Iwade village has access to a huge pile of money it never knew it had after Swale council revealed there is nearly £1 million set aside for projects there.

The money has built up following the completion of a number of housing developments which have taken place in the small community over the past decade.

The dormant booty, which amounts to £800,000, was revealed following a Freedom of Information (FOI) request by Iwade Parish Council.

The discovery could lead to other parishes contacting Swale in a bid to track down funds being held on their behalf.

Parish council chairman James Hunt said: “We were told by a council officer that there was about £200,000 set aside for open spaces in Iwade, but we were gobsmacked to discover there was a lot more which could be spent in the village.

“It’s a nice belated Christmas present which will hopefully see positive things happen in Iwade throughout the rest of 2014.” Iwade’s hoard was revealed at a meeting held in the village on Monday.

It followed an FOI request in which the parish council requested to know how much money Swale was holding in its “106 fund”, which is cash paid by developers involved in local housing schemes.

The money is earmarked for projects such as recreation and health in new housing areas. The report found, that from 1999, more than £2million had been spent on amenities in Iwade and a further £800,000 remained in the account.

It had been accrued from six housing developments in the village. Mr Hunt said the parish council was due to meet Swale’s head of planning in the next two weeks to discuss if and when the cash could be spent.

He said: “We need to find out if any of the outstanding S106s have restrictions placed on them.

“It might be that some of the agreements can only be actioned on a certain date or when a certain piece of land becomes available.

“But there are lots of projects we want to do as a council and we hope some of this money can be released to pay for it.

“I would urge other areas that have had a number of developments over the years to check with Swale council to see what funds are still to be spent in their community.”