The bonds are issued by a special purpose vehicle, RCB Bonds PLC. Its only business is issuing bonds, lending the proceeds to UK charities and ethical companies and related activities, and it has no employees. Its administration is undertaken by Allia Bond Services (a subsidiary of Allia C&C).

The proceeds of each bond issue will be loaned to a single borrower. The borrower’s payments on the loan fund the payments to bondholders.

Each series of bonds has limited recourse to the relevant loan, meaning that investors in each series are relying solely on the relevant borrower for payments of interest and principal. They are not taking risk on any other borrowers that have received loans through the platform.

The board of RCB carefully considers the activity and future plans of each prospective borrower to ensure that the platform is delivering its objective to facilitate positive impact. RCB has produced a Sustainability Bond Framework to demonstrate its alignment with the ICMA’s Social Bond Principles and Green Bond Principles.

An external review of the Framework has been provided by an experienced and independent second-party opinion provider, S&P Global Ratings.

RCB Bonds PLC is governed by a board of directors with significant experience in the financial and charitable sectors. This independent board will review applications by appropriate, established charities and ethical companies seeking loan finance.

RCB Bonds PLC is a public company registered in England and Wales with company number 8940313 and with its registered office at Allia Future Business Centre, King’s Hedges Road, Cambridge, United Kingdom, CB4 2HY.