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Financial Profile

As an ethical bank, Unity seeks to
be transparent in all that we do

Report and Accounts

Please click on the below links for Unity Trust Bank’s Report & Accounts 2021 and Pillar 3 disclosures:

Please click on the below links for Unity Trust Bank’s Report & Accounts 2020 and Pillar 3 disclosures:

The pandemic continues to test the resilience of organisations and of communities in general. We have seen how important it is to continue to support our customers and enable them to positively impact society. In pursuit of our goal to create positive impact across the UK, Unity increased lending to £723.5m in 2021 (2020: £601.8m) and delivered a profit before tax for the year of £11.1m (2020: £7.5m), despite the ultra-low interest rate environment.

Taxation Transparency

Tax Conduct Statement

As a socially responsible bank, Unity Trust Bank seeks to be transparent in all that we do – and matters of taxation are no different.

The results for the year, before taxation, amounted to a profit of 11.1m (2020: £7.5m). The Directors recommend a final dividend for 2021 of 3.85p per share to be paid in 2022 (2020: 3.3p per share).

The Bank participates in the Community Investment Tax Relief (CITR) scheme which encourages investment in disadvantaged communities by giving tax relief to companies who invest in Community Development Finance Institutions (CDFIs). Deductions from Corporation Tax totalling 632k (2020: 559k) were made regarding the CITR scheme. Expenditure on research and development (R&D) activities is recognised as an expense in the period in which it is incurred apart from capital expenditure which is spread across the life of the development. R&D relief is claimed for qualifying expenditure, relating to technology investment.

The following table shows a breakdown of the Bank’s tax contributions:

£’000 2021 2020
Corporation tax 1,370 643
VAT 845 824
Employment tax
Employer NIC 740 725
Total taxes paid 2,955 2,192
Employment taxes collected
Employee PAYE and NIC 1,928 1,839
Total tax contributions 4,883 4,031

Our trading address is Four Brindleyplace, Birmingham, B1 2JB.

Registered in England and Wales no. 1713124

Financial highlights from 2021

In pursuit of our goal to create positive impact across the UK, Unity increased lending to £723.5m (2020: £601.8m) in 2021. Despite the ultra-low interest rate environment, we delivered a profit before tax for the year of £11.1m (2020: £7.5m) and increased our deposits to £1,507m (2020: £1,336m) – a Unity record. These results enabled us to continue delivering growth and creating positive impact in the community.

20%

growth in loans
to customers

£723.2m (2020: £601.8m)

46%

increase in profit
before tax

Record £11.1m (2020: £7.5m)

17.7%

CET 1 ratio, £8.5m
capital raised

2020: 16.7% CET 1

Switching made simple

By switching your bank account to Unity you’ll be helping to create a better society.
You’ll also benefit from 24/7 access to your account using our Internet Banking service.

The Current Account Switch Service makes the process as easy as possible:

  • We’ll close your existing account for you.
  • We contact your existing bank for a list of your Direct Debit and Standing Order payments for the account you’re switching from.
  • You select the accounts you want us to move to us.