Grant News

The UK Government's Dormant Assets Scheme is set to allocate £350 million to various initiatives in England between 2024 and 2028. This funding comes from assets like bank accounts that have been inactive for many years and whose owners cannot be traced. The scheme aims to support social and environmental initiatives. The allocation of this £350 million will be evenly distributed across four primary areas:

• Youth services and opportunities, receiving £87.5 million to enhance facilities and services for young individuals.
• Financial inclusion, also allocated £87.5 million, to improve individuals' ability to manage finances and access financial services.
• Social investment wholesalers, which will receive £87.5 million to facilitate investments in social enterprises.
• Community wealth funds, receiving £87.5 million to empower local communities to improve their areas and invest in local priorities.

These funds aim to address societal issues like youth unemployment, financial exclusion, and community development, with further details on the specific allocations to be outlined in an upcoming Dormant Assets Strategy. The scheme is overseen by Reclaim Fund Ltd, which manages the funds ensuring enough reserves to cover any claims while distributing the surplus to initiatives through The National Lottery Community Fund​