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Foundation Giving Trends 2014

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Foundation Giving Trends 2014 GIVING TRENDS TOP 300 FOUNDATIONS 2014 REPORT KEY FACTS AND FIGURES ON GIVING, INCOME AND ASSETS IN THE TOP 300 UK CHARITABLE FOUNDATIONS INTRODUCTION Welcome to the first edition of a new series of foundation sector, as well as highlighting cases also helping to sustain or even increase research briefings entitled Foundation Giving concerns. New donations to foundations fell by spending during economically challenging times Trends. Building on the track record of its nearly 10% in the 18 months leading up to March when those returns are low. companion Family Foundations Giving Trends, 2013 (the period covered by the report). However, However while endowments give foundations the briefings will reveal key data about the vast despite that fall, foundation giving actually rose independence they also present their trustees majority of trust and foundation giving in the UK. during the period by the same percentage in real with difficult choices on behalf of their ultimate Although there are roughly 10,000 foundations terms. This is a rate of growth of nearly double beneficiaries. Faced with several years of low in the UK the top 300 account for 90% of the that of foundations in the United States, a country investment returns, elevated need and a weakened value of all their giving. The research programme, renowned for the strength of its sector. charity sector, foundations have to decide how headed by Professor Cathy Pharoah, is a In continuingly tough economic times, therefore, much to spend on today’s generation or whether collaboration between the Centre for Giving our evidence shows that the foundation sector to maintain their spending power for tomorrow’s. and Philanthropy at Cass Business School and itself has been adversely affected as its individual Only trustees can make those decisions. the Association of Charitable Foundations (ACF), and corporate donors faced challenging times. substantially supported by the Pears Foundation. Over the coming years this programme of Our evidence also shows that foundations have The data in the report comes mainly from research will track key indicators of the health been re-appraising the way they manage their foundations’ annual accounts and a survey of the foundation sector: its giving, its income resources and spending. Often that includes of ACF members. In places we have invited and the value of its assets. This vital research management of a unique capital base – the experts to comment on its significance. will help us see the patterns of change in order ‘endowment’. Foundation capital exists solely to for philanthropists, practitioners and policy- This year’s report details important findings support their charitable missions, with investment makers to make better decisions based on an about the resilience and vitality of the UK returns providing income for grants and in many understanding of the factors that drive the sector. GRANT-MAKING LEVELS GREW BY A REAL 9.8% WHILE TOTAL INCOME FELL 9.8 % Our approach: • devote 50% or more of their charitable CATHY PHAROAH This report reveals the scale of foundations’ spending to making grants philanthropic contributions to society and • rank within the top 300 by the value RICHARD JENKINS focuses on large foundations which: of their annual grants • derive their income from almost entirely KEIRAN GODDARD • are principally grant-making, and do private sources not provide direct services. CONTENTS THE TOP 300 GIVING IN CONTEXT 01 KEY TRENDS 03 REPRESENT ABOUT SHAPE OF FOUNDATION GIVING 05 INCOME 09 90% OF THE VALUE ASSETS 11 OF ALL PRIVATE US/UK 13 TOP 300 FOUNDATIONS 15 FOUNDATION GIVING GLOSSARY AND REFERENCES 20 SEE REFERENCE 2 This report is published by the Association accredited to ISO 14001 standard. It uses Company registration No 5190466. of Charitable Foundations (ACF), Registered vegetable-based inks and the paper is Registered charity No 1105412 Office: Acorn House, 314-320 Gray’s Inn Road, Cocoon offset 100% recycled from Data provided by London, WC1X 8DP. FSC-certified sources. Telephone: 020 7255 4499 © ACF 2014. Extracts from this document Email: [email protected] may be reproduced free of charge on Website: www.acf.org.uk condition that the source is acknowledged. As part of ACF’s commitment to environmental Association of Charitable Foundations is sustainability this document was printed by a a company limited by guarantee registered printer with an environment managed system in England and Wales. GIVING IN CONTEXT 01 - 02 £1.1 THE SIGNIFICANCE OF INDEPENDENT GIVING THE BREAKDOWN OF BILLION FOUNDATION CONTRIBUTION Philanthropic income from private giving is primarily derived using the Charity Commission the potential role of private philanthropy in public a major source of funding to UK voluntary for England and Wales’ total income figure of welfare provision. We also need to know whether PRIVATE GIVING £2.0 TO ALL PRIVATE GIVING sector activities, significant not only in monetary £61.4 billion.3 These figures need caveats: giving philanthropy is growing at a time of increasing BILLION Total giving from all private sources (individuals, terms but in underpinning their freedom and estimates are based on data from different private wealth, but continuing social inequality. legacies, companies, foundations including independence. A healthy sector needs a sources, and major giving is poorly represented. Well beyond finance, however, philanthropic Gift Aid tax relief paid to charities) provides UK balance between statutory and non-statutory Charity Commission data includes universities resources give foundations their scope and good causes with around £17.5 billion annually. 