PaySauce FY2021 Annual Report

PaySauce releases FY2021 Annual  
Report  
Lower Hutt, New Zealand - 27 May 2021  
 
Employment solutions fintech PaySauce (NXZ:PYS) is proud to release its FY2021 Annual  
Report.   
 
PaySauce CEO Asantha Wijeyeratne said the FY2021 report presents PaySauce as a  
more sophisticated and streamlined business. “This year we’ve taken major steps into  
the next phase of our growth and identity. The addition of Rosters and the  
groundbreaking launch of BNZ PayNow are a clear signal that we’re ready to become a  
market-leading fintech, while our numbers clearly demonstrate our improved  
efficiency.”  
 
 
HIGHLIGHTS  
 
●106% increase in Total Customer LTV  
●36% increase in Active Customers   
●59% increase in Revenue from Processing Fees  
●44% increase in Recurring Revenue  
●Launched Rosters and BNZ PayNow  
 
 
Chief Executive Asantha Wijeyeratne reflects on the year:  
 
“Internally, we’re clearer and more purposeful than ever, while externally we’ve grown  
both our product and our presence in the market. Rosters and BNZ PayNow take us  
well beyond the scope of a traditional payroll provider, earning our place in New  
Zealand’s leading-edge fintech sector. With the introduction of innovations like earned  
wage access, we’re expanding not only our own product, but also the range of options  
available to New Zealanders. So while we’re more efficient and established than ever,  
we remain bold, ambitious and inventive.”  
 
  

FINANCIAL HIGHLIGHTS  
 
 
Total recurring revenue growth remained strong, with increased customer numbers  
and an increase in the average processing fees per customer more than compensating  
for the decline in interest income. With funds held on behalf of customers increasing in  
line with customer growth, the drop in interest income was entirely attributable to the  
fall in interest rates over the period.  
 
 
Gross margin also increased to 68% for the year ended 31 March 2021, up from 62% for  
the year ended 31 March 2020. This improvement is a result of increased efficiency  
gains as we continue to improve our systems and processes, continuing the evolution  
from start up to scale up.  

Financial Performance  Mar 2021  Mar 2020  Change  Change %  
Recurring revenue - processing  
fees (000’s)
 
$1,928  $1,210  $718  59%  
Recurring revenue - total  
(000’s)  
$2,096  $1,456  $640  44%  
Net loss for the period (000’s)  ($1,688)  ($2,363)  ($675)  (29%)  
Recurring Revenue Metrics  Mar 2021  Mar 2020  Change  Change %  
Average monthly processing  
fees per customer  
$57  $55  $2  5%  
ARPU at end of period  
(monthly)  
$60  $62  ($2)  (3%)  
ARR (000’s)  $2,436  $1,862  $574  31%  
Customer numbers  3,377  2,492  885  36%  

 
Annualised Recurring Revenue (ARR)  
 
 
 
OUTLOOK  
 
Wijeyeratne on the year to come:   
“We’re clearly on the right track, and we’ll continue to go after our goals. We’ll keep  
working on our transition from payroll app to fintech, and as always, we’ll leverage our  
vital partnerships, both long-standing and new. And of course, we’ll be vigorously  
pursuing opportunities to accelerate our growth in new and existing markets.”   
APPENDICES  
●Appendix 1 - NZX Template for Results Announcement to the Market  
●Appendix 2 - Annual Report  
NON-GAAP FINANCIAL INFORMATION  
Non-GAAP (Generally Accepted Accounting Principles) financial information does not  
have a standardised meaning prescribed by GAAP and therefore may not be  
comparable to similar financial information presented by other entities. Non-GAAP  
information has not been audited, and is not prepared in accordance with NZ IFRS.  
 
The measures reported by PaySauce are used by management to monitor the  
performance of the company and are useful to investors to assess performance.   
 
Non-GAAP measures are defined and explained in the Annual Report.  

 
ENDS  
 
PaySauce is software at work for people, providing employment solutions to small and  
medium-sized businesses. PaySauce enables employers to pay and manage their  
teams accurately and efficiently using the web, iOS, and Android applications. The  
PaySauce platform includes mobile timesheets, rosters, payroll calculations, banking  
integration, PAYE filing, labour costing, automated general ledger entries and digital  
employment contracts.  
www.paysauce.com  
 
CONTACT  
Please direct any investment queries to investor@paysauce.com .  
  

Appendix 1  
This appendix is issued to accompany PaySauce Limited’s FY2021 Consolidated  
Financial Statements, Annual Report and the commentary released to the NZX today,  
and should be read in conjunction with these.  
Results for announcement to the market  
 
 
 
 
Interim/Final Dividend  
 
 
 
 
 
 
 
 

Name of Issuer  PaySauce Limited  
Reporting Period  12 months to 31 March 2021  
Previous Reporting Period  12 months to 31 March 2020  
Currency  $NZD  
Financial Performance  Amount (000s)  Percentage change  
Revenue from continuing operations  $2,198   Up 24%  
Total revenue  $2,198  Up 24%
 
Net profit/(loss) from continuing operations  ($1,688)  Loss down 46%  
Total net profit/(loss) after tax  ($1,688)  Loss down 46%  
Amount per Quoted Equity Security  No dividends are proposed to be paid.  
Imputed amount per Quoted Equity Security  Not applicable  
Record Date  Not applicable  
Dividend Payment Date  Not applicable  

 
Authority for this announcement  
 
 
Audited financial statements accompany this announcement.  

Net Tangible Assets  
Current period  
(31 March 2021)  
Prior comparable period  
(31 March 2020)  
Net tangible assets per  
Quoted Equity Security:  
0.011 NZD per quoted  
equity security  
0.014 NZD per quoted  
equity security  
A brief explanation of any of  
the figures above necessary  
to enable the figures to be  
understood:  
PaySauce Limited has no operational activity, and as a  
result this announcement is based on the consolidated  
operations of its wholly owned subsidiaries PaySauce  
Operations Limited and Right Remunerations Limited  
(together, ‘the Group’ or ‘PaySauce’).  
 
Please refer to the comments above, and the Annual  
Report and Financial Statements.  
Name of person authorised to make this announcement  Jaime Monaghan  
Contact person for this announcement  Jaime Monaghan  
Contact phone number  022 5246366  
Contact email address  investor@paysauce.com  
Date of release through MAP  27 May 2021

---

FY2021
Annual Report
YEAR END 31 MARCH 2021

Contents
4
Highlights
6
Chair’s Letter
7
CEO’s Letter
8
Board
10
Mission & Values
12
Year in Review
14
SaaS Reporting
18
Financials
19Director’s Report
20Independent Auditor’s Report
24Consolidated Financial Statements
30Notes to the Consolidated Financial Statements
54
Corporate Governance
64
Disclosures
74
Company Directory

We’re growing up so fast!
2021 has been the year
we moved from “start-up
to scale-up”, from payroll
to fintech, and from
agri to rural - and
beyond.
36% arrow-up
Active Customers
3,377
59% arrow-up
Recurring Revenue from Processing Fees
$1.9M
106% arrow-up
Total Customer LTV
$15.5M
8.5 : 1
LTV : CAC Ratio
New Features
BNZ PayNow
Rosters

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Chair’s Letter
Dear fellow shareholders,
2021 was my second year as Chair of PaySauce, and still
the team continues to exceed my expectations. This year
alone, the PayForce has launched a major new product,
implemented an updated pricing structure, progressed
groundbreaking partnerships with two of the nation’s
most prominent companies, achieved world-class
customer satisfaction scores, and been the first to bring
earned wage access into New Zealand. It’s a privilege to
oversee all of these activities and accomplishments, and
I want to thank Asantha and his phenomenal team for
all their efforts.
At a governance level, we’ve benefited from the input of
our newest members, Jacqueline Cheyne and Michael
O’Donnell, who have provided essential guidance in
many of our most important discussions. I’m proud
to say that our board, senior executives and the entire
team continue to form a smart and cohesive collective,
all working towards delivering on our shared goals.
We’ve seen solid growth in our revenue, despite the
removal of the IRD subsidy and a sharp decline in
interest rates - we were prepared for these changes
and took measures to absorb them, working as always
towards our goal of becoming cash-flow positive. We’ve
continued to enjoy elevated brand recognition and
visibility as a result of our vital partnership projects. BNZ
PayNow and Rosters in particular are signals to the
market that we’re serious about the fundamental shift
from just another payroll app to a bonafide fintech.
I hope that you’ll look back over the year with the same
pride and pleasure that I feel. Thank you for choosing to
put your trust in us, and know that all our achievements
are also yours.
Sincerely,
Nicholas Lewis
Chair
CEO’s Letter
Dear shareholders,
FY2021 was the year to show our true colours. If 2020
was about adaptability, 2021 was about identity - what
our purpose is, where our priorities lie, who our partners
and our people are. These are questions we’ve sought to
answer definitively, both to the market and each other.
While the global situation remains in flux with the
promise of vaccinations and a new freedom of
movement, we’ve kept our focus on the things that we
can control. We continue to build a more productive
and sophisticated business, with our improved efficiency
and decisiveness reflected in our annual recurring
revenue. We’ve done the work to formalise our official
values and mission statement, set clear and ambitious
goals at all levels of the business, and unite our team
around a common purpose.
This year, we’ve been able to finally bring some dormant
dreams to life. After months of development and
careful discussion and planning, we were incredibly
proud to unveil Rosters. This is a highly sought-after
tool with powerful utility for existing customers and a
major draw for new customers. Crucially, Rosters isn’t
a supplementary feature within payroll, but an entirely
distinct product integrated with payroll, connecting two
essential employment functions. The addition of Rosters
marks a significant change in how both our own people
and the wider market understand our business, not just
as an app but as a centralised multi-service platform,
not just as payroll, but a fintech.
This message was also supported by the launch of
BNZ PayNow. This epitomises what we aim to do as
a company: the innovative use of technology to fill a
human need. The public, media and industry response
to this concept has been overwhelming, boosted by
our mounting national awareness around financial
responsibility and BNZ’s involvement as one of New
Zealand’s major banking players. I believe that earned
wage access has the potential to change lives and
create better financial outcomes for Kiwis, and we all
owe BNZ a debt of gratitude for their backing.
On that note, I’ll close with the warmest of thanks
to all our partners, our customers and to you, our
shareholders, for helping us turn our big ideas into real-
life innovations.
Yours,
Asantha Wijeyeratne
CEO and Co-Founder

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Board
Asantha Wijeyeratne
EXECUTIVE DIRECTOR & CEO
Asantha previously built a market-leading payroll
solution with 10,000 customers before departing
in 2013 to create PaySauce. He has been Executive
Chair of Cloud Investments Ltd for the past six years.
In recognition of his contribution to business and the
community, he was awarded a Queens Service Medal
(QSM) in the New Year’s honours list in 2013.
Nicholas Lewis
INDEPENDENT DIRECTOR & CHAIR
Nick has 15 years of governance experience in the
fintech, financial services, energy, hospitality and
education sectors. He is Chair of Kiwi Insurance (affiliate
of Kiwibank) and a director of Pioneer Energy and
Ecotricity. He was formerly the Chair of Mojo Coffee and
PledgeMe. Nick is a Chartered Financial Analyst (CFA).
Gavin Thompson
DIRECTOR
Gavin is the founder and a director of Catalyst IT, New
Zealand’s largest open-source IT service provider. He
has over 25 years’ experience in developing software
systems in the manufacturing, engineering, financial,
and government sectors.
Jacqueline Cheyne
INDEPENDENT DIRECTOR, AUDIT & RISK
COMMITTEE CHAIR
Jackie has over 25 years’ experience in financial audit
and advisory services. She was a partner at Deloitte NZ
for 11 years where she also led the Sustainability service
line.
She is a director of NZX-listed Stride Property Group
and NZ Green Investment Finance Limited as well as
a member of the XRB, Chair of Snow Sports NZ and
a member of the Audit Oversight Committee of the
Financial Markets Authority. Jackie is an FCA and
CMIoD.
Michael “MOD” O’Donnell
INDEPENDENT DIRECTOR
MOD is a director, writer and advisor with a background
in fintech, ecommerce, tourism and news media. MOD
is a director of Kiwi Wealth, Chairman of Timely, and
a director of Serato, Tourism New Zealand and G2G
Knowhow. He is an independent weekly business
columnist for Stuff Media and hosts TVNZ’s “Start Me
Up”. He was previously Chief Operating Officer of Trade
Me, Head of Wholesale Investment at Gareth Morgan
Investments and Head of Distribution at AMP Capital
Investors.

