Funding news

Government urged to return £377m Olympics underspend to charities - 23 October 2012

The cost of the 2012 Olympic Games is forecast at £377m under its original budget, the Department for Culture, Media and Sport announced this morning, a sum that would cover almost 90 per cent of the lottery funding borrowed from its good causes fund.

£2.175 billion of funding in total was provided by the Lottery to help pay for the Olympics, £638 million of this originated from the Big Lottery Fund (BIG), £425 million of which would have been earmarked for good causes.

Ahead of the Games the Directory of Social Change (DSC) launched the Big Lottery Refund campaign to apply pressure to ensure the return of the £425 million of good causes funds. The government had promised the funds back to the lottery pot before the end of the games, the campaign argues, but failed to commit to this and the funding has yet to be returned.

In the DCMS's final quarterly report on the Olympics, it advised: "The centrally-held contingency funding remaining in the £9.3 billion Public Sector Funding Package (PSFP), currently forecast at £377 million, is largely the remainder of the government’s contribution to the PSFP. This will be retained by HM Treasury, though any monies remaining at the conclusion of the programme in the Olympic Lottery Distribution Fund will be transferred to the National Lottery Distribution Fund for the benefit of the Lottery good causes." However no date is advised for when this will happen.

DSC will continue to campaign for the return of this money to the Big Lottery Fund, for more information and to join the campaign go to www.biglotteryrefund.org.uk.