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← Access - The Foundation For Social Investment

2024-12-31-accounts

Access – The Foundation for Social Investment

Annual Report and Accounts

31 December 2024

Charity Registration Number 1159699 Company Registration Number 09153909

Contents

Reports

Reports
Reference and administrative details of
the charity, its trustees and advisers 1
Trustees’ report (incorporating a Strategic Report) 3
Independent auditor’s report 18
Accounts
Statement of financial activities 23
Balance sheet 25
Cash flow statement 26
Principal accounting policies 28
Notes to the accounts 32

Access – The Foundation for Social Investment

Reference and administrative details of the charity its trustees and advisers

Trustees Nick Hurd (Chair)
Emilie Goodall
Franz Ranero
Heather Hilburn
Kate Kuper
Jane Ide
Martin Rich (Senior Independent Trustee)
Robert Williamson
Susan Cooper
Samantha Latouche (to 19 April 2025)
Senior leadership team
Chief Executive Officer Seb Elsworth
Director of Programmes Neil Berry
Director of Partnerships and Advocacy Chloe Stables
Director of Finance and Operations Melinda Palmer (from 29 July 2024)
Director of Finance and Operations Chris Coghlan (to 4 July 2024)
(job share) Simon Cottee (to 31 Aug 2024)
Registered office Script
44 Featherstone Street
London
EC1Y 8RN
Website access-socialinvestment.org.uk
E-mail info@access-si.org.uk
Charity registration number 1159699
Company registration number 09153909

Access – The Foundation for Social Investment 1

Reference and administrative details of the charity its trustees and advisers

Auditor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Investment advisors Rathbones Group Plc 30 Gresham Street London EC2V 7QN Bankers Triodos Bank UK Limited Deanery Road Bristol BS1 5AS The Charity Bank Limited Fosse House 182 High Street Tonbridge TN9 1BE Reliance Bank Limited, Faith House, 23 - 24 Lovat Lane, London, EC3R 8EB Unity Trust Bank Four Brindleyplace, Birmingham, B1 2JB

Access – The Foundation for Social Investment 2

Trustees’ report Year to 31 December 2024

The trustees present their statutory report together with the accounts of Access – The Foundation for Social Investment (Access) for the year ended 31 December 2024.

The trustees’ report has been prepared in accordance with part 8 of the Charities Act 2011 but also comprises a directors’ report and a strategic report for the purpose of company legislation. The accounts have been prepared in accordance with the principal accounting policies set out therein and comply with the charitable company’s memorandum and articles of association, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Strategic report

Introduction

We are Access – The Foundation for Social Investment

We want to see a social investment eco-system that works for all charities and social enterprises, supporting them to meet the evolving needs of communities across the country. We work to make sure that charities and social enterprises can access the finance they need to sustain or grow their impact.

Through our programmes and our advocacy work, we are building the capacity of the social investment ecosystem to provide blended finance and boosting the resilience of charities and social enterprises through growing enterprise.

Designed to ‘disrupt’ the existing social investment market and widen its reach into places and communities that were previously excluded, we target those most in need of patient and flexible investment through:

Access was created in 2015, following a realisation that sustained efforts to grow the social investment market had not resulted in meeting the needs of many charities and social enterprises.

Typically, the type of finance that is suitable for most charities and social enterprises has not been readily available either because there was too much risk, or the size of investment was too small.

Equally, support for charities and social enterprises to grow their enterprise models and access investment was patchy, under-resourced, under-developed and uncoordinated. And so, Access was created to grow the reach of social investment.

Access – The Foundation for Social Investment 3

Trustees’ report Year to 31 December 2024

Our funding has focused on two strategic themes since our inception:

Our impact lies not just in the programmes we fund, but in our influence over the broader social investment ecosystem. Increasingly our focus is on sharing the learning we have generated, and mobilising action with a range of partners including social investors, foundations, and infrastructure bodies.

In our operating model, we seek to maximise opportunities to generate impact. Most significantly, we are investing our expendable endowment and any other funds received, to achieve positive social impact with a financial return that helps to fund our grant-making, thereby increasing the total impact made by the endowment over its lifetime.

When reviewing the aims and activities of the charity and the provision of public benefit, the trustees have had regard to the general guidance provided by the Charity Commission. The trustees believe that the aims of the charity set out above are demonstrably for the public benefit.

