We are very pleased to announce a new topic focus for some events and wider discussions during the first half of 2017. Building on to some of the insights gained from previous events, including on the future of wealth and the future of doing good, This new initial perspective explores potential future shifts in the field of High Impact Philanthropy. It is authored by Prof. Cathy Pharoah of Cass Business School London. It highlights some of the issues being raised as the worlds of impact investing and philanthropy increasingly overlap as more organisations and investors seek to help create lasting change. Many are now asking about how donor expectations will evolve, how giving will scale, how best to create and measure impact and where new models within philanthropy will emerge. To address these and other questions, we are running a series of events over the next few months in London, Mumbai, Singapore, New York and Dubai that will explore the emerging shifts, understand new global and regional priorities and highlight what leaders in the fields of philanthropy and impact investing feel will define success. As with all Future Agenda projects, we will build on THIS initial perspective by bringing together a rich mix of expertise to challenge assumptions, share insights and co-create an enriched, informed future view for all. If you would like to get involved as participants or hosts, do let us know and we can share more details. Equally if you have any feedback on the initial perspective or other comments do let us know by email, twitter or linked in and we will make sure these are shared and included in to the mix. At a time where much is being asked of philanthropy and its ability to successfully direct much-needed investment into key areas of challenge and opportunity, we very much look forward to hosting this important debate and sharing insights.

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Prof. Cathy Pharoah -Visiting Professor of Charity Funding and co-Director of the Centre
for Charitable Giving and Philanthropy at Cass Business School.
The Future of High Impact Philanthropy
The voluntary giving of money, time, and
gifts-in-kind makes a huge contribution
to the quality of social well being in our
communities. Worth £19 billion in the UK
and around £1 trillion globally, private
philanthropic giving reaches into all aspects
of society. Its biggest future challenge lies in
the growing expectations that it has potential
to make an even greater contribution. Amidst
on-going economic uncertainty and widening
inequality, hard-pressed governments are
turning to individual philanthropy and
civic initiatives to help combat poverty and
strengthen communities. Need and demand
for philanthropy will only grow. Globalisation
will progress irrevocably, but slowing
economic growth is likely to accelerate the
emerging tensions between its winners
and losers that are finding increasingly
divisive expression. Economists predict the
largest wealth gains will continue to go
to the wealthiest in both East and West,
with global private wealth projected to rise
at an annual 6% over the next five years,
reaching $224 trillion in 2020.1
Unleashing
the philanthropic potential in this growing
wealth will mean philanthropy working in
different ways. New generations of socially
conscious donors will make philanthropic
commitments only where they see real
opportunities for sustainable social and
environmental change.2
Well-informed,
digitally sophisticated and international,
future donors will have an openness towards
philanthropic options, and will move on if
they do not see value and impact. Driven by
more holistic world-views and aspirations,
they will expect social ventures to be
managed in business-like ways, and business
to be more socially and environmentally
engaged.3,4
Philanthropy is about personal, ethical
and social expectations. Willingness to get
involved will be increasingly vulnerable to
the public distrust and scepticism of the
post-truth society which has followed the
major financial and corporate governance
crises. Philanthropy’s costs, fundraising
practices, public and private sector affiliations
and governance have all revealed
fault-lines, driven by media exposure.
Future philanthropic institutions will have
to be transparent, fit for purpose, geared
up for governance challenges such as the
accountability of major wealthy donors
with growing influence in the public arena,5
and the increasingly multi-stakeholder,
entrepreneurial and commercial environment
in which many will work. Future philanthropy
will be expected to generate transformative
public solutions and bring these to scale, and
will need to address potential risks in
over-stretched resources, and social action
that may become increasingly individualised
and fragmented.
Changing Donor Expectations
Future donors will expect
social ventures to be
managed in business-
like ways, and business
to be more socially and
environmentally engaged.
Heightened Scrutiny
Philanthropic involvement
will be increasingly vulnerable
to the public distrust and
scepticism of the post-truth
society [which has followed
the major financial and
corporate governance crises].
Good Governance
Philanthropic institutions
will have to be transparent,
fit for purpose and geared up
for governance challenges
(e.g. accountability of major
wealthy donors).
