Posted on 23rd November 2009
Venture philanthropy pioneer Impetus Trust has announced that the charities it supports had an average annual income growth of 40% in 2008/09, more than ten times the sector average, and higher than the 2007/08 growth of 29%.
Charities supported by Impetus increased their average annual growth in people helped by 56% in 2008/09, helping over 218,000 people. This was an increase in annual growth from 2007/2008, which was an average of 53%.
Commenting on these figures, Karl Wilding of NCVO, who edits the sector's annual almanac, said, "This figure of income growth is impressive, although in any given year we see a wide spread of increases and decreases in income across the sector, irrespective of whether or not there is a recession. Nevertheless, if Impetus can argue that this sort of performance is widely replicable, then clearly we have to sit up and listen.”
Impetus chief executive Daniela Barone Soares said, “In a challenging economy not only does breaking the cycle of poverty become harder than ever, but also the impact of charities can decrease as a result of reduced funding. Impetus has worked even harder to build the capacity of innovative, effective charities and accelerate their growth and impact. It is a testament to both the commitment of our charities’ staff and the impact of our venture philanthropy model that the Impetus portfolio has exceeded its 2007/08 achievements in a time of reduced resources.”
The Impetus portfolio consists of 14 charities. The highest performing charity in the portfolio was IntoUniversity, which inspires and engages young people from disadvantaged backgrounds to attain either a university place or another chosen aspiration. IntoUniversity has been able to grow its 'average number of children helped' by 177% a year, since it obtained Impetus backing. The organisation works with nearly 5,000 children between the ages of 7 and 18 to help them achieve their potential.
For more information on Impetus Trust, visit their website.
