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Trusts and Foundations

This section explores Trusts and Foundations – organisations which are commonly registered charities, although they don’t have to be, whose primary purpose is charitable grantmaking. They range from very small trusts, sometimes created in memory of someone, to some of the largest grantmakers in the country, such as the Wellcome Trust. 

Trusts and Foundations represent the vast majority (91%) of known organisations in the overall profile of UKGrantmaking and over one third of the overall grant amounts distributed – but within this, there is a great deal of diversity in the size and types of organisations and the nature of grants made.

Trusts and Foundations are broken down into the following segments: 

  • Family foundation – Foundations funded principally by the personal gift of an individual donor, family or business, whether they have a living family member on the Board or not. 
  • Wellcome Trust – Has its origins as a family foundation, but is so large that it is included as a segment of its own to avoid distorting the overall picture.
  • Corporate foundation – Charitable foundations set up by businesses with funding from endowments, annual covenants, or gifts. 
  • Member/Trade Funded organisation – Foundations funded by industry or trade bodies and members, including Livery Companies.
  • Fundraising grantmaker – Organisations who raise money from the public or other fundraising in order to make grants, often through specific appeals or as place-based/thematic giving schemes.
  • Community foundation – Public charities that typically focuses on supporting a geographic area, primarily by facilitating and pooling donations that can be used to address community needs.
  • Government/Lottery Endowed trust – Organisations that were established, endowed or mainly funded by the government or National Lottery distributors, but independent of them.
  • General foundation – Other trusts and foundations. 

More details are available in our methodology.

Overall, trusts and foundations distributed £8.4 billion in grants during 2024–25. While this is a 2% increase on the previous year, it actually represents a slight decline once inflation is taken into account.

However, this drop was largely driven by the Wellcome Trust, whose grantmaking declined year on year, as detailed below. If you exclude Wellcome from the total, overall grantmaking was 5% higher than the previous year.

In both cases, grantmaking remains significantly higher than in 2022–23 (up 14% including Wellcome, and up 13% excluding Wellcome).

Trusts and Foundations summary

UKGrantmaking

360Giving analysis of data from charity regulators and charity accounts.

Percentage change calculated only for organisations with data in both years.

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Family foundations

Family foundations have been funded principally by the personal gift of an individual donor, family members, or a family business, whether or not there is a living family member on the Board. 

Over 300 family foundations were identified – although there may be more, as organisations with low levels of grantmaking were not investigated individually and are included in the ‘general foundation’ segment. The 100 largest family foundations represent 91% of the total estimated family foundations’ grantmaking spend. The grantmaking of these 100 foundations was at a similar level to the previous year, meaning a decline in real terms after inflation. However, this was not universal across all organisations.

Largest 100 family foundations summary

UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard.

Percentage change calculated only for organisations with data in both years.

XLSX (9 KB)

50 foundations increased their grantmaking by over 5%; most significantly, the Children’s Investment Fund, Garfield Weston Foundation, and Gatsby Foundation increased grantmaking by over £120m between them. With the exception of Gatsby Foundation, these also represent an increase from grantmaking in 2022-23. 

Conversely, there were also some significant declines – Arcadia’s grantmaking declined by 52% (£69m), following exceptional grantmaking in 2023-24. CH Foundation (UK) saw a similar pattern, declining by 28% (£40m) from 2023-24 but remaining 44% (£30m) more than 2022-23.

Similar to previous years, there is fluctuation within the 100 largest family foundations, with 14 organisations entering the list this year through being newly established (2) or increases in grantmaking, with the threshold for entry increasing from £3m to £3.3m.

The chart below shows the diversity even within the largest 10 family foundations.

Investment income is no longer a useful metric for family foundations, now that more have moved to a Total Return investment approach and the line between income and endowments is blurred. Read more about Total Return investments and why investment income is no longer a good predictor of grantmaking.

Largest 100 family foundations by grantmaking spend

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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It should be noted that Wellcome Trust is technically a family foundation but has been recorded separately in this analysis due to its large scale, with net assets worth almost as much as the 100 largest family foundations combined, distorting underlying trends. Following a large increase 2023-24, Wellcome Trust’s grantmaking decreased by 14% (£171m) year-on-year but still represented an increase of 8% more than grantmaking in 2022-23. Reflecting the timing of large multi-year commitments.

Wellcome Trust

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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Corporate foundations

Corporate foundations are generally charitable foundations established and funded by the corporate sector, through company endowments, covenants, or annual gifts. The structures and associations between corporate foundations and their parent company vary greatly.

