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The National Council for Voluntary Organisations (NCVO) has welcomed the Treasury Select Committee report on unclaimed assets, particularly its support for the creation of a Social Investment Bank.
The National Council for Voluntary Organisations (NCVO) has welcomed the Treasury Select Committee report on unclaimed assets, particularly its support for the creation of a Social Investment Bank which would be used to distribute funds to good causes.
Stuart Etherington, Chief Executive of NCVO said:
"A Social Investment Bank (SIB), which would be used to distribute funds to good causes, could make a tangible positive difference to voluntary and community organisations around the country. Of course, in order for it to work, it must have sufficient funds to operate.
"We are pleased that the committee supports our recommendation for the SIB to act as a wholesaler, working through existing and emerging financial intermediaries, rather than being in competition with them.
"Furthermore, we support the suggestion that forthcoming legislation should include reserve powers in the event that a voluntary sector scheme is not successful."
However, Etherington also voiced some reservations:
"The report appears to suggest that grants are somehow outmoded as a means of funding.
We have always maintained that a full range of finance and funding options is needed in order to ensure the sustainability of the voluntary and community sector."
On the level of consultation over the priority destinations for this funding he said:
"We are disappointed that there has not been wider consultation on the priorities set for these funds. There is a clear need to build a full understanding of unclaimed assets as a public good in which everyone has a stake.
"Given the public nature of these funds, it may be appropriate for distributors to be accountable to Parliament"
The National Council for Voluntary Organisations (NCVO) www.ncvo-vol.org.uk is the umbrella body for the voluntary sector in England, with sister councils in Wales, Scotland and Northern Ireland. NCVO has a growing membership of over 5,000 voluntary organisations, ranging from large national bodies to community groups, volunteer bureaux, and development agencies working at a local level.
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Northern Ireland Council for Voluntary Action is registered as a company limited by guarantee in Northern Ireland (No 1792) and is registered as a charity for tax purposes with the Inland Revenue