AI Terminal
Tally Central Ltd
Earnings Release • Dec 17, 2021
10793_rns_2021-12-17_e2ca6c26-8f70-40c9-9e69-1d3f0d3dd916.html
Earnings Release
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information 
RNS Number : 0796W
Tally Ltd
17 December 2021
TALLY LTD
("Tally" or the "Company")
Final Results & AGM
17 December 2021
Tally Ltd, the non-fiat money innovator and developer and operator of the Tally full-reserve banking platform and physical-gold digital money, tally®, is pleased to present its audited financial results for the financial year ending 30 June 2022.
AGM
Notice of the Company's AGM has gone out to all members. The Company's AGM has been set for 30 December 2021 where, amongst other resolutions, the accounts will be received and, if thought fit, accepted.
The notes to the financial statements are available to view in the Company's annual report, which is available to view on the Company's website www.tallymoney.com/investors/reports
Chief Executive Officer's Report
I am pleased to provide the following report on the financial year from 1 July 2020 to 30 June 2021 for Tally Ltd ("Tally" or "Company"). This was a transformative year for Tally's platform technology vision and full reserve banking product, organisational expansion and corporate strategy. During the 12-month period the Company raised circa £600,000 through the private placing and issue of new ordinary shares at 2p per share, and generated a return of approximately £1.9m from the part-sale of its banking-as-a-service technology investment asset, whilst progress was made on the Company's two mining investment assets to see them become liquid current assets in the new financial year. Tally Ltd has again achieved profitability and grown revenues and net assets year on year, as the Company manages costs and generates returns on investments, providing the working capital and time required to build and grow its innovative core business offering.
Tally is a full-reserve banking platform technology using a new category of money (not government-issued 'fiat' currency, nor a cryptocurrency), and potential disruptor to the global banking and payments space. tally® the currency is physical asset-based money, protected from the fragility and inflation of the incumbent fractional reserve banking system.
Tally's product design, UI (user interface), business model and technology architecture are unique in banking, foreign currency exchange and retail gold investment. Tally is the world's first financial institution to issue individual accounts with unique account numbers and IBANs (International Bank Account Numbers) denominated in non-fiat currency. 1 tally® = 1 milligram of ethically-sourced physical gold vaulted on behalf of the customer.
Tally's banking platform works independently to the establishment banking system, whilst seamlessly working with its global infrastructure e.g. Faster Payments Network, merchant payment facilities and ATMs. Tally customers, save, send and spend tally® using their Tally account (and linked debit Mastercard®) like any other foreign currency in a bank account, except they don't incur transaction fees nor any added FX margins.
At the start of the reporting period, Tally was migrating customers over from its proof-of-concept smartphone app and backoffice to a redesigned technology architecture that went live in June 2020. Since early 2021, Tally has been developing a new holistic standalone banking platform ledger architecture and API, "Teco", to enable B2B integration and increased velocity of product development and smartphone app features for B2C customers.
During the reporting period, the Company and its subsidiaries have expanded from 7 full-time employees and 4 part-time, to 19 full-time employees and 5 part-time, including an in-house marketing team and Board and Company Secretary additions.
In addition to its core business as a Non-Bank Financial Institution (NBFI) and global currency provider, Tally owns minority stakes in three investment assets: shares in BaaS (Banking As A Service) fintech company Railsbank Technology Ltd, equity in India's leading private gold exploration company, Geomysore Services India Pvt Ltd, and part of Finland gold exploration joint venture company, Kalevala Gold Oy. Tally is following a strategy to convert all three investments over the next 1 to 5 years to support core business growth.
Board changes during the period
In line with the Company increasing specialist capabilities for developing and distributing its physical asset-based monetary system and platform technology, combined with its corporate strategy to complete an IPO in the current financial year and progress as a listed public company, an experienced capital markets Director and Company Secretary were added in early 2021.