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Our Values
Our Mission
PaySauce is a straight-up innovator
of fresh solutions for people at work.
Do good and be
honest
We act ethically and never
knowingly cause harm. We lend a
hand and we give a dang. We’re
honest, fair and we prioritise people.
We strive for transparency - we’re
up-front about what we do. We’ve
earned trust and confidence
because we really know our stuff,
but at the same time we hold
ourselves accountable, own our
mistakes and then learn from them.
Respect and include
We make technology but our
biggest focus is on people. We
value everyone’s ideas and input
and we treat everyone right. We
think difference and variety are
pretty cool, and we won’t stand
for bullying, discrimination or
narrow-mindedness. We listen to
our partners, customers, team and
stakeholders and we make sure our
decisions drive the outcomes that
they need.
Fun and fresh
We’re a wee bit quirky and we go
our own way. We keep each other
humble and we call it like we see
it. We’re always professional, but
we’re down-to-earth and we’re good
company. We’re serious about what
we do - but we don’t take ourselves
too seriously.
Simple and smart
We work really hard to make tricky
stuff easy, and we proactively
solve real problems. We’re always
improving and innovating, and we’re
never “finished” - we can always do
more and get better. We’re curious,
driven and dedicated, looking for
the simplest answers to the trickiest
questions. We love to be pioneering
and bold, but we never over-
complicate anything or fix what’s
not broken.
Resourceful and
results-oriented
We’re ambitious but grounded,
and our decisions are shrewd and
data-driven. We’re motivated by
success and we’re always working
to create the returns to fuel a
healthy, sustainable business. We
strategically prioritise tasks and
tactics in order to regularly deliver
outcomes, because we know
that what gets produced is more
important than what gets planned.
We’re adaptive, agile and unafraid to
take a calculated risk, while always
arming ourselves with the best
information available.

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Year In Review
Company
We expanded our value proposition with the addition
of Rosters, a change that brings us significantly closer to
our aim of becoming the ultimate solution for people at
work. We’ve adjusted our 3 payroll pricing subscriptions
to better serve customer needs, replacing Starter with
Simple, an entry-level product to provide an easy first
step for customers new to cloud systems, and improving
the feature set within our Standard and Premium
packages to clarify the ascending value of each. Desktop
solutions are being retired at a more rapid rate with
further adjustments to payday filing legislation, and
Simple helps to ease the transition from older desktop
software and manual spreadsheets and wagebooks.
We’ve also added timesheets to our Standard plan to
reflect the needs of our customers in agri, construction
and hospitality, and given our Premium customers
access to Rosters. Our adjusted structure is not only
more logical, it also encourages employers to upgrade as
they gain confidence and as their businesses grow and
develop.
Community
BNZ PayNow grabbed headlines, both as a much-
needed initiative for social good and as the first
instance of earned wage access in New Zealand, once
again cementing our status as a true innovator. Plus,
to the best of our knowledge, we’re the only service
worldwide that provides earned wage access as a native
component of a payroll solution, and not an additional
plugin. This tool circumvents the need for payday
lending, a cause of our escalating national private debt
levels.
We also ran our own fundraiser for Breast Cancer
Awareness, continued to expand our list of donee
charities in Donations and used our “featured” function
to spotlight essential causes such as Movember and
Daffodil Day. And as ever, we continue to provide free
payroll services to charities and non profits, with over 70
organizations receiving support this way.
Customers
When the nation’s businesses thrive, so do we. We’ve
been grateful to see the resilience and tenacity in the
small business sector, with confidence and financial
performance climbing as the country managed a
pandemic-free year in the wake of our first nationwide
lockdown. We’ve seen a significant number of customers
return to payroll processing through PaySauce after
a break, a strong indication of customer loyalty and
retention.
We’re also excited to see our customer base continue
to broaden and diversify. We’ve welcomed a number of
large employers in the 80+ staff category, and we’ve also
seen greater diversity in the industries they operate in.
Rural regions continue to be our stronghold, but there’s
an increasing balance between farming businesses
and other rural employers. This reflects the work we’ve
done to bolster and future-proof our product, both in
response speed and feature range.
Systems upgrades across the last 12 months have helped
us to more effectively collect and collate customer
feedback to help shape our development schedule, and
we’ve also gathered a small pool of trusted customers
to assist with testing and feedback prior to release.
Our most recent NPS returned a score of 76, a huge
testament to the always exceptional work of our support
team.
Crew
We’ve strengthened our sales capability in the mainland,
bringing a permanent PaySauce presence to Dunedin.
We also welcomed 3 interns for the summer via
Summer of Tech, providing leadership and coaching
opportunities for our senior development team and
giving our production capacity a brief but powerful
boost. These summer internships have become a crucial
resource for our development efforts, while giving us
a chance to support a fellow Wellington business and
driving progress on project based dev work like Rosters.
We created efficiency gains by reassigning business
functions into the departments best equipped to
handle them, and introduced specific objectives for
each team member for the first time. We’re encouraging
our people to think in terms of their career progression,
upskilling and creating opportunities, so that we grow
collectively and individually.
Year In Preview
We’re determined to become even more efficient and
effective, identifying and eliminating risks ahead of time
and achieving more consistent rhythms and measurable
outcomes for our regular operational activities. In the
public eye, we’ll continue to stake out our distinctive
position as the platform for people at work and see this
position acknowledged by our customers, partners and
the industry at large, joining the ranks of New Zealand’s
smartest fintechs.
Internally, we’ll sustain a work environment that keeps
our team satisfied and driven, making us an in-demand
employer. We’ll work closely with our trusted customers
to test new products and evaluate ideas, resulting
in a development schedule closely aligned with real
customer needs.
Each of these initiatives will strengthen and streamline
our business, ultimately leading us to the overarching
outcome of achieving cash flow positivity.

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
SaaS Reporting
The business results reported below provide an overview
of the performance of the business in a format we
believe is useful to help readers assess the performance
of PaySauce as a SaaS business.
Non-Generally Accepted Accounting Principles (Non-
GAAP) measures have been included and should not
be viewed in isolation, nor considered as substitutes for
measures reported in accordance with New Zealand
Equivalents to International Financial Reporting
Standards (NZ IFRS).
20212020
$000’s$000’s
Processing Fees1,9281,210
Interest Income168246
Recurring Revenue2,0961,456
Cost to Serve(681)(560)
Gross Margin1,415896
Gross Margin %68%62%
Other Interest Income39-
Other Revenue64226
Total Other Revenue103226
Customer Acquisition(639)(745)
Research & Development(337)(265)
General & Administration(1,936)(1,874)
Other Expenses-(9)
EBITDA(1,394)(1,771)
EBITDA Margin %(67%)(122%)
Depreciation & Amortisation(261)(152)
Interest Expense(33)(440)
Net Loss for the period(1,688)(2,363)
20212020YOY Change
Active customers at end of period3,3772,49236%
Recurring revenue for the period - Processing Fees ($000’s)1,9281,21059%
Recurring revenue for the period - Interest Income ($000’s)168246(32%)
Recurring revenue for the period ($000’s)2,0961,45644%
ARR at end of period - Processing Fees ($000’s)2,3291,63043%
ARR at end of period - Interest Income ($000’s)107231(54%)
ARR at end of period ($000’s)2,4361,86131%
Churn % (monthly average) for the period0.88%1.26%(30%)
ARPU (monthly) at end of period ($)6062(3%)
• Processing Fees component ($)57555%
• Interest Income component($)37(64%)
CAC (per addition) for the period ($)(539)(517)4%
Customer LTV at end of period ($)4,5993,03252%
Total customer LTV at end of period ($000’s)15,5317,557106%
LTV:CAC Ratio at end of period8.545.8745%
Sep ‘15Mar ‘16Mar ‘17Mar ‘18Mar ‘19Mar ‘20Mar ‘21Sep ‘20Sep ‘16Sep ‘17Sep ‘18Sep ‘19
31% Total ARR
43% Processing Fees
Interest Received
Processing Fees
Annualised Recurring
Revenue (ARR)

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
The above categories are
explained below:
Processing Fees
This category represents the revenue generated from
customers who are using the PaySauce software, paying
processing fees each pay run, based on a monthly
subscription with a variable component based on the
number of employees and payslips in each pay run.
There are no significant estimates, nor any uncertainty
surrounding the flat and variable components of
processing fees. Revenue is recognised when the
software service is supplied.
Interest Income
This category represents the interest earned from funds
held on behalf of our payroll customers which are held
on deposit. As customers pay their PAYE through to us
each pay run, we hold these funds and generate interest
on the balance before the payment is due to Inland
Revenue. As interest earned on these funds grows
directly in relation to our customers, we consider this an
additional stream of recurring revenue.
Cost to Serve
The category includes those costs which are related to
serving our customers through the use of our software
products, and the availability of our customer support
team. Costs included are those such as cloud hosting
expenses, maintenance of our software products, bank
fees charged per customer transaction, and customer
support.
Other Revenue
This category includes revenue that is not recurring
revenue and includes grants received and other services
revenue.
Other Interest Income
This category includes non-recurring interest income.
Customer Acquisition
This category includes those costs which are related
to acquiring new customers. Costs included are those
such as sales and marketing, implementation and
onboarding of customers to our system, discounts and
referral fees. These costs are expensed as incurred as
they do not relate to any specific customer or contract
for services.
Research & Development
This category includes those costs which are related to
researching and developing new solutions and solving
problems for our existing and future customers. Costs
included are predominantly software development
salaries.
It should be noted that measuring these costs between
years is not an accurate reflection of the actual spending
on research and development for PaySauce due to
the timing of these costs being capitalised. The reader
should also consider the amount of intangible assets
recognised during the financial year as detailed in the
full financial statements.
General & Administration
This category captures all of the other elements of
running the business. Costs included are those such as
management remuneration, director fees, office running
costs, finance and administration, legal and consulting
expenses, and other overhead costs.
Other Expenses
This category captures other expenses such as costs
relating to the reverse listing process.

EBITDA
EBITDA (earnings before interest, tax, depreciation and
amortisation) is calculated by adding back depreciation,
amortisation, interest expenditure, and income tax
expense to the amounts reported in the NZ IFRS-based
financial statements. PaySauce believes that EBITDA
provides useful insights to measure the performance of
PaySauce as a SaaS business.
EBITDA Margin %
EBITDA Margin % calculates EBITDA as a percentage of
Recurring Revenue.
SaaS Metrics & Definitions
These SaaS metrics are prepared and defined to provide
readers with useful information about the performance
of PaySauce as a SaaS business.
Non-Generally Accepted Accounting Principles (Non-
GAAP) measures have been included, and should not
be viewed in isolation, nor considered as substitutes for
measures reported in accordance with New Zealand
Equivalents to International Financial Reporting
Standards (NZ IFRS).
Recurring Revenue
Recurring revenue is revenue that is expected to repeat
each period into the future.
For PaySauce, this is directly linked to the number
of customers and the pays that they run using the
PaySauce payroll product. There are currently two
sources of recurring revenue - processing fees and
interest income.
There is a direct correlation between the number
of customers processing payroll with PaySauce, and
the amounts of revenue derived from these streams
(allowing some variation due to elements such as
interest rates and number of payslips per customer per
pay run). There is no significant estimate or judgement
applied by management when recognising revenue
arising from these streams.
MRR
Monthly recurring revenue is the total recurring revenue
for the last calendar month of the reporting period.
ARR
Annual recurring revenue is the monthly recurring
revenue (MRR), multiplied by 12.
Gross Margin
The gross margin, when discussed as a SaaS term, is the
recurring revenue of the business, less the cost to serve
customers. This is often then expressed as a percentage,
where the gross margin is divided by the recurring
revenue.
Churn (monthly)
Churn is expressed as a percentage and is calculated as
the number of customers who did not run a pay in the
month, but ran at least one pay in the previous month,
divided by the total number of customers at the end of
the previous month.