The Global Challenge
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2. Scaling up
In spite of high expectations of philanthropy,
its resources continue to be limited. Giving
in the UK, for example, is equal to just 1% of
national spending, reaching 2% in the US. 6
Most of us give, but the richest 1% in society
now own around half of the world’s entire
wealth,7
and could contribute much more than
they do.According to Oxfam,8
the world’s eight
richest individuals have as much wealth as
the 3.6Bn people who make up the poorest
half of the world. The challenge is to unleash
philanthropic potential. In spite of policies to
incentivise philanthropy, including through
tax reliefs, total giving has remained flat for
the last three decades, keeping pace with
economic growth but not increasing its share
of spending.9
A duty to give, rich or poor, is
embedded in all the world’s great faiths and
cultures.10
We may be seeing a contemporary
resurgence in such social norms around giving,
partly driven by those who have benefitted
most from the growth of global wealth.The
Australian Peter Singer11
and William McAskill12
in the UK are following the great faith-based
traditions of zakat and tithing (giving 10%
of income), and promoting a norm of giving
away 10% of wealth annually.Through the
Giving Pledge Warren Buffet and Bill Gates
aim to get our richest billionaires to dedicate
the majority of their wealth to philanthropy
over the decades.This could release huge
resources with potential to change the face
of philanthropy. Mark Zuckerberg, Facebook
founder, believes only entrepreneurs like
himself can trigger rapid social progress.
Aiming ‘to eradicate all diseases within his
children’s life time’, he has committed $1
billion for each of the next three years (£2.3
billion) into the Chan Zuckerberg Initiative
(CZI). He and his wife will donate 99% of their
total Facebook shares to CZI, which is a not
a charitable foundation but a Limited Liability
Company13
,which can support private, public
and charitable social ventures.
Measuring outcomes or systems change?
Philanthropy is increasingly impact-driven,
partly the result of taking on public sector
service delivery and targets, and involving
more trustees with business backgrounds.
Under resource pressures, funders are shifting
from reactive, responsive grant-making
towards pro-active and impact-driven ‘strategic
philanthropy’, with a clear vision and direction
which drives spending decisions towards
outcome achievement. In the context of
corporate philanthropy, this means alignment
of community and business gains. Impact
analysis is a tool for effective giving, but
does not define it. It has most to offer where
problems are specific, solutions identifiable
and results demonstrable, for example in
types of health and educational interventions.
It risks driving philanthropy towards initiatives
with simple, measurable outcomes, and
disadvantaging social action in complex
situations of multiple deprivation and chaotic
family lives. Once a key advocate for strategic
philanthropy, the Stanford Innovation Review
recently claimed14
.
To solve today’s complex social problems,
foundations need to shift from the prevailing
model of strategic philanthropy that attempts
to predict outcomes to an emergent model that
better fits the realities of creating social change
in a complex world.
Peter Buffet (Warren Buffet’s son) recently
shook the world of high-level donor
philanthropy where he is an ‘insider’, when he
tried to shift attention from social solutions to
the systemic faults in global capitalism itself15
Inside any important philanthropy meeting, you
witness heads of state meeting with investment
managers and corporate leaders. All are
searching for answers with their right hand to
problems that others in the room have created
with their left. There are people working hard at
..examples of other ways to live in a functioning
society that truly creates greater prosperity for
all…money should be spent trying out concepts
that shatter current structures and systems
that have turned much of the world into one
vast market…as long as most folks are patting
themselves on the back for charitable acts, we’ve
got a perpetual poverty machine….
‘Systems change’ is beginning to offer some
philanthropists a challenging alternative
approach. It takes on board the multiple
systems and contexts of social deprivation,
and identifies the gaps in policy and practice.
Effective philanthropy means identifying the
points in which it can have most impact on
changing systems, and being flexible about
options for change.Alternative outcomes
2
Unleashing the 1%
The richest 1% in society now
own around half of the world’s
wealth and could choose to
contribute much more than
they do.
Giving Resurgence
A duty to give, rich or poor, is
embedded in all the world’s
great faiths and cultures.
Driven by those who have
benefitted most from the
growth of global wealth we
see a resurgence in social
norms around giving.
