What are dormant funds?

Rule 2.5 Solicitors Regulation Authority (SRA) states that Law Firms are required to ensure client money is returned promptly to the client, or third party, for whom the money is held, as soon as there is no longer any proper reason to hold those funds.  When all reasonable attempts have been exhausted to return such client funds and the remaining balance cannot be paid to the client, it is considered dormant.

We understand that dormant client accounts can add complexity to the annual audit process.  However, Law Firms are permitted to withdraw those funds and donate them to a charity of their choice.

You can donate dormant client accounts to Aspire:

• if reasonable attempts have failed to establish the identity and contact details of the money's owner
• without SRA permission if the balance is under £500
• providing SRA permission is granted if the amount is over £500

Additional guidance can be found on the SRA website. 

The impact your donation will have

The money donated through our dormant client account initiative can make a significant difference to Aspire.  Every four hours someone in the UK is paralysed by a spinal cord injury and Aspire exists because there is currently no cure. We provide practical help to people who have been paralysed by spinal cord injuries, helping them move from injury to independence.  Find out more about how we support spinal injured people and how your donation will help. 

How to donate

Step 1: Inform the SRA

For balances over £500, use the SRA form to apply for the authority to withdraw funds from the client account.

Step 2: Notify the account holder

Use our template letter to notify the account holder of your intention to donate the unclaimed funds to Aspire.

Dormant client account letter template

Step 3: Make your donation

By cheque

To make a donation by cheque, please make the cheque payable to Aspire and include a cover letter with the client’s name and details.

Please send it by post to:

Hannah Wyatt
Fundraising Manager
Aspire
Wood Lane
Stanmore
Middlesex  HA7 4AP

By bank transfer

Please email Hannah at [email protected] and we will provide you with our account sort code and account number to allow you to make the transfer.

Step 4: Once we have received the donation

We will send you a receipt and provide a suitable indemnity for individual client amounts in excess of £500, if required.

Thank you so much for choosing to donate to Aspire.

Dormant client account letter template

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