ARPU
Average revenue per user (monthly) is the total recurring
revenue for the month, divided by the total customers
processing payroll that month.
CAC (per addition)
Customer acquisition cost (per addition) is the total cost
of acquiring customers for the period, divided by the
number of new customers processing payroll that were
acquired during the period.
LTV
Lifetime value is the estimated value of a customer
over its lifetime with PaySauce. This is calculated by
taking the ARPU multiplied by the gross margin %, then
divided by the churn %.
Total Customer LTV
Total customer lifetime value is the lifetime value
multiplied by the total customers.
LTV : CAC Ratio
This ratio reflects the return on investment for customer
acquisition. It is calculated by dividing the lifetime value
of a customer by the customer acquisition cost (per
addition).

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FINANCIALS
Director’s Report
The Board of Directors have pleasure in presenting the
annual report of PaySauce Limited, incorporating the
consolidated financial statements and the independent
auditor’s report, for the year ended 31 March 2021.
In the opinion of the directors of PaySauce Limited, the
consolidated financial statements and notes on pages
24 to 53:
• comply with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”) and present fairly
the consolidated financial position of the Group as
at 31 March 2021 and the results of their operations
and cash flows for the year ended on that date; and
• have been prepared using appropriate accounting
policies, which have been consistently applied
and supported by reasonable judgements and
estimates.
The directors consider that they have taken adequate
steps to safeguard the assets of the Group and to
prevent and detect fraud and other irregularities.
Internal control procedures are also considered to be
sufficient to provide reasonable assurance as to the
integrity and reliability of the consolidated financial
statements.
For and on behalf of the Board of Directors:
Nicholas Lewis
26 May 2021
Chair
Jacqueline Cheyne
26 May 2021
Chair of Audit & Risk Committee
18
PaySauce Limited
Financials

20
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21
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FINANCIALS
Independent
Auditor’s Report
To the Shareholders of PaySauce Limited
Report on the Audit of the
Consolidated Financial
Statements
Opinion
We have audited the consolidated financial statements
of PaySauce Limited (the “Company”) and its subsidiaries
(“the Group”) on pages 24 to 53 which comprise the
consolidated statement of financial position as at
31 March 2021, and the consolidated statement of
comprehensive income, consolidated statement of
changes in equity and consolidated statement of
cash flows for the year then ended, and notes to the
financial statements, including a summary of significant
accounting policies.
In our opinion, the accompanying consolidated financial
statements present fairly, in all material respects, the
financial position of the Group as at 31 March 2021
and its financial performance and cash flows for the
year then ended in accordance with New Zealand
Equivalents to International Financial Reporting
Standards (NZ IFRS) issued by the New Zealand
Accounting Standards Board.
Basis for Opinion
We conducted our audit in accordance with
International Standards on Auditing (New Zealand)
(ISAs (NZ)) issued by the New Zealand Auditing and
Assurance Standards Board. Our responsibilities under
those standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We
are independent of the Group in accordance with
Professional and Ethical Standard 1 (Revised) Code of
Ethics for Assurance Practitioners issued by the New
Zealand Auditing and Assurance Standards Board, and
we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Other than in our capacity as auditor and the
provision of other assurance services we have no other
relationship with, or interests in, the Company or any of
its subsidiaries.
Material Uncertainty Related to Going
Concern
We draw attention to the consolidated statement of
comprehensive income which indicate the Group
incurred a net loss before income tax of $1,688,000
during the year ended 31 March 2021 and Note 4
which describes the Group’s reliance upon sufficient
forecast cash flows to enable the Group to continue its
business operations. As stated in Note 4, these events
and conditions, along with other matters set forth,
indicate that a material uncertainty exists that may cast
significant doubt on the Group’s ability to continue as a
going concern. Our opinion is not modified in respect of
this matter.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgement, were of most significance in
our audit of the consolidated financial statements of
the current period. These matters were addressed in
the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters. In addition to the matter described in the
Material Uncertainty Related to Going Concern section
we have determined the matters described below to be
the key audit matters to be communicated in our report.
Other Information
The Directors are responsible for the other information.
The other information comprises the Director’s and
CEO’s Report, Missions and values, Year in Review,
SaaS Reporting, Corporate Governance and Company
Directory but does not include the consolidated
financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements
does not cover the other information and we do
not express any form of audit opinion or assurance
conclusion thereon.
In connection with our audit of the consolidated
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
the other information is materially inconsistent
with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears
to be materially misstated. If, based on the work we
have performed, we conclude that there is a material
misstatement of this information, we are required to
report that fact. We have nothing to report in this regard.
Why the audit matter is significantHow our audit addressed the key audit
matter
Intangible Asset – internally developed software
Intangible assets computer software and software
in development had a carrying value of $905,000
as at 31 March 2021 with additions of $494,000
and amortisation of $152,000 in the year as
disclosed in note 7.
The Group is a Software as a Service (“SaaS”)
provider which incurs significant expenditure
in development, upgrading and maintaining of
software.
NZ IAS 38 Intangible Assets outlines the criteria
for capitalisation of costs associated with
developing the software including whether the
software will generate future economic benefits
as disclosed in Note 7. Capitalised software
costs are recognised at cost and subsequently
amortised over their estimated useful lives. Costs
that do not meet the criteria for capitalisation are
expensed to profit or loss as incurred.
Capitalisation of appropriate costs and estimates
of useful life require significant judgement and
therefore have been included as a key audit
matter.
We evaluated the appropriateness of costs that
have been capitalised as intangible asset software
and development and managements estimate of
useful life by:
• Inquiry of management, evaluating costs
that have been capitalised with respect to
the criteria outlined in NZ IAS 38 Intangible
Assets. We obtained an understanding of
the nature of the costs incurred including the
application of the software in the business to
generate future economic benefits.
• Checked costs capitalised and annual
amortisation charged for mathematical
accuracy including sensitivity analysis on rates
applied.
• Assessed managements estimate of
the useful life of intangible assets for
reasonableness based upon the expected
future period of use of the asset
• Agreed a sample of costs capitalised for
appropriate sufficient audit evidence.

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FINANCIALS
Directors’ responsibilities for the
Consolidated Financial Statements
The Directors are responsible on behalf of the Group
for the preparation and fair presentation of the
consolidated financial statements in accordance
with NZ IFRS issued by the New Zealand Accounting
Standards Board, and for such internal control as
the Directors determine is necessary to enable the
preparation of consolidated financial statements that
are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements,
the directors are responsible on behalf of the Group
for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related
to going concern and using the going concern basis
of accounting unless the directors either intend to
liquidate the Group or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the Audit of
the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that
an audit conducted in accordance with ISAs (NZ) will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of the auditor’s responsibilities for
the audit of the financial statements is located on the
External Reporting Board’s website at: https://www.xrb.
govt.nz/assurance-standards/auditors-responsibilities/
audit-report-1/
Restriction on use of our report
This report is made solely to the Company’s
shareholders, as a body. Our audit work has been
undertaken so that we might state to the Company’s
shareholders, as a body those matters which we are
required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone
other than the Company and its shareholders, as a body,
for our audit work, for this report or for the opinion we
have formed.
Grant Thornton New Zealand Audit Partnership
K Price, Partner
Auckland
26 May 2021

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FINANCIALS
The above statement should be read in conjunction with the
accompanying notes.
The above statement should be read in conjunction with the
accompanying notes.
20212020
Notes$000’s$000’s
Revenue
Processing fees1,9281,210
Subsidy revenue-240
Interest207246
Other operating revenue3862
Grants received2517
Operating revenue102,1981,775
Fair value loss on revaluation of related party loan-(93)
Expenses
Depreciation and amortisation6, 7(261)(152)
Employee expenses11(2,395)(1,781)
Other expenses13(1,197)(1,672)
Finance costs14(33)(440)
Total expenses(3,886)(4,045)
Net loss before income tax(1,688)(2,363)
Tax benefit / (expense)15--
Net loss for the period(1,688)(2,363)
Other comprehensive income--
Total comprehensive loss for the period(1,688)(2,363)
Loss per shareCentsCents
Basic loss per share9(1.24)(2.00)
Diluted loss per share9(1.24)(2.00)
20212020
Notes$000’s$000’s
Assets
Current assets
Cash and cash equivalents2221,75613,589
Deposits-1,650
Trade receivables19149
Other current assets7575
Prepayments and other short-term assets90155
Total current assets21,94015,618
Non-current assets
Property, plant and equipment6401476
Intangible assets7905562
Total non-current assets1,3061,038
Total assets23,24616,656
Liabilities
Current liabilities
Trade and other payables5299356
Funds due to customers and IRD2219,96513,449
Employee benefits201186
Other liabilities2443
Lease liabilities4339
Interest bearing liabilities-15
Total current liabilities20,53214,088
Consolidated Statement of
Comprehensive Income
for the year ended 31 March 2021
Consolidated Statement of
Financial Position
as at 31 March 2021

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FINANCIALS
The above statement should be read in conjunction with the
accompanying notes.
The above statement should be read in conjunction with the
accompanying notes.
For and on behalf of the Board of Directors, who
authorised the issue of these Consolidated Financial
Statements on 26th May 2021:
Nicholas Lewis
26 May 2021
Chair
Jacqueline Cheyne
26 May 2021
Chair of Audit & Risk Committee
20212020
Notes$000’s$000’s
Non-current liabilities
Lease liabilities282326
Total non-current liabilities282326
Total liabilities20,81414,414
Net assets2,4322,242
Equity
Share capital812,65210,774
Accumulated losses(10,220)(8,532)
Equity attributable to the owners of the Company2,4322,242
Attributable to equity holders of the Company
Share Capital
Accumulated
lossesTotal
Notes$000’s$000’s$000’s
Balance as at 1 April 202010,774(8,532)2,242
Comprehensive loss
Net loss for the period-(1,688)(1,688)
Other comprehensive income---
Total comprehensive loss-(1,688)(1,688)
Transactions with owners
Issue of ordinary shares81,878-1,878
Total transactions with owners1,878-1,878
Balance as at 31 March 202112,652(10,220)2,432
Balance as at 1 April 20195,508(6,169)(661)
Comprehensive loss
Net loss for the period-(2,363)(2,363)
Other comprehensive income---
Total comprehensive loss-(2,363)(2,363)
Transactions with owners
Issue of ordinary shares85,266-5,266
Total transactions with owners5,266-5,266
Balance as at 31 March 202010,774(8,532)2,242
Consolidated Statement of
Financial Position (cont.)
as at 31 March 2021
Consolidated Statement of
Movements in Equity
for the year ended 31 March 2021

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29
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FINANCIALS
The above statement should be read in conjunction with the
accompanying notes.
20212020
Notes$000’s$000’s
Cash flows from / (used in) operating activities
Receipts from customers2,1211,531
Interest received221230
Payments to suppliers and employees(3,444)(3,552)
Taxes (paid) / refunded18(25)
Interest paid on lease liability(31)(30)
Interest paid(3)(11)
Net cash (used in) operating activities before increase in funds
due to customers and IRD
22(1,118)(1,857)
Increase in funds due to customers and IRD226,5157,176
Net cash from operating activities195,3975,319
Cash flows from / (used in) investing activities
Purchases of property, plant and equipment(36)(98)
Proceeds from sale of property, plant and equipment-3
Funds on deposit1,650(1,650)
Purchases of intangible assets(494)(329)
Net cash from / (used in) investing activities1,120(2,074)
Cash flows from / (used in) financing activities
Net proceeds from issue of shares and convertible notes1,7035,015
Loan advances / (repayments)-(793)
Interest paid-(148)
Repayments of principal portion of lease liability(39)(31)
Repayments of other borrowings(14)(12)
Net cash from financing activities1,6504,031
Net increase in cash and cash equivalents8,1677,276
Cash and cash equivalents at beginning of the period13,5896,313
Cash and cash equivalents at end of the period2221,75613,589
Consolidated Statement of
Cash Flows
for the year ended 31 March 2021
Photo taken by Vicky Taylor, our Head of
Customer Experience, while traveling between
roadshow presentations.