Summary of 2024 achievements

Access – The Foundation for Social Investment 4

Trustees’ report Year to 31 December 2024

Review of performance and achievement

Amidst ongoing economic challenges, charities, social enterprises and community groups lack the capacity they need to step up their work at the scale required. With real-terms spending reductions in the public sector and the continued squeeze on household incomes, many charities and social enterprises are looking to find new ways of managing rising costs and growing demand for their services.

In this context, Access continues to focus on building resilient organisations that can address the evolving needs of communities and navigate the challenges of 2024. With the ongoing cost-of-living crisis, a general election, and economic uncertainty we remain committed to ensuring that charities and social enterprises have the financial tools, support, and infrastructure they need to adapt, sustain their impact, and drive long-term change.

Patient and flexible forms of social investment enable charities and social enterprises to diversify their income streams and increase their resilience. This ensures these vital organisations are more financially independent and better able to plan for the future, so they can handle unexpected events and take advantage of opportunities.

Since its inception, Access has now supported over 3,200 charities and social enterprises, deploying over £57 million in grant. By the end of December 2024, this had unlocked over £150 million of investment (this amount will increase as more funds are deployed).

Continued flow of Dormant Assets to charities and social enterprises

To date, Access has been allocated £83 million from the Dormant Asset Scheme and committed over £80 million into funds and programmes that support charities and frontline social enterprises. By September 2024, this enabled 1,448 (2023 – 936) investments to 1,056 (2023 – 725) grassroots charities and social enterprises. Almost a third (32%) of the dormant-asset funded investments were delivered to charities and social enterprises in the 10% most deprived regions (as measured by the indices of deprivation (IMD)).

In 2024, we worked closely with the Department for Digital, Culture, Media and Sport (DCMS) to develop detailed plans for the next allocation of Dormant Assets, following re-confirmation that Social Investment Wholesalers would continue to be a cause which could receive Dormant Asset funding in England. We look forward to further progress during 2025 as DCMS work towards the publication of a Dormant Assets strategy that will set the policy framework for future spending under the scheme.

Access – The Foundation for Social Investment 5

Trustees’ report Year to 31 December 2024

Programme design and delivery

Substantial completion of our cost-of-living programme, with £10.5m of grants and loans deployed within the year

Following a new commitment from Dormant Assets, our £11 million Cost of Living programme launched in Autumn 2023 and continued its swift deployment through 2024.

The programme targets charities and social enterprises using trading models to support those hardest hit by the cost-of-living crisis.

Given the urgent nature of the funding, 10 out of 12 programme partners completed their deployments in 2024, with £7.3 million of Access grants distributed. In total, £12.5 million of investment has reached charities and social enterprises. The remaining two partners are implementing distinct models, and as agreed at the outset, will deploy £2.7 million of Access grants on different timelines to suit their delivery approaches.

To date, 77% of funding has been allocated to Charities and Social Enterprises based in or delivering services to the 30% most deprived areas, as identified by the IMD. The primary focus areas have been food support (30% of awards) and mental health services (16%), with nearly 25% of awards categorised as ‘other’, reflecting the multi-faceted nature of many Charities and Social Enterprises, which address overlapping needs such as food, shelter, mental health, and debt advice.

Commitment of £12m into support packages for energy efficiency

In late 2023, we launched a £20 million fund (£12 million from Access plus £8 million co-investment from Better Society Capital) aimed at bolstering the energy resilience of charities and social enterprises by helping them to reduce energy costs, improve energy efficiency, and promote a just transition towards a greener future. This meant directly supporting energy efficiency measures and other non-financial barriers (such as lack of data and the need to navigate a complex web of suppliers). The programme began making investments via multiple partners during 2024 and by the end of the year 17 organisations had received more than £1.5m to improve the energy performance of their buildings.

Enabling deployment of £8.7 million in smaller scale, unsecured finance

Our Enterprise Growth for Communities programme continues to broaden the availability of social investment to smaller organisations, particularly those in disadvantaged areas. Evidence shows that charities and social enterprises typically seek smaller, unsecured finance options. This programme provides the right type of finance for a wide range of organisations, especially smaller ones based in underserved areas and led by more diverse groups.

The fund aims to leverage £20 million of Dormant Assets funding to deliver over £60 million to charities and social enterprises through co-investment and recycling. With five funds now deploying, the programme has made 148 investments, delivering £12.8 million (an average investment of £86,000).

Access – The Foundation for Social Investment 6

Trustees’ report Year to 31 December 2024

Facilitating the investment of £8.8m in patient and flexible capital

Flexible Finance is Access’s £22 million programme, funded by the Dormant Asset Scheme, dedicated to closing the gap in patient and flexible social investment products for charities and social enterprises. Launched in 2021, the programme focuses on creating a more inclusive financing ecosystem, specifically targeting underserved markets, including those from marginalised or Black and minoritised communities.

