UK 5-year legacy income forecast upgradedUK 5-year legacy income forecast upgradedUK 5-year legacy income forecast upgradedUK 5-year legacy income forecast upgraded
  • About us
  • Membership
  • EFA Certification
  • Fundraising Europe
  • News
  • Events
  • Resources
  • About us
  • Membership
  • EFA Certification
  • Fundraising Europe
  • News
  • Events
  • Resources
Eiffel Tower
Emergency tax measures sought to boost philanthropy in France
June 25, 2020
puzzle connect
Swedish civil society could support country’s post-Covid recovery says report
July 1, 2020

UK 5-year legacy income forecast upgraded

June 29, 2020
Categories
  • News
  • United Kingdom
Tags
  • Coronavirus
  • Legacies
Sunset

Photo credit: Drew Beamer on Unsplash

Legacy Foresight has updated its projections of the impact of the coronavirus on UK legacy income, to take account of the latest available economic, demographic and administrative information. While legacy cash income is likely to be hit hard in 2020, over the five year forecast period legacy income is expected to grow to £3.6-£3.8 billion by 2024.

Overall, the latest forecast for 2020 is slightly more optimistic than its predictions from April. The revised assessment takes into account the latest economic data, demographic updates on the scale of deaths resulting from the crisis and latest evidence about the speed in which charitable Wills are being administered. Legacy Foresight reports that solicitors, the probate service, charities and other organisations involved in the processing of wills have adapted relatively quickly to the current crisis.

Jon Franklin, economist at Legacy Foresight, says:

“Our scenarios now suggest that legacy cash income could fall by between 4% and 23% in 2020, reflecting the economic environment as well as the delays in the sale of property assets from estates caused by a slow-moving housing market. However, as administrative delays unwind and income starts to flow from the anticipated increase in bequests, it’s likely that income could rise quite rapidly during 2021 and 2022.

“We recently analysed cash legacy income from 12 Legacy Monitor charities in the first six weeks of lockdown. Across the sample, like for like cash income was down by 18% on 2019. Although this fall is significant, it’s not as severe as expected, which is heartening news for legacy managers and finance directors. We expect the situation to improve over the coming months, as charities continue to adapt their systems for collecting cash and recording bequest numbers in the new environment.”

Rob Cope, director of the UK’s national legacy consortium Remember A Charity, adds:

“Voluntary income will often come in peaks and troughs, but this year has been more uncertain than ever. Despite the challenges to estate values, it’s legacy income that has sustained many charities and frontline services throughout the crisis. This long-term income stream will become all the more important in the months and years ahead.

“The pandemic has made it exceptionally challenging for charities to raise the topic of legacy giving with supporters at a time when mortality is very much front of mind. But by working together, we have the opportunity to convey the importance of gifts in Wills collectively and secure vital charitable services now and long into the future.”

Legacy Foresight will continue to monitor this highly uncertain situation and provide regular updates to the sector as and when significant new information comes available.

Share

Related posts

Riksdag
April 7, 2021

Wills register welcomed by Swedish charities


Read more
Home working
April 7, 2021

Flexible working is here to stay, say UK nonprofits


Read more
April 7, 2021

Legacy income on the rise in Ireland


Read more

Sign up to our free monthly news and features

  • Latest news
  • Latest features
  • News from EFA
  • Fundraising Europe
  • Advertise with EFA

Search news by country or category

News by date

Popular topics

  • Research
  • Coronavirus
  • Professional development
  • Individual giving
  • Philanthropic trends
  • Digital
  • Legacies
  • Events
  • Collaboration
  • Tax incentives

Events Calendar

< April 2021 >
Mon Tue Wed Thu Fri Sat Sun
      1 2 3 4
5 6 7AEFR Inbound Marketing Strategy Series (Spanish) all day
Session 4: Analysis of results
Online
81st Fundraising Conference for Health & Hospitality (French) all day
One day conference. AFF Fundraisers
Multi-Channel Fundraising (German) all day
Fundraising Verband Austria (Online Seminar)
9 10 11
12 13 14 15Fundraising from abroad (English & French) all day
Roundtable event (online)
Chapel & York
16 17 18
19 20ERNOP Seminar: Engaging with family business all day
(English)
21 22Leadership & Strategic Thinking (English) all day
Central & Eastern European Leadership Development Database fundraising (German) all day
Fundraising Verband Austria (Online Seminar)
Fundraising F***-Ups (English) from 3:00 pm to 4:30 pm
Conference
Online (Fundraisers Alliance Belgium)
23 24 25
26Fundraising Compact - Part 1 (German) all day
4 day training course
Online (Fundraising Verband Austria) Fundraising for Beginners (German) all day
Fundraising Verband Austria (Live Online Training)
26 April - 07 May 2021
27Fundraising Compact - Part 1 (German) all day
4 day training course
Online (Fundraising Verband Austria) Major Donor Fundraising (German) all day
Fundraising Verband Austria (Live Online Training)
Runs from 27 April to 22 June 2021
Online
28Institutional & Corporate Fundraising (German) all day
Fundraising Verband Seminar (Intensive 3-Day Online Seminar)
29Institutional & Corporate Fundraising (German) all day
Fundraising Verband Seminar (Intensive 3-Day Online Seminar)
30Institutional & Corporate Fundraising (German) all day
Fundraising Verband Seminar (Intensive 3-Day Online Seminar)
   

Registered Office

James Wattstraat 100
NL-1097 DM Amsterdam
Netherlands

EFA is registered at the Netherlands Chamber of Commerce
Reg. No. 34212817

Contact

Executive Officer, Denise Dawes
denise.dawes@efa-net.eu

Media enquiries:
news@efa-net.eu

Follow us

Twitter
Facebook
LinkedIn

Search

© 2021 EFA | European Fundraising Association. All Rights Reserved. Privacy Policy