More than 130 groups including Air Ambulance NI benefit from £12m taken from dormant accounts

Almost £12 million held in dormant accounts in Northern Ireland has been awarded to more than 130 organisations in the region, the finance minister has said.
By David Young, PA
Published 26th Oct 2022, 08:02 BST
Updated 26th Oct 2022, 08:02 BST
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Conor Murphy visited Air Ambulance NI yesterday to see how £100,000 the charity secured from Stormont's Dormant Accounts Fund has been put to use. The funding is sourced from accounts that have been dormant for more than 15 years. Around £11.5 million of a £19 million pot has been allocated to 131 groups to date, including social enterprises, community groups and charities.

Recent legislation has extended the reach of the fund and it can now utilise assets from other sources, such as dormant insurance and pension schemes, and from the investment, wealth management and securities sectors. The move will see the fund renamed the Dormant Assets Fund, which is set to allocate more than £25 million. On his visit to the Air Ambulance NI centre in Lisburn, Mr Murphy said he has now set policy directions for how the new fund will operate.

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The fund is administered by the National Lottery Community Fund in line with directions set by the Department of Finance. "Social enterprises, community and voluntary organisations as well as charities like Air Ambulance are doing incredible work, making an immense difference and delivering vital services to local communities," said Mr Murphy. "My department has engaged with the voluntary, community and social enterprise sectors on the new Dormant Assets Fund. I have listened to their views and have set updated policy directions on the use of dormant assets."

(Left-right) Breige Mulholland, Head of Finance and Chair Operations at Air Ambulance NI, Dr Gerard O'Hare, Chairman of Air Ambulance NI, Finance Minister Conor Murphy, Glenn O'Rorke Operation Lead at HEMS, Kate Beggs NI Director of The National Lottery Community Fund, and Kerry Anderson Head of Fundraising at Air Ambulance NI, during a Ministerial visit to Air Ambulance Northern Ireland in Lisburn. Photo: Liam McBurney/PA Wire(Left-right) Breige Mulholland, Head of Finance and Chair Operations at Air Ambulance NI, Dr Gerard O'Hare, Chairman of Air Ambulance NI, Finance Minister Conor Murphy, Glenn O'Rorke Operation Lead at HEMS, Kate Beggs NI Director of The National Lottery Community Fund, and Kerry Anderson Head of Fundraising at Air Ambulance NI, during a Ministerial visit to Air Ambulance Northern Ireland in Lisburn. Photo: Liam McBurney/PA Wire
(Left-right) Breige Mulholland, Head of Finance and Chair Operations at Air Ambulance NI, Dr Gerard O'Hare, Chairman of Air Ambulance NI, Finance Minister Conor Murphy, Glenn O'Rorke Operation Lead at HEMS, Kate Beggs NI Director of The National Lottery Community Fund, and Kerry Anderson Head of Fundraising at Air Ambulance NI, during a Ministerial visit to Air Ambulance Northern Ireland in Lisburn. Photo: Liam McBurney/PA Wire

Mr Murphy said the social value offered by organisations seeking funding support will be an important factor in how the money is allocated. Kate Beggs, Northern Ireland director of the National Lottery Community Fund, said: "We welcome this announcement from the minister today about the future use of dormant assets in Northern Ireland.” Dr Gerard O'Hare, chairman of Air Ambulance NI, said: “The funding will enable us to transform our online and digital presence and develop long-term income streams to ensure the service is here for generations to come."

Related topics:Conor MurphyAir Ambulance NINorthern IrelandNational Lottery Community Fund