Statement on Government Dormant Assets Scheme
- Kunle Olulode
- Jun 10
- 3 min read
Government Dormant Assets Scheme Strategy unlocks £440 million funding for communities who need it most, redirecting money from long unused accounts to important social causes. Pathway Fund to get £12m upscale.
It’s over two and a half years since I first sat down and drafted Pathway’s initial response to the consultation on Dormant Assets, unsure of where it would go. Our feedback and recommendations were outlined as part of the Community Enterprise Growth Plan (CEGP). The CEGP is a plan developed by a broad coalition of partners in the social investment and social enterprise sectors, with backing from business organisations, civil society, and philanthropy.
Much more thought and hard work has gone in since then to achieve this current outcome. From day one our goal has always been to open social impact investing to a wider and more diverse audience.
Last week’s announcement and publication of the government’s Dormant Assets Strategy marked an important milestone for funding in our sector. Allocations were made to support young people, financial inclusion and social investment. Moreover, specific reference has been made for an injection of £12m to the Pathway Fund from the scheme. This is a fantastic outcome in the journey of what Pathway Fund was set up to achieve. Pathway Fund, a project ten years in the making, was brought to life in 2022, by founders Bonnie Chiu, Stephen Bediako and, myself, Kunle Olulode.
“As Pathway Fund’s co-founders, we welcome the publication of Dormant Assets strategy. Dormant assets have created and sustained impact for communities, across the country. They have turbo-charged inclusive growth and as part of that, the UK’s social investment sector – that sector growing from £830 million in 2011, to more than £10 billion in 2023. This strategy marks another important step forward in the Government delivering on its mission-driven, inclusive, growth agenda and Pathway Fund looks forward to helping it deliver on those missions, following this announcement, in turn.
Indeed, we established Pathway, in 2022, following our own experiences as Black and Ethnically Minoritised leaders within the social investment sector. We set it up to fulfil a unique role within that sector: to catalyse Black and Ethnically Minoritised communities, providing them with access to social investment. The strategy’s earmarking of £12 million for Pathway, allows us to scale and seek match funding following its early wins, like the Enterprise Development Programme (EDP). Indeed, 75% of the EDP’s participants are now more connected to the social investment market. We now look forward to amplifying those outcomes.”
I would like to pay tribute to the trustees and staff members of Voice4Change England for their time and support in hosting the project for the last three years. As well as thank the Pathway staff past and present: Asher Craig, Swati Pujari, Vishal Kothari, Ollie Rackham, James Endean, Dilys Winterkorn, and Christine Chang.
There are many other supporters to thank in getting us this far. I must praise Access – the Foundation for guiding us in the build period of Pathways growth and the contribution of Better Society Capital. Instrumental in sticking with us have been funders The National Community Lottery Fund, Esmee Fairbairn, City Bridge Foundation, Joseph Rowntree Foundation.
The next phase in Pathway’s story will bring to life the recommendations made by the Adebowale Commission on Social Investment, particularly with regards to the need for a Black and Ethnically Minoritised social investment fund, to operate within the social investment space.
Kunle Olulode
Director at Voice4Change England
Further information: