A Summary of our 2007 annual report 

Loans

• Have continued to increase - the proportion of funds lent on the balance sheet, has gone up to almost 45%
• When commitments to lend are added to the drawn loan figure, the percentage of the balance sheet committed to lending rises to nearer 70%. 

Deposits

• Deposit balances fell slightly in 2007 as we reduced the dependency on our Community Investment Tax Relief Accounts (CITRA) which remained suspended throughout 2007 to allow lending volumes to catch up.  
• We have been awarded a fresh CITR wholesale accreditation but our CITRA deposits will only be offered once we have achieved sufficient loan volumes to satisfy our accreditation requirements. 

Capital

• We received a substantial capital investment of £3 million in 2007 as part of the Yorkshire Forward programme and are likely to receive further sums in the coming years. We also received significant revenue support to enable us to kick start the programme. 
• We have an ambitious longer-term programme to raise up to £12m of core capital over the next few years.  

Income and Expenditure

• The net deficit for 2007 was higher than anticipated, because of the need to make specific provisions against four loans totalling £139,000  

Looking forward

• We started 2008 with a healthy loan pipeline and are confident that there is sufficient need to enable us to fulfil the lending volumes in our budgets and business plans.
• We have also embarked on an ambitious programme of raising deposits from the public, and will be introducing new products during the year.   


Downlaod a copy of our Annual Report 2007 here.