THE PHILANTHROPY PARADOX: PUBLIC ATTITUDES AND FUTURE PROSPECTS FOR PLANNED GIVING
Prism commissioned a survey by NatCen of 1,215 interviews with a random sample of the population across the UK to investigate attitudes to philanthropic giving. Two known paradoxes are noted – that donors tend to benefit alongside those they intend to help, and that wealth accumulation tends to precede distribution - before new data is presented to illustrate a third paradox about philanthropy in the UK: that the public holds a generally positive view about the things philanthropy pays for, whilst at the same time holding many negative opinions about those doing the paying.
In the main body of the report, five findings are presented and discussed, including reflections on how the data varies according to gender, age and income:
1. Charitable giving is a very common but largely private matter in the UK, rather than something discussed openly and frequently. This creates problems for establishing giving as a social norm and for creating opportunities to ask each other to support our favoured causes. Younger women (aged 18-29) are the most likely to talk about their giving.
2. Most people believe that philanthropic donations make a positive contribution to society, and there is a generally held expectation – regardless of gender, age and income - that people should donate money to charity.
3. There is less fulsome and widespread agreement that philanthropists are good for society - only a bare majority (53%) of the lower income group concur, and most people do not trust donors to do what is right with their donations. When asked to define ‘philanthropist’, most suggestions are positive (e.g. ‘Generous’, ‘Caring’, ‘Kind’) but a tenth associate the concept primarily with financial connotations (‘Wealthy’, ‘Rich’, ‘Money, ‘Affluent’) and notable minorities are either unable to answer the question, or offer negative definitions (e.g. ‘Bad’, ‘Crafty’, ‘Egotist’, ‘Greedy’, ‘Idiot’, ‘Liar’, Ruthless, ‘Self-centred’, ‘Tax-dodger’). Such perceptions are understood to be problematic, with almost a fifth (18.2%) agreeing that negative perceptions of philanthropists might deter people from giving more to charity.
4. Awareness of, and support for, tax incentives to encourage charitable giving are highest amongst older and higher income people. The total value of charity tax reliefs is c.£5.1 billion each year, yet we find ongoing low levels of awareness of governmental support for donors and charities. One in five (22.8%) disagree with this use of public money, with the youngest age group least likely to agree.
5. Awareness of Donor Advised Funds (DAFs) is very low, but they appeal to many different types of donor. Only a tiny fraction (2.5%) had pre-existing knowledge of DAFs. Once it was explained that DAFs are charitable accounts run by non-profit entities that enable time- and tax-efficient giving, interest rose considerably, especially amongst younger donors and men.
The conference is being held at the Francis Crick Institute and will begin with a keynote session by one of Prism’s clients and successful hedge fund owner and philanthropist, Stuart Roden.
The keynote will be followed by a panel discussion on how to assess the impact and output of a donor’s philanthropy. Plum Lomax (New Philanthropy Capital), Rebecca Eastmond (Co-Founder & CEO of Greenwood Place) and Elisabeth Paulson (Impetus) will all take part in this session chaired by James Libson (Executive Partner of Mishcon de Reya & Head of Mishcon Private and Chair of Prism the Gift Fund).
The audience will then be taken on a journey from the inception of making a philanthropic donation. BDO will begin the session, followed by Mishcon de Reya with a look at purposeful business, and Lombard Odier will close with sustainable philanthropic capital investment. Dr. Christopher Kaminker (Head of Sustainable Investment for Lombard Odier), Alexander Rhodes (Managing Associate Mishcon Private) and Helen Jones (Partner within the London Tax Group at BDO) will all be participating in this session.
The final session will be a panel discussion with a mixture of operational experts and donors in the philanthropy space. They will bring their years of experience and expertise, each talking in a personal capacity.
The format of the day
4.15-4.30pm Stuart Roden opening
4.30-5.20pm How to assess impact and output
5.25-6.15pm Journey of Philanthropy
6.25-7.15pm The Power of Philanthropy
7.15-8.00pm Networking & drinks reception
Ajaz Ahmed serves as a trustee on the charitable boards of Virgin Unite, Elton John Aids Foundation, Mental Health Innovations (The Royal Foundation) and Prism the Gift Fund. He is also on the Advisory Board of the Queen’s Commonwealth Trust and an Enterprise Fellow for the Prince’s Trust.
