Our theory of change

Photo: Stills Centre for Photography

We’ve recently published a new page on our website that sets out our ‘theory of change’ – not as a definitive map, but as a working attempt to describe how we think change happens, and the role we hope to play within it.  

Although we’re only now sharing it publicly, we’ve been using it internally for the past year to frame where we can add value and begin to track our performance. 

Why develop a theory of change? 

The process of developing a theory of change can be as valuable as the final version itself. It helps you to step back, reflect, and ask important questions: 

• what are we really trying to achieve? 

• where can we make the most meaningful contribution? 

• how do we understand ‘success’ – for us, for our partners and for the fields we support? 

• how do we hold ourselves accountable in a way that reflects complexity, while still learning and improving? 

We work in several different cause areas where change is often non-linear, long-term, and driven by many actors. It’s rarely possible (or helpful) to draw a straight line from a grant to an outcome. Our over-arching theory of change helps us focus on where we believe we add value – and to be thoughtful about the nature of our contribution rather than overstating our influence. 

This is not about mapping the direct results our grant-making strategy has on the themes and causes we support. Instead, it is focused on our broader role and practice as a funder.   

Contribution, not attribution 

We know that change happens in complex systems, and our role is only ever one piece of a much wider puzzle. For this reason, we’re cautious about using language like ‘impact’ or implying direct attribution. Our theory of change recognises that: 

• we often support work that others are leading 

• we can help create conditions for change, even when we’re not driving it directly 

• many outcomes are the result of collective effort over time 

We will be using our theory of change as part of an ongoing reflection around: Where are we adding value? Where are we enabling progress? Where do we need to adapt or do better? 

Exploring a regenerative approach 

A further strand of our theory of change is about taking a regenerative approach to our funding relationships. We are still exploring what it really means to take a regenerative approach – what regenerative policies, processes and practices could look like, and what enables them.  

Our interest in this comes from the fact that we typically fund organisations rather than projects: we look for dynamic, effective or promising organisations and want our resources to strengthen their ability to pursue their missions.  

A regenerative mindset starts with a simple principle: first, do no harm. Too often, the way funding is structured – whether through unrealistic match funding requirements, or by failing to contribute fairly to overheads – can drain rather than build organisational capacity. We want to avoid this, and instead ensure that our support adds to, rather than diminishes, the health of the organisations and ecosystems we are connected to.  

This is very much an ongoing journey. We’re learning as we go, and we’ll continue to share what we discover about regenerative practice as our thinking evolves.  

How we describe our role 

We’ve chosen to frame our role across three dimensions, each described by a word that captures the essence of what we’re trying to do.

Enabler – supporting our grantees 

At the heart of our work are the organisations we support. Here, we see ourselves as an enabler – providing flexible, patient funding and non-financial support that allows our grantees to pursue their missions with confidence and autonomy. Our role is to create space and stability for others to lead, trusting them as experts in their own work. 

First follower – contributing to fields 

In the fields and movements we care about, we often play the role of first follower. We use this phrase to describe the critical role of those who step in early – validating new ideas, offering encouragement and support, and helping promising approaches gain traction. By joining early, before initiatives are fully established, we aim to help transform emerging ideas into collective movements. 

Pathfinder – developing practice in philanthropy and grant-making 

In the wider field of philanthropy, we aim to be a pathfinder. We don’t claim to have all the answers, but we are committed to experimenting, learning, and sharing what we discover – whether that’s about more equitable funding practices, exploring how we approach risk, or rethinking how funders can work in partnership with those they support. We hope that by being open about what we’re learning, we can contribute to a broader conversation about how philanthropy can evolve.  

An evolving tool, not a fixed blueprint 

This theory of change isn’t a static document. We expect it to evolve as we learn more, as the fields we support change, and as we listen to feedback from our grantees, partners, and peers. For us, it’s a tool to help us stay honest, reflective, and adaptive in the face of complexity. 

Explore our theory of change below and on our website. As always, we welcome thoughts, questions, and conversations as we continue to learn.