LEG A CY
WEALTH & PURPOSE
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FUNDING SOCIAL IMPACT SINCE
While some families have one vehicle for their charitable giving, the 11th-generation Hoare family channel their generosity and financial acumen into a suite of philanthropic ventures. James Beech speaks to Alexander Hoare
he family behind England’s oldest privately-owned bank have been giving to charitable causes for more than three hundred years. Now, both its principal and millennial scion
Mary Rose Gunn, is chief executive of The Fore, the dynamic venture-capital style grant funder for nascent charities, and its umbrella philanthropic organisation, the Bulldog Trust, backed by the Hoare family
are investing their time and talents into a fresh initiative to support early-stage social enterprises at the grassroots, where the need is greatest. Alexander Hoare, 57, is the eleventh-
generation partner and director of the British banking dynasty C. Hoare and Co., and the award-winning keeper of the flame of the family’s philanthropic traditions, which date back to the bank’s foundation in 1672. A patron of Royal Trinity Hospice
and a founder partner in the impact investment partnership Project Snowball, charity begins at home with Hoare in his role as trustee of the family’s own Golden Bottle Trust. The charitable trust was set up by the partners of the bank in 1985. The trust was named after the sign that Sir Richard Hoare, the
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family business founder and father of 17 children, once hung outside his bank’s original goldsmith’s business on the City of London’s bustling Cheapside. Alexander Hoare says the family bank
tithes to the family trust, which has granted more than £22.8 million ($29.8 million) since its foundation to a wide range of causes, from education and health, to environmental sustainability, and social investment. In the year to September 2017, the bank donated £7.2 million to the trust which made £1.7 million ($2.3 million) worth of grants to 344 beneficiaries, 27% of whom were new recipients. The Golden Bottle Trust was not
the family’s first foray into formalised philanthropy. Alexander’s fellow tenth- generation cousin, Richard Q Hoare, founded and originally chaired the Bulldog Trust two years earlier in 1983. The Bulldog Trust continues to support and advise charities facing immediate financial difficulties with Richard’s son, Charles, as chairman since 2013.
ISSUE 75 | 2019
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