiary of LendInvest plc), and
its results are included in the interim consolidated financial statements of
LendInvest plc (the "Group").
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. These financial statements have been prepared
applying the accounting policies and presentation that were applied in the
preparation of the Company's published financial statements for the year ended
31 March 2024.
These financial statements are not statutory accounts. LendInvest Secured
Income II plc statutory accounts for the year ended 31 March 2024 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.
All amounts are presented in pounds sterling, which is the functional currency
of the Company and all its subsidiaries. Amounts are rounded to the nearest
£'000, except where otherwise indicated.
1.3 Going Concern
LendInvest Secured Income II plc's business activities together with the
factors likely to affect its future development are set out in in this report.
The directors have considered these factors alongside the Group's financial
plan, as guarantor, which assesses all entities and any associated risks as
one.
The information included financial forecasts that have been prepared across a
range of potential scenarios as well as detailed consideration of potential
risks, including the impact of funding lines maturing in the next 12 months
from the date of approval of these financial statements. The Directors believe
that the Group will be able to refinance facilities falling due within the
next 12 months either with the existing funding provider or with new third
parties to continue its growth trajectory. If these facilities were not to be
refinanced, the Group would be able to sell individual loans or portfolio of
loans to facilitate the repayment of the outstanding amounts. This strategy is
in line with the existing approach of the Group to both hold assets on its
balance sheet and sell to the third parties. The Directors do not consider
that this creates a material uncertainty in the going concern assessment of
the Group.
Alongside this, a comprehensive review of all covenants attached to the listed
bonds, has been conducted to ensure ongoing compliance both under expected
circumstances and potential stressed scenarios. The Directors have also
considered the factors likely to affect its future development, including the
risk factors set out above.
Having reviewed these plans and other relevant information, the Directors
consider the Company to have sufficient resources to continue to operate for a
period of at least 12 months from the signing of these accounts and it is on
this basis that the Directors have continued to prepare the accounts on a
going concern basis.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
1. Basis of preparation (continued)
1.4 Accounting policies
The accounting policies and methods of computation are consistent with those
set out in the Annual Report 2024.
2. Financial risk management
General objectives, policies and processes
The Board has the overall responsibility for the establishment and oversight
of the Company's risk management framework. The risk management policies are
established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and ensure any
limits are adhered to. The Company's activities are reviewed regularly and
potential risks are considered. The overall objective of the board is to set
policies that seek to reduce risk as far as possible without unduly affecting
the business's competitiveness and flexibility.
The tables below analyse the Company's contractual undiscounted cash flows of
its financial assets and liabilities:
Carrying amount Gross nominal inflow/(outflow) Amount due in Amount due in Amount due between one and five years
£'000 £'000 less than six six to twelve £'000
months months
As at 30 September 2024 £'000 £'000
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Financial assets
Cash and cash equivalents 5,098 5,098 5,098 - -
Receivables from related parties 72,129 85,384 2,878 24,976 57,530
Other receivables 132 132 132 - -
Loans and advances 31,619 32,447 27,726 4,526 195
Total 108,978 123,061 35,834 29,502 57,725
Financial liabilities
Payables to related parties (20,432) (20,432) (20,432) - -
Other payables (213) (213) (213) - -
Interest bearing liabilities (89,567) (106,113) (4,067) (4,067) (97,979)
Total (110,212) (126,758) (24,712) (4,067) (97,979)
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
2. Financial risk management (continued)
Carrying amount Gross nominal inflow/(outflow) Amount due in Amount due in Amount due between one and five years
£'000 £'000 less than six six to twelve £'000
months months
As at 31 March 2024 £'000 £'000
(Audited) (Audited) (Audited) (Audited) (Audited)
Financial assets
Cash and cash equivalents 685 685 685 - -
Receivables from related parties 67,061 81,422 2,415 24,250 54,757
Other receivables 183 183 183 - -
Loans and advances 31,064 31,849 24,201 7,572 76
Total 98,993 114,139 27,484 31,822 54,833
Financial liabilities
Payables to related parties (18,023) (18,023) (18,023) - -
Other payables (318) (318) (318)
Interest bearing liabilities (81,473) (98,841) (3,603) (3,583) (91,655)
Total (99,813) (117,181) (21,943) (3,583) (91,655)
3. Segmental analysis
The Company's operations are carried out solely in the UK and one business
line. The results and net assets of the Company are derived from the provision
of property related loans only.
