TIME FINANCE PLC

Annual Report • Mar 31, 2022

Company Number 12967182

Saltaire Finance Plc

Annual report and financial statements

for the period from 22 October 2020 to 31 December 2021

Saltaire Finance Plc

Contents	Page:
Officers and professional advisers	1
Strategic report	2
Directors' report	7
Directors' responsibilities statement	10
Independent auditor's report1	1
Statement of comprehensive income	19
Statement of changes in equity	20
Statement of financial position	21
Statement of cash flows	22
Notes to the financial statements	23

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Strategic report for the period from 22 October 2020 to 31 December 2021 (continued)

Results

The statement of comprehensive income of the Company is set out on page 19 and shows a loss of £955,779 for the period.

Key performance indicators

The loss after taxation of £955,779 for the period arose mainly due to upfront administrative and set up expenditure. Management believes that this loss will reverse in future financial periods following the ongoing receipt of management fee income.

Some of the key performance indicators are:

• · As a result of Notes being issued at premiums or discounts (if any) netted with issuance costs incurred, the amortised cost value of the Notes at the period end amounted to £264,532,398.
• · The net book value of the Loans at the period end amounted to £263,674,238.
• No impairment losses have been recognised against the Loans as at 31 December 2021.

No cash was received from the Borrowers as interest income for the period as the first interest payment date ("IPD") is 23 May 2022. Similarly, no payments of interest were made to noteholders during the period. Interest received and paid as shown in the Statement of comprehensive income are amounts accrued at period end.

Other key performance indicators are the credit ratings assigned to the Notes. In November 2021, the Notes were assigned a rating of Aa3 by Moody's rating agency.

Principal risks and uncertainties

The principal risks and uncertainties faced by the Company are described below. Note 13 contains further information on risks relating to financial instruments.

Financial instruments

The Company's operations are financed primarily by means of the Company issued such financial instruments to on-lend the proceeds for the funding of Loans of affordable homes. It is not the Company's policy to trade in financial instruments.

The primary risks arising from the Company's financial instruments are credit risk, interest rate risk, operational risk, fire safety risk and Brexit. The principal nature of such risks is summarised below.

Credit risk

Credit risk reflects the risk that the Company's counterparties will not meet their obligations as and when they fall due.

The Company's principal business objective is the funding of Loans to regulated providers of affordable housing. The Company will be subject to the risk of delays in the receipt of risk of defaults in the making of payments due from the relevant Borrowers. The Company considered the Borrowers' compliance with the requirements set out in their respective loan agreements with the Company and the fulfilment of certain loan eligibility criteria in assessing the credit risk and the these Borrowers.

In addition, each Borrower is required to fund a liquidity reserve account (each a "Liquidity Reserve") held by the Company in the name of each borrower. The amounts standing to the credit of the accounts can be withdrawn where insufficient funds are available to meet payments under the relevant loan as they fall due. This, however, will not prevent an event of default occurring due to the failure of the Borrowers to meet such payments as they fall due unless the Borrower funds any deficiency.

Strategic report for the period from 22 October 2020 to 31 December 2021 (continued)

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting its obligations associated with its financial liabilities in a timely manner.

The ability of the Company to meet its obligations will be principally dependent on the receipt by it of funds from the Borrowers under the relevant associated loan agreements. The Company will be subject to the risk of delays in the receipt of such repayments, due from the relevant Borrowers. To reduce the likelihood of liquidity pressure, the Company will receive funds from the Borrowers, under the relevant associated loan agreements, 10 business days before the IPD on which to pay the Noteholders on a semi-annual basis. The Liquidity Reserve is also available to meet payments under the relevant loan as they fall due.

Payments to parties are governed by the terms of the Cash Management dated 9 June 2021 (the "Cash Management Agreement"). Third party invoicing arrangements have also been agreed where possible to pay on a semi-annual basis.

The Company's assets are financed by the issuance of the financing policy substantially reduces the Company's liquidity risk by matching the maturity profile of the Company's funding to the profile of assets being funded.

Interest rate risk

Interest rate risk exists where intes on assets and liabilities are either set according to different bases or reset at different times. The Company minimises its exposure to interest rate risk by ensuring that the interest rate characteristics of its assets and liabilities are matched (including tenors, effective rates and redemption provisions).

Operational risk

In order to meet its obligations to the noteholders, the Company has entered into contracts with a number of third parties who have agreed to provide operational support to the Company in accordance with the transaction documentation. Bank of New York Mellon acts as Loan servicer. Intertrust Management Limited has been appointed to provide corporate administration services in accordance with the terms of a corporate services agreement. Other third parties who have agreed to provide services with respect to the Notes include the Paying agent, the Note and Security trustee and the Cash manager. As part of the response to Covid-19 all outsourced third party service providers have successfully implemented business continuity processes.