In June 2018 Ajaz was awarded an MBE in the Queen’s Birthday Honours for Services to Media. Ajaz founded the design and communications company AKQA when he was 21 years old and today the company has 2,200 employees across 28 studios in 19 countries.
Ajaz is the author of three books Velocity, Limitless and Defeat. All proceeds are donated to five charities voted for by employees of AKQA (Brainwave, Feed the Children, Great Ormond Street Hospital, Doctors without Borders, and Pencils of Promise). Ajaz was awarded an honorary doctorate from the University of Bath in December 2018. Ajaz’s essays, publications and thoughts are available here: http://www.akqa.com/ajaz/
Alexander is a trusted adviser to international clients. He acts for individuals and families in relation to their personal, business and philanthropic interests. He also has significant business, not-for-profit and international relations experience, including work as the founding CEO of the charity Stop Ivory; head of the Secretariat to the inter-governmental Elephant Protection Initiative; and as trustee and co-chair of the Strategic Projects Committee of Tusk Trust.
As a trustee and adviser, Alexander has a particular interest in the increasingly important role of philanthropy in society. The focus of his work is to enable individuals and families to ensure they achieve the very greatest impact with their giving, encompassing legal, governance, policy and political aspects. Alexander is currently working with principals, other lawyers and non-lawyer advisers to review how philanthropy can be done more effectively, both within the UK and internationally.
Dr. Christopher Kaminker is Head of Sustainable Investment Research & Strategy at Lombard Odier. He leads a team responsible for cross-asset sustainable investment research, strategy, economic analysis, data science and product development. He also oversees Lombard Odier Investment Manager’s active ownership and stewardship efforts.
Prior to Lombard Odier, he worked at SEB, a Nordic financial banking group, where he was head of sustainable finance research and a senior advisor in the merchant banking division. During his time in investment banking at SEB, Goldman Sachs and Société Générale, he advised on and structured over USD $20billion of sustainability financing capital markets solutions for investors, corporates and sovereigns. Dr. Kaminker also spent 7 years as the lead economist and policy advisor for sustainable finance at the OECD. He represented the OECD as delegate to the G20 and Financial Stability Board and SEB on the Executive Committee of the Green Bond Principles. He is an author of over 30 peer-reviewed publications on sustainable finance and a Fellow of the Royal Geographical Society. He received his doctorate from Oxford University, post-doc at Stanford University, and masters from the School of International and Public Affairs at Columbia University.
Elisabeth is the Portfolio Director and member of the senior management team at Impetus, an organisation that finds, funds and builds the most promising charities focused on closing the gaps in education and employment. Elisabeth drives the charity’s investment strategy and is responsible for the overall management and performance of the charity’s partnership portfolio.
Helen is a partner in the Private Client Team at BDO LLP. With over 20 years experience in both Personal and Corporate UK Tax. Helen’s focus is dealing with wealthy individuals, entrepreneurs and their businesses. Helen believes that building relationships with her clients, as well as understanding their financial interests and long term objectives, is essential when advising the immediate family, related trusts, companies and partnerships. She combines her commercial experience and technical knowledge to offer creative and practical advice to clients. Helen is a member of the Chartered Institute of Taxation and the Society of Trust and Estate Practitioners.
James is the Executive Partner of Mishcon de Reya and Head of Mishcon Private.
He is a litigator who acts mainly for individuals and families in global commercial disputes, and employment and reputation matters. He has been involved in a number of the highest profile cases of the last 20 years, including acting for Deborah Lipstadt in her defence of the claim brought against her by the holocaust denier, David Irving (which was made into a film, Denial); for Gina Miller in both her recent Supreme Court challenges relating to Article 50 and, this year, prorogation; for the Jewish Labour Movement in its referral of the Labour Party to the EHRC; and for several other politicians of all hues over the last 15 years or so.
He received an Honorary Doctorate from the University of Law in 2018.
He has the privilege of currently chairing Prism and has sat as a trustee and chaired several charities, including World Jewish Relief between 2011 and 2016, the UK Jewish community’s leading international development charity.
Matthew Bowcock is a founder and Chair of the Beacon Collaborative, a collective impact campaign to change the levels of private assets used for public good in the UK. He was previously Chairman of UK Community Foundations, a member of the Philanthropy Review Board, a National Council Member of the Arts Council of England and a trustee of The Philanthropy Workshop, Philanthropy Impact and the Watts Gallery. In 2012 he authored a report for the Secretary of State for Culture, Media and Sport called “Digital Giving in the Arts – Democratising Philanthropy.” Through the Hazelhurst Trust he has focused his own philanthropy on community projects, social impact of the arts and developing more and better philanthropy.