On 26 February 2021 Mr Alan Davies was appointed Non-Executive Director and Luke Cairns was appointed as Company Secretary commencing 1st March with official handover completed 1st June 2021. On 28 February 2021, Mr Ralph Hazell stepped down as Director.
Mr Davies is a highly regarded global executive and experienced public company director, Non-Executive Director of ASX-listed company ioneer Limited and a former Non-Executive Director of FTSE-100 company Rolls Royce Holdings PLC. Mr Cairns is currently an Executive Director of one AIM-listed technology company and Non-Executive Director of another.
Key financials
The profit after tax for the year was £1,293,549 compared to a profit of £1,800,003 for the year ending 30 June 2020.
As at 30 June 2021, the Group's cash balances (£200,680) and own gold holdings (£52,884) totalled £253,564 (2020: £116,523).
The Company started the financial year with 632,307,781 shares in issue. During the financial year, the Company raised gross proceeds of £573,042 at 2p per share, satisfied payment of invoices totalling £136,091 by issuing 6,804,528 shares at 2p and issued 300,000 shares to consultants and advisors. This increased the total shares on issue to 668,064,392 and represents a company valuation of £13 million. During the reporting period, the Company completed the part sale of its Railsbank investment holding, generating gross proceeds of £1,923,928.
Post the balance sheet date, Tally Ltd raised an additional £60,000 as part of its recent funding round at 2p per share, increasing the total shares in issue to 671,064,392 as at the date of this report. On the 3rd of September 2021 the Company received the consideration of £2,746,189 before costs for the sale of an additional 2,724,400 Railsbank shares (each share in the capital of Railsbank Technology Ltd was subdivided into 100 shares of the same class as part of their funding round). The price per share achieved on the September 2021 disposal of US$1.404947 was 1,112% higher than the original cost. The Company still holds 3,000,000 of its original holding of 13,080,000 (post sub-division) shares that, based on the Company's last sale price, is shown at a current value of £3,023,993.
Post year end, Tally Ltd has entered into an agreement to sell its shareholding in Geomysore Services (India) Pvt Ltd ("Geomysore") to Bombay Stock Exchange-listed Deccan Gold Mines Limited ("Deccan"). At the share swap ratio negotiated, as announced by Deccan on 24 September 2021, based on the current Deccan share price, upon completion Tally Ltd's Indian gold interests will be transformed from a fixed asset valued at £3.3m to a liquid asset valued at more than £6.6m and able to be valued mark-to-market. Completion is expected to take six months and the deal is subject to India regulator permissions and Deccan shareholder approval, and thus the value of Tally Ltd's shares in Geomysore has not been revised in Tally's balance sheet at this stage.
The Company is continuously monitoring the rate of cash usage to ensure a balance between investment in technology and product development, talent and marketing, and having sufficient working capital to achieve business and corporate objectives.
Investment Assets
Extract from the Tally Ltd balance sheet as at 30 June 2021
2021 2020
Railsbank Limited 5,770,181 4,575,314
Geomysore Services India Pvt Ltd 3,297,415 3,327,634
Kalevala Gold Oy (shown as held for sale) 594,251 563,334
9,661,847 8,466,282
Outlook
At Tally, we believe people should be able to hold money in a bank account that maintains its value and remains in their control. This is fundamental to individual financial health and promotes savings and productivity in society.
Through the Bank of England, the UK government added another £250 billion to the Pounds Sterling money supply in the nine months between March and November 2020 in an effort to maintain the British economy during the Covid-19 pandemic. Inflation is tipped to reach 4% before the close of this calendar year (double the central bank's target). Furthermore there are near-zero interest rates being offered on bank savings accounts. Tally identified that there was no healthy environment for savers and a standalone full-reserve custodial banking system using physical asset-based money was needed, that works complementary to the fractional-reserve banking system of debt-based fiat money. Tally is leading the evolution of private sector-designed currencies in bank accounts. It provides competition to monopolistic state-run currencies and gives consumers a choice in the quality of money they can use in a bank account, for their savings and everyday banking.
