The recognised R&D reclaim amount is considered a non financial asset and is based on a best estimate of the eligible costs. For both direct and other laws and regulations, our procedures involved: making enquiry of those charged with governance and senior management for their awareness of any non-compliance of laws or regulations, inquiring about the policies that have been established to prevent non-compliance with laws and regulations by officers and employees, inquiring about the Company’s methods of enforcing and monitoring compliance with such policies, and inspecting significant correspondence with the FCA and PRA. In 2018, Monzo customers only deposited an average of £142. The directors are responsible for preparing the strategic report, director’s report and the financial statements in accordance with applicable United Kingdom law and those International Financial Reporting Standards as adopted by the European Union. “Covid is unmasking how small the underlying business is at some of these companies. We focussed on growth for the first six months of the last financial year. Our approach to risk management supports the wider business strategy. And, crucially, it helps us earn our customers’ trust. It is deemed that the customer does not show enough “willingness to pay”: Not keeping promise to pay over a period of time, Defaulting in renegotiated repayment plan. Identifying, assessing, managing and reporting on those risks is central to the way we run the Bank. 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. Back in 2015 we were a scrappy startup, offering prepaid cards to a few thousand people. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality. Baroness D Kingsmill (resigned 6 April 2018) The 4 committees are: Day to day running of the business is delegated to the CEO who has established 2 management committees to support him: an Executive Committee for general business matters, and an Assets and Liability Committee on balance sheet matters. All differences are taken to the Statement of Comprehensive Income. With a number of major operators vying for customers’ attention, PCWs are now spending as much as, ... Mobile-only entrant Monzo has been particularly smart in its courting of Apple, building early integrations with Siri® for example, and … All of our customers should be able to rely on Monzo as their main account. And our founding team of a dozen people has grown into a company of more than 300. Recalculate the FV for all new options granted during the year under audit. First, we’ll work to lower the cost of providing customer support, while making sure the service stays world-class. As the second half of 2020 dawns, it’s clear the next 12 months could be make or break for Monzo. have been prepared in accordance with the requirements of the Companies Act 2006. London E14 5EY, Bankers To address the identified risk, we performed the following audit procedures: Reviewed the Company’s accounting policy around revenue recognition. Our costs increased by £26.9m to £34.9m in the current year (2017 £8m) as a result of investment in the banking operations with the Company becoming a fully operational bank during the year. Obtain and reviewed the report from management’s tax specialists on the R&D tax credit claim for both periods. We also reviewed correspondence between the Company and UK regulatory bodies; reviewed minutes of the Board and Risk Committee; and gained an understanding of the Company’s approach to governance, demonstrated by the Board’s approval of the Company’s governance framework and internal control processes. The balances in the tables below relate to financial assets and liabilities only and do not agree directly with the balances in the balance sheet which also include non financial assets and liabilities. In the opinion of the Directors there is no overall controlling party. Credit impairment charge on overdrafts and overdrawn balances. Granted they have acquired less total … By February 2018, we were able to run a full account for only £30. The balances recorded in the financial statements as receivable due from the Prepaid Third Party as at the year end in respect of migrated account balances are complete and accurate. More than 60,000 new people open Monzo accounts each month now, and in the next few months there’ll be one million people using Monzo. The loss for the year after taxation amounted to £30.5m (2017 loss of £6.7m). We have reported to the directors all uncorrected audit differences in excess of £30k (2017 £6k), which is set at 5% (2017 5%) of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. Enjoy peace of mind with extensive phone and travel insurance, interest and much more. Risk Grade - The Bank allocates each exposure to a Credit Risk Grade based on its Credit Bureau score. This is a new risk for the current year audit as this is the first year the Company will have an overdraft product on the balance sheet. Baroness D Kingsmill (resigned 6 April 2018) Reconciled the net transactional movement on the banking ledger to third party settlement statements for a sample of days, in order to determine the completeness of customer data on the Prepaid Third Party systems pre-migration. The Company operates in the banking industry which is a highly regulated environment. But it’s not just about how many people use Monzo, it’s also about who. We remain alert to the possibility that management’s involvement in the preparation of the financial statements, and its responsibility for the judgments and assumptions relating to significant estimates, increases the risk of material misstatement due to fraud. All Ordinary shares have the same full voting rights attached. Our considerations of other laws and regulations that may have a material effect on the financial statements included permissions and supervisory requirements of the Prudential Regulation Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’). During the year, the Company migrated the majority of its existing prepaid card customers, previously maintained by a third party (the Prepaid Third Party), to its in-house core banking system. The average number of employees of the Company during the period was 183 (2017 47). Retail Credit Risk – risk that customers who borrow don’t meet their obligations with us. It doesn’t communicate the simplicity and peace-of-mind that we strive to give our customers. Receivables are recognised initially at fair value and subsequently measured at amortised cost. Included within other liabilities are £6m of financial liabilities and £6.3m of non financial liabilities.
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