Over £10 million reinvested in Welsh communities through regulator’s Revitalising Trusts programme
- 11 November 2024
- UK News and communications
The Welsh Government’s consumer and competition watchdog has reinvested over £10 million back into Welsh communities since it launched its Revitalising Trusts programme two years ago.
Utilities Regulator, Ofgem, has today published its second annual report on the progress of the programme, which aims to ensure that the money left over from the sale of local authority-owned energy companies benefits communities across Wales.
In the past year, over £5.5 million has been reinvested into 143 projects across Wales, ranging from the restoration of community centres to the creation of new playgrounds and sports facilities.
Since its launch in 2022, the programme has supported 263 projects, with a total investment of £10.3 million.
The Revitalising Trusts programme is funded by the Dormant Assets Scheme, which allows Ofgem to reinvest money that has been sitting idle in dormant bank and building society accounts for over 15 years.
Ofgem’s Director in Wales, Sarah Price, said: “We are delighted to be able to reinvest over £10 million back into Welsh communities through our Revitalising Trusts programme.
“This money is making a real difference to people’s lives, helping to fund vital projects that would not otherwise be possible.
“We encourage all organisations in Wales to apply for funding from the programme so that we can continue to make a positive impact on communities across the country.”
The Revitalising Trusts programme is open to applications from registered charities and community interest companies in Wales. Projects must be for the benefit of local communities and must have a lasting legacy.
To find out more about the programme and how to apply for funding, visit the Ofgem website: www.ofgem.gov.uk/environmental-programmes/revitalising-trusts-wales
Over £10 million reinvested in Welsh communities through regulator’s Revitalising Trusts programme
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