The Government has announced today that up to £2 billion of unclaimed assets currently lying dormant could transform charity and voluntary sector funding in the future. The comments follow the publication of the final report of the Independent Dormant Assets Commission, set up in December 2015.
Big Society Capital is delighted to hear that this money will be used to support charitable organisations to extend their work tackling some of the UK’s most challenging social problems. Whilst we recognise that decisions about how this money will be used are for government and are not yet finalised, we see huge potential for it to transform voluntary sector finance in the long term. Social investment may be one potential type of funding.
Funds from the first Commission - on dormant bank and building society accounts - have made substantial benefits across hundreds of charities and social enterprises.
There is £893m now available to charities and social enterprises via our capital alongside our co-investors. We have seen several cases of where this money has made a great social impact. For example, Homes for Good, a social enterprise in Scotland, is using social investment to offer affordable housing to over 500 people on low incomes or at risk of homelessness. K10, an apprenticeship training agency in London, is also using social investment to tackle youth unemployment by providing apprenticeships in the construction industry.
We believe that this new pool of funding will further support the growth and sustainability of the voluntary sector.