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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 473 properties worth £122.8 million at historic cost, plus a further 711 leased properties as well as 16 managed properties and 5 private lets (at 31 March 2021).
The purchases have been funded through a mix of loans (Royal Mencap Society, the Nationwide Building Society, Triodos Bank NV and the NatWest/Royal Bank of Scotland Bank), bond issues (on balance sheet through RCB), and grants and shared investment.
Our properties are mainly individual houses, bungalows or flats 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 £51.8 million in bonds since 2003.
2003 Social Investment Bond
The 2003 Social Investment Bond (£1.8 million) 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 (£10 million) 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 Retail Charity Bond platform and this 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
Golden Lane Housing has raised through this facility £18 million from investors. £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.
2021 Retail Charity Bond
As of July 2021, Golden Lane Housing raised £11 million through this new Retail Charity Bond facility and keeps £4 million of retained bonds to be issued at a later date. The proceeds will be used to refinance the 2014 Retail Charity Bond due for repayment on the 29 July 2021 and also to invest in additional homes for people with a learning disability.