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According to the findings of the recent Coutts Million Dollar Donors Report, the UK is currently experiencing a ‘boom time’ for philanthropy, with the number and total value of donations worth £1m or more reaching their highest levels since  2008.

One of the key drivers behind this growth in giving is the emergence of new philanthropists. Our research found 68 first-time ‘million-pound donors’ in 2014 and 2015 and, most encouragingly,  seven of the first time donors from 2014 gave again at this level in 2015.

The options open to those who want to make a difference are more varied and exciting than ever, but it has often been said that giving money away effectively can be harder than making it in the first place. To help inspire and inform new philanthropists, every year our research captures valuable insights from major donors regarding advice they would give to others who are embarking on their philanthropy journey.

  • Be clear about your motivations for philanthropy. What do you hope to achieve? What are your goals?
  • Give to the causes and organisations you feel most passionate about. Your values, passions, interests or concerns should drive your choice of what you focus on.
  • Balance your heart and mind. Trust your instincts but do your research to consider the past and potential future impact of the organisations you may support.
  • Don't just write cheques. The more engaged you are with your philanthropy, the more enjoyable it will be and the greater your chances of success.
  • Take informed risks. Invest in organisations, projects or people you believe in. Even if they don't succeed, focus on lessons learnt.
  • Learn from others. Don't feel you need to reinvent the wheel, but rather build on the experiences and due diligence of other donors. Join one of the many networks of philanthropists.
  • Visit the organisations you support. This will help you understand the organisation, its work and the impact it makes.
  • Trust and respect are the two most important principles in philanthropy. Trust that the organisation you support is capable of delivering solutions. Respect the ways in which it puts your money to use, especially if you provide unrestricted funding.
  • Think about how you can best sustain your philanthropy for the longer term, perhaps by appointing specialist advisers, hiring professional staff or establishing an endowment.
  • Engage the next generation in shaping your philanthropy. It's a great way to learn about issues that excite or concern family members, and convey your family values.
  • Think about leveraging all your resources to create change. Use your skills, expertise and networks. If you have an endowment, consider responsible investment and social investment.
  • Commit for the long haul. Making a lasting difference can require patience and persistence, but can be immensely satisfying. You may not see the full impact of your philanthropy during your lifetime, but the journey will no doubt be a fascinating one.

 

If you are interested in exploring philanthropic opportunities please get in touch with your Private Banker.

The report includes inspiring interviews with major donors, including:

 

·         Sir Jackie Stewart, three-time Formula 1 world champion

·         Lloyd Dorfman CBE, entrepreneur and Chairman of The Prince’s Trust

·         Nadja Swarovski, member of the Executive Board at the Swarovski Group

·         André Hoffmann, Vice Chairman of Roche Holdings

·         Anna Southall OBE, fourth-generation family trustee of the Barrow Cadbury Trust

 

We also outline some top tips for philanthropists, drawing on the experience of major donors and our philanthropy experts in the Coutts Institute [link: www.coutts.com/couttsinstitute].

 

We’ve been producing the report since 2008 to celebrate and inspire philanthropy and provide insight into major giving in the UK and internationally. While the report focuses on major giving, it provides food for thought for anyone involved with charitable endeavours at every level. 

The report includes inspiring interviews with major donors, including:

 

·         Sir Jackie Stewart, three-time Formula 1 world champion

·         Lloyd Dorfman CBE, entrepreneur and Chairman of The Prince’s Trust

·         Nadja Swarovski, member of the Executive Board at the Swarovski Group

·         André Hoffmann, Vice Chairman of Roche Holdings

·         Anna Southall OBE, fourth-generation family trustee of the Barrow Cadbury Trust

 

We also outline some top tips for philanthropists, drawing on the experience of major donors and our philanthropy experts in the Coutts Institute [link: www.coutts.com/couttsinstitute].

 

We’ve been producing the report since 2008 to celebrate and inspire philanthropy and provide insight into major giving in the UK and internationally. While the report focuses on major giving, it provides food for thought for anyone involved with charitable endeavours at every level. 

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The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment.

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The information in this webpage is believed to be correct but cannot be guaranteed. Any opinion or forecast constitutes our judgment as at the date of issue and is subject to change without notice. The analysis contained in this document has been procured, and may have been acted upon, by Coutts and connected companies for their own purposes, and the results are being made available to you on this understanding. To the extent permitted by law and without being inconsistent with any applicable regulation, neither Coutts nor any connected company accepts responsibility for any direct or indirect or consequential loss suffered by you or any other person as a result of your acting, or deciding not to act, in reliance upon such information, opinions and analysis.

This document has been produced by Financial Advice & Investment Solutions at Coutts and does not constitute investment research. Neither this document nor any copy thereof may be sent to or taken into the United States or distributed in the United States or to a US person. In certain other jurisdictions, the distribution may be restricted by local law or regulation.

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