4. Interest income calculated using the effective interest rate
6 month period ended 30 September 2024 6 month period ended 30 September 2023
£'000 £'000
(Unaudited) (Unaudited)
Interest income calculated using the effective interest rate 5,208 1,671
5,208 1,671
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
5. Interest expense
6 month period ended 30 September 2024 6 month period ended 30 September 2023
£'000 £'000
(Unaudited) (Unaudited)
Interest Expense 4,071 1,267
Funding Line Costs 260 124
4,331 1,391
6. Loss before tax
Audit fees and auditors' remuneration for other services are paid by the
Company's ultimate parent company, LendInvest plc. The Company employed no
employees in the 6 month period to 30 September 2024 (2023: none).
7. Taxation on profit on ordinary activities
The Company is subject to all taxes applicable to a commercial company in the
United Kingdom. The UK business profits of the Company are subject to UK
income tax at the prevailing basic rate of 25% (2023: 25%).
As of 30 September 2024, the Company had £12k in net deferred tax assets
(DTAs) (31 March 2024: £25k net deferred tax liabilities (DTLs)).
8. Receivables from related parties and other receivables
As at 30 September 2024 As at 31 March 2024
£'000 £'000
(Unaudited) (Audited)
Receivables from related parties 72,129 67,061
Other receivables 132 183
72,261 67,244
9. Loans and advances
As at 30 September 2024 As at 31 March 2024
£'000 £'000
(Unaudited) (Audited)
Gross loans and advances 34,802 32,894
Expected Credit Loss (ECL) provision (3,136) (1,931)
Fair value adjustment (*) (47) 101
Loans and advances 31,619 31,064
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
(*) Fair value adjustment to gross loans and advances due to classification as
fair value through other comprehensive income (FVTOCI). Fair value adjustments
are a function of changes in interest rates and credit spreads on the
Company's loan assets. The changes in these variables during the period and
effect on fair value is discussed in Note 12.
ECL provision
Movement in the period £'000
(Unaudited)
Under IFRS 9 at 1 April 2024 1,931
Increase in provisions during the period(1) 1,077
Adjustment for net interest on stage 3 loans(1) 238
Utilised in the period (110)
Under IFRS 9 at 30 September 2024 3,136
ECL provision
Movement in the period £'000
(Unaudited)
Under IFRS 9 at 1 April 2023 43
Increase in provisions during the period(1) 223
Adjustment for net interest on stage 3 loans(1) -
Utilised in the period (255)
Under IFRS 9 at 30 September 2023 11
(1)The ECL provision of £3,136k (HY2023: £11k) 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 period
to 30 September 2024 is £1,077k (HY2023: £223k). This consists of a £110k
write off in the period. This and the total impact of expected credit losses
on income recognised on stage 3 loans and advances using the effective
interest rate is £238k (HY2023: £nil).
Analysis of loans and advances by stage
As at 30 September 2024
(Unaudited) Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
Gross loans and advances 4,476 11,588 18,738 34,802
ECL provision (1) (15) (3,120) (3,136)
Fair value adjustment 21 (20) (48) (47)
Loans and advances 4,496 11,553 15,570 31,619
The maximum LTV on stage 1 loans is 76%. The maximum LTV on stage 2 loans is
83%. The maximum LTV on stage 3 loans is 92%
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
Analysis of loans and advances by stage (continued)
As at 31 March 2024
(Audited) Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
Gross loans and advances 7,444 50 25,400 32,894
ECL provision (5) - (1,926) (1,931)
Fair value adjustment 109 - (8) 101
Loans and advances 7,548 50 23,466 31,064
The maximum LTV on stage 1 loans is 81%. The maximum LTV on stage 2 loans is
76%. The maximum LTV on stage 3 loans is 85%.
