Progress, partnership and what comes next

Seb Elsworth CEO of Acccess

Every four years, the organisations distributing Dormant Assets funding in England are independently reviewed. Each review, commissioned by the Oversight Trust, assesses the effectiveness of the organisations that have received funding to date.

These reviews offer a chance to reflect on what is working and where improvement is needed. I’m grateful to the Review Panel and to the many sector contributors for their insights, which reinforce much of what we have heard in recent years and provide helpful challenge as we move into the next phase of our strategy.

I’ve pulled out three strategic issues highlighted by the review below but the full version of the review and the exchange of letters between Access and the Oversight Trust can be read here. 

1. Building for the long term

One of the Panel’s clearest conclusions is one we agree with: subsidy is still needed to help community-scale charities and social enterprises access the right finance. These organisations often struggle to grow, particularly in communities where other investment rarely flows. The Panel also emphasises the fragility of the organisations that support and deliver this finance. Strengthening them is essential if we want impact at scale, which is why improving partner resilience is one of our organisational KPIs. Our 2025 Investment Policy marks a deliberate shift: we focus not only on the flow of finance to frontline organisations but also on the strength of the organisations delivering it. As we put it: we see our finance as building, not just buying.

We will continue supporting wider sector infrastructure - data, tools, learning, EDI, policy, partnerships and research - because these building blocks matter. But we also have to be realistic. The recent £87.5m Dormant Assets allocation, while welcome, is smaller and later than hoped for. We anticipate demand outstripping available funding by around four to one. That means some difficult choices ahead.

To meet long‑term demand, we need a broader coalition of funders to recognise the value of community-scale investment. Dormant Assets will remain vital, and we will continue advocating for further allocations and for a more stable, long‑term approach. 

2. Meeting the gap 

While Dormant Assets play a crucial role, they won’t meet the full scale of need. Mobilising additional capital has always been part of our work, but we are now focusing more on this to help meet unmet demand.

We have supported and convened a range of coalitions and networks - the Blended Finance Collective, the Enterprise Grants Taskforce, and others like the Impact Economy Collective - to help build shared understanding and unlock resources. 

The Panel reflects the positive reputation and trust Access holds across the sector, partly as a result of that convening role, which we value and take seriously. This gives us confidence that we can, and should, do more on this.

To make the biggest difference, we are focusing on five key stakeholder groups: Combined mayoral authorities, where community-scale enterprise can boost local growth; philanthropic foundations, to grow enterprise capacity and encourage more responsible investment; central government departments, to support and develop blended finance; non-departmental public bodies, to use existing funding more catalytically; and, in the longer term, banks, to increase the supply of senior debt into blended funds.

It is worth being clear: this work is focused on the wider system rather than on Access itself, and we continue to operate as a wholesaler, working alongside delivery partners.

3. Culture and capability as we evolve

Our Commitment to EDI

The Panel acknowledges the progress we have made on equity, diversity and inclusion—but also the distance still to go. Our refreshed EDI delivery plan focuses on three areas: being more transparent and accountable; supporting partners to strengthen their own approaches; and improving diversity within Access itself. One of our core KPIs is to ensure more of our funding reaches underserved communities and organisations led by people from protected groups.

Our culture 

I’m pleased that the Panel, and many of our stakeholders, recognise the strength of Access’s culture. Our values drive our approach: collaborative, curious, open, and rooted in humility. These qualities matter to us, and we believe they make us a better partner.

But humility has a flip side. It can make tough conversations harder. Over the last year, we have invested in building the team’s confidence and skills to handle these moments well. We will continue strengthening this capability, because our impact depends on it.

Our leadership

We also recognise the internal demands of delivering an ambitious strategy. As we’ve grown our senior leadership team has become more structured, with clearer distribution of responsibility. Recruitment is helping to ease some of this pressure, and we will check in with staff through a pulse survey in Spring 2026.

Some stakeholders have asked for a clearer long-term vision for Access’s role. Our 2025 strategy sets out what the wider system would look and feel like if our job were complete - for example, where charities and social enterprises consistently understand and can access the finance they need, and where funders routinely support enterprise models. We know this vision will need refining over the coming years, and future reviews will help us track progress.

Looking Ahead

We welcome the Panel’s recognition of the important role the Pathway Fund will play. We are pleased to be able to support their launch with £12m and are working closely with the National Lottery Community Fund and the Oversight Trust on proportionate and transparent oversight arrangements.

Our focus this year is on delivery against the objectives of the Community Enterprise Growth Plan and the Dormant Assets Strategy, in a way that is fair, transparent and impact-focused. We will continue to work closely with partners, recognising that progress depends on collective effort in the face of real constraints.