A new pilot scheme aimed at boosting charitable giving in Jersey could unlock up to £1 million for local causes through matched funding from dormant bank account money.
External Relations Minister Ian Gorst has approved plans for a “match funding scheme” using money held in the Jersey Reclaim Fund – a government-administered fund which holds money from bank accounts with no customer contact for at least 15 years.
Donations raised from private donors over a set period would be matched pound-for-pound from the fund, up to a maximum of £500,000.
If the full amount is claimed, charities in Jersey could benefit from a total funding pot of £1 million.
The aim of the pilot is to “stimulate and incentivise private donations for charitable purposes” and to test whether the approach “has merit and provides benefit to the sector by way of increasing available funding”, according to a ministerial decision.
Funds distributed from the Jersey Reclaim Fund would continue to follow the existing rules and conditions already attached to dormant account money, while private donations matched through the scheme must be used for charitable purposes in Jersey.
The Jersey Community Foundation has been confirmed as the independent body responsible for administering the scheme, with its existing agreement with government extended to cover the operation of the pilot programme.
