The Charitable Trust

When agent and publisher Desmond Elliott died in August 2003, he stipulated that the money he left be invested in a charitable trust that would fund a literary award “to enrich the careers of new writers”.

A self-made man born into hardship, he grew up to enjoy considerable wealth – and enjoy it he did. But his was a most unselfish approach to life, for Desmond Elliott’s concern always was that the talent he nurtured have time and space to flower, unencumbered by needless financial worries.

Contrary to impressions gained from newspaper stories about first-time authors striking it rich, most writers struggle to make a living. A very few earn six- and seven-figure deals for their first books – which is why those that do make headlines. A recent survey commissioned by the Authors’ Licensing and Collecting Society revealed that authors’ earnings were deteriorating in real terms and that only 20% of writers earned all their income from writing. Authors between the ages of 25 and 34 typically earn less than £5,000.

Thus, if new talent is indeed to flower - if today’s new writers are to have a chance at developing into the bestselling authors of tomorrow – they need support to cushion them through those first difficult years. Prizes are one way to do that, for though the sums of money awarded may not in themselves be life-changing, the publicity and increased profile that comes with a win can have a significant impact on sales, allowing a novel to stand out from the crowd and encouraging its publisher to stand by the author and promote their work.