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Bondholder updates

Finding innovative housing solutions

We have a track record of managing and maintaining properties for people with a learning disability. Over time we have steadily acquired a portfolio of 466 properties worth £117.5 million at historic cost, plus a further 634 properties which we lease or manage (at 31 March 2020).

The purchases have been funded through a mix of traditional bank loans (Royal Mencap Society, the Nationwide Building Society, Triodos Bank NV and the Royal Bank of Scotland), bond issues (on balance sheet and through RCB), and grants and shared investment.

Our properties are mainly individual houses and bungalows in many different locations across the country. They are high quality properties which in most cases exceed the Decent Homes Standard and are typically located in attractive residential areas

Almost all of our income is in the form of rental income. Most of our tenants receive Housing Benefit to meet their rent at a higher level under exempt accommodation rules. This is paid by local authorities direct to us as the landlord. We therefore benefit from a stable, government-backed rental income flow.

Golden Lane Housing became a registered provider of social housing in England in January 2015. The decision opened up other opportunities in terms of accessing finance and partnering with other registered providers and commissioners. We are regulated by the Regulator of Social Housing around rents, tenants, governance and financial viability and are presently rated V1 G1.

Golden Lane Housing has raised a total of £36.8 million in bonds since 2003.

2003 Social Investment Bond

The 2003 Social Investment Bond was redeemed on 30 April 2013. We have benefited from the generosity and confidence of the first bondholders in enabling us to provide deposits to support commercial borrowing.

2013 Social Investment Bond

Golden Lane Housing’s 2013 Social Investment Bond was redeemed in full in January 2018. This raised £10 million from social investors in the form of an unlisted bond. We used the £10 million to buy 25 properties across the country which are now home to 99 tenants with a learning disability.

Social Stock Exchange

Golden Lane Housing gained access through the Retail Charity Bond platform to the Social Stock Exchange in December 2014. Being the first issuer through the RCB platform and raising so far £25 million has put us at the forefront of impact investing in the UK.

We have assessed the impact both on the individuals who have moved into housing purchased using the Bond money and on their families.

2014 Retail Charity Bond

Golden Lane Housing raised £11 million from investors which is the first charity bond listed on the London Stock Exchange’s Order Book for Retail Bonds. The 2014 Retail Charity Bond capital was used to buy and adapt homes for people supported by Mencap.

2017 Retail Charity Bond

As of October 2020, Golden Lane Housing raised £18 million from investors listed on the London Stock Exchange’s Order Book for Retail Bonds. £4 million of retained bonds on this facility was issued in September 2019 and £4 million in  January 2021 to invest in additional homes for people with a learning disability. The 2017 Retail Charity Bond capital was used to finance homes for people supported by Mencap.