Strategic Philanthropy
Funders are shifting from
reactive, responsive grant-
making towards pro-active
and impact-driven ‘strategic
philanthropy’which drives
spending decisions towards
outcome achievement.
Fixing Capitalism
Seeking to avoid the systemic
faults in global capitalism
that have created a perpetual
poverty machine for some,
people try out concepts that
shatter current structures and
systems.
Systems Change
To solve complex social
problems, funders shift to
an emergent model that
takes on board the multiple
systems and contexts of social
deprivation, and identifies the
gaps in policy and practice.
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3. 3
thinking will be needed, to encompass
engagement, risk sharing, learning and
altering direction. Llankelly Chase Foundation
is a leading UK proponent of systems change
approaches16
…how can we use our limited, but independent
resources, to foreshadow a new way of
supporting agencies working with people
facing severe and multiple disadvantage….
we ask (potential grantees) to think about
their application in terms of how it will change
systems. We aren’t alone. The NHS is writing
whole systems change into tenders...local
authorities are trying to think about whole
systems approaches to help tackle very real
budget challenges.
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Social Investment
Social investment is a
powerful force in the future
of philanthropy going beyond
non-returnable grants for
charitable purposes to social
venture investment with the
potential to grow social and
financial return.
Open Public Services
Open Public Services will
increasingly offer ambitious
social purpose ventures
scope to develop and expand
through delivering local
statutory services.
Subsidised Investment
Social investment remains
heavily subsidised by
philanthropic and public
funding, which will continue
to be needed to develop the
capacity of multiple
small-medium social
ventures reliant on reducing
statutory grant support.
Proposed Way Forward
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Philanthropy that invests in social change
Social investment approaches will be a
powerful force in shaping the future of
philanthropy. Social investment is the use
of philanthropic funds not just as non-
returnable grants for charitable purposes,
but as investment in social ventures with
the potential to grow both social and
financial return. High impact philanthropy
in future will have to aim (at least in part)
at economic sustainability. The pioneering
Big Issue Foundation, which in 1991
founded one of the first social businesses
employing homeless people to produce and
sell street newspapers, has gone on to set
up the Big Issue Invest fund for other high
impact social enterprises, and the innovative
Threadneedle UK Social Bond Fund, the first
retail social investment product offered to
individual investors. There is an increasingly
differentiated spectrum of social investment
options from largely philanthropic ‘grants
plus social investment’ for embryonic
enterprise to investment at commercial rates
for social businesses and the burgeoning
markets in social goods.
Social finance structured to meet need
Open Public Services will increasingly offer
ambitious social purpose ventures scope to
develop and expand through delivering local
statutory services, freed from geographical
and artificial internal boundaries. This
will generate increasing need for suitable
investment options, and Big Society Capital,
operating on commercial terms, has been
set up to provide future capitalisation
for the social investment market. Social
sector providers like Allia are increasingly
issuing social bonds at commercial rates for
investment in well-established organisations
including Golden Lane Housing and
Hightown Housing Association.17
Ethical
property or organisations with property
assets will be particularly attractive to
social investors because of their low risk
–high growth potential. Social enterprise
will not be the only business model.
Commercial charity enterprise, always
part of the sector and a key model for
developing economies, will also grow. The
Bangladeshi BRAC (Building Resources Across
Communities) NGO runs surplus-generating
enterprises half of whose surplus supports
BRAC’s development programmes in low-
income housing, microfinance and clean
development, while the remaining 50 per
cent is re-invested in enterprises. ‘Social
assets’ are emerging as a credible new asset
class, and the UK ‘Social Stock Exchange’
provides potential new investors with the
first regulated listing of social businesses. For
larger social ventures, the skies are open.