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FINANCIALS
Notes to the
Consolidated
Financial Statements
For the year ended 31 March 2021
1. General information
PaySauce Limited (the “Company” or “PaySauce”), is a
limited liability company, domiciled and incorporated in
New Zealand and registered under the Companies Act
1993.
These consolidated financial statements presented are
for PaySauce Limited, together with its subsidiaries (the
“Group”) for the year ended 31 March 2021.
These consolidated financial statements were
authorised for issue in accordance with a resolution of
the Directors on 26 May 2021.
The Group provides Software as a Service (SaaS)
delivering employment and payment solutions to
small and medium-sized businesses. As well as the
core payroll solution (with fully automated banking,
accounting and pay-day filing) the Group provides
digital employment contracts, rosters, timesheets and
earned wage access for employees - accessible via
smartphone.
PaySauce is a for-profit entity listed on the New Zealand
Stock Exchange (“NZX”) that trades under the ticker PYS.
2. Summary of significant
accounting policies
BASIS OF PREPARATION
The consolidated financial statements have been
prepared in accordance with New Zealand Generally
Accepted Accounting Practice (“NZ GAAP”) and on the
assumption that the Group is a going concern. They
comply with New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”) and
other applicable Financial Reporting Standards, as
appropriate for profit oriented entities. The consolidated
financial statements also comply with International
Financial Reporting Standards (“IFRS”).
The Group is a Tier 1 for profit reporting entity as defined
by the External Reporting Board in its “Accounting
Standards Framework”.
Historical cost convention
The consolidated financial statements have been
prepared on the historical cost basis, as modified by the
revaluation of certain assets and liabilities as identified
in specific accounting policies below:
a. Basis of consolidation
The Group financial statements incorporate the financial
statements of the Company and its subsidiaries as at
31 March 2021. All subsidiaries are wholly owned and
controlled by the Company as at 31 March 2021 and
have a reporting date of 31 March 2021 (note 21).
All transactions and balances between the Group are
eliminated on consolidation, including unrealised gains
and losses on transactions between Group companies.
Where unrealised losses on intra group asset sales
are reversed on consolidation, the underlying asset is
also tested for impairment from a group perspective.
Amounts reported in the financial statements of
subsidiaries have been adjusted where necessary
to ensure consistency with the accounting policies
adopted by the Group.
Profit or loss and other comprehensive income of
subsidiaries acquired or disposed of during the
reporting period are recognised from the effective date
of acquisition, or up to the effective date of disposal, as
applicable.
b. Foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements
of the Group’s entities are measured using the currency
of the primary economic environment in which the
entity operates (New Zealand). The consolidated
financial statements are presented in New Zealand
dollars ($), which is the Group’s functional and
presentation currency.
All financial information has been rounded to the
nearest one thousand dollars ($1,000).
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing
at the dates of the transactions or valuation where items
are re-measured.
c. Goods and Services Tax (GST)
All revenue and expense transactions are recorded
exclusive of GST. Assets and liabilities are similarly stated
exclusive of GST, with the exception of receivables and
payables, which are stated inclusive of GST.
d. Financial instruments
Recognition and derecognition
Financial assets and liabilities are recognised when the
Group becomes a party to contractual provisions of the
instrument.

Financial assets are derecognised when the contractual
rights to the cash flows from the financial asset expire,
or when the financial asset and substantially all the
risk and rewards are transferred. A financial liability
is derecognised when it is extinguished, discharged,
cancelled or expires.
Classification and initial measurement of financial
assets
Except for those trade receivables that do not contain
a significant financing component and are measured
at the transaction price in accordance with IFRS 15
(Revenue from Contracts with Customers), all financial
assets are initially measured at fair value adjusted for
transaction costs (where applicable).
Financial assets are classified into the following
categories:
• Amortised cost
• Fair value through profit or loss (FVTPL)
• Fair value through other comprehensive income
(FVOCI)
In the periods presented the Group does not have any
financial assets categorised as FVTPL or FVOCI.
Financial assets at amortised cost
Financial assets are measured at amortised cost if
the assets meet the following conditions (and are not
designated as FVTPL):
• they are held within a business model whose
objective is to hold the financial assets and collect
its contractual cash flows; and
• the contractual terms of the financial assets give rise
to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
After initial recognition, these are measured at
amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting
is immaterial. The Group’s cash and cash equivalents,
trade and other receivables fall into this category of
financial instruments.
Trade and other receivables and contract assets
The Group makes use of a simplified approach in
accounting for trade and other receivables and records
the loss allowance as lifetime expected credit losses.
These are the expected shortfalls in contractual cash

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FINANCIALS
flows, considering the potential for default at any point
during the life of the financial instrument.
Classification and measurement of financial
liabilities
The Group’s financial liabilities include trade and other
payables, and funds due to customers and IRD.
Financial liabilities are initially measured at fair value,
and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair
value through profit or loss. Subsequently, financial
liabilities are measured at amortised cost using the
effective interest method.
e. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand
and term deposits maturing within 6 months. This also
includes funds collected from customers as a PAYE
intermediary (note 22).
f. Property, plant and equipment
Recognition and measurement
Items of computer, office equipment, leasehold
improvements, motor vehicles, and right-of-use assets
are measured at cost less accumulated depreciation
and accumulated impairment losses.
Cost includes expenditure that is directly attributable to
the acquisition of the asset. Purchased software that is
integral to the functionality of the related equipment is
capitalised as part of that equipment.
Any gain or loss on disposal of an item of property, plant
and equipment (calculated as the difference between
the net proceeds from disposal and the carrying
amount of the item) is recognised in profit or loss within
the Statement of Comprehensive Income.
Subsequent costs
Subsequent expenditure is capitalised only when it is
probable that the future economic benefits associated
with this expenditure will flow to the Group and the
cost of the item can be measured reliably. All other
costs, including ongoing repairs and maintenance, are
expensed as incurred.
Depreciation
Depreciation is based on the cost of an asset less its
residual value. Significant components of individual
assets are assessed and if a component has a useful life
that is different from the remainder of that asset, that
component is depreciated separately.
Depreciation is recognised in profit or loss on a straight
line basis over the estimated useful lives of each item
of equipment. Leased assets are depreciated over the
shorter of the lease term and their useful lives unless it is
reasonably certain that the Group will obtain ownership
by the end of the lease term.
The depreciation rates for the current and comparative
years of significant items of property, plant and
equipment are as follows:
Right-of-assets12.5%
Office equipment8.5 - 67%
Leasehold improvements10 - 25%
Computer equipment21 - 40%
Motor vehicles30%
Depreciation methods, useful lives and residual values
are reviewed at each reporting period and adjusted if
appropriate.
g. Intangible assets
Software
Acquired computer software licenses and costs
associated with developing computer software are
capitalised on the basis of the costs incurred to acquire
and bring to use the specific software. These costs are
amortised over their estimated useful lives of 2.5 to 5
years. Costs associated with maintaining computer
software programs are recognised as an expense as
incurred.
Development expenditure
Development expenditure (predominantly salary costs
of our software development team) incurred on a
project is capitalised as a long-term asset to the extent
that such expenditure is expected to generate future
economic benefits. Any development expenditure that
does not meet this criteria is recognised as an expense.
Development expenditure is capitalised if, and only if
the Group can demonstrate all of the following:
• its ability to measure reliably the expenditure
attributable to the asset under development;
• the product or process is technically and
commercially feasible;
• its future economic benefits are probable;
• its ability to use or sell the developed asset; and
• the availability of adequate technical, financial
and other resources to complete the asset under
development.
Capitalised development expenditure is measured at
cost less accumulated amortisation and impairment
losses, if any. Development expenditure initially
recognised as an expense is not recognised as an asset
in subsequent periods. In the event that the expected
future economic benefits are no longer considered
probable, the development expenditure is written down
to its recoverable amount.
Amortisation is recognised in the Statement of
Comprehensive Income on a straight-line basis and the
rate for the current and comparative years are as follows:
Software20 - 67%
Research and development
Research expenditure and development expenditure
that does not meet the criteria above is recognised as
an expense as incurred.
h. Impairment of non-financial assets
Property, Plant & Equipment
The carrying values of property, plant and equipment
are reviewed annually for impairment when events or
changes in circumstances indicate the carrying value
may not be recoverable.
Software Development Assets and Development in
Progress
Software development intangible assets with useful
lives, and software development which has not yet
completed are tested annually for impairment or
more frequently if events or changes in circumstances
indicate that they might be impaired. This includes
external factors, such as changes in expected future
processes, technology and economic conditions.
If any indications of impairment exist relating to non-
financial assets, and where the carrying values exceed
the estimated recoverable amount, the assets are
written down to their recoverable amounts.
The recoverable amount is the higher of an asset’s fair
value less costs to sell and value in use. Value in use is
determined by estimating future cash flows from the
use and ultimate disposal of the asset and discounting
these to their present value using a pre tax discount rate
that reflects current market rates and the risks specific
to the asset. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there
are separately identifiable cash flows (cash generating
units). Impairment losses directly reduce the carrying
amount of assets and are recognised in profit or loss.
i. Leases
The Group leases an office premises and various pieces
of equipment. Lease terms are negotiated on an
individual basis and contain a wide range of different
terms and conditions. These lease agreements do not
impose any covenants, but leased assets may not be
used as security for borrowing purposes.

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Leases are recognised as a right-of-use asset and a
corresponding liability at the date at which the leased
asset is available for use by the Group. Each lease
payment is allocated between the liability and finance
cost. The finance cost is charged to profit or loss over the
lease period so as to produce a constant periodic rate
of interest on the remaining balance of the liability for
each period. The right-of-use asset is depreciated over
the shorter of the asset’s useful life and the lease term
on a straight-line basis.
Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease liabilities
include the net present value of the following lease
payments:
• fixed payments (including in-substance fixed
payments), less any lease incentives receivable;
• variable lease payments that are based on an index
or a rate;
• amounts expected to be payable by the lessee
under residual value guarantees;
• the exercise price of a purchase option if the lessee
is reasonably certain to exercise that option, and;
• payment of penalties for terminating the lease, if
the lease term reflects the lessee exercising that
option.
The lease payments are discounted using the interest
rate implicit in the lease, if that rate can be determined,
or the group’s incremental borrowing rate.
Right-of-use assets are measured at cost, comprising the
following:
• the amount of the initial measurement of lease
liability;
• any lease payments made at or before the
commencement date less any lease incentives
received;
• any initial direct costs, and;
• restoration costs.
Payments associated with short-term leases and leases
of low-value assets are recognised on a straight line
basis as an expense in profit or loss. Short-term leases
are leases with a lease term of 12 months or less. Low-
value assets comprise IT-equipment and small items of
office furniture.
j. Trade and other payables
Trade payables are obligations to pay for goods or
services that have been acquired in the ordinary course
of business from suppliers.
Trade payables are recognised initially at fair value and
subsequently measured at amortised cost using the
effective interest method. As trade and other payables
are usually paid within 30 days, they are carried at face
value.
k. Employee benefits
Short term employee benefit obligations are measured
on an undiscounted basis and are expensed as the
related service is provided.
The Group pays contributions to superannuation plans,
such as Kiwisaver. The Group has no further payment
obligations once the contributions have been paid. The
contributions are recognised as an employee benefit
expense when they are due. Prepaid contributions are
recognised as an asset to the extent that a cash refund
or a reduction in the future payments is available.
l. Share capital
Ordinary shares are classified as equity. Incremental
costs directly attributable to the issue of ordinary shares
and share options are recognised as a deduction from
equity, net of any tax effects.
m. Revenue
REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue arises mainly from SaaS employment services.

