There’s more to philanthropy than writing cheques
Giving time, expertise and leadership is just as important as money when it comes to tackling society’s most pressing challenges, says Professor Geeta Nargund
Today, the Giving and Impact Summit returns to the London Stock Exchange, bringing together the philanthropic, wealth management and business communities to celebrate giving, explore new ideas and encourage a stronger philanthropic culture across the UK.
I am delighted to join an incredible line-up of speakers to share my own philanthropic journey, including my role as vice-chair of the British Red Cross. Joined by some of the nation’s leading philanthropists, the summit offers a unique opportunity to explore how individuals and businesses can work together to tackle society’s greatest challenges through the power of philanthropy.
In 2024, the British public donated £15.4bn, earning the UK the rank of the fourth most generous nation. Yet, despite this impressive figure, the UK faces a £5bn giving gap when compared to the philanthropic contributions of other advanced economies like New Zealand and Canada. This is a gap that philanthropists and businesses, including the City’s wealth holders and creators, could help close.
In fact, Britain’s wealthiest households donate proportionally less than the poorest. The wealthiest 10 per cent of households contribute just half as much of their income to charity as the poorest 10 per cent, representing almost £3.4bn in lost donations each year.
The City has a rich history of philanthropy
Historically, Canada has a rich history of philanthropy, from Sir Richard Whittington’s charitable legacy in the 14th century to the City Corporation’s current role as the UK’s fourth-largest funder of heritage and cultural activities. Yet the City, and the business community more broadly, still has so much more potential to give. In 2023, total donations by FTSE 100 companies were just £1.82bn, declining by more than a third in real terms since 2013. Imagine if all UK companies gave at least one per cent of pre-tax profits. This alone could generate an additional £5bn each year for the charitable sector.
Now build into this the fact that philanthropy itself is evolving. Today’s philanthropy is more than writing cheques. There are 170,000+ charities in the UK, supported by more than 923,000 trustees and an incredible 15m volunteers. Nearly one in seven adults participate in volunteering, civic engagement or social action activities each year.
The wealthiest 10 per cent of households contribute just half as much of their income to charity as the poorest 10 per cent
I have worked in the NHS for nearly four decades, and, alongside my medical career, I have always contributed to humanitarian causes and community initiatives. Beyond my personal giving, I joined the Board of the British Red Cross in 2018 enabling me to contribute my leadership, strategic thinking, and business expertise to support the largest humanitarian network in the world. This work has not only enriched my life but also deepened my belief that philanthropy is most powerful when we give not just money, but also our time, skills and networks. Our family office has founded Social Impact Enterprises Ltd with a mission to create lasting impact through purposeful investment.
Many of the UK’s richest individuals and businesses have the capacity and the opportunity to give more, and not only financially. We must leverage the full spectrum of resources, strategic skills, leadership experience and networks to tackle society’s most pressing challenges, as well as much needed finance.
Professor Geeta Nargund is an entrepreneur and philanthropist