Almost £12 million held in dormant accounts in Northern Ireland has been awarded to more than 130 organisations in the north, Finance Minister Conor Murphy has said.
Conor Murphy visited Air Ambulance NI today to see how £100,000 the charity secured from Stormont’s Dormant Accounts Fund has been put to use.
The funding is sourced from accounts that have been dormant for more than 15 years.
Around £11.5 million of a £19 million pot has been allocated to 131 groups to date, including social enterprises, community groups and charities.
Recent legislation has extended the reach of the fund and it can now utilise assets from other sources, such as dormant insurance and pension schemes, and from the investment, wealth management and securities sectors.
The move will see the fund renamed the Dormant Assets Fund, which is set to allocate more than £25 million.
On his visit to the Air Ambulance NI centre in Lisburn, Mr Murphy said he has now set policy directions for how the new fund will operate.
The fund is administered by the National Lottery Community Fund in line with directions set by the Department of Finance.
“Social enterprises, community and voluntary organisations as well as charities like Air Ambulance are doing incredible work, making an immense difference and delivering vital services to local communities,” said Mr Murphy.
“My department has engaged with the voluntary, community and social enterprise sectors on the new Dormant Assets Fund. I have listened to their views and have set updated policy directions on the use of dormant assets.”
Mr Murphy said the social value offered by organisations seeking funding support will be an important factor in how the money is allocated.
The policy direction also supports digital transformation and collaborative bids.
Kate Beggs, Northern Ireland director of the National Lottery Community Fund, said: “We welcome this announcement from the minister today about the future use of dormant assets in Northern Ireland.
“We’re pleased with the feedback received about the impact the funding has made so far on the sustainability and resilience of VCSE (voluntary, community and social enterprise) sector organisations.
“We look forward to developing the next phase of the Dormant Assets Fund to ensure that it continues to build a more sustainable future for the community and voluntary sector.”
Dr Gerard O’Hare, chairman of Air Ambulance NI, said: “The dormant accounts funding is unique in terms of helping build sustainability. For a young charity like Air Ambulance Northern Ireland, just five years in operation, this is so important.
“The funding will enable us to transform our online and digital presence and develop long-term income streams to ensure the service is here for generations to come.”