This section focuses on the largest 50 corporate foundations that represent around 90% of the segment’s total grant spending, but, as with family foundations, there are likely to be others that are small or less identifiable in the data. An additional challenge is where the foundation is not independently registered and does not produce its own accounts. In these cases, only the grantmaking figures have been recorded.

Largest 50 corporate foundations summary

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard.

Percentage change calculated only for organisations with data in both years.

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The grantmaking total of these 50 foundations increased by 4% compared to 2023-24 and was 37% higher than 2022-23. This was despite a 10% decrease in income across the 50 foundations. However, these trends were not consistent across all 50 foundations, as shown below. Over half the organisations increased grantmaking by 5% or more year-on-year, while 18% declined by 5% or more year-on-year. There were six new inclusions to the top 50 this year, with the threshold for entry increasing from £2.4m last year to £2.7m this year.

Notably, grantmaking at the two largest corporate foundations, Quadrature Climate Foundation and UBS Optimus Foundation UK, decreased year-on-year after two years of exceptional growth.

Largest 50 corporate foundations by grantmaking spend

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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Fundraising grantmakers

For fundraising grantmakers, their main income is derived from fundraising, generally from the public, including national appeals such as BBC Children in Need and Comic Relief, or other fundraising activities such as People’s Postcode Lottery or local giving schemes.

The largest 50 of these account for over 90% of the segment’s total grantmaking. 

Largest 50 fundraising grantmakers summary

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard.

Percentage change calculated only for organisations with data in both years.

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For these 50, grantmaking increased by 7% year-on-year, ahead of inflation, but as with the previous edition, this growth was not consistent across the organisations. 22 organisations reported a year-on-year increase of at least 5%, while an equal number of organisations reported a decrease of 5% or more compared to last year. There were four organisations that had not appeared in the largest 50 last year, including one newly founded organisation, Happy Doggo, with the threshold for entry now £1m.

Once again, the 50 largest fundraising grantmakers include all 20 Postcode Trusts, which distribute funds from the Postcode Lottery. These 20 Trusts’ grantmaking total of £216m is almost as much as the remaining 30 organisations’ total of £221m. Postcode Trusts continues its upward trajectory with an increase of 6% on the previous year and 22% on 2022-23. 

Notably, BBC Children in Need and Comic Relief have fluctuated over the past five years, but both have averaged £31m across the last two years.

The 50 largest fundraising grantmakers have been split into two tables – one for the Postcode Trusts and one for the remaining 30 – to provide a clearer picture of trends.

Largest 50 fundraising grantmakers by grantmaking spend (excluding Postcode Trusts)

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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Postcode Trusts distributing funds of the People’s Postcode Lottery

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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The grantmaking of the Postcode Trusts varied from £2m to £18m. The overall 6% increase in 2024-25 follows substantial increases in previous years.

Member/​Trade Funded

Member and Trade Funded grantmakers are either currently funded by industry/trade bodies or their members, or were historically endowed by them. This includes professional benevolent funds and Livery Companies. Over 600 organisations were identified, but the vast majority are very small organisations with limited information available.

Largest 50 Member/Trade Funded organisations summary

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard.

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The largest 50 of these organisations represent over 80% of the segment’s total grantmaking.  Overall, the grantmaking of these 50 organisations increased by 2% year-on-year, below inflation, alongside an 11% increase in income, but, as with other segments, this increase was not universal and included significant fluctuations across organisations. 22 (44%) of organisations increased grantmaking by 5% or more, while 18 (36%) decreased by 5% or more.

The largest member and trade-funded grantmaker remains the Football Foundation, whose grantmaking increased by 35% to £109m following an increase in Government funding via Sport England.

Largest 50 Member/Trade Funded organisations by grantmaking spend

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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Community foundations

Community foundations are place-based funders, growing local philanthropy, connecting communities and supporting grassroots organisations in neighbourhoods across the UK.

UK Community Foundations (UKCF) brings together all 47 accredited community foundations around the UK. Each accredited member is an independent, locally-governed charity rooted in its place. Collective grantmaking across UKCF’s network in 2024-25 was £184.4 million, in line with the previous year. Two unaccredited community foundations have also been included in this section: Tees Valley Community Foundation and Community Foundation for Wakefield. Total grantmaking, including UKCF itself and community foundations outside the network, was £194m, a 1% decrease on the previous year.

Note: Below, ‘Grantmaking Spending’ includes all grantmaking to organisations and individuals, while ‘Total Spending’ covers all expenditure of the organisation; this reflects that some community foundations deliver programmes and activities beyond grantmaking.

Community foundations vary in size, the scale of grant distribution, and grantmaking priorities, as reflected above.

