A foundation that channels money to charities in areas with the greatest need has reversed its decision to close.
Access – The Foundation for Social Investment was scheduled to shut down in 2026 at the end of a decade of work.
But trustees have had a change of heart, largely due to the growth of the dormant assets scheme, which is promising to deliver much-needed millions from unused bank accounts to communities facing social deprivation.
The rethink, which will see Access remain in operation indefinitely, was also influenced by the foundation’s stakeholders, including charities and social enterprises, which urged it to continue.
Chief executive Seb Elsworth said: “Numerous partners told us that closing at this point would be detrimental to the charities and social enterprises we exist to serve and the broader social investment ecosystem.”
Chair of trustees Nick Hurd said: “Access was set up with a clear remit – to ‘disrupt’ the existing social investment market and widen its reach into places and communities that were previously excluded.
“While much progress has been made – in establishing blended finance as a tool to support underserved communities and in championing enterprise development – we had to confront the reality of closing our doors in 2026 and what this would mean; not for Access itself, but for the wider social investment ecosystem and the organisations we support.”
He added: “With unanimous and strong support from the board, the staff team and our key external stakeholders, we have concluded that to close at this point would not be right.
“We will work with our key partners to play a leading role in delivering the Community Enterprise Growth Plan and distributing funds from dormant assets to help social investment reach more organisations and communities.”
The Dormant Assets Scheme has unlocked more than £800m for good causes across the UK.
Under the existing scheme, funds flow via social investment wholesalers including Big Society Capital and Access to charities and social enterprises, ensuring they can access the appropriate forms of finance they need to thrive.
The scheme is set to be expanded – including assets from the insurance and pensions, investment and wealth management, and securities sectors for the first time – following a consultation.