Five years passes in an instant and so it was that in July we found ourselves celebrating with investors and charities the redemption of Allia’s second East London Bond which we issued in 2010.
Supporting Allia all of the way were City Bridge Trust and we were humbled to hear how the two beneficiary charities Bromley By Bow Centre and Community Links had been able to make a difference to people in some of the most deprived areas of East London during a time of austerity and reductions in finances for the charity sector. Amongst the audience were investors in the bond including the Worshipful Company of International Bankers.
Geraldine Blake Chief Executive of Community Links in thanking all the investors said:
“You are innovators, you were bold and you were prepared to think differently. Over a time of great change and austerity you have enabled us to continue to do great work locally. Unrestricted funds are hugely important to all charities and this funding has enabled us to help people now but also lay down tracks and a direction for our future plans.”
Bromley By Bow Centre were the other charity to benefit from the East London Bond. Rob Trimble Chief Executive said:
“I want to say a heartfelt thank you on behalf of all our clients and customers at Bromley By Bow, to all the investors and people connected with the East London Bond. With your help we have been able to carry on doing the important things we do every day and at the same time been able to innovate and shape a range of much needed new services including our Beyond Business social enterprise incubation programme and our thriving employment service.”
Tim Jones, Chief Executive of Allia said:
“2009/10 when we issued this bond was a year of contrasts. As City confidence fell, a £1m of pledges for the second East London Bond evaporated like dew. But not all support for East London was lost. It is a testament to the foresight and character of every one of our bondholders – including The City of London Corporation’s own charity, the City Bridge Trust, The Worshipful Company of International Bankers, Winterflood Securities, Mitsubishi UFJ Securities, Apax Partners, Clifford Chance, Vitabiotics, and all the bondholders here tonight – that £625,000 was raised. And is now available for repayment. So, thank you – everyone, for the part you have played – and I hope will continue to play – in financing and delivering London’s social well-being.”