The fair value adjustments on Stage 3 loans are not applied. Loans and
Advances recognised as Stage 3 are credit impaired and their carrying value
represents the discounted cashflows which could be recovered after assessing
the likelihood of the borrower rehabilitating or the alternative outcome which
involves reliance on the proceeds from the sale of security The discounted
cash flows are arrived based on a proprietary model which considers
macroeconomic as well as behavioural factors.
Credit risk on gross loans and advances
The table below provides information on the Company's loans and advances by
stage and risk grade.
Risk grades detailed in the table range from 1 to 10 with a risk grade of 1
being assigned to cases with the lowest credit risk and 10 representing cases
in default. Equifax Risk Navigator (RN) scores are used to assign the initial
Risk Grade score with additional SICR rules used to generate the final Risk
Grade.
As at 30 September 2024
(Unaudited) Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
Risk Grades 1 - 5 4,476 3,118 - 7,594
Risk Grades 6 - 9 - 8,470 - 8,470
Default - - 18,738 18,738
Total 4,476 11,588 18,738 34,802
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
Credit risk on gross loans and advances (continued)
The Company had no purchased or originated credit impaired (POCI) loans during
the period.
As at 31 March 2024
(Audited) Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
Risk Grades 1 - 5 7,444 50 - 7,494
Risk Grades 6 - 10 - - - -
Default - - 25,400 25,400
Total 7,444 50 25,400 32,894
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 probability of default. An asset is deemed to have a
significant increase in credit risk where:
- The creditworthiness of the borrower deteriorates such that their risk grade
increases by at least one grade compared with that at origination
- The borrower falls more than one month in arrears
- LTV exceeds 85% for Bridging
- For Development assets, where a development will not meet practical
completion by the date anticipated at origination.
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 ECLs are always measured on a lifetime basis.
Where there is objective evidence that asset quality has improved, assets will
be allocated to a lower risk category. For example, loans no longer in default
(stage 3) will be allocated to either stage 2 or stage 1.
Evidence that asset quality has improved will include:
- repayment of arrears;
- improved credit worthiness; and
- term extensions and the ability to service outstanding debt.
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.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
Critical accounting estimates relating to the impairment of financial assets:
The calculation of ECLs requires the Company to make a number of assumptions
and estimates. The accuracy of the ECL calculation would be impacted by
movements in the forward-looking economic scenarios used, or the probability
weightings applied to these scenarios and by unanticipated changes to model
assumptions that differ from actual outcomes.
The key assumptions and estimates that, depending on a range of factors, could
result in a material adjustment in the next financial year relate to the use
of forward-looking information in the calculation of ECLs and the inputs and
assumptions used in the ECL models.
Additional information about both of these areas is set out below.
Forward-looking information
The Company incorporates forward-looking information into the calculation of
ECLs and the assessment of whether there has been a significant increase in
credit risk ('SICR'). The use of forward-looking information represents a key
source of estimation uncertainty.
The Company uses three forward-looking economic scenarios:
- a central scenario aligned to the Company's
business plan;
- a downside scenario as modelled in the
Company's risk management process; and
- an upside scenario representing the impact of
modest improvements to assumptions used in the central scenario.
The probability weightings applied to the above scenarios are another area of
estimation uncertainty. They are generally set to ensure that there is an
asymmetry in the ECL. The probability weightings applied to the three economic
scenarios used are as follows:
6 months ended 30 September 2024
Base 40%
Upside 20%
Downside 40%
The Company undertakes a review of its economic scenarios and the probability
weightings applied at least quarterly, and more frequently if required.
The results of this review are recommended to the Audit & Risk Committee
and the Group's Board prior to any changes being implemented.
