Retail Charity Bonds

Allia created Retail Charity Bonds to enable charitable organisations to raise debt finance through bonds listed on London Stock Exchange. The platform was designed to reduce the transaction costs of issuing retail-eligible bonds, making it more affordable to connect with institutional and individual investors for amounts of £10 million or more.

This is an innovative way to borrow for established charitable organisations that develop assets, generate revenue and create impact.  In particular, it helps borrowers such as housing associations, care homes and other major charities to access affordable finance.


The bonds are issued by a special purpose vehicle – Retail Charity Bonds plc.  This was set up solely for the purpose of issuing bonds on behalf of charitable organisations. The company has an independent board of directors who check that each borrower is suitable for a bond. Find out more by visiting

The funds raised through the bond are passed on to the charity as a loan from the issuing company. The charity pays interest on the loan, which is passed through to pay the interest on the bond to investors.  Finally, they loan is repaid at the end of the fixed term.

Who we’ve helped

The platform was launched in 2014 with the first bond for Golden Lane Housing for £11 million. A second bond was issued to Golden Lane Housing for £10 million in 2017.

Six other bonds have been issued to date, including: two for Hightown Housing Association (£27 million, 2015 and £31.5 million, 2017); Charities Aid Foundation (£20 million, 2016); Greensleeves Care (£33 million, 2017); Dolphin Living (£25 million, 2017) and Belong (£35 million, 2018).

A short summary of all eight Retail Charity Bonds is available here.

Find out how we can help you

If you are a charitable organisation and would like to find out more about raising finance through a Retail Charity Bond, please contact Allia Impact Finance on


T: 0845 456 2431