Last month the Community Wealth Fund Alliance marked another campaign milestone with its 800th member. The group brings together organisations from across civil society, local government and the private sector who all support the call for a Community Wealth Fund to rebuild social infrastructure in the country’s most deprived neighbourhoods. Reaching this milestone demonstrates the wide-ranging support the campaign has across a range of different sectors.
The Community Wealth Fund team hosted a small event to celebrate the progress of the campaign so far.
The Community Wealth Fund is supported by an Advisory Group that represents the wider Alliance and provides strategic advice and direction to the campaign. Sam Mercadante from NCVO, an Advisory Group member commenting on the milestone said;
NCVO has been a member of the Community Wealth Fund Alliance for many years, and we’re so pleased to have seen it grow to 800 members. It’s crucial to put residents at the heart of local decision-making about social infrastructure and community participation, which is why we continue to support the Alliance. We are now at a critical juncture for getting details right on the CWF’s design and delivery, and we hope the Alliance will continue to grow as we continue this important conversation with government.
The Alliance was formed in January 2019 with just 60 members. The long-running campaign has since led to community wealth funds being named as a fourth beneficiary of the Dormant Assets Scheme in early 2023.
With details on the Fund’s design and delivery still to be announced, the Alliance is calling on the new government to expand the Community Wealth Fund and return it to the campaign’s original principles:
- Long-term, patient funding
- Investment directly into doubly disadvantaged neighbourhoods
- Community-led decision making
- Appropriate support provided to build community confidence and capacity.
It is also calling for confirmation of at least an equal share of funding for the CWF in the split between the four dormant asset causes. A 10-year commitment to this share of funding reflects the most realistic timeframe for supporting community development approaches in our most deprived communities
You can find out more about the history of the campaign and where we are now, and sign up to the Alliance to show your support on our website.