Reclaim Fund

(asked on 7th June 2021) - View Source

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

To ask Her Majesty's Government what (1) guidance, or (2) directions, they have given to the Reclaim Fund about the priorities for the allocation of its funding; and what, if any, requirements that organisation must observe in the allocation of funding.


Answered by
Baroness Barran Portrait
Baroness Barran
Parliamentary Under-Secretary (Department for Education)
This question was answered on 15th June 2021

Reclaim Fund Ltd is the Dormant Assets Scheme’s administrator. It is responsible for managing dormant assets in case of customer reclaims, transferring surplus funds to The National Lottery Community Fund (TNLCF). TNLCF is the named distributor of dormant assets funding, responsible for apportioning the surplus money among the four nations to be spent on social or environmental purposes.

DCMS’ Secretary of State issues high level policy directions to TNLCF on the allocation of the English portion of this funding. It is directed to three social and environmental causes: youth, financial inclusion and social investment. These restrictions are currently set in primary legislation. To date, the funding has been directed to four independent organisations in England: Big Society Capital, Access – The Foundation for Social Investment, Fair4All Finance, and the Youth Futures Foundation.

Funding must fulfill the additionality principle, support the three defined causes and be distributed for initiatives in England. Beyond these requirements, the four specialist spend organisations are free to determine the most appropriate way to deliver against their objectives.

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