Foundation Giving Trends 2018 Top 300 Foundation Grant-Makers Key Facts and Figures on Giving, Income and Assets in the Top Uk Independent Charitable Foundations

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Foundation Giving Trends 2018 Top 300 Foundation Grant-Makers Key Facts and Figures on Giving, Income and Assets in the Top Uk Independent Charitable Foundations FOUNDATION GIVING TRENDS 2018 TOP 300 FOUNDATION GRANT-MAKERS KEY FACTS AND FIGURES ON GIVING, INCOME AND ASSETS IN THE TOP UK INDEPENDENT CHARITABLE FOUNDATIONS CATHY PHAROAH CATHERINE WALKER WITH EMMA HUTCHINS KEY FINDINGS Assets Top 300 net assets achieved a record £65 billion in value in Total spending 2016/17, driving the spending increase. Total spending of the Average annual growth of Top 300 foundations 5%, however, fell to 2.4% Grant-making was £4.5 billion when the giant Wellcome in 2016/17, with A new high point of Trust is excluded. £3.3 billion in grant-making 8% devoted to their by the Top 300 was reached own direct policy, Income research or operating in 2016/17. Substantial real A real 9.6% increase programmes. growth of 10.9% in grants in in total income to 2016/17 resulted from big £3.7 billion in 2016/17 increases by a few larger underpinned the growth foundations, and was 8.8% in grants. Income from if Wellcome Trust both investment and is excluded. voluntary streams increased strongly, at 10.7% and 10.3% respectively. WELCOME TO FOUNDATION GIVING TRENDS 2018 The Foundation Giving Trends We map the financial landscape in three ways, series presents annual research tracking annual change in the finances of: on the spending, income and • the Top 300 foundations, representing around 90%1 of the value of all UK foundation giving assets of philanthropically-funded • the Top 150 family (or family business) foundations. This report updates foundations core financial trends for 2016/17. • the Top 50 corporate foundations. It tracks the contribution of Many of the Top 300 are family or corporate foundations to public benefit, foundations and a single combined table while building transparency and simultaneously reveals a foundation’s position in an up-to-date evidence platform the Top 300, family and corporate listings. Foundations are selected and ranked for the tables for practitioners, policy-makers each year by the value of their annual giving. To get and researchers. an accurate measure of the trends experienced by foundations, their financial results are benchmarked against their own historic performance, and not against the results of previous years’ tables. Family foundations Corporate Family and personal foundations foundation annual Corporate foundation grant-making exceeded giving shrank slightly this £2 billion for the first year to £228 million, and time, growing by 10.2%. forms 7% of total Top 300 More than half of family giving. Fluctuations in the Changes in foundations receiving outlook of founding the landscape voluntary income saw an companies often account increase this year. for the ups and downs of This year’s report identifies giving in this group. two clear trends – grants Place-based growth is largely being driven funding initiatives by new gifts to existing A number of the top foundations, and newer foundations pursue their foundations are often focused missions by focusing on ‘place’. on specific themes and Some new initiatives are programmes. bringing together resources to benefit local communities, often in a collaborative way, to find more holistic and sustainable solutions to local issues. “INDEPENDENT CONTENTS CHARITABLE FOUNDATIONS Key trends and drivers of change 02 OFFER AN About foundations 03 Foundation spending in context 04 EFFICIENT, Grant-making 06 TRANSPARENT Total spending 08 AND INTENTIONAL Income 10 WAY TO DEDICATE Assets 12 PUBLIC AND Place-based funding initiatives 14 PRIVATE Family foundations 16 Corporate foundations 18 RESOURCES Changes in the landscape 20 IRREVOCABLY Other foundations 22 TO CHARITABLE Top 300 table 23 PUBLIC BENEFIT.” Glossary 32 References 33 02 – 03 | Foundation Giving Trends 2018 KEY TRENDS AND DRIVERS OF CHANGE debate on how foundations best Grant-making responds creatively to allocate their resources. Many foundations’ annual reports reflect on challenges in the volatile environment or reassert spending policies, including a stronger thematic focus on poverty and social justice, and, for example, Foundation Giving Trends 2018 Against a background of market support for smaller organisations in shows a picture of growth; giving volatility, the sizeable increase (10.9%) deprived communities (‘place-based’ and assets both achieved new in grant-making is welcome, with giving is featured in this year’s report). highs (£3.3 billion and £65 billion foundations swiftly passing on income Some foundations have focused their respectively), while income also saw or asset gains to beneficiaries. However, efforts on community cohesion in the an increase (£3.7 billion). Beneath a large part of the increase can be face of polarisation, rising hate crime these figures, the foundation landscape explained by two factors. One is and extremism. Others re-assert is increasingly complex. foundations spending out assets, like the value of approaches such as The Queen’s Trust which closes next Foundations’ assets are a major driver maintaining the flexibility to make very year. The other is higher spending of their giving, often largely and major investments, being ‘responsive’ by a handful of foundations including inextricably linked to market forces to fund-seekers and beneficiaries, or Wellcome Trust (alone accounting affecting the rest of the economy. alternatively developing a strategic for 44%), Arcadia, The Basil Larsen Recent volatility around the financial funding approach. markets has had an impact and, 1999 Charitable Trust and This report offers just a few examples although assets hit another new record, Rothschild Foundation. of the impressive range of ways in growth (5% in 2016/17, or 2.4% after Market forces are not the only factor which cultural, economic, scientific and Wellcome Trust is excluded) was not affecting foundation giving. The welfare needs are addressed – such as as high as the year before this. The increasingly visible impact of social multiple co-funding (e.g. Illuminated largest foundations made significant inequalities and public spending River and The Defence and National gains. This resulted from a combination reductions, as well as the UK’s decision Rehabilitation Centre); intra-foundation of a buoyant FTSE, high foreign exchange to leave the EU, continue to prompt support (e.g. Horne Foundation’s rates for overseas investments resulting £2 million gift to The Sutton Trust from a drop in the value of sterling, and to support its work in widening successful asset disposals. Many of educational access for young people); the rest of the Top 300 did not see their AGAINST A BACKGROUND or common purpose grant-making like assets grow on this scale. OF MARKET VOLATILITY, City Bridge Trust’s fund for London’s The uncertain environment is civil society infrastructure. undoubtedly influencing the decisions THE SIZEABLE INCREASE OF Foundations are responding creatively that foundations make. Referring to to the challenges of these turbulent signs of stronger economic growth in times. Their long-term approach 2017, one foundation commented that enables them to adapt to change, it was “cautious of the durability of this preserving social good when it is under upwards move in share values2”, and threat and catalysing it where it is another closed its UK operations as a absent. Foundation Giving Trends 2018 result of the devaluation of sterling and highlights the foundation sector’s demands placed on banks around resilience, ability to maintain its international funding by the UK plurality, variety of charitable mission, 3 10.9% government . Geo-political uncertainty IN GRANT-MAKING and commitment to beneficiaries in is also a factor, for example influencing complex times. the Saïd Foundation’s decision to IS WELCOME, WITH withdraw from healthcare in Syria4. FOUNDATIONS SWIFTLY Finally, this last year of grant-making PASSING ON INCOME and subsequent closure of Northern Rock Foundation reminds us of OR ASSET GAINS TO the link between corporate and BENEFICIARIES foundation fortunes. The Top 300 Our Top 300 foundations are registered charities, and defined as charitable ABOUT grant-makers that: • derive income from almost entirely private, philanthropic sources (including FOUNDATIONS endowments) • devote half or more of their charitable spending to making grants Foundations’ independent resources • are principally grant-making and not enable flexibility in addressing long-term operating or providing direct services • are not set up to support a single solutions or short-term needs institution/beneficiary or cause • are largest by value of grants. ACF’s members are grant-makers, but What is a charitable also carry out other activities, such as The composition of the Top 300 table foundation? research, policy and influencing work, is remarkably stable. A ‘churn’ of about 11% per year is concentrated at the In the UK the terms ‘foundation’ or running programmes, and social investment. Foundations are not lower end, with negligible impact ‘trust’ are often used interchangeably on results. to describe charities with private, restricted to funding charities – many independent and sustainable income support universities, research, Foundation grant-making that fulfil their charitable goals mainly education, individuals or even public universe by funding and supporting individuals and private sector bodies to deliver or other organisations. There is a mission-related goals. Independent The Top 300 philanthropically-funded broad spectrum of foundations. charitable foundations offer an foundations contribute two-fifths (42%) For example, the Association of
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