Impact Report: Making social investment work better for charities and social enterprises

What we’ve learnt and where we’re going 

Our new Impact Report marks a decade of Access and our partners supporting charities and social enterprises to grow their trading income, build resilience, and access social investment that works for them. It reflects growing evidence that when public, private, and philanthropic funding is combined, it can reach smaller organisations and communities that mainstream finance still doesn’t.

The organisations supported are building stronger local economies, fairer employment, and community-led solutions to social problems. At a time of continued economic pressure and rising social need, this work takes on renewed urgency. 

A decade in numbers

• Our programmes – delivered with our partners - have seen £153 million in investment, reaching more than 2,700 charities and social enterprises.
• Alongside the £57 million in grants deployed by Access through 11 distinct programmes, £96 million in repayable investment has been delivered to charities and social enterprises. More here.

Blended finance is working – expanding the reach of social investment significantly 

Our data confirms what we’ve long believed: when grants and investments are blended effectively, money can flow to organisations often overlooked by mainstream finance. 

As our Impact Report shows, this approach enables targeted support to organisations in underserved areas, helping smaller charities and social enterprises overcome barriers and thrive.  More here.

• Targeting underserved areas: 65% of Access grant goes to 40% most deprived areas (IMD 1-4) and 24% of Access grant goes to the 10% most deprived areas (IMD 1).
• Supporting smaller organisations: Average Access deals are typically for much smaller amounts – around 95k. By contrast, in 2023 non‑Access investments were over £837k — about ten times larger.
• Shifting barriers: In 2011, access to debt or equity finance was the number one barrier for 44% of social enterprises; by 2021 this had dropped to just 6%. 

But blended finance is about more than money — it helps organisations grow, build resilience, and contribute meaningfully to their local economies.

As noted in an independent review commissioned by DCMS:

"Blended finance is an effective way to help small VCSEs take on social investment and grow, become more resilient, and help more people." 

Enterprise is a vital route to resilience 

We’ve seen that enterprise is one of the most effective ways for charities and social enterprises to strengthen resilience and sustainability.

Access’s programmes have supported organisations to test and grow trading models, build income streams that reduce reliance on short-term grant funding, and navigate the risks of early-stage enterprise with tailored support and flexible finance.

• Nearly all participants in our Enterprise Development Programme (EDP) reported positive outcomes: 97% reported their confidence to trade as positive or very positive and 96% rating their ambition to trade as positive or very positive

Resilience isn’t only about weathering crises — it’s about creating the conditions for long-term impact. Enterprise plays a central role in that. More here. 

Working at the system level

The Impact Report looks not only at our impact on charities and social enterprises but also at the impact we have on our social investment partners and the wider system they operate in. That means supporting the intermediaries, tools, and collaborations that hold the system together. We’ve invested in shared infrastructure like the Connect Fund, the Diversity Forum, and Good Finance.

We also use our learning and networks to influence how investment is shaped — especially for smaller organisations in more deprived areas. That means championing blended finance through the Blended Finance Collective, co-founding the Enterprise Grants Taskforce to explore how grants can support enterprise, and advocating for the continued use of dormant assets. We also work on responsible investment and share learning to help shift policy and practice across the system. 

More here and here.

The vital role of dormant assets

As we conclude our consultation on deploying the upcoming Dormant Assets allocation, this impact report highlights the crucial role this unique source of funding plays. The evidence, data and learning behind it has also played a very important role in shaping our recent strategy and future plans.  Without dormant assets, much of the patient, flexible capital needed to support smaller organisations and riskier investments would simply not be available. This funding plays a crucial role in shaping a more equitable, efficient, and tailored system that meets the needs of civil society. More here.

• Access has now committed £82 million from the Dormant Assets Scheme into funds and programmes that support charities and frontline social enterprises. This has leveraged investment from both the private and philanthropic sectors – delivering at least an additional £122 million for charities and social enterprises (approximately £1.48 for every £1 spent).
• Over 1,200 organisations have been reached, with £26.6 million in grants deployed.
• Much of this investment is heavily targeted at more deprived areas of the country, with over two-thirds of Dormant Assets investment going to organisations in the most deprived areas (IMD 1–4). A quarter of all investment delivered to charities and social enterprises has gone to the 10% most deprived regions
• The North West has received the most investment, both by grant deployed and total investment.

Where things haven’t gone to plan

This report doesn’t just capture what we’ve achieved — it also reflects what we’ve learnt, including where progress has been slower or more challenging.

For example, in the report we reflect on our Flexible Finance programme, which showed that designing complex and bespoke funds took longer than expected, and that co-design approaches did not work for all partners. We also learned that making progress on our Equality, Diversity and Inclusion (EDI) goals requires external expertise and more realistic timelines.

Looking ahead: a call to partnership

With over 122 partners and 2,700 organisations supported, our movement is growing — but there’s still more to do. We are committed to working with social investors, funders, and policymakers to build a social investment system that helps charities and social enterprises become more resilient and financially sustainable. By working together, we can ensure they reach more people and communities in need.

Read the Impact Report

Get in touch: info@access-si.org.uk

Image credits from organisations supported by Access programmes: 

• Cast
• The Big League
• Collaborative Women
• Gateway Collective
• Cafe Laziz
• Kashmir Youth Project
• Once upon a plant/Make CIC
• Afrikawad
• Paws and Pause