Million-Pound Donors Report reveals UK philanthropy to be surprisingly robust
New research from the Centre for the Study of Philanthropy, Humanitarianism and Social Justice (CPHSJ) at the University of Kent has revealed that UK philanthropy and the desire of wealthy donors to sustain their giving have remained surprisingly robust despite the economic situation.
The research, which was commissioned by Coutts & Co for its second annual Coutts Million-Pound Donors Report, also reveals that, unlike the first year this research was undertaken (2006-2007), more 'million-pound donations' are being given directly to front-line charities rather than being 'banked' in charitable foundations for distribution at a later date. Consequently, the amount of money that 'million-pound donors' have made available for spending directly on charitable recipients has actually increased from £705m in 2006/07 to £808m in 2007/08 - an increase of over £100 million.
Other key findings include:
- the total value of 'million pound donations' in 2006/07 was £1.618 billion and in 2007/08 was £1.405 billion;
- the majority of 'million-pound donors' are individuals (51%); professional foundations are responsible for 38% of these gifts and only one in ten came from corporations (11%);
- the most popular causes for 'million-pound donors' are higher education, arts and culture, and international aid and development.
Beth Breeze, author of the Coutts Million-Pound Donors Report and lead researcher at CPHSJ, said: 'Not only does this report demonstrate that UK philanthropy is far more resilient than many people have suggested, it is heartening to see that major philanthropists have reacted to the economic crisis by ensuring that more funds are being spent on front-line charitable activity rather than being put away in charitable foundations to be spent at some point in the future. Whilst philanthropists often want to make provision for future generations, arguably contemporary needs outweigh future claims during this difficult period.'
Mark Evans, Head of the Wealth Institute at Coutts commented: 'As always there are lessons to be learnt if we want philanthropy to grow exponentially. Donors need to be encouraged to share their ideas and experience in order to inspire others. Charities need to change the way they market to wealthy individuals by getting to know them first and by educating them about the causes they are looking to support. And bankers need to dare to introduce philanthropy into conversation with their clients and make it easier to give.'
The Coutts Million-Pound Donors Report is now available from www.kent.ac.uk/sspssr/cphsj or www.coutts.com/philanthropy. The Report includes case studies of 'million-pound donors' and of charities that have received donations of this size.
Contact: mediaoffice@kent.ac.uk
Story published at 3:31pm 12 November 2009