His background is as a technology entrepreneur and he has established several businesses in Australia, the US and the UK.
Nicola Brentnall is Chief Executive of The Queen’s Commonwealth Trust and has been with the organization from inception. She has been responsible for the development of QCT’s proposition, governance, values, brand and fundraising.
Nicola has over twenty years’ senior leadership experience in the voluntary sector, working across youth, the arts and mental health. She has seen the extraordinary talent, tenacity and generosity of young people throughout her career and it is their example that has inspired all that is The Queen’s Commonwealth Trust today.
Nicola has no doubt the vision of the Trust, a world where young people are equal partners in driving change, is achievable. Why? Because in the words of David Hogg, activist and Parkland survivor, the young people will win.
Penny joined Sanlam in 2017 and is CEO of the Private Wealth business. She has over 30 years advising charities, trusts, private clients and families. Previously Penny was Managing Director at Rothschild and Fleming Family and Partners. Before Joining Sanlam, Penny was Head of Private Client, Marketing and Distribution at Close Brothers Asset Management. At Close she established the Trustee Leadership Programme and was responsible for their broader service to charities and philanthropists. Penny holds the Diploma in French Civilisation from La Sorbonne. She graduated from Manchester University with a BA Honours in English and Italian and trained in financial planning and investment management. She is PCIAM qualified and is a trustee of Prism the Gift Fund, Pennies, the Digital Charity Box and sits on the PIMFA board. She sits on the Advisory Boards for various Arts and Music charities.
Plum has over sixteen years of experience in supporting funders and social investors. Her effective philanthropy work includes helping individuals and families as they start out or expand their giving, supporting corporate foundations to evaluate and communicate their impact, and researching issues and analysing charities for clients focused on specific causes. Plum leads NPC’s work around impact investing, and is retained by a number of funds both in the UK and US as their impact or evaluation partner. NPC’s impact investing work includes supporting the field develop impact standards, and helping investors by conducting due diligence on deals, creating impact frameworks and assessing the impact of investment portfolios as well as supporting early stage enterprises with impact measurement. She has co-authored a number of NPC’s flagship publications on social investment, including Investing for impact and In pursuit of deep impact and market-rate returns.
Before joining NPC in 2003, Plum was Head of European Equity Strategy at Merrill Lynch. She is currently a trustee of the Shackleton Foundation, which supports early-stage social entrepreneurs with innovative ideas making a difference to the lives of disadvantaged young people.
Rebecca Eastmond is CEO and Co-Founder of Greenwood Place, which provides strategic advice and execution for a community of entrepreneurial philanthropists. Prior to founding Greenwood Place in 2017, Rebecca led JP Morgan’s Philanthropy Advisory offering in EMEA for almost a decade. She began her career as a charity lawyer at Allen & Overy, before moving sector to become the Founder CEO of The Prince’s Foundation for Arts & Kids. She serves as Trustee of Peek Vision, Acumen Academy UK, two grant-making foundations and is a member of Acumen’s global advisory board.
Until January 2019 Stuart was Chairman of Lansdowne Partners and Chairman of the Management Committee having previously co-managed the Developed Markets funds since their inception in 2001.
Stuart is non-Executive Chairman of Hetz Ventures, and non-Executive Chairman of Tresidor Investment Management.
He is Chairman of Unlocking Potential, a trustee of The National Gallery and trustee of various third sector organisations including The Centre for Social Justice, Jewish Care and The Rabbi Sacks Foundation.
He is also the non-executive Chairman of the Investment Committee of Marylebone Partners LLP and Chairman of the Jewish Care and Oxford Centre for Jewish and Hebrew Studies Investment Committees.
Stuart started his career in the City in 1984, joining SG Warburg & Co, he worked at McKinsey and prior to joining Lansdowne in 2001, was a Managing Director of Merrill Lynch Investment Managers.
Stuart received a first-class honours degree in Economics (BSc) from the London School of Economics, he is married with four children and lives in London.
Alongside the conference Prism is excited to announce that we will be releasing a Thought Leadership paper exploring some of the most pressing topics within philanthropy. The Thought Leadership paper will be written by industry expert Dr Beth Breeze, and will pull together findings from a survey commissioned by Prism and carried out by NatCen, one of the leading social research groups in the country.