Despite investment losses, nearly half of UK charitable foundations expect grantmaking to hold steady or increase in the next year, according to a survey carried out by the Association of Charitable Foundations among its members. From a glass-half-empty point of view, this means that just over half expect grantmaking to fall in the same period, though the longer-term outlook remains optimistic.

Beyond two years, 45 per cent of survey participants expect to increase their grantmaking and another 33 per cent to maintain current levels. Seventy-five per cent of respondents had seen a significant decrease in investment value over the past 12 months and some anticipate changes in the nature of the grants they make next year: 44 per cent are likely to give fewer grants, 27 per cent believe their grants will be smaller, and 23 per cent think they will be given over shorter periods.