The Department of Culture, Media and Sport (DCMS) has announced that a new charitable trust will be launched to support cultural and sporting initiatives in the run up to the London 2012 Olympic Games and Paralympic Games.

The DCMS teamed up with the Millennium Commission, Big Lottery Fund and Arts Council England to select a consortium – comprising The City of London, Business in the Community, East London Business Alliance, TimeBank and Yorkshire Forward – to facilitate the launch of Legacy Trust UK in 2007.

The Legacy Trust UK Consortium was selected from 11 submissions owing to the wealth of differing skills and interests of its five members. The working group will now proceed with its business plan to prepare for the establishment of the trust in the new year.

The new trust will invest £40m (£34m from The National Lottery and £6m from the Exchequer) over the next six years on a UK-wide programme to promote the Olympic and Paralympic ideals of celebrating mind, body and spirit, fostering innovation and creativity and strengthening the creative and technical skills base across the UK.

It will also encourage a co-operative approach on sport, physical activity, culture and education and offer young people and diverse communities the opportunity to fully participate in the build up and delivery of the wider vision for the games. The overall aim is to leave a lasting positive legacy of the games for future generations.

Richard Caborn MP, chair of the Millennium Commission and minister for sport, said: “The Millennium Commission’s last act as a National Lottery distributor will be to help lay the foundations of a nationwide programme of cultural and sporting endeavour building up to 2012.

“I can think of no better use for our remaining Lottery money. The creation of a new charitable trust offers the greatest potential for the funding to be used in imaginative and innovative ways to make a real difference to communities throughout the UK.”

It is anticipated that the new trust will help fund the UK School Games scheme, which was first held in Glasgow earlier this year. The 2007 event will be held in Coventry and cities are currently bidding to host the UK School Games from 2007–11.

Legacy Trust UK is supported by the London Organising Committee of the Olympic Games and Paralympic Games (LOCOG). Details: www.legacytrustuk.org