Dormant Assets Scheme to Allocate £350 Million (England)
The UK's Dormant Assets Scheme is set to distribute £350 million across four key areas in England from 2024 to 2028. This funding, sourced from unclaimed financial assets like inactive bank accounts, will be equally divided, providing £87.5 million each to initiatives focused on youth services, financial inclusion, social investment wholesalers, and community wealth funds. This is designed to address social and environmental challenges, enhancing facilities for the youth, improving financial management skills, boosting social enterprise investments, and empowering local communities to direct funds towards critical local projects. The management and allocation of these funds are handled by Reclaim Fund Ltd, which ensures adequate reserves for reclaiming while distributing surplus funds through The National Lottery Community Fund to various initiatives