Five years of impactful partnership
As Independent Age and 3i Group mark their fifth year of working together, we look back at how the partnership has helped older people facing financial hardship.
Over the past five years, 3i Group has supported Independent Age and the work we do through a combination of annual donations and staff fundraising. In that time, the investment company has generously raised £431,922 to support our work with older people who are struggling to make ends meet.
Kathryn van der Kroft, Communications Director at 3i Group explains how the relationship came together: “We chose Independent Age as one of our charity partners as they fit with our focus on supporting older people and we were impressed by the amazing work they do, particularly in supporting older people experiencing financial hardship.
“It has been a pleasure to work with the charity over the past five years, during which time our partnership has included holding numerous Big Tea events, fundraising for them at our charity summer event, making regular donations, and one of our team even running the London Marathon for Independent Age. We look forward to many more years of fruitful partnership.”
As an investment company specialising in private equity and infrastructure, 3i firmly believes in the importance of responsible business and wants to make a positive contribution through its charitable giving.
In August 2018, 3i began looking for a charity to increase its support of older people, an often-overlooked group. As a national organisation offering advice and information to help those in later life, along with their family and friends, maintain independence, Independent Age fit the bill.
In the past year, our charity has renewed its strategy to focus on financial hardship in later life specifically, particularly in areas such as income, costs, community, and housing. 3i Group has continued to champion our efforts and sees the value of our work in this area, especially as the cost of living continues to push more older people into financial hardship.
Whole team effort
3i’s commitment to charitable giving is clear as staff are keen to participate in events and eager to know more about our work supporting older people in poverty. The 3i team have regularly hosted Big Tea events and consistently raised vital funds for Independent Age and other causes during their annual charity days. In 2022, Claudio Ossanna chose to support Independent Age as he took on the London Marathon, which he describes as a “beautiful experience”.
“Not only did I challenge myself physically, but I also witnessed the incredible impact of the charity on older people and their families. The organisation provides vital care and information while fostering a sense of community.”
Responding to crisis
The COVID-19 pandemic forced most of us to limit our social interactions and stay at home. During this difficult time, many people found their money worries, along with physical and mental health issues, were exacerbated by ongoing restrictions.
Seeing how older people were often hardest hit by the pandemic, Independent Age launched a COVID-19 Grants Fund to help smaller organisations respond and rebuild in the wake of the virus so that they could continue their vital work.
When 3i were asked by Independent Age to support this Grants Fund, they understood the urgency and donated £16,500. With this support, Independent Age provided £3.3 million worth of grants to more than 200 charities. We are incredibly grateful to 3i for recognising and reacting to the need for older people to continue receiving crucial services in their communities.
Realising the scale of the pandemic, 3i also created their own £5 million COVID-19 Charitable Fund which offered both immediate relief and longer-term rebuilding support to charities and communities around the globe.
Impactful giving
Unrestricted funding can be hugely beneficial for charities as it enables the organisations to fund different areas, as and when needed, rather than focusing on specific projects. 3i understands that this support can have a greater impact as it provides an element of flexibility. For Independent Age, 3i’s valuable support helps cover our core costs that are often much harder to secure funding for.
Looking forward
“As we mark five years together,” says John Palmer, Director of Influencing and Engagement, “we look forward to more collaborations and progressing with our joint vision of supporting older people facing financial hardship.
“3i Group has been instrumental in our work creating positive change in later life and we are grateful for their continued support.”
