In December last year, the Dormant Bank and Building Society Accounts Act 2008 became law. This paved the way for an estimated £400m of unclaimed assets to be spent on charitable causes such as young people's projects. But the Treasury is yet to announce when money will be released, which is causing concern among the youth workforce.
Jeremy Glover, chief executive of Bolton Lads and Girls Club, said: "So many high-quality applications couldn't get through the second round of Myplace and, although there is still £30m left for the next round, the unclaimed assets is exactly what we need. We still get groups with plans coming to us - now you want to be able to say 'here's the money, let's go'. This mom-entum should not be lost."
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