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Future of high impact philanthropy initial perspective 2017

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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.

Veröffentlicht in: Wirtschaft & Finanzen
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Future of high impact philanthropy initial perspective 2017

  1. 1. futureagenda.org What do you think? Join In | Add your views into the mix Water Wealth Work Health Learning 1 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 nergy ood overnment oyalty rivacy esources Transport Travel Water Wealth Work Health Learning
  2. 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. What do you think? Join In | Add your views into the mix Options and Possibilities nergy ood overnment oyalty rivacy esources Transport Travel Water Wealth Work Health Learning
  3. 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. What do you think? Join In | Add your views into the mix 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 nergy ood overnment oyalty rivacy esources Transport Travel Water Wealth Work Health Learning 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. 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. What do you think? Join In | Add your views into the mix 4
  5. 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. What do you think? Join In | Add your views into the mix 5
  6. 6. 6 What do you think? Join In | Add your views into the mix 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 nergy ood overnment oyalty rivacy esources Transport Travel Water Wealth Work Health Learning
  7. 7. 7 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. What do you think? Join In | Add your views into the mix 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. 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. 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

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