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British Business Bank Annual Report and Accounts 2015

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British Business Bank Annual Report and Accounts 2015 Annual Report and Accounts 2015 FOR THE YEAR ENDED 31 MARCH 2015 EMPOWERING COMPANIES TO SCALE UP ENABLING COMPANIES TO START UP ENSURING COMPANIES STAY AHEAD 2014-2015 | Annual Report and Accounts Key facts over 40,000 smaller businesses We are working over with over 80 £2.3bn partners across to smaller Annual Report and Accounts 2015 England, Northern businesses FOR THE YEAR ENDED 31 MARCH 2015 Ireland, Scotland over and Wales to unlock fnance 80 partners for smaller UK businesses Our programmes currently support £2.3bn* of fnance to over 40,000 smaller businesses, and we participate in a further £2.9bn* of fnance to small mid-cap businesses * total includes both our contribution and additional private sector money MORE THAN OVER £ +10,000 75% more smaller businesses of our lending and investment are now benefting from support is distributed through fnance supported by the smaller providers, increasing British Business Bank diversity in the market compared with a year ago We operate across all sectors, but the top fve supported are 14% 13% 13% 12% 8% Wholesale and Information and Manufacturing Accommodation Science and Retail Trade Communications and Food Service Technology Other UK Government Support Keep in touch Get in touch @britishbbank www.british-business-bank.co.uk www.greatbusiness.gov.uk British Business Bank [email protected] 2 3 2014-2015 | Annual Report and Accounts CONTENTS CONTENTS Chairman’s Chief Executive’s Strategic report statement statement The British Business Bank “ has had a successful frst 86 10 year, establishing itself as an independently Directors’ report Corporate Directors’ governance remuneration operating plc and statement report delivering on its objective to make smaller business 31 37 41 fnance markets work better ” Directors’ Auditor’s Report Consolidated responsibilities fnancial Keith Morgan statements Chief Executive Ofcer British Business Bank 50 51 55 Notes to the Company fnancial Notes to the consolidated statements Company fnancial fnancial statements statements 59 85 88 4 5 2014-2015 | Annual Report and Accounts CHAIRMAN’S STATEMENT CHAIRMAN’S STATEMENT We aim to be the catalyst that brings about signifcant change to the structure and accessibility of fnance markets, for the lasting beneft of our economy. e have a specifc remit to make we are well placed to deliver on the I would like to thank all the British background – from banking, investments the UK’s fnance markets objectives we have been set for the Business Bank’s Directors for their and asset fnance to specialist policy We’ve been keen to Wwork better for those smaller coming years. contribution during this key period. Their knowledge from the Civil Service. I would like to adopt a commercial- businesses so vital to our economic valuable input and commitment to their One striking feature of our workforce acknowledge the growth and prosperity. THE BOARD roles has been vital in maintaining the is their sense of common purpose – mindedness which Publishing our frst annual report We’ve put a Board in place that brings high standards of corporate governance a real drive and passion to improve enormous efort and and fnancial statements is a signifcant together a wide range of fnancial and which underpin our organisation. fnance markets for smaller businesses. enables us to connect milestone for the British Business Bank, small business experience. The Board is As importantly, we’ve been keen to commitment of our staf, and comes at the end of a period of rapid comprised of seven independent Non- DELIVERING THROUGH adopt a commercial-mindedness which with the market on which has enabled us development for our organisation. executive Directors, one Shareholder PARTNERSHIPS enables us to connect with the market on equal terms and with a The last year has been about putting Representative Director and three We remain focused on the problem that equal terms and with a common language to meet all of our in place everything needed to form a new Executive Directors. Most of our Board we’re trying to solve – a lack of supply and – a conscious and necessary reshaping common language organisation while continuing to deliver members have run, worked for, or been choice in fnance for smaller businesses. of how a government-sponsored targets so far increasing levels and variety of fnance, closely involved with small businesses In the last year we have introduced organisation should relate to the world of through a wider range of partners, to an throughout their careers. new and innovative approaches to start fnance and business. increasing number of businesses. Gaining Until the Board was formalised in to address those issues and we look We continue to maintain strong State aid approval from the European 2014, the Bank was run as a shadow forward to further developments in the working relationships with colleagues at Commission last October has enabled us operation within the Department coming year which will build on what we the Department for Business, Innovation