Critical judgements relating to the impairment of financial assets
The Company reviews and updates the key judgements relating to impairment of
financial assets bi-annually, in advance of the Interim Financial Report and
the Annual Report and Accounts. All key judgements are reviewed and
recommended to the Audit & Risk Committee for approval prior to
implementation.
Assessing whether there has been a significant increase in credit risk
('SICR')
If a financial asset shows a SICR, it is transferred to Stage 2 and the ECL
recognised changes from a 12-month ECL to a lifetime ECL. The assessment of
whether there has been a SICR requires a high level of judgement as detailed
below. The assessment of whether there has been a SICR also incorporates
forward-looking information.
The Company considers that a SICR has occurred when any of the following have
occurred:
1. The overall credit worthiness of the borrower has materially worsened to a
level that the probability of default has at least doubled. This is indicated
by a migration to a higher risk grade (see below for risk grades and
probability of default ("PDs") by product).
2. Where a borrower is currently a month or more in arrears.
3. Where a borrower has sought some form of forbearance.
4. Where the overall leverage of the account has surpassed a predetermined
level. 75% Loan to Gross Development Value for bridging loans and 85% for all
other products.
5. Where a short-term bridging loan has less than one month before maturity.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
Assessing whether there has been a significant increase in credit risk
('SICR') (continued)
The Company considers that a SICR has occurred when any of the following have
occurred:
1. The overall credit worthiness of the borrower has materially worsened to a
level that the probability of default has at least doubled. This is indicated
by a migration to a higher risk grade (see below for risk grades and
probability of default ("PDs") by product).
2. Where a borrower is currently a month or more in arrears.
3. Where a borrower has sought some form of forbearance.
4. Where the overall leverage of the account has surpassed a predetermined
level. 75% Loan to Gross Development Value for bridging loans and 85% for all
other products.
5. Where a short-term bridging loan has less than one month before maturity.
These factors reflect the credit lifecycle for each product and are based on
prior experience as well as insight gained from the development of risk
ratings models (probability of default).
Stage 2 criteria are designed to be effective indicators of a SICR. As part of
the bi-annual review of key impairment judgements, the Company undertakes
detailed analysis to confirm that the Stage 2 criteria remain effective. This
includes (but is not limited to):
- Criteria effectiveness: this includes the emergence to default for each
Stage 2 criterion when compared to Stage 1, Stage 2 outflow as a percentage of
Stage 2, percentage of new defaults that were in Stage 2 in the months prior
to default, time in Stage 2 prior to default and percentage of the book in
Stage 2 that are not progressing to default or curing.
- Stage 2 stability: this includes stability of inflows and outflows from
Stage 2 and 3.
- Portfolio analysis: this includes the percentage of the portfolio that is in
Stage 2 and not defaulted, the percentage of the Stage 2 transfer driven by
Stage 2 criterion other than the backstops and back-testing of the defaulted
accounts.
For low credit risk exposures, the Company is permitted to assume, without
further analysis, that the credit risk on a financial asset has not increased
significantly since initial recognition if the financial asset is determined
to have low credit risk at the reporting date. The Group has opted not to
apply this low credit risk exemption.
A summary of the Risk grade distribution is provided in the table below. As
the Company utilises three different risk rating models, three separate PDs
have been provided for each portfolio.
Risk Grades 1-9 are for non-defaulted accounts with 10 indicating default.
Therefore, all Stage 3 loans are assigned to this grade.
As stated previously, degradation in a borrower's creditworthiness is an
indication of SICR. Therefore, as shown in the table below, Stage 2 loan
distributions are in the main assigned to risk grades higher than Risk Grade
1.
