Nearly half of all UK charities have at least one trustee vacancy on their board, at a time when demand for charities’ services is becoming more urgent in the tough economic climate, a new study shows.

Estimates say there are between 820,000 and one million trustee positions in the UK; there are more than 171,000 charities, overseeing a total of around £35.5 billion (around $55.8 billion) of assets, according to New Philanthropy Capital, citing 2010 data.

With private banks such as Coutts, JP Morgan Private Bank and Barclays Wealth providing philanthropy advice and support to high net worth clients, the practicalities of how to set up trusts and recruit competent trustees is a key issue.

The NPC study, entitled The Benefits of Trusteeship, examines the benefits to people from being trustees – such as broadening skills and connections – as well as the obvious advantages to charities in obtaining more people to work with trusts.

“Charities need support and guidance from their trustees, now more than ever. Yet 95 per cent of respondents to a 2006 survey were unaware that they could support a charity by becoming a trustee”, study said, citing another survey. As a result, the Charity Commission, the state-created body monitoring the sector, has launched an annual “Trustees Week” event to highlight what trustees can do.

The 25-page report gives a number of case studies, featuring organisations such as Magic Breakfast and the Lucy Faithfull Foundation, describing the experiences of trustees working at firms such as Man Group (the hedge fund business), Clifford Chance (the law firm) and Lazard (investment bank).

To view the report in full, click here.