The Treasury has appointed Manx Lottery Trust [MLT] to be the distributor of the Dormant Assets Fund to charitable causes in the island.

Dormant assets are funds which have been untouched for an extended period of time, and where attempts to trace their rightful owners and reunite them with their funds have proved unsuccessful.

The initial tranche of funding, which was announced in the 2021-22 Budget, is £600,000.

impact

The MLT said that the Dormant Assets Fund Isle of Man had been conceived with the impact of the pandemic in mind.

The MLT said that the aim of the fund is to support third sector[neither public nor private] organisations who have faced difficulties over the past 12 months.

Organisations will be able to apply for up to £50,000 for between one and three years.

Sarah Kelly, chairman of Manx Lottery Trust, said: ’We are delighted to have been chosen to distribute this new fund to help improve the resilience, capacity and sustainability of the Isle of Man’s vital third sector.

’We believe it will help to make positive change in our community and we look forward to receiving grant applications from a wide range of Isle of Man charities and organisations.’

Applications will first be considered at the trustees’ meeting on June 11, for which the deadline is May 28.

Application forms and guidance notes are available at: www.mlt.org.im