Tally Ltd has achieved a robust financial position from which to deliver its vision, with no borrowings or liabilities beyond trade creditors incurred as part of normal operational activities. The Company continues to be funded through investment capital and generating returns on its investments. With the approximately £1.9m sale of part of Tally's Railsbank shareholding during the financial year (following the approx. £500,000 sold the previous financial year) and another £2.75m sold subsequent to year end, as at the date of this report Tally has received in cash over four times its original £1.27m investment (made in February 2018), and it retains circa one quarter of its original shareholding, which is now valued at over £3 million. Tally also holds significant gold exploration assets that it have been progressing towards becoming current assets with liquidity. This should see Tally Ltd fully funded by current assets this financial year and able to apply funds as needed to increase its customer base, release new products including its just-released UK market leading fixed-term fixed-rate savings account, expand into other jurisdictions through international partnerships, grow operational capabilities and continue ongoing development of Tally's platform technology.
In addition, Tally intends to raise additional funds through the public capital markets and, as part of its mission around the democratisation of money, give the public access to owning equity in the Company by conducting an IPO (Initial Public Offering) and see the Company's shares listed and tradable on a recognised stock exchange in the current financial year. Around the end of 2021 the Board shall finalise its decision on the most appropriate market for its listing plans and carry out IPO activities in Q1 2022.
On behalf of the Board, I would like to thank shareholders for their patience and ongoing support and I'd like to thank our team at Tally, whose efforts and commitment to our shared mission make Tally's full-reserve banking platform a compelling mainstream alternative in money and banking.
Cameron Parry
Chief Executive Officer
30 November 2021
Board of Directors
Cameron John Parry (aged 47) (Chief Executive Officer)
Cameron Parry is the founder of the tally® physical asset-based monetary system and full-reserve banking platform technology. He is a serial innovator and chief executive of quoted public companies in both the fintech and mining sectors and he created the vertically integrated gold company Lionsgold (LSE:LION), that evolved to become Tally Ltd.
Mr Parry was the founder and inaugural CEO of natural resources investing company Metal Tiger PLC (LSE: MTR) and co-founder and inaugural Executive Chairman of Coinsilium Group Ltd (NEX: COIN) - which he led to become the world's first blockchain industry company to list on a recognised investment exchange (Dec 2015). He is also Joint-CEO and a major shareholder of 35-year-old London Stockbroking firm, First Equity Limited. First Equity is regulated by the Financial Conduct Authority ("FCA" Licence No. 124394) and Mr Parry is an FCA-approved person for relevant control functions (FCA reference number CJP01234).
Michael Paul Joseph (aged 50) (Non-Executive Director)
Michael Joseph is a highly successful entrepreneur and the CEO of Lucida Group, the parent company of Right Choice Insurance Brokers Ltd ("RCIB") which he founded, growing it to over £100m per year premium income and £10m earnings before tax. Under his leadership, the group has acquired a number of best-in-class businesses and now employs over 600 staff, providing insurance to in excess of 500,000 customers annually.
RCIB's business is underpinned by its own purpose-built data technology platform and the competitive advantage it delivers. In June 2018, Lloyds Bank private equity division ("LDC") invested £28m at a valuation well in excess of £100m. RCIB is regulated by the Financial Conduct Authority ("FCA" reference number 475620) and Mr Joseph is an FCA-approved person for relevant control functions (FCA reference number 01051). Mr Joseph is a member of the Bank of England, Decision Maker Panel.
Alan John Bruce Davies (aged 51) (Non-Executive Director)
Alan Davies is a highly respected global executive and CEO of copper mining and natural resources company Moxico Resources PLC and Non-Executive Director of ASX-listed company, ioneer Limited. He is the former Chief Executive of Energy & Minerals at FTSE-100 company, Rio Tinto PLC ("Rio Tinto"), and has more than twenty years' experience in operational and strategic development in the global mining industry, including over ten years of direct project responsibility in India for Rio Tinto.