To determine whether to recognise revenue, the Group
follows a 5-step process:
1. Identifying the contract with a customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the
performance obligations
5. Recognising revenue when and as its
performance obligations are satisfied.
Revenue is recognised either at a point in time or over
time, when (or as) the Group satisfies performance
obligations by transferring the promised services to its
customers.
There are no significant estimates or judgements
surrounding recognition of revenue.
Processing fees
Revenue from payroll processing fees is recognised
at a point in time when the performance obligation
has been satisfied and is based on the amount of the
transaction price that is allocated to the performance
obligation. Revenue from processing fees includes
both fixed and incremental components based on
the number of employees and pays processed for
the customer which are known as the revenue is
recognised at the point in time the service is provided.
The transaction price is the amount of consideration
to which the Group expects to be entitled in exchange
for providing the service to the customer. There is no
significant financing component to the contracts,
and payment is due at the point the performance
obligation has been met. The performance obligation
for processing fees is considered to be met when the
customer’s payroll has been processed.
Other operating revenue - contract builder sales
Revenue from contract builder sales are recognised
at a point in time when the performance obligation
has been satisfied and is based on the amount of the
transaction price that is allocated to the performance
obligation. The transaction price is the amount of
consideration to which the Group expects to be entitled
in exchange for providing the service to the customer.
There is no significant financing component to the
contracts, and there is no variable consideration as the
price is known as the revenue is recognised at the point
in time the service is provided. Payment is due at the
point the performance obligation has been met. The
performance obligation for contract builder sales is
considered to be met when the customer has used the
digital contract builder service.
REVENUE FROM OTHER SOURCES
Interest income
Interest income is accrued on a time basis by reference
to the principal outstanding and using the
effective interest rate method. Interest is determined
to be operating revenue by the Group, as interest is
primarily generated from the balance of PAYE funds
held due to IRD, which is directly linked to the number
of PaySauce customers processing payroll.
Other operating revenue - others
Other operating revenue consists of implementation
costs, and one-off service provision. These revenues are
recognised upon completion of services at a point in
time.
Grants received
Grants received are recognised at their fair value where
it is highly probable that the grant will be received
and PaySauce has met any associated conditions.
This revenue is recognised at a point in time as the
conditions are met.
n. Interest expense
Interest expenses are recognised in profit or loss within
the Consolidated Statement of Comprehensive Income
as they accrue, using the effective interest method.
The effective interest method calculates the amortised
cost of a financial liability and allocates the finance
cost, including any fees and directly related transaction
costs that are an integral part of the effective interest
rate, over the expected life of the financial liability. The

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FINANCIALS
application of the method has the effect of recognising
the expense on the financial liability evenly in proportion
to the amount outstanding over the period to maturity
or repayment.
o. Borrowing costs
Borrowing costs are recognised as an expense when
incurred except to the extent that they are directly
attributable to the acquisition, construction or
production of a qualifying asset, in which case the
borrowing costs are capitalised.
p. Income tax
Tax expense comprises current and deferred tax.
Current tax and deferred tax is recognised in profit or
loss except to the extent that it relates to a business
combination, or items recognised directly in equity or in
other comprehensive income.
Current tax is the expected tax payable or receivable
on the taxable income or loss for the reporting period,
using tax rates enacted or substantively enacted at the
reporting date, and any adjustment to tax payable in
respect of previous reporting periods. Current tax also
includes any tax liability arising from the declaration of
dividends.
Deferred tax is recognised in respect of temporary
differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the
amounts used for taxation purposes. Deferred tax is not
recognised for:
• temporary differences on the initial recognition
of assets or liabilities in a transaction that is not
a business combination and that affects neither
accounting nor taxable profit or loss;
• temporary differences related to investments in
subsidiaries and jointly controlled entities to the
extent that it is probable that they will not reverse in
the foreseeable future; and
• taxable temporary differences arising on the initial
recognition of goodwill.
Deferred tax is measured at the tax rates that are
expected to be applied to temporary differences when
they reverse, using tax rates enacted or substantively
enacted at the reporting date.
In determining the amount of current and deferred tax
the Group takes into account the impact of uncertain
tax positions and whether additional taxes and interest
may be due. The Group believes that its accruals for tax
liabilities are adequate for all open tax years based on
its assessment of many factors, including interpretations
of tax law and prior experience. This assessment relies
on estimates and assumptions and may involve a series
of judgements about future events. New information
may become available that causes the Group to change
its judgement regarding the adequacy of existing tax
liabilities; such changes to tax liabilities will impact
tax expense in the period that such a determination is
made.
Deferred tax assets and liabilities are offset if there is a
legally enforceable right to offset current tax liabilities
and assets, and they relate to income taxes levied by
the same tax authority on the same taxable entity, or on
different tax entities, but they intend to settle current
tax liabilities and assets on a net basis or their tax assets
and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses,
tax credits and deductible temporary differences, to the
extent that it is probable that future taxable profits will
be available against which they can be utilised.
Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.

3. Statement of cash flows
The consolidated statement of cash flows has been
prepared using the direct approach.
Cash flows from related party receivables and
payables and borrowings have been netted to provide
meaningful disclosure to better reflect the activities of
the party providing the funding.
The following are the definitions of the terms used in
the consolidated statement of cash flows:
Operating activities
Operating activities include all transactions and other
events that are revenue producing activities and not
investing or financing activities;
Investing activities
Investing activities are those activities relating to the
acquisition, holding and disposal of property, plant
and equipment, intangible assets and of investments.
Investments can include securities not falling within the
definition of cash; and
Financing activities
Financing activities are those activities that result in
changes in the size and composition of the capital
structure. This includes both equity and debt not falling
within the definition of cash. Dividends paid (if any) in
relation to the capital structure are included in financing
activities.
4. Use of critical accounting
estimates and judgements
The preparation of the consolidated financial
statements in conformity with NZ IFRS requires
management to make judgements, estimates and
assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from
these judgements, estimates and assumptions.
Estimates and underlying assumptions are reviewed on
an on-going basis. Revisions to accounting estimates
are recognised in the period in which the estimates are
revised and in any future periods affected.
Information about critical judgements in applying
accounting policies that have the most significant effect
on the amounts recognised in the consolidated financial
statements is included in the following notes:
Capitalisation of intangible assets
Management considers the time and associated salary
cost of development staff to fall under the classification
of development expenditure for assessment purposes
in accordance with the principles outlined in the
intangible assets accounting policy in note 2(g). No
weighting of overheads is applied in these calculations.
Accounting for finite life intangible assets
At each reporting date, the useful lives and residual
values of finite life intangible assets are reviewed for
indicators of impairment. As at 31 March 2021, the assets
were assessed for indicators of impairment by reviewing
the nature of the events that originally gave rise to
the recognition of the assets, the estimation of future
generation of cash flows and any anticipated changes
to the business or product circumstances. Management
concluded that there were no indicators of impairment
of the assets as at 31 March 2021.
Management has reassessed the remaining useful
life of each significant asset after consideration of the
expected future period of use. Changes in estimates
have not resulted in any material impact upon the
current and future annual amortisation charged.
COVID-19
Management considers that COVID-19 did not have a
significant negative impact on the business operations,
financial performance, nor the financial position of the
Group for the year ended 31 March 2021. Management
has made this judgement by looking at a range of
indicators - and has not seen any material negative
impacts on the following key indicators:
• Customer churn
• Customer size
• Registrations and sign-ups for new customers
• Aged receivables
• Losses of major partnerships.
Other more macro economic impacts of COVID-19
included a decrease in interest income (due to a sharp
decline in interest rates), and a change in strategic

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FINANCIALS
direction with expansion to the Irish market put on
hold due to continued uncertainty of overseas travel.
The impact of the decline in interest rates on interest
income is estimated by management to be around
$0.114 million. Domestically, organic growth exceeded
expectations as more clients sought a cloud-based
solution and this compensated for the shortfall in
expected growth from our partnership with a global
HR provider which is more reliant on in-person sales
and implementation. With a sole focus on the domestic
market, overall growth was in line with management’s
expectations.
While the pandemic is largely under control in New
Zealand, management continues to monitor the
progress of the New Zealand government in keeping
COVID-19 out of New Zealand, and will continue to
assess any impact on the business operations, financial
performance, and financial position of the Group in
the event of any resurgences in New Zealand. At this
stage, management does not consider there to be
any significant risk to the Group. The factors which
management considered in forming this judgement are
as follows:
• PaySauce’s business operations are always ready to
operate with minimal interruption upon enactment
of our Business Continuity Plan (BCP)
• The PaySauce product is cloud-based, which
enables customers to continue to use the service
uninterrupted when they enact their BCP.
PaySauce’s customer base predominantly consists
of businesses from New Zealand’s agricultural
primary industry, one of the other least impacted
sectors during the first outbreak of COVID-19 in New
Zealand
• PaySauce is yet to see, and does not anticipate
seeing customers (based on experience from the
first outbreak and lockdown period) asking to
defer payments, partly due to the nature of our
billing (at a point in time as the service is provided,
automatically deducted), and that the cost is
relatively small on a monthly per customer basis
compared to other business expenses
• Payroll is the core of our service provision, and is an
essential service for New Zealand businesses.
Going concern
The consolidated financial statements have been
prepared on a going concern basis.
The Group made a net loss before tax of $1.688 million
for the year ended 31 March 2021 (2020: $2.363 million),
has equity at 31 March 2021 of $2.432 million (2020:
$2.242 million) and net current assets/(liabilities) of
$1.408 million (2020: $1.530 million). The Group does not
currently generate sufficient revenues to meet operating
costs and the Group does not operate a facility of debt
to draw upon.
At each reporting date, estimates and judgements
are made around the ability of the Group to continue
operating for the foreseeable future, which is not
less than 12 months from the date these financial
statements are approved for issue. These estimates and
judgements are formed with reference to the current
cash on hand and forecast future cash flows from
operations, using information available to the Directors
at the time of signing the financial statements.
The Group’s ability to continue as a going concern is
dependent upon meeting forecasted growth in revenue
primarily through customer acquisition. The uncertainty
of meeting forecast growth, and in turn forecast
future cash flows from operations, creates a material
uncertainty that may cast doubt on the Group’s ability to
continue as a going concern.
In the event that forecasted cash flows from operations
are not met, plans to mitigate the effects of this on the
Group’s ability to continue as a going concern include:
• Hiring freeze
• Reducing operating expense
• Deferring non-essential capital projects, with a focus
on maximising cash flow
• Price increase
The Directors consider after making due enquiry and
having regard to the circumstances which they consider
reasonably likely to affect the Group that the Group has
sufficient cash on hand combined with forecast cash
flows from operations, for the foreseeable future, which
is not less than 12 months from the date these financial
statements are approved for issue, that the going
concern assumption is valid.
If PaySauce is unable to continue as a going concern
the company may be unable to realise its assets and
discharge its liabilities in the normal course of business.
5. Trade and other payables
20212020
$000’s$000’s
Trade payables202288
Accruals5755
GST payable335
Other creditors78
299356

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6. Property, plant and equipment
Right-of-
use Asset
(Property)
Office
Equipment
Leasehold
Improvements
Computer
EquipmentVehicleTotal
$000’s$000’s$000’s$000’s$000’s$000’s
Year ended 31 March 2020
Opening net book value-253301977
Additions39625964-494
Disposals-(1)(3)(2)-(6)
Depreciation(43)(10)(1)(21)(14)(89)
Closing net book value353398715476
As at 31 March 2020
Cost396601010549620
Accumulated depreciation(43)(21)(2)(34)(44)(144)
Net book value353398715476
Year ended 31 March 2021
Opening net book value353398715476
Additions-10-26-36
Disposals---(2)-(2)
Depreciation(50)(14)(1)(39)(5)(109)
Closing net book value30335756-401
As at 31 March 2021
Cost396711012849654
Accumulated depreciation(93)(36)(3)(72)(49)(253)
Net book value30335756-401
7. Intangible assets
Website
Development
in progress
Computer
SoftwareTotal
$000’s$000’s$000’s$000’s
Year ended 31 March 2020
Opening net book value-158139297
Development costs recognised as an asset-23792329
Development in progress recognised as Software-(349)349-
Amortisation--(63)(63)
Closing net book value-46517563
As at 31 March 2020
Cost2746907980
Accumulated amortisation(27)-(390)(417)
Net book value-46517563
Year ended 31 March 2021
Opening net book value-46517563
Development costs recognised as an asset-305189494
Development in progress recognised as Software-(138)138-
Amortisation--(152)(152)
Closing net book value-213692905
As at 31 March 2021
Cost272131,2341,474
Accumulated amortisation(27)-(542)(569)
Net book value-213692905