The Capital Markets industry remains robust and should the Company be required to change a third-party service provider there are necessary resources and expertise in the market to provide for the operational needs of the Company.

Fire safety risk

Management assesses the Cladding and Fire Safety related risks as part of the due diligence procedure agreed with the Guarantor on each loan. Furthermore, where appropriate, third party valuers review the third-party fire risk assessments on the assets. As at year-end, no properties were held as collateral against the loans.

Brexit considerations

The effects of Brexit have been determined by the EU-UK Trade and Cooperation Agreement (the "Withdrawal agreement") which was ratified by the UK Parliament on 30 December 2020 and entered into force on 1 May 2021.

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Strategic report for the period from 22 October 2020 to 31 December 2021 (continued)

Section 172(1) of the Companies Act 2016 (continued)

As a special purpose vehicle, the governance structure of the Company is such that the key policies have been predetermined at the time of issuance. The directors have had regards to the matters set out in section 172(1) of Companies Act 2006 as follows:

With reference to the likely consequences of any decision in the long term, the programme documents have been formulated to achieve the Company's purpose and business objectives, safeguard the assets and promote the success of the Company with a long-term view and in accordance with relevant securitisation.

The matters set out in subsections (b)-(f) have limited or no relevance to the Company for the following reasons:

• The Company has no employees;
• · The Company has appointed various professional third parties to perform certain roles governed by the programme documents. Fee arrangements have been agreed in advance and invoices have been paid strictly in accordance with the programme documents including a priority of payments, if applicable:
• · As a special purpose vehicle, the Company has no physical presence or operations and accordingly has minimal impact on the community and the environment; and
• · The Company has a sole member with the issued shares all held on a discretionary trust for charitable purposes.

In accordance with section 426B of Companies Act 2006 a copy of this statement is available at:

https://www.intertrustgroup.com/our-services/capital-markets-services/public-transactions/Saltaire-financeplc/

The Strategic Report was approved and authorised for issue by the board and signed on its behalf by:

Helena Whitaker per pro Intertrust Directors 1 Limited as Director 28 March 2022

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Independent auditor's report to the members of Saltaire Finance Plc

Report on the audit of the ffinancial statements

1. Opinion

In our opinion the financial statements of Saltaire Finance PLC (the 'company'):

• give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the period then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
• · have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:

• the statement of comprehensive income; ●
• the statement of changes in equity;
• the statement of financial position; ●
• the statement of cash flows; and
• the related notes 1 to 16.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

2. Basisffor@pinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the 'FRC's') Ethical Standard as applied to listed public interest entities, and we fulfilled our other ethical responsibilities in accordance with these requirements. We confirm that we have not provided any non-audit services prohibited by the FRC's Ethical Standard to the company.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independent auditor's report to the members of Saltaire Finance Plc (continued)

3. Summary@fourauditapproach
Keyæuditmatters	The key audit matter that we identified in the current period was: · Identification of loan loss impairment triggers
Materiality	The materiality that we used in the current period was £2.6m which was determined on the basis of 1% of gross loan assets.
Scoping	All of the work to respond to the risks of material misstatement was performed directly by the audit engagement team.
our æpproach	Significantcchangesiin This is a first period of audit.

4. Conclusionsrrelatingttoggoingconcern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included:

• Understanding the cash flows of the entity, including the limited recourse features of the notes and assessing the guarantee terms in place;
• · Assessing management's assumptions and sensitivity analysis in their going concern assessment, particularly in relation to cash inflows from the loan portfolio; and
• Evaluating the going concern disclosures included within the financial statements.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

5. Keyauditmatters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team.

These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Independent auditor's report to the members of Saltaire Finance Plc (continued)