Mr Davies is a former Non-Executive Director of FTSE-100 company Rolls Royce Holdings PLC and he holds a Bachelor of Business, Bachelor of Laws, a Master of Laws and is a Fellow of the Chartered Accountants in Australia and New Zealand.
Directors' Report
The Directors present their report together with the consolidated financial statements of the Group comprising Tally Ltd (the Company) and its subsidiaries for the year ended 30 June 2021 and the independent auditor's report thereon.
Performance review
The Group made a total comprehensive profit of £1,292,524 during the year ended 30 June 2021 (2020: total comprehensive profit of £1,794,491). The profit arises from the fair value gain on the Group's equity investment in Railsbank Technology Ltd.
Principal activities and future developments
The Group's principal activity is the provision of a full reserve banking platform and independent monetary system with an asset-based challenger currency (tally®). The platform instantly and seamlessly operates with government-issued fractional-reserve fiat currency. tally® is designed for distribution as a B2B2C product as well as offering its own retail banking account operated via a mobile phone banking app and contactless Mastercard® debit card.
Subsequent events
In the second half of 2021, the Company raised £60,000 through the placing of 3,000,000 new ordinary shares at 2p per share of which the board contributed £5,000. Additionally, 3,275,000 warrants for new ordinary shares were issued, each exercisable at 200% of the Company's Initial Public Offering (IPO) price with a term of three years from the IPO. Following the placing and shares, the total number of shares in issue increased to 671,064,392.
In September 2021 the Company completed the sale of part of its shareholding in Railsbank Technology Ltd for a consideration of £2,746,189.
No further subsequent events took place which require disclosure in these consolidated financial statements.
Principal risks and uncertainties
The Group is exposed to a variety of financial risks including foreign exchange risk, market risk, liquidity risk, tax risk and credit risk. These risks are discussed in detail in Note 2.
Financial instruments and associated risks
The Board of Directors is committed to effective risk management and is responsible for ensuring that the Group has an appropriate framework in place to identify and effectively manage business risks and to monitor business performance and the Group's financial position. The Board is also responsible for overseeing compliance with regulatory, prudential, legal and ethical standards. These risks are discussed in detail in Note 15.
Accounting policies
The accounting policies of the Group as set out on pages 18 to 27 have been applied consistently during the year.
Dividends
No dividends have been paid and the Directors do not recommend the declaration of a dividend for the year ended 30 June 2021 (2020: nil).
Directors' remuneration and interests
| ###### 2021 | ###### Remuneration | ###### Interests | |||
| ###### Director | ###### Cash-based payments | ###### Share-based payments | ###### Totals | ###### Shares | ###### Options |
| ###### £ | ###### £ | ###### £ | ###### No. | ###### No. | |
| ###### Cameron Parry* (Chief Executive Officer) | ###### 124,000 | ###### - | ###### 124,000 | ###### 35,295,988 | ###### 10,000,000 |
| ###### Ralph Hazell** | ###### 21,333 | ###### - | ###### 21,333 | ###### 35,043,836 | ###### - |
| ###### Michael Joseph*** | ###### - | ###### - | ###### - | ###### 53,525,000 | ###### - |
| ###### Alan Davies**** | ###### - | ###### - | ###### - | ###### 14,600,000 | ###### - |
| ###### 145,333 | ###### - | ###### 145,333 | ###### 138,464,824 | ###### 10,000,000 |
* Cameron Parry invested cash of £30,000 during the financial year for 1,500,000 new ordinary shares and 1,500,000 IPO warrants (2020: cash invested £50,000).
** Shares held in the name of Ralph Hazell's wife were transferred during the period into Ralph Hazell's name.
*** Michael Joseph is to be paid £80,000 (including the £35,000 to Dec 2019 recorded at year end June 2020) in shares for the 32-month period to end of June 2021 that he acted as NED, contingent upon, and only in the event of, the Company relisting on a recognised investment exchange, calculated at the IPO price per share.
