Retail Charity Bonds PLC Half Yearly Report (7368A)
24 December 2014 - 10:38PM
UK Regulatory
TIDMMCAP
RNS Number : 7368A
Retail Charity Bonds PLC
24 December 2014
Retail Charity Bonds plc
Condensed Financial Statements
for the period ended 31 August 2014
UNAUDITED
Registered number: 8940313
Date of incorporation: 14(th) March, 2014
REFERENCE AND ADMINISTRATIVE DETAILS
DIRECTORS: John Tattersall (Chairman)
Gordon D'Silva
Arvinda Gohill
Tom Hackett
Tim Jones
Geetha Rabindrakumar
Clare Thompson
Philip Wright
SECRETARY: Cargil Management Services
Limited
22 Melton Street
London
NW1 2BW
REGISTERED OFFICE: 27/28 Eastcastle Street
London
W1W 8DH
COMPANY NUMBER: 8940313
AUDITORS: Baker Tilly UK Audit
LLP
25 Farringdon Street
London
EC4A 4AB
PRINCIPAL BANKERS: National Westminster
Bank plc
135 Bishopsgate
London
EC2M 3UR
SOLICITORS Linklaters LLP
One Silk Street
London
EC2Y 8HQ
INTERIM MANAGEMENT REPORT
Company summary
Retail Charity Bonds plc (the "Company") is a special purpose
vehicle established for the purpose of issuing bonds and lending
the proceeds to UK charities. It will not engage in any other
business activity.
Business review
The company was incorporated on 14(th) March 2014 and these
statements cover the period from then until 31(st) August 2014.
On 29 July 2014 the Company issued GBP11,000,000 4.375% Bonds
due 2021, secured on a loan to Golden Lane Housing Ltd ("GLH") (a
wholly owned subsidiary of the Royal Mencap Society).
Principal risks and uncertainties
The Company is reliant on the interest paid on the loan to GLH
to fund the interest owing to bondholders. Bondholder recourse is
however limited to the Company's rights under the loan agreement,
meaning that bondholders do not have recourse to any general assets
of the Company.
The Company may issue further bonds on the same basis in the
next six months.
Since the Company has no employees, it relies entirely on Allia
Bond Services Limited (the "Servicer") to provide management and
administrative services. Any disruptions in the servicing
arrangements could have an adverse effect on the Company. This risk
is considered to be low.
Responsibility statements
We confirm that to the best of our knowledge:
-- the condensed set of financial statements, which has been
prepared in accordance with the applicable set of accounting
standards, gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company as required by
DTR 4.2.4 R;
-- the interim management report includes a fair review of the
information required by DTR 4.2.7 R, being an indication of
important events that have occurred during the period to 31(st)
August 2014, and their impact on the condensed set of financial
statements; and a description of the principal risks and
uncertainties for the remaining twelve months of the company's
first accounting period.
John Tattersall, Chairman - 17 December 2014
Period
ended
31 August
2014
GBP'000
Turnover 161
Interest receivable and
similar income 44
Cost of sales (137)
Gross profit 68
Administrative expenditure (23)
Interest payable and similar
charges (44)
Profit before taxation 1
Tax on profits -
PROFIT FOR THE PERIOD 1
===========
This represents the first period of trading for the company.
Audited accounts will be prepared for the period ending 31
August, 2015.
At 31
August
2014
Notes GBP'000
Debtors: amounts due
after more than one
year
Loans receivable 2 11,000
Current assets
Debtors 3 88
Cash at bank and in
hand 65
------
153
Creditors
Amounts falling due
within one year 4 (114)
------
Net current assets 39
----------
Total assets less current
liabilities 11,039
Creditors
Amounts falling due
after one year 5 (11,025)
Net assets 14
==========
Share Capital 13
Profit and loss account 1
----------
Total funds 14
==========
The financial statements were approved by the Directors on 17
December 2014 and were signed on its behalf by:
John Tattersall - Chairman Philip Wright - Director
1. ACCOUNTING POLICIES
The company's financial statements have been prepared in
accordance with applicable Financial Reporting Standards in the
United Kingdom.
The financial statements have been prepared on a going concern
basis and the historical cost basis of accounting.
2. DEBTORS: AMOUNTS DUE AFTER MORE THAN ONE YEAR
As at
31 August
2014
GBP'000
Loan to Golden Lane Housing Ltd 11,000
===========
3. DEBTORS
As at
31 August
2014
GBP'000
Other debtors 31
Amount owing from related companies 13
Accrued interest on Golden Lane
Housing loan 44
88
===========
4. CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
As at
31 August
2014
GBP'000
Trade creditors 6
Other creditors 1
Interest on bond to fund Golden
Lane Housing loan 44
Accruals 63
-----------
114
===========
5. CREDITORS:AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
As at
31 August
2014
GBP'000
Principal on bond to fund Golden
Lane Housing loan 11,000
Other long term creditor 25
11,025
===========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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