In November 2024, the Government announced plans to allocate an additional £87.5 million to social investment wholesalers, in turn enabling social investors to provide vital funding to charities and social enterprises.

This blog looks at the work Access has facilitated as part of the Dormant Assets Scheme so far, ahead of this additional allocation. 

The Dormant Assets Scheme takes forgotten financial products, such as old bank accounts, and puts them to better use where it is not possible to reunite them with their original owners. In England, the scheme are currently addresses three critical issues for economic growth and social equity: 

• reducing employment disparities for young people

• tackling financial exclusion and problem debt

• utilising social investment to support vital community organisations struggling to access mainstream finance. 

Our work, alongside our sister organisation – Better Society Capital – focuses on supporting community organisations who struggle to secure finance from mainstream sources. Social investment plays a vital role in ensuring these organisations can access the finance they need to expand their services, take on new staff, renovate or upgrade their buildings, or generate an income that will put them on a more sustainable footing.

Access focuses on providing blended finance (combining grant funding with repayable finance) to provide the affordable, patient and flexible investment that charities and social enterprises most need. 

The headlines in pictures 

Regional Impact 

This chart shows our reach across England, with the North West receiving the highest share of our funding. To date, 21% of all investment delivered to VCSEs has gone to the North West (this includes Access’s funding and capital leveraged from co-investors).  

Targeting areas of high deprivation 

Dormant Asset funding via Access has flowed to all parts of the country with a strong and significant focus on areas of high deprivation. This means that more money is reaching areas facing challeneges such as health inequalities, unemployment, poverty and crime. By targeting these areas, the Dormant Assets Scheme not only addresses immediate needs but also promotes greater equity and opportunity.  

Below is a breakdown of how much investment has flowed to each decile of the Indices of Multiple Deprivation (IMD), as well as the Access programmes that have contributed to them.  

What the remaining committed investment will go on to do 

As mentioned, four of the seven programmes are still in the early stages of their deployment, with the much of their investment yet to be allocated and more impact to be achieved. Of the remaining programmes, two are now closed*, and one (The Cost of Living Programme) will close by the end of 2024. 

We expect that Dormant Assets via Access will enable the deployment of a further £113m in investments over the coming years, with an expected 1490 more investments to be made to charities and social enterprises by the end of 2030.** 

The impact and value of Dormant Assets funding cannot be understated 

To date, over 1,223 organisations have benefited from £118 million in investment, including £26 million in grants. By 2030, we estimate this will increase to £230 million in investment, comprising £56 million in grants, delivered through approximately 3,000 investments. 

These figures are estimates based on initial programme commitments and targets. They may change, as the total value deployed to charities and social enterprises is expected to grow— with many funds recycling capital, enabling additional social investment deals. 
 
Taking just one example 

The Dormant Asset Scheme has support thousands of grassroots organisations – here is one story.  

CAST helps young people to developskills through fishing and hands-on work in nature. They offer alternative education for children who are struggling in mainstream school, helping them gain practical skills for employment, such as using tools safely and carrying out basic construction and horticulture tasks.

CAST received an £8k grant and a £40k loan from Key Fund. They used the social investment to purchase the building they had been leasing, setting it up as their base, and employed five new staff members.

“If we hadn’t got the loan, we’d have developed much more slowly. We wouldn’t have been able to take on extra staff and this would have impacted how many young people we could have helped.” 

More on Cast and their social investment story here.

* The Growth Fund delivered Dormant Assets funding through Better Society Capital who provided the repayable finance. The grant subsidy which Access delivered was funding from The National Lottery Community Fund.  

** These figures may change for a variety of reasons depending on the needs of the programme, the market and fund managers. This could see this date extended, and the value deployed increase.