Access marks final year of pioneering endowment with strong returns and social impact

Access has published its latest Endowment Impact Report, marking the tenth and final year of the endowment established when the organisation was created in 2015. The report highlights how the endowment has delivered strong financial returns while supporting charities, social enterprises and wider social impact over the last decade. Later this year, Access will publish a dedicated learning report drawing on the full ten years of mission-aligned investing, exploring the challenges, opportunities and practical lessons from the endowment's journey for foundations and other asset owners seeking to align more of their money with their mission.

This final report in our series of annual updates once again demonstrates that mission-aligned investing is not only possible but can form part of a practical and responsible approach to investment management. Since inception, Access’s endowment has delivered a cumulative total weighted return of 25.24% after fees, outperforming a range of comparable market benchmarks despite a challenging economic environment. At the end of 2025, 39% of the portfolio remained invested directly in UK charities and social enterprises, demonstrating the extent to which capital can be aligned with mission while continuing to generate returns. 

The report demonstrates the nature and type of impact delivered by the organisations supported and the tangible benefits for people and communities. During 2025, investments supported the management of 48 social housing properties, mobility solutions for 45 people with physical disabilities, financial advocacy services for 18 people with a learning disability, and care services for 5 elderly residents.

The report marks an important milestone for Access as it transitions from its original spend-down endowment model to a treasury management approach. Over the past decade, the endowment has played a central role in supporting Access's mission to improve access to capital for charities and social enterprises.

Emilie Goodall, Trustee and Chair of the Endowment Investment Committee, said:

"This year is the tenth and final year of the spend-down endowment established when Access was created in 2015. Over that time, the endowment has played a central role in delivering our mission, helping to channel capital to charities and social enterprises.

We believe the experience we have gained through managing the endowment can be valuable to others. Later this year, Access will publish a dedicated report exploring the practical realities of mission-aligned investing and what foundations and other asset owners can take from our experience. We hope it will help more organisations consider how they can use all of their assets, not just their grant-making, in support of their mission."

Alongside managing its own portfolio, Access has sought to encourage wider adoption of mission-aligned investing across the foundation and social investment sectors. This has included supporting the development and promotion of the Charity Investment Governance Principles and working with the Impact Investing Institute to map the UK values-driven investment landscape and the support available to foundations seeking to better align their investments with their mission and values. 

The report also highlights ongoing work to understand and manage the environmental profile of the portfolio. 

While the original endowment is coming to an end, the principles that underpinned it will continue to shape Access's approach. The forthcoming learning report will build on this work by sharing insights from ten years of experience and contributing to wider conversations about how foundations can use all of their assets in support of their mission.