Britain saw a rise in the number of donations exceeding £1-million ($1.6-million) in the 2010-11 fiscal year, but the total worth of such gifts fell by 5 percent, the Financial Times reports, citing the latest annual philanthropy survey by private bank Coutts.

The record 232 seven-figure gifts were worth a combined $2-billion, the lowest amount since Coutts began tracking large donations in 2006-07. “People are giving again but at a lower level as their confidence [in the economy] has not yet fully returned,” Adrian Sargeant, a professor of fundraising at Indiana University, said in the report.

A broader study by the U.K. Office for National Statistics found that total charitable giving in Britain declined by 20 percent in 2011-12.