By working closely with social investment partners, the programme supports business models that require longer timelines to generate the returns investors seek, while also attracting capital providers with varying risk appetites to blend with our grant subsidy.

As of December 2024, the programme has seen 8 funds deploy £21 million in 135 investments. A key initiative within the programme is the Lending Equal Access Programme (LEAP), launched by Charity Bank. This fund, a significant departure from their main lending portfolio, addresses the demand for flexible social funding, particularly among diverse-led enterprises. The LEAP fund supports a wide range of needs, from purchasing new equipment to acquiring buildings, allowing Charity Bank to expand its offering and support more impact-driven organisations.

To date, Flexible Finance has delivered £7 million to Black and minoritised-led organisations, representing one-third of its total £21 million investment. This represents a much higher proportion of total programme investment flowing to these communities—over four times the percentage of total investment seen in other Access programmes.

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/Hartlepool), where local partnerships are seeking to develop their local social economy. The programme hopes to demonstrate how a combination of enterprise support and blended social investment can help to achieve a step change in a local social economy. Using a £10 million investment from Dormant Assets, the programme is trialling new approaches and products to spark social enterprise and investment where this hasn’t traditionally been developed and target underserved communities such as Black and Minoritised communities-led social enterprises. The programme is a partnership between Access and Better Society Capital, with approximately £33 million of funding consisting of both Access grant and BSC investment capital. The programme has the potential to deliver longterm systemic change, and we hope that the programme will deliver in time a better understanding of what works to strengthen the social economy in a place. By the end of 2024, a total of 2,828 enterprise support interventions were carried out to develop social enterprises and their investment readiness across the Local Access places.

Access – The Foundation for Social Investment 7

Trustees’ report Year to 31 December 2024

Sharing insights on enterprise

Our Enterprise Development Programme has supported charities and social enterprises to think creatively, become more financially resilient and develop enterprise models across six sectors including Black and Minoritised communities, the environment sector, equality, homelessness, mental health and the youth sector. In total, 325 organisations have been supported since 2018 through the six sectors, receiving a total of £8m in grants.

As the programme draws towards a close, we initiated the evaluation phase by commissioning an external evaluator to help us understand the overall impact of the programme on the organisations and sectors supported and learn lessons about the design of future enterprise development initiatives. We have also shared more details about the enterprise models which were supported through the programme to support broader capacity building in the sector.

Continued focus on building a market fit for the future

Access’s partners are central to everything we do - our success hinges on working with others to accelerate change and build the social investment ecosystem the sector needs.

The Connect Fund, a partnership between Access and the Barrow Cadbury Trust, provided support to organisations delivering services for charities and social enterprises seeking social investment. It was a £6 million fund for grants and occasionally social investment to build better infrastructure for the social investment landscape in England, particularly for new entrants and markets. With a particular focus on catalysing new networks, products and support from social investment intermediaries, the Connect Fund looked to support key elements of infrastructure as it enters its final phase. Key to this has been support for projects that support equity, diversity and inclusion such as the Diversity Forum and the Equality Impact Investing Project.

The Connect Fund has deployed £5.28 million via 137 grants to 88 organisations. Through the programme’s various initiatives, we have seen how collaboration, knowledge-sharing, and a focus on inclusivity can drive positive change. In 2024, the Connect Fund concluded – with a large-scale reflection event bringing together partners and stakeholders and development of a learning report capturing the impact of the programme, highlighting some of the challenges and exploring some of the success stories.

Deepening knowledge Influencing the external environment

Our work in sharing learning and mobilising partners has focussed largely on future supply of grant subsidy throughout 2024. Much of our focus has been on the allocations from the expanded Dormant Asset Scheme. In November 2024, the Government reconfirmed their intention to split approximately £350 million across the four causes (social investment, youth, financial inclusion and community wealth funds).

As part of this we continued to coordinate the Community Enterprise Growth Plan campaign and work alongside key partners to make the case for social investment continuing as a recipient cause of Dormant Assets.

Access – The Foundation for Social Investment 8

Trustees’ report Year to 31 December 2024

The campaign has support from a broad coalition including key players in the voluntary sector such as National Council for Voluntary Organisations, Association of Chief Executives of Voluntary Organisations, Association of Charitable Foundations, Charity Finance Group and National Association for Voluntary Community Action, funders such as Esmée Fairbairn, the Barrow Cadbury Trust and the Plunkett Foundation as well as business groups such as the British Chambers of Commerce, the Institute of Directors, and the Federation of Small Businesses.

