A new £50m local endowment match fund has been announced in the Government’s final report on its third sector review (The future role of the third sector in social and economic regeneration: final report). It is aimed at enabling local independent foundations to invest in endowment funds that will generate income to be allocated to frontline organisations. The money will be made available on a match-funded basis to attract other sources of funding to a local area from the private sector and will begin in April 2008.
The funding comes on top of the £80m small grants programme for community organisations announced in the 2007 Budget. The review expands on the nature of this funding, and stresses that it will be available to all types of community groups.
The review follows the largest ever consultation with the sector in England, lasting 15 months. It was carried out by the Office of the Third Sector and the Treasury, and will inform the 2007 Comprehensive Spending Review which will set departmental spending plans and priorities for the years 2008-2011.
