What is a dormant asset?

A dormant asset is money that has been held in an account for several years and cannot be returned to the owner. When the money cannot be returned to its owner, it is allowed to be distributed across the UK to benefit communities in each nation.

It is anticipated that around £44 million in dormant assets will be available to Wales over the next 15 years. This funding must be used for environmental or social purposes, such as spending on children and young people.

NYAS Cymru’s Project Unity service

In our response, NYAS Cymru called for support for care-experienced young mothers through sustained funding of its Project Unity service across Wales. Project Unity offers intensive and trauma-informed support for care-experienced young mothers throughout their pregnancies and transition to motherhood. When young mothers are referred to Project Unity, they are assigned their own Project Worker to provide them with support.

NYAS Cymru’s ‘Trust Us to Care’ campaign data highlighted that care-experienced young mothers are much more likely to have their own children taken into care because of the discrimination faced from being in care themselves. 95% of all babies of care-experienced young mothers who Project Unity has worked with were placed on the child protection register prior to birth.

Project Unity has supported over 500 young mothers across Wales since the service started in April 2020. The service is currently funded by the Welsh Government but only until 2025 so it is unclear what support will be available for care-experienced young mothers and their children after this point.

NYAS Cymru has recommended that dormant assets funding is spent on care-experienced young women to make sure they can access vital support services such as Project Unity, so mothers and their children can have happy and healthy futures together.

NYAS Cymru CEO Sharon Lovell has said: “NYAS Cymru’s vision to is keep families together and break the cycle of children entering care in Wales. Project Unity is key to achieving this, which is why we believe it is vital that the service to receives sustained funding beyond 2025.”

NYAS Cymru’s full response to the consultation is available here.

To find out more about Project Unity, please click here.