However social investment remains heavily
subsidised by philanthropic and public
funding, which will continue to be needed
for the multiple social ventures at the
small-medium end of the scale as statutory
grants reduce. In practice the market in
recyclable social finance is growing slowly,
worth around £0.75 billion at most after two
decades. 18
Programme-related investment

4. of foundation assets in businesses with a
social purpose still represents a tiny part
of investment portfolios.19
From the market
point of view, the issue is lack of ‘investment-
readiness’. Recent new funds have been made
available for game-changing development,
such as the government-instigated Access
Foundation, which has a fund dedicated
to strengthening business capacity.‘Power
to Change’, supported by the Big Lottery
Fund, is dedicated to embryonic community
businesses. Community asset transfers from
local authorities give local communities
exciting opportunities to acquire and develop
assets, but many will need additional funding
and support to become investable. Smaller
philanthropic ventures present an ongoing
market gap, and imaginative re-thinking is
needed for organisations that, because of
their mission or capacity, may never reach
financial independence.
Tackling financial exclusion and poverty at
source
A growing opportunity is to use social
finance to tackle poverty and financial
exclusion at source. Micro-finance products,
coupled with mobile phone and smart card
technologies will be increasingly powerful in
addressing financial exclusion and poverty.
The international Omidyar Network20
invests
in leading-edge mobile and web based
technology-driven projects for financial and
social change, largely in African countries.
Unlike the developing world where micro-
finance is a major business supported by
the mainstream capital, the use of social
finance to address financial exclusion is
emerging more slowly, though promisingly,
in the West. Through community finance
intermediaries including Credit Unions,
individuals are directly able to access finance.
The French social business ABC-Microfinance
– Babyloan offers online micro-lending in
which users can give loans from 20 EUROS to
entrepreneurs in developing countries.
Impact Investment
A key barrier to social investment for social
ventures with few assets and limited track
record is risk, which generally the investee
carries. Social Impact Bonds are developing
fast, driven by government, to promote
payment by results and shift risk to the
investor. ROI is related to savings accrued
to the public purse through more efficient
delivery of public services. SIBs, however, are
complex products, and demand a high level
of performance management. As the fate of
the Peterborough prisoner rehabilitation SIB
has shown, they are also vulnerable to shifts
in public policy, with mainstream and private
providers incorporating service efficiencies
which were subsidised by philanthropy and
developed by social ventures whose business
is now at risk. The model is influential, with
over 30 available21
, including in developing
regions like South Africa where the SA
government is directly involved.
Impact Investment offers the opportunity
for commercial investment in companies,
organizations, and funds which can generate
measurable social, environmental as well
as financial gain. It is increasingly directing
the force of mainstream investment towards
radical social changes. Impact investments
often target small and medium-sized
enterprise in emerging economies but recent
funds are raising the bar. The UBS Oncology
Impact Fund has raised a record $471 million
for developing global cancer treatment.
A new high impact-high return fund, RISE,
managed by US equity firm TPG, is aiming to
raise $2 billion, and already attracting the
attention of major philanthropist investors.22
A significant challenge will be to establish
adequate social, financial and environmental
growth indicators that provide a platform for
comparative benchmarking.23
Effective Altruism
Philosopher-philanthropists like Peter Singer
see the future of philanthropy in a moral and
effective altruism which consciously aims at
redistribution. He is resurrecting utilitarian
notions of calculating ‘the greatest good
for the greatest number’ as an approach to
philanthropic choice, replacing personal
preference or idiosyncracy with scientifically
calculated maximum social impact. Will
Macaskill is a leading proponent of the
effective altruism movement in the UK,24
and is educating donors to analyse the root
causes rather than symptoms of social issues,
and to employ rigour and evidence to work
out rationally ‘of all the ways in which we
Micro-venturing
Smaller philanthropic
ventures present an on-going
market gap, and imaginative
re-thinking is needed for
organisations that, because
of their mission or capacity,
may never reach financial
independence.
Direct Philanthropy
A growing opportunity is
to use social finance to
tackle poverty and financial
exclusion at source. Micro-
finance products coupled
with mobile phone and smart
card technologies will be
increasingly powerful.
De-risking Social Investment
A key barrier to social
investment for social ventures
with few assets and limited
track record is risk. Innovative
practices, structures and
partnerships emerge.
Appropriate Comparison
A significant challenge
to building investment in
emerging enterprise is to
establish adequate social,
financial and environmental
growth indicators that can
benchmark performance.
Effective Altruism
A resurrection of utilitarian
notions of calculating ‘the
greatest good for the greatest
number’ replaces personal
preference or idiosyncrasy
with scientifically calculated
maximum social impact,
forcing hard choices for many.
