TALLY LTD Final Results & AGM has been set for 30 December 2021

Tally Ltd, the non-fiat money innovator and developer and operator of the Tally full-reserve banking platform and physical-gold digital money, tally®, is pleased to present its audited financial results for the financial year ending 30 June 2022.


Notice of the Company’s AGM has gone out to all members. The Company’s AGM has been set for 30 December 2021 where, amongst other resolutions, the accounts will be received and, if thought fit, accepted.

The notes to the financial statements are available to view in the Company’s annual report, which is available to view on the Company’s website http://www.tallymoney.com/investors/reports 

Why was Tally created?

Chief Executive Officer’s Report

I am pleased to provide the following report on the financial year from 1 July 2020 to 30 June 2021 for Tally Ltd (“Tally” or “Company”). This was a transformative year for Tally’s platform technology vision and full reserve banking product, organisational expansion and corporate strategy. During the 12-month period the Company raised circa £600,000 through the private placing and issue of new ordinary shares at 2p per share, and generated a return of approximately £1.9m from the part-sale of its banking-as-a-service technology investment asset, whilst progress was made on the Company’s two mining investment assets to see them become liquid current assets in the new financial year. Tally Ltd has again achieved profitability and grown revenues and net assets year on year, as the Company manages costs and generates returns on investments, providing the working capital and time required to build and grow its innovative core business offering.

Tally is a full-reserve banking platform technology using a new category of money (not government-issued ‘fiat’ currency, nor a cryptocurrency), and potential disruptor to the global banking and payments space. tally® the currency is physical asset-based money, protected from the fragility and inflation of the incumbent fractional reserve banking system.

Tally’s product design, UI (user interface), business model and technology architecture are unique in banking, foreign currency exchange and retail gold investment. Tally is the world’s first financial institution to issue individual accounts with unique account numbers and IBANs (International Bank Account Numbers) denominated in non-fiat currency. 1 tally® = 1 milligram of ethically-sourced physical gold vaulted on behalf of the customer.

Tally’s banking platform works independently to the establishment banking system, whilst seamlessly working with its global infrastructure e.g. Faster Payments Network, merchant payment facilities and ATMs. Tally customers, save, send and spend tally® using their Tally account (and linked debit Mastercard®) like any other foreign currency in a bank account, except they don’t incur transaction fees nor any added FX margins.

At the start of the reporting period, Tally was migrating customers over from its proof-of-concept smartphone app and backoffice to a redesigned technology architecture that went live in June 2020. Since early 2021, Tally has been developing a new holistic standalone banking platform ledger architecture and API, “Teco”, to enable B2B integration and increased velocity of product development and smartphone app features for B2C customers.

During the reporting period, the Company and its subsidiaries have expanded from 7 full-time employees and 4 part-time, to 19 full-time employees and 5 part-time, including an in-house marketing team and Board and Company Secretary additions.

In addition to its core business as a Non-Bank Financial Institution (NBFI) and global currency provider, Tally owns minority stakes in three investment assets: shares in BaaS (Banking As A Service) fintech company Railsbank Technology Ltd, equity in India’s leading private gold exploration company, Geomysore Services India Pvt Ltd, and part of Finland gold exploration joint venture company, Kalevala Gold Oy. Tally is following a strategy to convert all three investments over the next 1 to 5 years to support core business growth.

Board changes during the period

In line with the Company increasing specialist capabilities for developing and distributing its physical asset-based monetary system and platform technology, combined with its corporate strategy to complete an IPO in the current financial year and progress as a listed public company, an experienced capital markets Director and Company Secretary were added in early 2021.

On 26 February 2021 Mr Alan Davies was appointed Non-Executive Director and Luke Cairns was appointed as Company Secretary commencing 1st March with official handover completed 1st June 2021. On 28 February 2021, Mr Ralph Hazell stepped down as Director.

Mr Davies is a highly regarded global executive and experienced public company director, Non-Executive Director of ASX-listed company ioneer Limited and a former Non-Executive Director of FTSE-100 company Rolls Royce Holdings PLC. Mr Cairns is currently an Executive Director of one AIM-listed technology company and Non-Executive Director of another.

Key financials

The profit after tax for the year was £1,293,549 compared to a profit of £1,800,003 for the year ending 30 June 2020.

As at 30 June 2021, the Group’s cash balances (£200,680) and own gold holdings (£52,884) totalled £253,564 (2020: £116,523).

The Company started the financial year with 632,307,781 shares in issue. During the financial year, the Company raised gross proceeds of £573,042 at 2p per share, satisfied payment of invoices totalling £136,091 by issuing 6,804,528 shares at 2p and issued 300,000 shares to consultants and advisors. This increased the total shares on issue to 668,064,392 and represents a company valuation of £13 million. During the reporting period, the Company completed the part sale of its Railsbank investment holding, generating gross proceeds of £1,923,928.

Post the balance sheet date, Tally Ltd raised an additional £60,000 as part of its recent funding round at 2p per share, increasing the total shares in issue to 671,064,392 as at the date of this report. On the 3rd of September 2021 the Company received the consideration of £2,746,189 before costs for the sale of an additional 2,724,400 Railsbank shares (each share in the capital of Railsbank Technology Ltd was subdivided into 100 shares of the same class as part of their funding round). The price per share achieved on the September 2021 disposal of US$1.404947 was 1,112% higher than the original cost. The Company still holds 3,000,000 of its original holding of 13,080,000 (post sub-division) shares that, based on the Company’s last sale price, is shown at a current value of £3,023,993.

