The Tenancy Deposit Scheme (TDS) has announced the launch of a new charity for the private rented sector.

The TDS Charitable Foundation has now been registered as a Charitable Incorporated Organisation with the Charity Commission and will provide funding for training, education and projects to promote best practice in the private rented sector.

Steve Harriott, chief executive of TDS, said: “The TDS Charitable Foundation is the next step in our long term commitment to helping raise standards in the private rented sector. Industry practices are coming under close scrutiny at the moment, but training and accreditation remain entirely voluntary in the lettings industry.

“Letting property unprepared leaves everyone open to risk and we hope the TDS Charitable Foundation will help make support more accessible for landlords, letting agents and tenants, and provide valuable resources for providers of training and education.”

Having established the Charitable Foundation it is anticipated that the bulk of its funding will come from unclaimed deposit monies paid to tenants but never cashed (even after determined efforts to track down the tenants). The Foundation will also seek funding from other grant giving entities.

The TDS Charitable Foundation is a registered charity and will begin accepting applications for funding from April 2014.