£40million Olympics legacy trust

The Big Lottery Fund is planning to launch a new Olympics legacy trust with the proceeds of its share from the sale of the athletes’ village. They plan to set up the trust over the next three months and then invite bids.

The funder expects to receive between £30million and £40million from the sale of the apartments to private developers in 2014, but because it knows it can count on the money coming through, it is planning to open applications and start distributing grants well before then, out of other funds.

The money will be used to support volunteers, community action, people with disabilities and young people. The 70,000 volunteers who supported the games could also be eligible for grants to bring their own ideas to life.

The government plans to give up to £80million from the sale of the athletes’ village to the various lottery distributors, with the Big Lottery Fund receiving half.

The Directory of Social Change continues to campaign for the return of £425million that the government diverted from the Big Lottery Fund to pay for the Games. Lottery minister John Penrose has indicated that this will not be paid back until at least the mid-2020s and potentially not until 2030/31.