In these troubled times, it is welcome that the expanded Dormant Asset Scheme will provide £880 million to essential causes, including through social investment and a Community Wealth Fund.
The results of the Dormant Assets consultation were announced today. Funds will continue to be used for youth, financial inclusion and social investment wholesalers. There will also be a new Community Wealth Fund which will give long-term financial support (whether directly or indirectly) for the provision of local amenities or other social infrastructure. This is an important milestone because of the impact this will have on communities through the work of social enterprises, trading charities and other community-based businesses.
The consultation recognises the importance of extending affordable, patient, flexible capital and highlights findings of the Adebowale Commission on Social Investment which recommended that social investment must reach more minority-led organisations and disadvantaged communities.
Existing Dormant Assets continue, including a £31 million fund which will enable community and social enterprises to install energy saving technology in their buildings and help them meet the growing need for their services as a result of cost-of-living pressures.
We look forward to more details on how this funding will be allocated. It is imperative that it is distributed fairly and used to support communities and places in need.
Our CEO Peter Holbrook said:
“This is an important and positive development. Dormant Assets offer huge potential support for social enterprises and the communities they serve. We are pleased to see that the Adebowale Commission has influenced improvements for social investment. We look forward to supporting how the Community Wealth Fund is shaped, as we know the vital work that social enterprises do at a hyper-local level and the importance of place-based infrastructure. These are extremely challenging economic circumstances. We hope the Spring Budget next week will provide further hope and support to drive social enterprise solutions.”
With thanks to Social Enterprise UK