MANX LOTTERY TRUST APPOINTED TO DISTRIBUTE DORMANT ASSETS
Isle of Man Treasury has appointed Manx Lottery Trust as the distribution organisation for the Dormant Assets Fund to charitable purposes undertaken in the Isle of Man.
Dormant assets are funds which have been untouched for an extended period of time, and where attempts to trace their rightful owners and reunite them with their funds have proved unsuccessful. The initial tranche of funding, which was announced in the Isle of Man 2021-22 Budget, is £600,000.
The ‘Dormant Assets Fund IOM’ has been drawn up with the effects of COVID-19 and the difficulties faced by organisations over the past 12 months at the fore. The aim of the Fund is to support voluntary and community bodies, also known as third sector organisations, in becoming more resilient and prepared for the future, through increased capacity and sustainability. Organisations will be able to apply for up to £50,000 for between one and three years.
Anticipated outcomes are that the Fund will enable organisations to be more confident about their ability to adapt to future challenges, be more financially resilient and have increased skills and capacity. For the Island’s third sector, it is hoped that overall strategic planning will improve and there will be more collaboration within and across sectors.
The Dormant Assets Fund IOM defines a resilient third sector as one with organisations that:
- Have the confidence, capacity and resources to achieve their aim
- Are adaptable, flexible and strategic with a clear understanding of their environment
- Are sustainable, with financial flexibility and longevity
Sarah Kelly, Chairman of Manx Lottery Trust, said: ‘We are delighted to have been chosen to distribute this new fund to help improve the resilience, capacity and sustainability of the Isle of Man’s vital third sector. We believe it will help to make positive change in our community and we look forward to receiving grant applications from a wide range of Isle of Man charities and organisations.
Applications will first be considered at the Trustee’s meeting due to take place on 11th June, for which the deadline is 28th May, and at subsequent planned meetings until further notice.
Application forms, together with guidance notes are available here.