FINANCE NEWS: Commission hands out dormant bank money to charities

The Charity Commission has authorised the dispersal of £20,000 to charities in Bristol and South Gloucestershire as part of a pilot to release money found in dormant charity bank accounts to good causes.

Ten organisations received £2,000 each from the accounts that had been inactive for many years.

Under the Treasure Hunt programme, the Commission works with banks and building societies to identify dormant accounts held by charity trustees.

If the trustees can't be traced, the Commission looks for suitable outlets to put the money towards charitable purposes.

Steve Carpenter, chairman of the Avon Sport and Leisure Club for the disabled, one of the recipient charities, said: "We'd urge other charities to log on to the Commission's website occasionally to see if they fit the criteria on the 'dormant accounts project' page."

The Commission estimates that there could be more than £1m lying in dormant charity accounts and plans more releases of money from inactive accounts.

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