Balances (£'000) ECL (£'000) Probability of default
Risk Grade Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Bridging Development
RG1 4,320 - - (1) - - 7% 0%
RG2 - 665 - - - - 12% 1%
RG3 - 2,453 - - - - 19% 1%
RG4 156 - - - - - 30% 2%
RG5 - - - - - - 45% 4%
RG6 - 8,470 - - (15) - 69% 8%
RG7 - - - - - - 79% 13%
RG8 - - - - - - 88% 22%
RG9 - - - - - - 93% 36%
RG10 - - 18,738 - - (3,120) 100% 100%
Total 4,476 11,588 18,738 (1) (15) (3,120) - -
When there is objective evidence of impairment and the financial asset is
considered to be in default, or otherwise credit-impaired, it is transferred
to Stage 3. The Company's definition of default follows product-specific
characteristics allowing for the provision to reflect operational management
of the portfolio. Below we set out a short description of each product type
and the Company's definition of default as specific to each product.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
Bridging Loans - Bridging loans are short-term loans designed for customers
requiring timely access to funds to facilitate property purchases. Typically,
loans involve residential securities, however, commercial, semi-commercial and
land is also taken as security.
A bridging loan is considered to be in default if:
a) A borrower fails to repay their loan after 30 days and does not seek an
authorised extension.
b) It is structured and the loan is two months in arrears.
Development Loans - Development loans support borrowers looking to undertake a
significant property or site development. The resulting site should be for
residential purposes only. Loan terms are typically for the short term (less
than three years) with no structured repayments. A development loan is defined
as being in default if it has not been redeemed 60 days after the maturity of
the loan.
The Company does not apply the rebuttable presumption that default does not
occur later when a financial asset is 90 days past due.
Improvement in credit risk or cure - There is no cure period assumed for loans
showing improvement in credit risk. This means that any loan that does not
meet the SICR criteria is assigned to Stage 1.
10. Other payables and payables to related parties
As at 30 September 2024 As at 31 March 2024
£'000 £'000
(Unaudited) (Audited)
Payables to related parties 20,432 18,023
Other payables 213 318
20,645 18,341
11. Interest bearing liabilities
As at 30 September 2024 As at 31 March 2024
£'000 £'000
(Unaudited) (Audited)
Interest bearing liabilities due within twelve months 3,153 2,724
Interest bearing liabilities due after one year but less than five years 87,638 80,223
Funding line costs (1,224) (1,474)
89,567 81,473
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
11. Interest bearing liabilities (continued)
Interest bearing liabilities as at 30 September 2024 relate to Retail Bond 3
and 4. In August 2022, Lendinvest Secured Income II PLC exchanged £29,545,000
of Retail bond 3 with Lendinvest Secured Income PLC's Retail Bond 1 and Retail
Bond 2 for £24,547,000 and £4,998,000 respectively. Payment for the exchange
was received from Lendinvest Secured Income PLC for this transaction. The
remaining £9,328,000 principal interest bearing liabilities was received from
third parties. In October 2023 Lendinvest Secured Income II PLC exchanged
£31,685,500 of Retail Bond 4 with Lendinvest Secured Income PLC's Retail Bond
2. The remaining £17,079,500 principal interest bearing liabilities was
received from third parties.
Funding line costs are amortised on an effective interest rate basis.
12. Financial Instruments
Principal financial instruments
The principal financial instruments used by the Company, from which financial
instrument risk arises, are: loans and advances, trade and other receivables,
cash and cash equivalents, interest bearing liabilities and trade and other
payables.
Categorisation of financial assets and financial liabilities
All financial assets of the Company are carried at amortised cost or fair
value through other comprehensive income as at 31 March 2024 and 30 September
2024 due to the nature of the asset. All financial liabilities of the Company
are carried at amortised cost as at 31 March 2024 and 30 September 2024 due to
the nature of the liability.
Financial instruments measured at amortised cost
Financial instruments measured at amortised cost, rather than fair value,
include cash and cash equivalents, other receivables, receivables from related
parties, other payables, payables to related parties and interest-bearing
liabilities. Due to their short-term nature, the carrying value of cash and
cash equivalents, other receivables, payables to related parties and other
payables approximates their fair value.