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4

5. Partnerships for Impact
Agencies from all sectors
will expand cross-sector and
cross-national partnering, to
achieve leverage and impact.
Foundations increasingly co-
fund with each other.
Philanthropic
Disintermediation
Digital technology
challenges established
structures and reveals new
philanthropic pathways.
One consequence is the
trend towards philanthropic
disintermediation.
Digital Engagement
High impact philanthropy will
need to capture the personal
initiative and engagement
which digital technology
enables to drive growth and
new ways of targeting social
needs.
could make the world a better place, which
will do the most good?’ In an approach
with growing appeal to younger donors, he
believes philanthropy will have to make
some hard trade-offs.
Developing initiatives with leverage
Agencies from all sectors will expand cross-
sector and cross-national partnering, to
achieve leverage and impact. Foundations
increasingly co-fund with each other, though
few are in public/private collaborations:
• The Wellcome Trust, the Bill & Melinda
Gates Foundation and the governments
of the UK, US, Colombia, and Brazil are
jointly committing $18 million to fight
infection in Latin America
• A group of foundations including Esmee
Fairbairn funds work with statutory
services on early action in children’s
welfare
• The global Novartis Foundation works
with governments and others in
sub-Saharan Africa to extend access to
community health-care, including through
telemedicine25
• Allia funds affordable housing across
Scotland through a bond issued on
the Scottish Government’s behalf.
Leading companies are looking at
responsible business holistically across their
whole value chain. As they work more closely
with external stakeholders, there will be
huge opportunity for philanthropy to help
develop social value and impact at scale.
Former UK Prime Minister David Cameron
claimed Business is the most powerful force
for social progress the world has ever known26
.
Multiple partnerships will be particularly
effective. To address independent living, for
example, Lloyds Banking Group, the Small
Firms Enterprise Development Initiative and
Leonard Cheshire Disability are launching an
enterprise mentoring qualification to support
disabled entrepreneurs.
Techniques that capitalise on digital
technologies and open access
As in all other aspects of our lives, digital
technologies are bringing transformative
opportunities to grow philanthropic impact
in new ways. Online funding information,
fundraising and marketing is growing
fast, but under-developed areas include
online service delivery,27
information-
sharing and social media use. A major
challenge for philanthropy will be to drive
investment towards digital development,
as front-line services tend to take
priority. Digital technology is challenging
established structures and revealing
new disintermediated funding pathways.
Opportunities for immersive, interactive
experience, like the US HandUp which
directly connects donors and beneficiaries,
are breaking through organisational
barriers, and online member forums give
individual donors closed spaces to share
philanthropic learning and action. With an
Internet connection and limited resources,
young donors and entrepreneurs set up
personal online philanthropic appeals and
alternative finance facilities. Crowd-funding
internet platforms for local fundraising,
donations, peer-to-peer lending and
alternative investment are mushrooming,
such as Respekt.net (Austria), Angel.
me (Belgium), Starteed.com (Italy) and
Spacehive (UK).28
High impact philanthropy
will need to capture the personal initiative
and engagement which digital technology
enables. Philanthropy information-sharing
projects, such as the embryonic 360 Giving29
which is building a large shared online and
searchable database of grants made by
philanthropic funders, will drive challenges
of greater transparency, and more efficient
targeting of philanthropic funds.
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6. 6
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Fragmented Philanthropy
Major new philanthropic
giving investment is likely to
be donor-motivated, driven
and directed, bypassing
charitable structures. An issue
is how large-scale private
donor engagement relates
to existing philanthropic
initiatives.
Investing in Philanthropy
Capacity
Philanthropy invests little
in its own development,
always prioritising front-line
services. A future challenge is
to find resources for its own
infrastructure development,
particularly in building
business and enterprise
capacity.
Cost and Risk of Failure
As philanthropy concentrates
responsibility for change
in the hands of the few,
failure to deliver will present
significant costs and risks
to society.
Micro Social Finance
Larger-scale successful social
business is increasingly well-
served by social finance. The
challenge is to make it work
for the specialised, smaller-
scale, and less marketable
but vital purposes which
philanthropy contributes to
society.
