The Dormant Bank and Building Society Accounts Act 2008 sets out which areas receive dormant asset funding, namely those as having a social or environmental purpose. The National Lottery Community Fund (previously known as Big Lottery Fund) is the legislated distributor of dormant asset funds which are then apportioned to the four nations of the UK.
In England, as directed by the Secretary of State (DCMS), funding can also be distributed to a social investment wholesaler, to improve financial inclusion and to meet the needs of young people. Organisations such as Big Society Capital, Fair4All Finance and Youth Futures have all received dormant asset funding to address these challenges. Just in the last two years, dormant account monies which RFL has released, has helped over 26,000 disadvantaged young people into job training opportunities and over 250,000 people to live in homes connected to community energy.
Each year, RFL works in partnership with The National Lottery Community Fund and the other named organisations to share the impact of dormant assets funding. RFL also holds an event for all of our stakeholders at which we showcase the work of various charities supported by dormant account monies.