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£1.5 million from Dormant Accounts supporting VCSE sector sustainability
Organisations from the voluntary, community and social enterprise (VCSE) sector in Northern Ireland are benefitting from £1,472,885 announced today from the Dormant Accounts Fund NI.
Delivered by The National Lottery Community Fund with the Department of Finance, the programme is supporting the sector to be more resilient and prepared for the long-term future.
One of the 22 groups awarded is the Ulster Society for the Prevention of Cruelty to Animals (USPCA) who are using a £100,000 grant to become more financially sustainable.
Nora Smith, Chief Executive of USPCA, said: “We are delighted to receive this substantial amount from Dormant Accounts, that will help protect our existing services and develop more reliable and long-term sources of income to secure our future.
“With so much demand in the day to day, long term financial planning isn’t always possible. This Dormant Accounts grant gives us the resources, skills and time to take our charity to the next level through developing our services and increasing membership, allowing us to better support the wellbeing of the many animals in need across NI”
Download the Dormant Accounts grants table for full details of the Dormant Accounts funding awarded today to arts, sports, charities and community-based organisations.
Youth Action NI has also received a £50,096 development grant to forward plan and help secure future investment in the youth work sector in Northern Ireland.
Dr Martin McMullan, Chief Executive Officer, Youth Action NI, said: “Thanks to this grant, we are bringing voluntary youth work organisations together to make connections, carry out research and work together with colleagues from the statutory youth sector and Department of Education to transform the youth work sector.”
“This grant will create a more resilient and sustainable youth work sector with a common vision and collaborative approach that will benefit young people and local communities across NI.”
During phase one of Dormant Accounts Fund NI, £16.5 million has been awarded to 191 organisations to help support the long-term sustainability of the VCSE sector.
Kate Beggs, NI Director, The National Lottery Community Fund, said: “I’m pleased to announce the latest grants from the Dormant Accounts Fund NI which are helping VCSE organisations, and the sector become more financially resilient in the long-term at this challenging time.
“This grant programme closed earlier in 2023, but we will continue to make decisions on received applications over the coming months. We’re currently working with the sector to develop the next phase of the programme.”
For more information on Dormant Accounts Fund NI visit: www.tnlcommunityfund.org.uk/funding/programmes/dormant-accounts-ni.
Dormant Accounts Fund NI Grant Announced 23 August
Notes to Editors
- Dormant accounts are defined in the Dormant Bank and Building Society Accounts Act 2008 as those which have seen no customer-initiated activity for at least 15 years.
- Under the Dormant Bank and Building Society Accounts Act 2008, the Reclaim Fund releases funds from dormant bank accounts to the National Lottery Community Fund for distribution to good causes across the UK.
- The Reclaim Fund Ltd. (RFL), which was established in March 2011 to receive and invest dormant account balances across the UK, transferred the first tranche of monies from dormant bank and building society accounts to the National Lottery Community Fund on 2 August 2011.
- The National Lottery Community Fund received policy directions regarding the Dormant Accounts Fund NI from the Department of Finance in September 2019.
- The National Lottery Community Fund are the largest community funder in the UK awarding money, raised by National Lottery players, to local communities.
- Since The National Lottery began in 1994, £43 billion has been raised for good causes. National Lottery funding has been used to support over 635,000 projects - 255 projects per postcode area.
- We are passionate about funding great ideas that matter to communities and make a difference to people’s lives. At the heart of everything we do is the belief that when people are in the lead, communities thrive.
Original article link: https://www.tnlcommunityfund.org.uk/news/press-releases/2023-08-23/1-5-million-from-dormant-accounts-supporting-vcse-sector-sustainability