The majority of community foundations in the UK provided between £1 million and £10 million in grants in 2024-25.

Community foundations summary

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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Overall, there were increases and decreases within the group and no consistent trend. For example, the largest community foundation, Foundation Scotland, increased its grantmaking by over 40%, but Community Foundation for Northern Ireland, which was the second largest foundation in 2023-24, decreased grantmaking by 58%, making it the 8th largest in 2024-25.

Community foundations by grantmaking spend

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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Government/​Lottery Endowed trusts

These are organisations that were established, endowed or mainly funded by the government or National Lottery distributors, but independent of them.

Government/Lottery Endowed trusts summary

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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Overall, the group’s grantmaking more than doubled from the previous year. This was significantly driven by Social Investment Business Foundation, which almost tripled its grantmaking to £172m, with the majority of that (£162m) being delivery of the Youth Investment Fund for the Department of Culture, Media and Sport. Excluding Social Investment Business Foundation grantmaking for the group still increased by 32%.

Five organisations decreased their grantmaking, which is to be expected, as the majority were founded over a decade ago and several are in the process of spending out and closing down, most notably Local Trust.

Government/Lottery Endowed trusts by grantmaking spend

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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General foundations

General foundations are the remaining foundations which don’t meet the criteria for the other groups. There are over 10,000 organisations, the majority of which are very small with limited information available on them. Even the 100 largest organisations are diverse in size and nature, but represent 45% of the segment’s total grantmaking spend.

Largest 100 general foundations summary

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard.

Percentage change calculated only for organisations with data in both years.

XLSX (9 KB)

Overall, the grantmaking of these organisations increased by 13% year-on-year and was 18% higher than in 2022-23. Once again, this was not universal across all organisations, but nearly 60% of the largest 100 increased grantmaking by at least 5% year on year. 

There is a significant number of moves in the largest 100, with 24 organisations entering the group this year, and the entry threshold has increased from £4.1m in 2022-23 to £4.3m in 2024-25.  

Largest 100 general foundations by grantmaking spend

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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Much of the growth year-on-year was driven by a handful of organisations that increased their grantmaking by £20m or more year on year: 

  • Katherine Martin Charitable Trust increased grantmaking by £38m as it is spending out and in the process of dissolving in 2026-27.
  • February Foundation increase of £26.3m includes a donation of shares to a single charity of £26.9m. Excluding this one-off gift, other grantmaking has decreased.
  • Jim Ratcliffe Foundation increased grantmaking by £20m through a single material grant to the University of Oxford.

In addition, some newly founded organisations are entering the list, for example, Purposeful Ventures, which was spun out from Ark and made grants of nearly £6m in its first year.

In contrast, there was a notable reduction in Breakthrough Foundation’s grantmaking (£38m), returning to a more typical grantmaking level following an exceptional year in 2023-24. As shown below, there are no consistent trends amongst the largest grantmakers.

Largest 300 Trusts and Foundations

Combined, the largest 300 trusts and foundations distributed over £6.1bn in grants for 2024-25, an increase of 4% on the prior year and 18% more than 2022-23 – growth exceeding inflation rates. These organisations accounted for 73% of trusts and foundations’ total grantmaking in 2024-25.

Largest 300 Trusts and Foundations summary

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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Within the largest 300, there is a wide variety of grantmakers covering all segments, with grantmaking ranging from £3.9m to over £1bn. The threshold for entry in the list increased marginally from £3.7m in 2023-24.

Largest 300 Trusts and Foundations by grantmaking spend

2024-25
UKGrantmaking

360Giving analysis of data from charity regulators, accounts and data published using the 360Giving Data Standard

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The diversity in scale and grantmaking patterns can be seen even in just the largest 10 foundations.

Grantmaking to individuals

There are over 4,000 grantmakers in the UK that make grants to individuals and families, with the majority being very small – over 1,000 of them distribute under £50,000 a year. 

The Charity Commission for England and Wales has again shared additional data with 360Giving, from the new questions reported in the Annual Returns for 2024 and 2025. This continues to expand the data available and improve our understanding of the grantmaking landscape for grants to individuals.

Very limited data is available from local authorities, so amounts for local schemes, including the Community Chest are not available. We did not include universities as a funder group in the research, but some provide bursaries and welfare support for students from endowments and other funds.

Our analysis includes over 4,300 organisations that make grants to individuals. The 2,657 largest of these, for which data on grants to individuals were available, distributed £850m in 2024-25. Of these, over 90% also distributed grants to institutions. For this section, we’ve included grantmakers from all categories, not just Trusts and Foundations.