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.

Growing the Blended Finance Community of Practice

In 2024, the Blended Finance Community of Practice went from strength to strength, with the launch of a community knowledge hub, a dedicated investor engagement workstream and several well-attended events including a two-day conference in April.

The community is run by and for blended finance practitioners working in the UK and internationally. It is led by a steering group comprised of Access, Better Society Capital, and Save the Children, with advisory input from the European Bank for Reconstruction and Development, and the Global Impact Investing Network.

Driving philanthropic impact through Enterprise Grant making

The Enterprise Grants Taskforce is a group of funders and foundations committed to exploring how enterprise grants can be better utilised to boost enterprise in the voluntary sector. Led by a steering group that includes the School of Social Entrepreneurs, the Association of Charitable Foundations and Access, the task force will look at best practice and efforts to scale the approach.

Delivering social and environment impact and a 17% return through our endowment

In late 2024 Access published an expanded version of its yearly Endowment Impact Report – setting out in more detail our ‘Total Impact’ approach and demonstrating how we have been able to deliver social and environmental impact while still achieving a financial return.

53% of Access’s endowment is invested in organisations delivering social impact, including 35% 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 17.18% to date (2023 – 12.73%).

In the autumn, Access co-hosted a well-attended conference, with Eiris Foundation and Friends Provident Foundation entitled ‘Utilising whole endowments for mission’ and we continue to work with key stakeholders in this space to explore co-ordinated action.

Access – The Foundation for Social Investment 9

Trustees’ report Year to 31 December 2024

Deepening our commitments to equity, diversity and inclusion

In 2024, Access updated its progress against commitments in our equity, diversity and inclusion policy and action plan. We published a diversity audit covering the composition of the board, investment committee and staff team, and a review of pay gaps was undertaken internally by an HR professional.

Refining our strategic focus for 2025 and beyond

During 2024, we began to revisit and refresh our existing strategy. As we approached the end of our 2022-2025 strategy and as we understood more about the parameters of the funding environment, such as the expected commitment from Dormant Assets across 2024-28, it was the right time to pause and reflect on our strategic priorities to ensure we are delivering against our mission in the best possible way.

This refreshed strategy retains a focus on the role of Access in the broader ecosystem rather than simply the impact of our programmes, and the measures of success include the securing of longterm sources of subsidy for blended finance.

In 2024, Access’s Board of Trustees refreshed our strategic framework, strengthening our approach to delivering finance where it’s needed most. A key shift is breaking down silos between our funding streams—particularly aligning enterprise development with blended finance—so that organisations can access support in a more connected and effective way.

In addition, we are placing more emphasis on leveraging other funding alongside our own, ensuring that every pound we invest has the greatest possible impact. We remain focused on enhancing the resilience of our delivery partners, and plan to provide more targeted support for infrastructure projects that address the key challenges outlined in our strategy.

Our advocacy efforts will focus on areas where we can drive significant change. This includes building awareness of blended finance, encouraging foundations to consider how they support enterprise activity, and advancing mission-aligned investments to unlock more capital for social purpose.

Access – The Foundation for Social Investment 10

Trustees’ report Year to 31 December 2024

Governance, structure and management

Governance

The names of the trustees who served during the period are set out as part of the reference and administrative details on page one of this annual report and accounts. Brief biographical details of each of the current trustees can be found on our website.

The trustees are committed to ensuring that the Board has the combination of skills necessary to support the effective provision of access to capital to charities and social enterprises.

In particular, the Board of Trustees includes skills and expertise in the following areas: social investment, community regeneration and social enterprise, business, and financial and risk management.

The Board has fully adopted the Charity Governance Code and ensures compliance through regular review. The Board of Trustees reviews its own performance regularly and acts on any feedback received as a result of the evaluation process.

An independent review of governance took place in early 2023, which concluded that the Board is highly effective and demonstrates a rigorous and congruent approach to governance and leadership. Access has implemented all of the recommendations in the independent review.

Key management personnel

The key management personnel of Access comprise the trustees, the Chief Executive and senior leadership team. Remuneration is overseen by the Audit, Risk and Compliance Committee (ARCC). In order to ensure that the remuneration policy reflects the charitable sector that it serves, Access staff receive no more than an annual inflationary increase, subject to affordability and in line with relevant benchmarks and reflective of the conditions in the social sector. An exception will be made if a role has materially changed or the market rate has increased (as confirmed by external benchmarking), in which case a pay increase beyond the rate of inflation may be considered.

