More than 300 groups issued grants of £2.9 billion last year

Grants given out by charitable foundations hit a new high last year.

The Foundation Giving Trends 2017 report reveals that funding allocated by UK foundations last year amounted to £2.9 billion – an increase of 12%.

The report – carried out by the Association of Charitable Foundations – features more than 300 groups, with the amount given out in grants having risen by £560 million since 2012/13.

The report states: “This year’s significant increase in giving demonstrates the robustness of the foundation model, its flexibility and ability to quickly pass on a pick-up in the value of income, investments or new giving to beneficiaries.”

New foundations featured include The Dundard Fund 2016, which has been recently registered as a charitable company. It saw gifts of over £30m in 2016, which allowed grant-making to increase to nearly £6.3m, and funds to accumulate for a major new concert hall in Edinburgh and the preservation of the Royal High School. The fund has given over £20m to the arts in Scotland, including £8m to the Edinburgh International Festival.

The Robertson Trust was placed 29th in a list of 300 Foundations ranked by giving, having distributed £16.69m. Other Scottish groups featured include the Lloyds TSB Foundation for Scotland and the Carnegie Trust.

The Wellcome Trust remains the largest foundation by far, with grants of £711.7m made in 2015/16 from assets totalling £19.6bn.