Grantmakers providing grants to individuals: Summary

UKGrantmaking

360Giving analysis of data from charity regulators and charity accounts

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Largest organisations

Largest 100 organisations making grants to individuals summary

UKGrantmaking

360Giving analysis of data from charity regulators and charity accounts. Percentage change calculated only for organisations with data in both years.

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TThe grants to individuals distributed by these 100 organisations totalled £652m, compared with £657m the previous year. This represents a 1% decrease in grants to individuals and families by this group of funders, but a 11% increase compared to 2022-23. However, there was much fluctuation within the group; 48 organisations increased their grantmaking by 5% or more, and 27 organisations decreased by 5% or more. Some significant decreases impacted the overall total.

Largest 100 organisations making grants to individuals by grantmaking spend

UKGrantmaking

360Giving analysis of data from charity regulators and charity accounts.

XLSX (19 KB)

Endowments

In the sections above, we have looked at the trends over a three-year period; however, many of these foundations take a long-term view, with some having held and developed assets for decades, if not centuries.

An endowment is a financial asset, typically in the form of an investment fund, which is established by a charitable foundation or organisation to provide a long-term, stable source of income for its activities and operations. The principal amount of the endowment is usually preserved, while the income generated from the investments is used to support the foundation’s objectives and grantmaking. Some foundations have what is known as an expendable endowment, which allows them to use the endowment more flexibly to further their charitable objectives without preserving it or focusing on the accumulation of assets to generate future income. This can include ‘spending down’ to close the organisation rather than requiring it to exist in perpetuity, or making social investments where income returns may be lower or non-existent.

To consider this longer-term picture, we have looked at the six-year trends of the 100 organisations with the largest endowments in 2024-25 – noting that changes in endowment values are a reflection of not only investment performance, but also organisational strategy, which may include distributing assets through grantmaking.

The total value of the largest 100 endowments in 2024-25 was £50bn excluding Wellcome Trust, and £83bn including Wellcome. Note that the largest 100 endowments includes Charities who make grants, not just Trusts and Foundations.

There were some newly created organisations or newly donated endowment funds during the period, so we have considered only the 92 organisations with an endowment over the whole six-year period to better understand the underlying trends.

Grantmakers with the largest endowments summary

Total endowment, 2019-20 to 2024-25 (£ millions)
UKGrantmaking

360Giving analysis of data from charity regulators and charity accounts • Adjusted for inflation, using CPI. Based on trends for 92 grantmakers with six years of data on endowments.

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Endowment levels have remained relatively flat in recent years, representing a decline in real terms since 2020-21. For those with March financial year ends, there was a temporary dip at the end of 2019-20 reflecting how the uncertainty of the pandemic impacted market values in March 2020, but this quickly returned in 2020-21. The change between the years is partially a consequence of the year-end snapshot timing rather than a reflection of underlying performance. Nevertheless, the higher inflation since 2021 has had an impact, with growth in endowment values not sustained at these high rates, representing an erosion overall – although this is a consequence of some foundations choosing to continue to distribute funds at higher rates as a result of pressures on communities and not only a reflection of investment performance.

Grantmakers with the largest endowments

Total endowment, 2020-21 to 2024-25 (£ millions)
UKGrantmaking

360Giving analysis of data from charity regulators and charity accounts. Unadjusted for inflation.

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The relationship between grantmaking and endowments/assets is explored further in our blog, considering payout rates.

New and closing foundations

New foundations

324 trusts and foundations that reported that grantmaking was the main way they carried out their charitable objectives were added to the Charity Commission for England & Wales register in 2024-25.

Several newly founded organisations entered the largest 300 list this year:

Purposeful Ventures – a new general foundation which partners with social entrepreneurs and philanthropists to improve the education and well-being of young people from their earliest years by selecting, accelerating, and incubating organisations which tackle particular issues. In the first year of operation included in this analysis, grantmaking totalled £5.8m, rising to £8.3m in the following year in the period to August 2025.

Bill Ainscough Foundation – a new family foundation focused on supporting charities in the North West, Severn Valley and South West of England, which made a single grant of £5m in its first year of operation in 2024-25.

Jacobs Futura Foundation – a new family foundation, focused on protecting the world’s tropical rainforests and supporting athletes to thrive in the transition to life beyond their sporting careers. In the 7 months after registration, the Foundation made grants of £4.3m in 2024-25.

There were also some organisations, whilst not new, that entered the largest 300 having reported no or significantly lower grantmaking in previous years: 

Jim Ratcliffe Foundation – the foundation does not make grants every year, but in 2024-25, the foundation made a single grant to the University of Oxford of £20m, the largest grant in the Foundation’s history, and significantly higher than previous annual grantmaking.

