A major UK charitable foundation, with an endowment fortune of £130m, has announced it is to abolish itself after concluding that traditional philanthropy is a “function of colonial capitalism” and that it had itself become part of the problem.
Lankelly Chase, which gives out about £13m a year in grants to hundreds of charities operating in areas such as social, racial and climate justice, said it wanted to find bold new alternatives to what it called philanthropy’s “cult of benevolence”.
