Lincolnshire's Community Bank is transforming forgotten funds into a community windfall
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 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 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.
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.
Setting up a base
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.
An initial round of grants has already been made, with four community organisations receiving £5,000 each.
Making an impact
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.
Supporting people with learning disabilities in Horncastle
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.
Supporting volunteer scheme in Grantham
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.
Community centre in Fenside under new management
Fenside Community Centre is now being run by local community volunteers, who took over management of their Centre from the District Council.
Cost effective language services 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.
