MCAP.L Regulatory News (MCAP)

Retail Charity Bonds plc

Condensed Financial Statements

for the period ended 31 August 2014

UNAUDITED

Registered number: 8940313

Date of incorporation: 14th March, 2014

REFERENCE AND ADMINISTRATIVE DETAILS

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 14th March 2014 and these statements cover the period from then until 31st August 2014.

On 29 July 2014 the Company issued £11,000,000 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 31st 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

This represents the first period of trading for the company.

Audited accounts will be prepared for the period ending 31 August, 2015.

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

3. DEBTORS

4. CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR

5. CREDITORS:AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR