Up to £2 billion of the UK’s unclaimed financial assets have been found and could transform future funding for the charity and voluntary sector. They were unearthed during an investigation by the Dormant Assets Commission, formed in December 2015 by Minister for Civil Society Rob Wilson to identify new resources for social ventures.
Around £360 million from dormant accounts have already been used to support good causes, with £300 million donated to independent financial institution, Big Society Capital. A total of £893 million is available to charities and social enterprises, with an impact already being felt by projects such as Homes for Good in Scotland, who use social investment to offer affordable housing to those at risk of homelessness.
‘The reason I set up the commission was to unearth new resources that would allow our charities and voluntary groups to become more sustainable and independent,’ said Wilson in a press release on the UK government’s website. ‘But crucially, to deliver really important local services over the long term.’
Further projects who have benefitted from the current dormant accounts scheme include London’s ThinkForward, a charity providing disadvantaged young people with education and employment opportunities, and Harrogate Skills 4 Living Centre in Yorkshire, a residential care home for 90 adults with learning disabilities.
‘I am delighted we now have the potential to help good causes even more,’ said chair of the commission, Nick O’Donohoe. ‘I hope the financial sector now supports our ambition by contributing dormant assets benefit to an expanded scheme.’
Words: Ellen White
Cover image: Ryan Jackson
Read about the social investments supported by Big Society Capital here.