5.1. Identification@flloanllossiimpairmentttriggers ()

Key audit matter description	As disclosed in Note 8, the company's loan asset balance of £263.67m comprises three loans as at the period end which have been originated to support affordable housing developments.
	The company has elected to apply the option available under FRS 102, to apply IAS 39 Financial Instruments: Recognition and Measurement ('IAS 39') for the measurement and recognition of its financial instruments. Accordingly the loan assets are classified as loans and receivables and measured at amortised cost using the effective interest rate method. IAS 39 requires an assessment, at the end of each reporting period, as to whether there is any objective evidence that a financial asset or group of financial assets is impaired.
	Management's process for assessing impairment on these loans has focused on the credit risk assessment at origination and an ongoing assessment for all loans since inception.
	The key judgement areas in the identification of loan loss impairment triggers are whether there has been an impairment event since loan origination, including a missed payment or covenant breach.
	This also includes consideration of the continued impact of the current economic uncertainty due to the COVID-19 pandemic and the ability of borrowers to meet their obligations.
How the scope of our auditrespondedttotthe keyæuditmatter	To scope our audit and respond to the risks associated with the key audit matter, we have: • Obtained an understanding of, and tested, relevant controls over management's impairment process specifically the identification of impairment triggers. • Evaluated the credit risk assessment and impairment assessment performed by management and performed our own assessment of whether there were any impairment triggers. • As at the period end the company had originated three loans. We obtained the loan agreements and verified that amounts due in credit reserves being the liquidity reserve and sinking fund reserve had been funded in line with the loan agreements.
Key observations	From the work performed we concur with management's assessment of loan loss impairment triggers and that no impairment is subsequently recognised.

6. Ourapplication@frmateriality

6.1. Materiality

We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in evaluating the results of our work.

Independent auditor's report to the members of Saltaire Finance Plc (continued)

Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:

Materiality	£2.6m
Basis for determining materiality	1% of gross loan assets
Rationale for the benchmark applied	The key balance of the financial statements of the company are loan assets as this comprises the majority of the total asset balance as well as being the driver for interest income.

6.2. Performancemateriality

We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected misstatements exceed the materiality for the financial statements as a whole. Performance materiality was set at 70% of materiality for the 2021 audit. In determining performance materiality, we considered the quality of the control environment and the nature of the company's operations as a special purpose vehicle.

6.3. Errorreportingtthreshold

We agreed with those charged with governance that we would report to those charged with governance that all audit differences in excess of £132k, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to those charged with governance on disclosure matters that we identified when assessing the overall presentation of the financial statements.

Independent auditor's report to the members of Saltaire Finance Plc (continued)

7. Anoverview@ftthesscope@fouraudit

7.1. Scoping

Our audit was scoped by obtaining an understanding of the entity and its environment, including internal control, and assessing the risks of material misstatement. Audit work to respond to the risks of material misstatement was performed directly by the audit engagement team.

7.2. Ourcensideration oftthe control environment

We assessed the control environment including the use of service organisations. We planned and were able to adopt a controls reliance approach over Identification of loan loss impairment triggers. We did not plan to rely on controls in the remaining testing areas.

Our audit was scoped by obtaining an understanding of the entity and its environment, including internal control, and assessing the risks of material misstatement. Audit work to respond to the risks of material misstatement was performed directly by the audit engagement team.

Otheriinformation 8.

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the rinformation contained within the annual report.

Our opinion on the financial statements does not cover the other information and, extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

9. Responsibilitiesത്തിന്‍

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, 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.

Independent auditor's report to the members of Saltaire Finance Plc (continued)

10. Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

11. Extent the which the audit was considered capable of detecting irregularities, including ffraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

11.1. Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

• the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
• results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
  • o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
  • o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
  • o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team and relevant internal specialists, including credit excellence specialists and IT regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: identification of loan loss impairment triggers. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Independent auditor's report to the members of Saltaire Finance Plc (continued)

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act 2006, the UK listing rules as applicable to debt listed entities and the Taxation of Securitisation Companies Regulations 2006 (SI 2006/3296).

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included the terms of the operating licence provided to the company's parent by the Secretary of State for Levelling Up, Housing and Communities.

11.2. Auditresponsettorrisksiidentified

As a result of performing the above, we identification of loan loss impairment triggers as a key audit matter relating to fraud. The key audit matters section of our report explains the matter in more detail and also describes the specific procedures we performed in response to the key audit matter. In addition to the above, our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management, and those charged with governance concerning actual and potential litigation and claims;
• . performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Report on other llegal and regulatory requirements

12. @pinions@nothermattersprescribedlbytthe Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors' report.

Independent auditor's report to the members of Saltaire Finance Plc (continued)

13. Mattersonwhichwearerrequiredtorreportbyexception

13.1. Adequacy@fexplanationsrreceivedandaccountingrrecords

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not received all the information and explanations we require for our audit; or
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns.

We have nothing to report in respect of these matters.

13.2. Directors' remuneration

Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of directors' remuneration have not been made.

We have nothing to report in respect of this matter.

14. Othermatterswhichwearerrequiredttoaddress

Auditorttenure 14.1.

Following the recommendation of those charged with governance, we were appointed by the board of the entity 24 November 2020 to audit the financial statements for the period ending 31 December 2021.

14.2. Consistency@fttheauditreportwiththeadditionalreportttotthosecchargedwithgovernance

Our audit opinion is consistent with the additional report to those charged with governance that we are required to provide in accordance with ISAs (UK).

Use®fourreport 15.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Chis

Chris Hunter CA (Senior Statutory Auditor) For and on behalf of Deloitte LLP Statutory Auditor London, United Kingdom 28 March 2022

Statement of comprehensive income for the period from 22 October 2020 to 31 December 2021

	Note	22 October 2020 to 31 December 2021 1
Interest receivable and similar income	2	435,193
Interest payable and similar charges	3	(432,103)
Net interest income		3,090
Other income		28,550
Operating expenses	4	(987,419)
Loss before taxation	5	(955,779)
Taxation on loss	7
Loss for the financial period	12	(955,779)
Other comprehensive income
Total comprehensive loss for the financial period		(955,779)

All amounts relate to continuing activities.

The accompanying notes on pages 23 to 34 are an integral part of these financial statements.

Statement of changes in equity for the period from 22 October 2020 to 31 December 2021

ਵ	Called up share capital	Profit and loss account ਦ	Total shareholders' deficit ਣ
Balance as at 22 October 2020
Issue of shares	12,501		12,501
Total comprehensive loss for the financial period		(955,779)	(955,779)
Balance as at 31 December 2021	12,501	(955,779)	(943,278)

The accompanying notes on pages 23 to 34 are an integral part of these financial statements.

Statement of financial position as at 31 December 2021

	Note	31 December 2021 f
Fixed assets
Loans	8	263,674,238
Current assets
Debtors	9	477,005
Cash at bank and in hand		2,222,814
		2,699,819
Creditors: amounts falling due within one year	10	(2,784,937)
Net current liabilities		(85,118)
Total assets less current liabilities		263,589,120
Creditors: amounts falling due after more than one year	10	(264,532,398)
Net liabilities		(943,278)
Capital and reserves
Called up share capital	11	12,501
Profit and loss account	12	(955,779)
Total shareholders' deficit		(943,278)

The accompanying notes on pages 23 to 34 are an integral part of these financial statements.

The financial statements on pages 19 to 34 were approved and authorised for issue by the Board, and were signed on its behalf by:

Helena Whitaker per pro Intertrust Directors 1 Limited as Director 28 March 2022

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	3) Interest payable and similar charges
			22 October 2020 to
			31 December
		E	2021
	Interest expense on Notes		432,103
			432,103
4)	Operating expenses
		22	October
			2020 to
			31 December 2021
		E
	Deal related transaction costs		797,218
	Rating agent and listing fees		64,860
	Legal fees		42,500
	Audit fees		37,700
	Corporate Services fees		27,000
	Trustee fees		4,068
	Service fees		1,483
	Loan management fees		3,611
	Other fees		8,979
			987,419

Notes to the financial statements for the period from 22 October 2020 to 31 December 2021 (continued)

Other fees include ancillary, deal rated expenses and management fee.

5) Loss before taxation

	22 October
	2020 to
	31 December
	2021
ਵ
	37,700

There were no fees or expenses paid in respect of other assurance, or non-audit services provided by the statutory auditor for the period ended 31 December 2021.

6) Directors and Employees

The Company has no employees and services required are contracted from third parties.

The directors received no remuneration from the Company in respect of qualifying services rendered during the current period.

During the period fees of £27,000 were payable to Intertrust Management Limited in respect of corporate administration services provided to the Company; this included the provision of directors to the Company. At the period-end corporate services fees of £13,800 were accrued.

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Notes to the financial statements for the period from 22 October 2020 to 31 December 2021 (continued)

8) Loans

	31 December 2021 f
Opening book value
Principal contributions	263,675,000
Effective interest rate adjustment	(762)
Net book value	263,674,238
The maturity profile of the Loans was as follows:
In one year or less
In more than one year	263,674,238
	263,674,238

The principal contributions are disclosed net of deferred arrangement fee of £1,325,000.

9) Debtors

	31 December 2021 1
Accrued Loan interest receivable	448,455
Accrued fees receivable and other debtors	28,550
	477,005
10) Creditors	31 December 2021
	ਵ
Amounts falling due within one year Accrued interest payable on Notes	435,954
Accrued expenses and other creditors	2,348,983
	2,784,937
Amounts falling due after more than one year
Notes	264,532,398
	264,532,398
The total principal balance of Notes due is £265,000,000.