(a) Carrying amount of financial instruments
A summary of the financial instruments held is provided below:
As at 30 September 2024 As at 31 March 2024
£'000 £'000
(Unaudited) (Audited)
Cash and cash equivalents 5,098 685
Receivables from related parties and other receivables 72,261 67,244
Loans and advances 31,619 31,064
Total financial assets 108,978 98,993
Payables to related parties and other payables 20,645 18,341
Interest bearing liabilities 89,567 81,473
Total financial liabilities 110,212 99,814
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
12. Financial Instruments (continued)
(b) Carrying amount versus fair value
The following table compares the carrying amounts and fair values of the
Company's financial assets and financial liabilities as at 30 September 2024:
As at 30 September 2024 As at 30 September 2024 As at 31 March 2024 As at 31 March 2024
£'000 £'000 £'000 £'000
Carrying Amount Fair Value Carrying Amount Fair Value
(Unaudited) (Unaudited) (Audited) (Audited)
Financial assets
Cash and cash equivalents 5,098 5,098 685 685
Receivables from related parties 72,129 69,447 67,061 67,061
Other receivables 132 132 183 183
Loans and advances 31.619 31,619 31,064 31,064
Total financial assets 108,978 106,296 98,993 98,993
Financial liabilities
Payables from related parties 20,432 20.432 18,023 18,023
Other payables 213 213 318 318
Interest bearing liabilities 89,567 83,854 81,473 79,759
Total financial liabilities 110,212 104,499 99,814 98,100
The fair value of the Retail Bond 3 and 4 interest bearing liabilities are
calculated based on the mid-market price of £89.35 and £100.73 on 30
September 2024 respectively (£86.3 and £100.1 31 March 2024).
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 interim statement of comprehensive income.
Interest bearing liabilities and receivables from related parties are
classified at amortised cost and the fair value in the table above is for
disclosure purposes only.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
12. Financial Instruments (continued)
(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. as prices) or indirectly (i.e. derived from prices).
● 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.
As at 30 September 2024
Total Level 1 Level 2 Level 3
£'000 £'000 £'000 £'000
Financial instruments measured at fair value (Unaudited)
Loans and advances 31.619 - - 31,619
Financial instruments disclosed at amortised cost
Interest bearing liabilities (89,567) (89,567) - -
Receivables from related parties 72,129 - - 72,129
As at 31 March 2024
Total Level 1 Level 2 Level 3
£'000 £'000 £'000 £'000
Financial instruments measured at fair value (Unaudited)
Loans and advances 31,064 - - 31,064
Financial instruments disclosed at amortised cost
Interest bearing liabilities (81,473) (81,473) - -
Receivables from related parties 67,061 - - 67,061
Note the receivables from related parties line item has been reclassified as level 3 in the period due to it not meeting the criteria as per IFRS 13 to be classified as level 1 or 2. The balance wholly consists of intercompany loans of which there is not a quoted price or observable market available.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
12. Financial Instruments (continued)
(c) Fair value hierarchy (continued)
For all other financial instruments, the fair value is equal to the carrying
value and has not been included in the table above.
The valuation techniques and significant unobservable inputs used in
determining the fair value measurement of level 3 financial instruments are
below.
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 technique 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 input Range
Loans and advances Discounted cash flow valuation Discount rate 5% - 11%
(d) Fair value reserve (Unaudited)
Six months to 30 September 2024 Financial assets Deferred tax Fair value reserve
£'000 £'000 £'000
Balance as at 1 April 2024 (Audited) 101 (26) 75
Movement in fair value adjustment for loans and advances at fair value through (148) 38 (110)
other comprehensive income
Fair value reserve at 30 September 2024 (Unaudited) (47) 12 (35)
Information about sensitivity to change in significant unobservable inputs
The significant input used in the fair value measurement of the reporting
entity's loans and advances is discount rates. A significant increase /
(decrease) in this input in isolation would result in a lower / (higher) fair
value measurement.
