‘Disbursements’ refers to any funds sent as part of an Export Credit payment (prefinance request), Buyer Credit payments to suppliers or the release of a Stock Facility or Term Loan. It excludes Stock Facilities or Term Loans that have been sent in prior years.
As pandemic restrictions were lifted buyers started to increase their orders again, resulting in higher disbursements, from £13.3m in 2021 to £15.8m in 2022. Although some producers requested additional prefinance, there was an overall decrease as the total amount of producers in our portfolio reduced by ten compared to the previous year and shipping delays meant funds were requested later, or borrowing was extended for a longer period. Finally, some producer groups accessed funds with a lower interest rate from alternative financial sources.
You can read the full Social Accounts document here.