Scaling up
Some parameters for the future of global high
impact philanthropy are certain. Its current
value is unlikely to decline. Need and demand
for philanthropy to contribute meaningfully
to effective high impact social solutions will
only grow, and many of the opportunities for
developing philanthropy in ways that will
increase its impact are also clear:
• Building the scale of philanthropic giving
• Continuing to develop the role and use of
social finance
• Addressing poverty and financial exclusion
directly
• Extending philanthropic resources through
leverage and partnerships
• Shifting the focus of philanthropic action to
more strategic approaches to the root
causes and systems which underlie
persistent social deprivation
• Placing social justice at the heart of
philanthropy
• Expanding the role of digital technology
in engaging donors, providing services and
sharing information
• Growing the power of private finance and
business to make a social impact
• Using commercial return to finance social
good.
The route to growing the total amount of
philanthropy, and engaging more donors and
larger investments is not clear. Developments
suggest that major new philanthropic giving
investment is likely to be donor-motivated,
driven and directed. It may not use charitable
structures. An issue is how large-scale
private donor engagement relates to other
existing philanthropic initiatives and public
welfare priorities. At a smaller scale, the
same question applies to the mushrooming
of disintermediated personal philanthropic
initiatives. Are we heading towards an
increasingly fragmented philanthropy? Is this
good or bad?
Philanthropy invests little in its own
development, always prioritising front-
line services. A future challenge is to
find resources for its own infrastructure
development, particularly in building
business and enterprise capacity, and digital
technology. Should philanthropic resources
be diverted from the front-line, in the
interests of longer-term gain?
Partnership and leverage offers huge
opportunity for higher impact philanthropy.
In terms of resources, it brings challenges
around sharing the ownership and
recognition that often motivates private
philanthropy, and power balances where
public or private partners will have much
greater resources. Ways of protecting the
distinctness of the role of philanthropy will
need to be found, to avoid the risk of donor
demotivation
How far can and should the philanthropy of
the future take on responsibility for global
health and welfare? What will be the risks
of failing? Zuckerberg’s donation to CZI is a
major gift by any standards, but can it live
up to its claims? The annual health and
medical research investment of UK charities
and government alone is worth around £8.5
billion, and is still barely sufficient.
Social and impact investment are expanding
fast and will continue to offer important
new opportunities for harnessing social
and economic return. A major implication
is the future shape of philanthropy that
these developments will drive. Many social
goods will thrive in this market-place, but
the choice and nature of these goods will
be determined by providers and markets
rather than needs. Larger-scale successful
social business is increasingly well-served
by social finance, including the transition
to mainstream finance, but the challenge
is to make it work for the many specialised,
smaller-scale, and less marketable but vital
purposes which philanthropy contributes to
society. This could involve shifting the focus
from individual enterprise growth, to using
social finance more holistically to build a
funding ecology within which projects that
maximise social return are subsidised by
those with economic return. Straightforwardly
commercial enterprise whose returns can
be used for social purposes are a tried and
tested model which it may be time to
re-address.
Impact and Implications
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Interest in philanthropy as a tool in tackling
persistent global challenges of inequality is
growing in every region of the world. There
are no magic bullets, but the potential in
increasingly rapid global cross-fertilisation
between sectors and knowledge, fast-
developing digital technologies and rising
entrepreneurialism is presenting new
challenges, opportunities and demands for an
enlightened high impact philanthropy.
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1
Boston Consulting Group. Global Wealth 2016
https://www.bcgperspectives.com/content/
articles/financial-institutions-consumer-
insight-global-wealth-2016/?chapter=2
2
See, for example, the Millennial Impact
Project http://www.themillennialimpact.com/
about/
3
Pharoah More to Give
4
2016 Deloitte Millennial Survey https://
www2.deloitte.com/content/dam/Deloitte/
global/Documents/About-Deloitte/gx-
millenial-survey-2016-exec-summary.pdf
5
Harrow, J. (2016) ‘Accountability in 4-D’. In The
Routledge Companion to Philanthropy (Eds.