Sensitivity Analysis
Impact of changes in unobservable inputs Gain or loss at 30 September 2024 +100bps -100bps
£'000 £'000 £'000
Discount rate (67) 67
Impact of changes in unobservable inputs Gain or loss at 31 March 2024 +100bps -100bps
£'000 £'000 £'000
Discount rate (97) 101
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
12. Financial Instruments (continued)
(e) Interest Rate Sensitivity
The sensitivity analysis below has been determined based on the exposure to
interest rates as at the reporting date. A 100 basis points change represents
the Board's assessment of a reasonably possible change in interest rates.
As at the reporting date, if interest rates increased 100 basis points and all
other variables were held constant:
● Loss before tax for the period to 30 September 2024 would be
unchanged. Although the Company's interest rates on loans to borrowers is
operated as a fixed rate, the Company has the legal right to vary the borrower
interest rate if certain changes in interest rates occur. Implementing this
provision would improve the impact of an interest rate increase. However, we
have assumed in this sensitivity analysis that the Company has not implemented
this provision. Loans from lenders are fixed rate denominated.
● Movement in equity reserves as at 30 September 2024 refer to d)
above.
As at the reporting date, if interest rates reduced 100 basis points and all
other variables were held constant:
● Loss before tax for the period to 30 September 2024 would be
unchanged. As noted above, the Company's interest rates on loans to borrowers
are fixed rate denominated, with certain provisions to vary them, while loans
from lenders are also fixed rate denominated.
● Movement in equity reserves as at 30 September 2024 refer to d
above.
As loan assets are at FVOCI, a movement in interest rates would affect the
fair value of loan assets and, therefore, equity reserves.
13. Share capital
As at 30 September 2024 As at 31 March 2024
Number Number
(Unaudited) (Audited)
Issued Ordinary Shares of £1 each 50,000 50,000
As at 30 September 2024 As at 31 March 2024
£ £
(Unaudited) (Audited)
Issued and paid up Ordinary Shares of £1 each 50,000 50,000
14. Reserves
Reserves are comprised of retained earnings and the fair value reserve.
Retained earnings represent all net gains and losses of the Company and the
fair value reserve represents movements in the fair value of the financial
assets classified as FVOCI.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
15. Related party transactions
6 month period ended 30 September 2024 6 month period ended 30 September 2023
£'000 £'000
(Unaudited) (Unaudited)
Intercompany interest income
Lendinvest Bridge Limited 2,229 913
Lendinvest Warehouse Limited 450 -
Lendinvest Platform Limited 8 -
Intercompany fee expense
Lendinvest PLC - (56)
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
15. Related party transactions (continued)
Intercompany receivable/(payable) balances As at 30 September 2024 As at 31 March 2024
£'000 £'000
(Unaudited) (Audited)
Lendinvest PLC 1,430 184
Lendinvest Bridge Limited 16,493 5,250
Lendinvest Bridge Limited (interest bearing) 37,886 45,592
Lendinvest Warehouse Limited 4,043 -
Lendinvest Warehouse Limited (interest bearing) 11,643 -
Lendinvest Secured Income I PLC 76 15,979
Lendinvest Finance No.4 Limited 5 5
Lendinvest Platform Limited 51 39
Lendinvest Platform Limited (interest bearing) 500 -
Lendinvest Development Limited 12 12
Lendinvest PLC (11)
Lendinvest Secured Income I PLC (244) (16,230)
Lendinvest Bridge Limited (1,849) (1,849)
Lendinvest Finance No.4 Limited (1,171) -
Lendinvest Finance No.5 Limited (5,602) -
Lendinvest Warehouse Limited (11,558) -
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
15. Related party transactions (continued)
6 month period ended 30 September 2024 Year ended 31 March 2024
£'000 £'000
(Unaudited) (Audited)
Transfer of loan balances between the company and related parties
Total value of loan balances transferred to the Company from related parties 84,924 127,655
during the period
Total value of loan balances transferred from the Company to related parties 68,551 96,709
during the period
16. Ultimate controlling party
The controlling party is LendInvest Loan Holdings Limited, and the ultimate
controlling party is LendInvest plc whose consolidated financial statements
are available at the registered address.
17. Events after reporting date
There are no events after the reporting period that require disclosure.
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