Connecting charitable borrowers with ethical investors through bonds listed on London Stock Exchange

Many charities in the UK operate as businesses, generating revenue from their activities. Like with any other business, loan finance can enable them to expand their activities and generate more income, which means delivering more benefit for the people they work with.

An RCB bond provides charitable organisations with a simple and affordable way to raise medium or long-term, fixed-rate debt through a secured or unsecured loan of £10 million or more on the London Stock Exchange. For established charities with strong credit worth it offers a lighter alternative to bank debt, as well as the opportunity to engage with a wide audience of individual investors.

RCB bonds are equally designed to offer a transparent and liquid market for investors looking for impact investment opportunities that offer a financial return and create tangible social benefit. Admission to trading on London Stock Exchange’s Order book for Retail Bonds enables investors to buy and sell these social investment products in the secondary market.

Below shows you how the programme has grown:


The bonds are issued by a special purpose vehicle, Retail Charity Bonds plc. The issuing vehicle is governed by a board of directors with significant experience in the financial and charitable sectors, acting on a pro-bono basis. This independent board will review applications by appropriate, established charitable organisations seeking loan finance.

Retail Charity Bonds plc’s only business is issuing bonds, lending the proceeds to UK charities and related operations, and it has no employees. Its administration is undertaken by Allia Bond Services under a services agreement.

Each bond will be offered for sale through a number of authorised distributors. The bonds will be listed on London Stock Exchange and are expected to be admitted to trading on the Order book for Retail Bonds, where they may be bought and sold on the secondary market. The proceeds from each bond issue, minus costs, will be advanced to a specific UK charity under a loan agreement with Retail Charity Bonds plc. The charity will pay interest on the loan on specified interest dates and will repay the loan at the end of the term. These interest and principal payments from the charity to Retail Charity Bonds plc fund the interest and principal payments to bondholders.

Each RCB bond has limited recourse to the relevant charity loan, meaning that investors in the bond are relying solely on the relevant charity for payments of interest and principal. They have no right of recourse against, and are not taking risk on any other charities that have received loans through the platform.


The issuer, Retail Charity Bonds plc, is a special purpose vehicle created to issue fixed income retail bonds. It is governed by an independent and experienced board of directors from the financial and charity sectors who are acting on a pro-bono basis.


Retail Charity Bonds plc is a public company registered in England and Wales with company number 8940313. Registered office: Future Business Centre, King’s Hedges Road, Cambridge, United Kingdom, CB4 2HY. It is an independent special purpose vehicle and not a charity.

Financial Statements

Audited accounts 31 August 2020
Interim accounts 29 February 2020
Audited accounts 31 August 2019
Interim accounts 28 February 2019
Audited accounts 31 August 2018
Interim accounts 28 February 2018
Audited accounts 31 August 2017
Interim accounts 28 February 2017
Audited accounts 31 August 2016
Interim accounts 29 February 2016
Audited accounts 31 August 2015
Interim accounts 28 February 2015
Audited accounts 31 August 2014

The RCB platform was developed by Allia, a charity and pioneer in social investment.

Allia supports organisations dedicated to making a positive social impact with business support, affordable workspaces and access to finance.

Allia C&C, part of the Allia group, provides debt advisory and arranging services, and arranges RCBs on behalf charitable borrowers. It also acts as lead manager on new issues and supports secondary market trading of RCBs for institutional investors. To find out more, contact Allia C&C.

Allia Bond Services conducts the administration of the plc and manages each bond and charity loan.


“London Stock Exchange” and the Coat of Arms device are registered trade marks of London Stock Exchange plc in the UK and other countries and are used under licence.

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