Tobias Jung,Susan D.Phillips,Jenny Harrow )
6
Pharoah et al. Foundation Giving Trends
2016 (for estimates of total private giving in
UK) http://www.acf.org.uk/policy-practice/
research-publications/foundation-giving-
trends-2016; National Philanthropic Trust
(US) https://www.nptrust.org/philanthropic-
resources/charitable-giving-statistics/
7
http://policy-practice.oxfam.org.uk/
publications/an-economy-for-the-1-how-
privilege-and-power-in-the-economy-drive-
extreme-inequ-592643
8
BBC News, http://www.bbc.co.uk/news/
business-38613488
9
Cowley, E, McKenzie,T, Pharaoh, C, Smith,
S. (2011) The new state of donation: three
decades of household giving to charity 1978-
2008; MacKenzie,T and Pharoah, C A decade of
donations in the UK 2001-2011
http://www.cgap.org.uk/uploads/Briefing%20
Notes/CGAP%20BN11%20Decade%20of%20
donations.pdf
10
Mullin, R (2002) ‘The Evolution of Charitable
Giving’ in A lot of Give (Eds Catherine Walker
and Cathy Pharoah). Hodder and Stoughton
2002.
11
Peter Singer.‘What Should a Billionaire
Give – and What Should You?’ New York Times
Magazine 17.12.2006 http://www.nytimes.
com/2006/12/17/magazine/17charity.t.html
12
William McAskill. (2015) Doing Good Better
Guardian Books, & Faber and Faber. London
13
A Limited Liability Partnership has a separate
legal personality.Unlike a standard partnership,
LLP members enjoy limited liability but the
partnership is transparent for tax purposes: non-
corporate partners register for self-assessment
and pay tax on their share of profits,while
profits shared by corporate partners are liable
for corporation tax.The LLP provides a flexible
model for social enterprises–rather than each
member taking an equal share of the profits,
a majority proportion of the profits will be
dedicated to a social purpose.
14
Kania, J et al. Strategic Phialnthropy for a
Complex World. Stanford Innovation Review,
Summer 2014. https://ssir.org/up_for_debate/
article/strategic_philanthropy
15
Peter Buffet.‘The Charitable-Industrial
Complex’. New York Times 26.07.2013
16
Llankelly Chase Foundation website.
Changing Systems http://lankellychase.org.
uk/changing-systems/
17
https://www.google.co.uk/search?q=social+b
ond+market&ie=utf-8&oe=utf-8
18
Boston Consulting Group (2015) The
first billion.A forecast of social investment
demand.
19
Jeffrey N, Jenkins R. (2013) Research Briefing:
Charitable trusts and foundations engagement
in the social investment market.ACF, (2013)
20
http://www.omidyar.com/initiatives/
emerging-tech
21
Bridges Ventures (2015) Better Outcomes,
Better Values http://bridgesventures.com/
wp-content/uploads/2016/03/SIBs_Better-
Outcomes-Better-Value-screen-view.pdf
References

8. 22
https://www.clearlyso.com/the-mainstream-
cometh/?platform=hootsuite
23
https://thegiin.org/impact-investing/need-
to-know/
24
Macaskill,W. (2015) Doing Good Better.
Guardian Books. London
25
http://www.novartisfoundation.org/
news/more/1207/expanding-the-reach-of-
telemedicine-to-empower-more-community-
health-workers-in-rural-ghana
26
Speech to Business in the Community,
February 2012
27
cogapp(2013) Leading Digital
Transformation: Recommendations for Charity
Chief Executives http://www.cogapp.com/
sites/default/files/Leading%20Digital%20
Transformation%20Report.pdf
28
http://www.sbs.ox.ac.uk/sites/default/files/
Entrepreneurship_Centre/Docs/OxEPR2/
current-state-crowdfunding-europe-2016.pdf
29
http://www.threesixtygiving.org/
What do you think? Join In | Add your views into the mix
8
Visiting Professor of Charity Funding and
co-Director of the Centre for Charitable Giving
and Philanthropy at Cass Business School.
Lead expert on the Future of High Impact
Philanthropy.
