Lincolnshire’s social challenge translates into a thriving local service
29/06/2007
Forgotten funds are being transformed into a windfall for Lincolnshire community groups – thanks to the UK’s first Community Bank
The Lincolnshire Community Bank was set up in 2006 to unlock unclaimed assets lying dormant in bank and building society accounts, and redirect them to benefit the local community instead.
'Liberating' existing funds
The bank is already liberating a fund set-up in the 1800s for the benefit of Sleaford’s ‘fallen women’ and a trust with residual funds of around £80,000 for the poor farming community of Grantham – a relatively affluent area today!
Unlocking the potential
Instead of languishing in dormant accounts, many of these ancient trusts can be unlocked, then ring-fenced, so that they are used to support causes related to the original, but with an updated remit.
Unique venture
Launched by the Lincolnshire Community Foundation in 2006, this unique venture was only made possible by Capacitybuilders, and ChangeUp funding of £240,000.
Early success
Despite the complexity of setting up a bank and the challenge of formalities, procedures and expenses involved, the project is already on track to become self-sustaining within five years, and hit its target of endowment funding of £10 million.
Getting established
Ten elected Trustees, accountable to the Lincolnshire Consortium, are in position. The Bank has premises and a part-time Community Bank Manager has been appointed. And the Endowment fund has exceeded £140,000 within its first months.
First four grants allocated
An initial round of grants has already been made, with four community organisations receiving £5,000 each.
Making an impact at a local level
In each of the four cases, this relatively small amount was able to make a big difference to the impact they make in the community.
Social Enterprise in Horncastle beginning to reap the benefits
Banksia is a social enterprise in Horncastle providing supported work for people with learning disabilities in areas such as retail, reception and maintenance.
“Community Bank funding enabled this exciting new community enterprise to begin its journey and although it is a relatively small sum, the first investment will unlock further funding,” said Banksia’s Paul Scott.
Volunteer scheme boosted by funds
Grantham Community Transport is a volunteer scheme where drivers use their own cars and get paid expenses, saving huge capital costs.
“On our own we wouldn’t be able to do more than scratch the surface of need,” said Grantham Community Transport’s Alan Fenwick.
Volunteers take over management of Community Centre
Fenside Community Centre is now being run by local community volunteers, who took over management of their Centre from the District Council.
Vital language service available in Lincolnshire
And Lincolnshire Language Service is a social enterprise run by, and for, migrant workers to offer cost efficient translation and interpretations services to stakeholders in Lincolnshire.
Birmingham-based Capacitybuilders is the national agency responsible for managing the £70 million ChangeUp programme, designed to help thousands of voluntary and local organisations across the UK to improve their communities.