Notes to the financial statements for the period from 22 October 2020 to 31 December 2021 (continued)

10) Creditors (continued)

The structure of the Notes is disclosed below:

£	31 December 2021
Notes issued in current period	350,000,000
Notes retained at end of period	(85,000,000)
	265,000,000
Issue costs Effective interest rate adjustment	(463,750) (3,852)
Notes as at 31 December	264,532,398
Amounts due within one year Amounts due after more than one year	264,532,398
	264,532,398

The Notes bear interest at a fixed rate and the Guarantor agrees to irrevocably and unconditionally satisfy in full any guaranteed amounts which have become due for payment, but which were unpaid.

See note 13 for further details on the interest rates.

11) Called up share capital

	31 December 2021
Allotted, called up, fully/partially paid and issued	ਵ
49,999 ordinary shares of £1 each quarter paid 1 ordinary share of £1 fully paid	12,500
	12,501
12) Profit and loss account

	31 December 2021 E
Opening balance
Loss for the financial period	(955,779)
As at 31 December	(955,779)

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Notes to the financial statements for the period from 22 October 2020 to 31 December 2021 (continued)

13) Financial instruments (continued)

Credit risk (continued)

The maximum exposure to credit risk arising on the Company's financial assets at the reporting date is disclosed in the table below.

	Carrying Value 2021	Maximum Exposure 2021
	ਣ	ಲ
Assets:
Loans	263,674,238	263,674,238
Cash and cash equivalents	2,222,814	2,222,814
Other debtors	477,005	477,005
	266,374,057	266,374,057

Cash and cash equivalents are held with Bank of New York Mellon, London Branch which has a credit rating of AA.

The table below sets out the gross carrying value and the collective impairments for the Loans. The charging exercise is currently being undertaken to obtain first legal charge over the assets and the equivalent of the loan balance is currently held within the sinking fund trust reserve.

31 December 2021	Carrying value before impairment 1	Impairment ਵ	Carrying value after impairment ਵ
Loans
Individually impaired
Past due but not impaired
Neither past due nor impaired	263,674,238		263,674,238
	263,674,238	I	263,674,238

Market risk

Market risk is defined as the potential loss in value or earnings of an organisation arising from changes in external market factors.

Interest rate risk is the only market risk to which the Company is exposed.

Interest rate risk

Interest rate risk exists where assets and liabilities have interest rates set under a different basis or which reset at different times. The Company minimises its exposure to interest rate risk by ensuring that the interest rate characteristics of the portfolio of Loans and the Notes (its principal assets and liabilities) are matched, and therefore no sensitivity analysis is required.

Notes to the financial statements for the period from 22 October 2020 to 31 December 2021 (continued)

13) Financial instruments (continued)

Interest rate risk (continued)

The table below shows the Notes characteristics:

	31 December 2021 ਦ	Interest rate
2051/2053 Notes	265,000,000	1.527%
Issue costs	(463,750)
Accumulated EIR adjustments	(3,852)
Total carrying value of Notes	264,532,398

Liquidity risk

Liquidity risk is the risk that the Company is not able to meet its financial obligations as they fall due or can do so only at an unacceptably high cost. The Company's ability to meet payments on the Notes as they fall due is dependent on timely receipt of funds on the Loans.

In the event that the Company has insufficient funds available to pay interest and/or principal on the Notes then the Guarantor will meet the obligations to the noteholders.

Furthermore, each Borrower has to fund a Liquidity Reserve. The amounts standing to the credit of the account can be withdrawn where insufficient funds are available to meet payments as they fall due under the relevant loan agreement. This, however, will not prevent an event of default occurring due to the failure of the Borrowers to meet such payments as they fall due unless the Borrower funds any deficiency.

Each Borrower also has to fund a Sinking Fund where such money and investments are held in an account in the name of Prudential Trustee Company Limited ("Sinking Fund Trustee") however the Company has first charge of the account. The charging exercise is currently being undertaken to obtain first legal charge over the assets and the equivalent of the loan balance is currently held within the sinking fund trust reserve.

The table below reflects the undiscounted expected cash flows of financial liabilities of the Company at the statement of financial position date based on the terms of the Notes:

As at 31 December 2021	Carrying Value	Gross cash flows	In less than 1 month	After 1 month but within 3 months	After 3 months but within 1 year	After 1 year but within 5 years	After 5 years
	E	E	E	E	E	E	E
Notes Interest	265,000,000	265,000,000					265,000,000
payable on Notes	435,954	121,396,500			4,046,550	16,186,200	101,163,750
Total as 31 December 2021	265,435,954	386,396,500			4,046,550	16,186,200	366,163,750

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