The Oversight Trust, which oversees governance at organisations that receive funding through the Dormant Assets Scheme, has appointed Vaughan Lindsay to chair its board.

Lindsay, who is chair of think tank New Philanthropy Capital and ex-chief executive of arts social enterprise Dartington Hall Trust, takes over from Stuart Etherinton, who has chaired the Oversight Trust for the last five years.

The Trust oversees the governance of the four organisations in England that have to date received funding under the Dormant Assets Scheme. These are Better Society Capital, Access - the Foundation for Social Investment, Fair4All Finance, and Youth Futures Foundation.

"The Oversight Trust plays a vital role in ensuring that dormant assets are used effectively to support social change,” said Lindsay.

“I look forward to working with the Board to drive real impact and support the continued success of the four operating companies."

Etherinton added: “I'm delighted that Vaughan Lindsay is taking over as Chair of the Oversight Trust. He brings a wealth of relevant experience to this unique and crucial role. I wish him and the Board the very best as I retire after five years"

The Dormant Asset Scheme uses money from unused bank and building society accounts. It has since expanded to include assets from insurance, pensions, wealth management and securities sector.

Vaughan will join the board in May and take over as chair when Etherington steps down in July. This is a three-year rolling appointment with a maximum term of nine years.

Three years ago, the government revealed that this enlarged scheme would be used to support youth, financial inclusion, social investment wholesalers and community wealth funds.

At the end of 2024 the government said that all four of these good causes will share the money equally with £87.5m being distributed over the next four years to each of them.

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