to operate with a level of independence for Business, Innovation and Skills. have already put in place. and Skills, which is our organisation’s which has allowed us to develop rapidly The Board has met regularly since its By employing our resources through sponsor, and we look forward to working and to achieve a huge amount in a establishment in 2014, adopting its a range of private sector partners, with them and new Ministers to further relatively short period of time. formal governance role in November we make best use of and leverage develop and implement our plans. In many ways, the story of our frst 2014 when operations and assets were our funding to create greater impact. Finally, I would like to acknowledge year chimes with the experience of many transferred to the British Business Bank Maintaining strong relationships with frst the enormous efort and of the start-up and scale-up businesses plc. In March 2015, Maria Turner, who those partners – ranging from equity commitment of our staf, which has we help fund – including recruiting successfully established and chaired our funds, banks, asset fnance providers enabled us to meet all of our targets and integrating new colleagues, Board Risk Committee, decided to stand and alternative fnance, to the business so far. In addition, I would also like setting up governance processes and down from the Board due to taking a membership organisations and advisory to thank a wide range of supporters policies, designing Company structures, new and demanding role in Scandinavia bodies who help us spread the word including Ministers and ofcials across developing a strong set of corporate – we wish her well and thank her for her about increased fnance options gives us government, our delivery partners, values and putting the business’ important contribution. the solid foundation we need to deliver and others who have championed Ron Emerson infrastructure in place. As a Board committed to continual our objectives. our progress and share our aims. We Chairman The business has achieved this improvement, we have recently look forward to achieving much more British Business Bank while delivering the increased volume undertaken an evaluation to ensure COLLEAGUES together as we grow and develop as an and choice of fnance that smaller the Board and its Committees operate Across our two ofces in Shefeld and organisation. businesses need. Good performance efectively and to explore the opportunities London, we now have 106 colleagues in against our objectives, as measured by for improvements based on our frst our organisation. They bring with them our key performance indicators, means months of organisational independence. a unique blend of skills, experience and 6 7 2014-2015 | Annual Report and Accounts CHIEF EXECUTIVE’S STATEMENT CHIEF EXECUTIVE’S STATEMENT The British Business Bank became an operationally-independent plc in November 2014, established and owned by the UK Government to make fnance markets work better for the country’s smaller businesses. maller businesses are vital to our depending on the type of activity carried We are proud to be a part of that change, CONCLUSION economy, contributing almost half of out. This structure was agreed with playing a key role in the provision of early- The British Business Bank has had a We deliver our S private sector turnover and over 60% the European Commission in October stage equity and acting as catalyst for successful frst year, establishing of private sector employment. Addressing 2014, prior to the launch of the plc in many new forms of fnance serving smaller itself as an independently operating objectives by working the challenges and obstacles they face in November 2014. business needs. Recognising smaller plc and delivering on its objective accessing the fnance they need to start, Underpinning all our activities is an businesses’ need for increasing volumes to make small business fnance through the market , grow and thrive is at the core of what we do. overall objective to ensure we manage of growth fnance, we launched our Help markets work better. Increasingly, the providing fnance and Our objectives are to increase the supply taxpayer resources efciently and within to Grow initiative in March which will work market and external commentators of fnance in areas where fnance markets a robust risk management framework, with private sector lenders to deliver are acknowledging the work we are ofering guarantees in do not work efectively, to help create meeting a fnancial return target set by Growth Loans to fast growing smaller doing, and the change we are bringing greater choice for businesses in terms our Shareholder. businesses. about in the markets in which we partnership with over 80 of options and providers, and to provide We have also made a good start to raising operate. commercial lenders and better information in the market, building CONDITIONS IN THE awareness of fnance options through our confdence among smaller businesses in MARKETPLACE highly-regarded Business Finance Guide, investors their understanding of the fnance options A continuous programme of research published in summer 2014 in conjunction available.
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