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.

BIG expects to receive between £30m and £40m 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 funder wants to use the cash to support volunteers, community action, people with disabilities and young people.  Games Makers – the 70,000-strong volunteer army who gave their time at the Games – could be eligible for grants to bring their own ideas to life.

BIG’s chair, Peter Ainsworth, said he wanted the fund to capture the energy and commitment generated by the Games.

“There has been a lot of talk about securing an Olympic legacy, but no-one has come forward with a firm proposal to fund a community legacy for the UK, one which builds on the spirit and energy we saw among volunteers and in our communities during the Olympics and Paralympics.

“I’d like to see the Big Lottery Fund commit all the funds it will receive from the sale of the Olympic village – some £40m – to set up a trust dedicated to securing this legacy across the whole of the UK. So long as we know the money is coming we don’t have to wait for its arrival to begin deciding how to spend it.”

BIG plans to set up the trust over the next three months and then invite bids.  

The government plans to give up to £80m from the sale of the athletes’ village to the various lottery distributors, and the Big Lottery Fund is to receive half.

The Directory of Social Change is still campaigning for the return of £425m 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.