UK wealthy feeling more generous
Donations to UK charitable trusts have more than tripled in the first quarter of this year to £70m (€79m), as the nation’s wealthy, cheered up at the prospect of economic recovery, start digging deep according to the Charities Aid Foundation (CAF).
In the first quarter of 2010, CAF opened 51 new Charitable Trust Accounts with a total of £70million in donations. In the same period in 2009 donors put £20million into new CAF Trust Accounts. The charity is now opening as many accounts each month as it was in early 2008 before the recession began.
Mike Packham, Head of Private Clients at the Charities Aid Foundation commented:
“During the recession committed donors didn’t stop giving but understandably many had less funds to put into trusts and if people were thinking about opening a trust they wanted to wait until their personal finances had improved, or were more certain. It looks like we are now seeing those people making the major commitments to philanthropy that they have been planning for some time. Timing couldn’t be better because many charities are expecting this coming year to be difficult.”
He pointed out that those making the big commitments to philanthropy have been planning to for some time – which is good timing as many charities are expecting this coming year to be difficult.
In March 2010 payments to charities from CAF Charitable Trust Accounts totalled more than £18m, over three times the amount distributed in March 2009.