Triodos Corporate Finance has raised £2 million of investment for learning disability charity Thera Trust. The money will be used in part to acquire and adapt properties for people with a learning disability and complex needs.
The investment comes from more than 200 individual investors, the City of London Corporation Social Investment Fund, the Rathbone Ethical Bond Fund and the Big Society Capital Charity Bond Support Fund. The bond issue was fully subscribed 2 weeks before the scheduled closing date.
The five-year bond will pay investors 5.5% gross per year, payable annually in arrears. The minimum investment was set at £1,000, with a lower minimum investment of £100 for Thera employees, beneficiaries and family of beneficiaries. Payment of interest and capital is not guaranteed and is dependent on the continued success of the charity.
Dan Hird, head of corporate finance at Triodos Bank, said: “We are delighted to have raised the full £2 million for Thera to help them provide homes for some of the most vulnerable people in our society. We are particularly pleased to see investment from over 200 individual investors and also from a mainstream financial investor like the Rathbone Ethical Bond Fund.”
Many people supported by Thera live independently in the community in long-term rented accommodation owned by Thera or by registered housing associations. This type of stable, and in many cases bespoke, accommodation plays a vital role in enabling an individual to lead an independent life in their local community. Thera currently owns properties for more than 60 of its service users through its charitable property company, Forward Housing. Increased provision of adapted housing is a key part of Thera’s future strategy.
Tim Wilson, principal grants and social investment officer at the City of London Corporation Social Investment Fund, said the fund was “delighted” to support Thera’s work. “Thera’s residential work for adults with learning disabilities is highly regarded, and we look forward to learning how funds raised through this bond programme have been used to improve outcomes for the charity’s clients,” he added.