Post year end, Tally Ltd has entered into an agreement to sell its shareholding in Geomysore Services (India) Pvt Ltd (“Geomysore”) to Bombay Stock Exchange-listed Deccan Gold Mines Limited (“Deccan”). At the share swap ratio negotiated, as announced by Deccan on 24 September 2021, based on the current Deccan share price, upon completion Tally Ltd’s Indian gold interests will be transformed from a fixed asset valued at £3.3m to a liquid asset valued at more than £6.6m and able to be valued mark-to-market. Completion is expected to take six months and the deal is subject to India regulator permissions and Deccan shareholder approval, and thus the value of Tally Ltd’s shares in Geomysore has not been revised in Tally’s balance sheet at this stage.

The Company is continuously monitoring the rate of cash usage to ensure a balance between investment in technology and product development, talent and marketing, and having sufficient working capital to achieve business and corporate objectives.


At Tally, we believe people should be able to hold money in a bank account that maintains its value and remains in their control. This is fundamental to individual financial health and promotes savings and productivity in society.

Through the Bank of England, the UK government added another £250 billion to the Pounds Sterling money supply in the nine months between March and November 2020 in an effort to maintain the British economy during the Covid-19 pandemic. Inflation is tipped to reach 4% before the close of this calendar year (double the central bank’s target). Furthermore there are near-zero interest rates being offered on bank savings accounts. Tally identified that there was no healthy environment for savers and a standalone full-reserve custodial banking system using physical asset-based money was needed, that works complementary to the fractional-reserve banking system of debt-based fiat money. Tally is leading the evolution of private sector-designed currencies in bank accounts. It provides competition to monopolistic state-run currencies and gives consumers a choice in the quality of money they can use in a bank account, for their savings and everyday banking.

Tally Ltd has achieved a robust financial position from which to deliver its vision, with no borrowings or liabilities beyond trade creditors incurred as part of normal operational activities. The Company continues to be funded through investment capital and generating returns on its investments. With the approximately £1.9m sale of part of Tally’s Railsbank shareholding during the financial year (following the approx. £500,000 sold the previous financial year) and another £2.75m sold subsequent to year end, as at the date of this report Tally has received in cash over four times its original £1.27m investment (made in February 2018), and it retains circa one quarter of its original shareholding, which is now valued at over £3 million. Tally also holds significant gold exploration assets that it have been progressing towards becoming current assets with liquidity. This should see Tally Ltd fully funded by current assets this financial year and able to apply funds as needed to increase its customer base, release new products including its just-released UK market leading fixed-term fixed-rate savings account, expand into other jurisdictions through international partnerships, grow operational capabilities and continue ongoing development of Tally’s platform technology.

In addition, Tally intends to raise additional funds through the public capital markets and, as part of its mission around the democratisation of money, give the public access to owning equity in the Company by conducting an IPO (Initial Public Offering) and see the Company’s shares listed and tradable on a recognised stock exchange in the current financial year. Around the end of 2021 the Board shall finalise its decision on the most appropriate market for its listing plans and carry out IPO activities in Q1 2022.

On behalf of the Board, I would like to thank shareholders for their patience and ongoing support and I’d like to thank our team at Tally, whose efforts and commitment to our shared mission make Tally’s full-reserve banking platform a compelling mainstream alternative in money and banking.

Cameron Parry

Chief Executive Officer

30 November 2021

Board of Directors

Cameron John Parry (aged 47) (Chief Executive Officer)

Cameron Parry is the founder of the tally® physical asset-based monetary system and full-reserve banking platform technology. He is a serial innovator and chief executive of quoted public companies in both the fintech and mining sectors and he created the vertically integrated gold company Lionsgold (LSE:LION), that evolved to become Tally Ltd.

Mr Parry was the founder and inaugural CEO of natural resources investing company Metal Tiger PLC (LSE: MTR) and co-founder and inaugural Executive Chairman of Coinsilium Group Ltd (NEX: COIN) – which he led to become the world’s first blockchain industry company to list on a recognised investment exchange (Dec 2015). He is also Joint-CEO and a major shareholder of 35-year-old London Stockbroking firm, First Equity Limited. First Equity is regulated by the Financial Conduct Authority (“FCA” Licence No. 124394) and Mr Parry is an FCA-approved person for relevant control functions (FCA reference number CJP01234).

Michael Paul Joseph (aged 50) (Non-Executive Director)

Michael Joseph is a highly successful entrepreneur and the CEO of Lucida Group, the parent company of Right Choice Insurance Brokers Ltd (“RCIB”) which he founded, growing it to over £100m per year premium income and £10m earnings before tax. Under his leadership, the group has acquired a number of best-in-class businesses and now employs over 600 staff, providing insurance to in excess of 500,000 customers annually.

RCIB’s business is underpinned by its own purpose-built data technology platform and the competitive advantage it delivers. In June 2018, Lloyds Bank private equity division (“LDC”) invested £28m at a valuation well in excess of £100m. RCIB is regulated by the Financial Conduct Authority (“FCA” reference number 475620) and Mr Joseph is an FCA-approved person for relevant control functions (FCA reference number 01051). Mr Joseph is a member of the Bank of England, Decision Maker Panel.

Alan John Bruce Davies (aged 51) (Non-Executive Director)

Alan Davies is a highly respected global executive and CEO of copper mining and natural resources company Moxico Resources PLC and Non-Executive Director of ASX-listed company, ioneer Limited. He is the former Chief Executive of Energy & Minerals at FTSE-100 company, Rio Tinto PLC (“Rio Tinto”), and has more than twenty years’ experience in operational and strategic development in the global mining industry, including over ten years of direct project responsibility in India for Rio Tinto.

Mr Davies is a former Non-Executive Director of FTSE-100 company Rolls Royce Holdings PLC and he holds a Bachelor of Business, Bachelor of Laws, a Master of Laws and is a Fellow of the Chartered Accountants in Australia and New Zealand.

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