**** Alan Davies is to be paid £10,000 in shares for the 4-month period to end of June 2021 that he acted as NED, contingent upon, and only in the event of, the Company relisting on a recognised investment exchange, calculated at the IPO price per share.
| ###### 2020 | ###### Remuneration | ###### Interests | |||
| ###### Director | ###### Cash-based payments | ###### Share-based payments | ###### Totals | ###### Shares | ###### Options |
| ###### £ | ###### £ | ###### £ | ###### No. | ###### No. | |
| ###### Cameron Parry* (Chief Executive Officer) | ###### 131,000 | ###### - | ###### 131,000 | ###### 33,795,988 | ###### 10,000,000 |
| ###### Ralph Hazell | ###### 66,667 | ###### - | ###### 66,667 | ###### 30,941,455 | ###### - |
| ###### Hanuma Prasad | ###### 6,877 | ###### - | ###### 6,877 | ###### - | ###### - |
| ###### Michael Joseph** | ###### - | ###### - | ###### - | ###### 53,525,000 | ###### - |
| ###### Michael Corcoran*** | ###### - | ###### - | ###### - | ###### 454,546 | ###### - |
| ###### 204,544 | ###### - | ###### 204,544 | ###### 118,716,989 | ###### 10,000,000 |
* Cameron Parry invested cash of £50,000 during the financial year for 3,333,333 new ordinary shares and 3,333,333 IPO warrants
** Michael Joseph invested cash of £75,000 during the financial year for 5,000,000 new ordinary shares and 5,000,000 IPO warrants.
** Michael Joseph is to be paid £35,000 in shares for the 14-month period to Dec 2019 that he acted as NED, contingent upon, and only in the event of, the Company relisting on a recognised investment exchange, calculated at the IPO price per share.
***Michael Corcoran is to be paid £45,000 in shares for the 18-month period to Dec 2019 that he acted as NED, contingent upon, and only in the event of, the Company relisting on a recognised investment exchange, calculated at the IPO price per share.
No new options were issued during the year (2020: nil). No options were exercised during the year (2020: nil).
The above remuneration relates to Tally Ltd Directors only. The Key Management Personnel remuneration disclosed in Note 18 to the financial statements has been calculated on a consolidated basis and includes payments to other Key Management Personnel.
Results for the year and financial position as at 30 June 2021
The Consolidated Statement of Comprehensive Income and the Consolidated Statement of Financial Position are set out on pages 12 and 13 of the financial statements.
Accounting records
The Directors believe that they have complied with the requirements of Section 244 of the Companies (Guernsey) Law 2008, as amended with regards to the financial statements by employing appropriate expertise and providing adequate resources to the financial function within the Group.
Statement of Directors' responsibilities
The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Companies (Guernsey) Law 2008, as amended require the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards as adopted by the EU and applicable law.
The financial statements are required by law to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for the year.
In preparing these financial statements, the Directors are required to:
■ select suitable accounting policies and then apply them consistently;
■ make judgements and estimates that are reasonable and prudent;
■ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
■ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the financial statements comply with the Companies (Guernsey) Law 2008, as amended and the AIM rules. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.
Directors' confirmation
The Directors confirm that they have complied with the requirements in preparation of the financial statements as at the date of approval of this report. So far as the Directors who held office at the date of approval of this Directors' Report are aware, there is no relevant audit information of which the Group's auditor is unaware, having taken all the steps the Directors ought to have taken to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information.
Going concern
These financial statements have been prepared on the basis of accounting principles applicable to a going concern. The Directors consider that the Group will have access to adequate resources, as set out below, to meet operational requirements for at least 12 months from the date of approval of these financial statements as well as the Group's remaining commitments to investments. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The Group's source of operating cash inflows for the financial year are account keeping and joining fees for TallyMoney Ltd, transaction fees earnt through the legacy business precious metals online trading (the Real Asset Company), and fees for storing gold and interest income. The Group has incurred net operating cash outflows for the year ended 30 June 2021 of £1,108,753 (2020: outflow of £472,319). At 30 June 2021, the Group had cash and cash equivalents of £200,680 (2020: £55,936) and net current assets (current assets, including cash, less current liabilities) of £445,713 (2020: net current liabilities of £236,946).
Tally Ltd has historically raised equity capital periodically to fund operations and the Board intends to continue to raise further funds through the issue of new ordinary shares and/or selling part or all of the balance of its Banking-as-a-Service entity shareholding. The Company is also investigating opportunities for the monetisation of its other non-core non-current assets, being equity interests in gold exploration companies in India and Finland. The potential impact of the effects of the Covid-19 coronavirus pandemic on future capital injections or asset sales is unknown and discussed further in note 1.3.
On behalf of the Board
_____________________________________
Cameron Parry - Director
30 November 2021
Tally Ltd and its controlled entities
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2021
| Group | ||||
| Note | 2021 £ |
2020 £ |
||
| Continuing operations | ||||
| Revenue | 59,685 | 20,431 | ||
| Administrative expenses | (1,649,767) | (1,242,652) | ||
| Loss from operating activities | (1,590,082) | (1,222,221) | ||
| Finance income | 195 | - | ||
| Finance costs | 4 | (71,093) | (57,203) | |
| Net financing costs | (70,898) | (57,203) | ||
| Share of loss of associate | 8 | (30,219) | (64,362) | |
| Fair value adjustment on assets held for sale | 8 | (4,183) | - | |
| Net gain on investments at fair value through profit or loss | 8 | 3,089,935 | 3,017,523 | |
| Gain/(loss) on financial assets at fair value through profit or loss | 9 | (30,807) | 10,115 | |
| Impairment of goodwill | 6 | (178,719) | - | |
| Profit before tax | 1,185,027 | 1,683,852 | ||
| Income tax | 5 | 108,522 | 116,151 | |
| Profit/(loss) for the year | 1,293,549 | 1,800,003 | ||
| Other comprehensive loss Items that may be reclassified subsequently to profit or loss Foreign exchange translation |
(1,025) | (5,512) | ||
| Total comprehensive profit/(loss) for the year | 1,292,524 | 1,794,491 | ||
| Basic earnings per share (p) | 14 | 0.20 | 0.29 | |
| Diluted earnings per share (p) | 14 | 0.18 | 0.28 | |
The notes on pages 18 to 48 are an integral part of the consolidated financial statements.
Tally Ltd and its controlled entities
Consolidated Statement of Financial Position
as at 30 June 2021
| Group | |||
| Note | 2021 £ |
2020 £ |
|
| Non-current assets | |||
| Intangible assets | 6 | 1,125,621 | 956,859 |
| Tangible assets | 7 | 20,637 | 11,186 |
| Right of use asset | 16 | 59,287 | 98,812 |
| Investment in associates | 8 | 3,297,415 | 3,327,634 |
| Investments at fair value through profit or loss | 8 | 5,770,181 | 4,575,314 |
| Total non-current assets | 10,273,141 | 8,969,805 | |
| Current assets | |||
| Assets classified as held for sale | 8 | 594,251 | 563,334 |
| Financial assets at fair value through profit or loss | 9 | 52,884 | 60,587 |
| Trade and other receivables | 10 | 63,802 | 72,816 |
| Cash and cash equivalents | 200,680 | 55,936 | |
| Total current assets | 911,617 | 752,673 | |
| Total assets | 11,184,758 | 9,722,478 | |
| Current liabilities | |||
| Trade and other payables | 11 | 425,569 | 951,113 |
| Lease liabilities | 16 | 40,334 | 38,506 |
| Total current liabilities | 465,903 | 989,619 | |
| Non-current liabilities | |||
| Lease liabilities | 16 | 20,880 | 61,214 |
| Total non-current liabilities | 20,880 | 61,214 | |
| Total net assets | 10,697,975 | 8,671,645 | |
| Equity | |||
| Share capital | 13 | - | - |
| Share premium | 13 | 30,699,730 | 30,017,276 |
| Reserves | 13 | 22,480 | 23,505 |
| Share Based Payment Reserve | 13 | 51,352 | - |
| Accumulated losses | (20,075,587) | (21,369,136) | |
| Total equity | 10,697,975 | 8,671,645 |
These financial statements were approved by the Board of Directors on the 30 November 2021 and were signed on its behalf by:
_______________________
Cameron Parry
Director
The notes on pages 18 to 48 are an integral part of the consolidated financial statements.
