Virgin Money Giving Annual Report and Accounts 2013
04 March 2014
VIRGIN MONEY GIVING NOW SUPPORTS OVER 8,300 CHARITIES
- Over £80.5 million raised by Virgin Money Giving fundraisers in 2013, including Gift Aid
- Growth of 27% in charities registered with Virgin Money Giving
- Growth of over 11% in year-on-year donations made through Virgin Money Giving
- Almost £250 million raised by fundraisers since launch
- Over £7.5 million extra delivered to charities due to Virgin Money Giving’s low fees and not-for-profit model
Virgin Money Giving, the not-for-profit online donation service from Virgin Money, has today announced its annual results for 2013 and confirmed that following a 27% growth in the number of charities registered to use the service, it is now supporting over 8,300 UK charity partners.
Donations to charities in 2013 made through Virgin Money Giving grew by over 11% year-on-year to over £80.5 million (including Gift Aid). This was achieved despite continuing pressure on overall levels of giving in the UK, illustrating the increasing popularity of Virgin Money Giving and online giving in general. Virgin Money Giving has helped fundraisers to raise almost £250 million (including Gift Aid) between its launch in late 2009 and the end of December 2013.
During 2013, over 2.1 million donations to charity were processed through Virgin Money Giving. The launch of a mobile-optimised version of the Virgin Money Giving website in early 2013 helped to increase both the volume and value of donations made through mobile devices, with 30% of Virgin Money Giving’s traffic now coming from mobile devices. Importantly, this uplift in mobile donations has not been at the expense of Gift Aid collection, with Gift Aid penetration rates in the mobile channel equal to those seen in other channels.
Virgin Money Giving operates a not-for-profit business model, and charges only a small fee (2%) on donations to ensure it can deliver an effective service to charities that is sustainable for the future. It does not make any charge for the collection of Gift Aid and there is no monthly fee for charities. As a result of this not-for-profit business model and low fees, it is estimated that since its launch, Virgin Money Giving has delivered an extra £7.5 million to charities compared to its closest competitor.
Sir Tom Shebbeare, Chairman of Virgin Money Giving said: “I am delighted that Virgin Money Giving continued to grow strongly during 2013, helping more fundraisers than ever before to raise money for charity. Donations through Virgin Money Giving during the year, including Gift Aid, increased by 11% to over £80 million. Virgin Money Giving aims to make it easier for fundraisers to raise money for charities online, in a secure way, and to maximise the amount that charities receive as a result of our not-for-profit business model and low fees.”
Jo Barnett, Executive Director at Virgin Money Giving said: “We were delighted to welcome over 1,700 new charities to Virgin Money Giving during 2013, taking the total number of charity partners we support to over 8,300. Our operational performance during the year was strong, with Virgin Money Giving receiving 17.5 million website visitors and processing over 2.1 million donations. Virgin Money Giving claimed Gift Aid on over 86% of donations and 100% of the Gift Aid was passed on to our charity partners.”
Despite additional investment in the Virgin Money Giving operation, fees were held at 2% of donations and as a result, Virgin Money Giving recorded a pre-tax loss of £629,000 in 2013. These losses and those of earlier years continue to be absorbed by Virgin Money Holdings (UK) Limited. If Virgin Money Giving makes a profit in future years, this will be used to enhance services or to reduce fees.
Virgin Money Giving’s annual report and accounts are available at: http://uk.virginmoneygiving.com/giving/results2013
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NOTES TO EDITORS
About Virgin Money Giving
- Virgin Money Giving is the not-for-profit online fundraising arm of Virgin Money and was established in 2009. Virgin Money uses its infrastructure and expertise as a financial services business to ensure that Virgin Money Giving is efficient and secure.
- Virginmoneygiving.com is free for fundraisers, charges a flat registration fee of £100 + VAT for charities and a 2% fee on all donations before Gift Aid. For every £10 raised, charities receive £12.15. Virgin Money Giving charges charities the minimum fees needed to cover the running costs of the site. Any profit achieved after covering operating costs will go towards reducing fees further or improving services for fundraisers and charities.
- Fundraisers can personalise their fundraising pages, send out email alerts and manage their fundraising events. They can include their own content, photos and links to their page as well as customise messages for their supporters. Fundraisers can also link their page to social networking sites. Virgin Money Giving also contains fundraising ideas and tips, offering help and advice to fundraisers on how to raise more for charity.
- Virginmoneygiving.com is the official fundraising partner of events that include the Virgin Money London Marathon, Royal Parks Half Marathon, Nike Run to the Beat and the Virgin Money Cyclone.
About Virgin Money
- Virgin Money provides savings, mortgages, credit cards, pensions, investment and protection products to three million customers.
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business as we aim to offer good value to customers, treat employees and corporate partners well, make a positive contribution to society and deliver a profit to our shareholders.
- Virgin Money is the official sponsor of the London Marathon, the largest one day annual fundraising event in the world. Virgin Money aims to help runners raise over £250 million over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.