We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The interim financial information presented as at, and for the six months to, 30 June 2020 comprise the Company and its subsidiaries (together referred to as the "Group"). Read more. o 6 min average application time with decision in 9 seconds. As at 20 September, we had approved c.GBP1.2bn of loans and originated c.GBP815m. Funding Circle's stock was trading at GBX 60.50 on March 11th, 2020 when Coronavirus (COVID-19) reached pandemic status according to the World Health Organization (WHO). This reflects the impact of the German government's stimulus programme, resulting in a blended stress of defaults peaking in H2 2020 and de-stressing gradually afterwards. Funding Circle has paused its secondary market indefinitely, as the platform reacts to the coronavirus pandemic. The Group uses a number of alternative performance measures ("APMs") within its financial reporting. The estimated fair value and carrying amount of the investment in trusts was GBP3.9 million at 30 June 2020 (31 December 2019: GBPnil). The review identified impairment to the goodwill in FCUSA as the fair value less cost to sell calculated was below the carrying amount. As at June 2020, we held horizontals in 3 securitisations which were securitised in H2 2019 (UK and US) and H1 2020 (US). Independent review report to Funding Circle Holdings plc, Report on the condensed consolidated interim financial statements. This would be dependent on the timing of any eligible loans defaulting. The GLT measures the performance of each segment by reference to a non-GAAP measure, adjusted EBITDA which is defined as profit/loss before finance income and costs, taxation, depreciation and amortisation ("EBITDA"); and additionally excludes share-base payment charges and associated social security costs, foreign exchange, and exceptional items (see note 6). The recoverable amount was determined using fair value less cost to sell calculations utilising discounted cash flows. Prior to Funding Circle, Fran worked in other commercial roles including Google, Gartner and Start Up Loans. Whilst total loans consolidated on balance sheet for accounting purposes is GBP759m, Funding Circle's exposure is limited to its investment of GBP110m (31 December 2019: GBP145m). Finally, long term low interest rates are likely to continue to attract strong demand from institutional investors to fund SME loans. "We believe that Covid-19 has led to an acceleration in the adoption of online small business lending and small businesses are increasingly drawn to the unique Funding Circle model, which provides access to finance in a fast and affordable way with excellent customer service. Similarly in the US the loss scenario involved splitting the loan book by borrower segment based on their observed behaviour since the start of the crisis. In early 2020, Funding Circle (LSE:FCH) shares were down 80% compared to a year earlier, although since then the COVID-19 lockdown has not further hammered share prices. A presentation for analysts will be held today via webcast at 9:30am. The Group's principal risks and uncertainties were disclosed in the 2019 annual report and accounts after review and approval by the Board. The review identified impairment to the goodwill in FCUSA as the fair value less cost to sell calculated was below the carrying amount and the goodwill was fully impaired by GBP12.0m. They were signed on behalf of the Board by: Condensed consolidated statement of changes in equity, Condensed consolidated statement of cash flows, Notes to the condensed interim financial statements.
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