As an ethical bank, Unity seeks to
be transparent in all that we do
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.
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
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.
£723.2m (2020: £601.8m)
Record £11.1m (2020: £7.5m)
2020: 16.7% CET 1
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