The government has confirmed where it will allocate an anticipated £350m of funds from dormant assets over the next four years. 

The Department for Culture, Media & Sport said today it would split the recovered funds four equal ways in England, with £87.5m to be spent in each of the following areas: 

• Youth

• Financial inclusion

• Social investment wholesalers

• Community wealth funds.

The DCMS said the £87.5m that is expected to be allocated to social investment wholesalers would include £12.5m for improved youth provision. 

Today’s announcement reconfirms the four areas the funds will be spent on after a public consultation in 2022. 

The Dormant Assets Scheme has unlocked almost £1bn in unclaimed assets since its introduction in 2011. 

The scheme works with financial institutions to take money that has been untouched for 15 years or more and use it for the public good. 

It is expected to release £350m for England between 2024 and 2028.

Seb Elsworth, chief executive of Access – The Foundation for Social Investment, said the funding would help community organisations, particularly those in more deprived areas, to access the support and finance they needed to grow. 

“By providing these mission-led businesses with access to finance and the right conditions to succeed, we can strengthen the economy across the country,” he said. 

“This will also empower communities to tackle social issues that hinder productivity and growth. Investing in this way multiplies impact by attracting millions more from private and philanthropic sources, helping communities thrive.”

The DCMS said it planned to publish a dormant assets strategy “in due course”.