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| CHANCELLOR
BACKS UNCLAIMED ASSETS RELEASED FOR CHARITY |
17/04/04 |
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Gordon
Brown has lent his support to a new charity launched just yesterday which
aims to release up to £20bn of extra funding into the sector through unclaimed
assets.
In the budget, the government welcomes the creation of the Balance Charitable
Foundation for Unclaimed Assets and states: "Where assets and owners
cannot be reunited, it is right that the assets be reinvested in society,
as long as the original owners' entitlements to reclaim are preserved.
"The government looks to the industry to build on current momentum and expand
the scope of voluntary action beyond investment banking into retail banking
and the wider financial sector."
The government also pledges to report on the progress made at the time of
the 2004 Pre-Budget Report, support which is welcomed by The Balance Foundation.
Richard Compton-Burnett, chief executive, says: "The Chancellor has shown
great faith in the idea of the Foundation. We always had our eyes on the
main prize of uniting unclaimed assets across the financial sector to make
a real difference in the charitable sector.
"This announcement gives the Foundation and financial institutions
of all types the chance to unite in creating one of the biggest private
sector-led charitable foundations this country has seen."
The Foundation is an independent charity dedicated to securing the release
of unclaimed assets from financial institutions and to make grants to the
charitable sector.
The ability of the owners of this money, should they ever come forward,
to claim it is preserved under an innovative insurance scheme through the
Lloyd's insurance market.
The set-up costs of the Balance Foundation have largely been financed by
the Esmée Fairbairn Foundation, the Gatsby Charitable Foundation, the Paul
Hamlyn Foundation and the Hunter Foundation.
Money released from the unclaimed assets paid to the Balance Foundation
will be held as expendable capita, and the income will be given to charities
under the terms of its grant-making policy.
According to the Foundation, estimates as to the unclaimed funds held by
financial institutions across the country could be up to £20bn.
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