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8. Share capital
DateDetailsNotesNumber of Shares$000’s
1 April 2019Opening Balance116,870,8755,508
Conversion of convertible notei2,495,4031,285
Rights issueii11,974,8433,981
31 March 2020Closing Balance131,341,12110,774
1 April 2020Opening Balance131,341,12110,774
Rights issueiii3,430,2451,153
Rights issueiv1,647,237550
Employee share issuev607,675175
31 March 2021Closing Balance137,026,27812,652
i. On 28 January 2020: PaySauce converted the
outstanding convertible loan note agreement with
Public Trust Nominees Class 10 Limited to shares, in
accordance with the provisions of the agreement.
The agreement was entered into on 28 June 2019,
for a term of 24 months after which the notes
were to convert into ordinary shares, unless either
the holder or issuer elects to convert the notes at
an earlier date. The total value of the drawdown,
inclusive of accrued interest, was $1.285 million,
resulting in an issue of 2,495,403 new shares at the
conversion price of $0.51 per share.
ii. On 9 March 2020: PaySauce completed the initial
allotment of shares under its rights issue announced
to shareholders on 11 February 2020. The allotment
on 9 March 2020 resulted in 11,974,843 shares being
issued at a price of $0.34 per share, a net raise
of $3.981 million after directly attributable costs.
The issue was not fully subscribed, and PaySauce
announced it would seek to place the remaining
share capital over the subsequent 90 day window in
accordance with the NZX listing rules. The available
shares remaining for allotment as at 31 March 2020
were 5,077,482.
iii. On 30 April 2020: PaySauce completed the
second allotment of shares under its rights issue
shortfall. The allotment on 30 April 2020 resulted
in 3,430,245 shares being issued at a price of $0.34
per share, a net raise of $1.153 million after directly
attributable costs.
iv. On 15 May 2020: PaySauce completed the final
allotment of shares under its rights issue shortfall.
The allotment on 15 May 2020 resulted in 1,647,237
shares being issued at a price of $0.34 per share, a
net raise of $0.550 million after directly attributable
costs. This completed the fully subscribed rights
issue.
v. On 31 March 2021: PaySauce issued ordinary shares
to employees as part of remuneration arrangements
under employment agreements. This was a share
based payment for accrued bonuses, there were no
vesting periods or conditions, and were all equity
settled and expensed to the profit and loss. The
allotment on 31 March 2021 resulted in 607,675
shares being issued at a price of $0.2875 per share,
satisfying remuneration arrangements to the value
of $0.175 million.
All ordinary shares have no par value. They have equal
voting rights and share equally in dividends and surplus
on liquidation.
Dividends
No dividends were declared or paid during the
reporting period (2020: None).
Capital Risk Management
The Group considers its capital to comprise its ordinary
share capital, accumulated retained earnings.
When managing capital, management’s objective
is to achieve optimal long term capital returns to
shareholders and benefits for other stakeholders.
Management also aims to maintain a capital structure
that ensures the lowest cost of capital available to the
Company.
9. Earnings / (loss) per share
There are no financial instruments on issue that will
dilute the basic earnings per share amounts for the year
ended 31 March 2021.
Basic earnings per share is calculated by dividing
the profit / (loss) attributable to equity holders of the
Company by the weighted average number of ordinary
shares on issue during the period.
20212020
Basic earnings per share
Net loss used in calculating earnings per share ($000’s)(1,688)(2,363)
Weighted average number of ordinary shares for basic earnings per share135,940,949118,039,366
Basic loss per share (cents)(1.24)(2.00)

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FINANCIALS
10. Operating revenue
11. Employee expenses
12. Research & Development
20212020
$000’s$000’s
Revenue from contracts with customers1,9721,210
Revenue from other sources226548
Total operating revenue2,1981,758
20212020
$000’s$000’s
Salaries2,3541,756
Staff medical insurance1711
Fringe benefit tax2414
Total employee expenses2,3951,781
20212020
$000’s$000’s
Research & development costs expensed
(included in note 11 - Employee Expenses under Salaries)
337265
Research & development costs capitalised
(included in note 7 - Intangible Assets under Development costs
recognised as an asset)
494329
Amortisation of intangible assets
(included in note 7 - Intangible Assets under Amortisation)
15263
Total research & development983657
13. Other expenses
14. Finance costs
20212020
$000’s$000’s
Administration and Management Services173223
Advertising, PR and Marketing158246
Audit Fees5755
Hosting Expenses7267
Legal, Consulting and Accounting59296
Listing Costs-9
Office Running and Rent2860
Other Overheads587543
Travel63173
Total other expenses1,1971,672
20212020
$000’s$000’s
Interest Paid211
Finance Cost - Interest on Convertible Note-251
Finance Cost - Interest on Lease3130
Finance Cost - Interest on Related Party Lending-148
Total finance costs33440

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FINANCIALS
15. Tax expense
The Group holds tax losses of $7.291 million as at 31
March 2021 (2020: $5.847 million) available to carry
forward, subject to shareholder continuity being
maintained.
20202019
$000’s$000’s
(a) Income Tax
Net Loss before tax for the period(1,688)(2,363)
Tax Losses Carried Forward(5,847)(3,800)
Permanent Differences333295
Temporary Differences(89)21
Tax Losses to Carry Forward(7,291)(5,847)
(b) Deferred Tax
Opening Deferred Tax Asset / (Liability)--
Increases to Deferred Tax--
Decrease to Deferred Tax--
Closing Deferred Tax Asset / (Liability)--
(c) Imputation Credits
Balance at the end of the period--
16. Key management personnel and related parties
Key management personnel compensation
Key management personnel are defined as those
persons having authority and responsibility for planning,
directing and controlling the activities of the Group,
directly or indirectly and include the Directors, the
Chief Executive Officer and the Executive Leadership
Team.
The table below summarises remuneration paid to key
management personnel.
20212020
$000’s$000’s
Directors’ fees14670
Short term employee benefits836434
Total key management personnel compensation982504
Related party transactions and balances
A number of key management personnel, or their
related parties, hold positions in other entities that result
in them having control or significant influence over
the financial or operating policies of those entities. A
number of those entities subscribe to services provided
by the Group. None of the related party transactions are
significant to either party, and are completed on arm’s
length terms. Outside of these transactions, and the
Directors’ fees and short term employee benefits noted
above, all other related party transactions are outlined
below:
20212020
Related party transactions during the period$000’s$000’s
Consulting services supplied by entities controlled by related parties
Catalyst.Net Limited-4
Cloud hosting services supplied by entities controlled by related parties
Catalyst Cloud Limited7267
20212020
Related party balances payable at period end$000’s$000’s
Directors’ Fees179
Cloud Hosting Services78

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FINANCIALS
17. Financial instruments
Details of the significant accounting policies and
methods adopted, including the criteria for recognition,
the basis of measurement and the basis on which
income and expenses are recognised, in respect of
each class of financial asset, financial liability and equity
instrument are disclosed in note 2 (d) above.
(a) Categories of Financial Assets & Liabilities
The carrying amounts presented in the statement of
financial position relate to the following categories of
assets and liabilities.
The Group is exposed to a variety of financial risks. The
financial risks arise from the business activities of the
Group. The specific financial risks that the Group is
exposed to are discussed below.
20212020
Financial assets$000’s$000’s
Financial assets at amortised cost
Cash and cash equivalents21,75613,589
Deposits-1,650
Trade and other receivables19149
Total financial assets21,77515,388
20212022
Financial liabilities$000’s$000’s
Financial liabilities at amortised cost
Funds due to customers and IRD19,96513,449
Trade and other payables266356
Other liabilities2442
Total financial liabilities20,25513,847
(b) Market Risk
(i) Credit risk
As a SaaS business with minimal credit exposure,
credit risk is relatively low relating to revenue received
from customers and any associated trade receivables.
For other financial assets (including cash and bank
balances), the Group minimises credit risk by dealing
exclusively with high credit rating counterparties.
Credit risk concentration profile
The Group manages credit risk by placing its cash and
short term investments with high quality financial
institutions. The majority of the Cash and Cash
Equivalents are held with ASB Bank and BNZ, both of
which have a credit rating of A+ from Fitch, AA- from
Standard & Poor’s, and A1 from Moody’s.
Exposure to credit risk
As the Group does not hold any collateral, the
maximum exposure to credit risk is represented by the
carrying amount of the financial assets as at the end of
the reporting period.
(ii) Liquidity risk
Liquidity risk arises mainly from business activities. The
Group manages liquidity risk by ensuring cash flow is
planned ahead of time, and funding is planned and
organised when required, to ensure the Group will be
able to meet its financial obligations. The following table
sets out the maturity profile of the financial liabilities as
at the end of the reporting period based on contractual
undiscounted cash flows (including interest payment
computed using contractual rates or, if floating, based
on the rate at the end of the reporting period):
Carrying
amountTotal
0-6
months
7-12
months
1-2
years
2-5
years
$000’s$000’s$000’s$000’s$000’s$000’s
Year ended 31 March 2020
Funds due to customers and IRD13,44913,44913,449---
Trade and other payables356356356---
Other liabilities424242---
Total13,84713,84713,847---
Year ended 31 March 2021
Funds due to customers and IRD19,96519,96519,965---
Trade and other payables266266266---
Other liabilities242424---
Total20,25520,25520,255---

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(iii) Interest rate risk
PaySauce’s interest rate risk arises from the interest
that it earns from its cash and cash equivalents. These
funds are subject to variable interest rates that expose
PaySauce to cash flow interest risk rate. PaySauce does
not currently use any derivative products to manage
interest rate risk.
As at balance date, none of the funds were held in
deposits subject to interest periods of greater than 12
months.
An analysis of the sensitivity of the Group’s earnings due
to movements in interest rates is shown below.
The above information is calculated by applying the
effective movement to the average balance of cash
and cash equivalents. Cash and cash equivalents and
Deposits total $21.756 million (2020: $15.239 million).
18. Fair values of financial assets
and liabilities
The carrying values of short term financial assets and
liabilities approximate their fair values. Short term
financial assets include cash, trade and other receivables
and related party receivables. Related party receivables
carrying values approximate their fair values.
20212020
Effect on net profit before tax$000’s$000’s
Each 100 basis point increase in interest rate185108
Each 100 basis point decrease in interest rate(185)(108)
19. Reconciliation of net loss after tax to net cash flows from
operations
20212020
$000’s$000’s
Net Loss after taxation(1,688)(2,363)
Add back / (deduct) non-cash & non-operating items:
Depreciation & amortisation261152
Loss on disposal of fixed assets34
Share based payment expense175-
Other non-cash & non-operating items-492
(1,249)(1,715)
Movement in working capital:
(Increase)/decrease in Trade and other receivables161(39)
(Increase)/decrease in Prepayments and other assets(2)6
Increase/(decrease) in Funds due to customers and IRD6,5157,176
Increase/(decrease) in Trade and other payables(24)(196)
Increase/(decrease) in Employee benefits14127
Increase/(decrease) in Other liabilities(18)(40)
Net cash inflow from operating activities5,3975,319
20. Segment reporting
The Group is organised into one reportable operating
segment only, being SaaS based employment and
payment solutions to small and medium-sized New
Zealand businesses. As well as the core payroll solution
(with fully automated banking, accounting and pay-
day filing) the Group provides digital employment
contracts, rosters, timesheets and earned wage access
for employees - accessible via smartphone. The chief
operating decision maker has been identified as
the Board of Directors, as it makes all key strategic
resource allocation decisions (such as those concerning
acquisition, divestment and significant capital
expenditure).