Tally Ltd and its controlled entities
Consolidated Statement of Changes in Equity
for year ended 30 June 2021
| Share capital | Share premium | Share based payment reserve |
Foreign exchange translation reserve | Shares to be issued reserve | Accumulated losses | Total equity | |||
| £ | £ | £ | £ | £ | £ | £ | |||
| Balance at 30 June 2020 | - | 30,017,276 | - | 23,505 | - | (21,369,136) | 8,671,645 | ||
| Profit for the year | - | - | - | - | - | 1,293,549 | 1,293,549 | ||
| Other comprehensive loss - foreign exchange translation | - | - | - | (1,025) | - | - | (1,025) | ||
| Total comprehensive income for the year | - | - | - | (1,025) | - | 1,293,549 | 1,292,524 | ||
| Issue of shares | - | 714,133 | - | - | - | - | 714,133 | ||
| Cost of issue | - | (25,200) | - | - | - | - | (25,200) | ||
| Issue of warrants | - | (6,479) | 51,352 | - | - | - | 44,873 | ||
| Total contributions by and distributions to owners | - | 682,454 | 51,352 | - | - | - | 733,806 | ||
| Balance at 30 June 2021 | - | 30,699,730 | 51,352 | 22,480 | - | (20,075,587) | 10,697,975 | ||
The notes on pages 18 to 48 are an integral part of the consolidated financial statements.
Tally Ltd and its controlled entities
Consolidated Statement of Changes in Equity
for year ended 30 June 2020
| Share capital | Share premium | Share based payment reserve |
Foreign exchange translation reserve | Shares to be issued reserve | Accumulated losses | Total equity | |||
| £ | £ | £ | £ | £ | £ | £ | |||
| Balance at 30 June 2019 | - | 29,394,063 | 13 | 29,017 | 235,000 | (23,169,139) | 6,488,954 | ||
| Profit for the year | - | - | - | - | - | 1,800,003 | 1,800,003 | ||
| Other comprehensive loss - foreign exchange translation | - | - | - | (5,512) | - | - | (5,512) | ||
| Total comprehensive income for the year | - | - | - | (5,512) | - | 1,800,003 | 1,794,491 | ||
| Issue of shares | - | 420,000 | - | - | - | - | 420,000 | ||
| Cost of issue | - | (31,800) | - | - | - | - | (31,800) | ||
| Issue of shares paid in prior periods | - | 235,000 | - | - | (235,000) | - | - | ||
| Exercise/expiration of warrants | - | 13 | (13) | - | - | - | - | ||
| Total contributions by and distributions to owners | - | 623,213 | (13) | - | (235,000) | - | 388,200 | ||
| Balance at 30 June 2020 | - | 30,017,276 | - | 23,505 | - | (21,369,136) | 8,671,645 | ||
The notes on pages 18 to 48 are an integral part of the consolidated financial statements.
