SOCIAL ENTERPRISE NEWS
The Dormant Bank and Building Society Account (Scotland) Order 2010 was approved by the Scottish Parliament on 30 June 2010. The purpose of the Order is to restrict Scottish expenditure from dormant account monies to third sector organisations for services, facilities or opportunities which promote strong, resilient and supportive communities.
Perhaps as a result of a successful re-connect campaign, HM Treasury expects lower sums of money to be available for distribution than was predicted earlier. In addition, the Reclaim Fund plans to release monies more slowly than previously expected.
We now estimate that Scotland may receive around £12 million in each of the first 2 years and perhaps £1.5 million each year thereafter.
Given that the Parliament has now approved the Order, the next step in the implementation process of the dormant accounts scheme is for Scottish Ministers to instruct BIG Lottery on the proposed priorities for the strategic plan for the distribution of dormant account monies in Scotland.
The Dormant Bank and Building Society Accounts Act requires Scottish Ministers to consult BIG on the proposed policy directions before they are finalised and issued.
The policy directions are expected to instruct BIG Lottery to have regard to 4 broad policy themes which the Cabinet approved last July. These are:
The Scottish Government will also seek advice from BIG on setting up an endowed trust. The trust could be tasked with using some, or indeed all, of the dormant account funding to create long term benefits for communities across Scotland
The Dormant Bank and Building Society Accounts Act 2008 requires BIG Lottery to consult on the draft strategic plan before it is finalised so there will be an opportunity for all third sector organisations to influence, debate and shape that plan before it is finalised and adopted.
The Plan will then be sent to Scottish Ministers and will also be laid with the Scottish Parliament.
We would then expect allocations to third sector organisations to be announced by the BIG Lottery in early 2011.
And finally, our latest estimates suggest that BIG Lottery may be in a position to begin releasing funds to third sector organisations around June 2011.
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