Cathy Pharoah is Visiting Professor of Charity
Funding and co-Director of the Centre for
Charitable Giving and Philanthropy at Cass
Business School. She is an expert on the
funding of the non-profit sector, specialising
in philanthropy research. She produces the
definitive annual UK Foundation Giving
Trends, now into its 8th edition, funded
by the Pears Foundation. Other current
projects include the UK contribution to the
forthcoming Global Philanthropy Report,
conducted by the Hauser Institute, Harvard
University, and supported by UBS AG; a
new study of capital grant funding to the
UK voluntary sector, commissioned by the
Clothworkers’ Foundation; research on young
millennial donors; and an update on income
trends in the UK’s major charities. Cathy also
recently carried out the UK component of an
EC-funded study of foundation support for
research and innovation Europe-wide, and
regional studies on the impact of austerity
on income generation amongst smaller local
organisations, funded by the Garfield Weston
Foundation. She recently led an innovative
seminar on the morality of charity, while
previous studies include multi-cultural giving
and remitting, the impact of tax incentives
and social investment, including work on the
early UK social investment bank proposal
(fore-runner of Big Society Capital). She has
written on social finance (for example, in ‘The
Big Society: a new agenda for welfare?’ LSE/
Edward Elgar). She has carried out research
for government and many charitable clients,
works with the donor advisor community,
and was Research Director at Charities
Aid Foundation (CAF) for 11 years. She is a
founder and Policy Editor of Voluntary Sector
Review, board member of the Barrow Cadbury
Trust, member of research advisory group
of Power to Change, and presents widely on
giving and philanthropy.
Prof. Cathy Pharoah

9. 9
About Future Agenda
In an increasingly interconnected, complex
and uncertain world, many organisations
are looking for a better understanding
of how the future may unfold. To do this
successfully, many companies, institutions
and governments are working to improve
their use of strategic foresight in order to
anticipate emerging issues and prepare for
new opportunities.
Experience shows that change often occurs
at the intersection of different disciplines,
industries or challenges. This means that
views of the future that focus on one sector
alone have limited relevance in today’s world.
In order to have real value, foresight needs
to bring together multiple informed and
credible views of emerging change to form
a coherent picture of the world ahead. The
Future Agenda programme aims to do this
by providing a global platform for collective
thought and innovation discussions.
Get Involved
To discuss the future agenda programme and
potential participation please contact:
Dr.Tim Jones
Programme Director
Future Agenda
84 Brook Street, London. W1K 5EH
+44 203 0088 141 +44 780 1755 054
tim.jones@futureagenda.org
@futureagenda
The Future Agenda programme is the world’s
largest open foresight programme and is based
on the idea that by engaging with others from
different cultures, disciplines and industries
we can collectively create a more informed
understanding of the world in which we live.
This makes it easier to shape a strategy that
will help to address the major challenges
we face. Our aim is to identify ways in which
systems could function, consumers behave and
governments regulate over the next decade
and give all organisations, large or small,
access to insights that we hope, will help them
to develop their future strategy.
The first Future Agenda programme ran in
2010 and brought together views on what
will impact the next decade from multiple
organisations. Building on expert perspectives
that addressed everything from the future
of health to the future of money, over 1500
organizations debated the big issues and
emerging challenges. Sponsored globally by
Vodafone Group, the programme looked out
ten years to the world in 2020 and connected
CEOs and mayors with academics and
students across 25 countries.Additional online
interaction connected over 50,000 people
from more than 145 countries who added their
views to the mix.
The second programme, Future Agenda 2.0,
ran throughout 2015 looking at key changes
in the world by 2025. Building on the success
of the first programme, this time 25 topics
were explored in 120 workshops hosted by
50 different organisations across 45 locations.
There was also specific focus on the next
generation, including collaborating with
schools, universities and other educational
organisations. Rather than having a single
sponsor, this time multiple hosts supported
workshops on specific topics either globally or
in their regions of interest.We would like to
thank all of the 5000 experts around the world
who have shared their views and made this
project possible.
The results from the both programmes,
published both online and in print, have been
widely shared and used around by individuals
and organisations looking to be more
informed.TV programmes, talks, workshops and
additional discussions have followed as people
have explored the potential implications and
opportunities in their sector or market.
Context – Why Foresight?
Future Agenda
What do you think? Join In | Add your views into the mix www.futureagenda.org