JGP News

The Community Foundation Network (CFN) has announced that the sum of money held by its 56 members in endowments, pledges and legacies is now worth more than £200 million.

Community funds have experienced strong growth and record endowments over the past four years, with the money available to community foundations now more than double the amount in 2003.

Forecasts indicate that the amount of cash available to community groups could reach to nearly £500 million over the next three to five years if community foundations are asked by the Office of the Third Sector to deliver the government’s endowment challenge programme.

In turn, the news could be of interest to those working for third sector organisations, in particular those looking towards investments to help boost the skills framework of their staff.

However, experts have warned that plans to withdraw government funding through the DCSF-backed Local Network Fund will pose a threat to future growth of community funds, as people choose to give back more to their local communities.

CFN is the largest charity supporting local community groups in the UK and the organisation predicts that interest payments on endowments could be generating more than £25 million a year for local community projects by 2010.

Grants to local community groups by community foundations totaled 17,000 over the past year, £5 million more than the previous year and a record for the network.

Prime minister Gordon Brown has announced a new £75 million fund aimed at encouraging more participation in community projects by young people.

Called Vinvolved, the project will roll out from April 2008 and will be run by volunteering charity V.

More skills framework information.