Alexander Mosley Charitable Trust – this family foundation was set up in 2011 by Max Mosley to commemorate his son Alexander Mosley who died aged 39 in 2009. Following the death of Max Rufus Mosely in May 2021, the foundation received bequests from the estate of £90.5m in 2022-23 and £41.5m in 2023-24 with further distributions due from the residuary, including the bequest of Jean Mosley. As a result, grantmaking increased from £20k in 2022-23 to £2.8m in 2023-24 and £6.0m in 2024-25 – with likely continued high levels of grantmaking in coming years.

Eleva Foundation – a corporate foundation of Eleva Capital which currently has a partnership with Unicef. The Foundation didn’t make any grants in 2023-24 but then made double their usual grantmaking in 2024-25.

We also saw a number of smaller, newer foundations created, including some responding to events – for example, the Horizon Scandal Fund was created following renewed public interest, following a popular documentary drama series, in the miscarriages of justice between 1999 and 2015, which led to the Post Office pursuit of innocent subpostmasters as a result of faulty software. The Fund makes grants to people affected as a result of problems with the Post Office’s computer accounting system, commonly known as Horizon.

Spending out and closing foundations

This is part of the natural life cycle of foundations with new organisations being created each year and organisations closing. 328 trusts and foundations that reported that grantmaking was the main way they carried out their charitable objectives were removed from the Charity Commission for England & Wales register in 2024-25 – although a small number of these were ones that changed form – for example converting to a CIO.

In 2024-25 we saw a number of larger organisations close completely or spend out. The data on this is less comprehensive because details are removed from the Charity Commission register on de-registration. Below is a range of examples of the reasons for foundations closing.

Transfers to Donor Advised Funds where the grantmaking continues but the foundation no longer remains as a legal entity:

Fantastic Peach Foundation – created in 2022 by the family of the author Roald Dahl, and transferred remaining assets of over £20m to a Donor Advised Fund before closing completely in 2025.

Golden Bottle Trust – created in 1985 to further the philanthropic aims of the Hoare family. Each year, the partners donate up to 10% of the bank’s profits to the trust, which makes grants to a wide range of charitable causes in the UK and elsewhere. Over £40m was donated to charities in the first 40 years. In 2025, the funds were transferred as a named fund within The Master Charitable Trust, a Donor Advised Fund managed by Hoares Trustees Limited to continue the work.

It should also be noted that we have also seen transfers the other way for example foundations managed through a Donor Advised Fund moving to become independent foundations – for example, the Julia Rausing Trust which was registered with the Charity Commission for England and Wales in 2025.

There are also some time-limited trusts created with spend-out intention:

Spirit of 2012 – The National Lottery Community Fund endowed the foundation as a spend-out trust to “Inspire a Generation” and promote the legacy of the London 2012 Olympic and Paralympic Games. Closure took place in 2025-26. The grants can be viewed in GrantNav

Foyle Foundation – created in 2000 to distribute the funds from the Will of the late Mrs Batty within 25 years. The Foundation’s long-planned spend down and closure took place in December 2025. Over this time, it has distributed over £185m in total to over 7,000 charities and state schools across the U.K. The grants can be viewed in GrantNav

Transfers to other charities as a final grant for the legacy to continue by other organisations:

Nigel Vinson Charitable Trust – after 50 years of operation, transferred remaining funds of over £4m to the Institute of Economic Affairs.

The Unwin Charitable Trust – after 50 years of operations, transferred remaining funds of over £6m to a few key grantees for long-term projects.

Some foundations gave more in 2024-25 because they are spending-out with final dissolution expected shortly:

Katherine Martin Charitable Trust – created in 1959 to distribute the funds from the Will of the late Katherine Martin. The trustee received permission from the Charity Commission in 2024 to spend out the endowment and distributed almost £40m of that to charities in 2024-25, expected to completely spend out and dissolve the trust in 2026.

Project Giving Back – created in 2022 to provide charities with opportunities for a fully-funded garden at the RHS Chelsea Flower Show. It completed grantmaking activity in 2025 and is now completing legacy projects with a view to dissolving the foundation in 2027.

Some foundations have closed following the departure of the original donor. For example, the Al-Fayed Charitable Foundation, created in 1987, made its final grants in 2024-25 and was dissolved in January 2026. This follows the death in August 2023 of Mohamed Al-Fayed, the donor to the Foundation.

In addition, there are examples of foundations being dissolved and being absorbed into parent companies or foundations such as the Johnson and Johnson Foundation Scotland, which made grants of £4.9m in 2024-25 before being dissolved.