Our Annual Report: 2024/2025

Welcome from our chair

This year our focus has been twofold: to deepen our work with organisations creating impact today,
and to build the foundations for a stronger, more visible “impact economy” that can take on the
UK’s most urgent social and environmental challenges.

Following the 2024 General Election, we worked with government and civil society partners to
design a mission-driven partnership between the state and the social sector. Our proposals include
a Whitehall “front door” for engagement, improved interchange between sectors, and a civil society
satellite account to capture the sector’s economic contribution. These may sound technical, but
they are essential to ensuring civil society’s role is visible and supported within national decisionmaking.
Under the leadership of our new CEO Jonathan Simmons, we embarked on our Growing the
Impact Economy initiative which aims to tell a unified story of the impact economy showing the
value of the social impact in the UK.

In May we merged with The Beacon Collaborative. Beacon has been a driving force for
philanthropy, encouraging more people to give and to give better. This merger embodies what New
Philanthropy Capital stands for: breaking down silos, collaborating and building bridges across the
systems that shape impact.

Similar themes emerged from our annual conference NPC Ignites 2024 and it is this collaborative
spirit that has guided our partnerships this year, from frontline charities to large funders and
policymakers. From Everyone’s Environment to Young People’s Mental Health, our Programmes
for Change continue to demonstrate what collaboration can achieve. Each programme reflects our
belief that evidence and inclusion are key to lasting impact.

Thank you to Jonathan for bringing such energy and vision to New Philanthropy Capital throughout
his first year with us. He is well supported by my fellow trustees and a team of dedicated and
expert staff. I want to thank them and all of our funders and partners for their support this year.

Vaughan Lindsay, Chair

Welcome from our CEO

The publishing of this annual report coincides with my first year as CEO of New Philanthropy
Capital. What a year! I am so proud to pick up the baton of an organisation that has done so much
to further the impact and effectiveness conversation in the UK. It is an exciting time for the UK’s
impact economy.

Whether through philanthropy, investment, social lending, or business; we know increasing
numbers of people want to use their money to address many of the challenges our society faces.
Our report in partnership with Barclays, The Modern Philanthropist, identified a doubling of the
median Ultra High Net Worth gift over the last five years.

The Impact Economy as a phrase may be new to some, but it is a concept gathering momentum
with wealth holders, government, academia and civil society, because it represents the collective
effort to achieve positive impact and social outcomes. In the same way New Philanthropy Capital
helped normalise the measurement of impact, we are determined that we’re going to help shape
and tell the story of the impact economy so, we can strengthen and grow it.

Growth must be paired with effectiveness, and as you will see in this report, New Philanthropy
Capital continues to focus on helping organisations to measure and evaluate their impact through
advising on strategy, evaluation or systems change. In the last 12 months we were commissioned
by 84 organisations, work that we then shared with hundreds through case studies and free
workshops, as part of our commitment to strengthening our community.

This year also saw us merge with The Beacon Collaborative – a charity that supports, promotes,
and celebrates philanthropy. Beacon has an unparalleled track record in convening, policy and
advocacy around high net worth philanthropy, which when mixed with New Philanthropy Capital’s
consulting, influencing, embedding excellence, partnership and communication, creates a stronger
platform with a louder voice. Together, we will host the Beacon Forum in early 2026, which we
hope will be the largest gathering of the Impact Economy to date, creating a platform for leaders to
explore the actions needed to maximise the potential for all forms of impact-led finance.

Next year? We intend to work with many more organisations, create more free resources, convene
thousands and shout louder. Why? Because we believe there is a vibrant impact economy in the
UK, which we can help be stronger, but could also we believe could be bigger.

Our convening power is just one of New Philanthropy Capital’s key strengths. Our long history, our
expertise and our independence means we offer highly effective services in impact evaluation,
systems change and learning partnerships.

This year we want to build on our success and will be exploring carefully new areas where we can
have the most impact and offer our clients even more solutions that drive results.
Thank you to everyone who has worked with us this year—our trustees, partners, clients, and
funders. Your collaboration and trust make our work and our impact possible.