Tally Ltd and its controlled entities
Consolidated Statement of Cash Flows
For the year ended 30 June 2021
| Note | 2021 | 2020 | |
| £ | £ | ||
| Cash flows from operating activities | |||
| Profit/(loss) for the year | 1,293,549 | 1,800,003 | |
| Adjustments for: | |||
| Depreciation | 7,16 | 44,698 | 22,567 |
| Amortisation | 6 | 289,540 | 148,409 |
| Share of loss of associate | 8 | 30,219 | 64,362 |
| Fair value adjustment | 8 | 4,183 | - |
| Fair value movement on investments and financial assets | 8,9 | (3,059,128) | (3,027,525) |
| Share based payments to consultants | 12 | 49,873 | - |
| Net financing charge | 4 | 70,898 | 57,203 |
| Impairment of goodwill | 6 | 178,719 | - |
| Foreign exchange variances | (1,025) | (5,512) | |
| Operating loss before changes in working capital and provisions | (1,098,474) | (940,493) | |
| Change in trade and other receivables | 10 | 9,014 | 5,238 |
| Change in trade and other payables | 11 | (19,293) | 462,936 |
| Net cash used in operating activities | (1,108,753) | (472,319) | |
| Cash flows from investing activities | |||
| Net financing charge | (70,898) | (57,203) | |
| Acquisition of intangible assets | 6 | (500,929) | (364,053) |
| Acquisition of tangible assets | 7 | (14,624) | (1,047) |
| Acquisition of financial assets at fair value | 9 | (23,104) | (22,941) |
| Investments in assets classified as held for sale | 8 | (35,100) | - |
| Exceptional costs | 8 | (28,859) | - |
| Disposal of investments at fair value | 8 | 1,923,927 | 504,924 |
| Net cash from investing activities | 1,250,413 | 59,680 | |
| Cash flows from financing activities | |||
| Proceeds from the issue of shares | 13 | 573,041 | 420,000 |
| Cost of issue | 13 | (25,200) | (31,800) |
| Repayment of loan facility | 11 | (506,250) | - |
| Repayment of lease liabilities | 16 | (38,507) | (18,855) |
| Net cash from financing activities | 3,084 | 369,345 | |
| Net increase in cash and cash equivalents | 144,744 | (43,294) | |
| Cash and cash equivalents at 1 July | 55,936 | 99,230 | |
| Cash and cash equivalents at 30 June | 200,680 | 55,936 |
Non-cash transaction
The Company issued 6,804,528 ordinary shares in the year in settlement of third party invoices in relation to the acquisition of intangible assets totalling £136,091 as per note 12c.
The Company issued shares to consultants for services totalling £5,000 during the year and warrants with a fair value of £44,873 as outlined in note 12.
The notes on pages 18 to 48 are an integral part of the consolidated financial statements.
The notes to the financial statements are available to view in the Company's annual report, which is available to view on the Company's website www.tallymoney.com/investors/reports
For further information or if shareholders have any queries, please contact our office via
Enquiries:
Cameron Parry (Chief Executive Officer) Tel: +44 (0)20 3490 6210
[email protected] www.tallymoney.com
About TALLY
· Tally Ltd is the non-fiat money and banking system innovator behind the full-reserve banking platform and physical-asset digital money, tally®, that operates seamlessly with government-issued fiat currency (e.g. pounds, euros, dollars) and the fractional-reserve banking system.
· Each unit of tally® = 1 milligram of LBMA-accredited gold vaulted in Switzerland with Brinks® on behalf of the customer and utilised by the customer via their individually issued bank account and contactless Tally debit card.
· tally® is not a fiat currency and tally® is not a cryptocurrency.
· The Tally banking platform connects physical asset ownership to the global banking system and enables instant liquidity to save, send and spend the physical asset value as money.
· Tally's wholly owned UK subsidiary company, TallyMoney Ltd, is a recognised E-Money Directive Agent (FCA Ref. No. 902059) under Financial Conduct Authority-licensed E-Money Institution, PayrNet Limited (FCA Ref No. 900594).
· The Tally banking App is available on iPhone and Android by searching TallyMoney on the Apple App Store or Google Play Store.
Tally Ltd currently has significant investments in UK-based Banking-as-a-Service fintech Railsbank Technology Ltd, leading India gold exploration company Geomysore Services India Pvt Ltd and Finland gold exploration joint venture company Kalevala Gold Oy.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
NRAGPGWWPUPGGWM