We don't have a perfect solution for donations, as we don't have a concept of the member setting the price for something. However, what you can do, is to create a is to make a subscription product for say £10. Members who would like to make a donation can purchase multiples of that subscription (ie if they want to donate £50, they purchase 5 subscriptions).
You can specify multiple price points for a subscription, so you could pre-set suggested amounts (£5, £10, £25 etc). Call the subscription product a "Donation", and put some explanatory text in the subscription product.
We recommend making the subscription product non-renewable, unless you want them to be prompted to donate the same amount each year.
If you are claiming Gift Aid on your donations, click here for details on creating a Gift Aid form.