Caudwell charity ball raises record £1.7m
Despite the global economic slowdown, a children's charity founded by UK billionaire John Caudwell raised a record £1.7m last night .
The annual Butterfly Ball, which attracted a host of UK celebrities, including singer Rob Stewart and actress Liz Hurley, was held last night in London.
A spokesman for Caudwell Children said that expectations had been low, amid fears that givers would be less generous because of the tough financial climate. But the 820 guests managed to raise an additional £300,000 from last year's total.
Speaking after the event, John Caudwell said: “It is heart-warming to see that despite the current economic climate people are still prepared to help the less fortunate.” The Sunday Times currently estimated Caudwell's wealth at £1.4bn.
The event was sponsored by HSBC Private Banking, Coutts, Barclays Wealth and TLC.
The news comes after Stanley Fink, the former chief executive of hedge fund Man Group, who left last year to focus on philanthropy, this month urged entrepreneurs and wealthy individuals in the UK to ensure that charitable giving in the country does not suffer.
Fink was speaking this month at the Sunday Times Giving List Presentation, where a number of high profile donors, corporate specialists and charity representatives gathered to compare notes on the impact of the recession on giving in the UK.
The Sunday Times Giving List revealed that despite a 37.5% fall in the combined fortune of Britain's top 1000 wealthiest people this year, the top 100 philanthropists have put £216m (€242m) more into charity than during the previous 12 months, bringing their spend up to a record £2.8bn, up 8% on 2007.
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