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Charity Bank Timeline

2009

Awarded “Most effective partnerships strategy for its work with regional development agency Yorkshire Forward” and “Most innovative customer experience programme for its Different Journeys initiative” at the Financial Innovation Awards, run by the Institute of Financial Services (ifs).

2008
The first ever Charity ISA launched, the only tax-free savings account where 100% of the funds (the deposit as well as the interest) is used for a charitable purpose.
2007

Fifth anniversary. Yorkshire Forward agrees to invest £10 million in the first ever regional charity bank, Charity Bank in the North. Community Foundation Northern Ireland announces a £500,000 capital investment in Charity Bank, its first ever investment from a Community Foundation.

2006
Loan enquiries exceed £100 million for the first time.
2005

First CITR investment limit fully subscribed at £12.5 million. The first bank to receive a second tranche of accreditation.

2004
Leads consortium awarded mandate to manage £125 million Futurebuilders investment fund on behalf of Home Office.
2003
Becomes Charter Member of the Community Development Finance Association (CDFA).
The first bank to be a community development financial institution (CDFI), accredited by Government to deliver the community investment tax credit.
Launch of the first tax effective community investment deposit account, the Charity Bank CITRA
2002

Charity Bank registered as a charity by Charity Commission and authorised as a bank by the Financial Services Authority. Inland Revenue consent also obtained.Investors in Society portfolio transferred to Charity Bank and first loans made, with an opening balance sheet of £6.4 million.
Charity Bank launched by Chancellor of the Exchequer at 11 Downing Street, 17 October.

2001

Charity Bank incorporated in November and business plan and application submitted to regulators.

2000
Maturing loan fund, the Scottish Community Enterprise Investment Fund, links with Investors in Society to offer exit reinvestment strategy.
1997
Regulatory discussions begin, leading to development of detailed modelling of a bank for charity.
1996

First loan to the Planning Exchange, Glasgow. Almshouse loan scheme established with the Almshouse Association.

1995

Investors in Society set up as a special trust within CAF as a pilot loan and guarantee fund, with £500,000 of funding from CAF.

1993
Loans Services Unit established to explore the market and broker charity loans into the commercial market.
1992
Charities Aid Foundation (CAF, a registered charity that works to create greater value for charities and social enterprise by transforming the way donations are made and charitable funds are managed) commissions research into the concept of a bank for charity. First overtures to regulators.