Funding news

First £30m transferred from dormant bank accounts to Big Lottery Fund - 3 August 2011

The Big Lottery Fund has received the first £30m from dormant bank accounts to invest in social finance intermediaries.

The money was collected by Reclaim Fund Ltd, the body set up by the government to collect money from dormant bank accounts. It is run by Co-operative Financial Services.

The reclaimed funds will be invested in social finance organisations by the BLF’s Big Society Investment Fund until the government secures the necessary approvals to pass money to Big Society Capital, formerly known as the Big Society Bank.

Once Big Society Capital is set up, it will receive all future cash allocated to England from the Reclaim Fund. The administrations in Scotland, Wales and Northern Ireland have yet to decide what they will do with their share of dormant accounts money.

The Big Society Investment Fund’s committee is chaired by John Kingston, a board member of Big Society Capital, and includes Sir Ronald Cohen, Big Society Capital’s interim chair, and Nick O’Donohoe, its chief executive.

To read the full article, visit the Third Sector website.