Spotlight on 2024

How 2024 saw record deployment, deeper reach, and growing momentum across the social investment ecosystem

Record deployment: Across 2024, Access’ partners deployed funds at a record rate with £32.5m of investment deployed, a 48% increase on the previous year.

Leveraging additional investment: As we wait for a new release of Dormant Assets, Access had limited funds to make new fund commitments in 2024.  However we did run one small top-up round in the autumn, committing £2.4m of new subsidy and through this leveraging an additional £4.6m in other capital funds for investing in  charities and social enterprises (about £1.92 additional funding for every £1 of Access spend).

Reaching underserved communities: In 2024, 61.9% of our financial support was directed to the UK’s most deprived areas (IMD 1-4), providing support to charities and social enterprises helping communities facing immediate financial hardship and long-term economic decline.

Navigating the cost-of living crisis: Following the distribution of £23m from the Dormant Assets Scheme to Access, we launched an £11 million cost-of-living programme to scale solutions that deliver for the hardest hit communities and developed at pace a £20 million support package on energy resilience.

Reaching diverse communities: During 2023 and 2024, we made significant inroads into how we measure progress in relation to equity, diversity and inclusion – thinking both about our own organisation and the work of our partners in our equity, diversity and inclusion policy and action plan. We also supported a sector wide project to improve diversity data collection.

Supporting sector transformation through enterprise: In total up to 2024, 325 organisations have been supported since 2018 through the six sectors, deploying a total of £8.2m in grants. As the Enterprise Development Programme has drawn towards a close, we have initiated the evaluation phase by commissioning an external evaluator.

Expanding the flow of smaller scale, unsecured finance: Our Enterprise Growth for Communities programme deploys the type of finance that meets the needs of a much wider range of charities and social enterprises: often smaller organisations, based in underserved parts of the country, and led by more diverse groups . In 2024, our Enterprise Growth for Communities programme delivered £8.7m of investment into 97 organisations, a significant increase on the £3.5m into 45 organisations in 2023. Our Enterprise Growth for Communities Programme intends to leverage £20 million of Dormant Assets funding to deliver over £60 million for charities and social enterprises through co-investment and recycling. With just under £30 million of co-investment to date, the fund has leveraged £1.49 for every £1 of grant. This will increase further when funds are recycled.

Facilitating patient and flexible investments: Flexible Finance aims to address gaps in the supply of more patient and flexible social investment products for charities and social enterprises which are not widely available in the current marketplace. In 2024, our Flexible Finance programme saw 8 funds deploy £8.8 million to 54 organisations, with deployment ramping up significantly over the past two years. The fund will leverage £24 million of Dormant Assets funding to deliver over £50 million for charities and social enterprises through co-investment and recycling. With just over £40 million of co-investment to date, the fund leverages £1.69 for every £1 spent. This will increase further when funds are recycled.

Deepening knowledge of place-based investment in six areas across England: Our ‘Local Access’ programme also continued to evolve in six places across England (Bristol, Bradford, Gainsborough, Greater Manchester, Southwark and Redcar Cleveland and Hartlepool), where local partnerships are seeking to develop their local social economy. In 2024, a total of 1111 enterprise support interventions were carried out to develop social enterprises and their investment readiness across the Local Access places.

Launch of the Blended Finance Collective: With Better Society Capital, bringing together blended finance practitioners, investors, donors, government officials, and other stakeholders to share resources and events, as well as connect, collaborate, and learn from each other's experiences.

Delivering social and environmental impact and a 7% return through our endowment: 54% of Access’s endowment is invested in organisations delivering social impact, including 34% that is directly invested in UK charities and social enterprises. The remainder is invested in organisations which have best-in-class ESG indicators. Despite wider economic challenges, the Access portfolio managed by Rathbones has outperformed market benchmarks, achieving a total weighted return (after fees) of 7.37%.

Greater clarity over our future: In March 2023, the Government confirmed that Social Investment Wholesalers would continue to be a cause which could receive Dormant Asset funding in England. Access’s trustee board then announced we would not close as planned in 2026 on the request of our partners and recognising that there is still work left to be done.

Making the case for social investment: Alongside our partners, we have continued to highlight the impact of social investment and social enterprise on the local economy, the social impact of the organisations we support and the leverage secured from private and philanthropic funders -increasing the impact of the Dormant asset Scheme overall and through recycling of funds, enabling funds to ‘do good’ many times over.