A foundation run by the UK’s most generous philanthropist spent $338m (£270m) less on charitable activities last year, according to its recently published accounts.
The Children’s Investment Fund Foundation (CIFF) committed $491m to charitable activities in the 2022 calendar year, compared to $829m in 2021.
Its accounts show investment losses in 2022 were $487m, as compared to a gain of $695m in 2021.
CIFF has an investment portfolio of $5bn that finances the charitable expenditure. This dropped in valuation from $5.9bn in 2021.
Its accounts read “a challenging economic environment” led to negative investment returns for 2022.
CIFF founder Chris Hohn was listed by the Sunday Times Giving List as the most generous philanthropist in the UK this year.
The foundation paid further instalments to Big Win Philanthropy (UK) from an agreed £277m settlement resulting from Hohn’s divorce from CIFF co-founder Jamie Cooper.
Higher grant disbursements
The accounts show total incoming resources were $72m, up from $29m in 2021.
As of 31 December 2022, the trustees have earmarked $914m of reserves as designated funds, down from $951m in 2021.
The charity delivered $530m in grant disbursements in 2022 and approved $400m in multi-year commitments.
In 2021 the charity had charitable grant disbursements of $468m, meaning 2022 is the fifth successive year of increased disbursement. This figure represents a 13% increase on the year prior.
Big Win Philanthropy payments
As of 31 December 2022. CIFF had paid eight instalments, totalling $144m to Big Win Philanthropy.
This is up from 31 December 2021, when CIFF had paid four instalments of the grant, totalling $72m.
In 2020 the Supreme Court ruled the charity must make a £277m donation to Big Win Philanthropy charity after two of its trustees divorced.
Christopher Hohn and Jamie Cooper set up CIFF in 2002 and the breakdown of their marriage created challenges in administering the charity.
Their divorce settlement in 2014 agreed that CIFF should make the grant to Big Win Philanthropy, a charity set up by Cooper, provided that approval was obtained from either the Charity Commission or the courts.
Meanwhile, the average monthly number of employees at CIFF in the year was 195, compared to 167 in 2021.
The highest-paid member of staff received between $521,000 - $535,000 which was down from $591,000 - $605,000 the year prior.
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