Grant-maker pledges to spend extra £100m over next decade

The grant-maker the Henry Smith Charity has pledged to spend an extra £100m from its endowment over the next 10 years.

The additional funding is in response to “greatly increased need”, the charity said, and would come on top of its normal grant-making.

The funder made grants worth £39.2m last year, according to financial filings with the Charity Commission, and has an endowment worth more than £1bn.

The first £65m in extra funds will be released before the end of 2024 and will include a one-off £18m programme to help its existing grant-holders access more funds, the charity said.

The announcement confirms plans first mentioned in the charity’s annual report for the year ending December 2020, which said that, in response to the coronavirus crisis, trustees were “working up plans for increasing our funding, both to new applicants and through current grant-holders”.

The charity said at the end of 2024 it would “review the effectiveness of these additional grants and decide how best to deploy further spending”.

In April last year Carol Mack, chief executive of the Association of Charitable Foundations, suggested that endowed foundations might be “in a good place” to respond to the Covid-19 crisis after several years of strong investment returns.

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