Record level of £1m-plus donations in 2015
Melanie May | 5 December 2016 | News
Charitable donations worth more than £1m are at their highest level since 2008, according to the latest Coutts Million Pound Donors Report, with £1.83bn donated through 355 gifts to charitable causes or foundations in 2015.
The research, which is produced in association with the University of Kent and tracks the number, size, scale, and destination of £1m+ donations made by individuals, foundations and corporations in the UK, shows an increase of 17% in the total value of donations (up from £1.56bn) and an increase of 19% in the number of donations (from 298) when compared to the previous year.
In addition, 68 first-time million pound donors were identified in 2014 and 2015, with seven of the first time donors in 2014 giving again at this level in 2015.
Higher education is the main recipient of philanthropy at this level, receiving more than one-third (35%) of the total donation value. However, an increasing number of organisations are benefiting from million-pound gifts. The number of distinct recipients rose by nearly 10%, while beneficiaries of multiple gifts included arts, culture and heritage organisations, health and medical charities and those supporting children and young people in the UK and overseas.
Additionally, the total value was boosted by four single donations each worth £30m or more, two of which were placed in foundations for future distribution to charitable causes, and two were given to universities.
As in previous years, London is the source of the majority of million-pound gifts, although donations came from almost every region of the UK. International donors continue to play an important role in supporting charitable activities in the UK, with 28 donations (10% of the total value) coming from overseas.
Rachel Harrington, director, Coutts Institute, said:
“The rise in donations mirrors what we’re seeing on a day-to-day basis here at Coutts in the increasing number of conversations we are having with clients and their children about their philanthropic interests. There’s no doubt philanthropy plays a hugely valuable and distinctive role in today’s society and in shaping the future.”
The UK findings form part of the wider Coutts Million Dollar Donors Report, which is a leading authority on major philanthropy internationally covering the USA, Middle East (GCC) and the UK. The wider report reveals that overall across the UK, USA and Middle East there were 2,197 donations, worth a combined $56bn in 2015.
This was a significant on the previous year’s $17bn. The figure does include one single gift of $32bn, but discounting that, the value of donations rose more than 41%.
Across all these regions, foundations received the greatest portion of the total value of donations, however higher education remained a popular recipient with almost half of the donations (1,047) gifted directly to universities and higher education institutions, although this accounted for just 18% of the total financial value.
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.