Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Culture, Media and Sport, how much money released by the Dormant Assets scheme has been allocated to (a) England, (b) East Anglia and (c) Norfolk in each year since the scheme began.

As of 2023/24, a total of £826 million has been allocated from the Dormant Assets Scheme to England, with DCMS responsible for this portion of funding. This is broken down by year as follows: 2011/12: £39.9 million; 2012/13: £41.6 million; 2013/14: £70 million; 2014/15: £41.1 million; 2015/16: £30.7 million; 2016/17: £79.1 million; 2017/18: £128 million; 2018/19: £59.8 million; 2019/20: £57.6 million; 2020/21: £75.6 million; 2021/22: £44.8 million; 2022/23: £77.9 million; and 2023/24: £79.9 million.

To date, this has been distributed by four independent, expert organisations set up with the explicit purpose of delivering dormant assets funding: Youth Futures Foundation, Fair4All Finance, Better Society Capital, and Access: The Foundation for Social Investment. Dormant assets funding seeks to address entrenched societal challenges through long-term, innovative programmes at a national scale, and is not allocated on a regional basis.

Examples of how dormant assets funding has benefited East Anglia and Norfolk include Fair4All Finance investing £88,240 in community finance organisations in Norwich to support people in vulnerable circumstances by improving their access to fair and affordable financial products and services. Additionally, Asperger East Anglia received a £35,000 loan from Access’s Growth Fund, funded by dormant assets.