How transparent are charitable foundations? A large-scale comparison of transparency levels in grant-making trusts and foundations in England and Wales

Debate on the role of charitable grant-making foundations often references concerns about their lack of transparency. There has, however, been limited empirical investigation of foundation transparency levels. In this study, we report the largest-ever investigation of transparency among grant-making foundations in England and Wales. Based on a novel dataset, which captures the level of grant-specific data published by more than 2,200 foundations over five years from 2014 to 2018 (inclusive), we find that: (a) overall, these foundations are transparent in their disclosure of grant-specific data; (b) the results also paint a picture of stability – of those foundations with published trustees’ annual reports and accounts in all five years of this study, 78 per cent had the same disclosure practice throughout; and (c) a specific regulatory change mandating grant-specific disclosure has not substantially increased levels of disclosure. This study therefore provides detailed evidence that contributes to and expands the conversation on English and Welsh foundation transparency.