The Foyle Foundation is set to make £23m-worth of grants over the next two years as it plans to complete its grant giving programme and close in 2025.
This decision has been made to enable more charitable causes to receive increased support, more quickly than would have been possible if the foundation had maintained a permanent endowment, it states.
The Foyle Foundation is an independent grant making trust that distributes grants to UK-based registered charities and schools, which became operational in November 2001.
Since then the foundation has steadily increased the amount awarded in grants each year, disbursing £147m in grants overall (up to 31 December 2023).
According to the Charity Commission website, the foundation held £41.4m in long-term investments and £7.29m in other assets as of 31 December 2022.
The foundation spent a further £10.9m on grants in 2023, and is set to make £23m-worth of grants over the next two years in normal grant making, as well as some legacy grants.
Funding available for projects completed by the end of 2025
It will complete its grant giving programme in 2025, though applications are still open for the final rounds of grants for projects which will be completed by the end of 2025.
The foundation was established in 2000 with unrestricted charitable objectives and no request or need to maintain a permanent endowment.
“The trustees decided to spend down its funds over 25 years, enabling more charitable causes to receive more support, more quickly, than would have been possible if the foundation had maintained a permanent endowment,” a statement on the foundation’s website reads.
It has been “steadily increasing” the amount awarded in grants each year and will continue this policy across the final two years.
Over £11m is likely to be awarded in 2024 and £12m in 2025 for normal grant making. In addition, the foundation will make some legacy grants which recognise the foundation’s work over the years.
“We have only just made the announcement and it is too early for us to gauge the impact on application numbers and competition for funding,” its statement adds.
It will only consider applications for projects up to the end of 2025. And charities will need to be able to fully spend the funds awarded and report on the use of the grant before the end of December 2025.
“We may be able to consider an application towards an early phase of a larger project,” the foundation adds.
All existing approved grants and payments are scheduled to be paid out and the projects completed before the closure of the grant giving programme.
Foyle Foundation history
The Foyle Foundation was set up to implement the will of the late Christina Foyle, who died in 1999 leaving most of her estate to charity.
In 2000, the executors decided to set up a grant making foundation to disburse the charitable funds strategically.
It began with approximately £60m, and the assets were mainly property holdings, some stock market investments and a holding in her father’s library which was sold.
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