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21. Investments in subsidiary
The Company had the following subsidiaries at 31 March
2021:
Entity Name
Date of
incorporation
Nature of
business
Equity
held
Value
held
Country of
incorporation
Balance
date
%$
PaySauce Operations Limited07/01/2015SaaS
employment
solutions
100309,278New Zealand31 March
Right Remuneration Limited22/01/2015SaaS
employment
solutions
100-New Zealand31 March
Payroll.Kiwi Limited01/08/2017Inactive100-New Zealand31 March
22. Funds due to customers and
IRD
As a PAYE intermediary, PaySauce collects funds from
clients which are payable to both clients’ employees
(as the employees’ net wages and salaries) and the IRD
(as the applicable PAYE, student loan and other IRD
liabilities). These funds are included in PaySauce’s cash
and deposit balances and in accordance with section
RP6 of the Income Tax Act 2007, PaySauce can earn
interest on these funds, but the funds must only be
used as follows:
• Payment of net salary or wages to employees of
PaySauce’s clients.
• Payment of IRD obligations resulting from pays
run on PaySauce software to the IRD, including
PAYE deductions, student loan deductions,
superannuation contributions and any other
amount of tax withheld from a payment of salary or
wages to IRD.
Under the financial reporting standards movements
in these funds do not meet the definition of either
investing or financing activities and so must be classified
as operating cash flows. However as stated above the
use of these funds is restricted and they cannot be used
to cover other PaySauce expenses, the company has
therefore presented operating cash flows in the Cash
Flow Statement as both before and after this movement
in funds.
23. Contingencies
As at 31 March 2021 the Group had no contingent
liabilities or assets (2020: $nil)
24. Events occurring after the
reporting period
No adjusting or significant non-adjusting events have
occurred between the reporting date and the date of
authorisation.

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CORPORATE GOVERNANCE
54
PaySauce Limited
This section is structured around the principles detailed
in the Code, and explains how PaySauce is applying
the Code’s recommendations. PaySauce documents
referred to in this section are also available online at
https://www.paysauce.com/investor/
Strong corporate governance protects the
Company and as a result our shareholders,
customers, staff, and stakeholders. Our
approach to the recommendations
outlined in the NZX Corporate Governance
Code (the Code) are set out below.
The Board considers that, as at 26 May 2021, the
Company complied with the recommendations set by
the NZX Corporate Governance Code, unless stated in
the sections outlined below, or in PaySauce’s Corporate
Governance Code.
Corporate Governance

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CORPORATE GOVERNANCE
Principle 1
Code of ethical
behaviour
“Directors should set high standards of
ethical behaviour, model this behaviour
and hold management accountable for
these standards being followed throughout
the organisation.”
Code of ethics
Our code of ethics exists to help our directors, senior
management, and employees with not just doing well,
but doing good.
This sets the standard of conduct for all our people. It’s
intended to support decision-making that aligns with
PaySauce’s values, business goals, and legal and policy
obligations. The board approves the code of ethics,
which covers:
• conflicts of interest
• accepting gifts or benefits
• protecting company assets
• complying with laws and policies
• maintaining confidentiality
• valuing personnel
• transparency
All new directors and employees receive a copy of the
code of ethics.
Securities trading policy
PaySauce respects the integrity of New Zealand’s
financial markets and insider trading laws. Our securities
trading policy outlines how those laws apply, and the
rules we’ve put in place to help ensure our people follow
the law.
Principle 2
Board composition
and performance
“To ensure an effective board, there should
be a balance of independence, skills,
knowledge, experience.”
The board of directors
The directors are responsible for the corporate
governance practices of the company. The board’s
practices are detailed in the Company’s corporate
governance code, which lays out protocols for board
operations.
This code complies with the relevant recommendations
in the NZX Corporate Governance Code, and is reviewed
annually.
The board’s primary role is to represent and promote
the interests of shareholders, ultimately adding long-
term value to the company’s shares.
The board carries out its responsibilities according to the
following mandate.
• the Board shall have a minimum number of three
directors and a maximum of 10;
• the Board shall have at least two directors ordinarily
resident in New Zealand;
• the Board shall maintain at least two Independent
Directors (as defined in the NZX Main Board Listing
Rules). Where there are eight or more directors, the
board will maintain three or one-third (rounded
down to the nearest whole number) of the total
number of directors, whichever is the greater;
• a majority of the directors should not be executives
of the Company;
• a director should not have any significant conflict
of interest that is potentially detrimental to the
Directors, certain employees, and related parties need
approval from PaySauce to trade in the company’s
shares. Trading is limited to defined “trading windows”.
The directors’ shareholdings and trading of shares
during the year by the directors is published under
Directors’ disclosures. A director or senior manager must
advise the NZX promptly if they trade in the company’s
shares.
Company, other than and to the extent dealt with in
the Corporate Governance Code of the Company;
• the Board seeks diversity in the skills, attributes and
experience of its members across a broad range of
criteria, to represent the diversity of shareholders,
business types and regions in which the Company
operates; and
• the Board elects a Chair, and can replace them at
any time.
• Management must provide the board with accurate
information within the timeframe required for the
board to effectively discharge its duties.
• The effectiveness and performance of the board
and its individual members should be re-evaluated
annually.
As at 31 March 2021 the Board comprised of five
Directors:
• Asantha Wijeyeratne – Executive Director and CEO
• Gavin Thompson – Non-executive Director
• Jacqueline Cheyne – Independent Director (Chair
of Audit & Risk Committee)
• Michael O’Donnell – Independent Director
• Nicholas Lewis – Independent Director (Chair of
Board)
Independence of directors is determined by assessing
the directors against the following factors:
• Not currently, or historically (with 3 years) employed
in an executive role with PaySauce;
• Not currently holding a senior role in a provider of
material professional services to PaySauce;
• No current material business relationship (i.e. as a
supplier or customer) to PaySauce;
• Not currently a substantial product holder of
PaySauce or a senior manager of a product holder
of PaySauce;
• No current material contractual relationship with
PaySauce, other than as a director;
• No close family ties with anyone who would fall into

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the above categories;
• Has not been a director of PaySauce for a length of
time that may compromise independence.
Mandy Simpson resigned as an Independent Director
and Chair of the Audit & Risk Committee, effective 18
September 2020.
Jacqueline Cheyne joined the Board as an Independent
Director and Chair of the Audit & Risk Committee,
effective 1 August 2020.
Michael O’Donnell joined the Board as an Independent
Director, effective 1 October 2020.
More information on the directors, including their
relevant interests, and shareholdings, is provided in the
Directors’ disclosures section of this report and is on the
company’s website.
Day-to-day management of PaySauce is delegated to
the Chief Executive and the Executive team.
The board’s responsibilities
The primary responsibilities of the board are to:
• provide overall governance and strategic leadership;
• oversee management’s implementation of the
Company’s strategic objectives and performance;
• oversee the development, adoption and
communication of a clear strategy for the Company;
• oversee accounting and reporting systems and
ensure the quality and independence of the
Company’s external audit process;
• adopt and regularly review the risk management
framework;
• appoint a chairperson of the Board and the CEO;
• review and approve the Company’s operating
budgets and major capital expenditure;
• adopt and review the Company’s remuneration
policy and other corporate governance documents;
• ensure compliance with the Company’s constitution,
continuous disclosure obligations, and the relevant
laws, listing rules and regulations and auditing and
accounting principles;
• implement and periodically review the Company’s
Code of Ethics, foster high standards of ethical
conduct and personal behaviour and hold
accountable those who engage in unethical
behaviours;
• periodically assess its own effectiveness in carrying
out these functions and the other responsibilities of
the Board.
On appointment to the board by the shareholders, new
directors sign a written agreement that covers the terms
of their appointment.
Every year, the board and sub-committees critically
evaluate their own performance and processes. This
will identify any training opportunities for individual
directors to maintain relevant and up-to-date skills for
their role.
Independent professional advice
With the prior approval of the Chair, each director may
seek independent legal and professional advice, at the
company’s expense, about any aspect of PaySauce’s
operations to assist in fulfilling their duties as a director.
Diversity
The PaySauce board and management are determined
that all staff and all eligible candidates for vacant
positions should have equal opportunity to demonstrate
their skills and experience. This forms the basis of our
diversity policy.
PaySauce embraces uniqueness in our people and
welcomes diversity. We believe that difference builds
resilience and innovation. We encourage our employees
to be curious and open-minded, embracing wide-
ranging perspectives and working to meet the needs of
individuals.
Our approach to diversity is to continually develop a
work environment that supports equality, exchange and
inclusion. We believe in accommodating, rather than
minimising, the different needs of our people.
The board has set measurable objectives for PaySauce’s
diversity policy which will be assessed annually. The
board will make sure PaySauce’s objectives are useful
and practical for promoting diversity and inclusion.
We have achieved the following gender diversity as at 31
March 2021:
Directors
Executive
Leadership TeamEmployees
As at 31 March 2020
Male3310
Female1114
Total4424
As at 31 March 2021
Male438
Female1120
Total5428
Female
Directors
Executive Leadership Team
Employees
Male

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Principle 3
Board committees
“The board should use committees
where this will enhance its effectiveness
in key areas, while still retaining board
responsibility.”
Audit and Risk Committee
The Audit and Risk Committee (“ARC”) assists the board
in financial reporting, and risk and financial/secretarial
compliance.
The ARC makes recommendations to the board
on appointing external auditors to ensure their
independence. The ARC also monitors 5-yearly rotation
of the lead audit partner.
The ARC facilitates communication between the board
and external auditors. The committee’s responsibilities
include:

• reviewing the appointment of the external auditor,
the annual audit plan, and addressing auditor
recommendations
• reviewing publicly released dividend proposals and
financial information
• ensuring that appropriate financial systems and
internal controls are in place.
The ARC must include at least three directors, and
consist of only non-executive directors and have a
majority of independent directors. At least one member
must be a director with an accounting or financial
background.
Principle 4
Reporting and
disclosure
“The board should demand integrity in
financial and non-financial reporting, and
in the timeliness and balance of corporate
disclosures.”
Reporting and disclosure
The board is committed to providing accurate, thorough,
and timely information to existing shareholders and to
the market. This means all investors can make informed
decisions about PaySauce.
As an NZX listed company, PaySauce must comply with
disclosure requirements under the NZX Main Board
Listing Rules. PaySauce recognises the importance
of these requirements in providing equal access for
all investors, or potential investors, to price-sensitive
information.
The disclosure and communications policy outlines
PaySauce’s obligations to meet disclosure requirements.
It also covers related issues, including external
communications.
At present, PaySauce has not provided detailed
reporting on environmental, economic and social
sustainability risks, because it is in the early stages
of reporting on non-financial information. PaySauce
will consider providing more detailed non-financial
reporting in the coming financial years.
The Chair of the Board cannot also be the Chair of the
ARC. The current members are Jacqueline Cheyne
(Chair), Nicholas Lewis, and Gavin Thompson, of which
Jacqueline and Nicholas are independent directors.
The committee usually invites the Chief Executive,
Chief Financial Officer, Head of Finance, and at least
twice a year invites the external auditors to attend ARC
meetings.
PaySauce publishes key governance and other relevant
documents in the investor centre of our website:
https://www.paysauce.com/investor/
Announcements made to the NZX and reports are also
posted on the company’s website.

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Principle 5
Remuneration
“The remuneration of directors and
executives should be transparent, fair and
reasonable.”
The board is responsible for setting individual directors’
fees, and monitoring the remuneration of the Chief
Executive and Executive Team.
PaySauce has in place a remuneration policy, outlining
the key principles that influence remuneration
practices. This can be found in the Company’s Corporate
Governance Code, located on the Company’s website
(at the date of this report, located in section 15 of the
Company’s Corporate Governance Code at
https://www.paysauce.com/investor/).