7 funding. This research measures the element and research institutes (which are excluded from independence to go beyond, or challenge the Foundations contribute £2.4 billion, or 14% of this. of foundation giving derived purely from private the NCVO Almanac general household charities’ boundaries of what business or public sectors philanthropic funds and donations, weeding data quoted below) but not national cultural do. The special contribution of foundations – £2.4 out statutory funding and income from goods institutions reporting directly to the Secretary whether in their capacity to respond to needs and services as far as possible. It estimates that of State for Culture, Media and Sport, both of flexibly and non-bureaucratically, to address BILLION 14% of total private giving to charitable activities which receive large-scale foundation support. marginalised and new needs, to support 68.6% INDIVIDUAL is contributed by foundations, and that private Better data on philanthropy is increasingly vital. advocacy, to make bold interventions in giving overall is just under one-third (30%) It helps provide a realistic context for assessing innovative, developmental or experimental of total charitable income. The estimates are the feasibility of growing political aspirations for ways – depends on vital philanthropic income. AND COMPANY GIVING £12.0 13.7% FOUNDATIONS TOTAL GOVERNMENT SPENDING COMPARED WITH THAT OF BILLION 11.4% LEGACIES THE VOLUNTARY SECTOR AND THAT OF PRIVATE FOUNDATIONS 6.3% GIFT AID PAID TO CHARITIES PERCENTAGE OF ACF MEMBERS FUNDING IN: COMPILING THE DATA UK FOUNDATION The measurement of philanthropic giving WALES 40% SCOTLAND 42% in the UK involves stitching together data ENGLAND 93% gathered from different sources, through UK GOVERNMENT different methodologies, at different times. 4 SPENDING This creates a fabric with some holes. Key figures in this report are drawn from: • financial figures in annual reports and £3.3 BILLION accounts • the results of the 2013 ACF survey of over 300 members £675 BILLION • other sources including tax statistics, GOVERNMENT FUNDS CHARITY SECTOR estates data, general public surveys, GOVERNMENT FUNDS ‘high net worth’ surveys, and studies TO CHARITIES of particular themes. (SCOTLAND, N IRELAND) Foundations’ accounts are published at 5 different times of the year. This, coupled with the research time-lag, means that the £2.3 BILLION TO CHARITIES data used to track annual trends relates to financial or calendar years 2011, 2012 (ENGLAND AND WALES) SPENDING6 and 2013. To reflect this, annual trend 6 data is presented as relating to years £13.7 BILLION 10/12 and 11/13. £38 BILLION NORTHERN IRELAND 35% OUTSIDE EUROPE 31% EUROPE (EXCLUDING THE UK) 19% KEY TRENDS 03 - 04 WHAT’S BEEN HAPPENING WITH APPLICATIONS? ACF MEMBER VIEW LONG-TERM FINANCIAL TRENDS GRANT-MAKING INCOME At the Paul Hamlyn Foundation (PHF), spending time in developing a relationship with a new Levels began to fall after the recession Income has been on a downward trend on open grants across our four programmes foundation. Others are in survival mode and are kicked in, and although now recovering, since the recession. (Arts, Education and Learning, Social Justice, limiting new work that requires project funding. WE CONTINUE TO SUPPORT have still not reached their 2008/09 level. India) has been increasing steadily since 09/10. The ACF Member Survey show that between Spend in 09/10 was £8.5m, very slightly lower MORE CHARITIES WHICH 25% and 50% of applications received are £4 BILLION than in 08/09, and in 12/13 was £11.7m. approved and between 35% and 70% of PREVIOUSLY RECEIVED ACF members have reported a decline in the eligible applications are approved. Behind this number of applications in recent years. PHF overall picture must lie many different patterns, NATIONAL AND/OR LOCAL has also seen a decline over a five year period, depending on types of programme and from 1,194 in the UK in 08/09 to 694 in 12/13, application processes. PHF’s online application GOVERNMENT FUNDING. with the steepest decline in the first couple of system filters out those who do not pass an £3.5 BILLION years. The Foundation has become increasingly initial eligibility test. We then have a two stage WITHOUT SUPPORT FROM specific about funding priorities and these application process. The overall success rate £3.40 BN tighter criteria are undoubtedly a major factor.
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