Charities will be able to apply for a share of £100m over the next year from a new charity launched by the billionaire co-founder of the online investment platform Hargreaves Lansdown.
Peter Hargreaves and his family have launched the Hargreaves Foundation, which will be funded through a transfer of shares from Hargreaves Lansdown, with the value of the first transfer expected to be about £100m, according to a statement on the charity’s website.
The charity intends to make “further meaningful grants over time” to charities throughout the UK, its website says.
The Bristol-based charity, which was registered with the Charity Commission on 10 January according to the commission’s website, will have the “specific objective of providing financial support to help the disabled and underprivileged lead a full life through engagement in education, sport and associated activities, with an initial focus on assisting those who are under 18”, the charity’s website says.
In an interview with The Times newspaper, Hargreaves said he was planning to ask charities and community groups applying for grants to do so in as few words as possible, maybe “no more than 20 words”.
The foundation will be operational, with permanent staff and able to disburse grants, by the second half of 2020, according to the charity’s website.
Alexandra Butler, former head of new business at Hargreaves Lansdown, has been appointed managing director of the charity and Hargreaves and two of his children will be among its trustees.
In a statement, Hargreaves said he had been very fortunate to have had a successful career.
“While I am proud of my professional achievements, my family and I now wish to establish a more formal and sustainable structure to enable us to make a positive and significant contribution outside of the world of work,” he said.
Hargreaves retired from the company in 2015, which he said had given him time to reflect on and discuss with his family how best to make that contribution and to which causes.
“Our focus, through the foundation, will be on seeking to improve the lives of young individuals, whether with disabilities or from underprivileged backgrounds, and to assist them in leading the fullest and happiest lives possible,” he said.