Further details and disclosures are outlined in the
disclosures section of this document.
Principle 6
Risk management
“Directors should have a sound
understanding of the material risks faced
by the issuer and how to manage them.
The board should regularly verify that
the Company has appropriate processes
that identify and manage potential and
material risks.”
The board is responsible for overseeing internal controls
to manage key risks, and has overall responsibility for
managing risk.
The company maintains a risk register to identify and
manage risk. The Executive Team is responsible for
maintaining this register, and reporting to the board on
a regular basis.
Through the ARC, the board considers the
recommendations of external auditors. The board sees
that those recommendations are investigated and
appropriate action is taken, where necessary.
Principle 7
Auditors
“The board should ensure the quality
and independence of the external audit
process.”
The Audit and Risk Committee (“ARC”) makes
recommendations to the board to appoint an
external auditor. The committee also monitors the
independence and effectiveness of the external auditor,
and reviews and approves any non-audit services they
perform.
The committee meets with the external auditor at least
twice a year to approve the terms of engagement, audit
partner rotation (at least every 5 years) and audit fee,
and to review and provide feedback on the annual audit
plan.
The committee routinely meets with PaySauce’s external
auditor, Grant Thornton, without management present.
Grant Thornton also attends PaySauce’s AGM.
The company continually monitors its internal control
environment.
Principle 8
Shareholder rights
and relations
“The board should respect the rights of
shareholders and foster constructive
relationships with shareholders that
encourage them to engage with the issuer.”
Information for shareholders
The company seeks to help investors understand its
activities, by communicating effectively and providing
clear and balanced information.
The company website (www.paysauce.com) provides
an overview of the business and information about
its activities. This includes details of the company’s
services, latest news, investor information, key corporate
governance information, and copies of significant NZX
announcements. The website also provides profiles of
the directors and the senior executive team.
Shareholders have the right to vote on PaySauce’s
major decisions, in line with the requirements of the
Companies Act 1993 and the NZX Main Board Listing
Rules.
Communicating with shareholders
PaySauce works to keep investors well informed, and
regularly provides information about current operations
and future plans.
PaySauce sends notice of the AGM to shareholders, and
publishes it on the company website at least 28 days
before the meeting each year.

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DISCLOSURES
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PaySauce Limited
Employee remuneration
The table below sets out the number of PaySauce
Group employees and former employees who received
remuneration and other benefits, including non-cash
benefits and share-based remuneration in excess of
$100,000 per annum. Director remuneration is not
included in the table below, and instead set out in a
separate section below.
Donations
No cash donations were made by the Group during
the year ended 31 March 2021 (2020: $Nil). However
donations in kind were given to over 70 charities and
non-profit organisations during the period (2020: 43).
20212020
Remuneration range# Employees# Employees
$100,000 - $109,99922
$110,000 - $119,9991-
$120,000 - $129,99922
$130,000 - $139,9991-
$150,000 - $159,999-1
$160,000 - $169,9991-
$170,000 - $179,9991-
$250,000 - $259,9991-
$280,000 - $289,9991-
Disclosures

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DISCLOSURES
Board meeting attendance
Board meetings are held in person and/or by
teleconference. The Directors attended the following
board meetings during the year ended 31 March 2021:
Note - If a director was not a member of a particular
committee at the time of the relevant meetings ‘-‘ has
been recorded.
*Jacqueline Cheyne joined as Director and Chair of ARC
on 1 August 2020.
**Mandy Simpson resigned as Director and Chair of ARC
on 18 September 2020.
***Michael O’Donnell joined as Director on 1 October
2020.
Directors’ share transactions
Directors disclosed, pursuant to section 148 of the
Companies Act 1993 and Part 5 of the Financial Markets
Conduct Act 2013, the following acquisitions and
disposals of relevant interest in PaySauce ordinary shares
during the year ended 31 March 2021:
DirectorBoard Meetings AttendedARC Meetings Attended
Asantha Wijeyeratne11 of 13-
Gavin Thompson12 of 134 of 4
Jacqueline Cheyne*8 of 83 of 3
Mandy Simpson**6 of 62 of 2
Michael O’Donnell***5 of 6-
Nick Lewis13 of 134 of 4
Director
Registered holder /
associated entity
Number
of shares
acquired /
(disposed)ConsiderationDateNotes
Asantha WijeyeratneWijeyeratne & Co
Limited
(600,000)$275,215Jul-20On-market sale of shares
Asantha WijeyeratneWijeyeratne & Co
Limited
(466,688)$169,200Jul-20Off-market sale of shares
Asantha WijeyeratneWijeyeratne & Co
Limited
(120,000)$0Jul-20Off-market sale of shares
- gifted to relatives for no
consideration
Gavin ThompsonGavin Thompson263,158$100,000Jul-20Off-market purchase of
shares
Jacqueline CheyneNew Zealand
Depository
Nominee
28,922$10,000Nov-20On-market purchase of
shares

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DISCLOSURES
Directors’ remuneration
The total Directors’ fees and other remuneration
received by the Directors for the period ended 31 March
2021 is outlined below:
Executive Director
remuneration
Asantha Wijeyeratne is the Chief Executive Officer, and
held this position as at 31 March 2021. He did not receive
any remuneration in his capacity as a Director, but was
remunerated as Chief Executive Officer. He received
remuneration and benefits of $179,032 (2020: $106,150).
Insurance of Directors and
Officers
PaySauce has a Directors’ and officers’ liability insurance
policy in place. This provides insurance for the liabilities
of the Directors and officers for acts or omissions in
their capacity as Directors or employees. The insurance
policies do not cover dishonest, fraudulent, malicious, or
wilful acts or omissions.
20212020
DirectorDirector fees
Other
remunerationTotalDirector fees
Other
remunerationTotal
Asantha WijeyeratneNil$179,032$179,032Nil$106,150$106,150
Gavin Thompson$16,667Nil$16,667NilNilNil
Jacqueline Cheyne*$23,750Nil$23,750N/AN/AN/A
Mandy Simpson**$19,250Nil$19,250$32,500Nil$32,500
Michael O’Donnell***$16,667Nil$16,667N/AN/AN/A
Nick Lewis$62,083Nil$62,083$37,500Nil$37,500
*Jacqueline Cheyne joined as Director and Chair of ARC
on 1 August 2020.
**Mandy Simpson resigned as Director and Chair of ARC
on 18 September 2020.
***Michael O’Donnell joined as Director on 1 October
2020.
General Disclosures of Interest
DirectorCompanyNature of interest
Asantha WijeyeratneBuzz Hospitality LimitedDirector
Catalyst IT LimitedShareholder
Catalyst TP LimitedShareholder
Cloud Investments LimitedDirector & Shareholder
Manuka Café LimitedDirector
Payroll.Kiwi LimitedDirector
PaySauce LimitedDirector & Shareholder
PaySauce Operations LimitedDirector
Right Remuneration LimitedDirector
Wijeyeratne & Co LimitedDirector & Shareholder
Gavin ThompsonCatalyst Cloud LimitedDirector
Catalyst IT LimitedDirector & Shareholder
Catalyst.Net LimitedDirector
Catalyst TP LimitedDirector & Shareholder
PaySauce LimitedDirector & Shareholder
PaySauce Operations LimitedDirector
Truenet LimitedDirector
Jacqueline CheynePaySauce LimitedDirector & Shareholder
Stride Property LimitedDirector
New Zealand Green Investment FinanceDirector
External Reporting BoardBoard Member
Snow Sports NZChair
Broader PerspectivesDirector
Ministry of Business Innovation and
Employment
Audit & Risk Committee Member
Financial Markets AuthorityMember of the Audit Oversight
Committee
Christchurch City councilAudit & Risk Committee Member

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DISCLOSURES
General Disclosures of Interest
(cont.)
DirectorCompanyNature of interest
Michael O’DonnellPaySauce LimitedDirector
TimelyFormer Chair (to 10 Feb 2021)
Realestate.co.nzDirector
Garage ProjectChair
Radio New ZealandDirector
Tourism New ZealandDirector
NZ Trade + Enterprise / G2GDirector
SeratoDep Chair
Stuff MediaNational Columnist
KiwiWealthDirector
Nick Lewis8 Interactive LimitedShareholder
Celsias LimitedShareholder
Common Ledger LimitedShareholder
Dropit LimitedShareholder
Ecotricity GP LimitedFormer Director (to Jan 2021)
Ecotricity Superceded LimitedFormer Director (to Jan 2021)
Good Bitches Baking TrustTrustee
Kiwi Insurance LimitedDirector
Learnspring LimitedShareholder
Let Use It LimitedShareholder
PaySauce LimitedDirector & Shareholder
PaySauce Operations LimitedDirector
Pioneer Energy LimitedDirector
PledgeMe LimitedShareholder
RayGun LimitedShareholder
RightWay LimitedShareholder
Woodward Partners LimitedDirector & Shareholder
Substantial product holderShares held% of issued shares
Wijeyeratne & Company Limited27,750,43320.25%
Coulthard Barnes (PaySauce) Limited20,800,00015.18%
Gibson Sheat Trustees Limited16,729,63112.21%
Cloud Investments Limited12,833,0289.37%
New Zealand Central Securities7,285,7135.32%
Note - In some cases, shareholding indicated above
may not be held directly. Furthermore, there may be
subsidiaries of the above entities in which the Directors
are also interested, without necessarily being a Director,
Shareholder, or Officer of that entity.
Director interests in shares
Directors held the following relevant interests in
PaySauce ordinary shares at 31 March 2021:
Substantial product holders
The substantial product holders in PaySauce ordinary
shares as at 31 March 2021 were as follows:
DirectorSecurities held by Director or associated entity
Asantha Wijeyeratne27,750,433
Gavin Thompson2,276,978
Jacqueline Cheyne28,922
Mandy Simpson*147,059
Michael O’DonnellNil
Nick Lewis847,809
* Mandy Simpson resigned as Director and Chair of ARC
on 18 September 2020.

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RankShareholders/InvestorsShares held% of issued shares
1Wijeyeratne & Co Limited27,750,43320.25%
2Coulthard Barnes (Paysauce) Limited20,800,00015.18%
3Gibson Sheat Trustees Limited & Troy Tarrant16,729,63112.21%
4Cloud Investments Limited12,833,0289.37%
5New Zealand Central Securities Depository Limited7,285,7135.32%
6Cloud Investments Two Limited2,915,1142.13%
7New Zealand Depository Nominee2,895,1922.11%
8Ian Stewart Frame & Pamela Anne Frame2,652,7651.94%
9Gavin Thompson2,276,9781.66%
10Woodward Family2,120,0001.55%
11Krishnakumar Guda1,870,0001.36%
12Mckay Nominees Limited1,781,8421.30%
13Bhagwanji Bhula Rama1,645,0001.20%
14DKL BE Brave Trustees Limited1,598,5311.17%
15Malcolm William Campbell1,500,0001.09%
16Hugh Anthony Pradeep Fernando1,471,1021.07%
17Charlotte Anne Lockhart1,335,6350.97%
18Maarten Arnold Janssen1,327,0800.97%
19Victoria Ann Taylor1,201,7700.88%
20Higgins Family1,017,9210.74%
ShareholdersShares
Size of holding (shares)Number%Number%
1 - 10,0001,06376.53%2,091,9481.53%
10,001 - 50,00022215.98%5,060,9213.69%
50,001 - 100,000433.10%3,064,7582.24%
100,001 - 500,000322.30%7,517,7415.49%
500,001 - 1,000,00090.65%6,283,1754.59%
1,000,001 and over201.44%113,007,73582.47%
Totals1,389100.00%137,026,278100.00%
Twenty largest equity security
holders
The 20 largest holders of PaySauce ordinary shares as at
31 March 2021 were as follows:
Spread of security holders
The spread of holders of PaySauce ordinary shares as at
31 March 2021 are listed below:
NZX waivers from listing rules
No waivers were granted to PaySauce by NZX during the
year ended 31 March 2021, and there were no waivers
that PaySauce relied upon during this period.

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
Directors:
Asantha Wijeyeratne
Gavin Thompson
Jacqueline Cheyne
Michael O’Donnell
Nicholas Lewis
Registered Office:
21-23 Andrew Avenue
Lower Hutt, 5010
New Zealand
Website:
www.paysauce.com
Auditor:
Grant Thornton New Zealand Audit Limited
Stock Exchange:
NZX
Share Registrar:
Link Market Services Limited
80 Queen Street
Auckland, 1010
New Zealand
NZ Company Number:
1719868
NZBN:
9429034458099
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Company Directory

www.paysauce.com