Statement of trustees’ responsibilities

The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charity for that period.

In preparing these financial statements, the trustees are required to:

Access – The Foundation for Social Investment 11

Trustees’ report Year to 31 December 2024

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Structure and management reporting

Access is a charity and company limited by guarantee, with one legal member, the Oversight Trust. The Oversight Trust is also the majority shareholder of Better Society Capital, and the sole legal member of Fair4All Finance and the Youth Futures Foundation. As the sole legal member, the Oversight Trust agrees to contribute £1 in the event of the charity winding up.

Access is governed by the Board of Trustees. The Board of Trustees has six scheduled meetings a year, including an annual strategic away day. Other meetings are called as required. The trustees delegate the day-to-day management of Access to the Executive team.

The Audit, Risk and Compliance Committee (ARCC) is one of two formal subcommittees of the Board, comprising four trustees. The ARCC is responsible for the relationship with the auditors, ensuring the integrity of Access’ accounting and financial practices, examining and reviewing all systems and methods of control including financial and risk management, all HR matters and policies and ensuring that Access complies with all aspects of the law, relevant regulation and good practice. The ARCC has four scheduled meetings a year and other meetings are called as required.

Access – The Foundation for Social Investment 12

Trustees’ report Year to 31 December 2024

The Endowment Investment Committee (EIC) comprises two trustees and two external members. The EIC is responsible for the relationship with our investment managers (Rathbones), and its role is to monitor both the social impact and financial performance of the social investments that are being managed on Access’ behalf by Rathbones from the endowment funds provided by DCMS and the treasury management of the dormant account funds. The EIC has four scheduled meetings a year and other meetings are called as required.

Risk management

To ensure that risks are managed and mitigated, a risk register is in place, which enables Access to identify and evaluate both strategic and operational risks, and the actions needed to mitigate these risks, taking into account existing and proposed controls. The ARCC reviews the risk register on a quarterly basis.

The key strategic risks which the organisation is currently managing relate to the longer-term legacy of Access and to the need to ensure that, in order to achieve its mission, the Foundation is influencing the broader social investment ecosystem so that key aspects of its work can continue once the organisation closes, or further resources can be made available for the organisation’s work to continue. The refreshed strategy and the renewed focus on learning and advocacy work are a key mitigants. A major focus of the organisation’s work in the year ahead will be securing further resources from dormant assets for blended finance.

The ARCC reviews risks relating to specific programmes, and their ongoing impact on the organisation’s work.

Grant making policy

Access is able to award grants in a variety of ways, namely via the blended finance programmes, Capacity Building programmes or for research work as part of the sharing and mobilising objectives. In awarding grants, we apply the following principles:

We do not consider applications for any activities which are outside the Access’s objects; any activities which are not considered charitable in accordance with the laws of England and Wales; any political or commercial appeals; or any activities from which a trustee or anyone related to a trustee would benefit.

Access – The Foundation for Social Investment 13

Trustees’ report Year to 31 December 2024

Applications must be submitted in accordance with our stated programme areas and will be subject to due diligence and a multi-stage decision making process. Grant recipients will be subject to monitoring, feedback requirements and evaluation. The terms of such monitoring and evaluation will vary depending on the type of funding and the programme area funded and details will be set out in the agreement between the recipient and Access.

Investments and Treasury

Endowment

The Capacity Building programmes, Sharing and Mobilising work, and a portion of Access’ running costs are funded via an expendable endowment, granted by DCMS. Our mandate is to invest our expendable endowment to achieve positive social impact with a financial return to fund our grant making, thereby increasing the total impact made by the endowment over its lifetime. This is part of our “Total Impact” approach. An Investment Policy Statement (IPS) has been approved specifically for the endowment and the endowment’s investments are managed in line with that policy.

Rathbones continue to manage our endowment in accordance with the endowment IPS and at 31 December 2024, they had £13.4m (2023 - £17.7m) of its assets under management

The IPS details the financial and social objectives of the portfolio, as well as any constraints that Rathbones needs to adhere to. It includes guidance on the permitted investments, liquidity requirements, risk management, benchmarking considerations, roles and responsibilities and reporting requirements.

In terms of the impact that the portfolio will seek to achieve, we have adopted a tiered view of the varying degrees of impact. Access held investments as follows:

  1. Charities and social enterprises delivering social impact in the UK – at 31 December 2024 this was 41.79% (2023 - 35.14%) of total investments (Tier 1 or referred to as the “bull’s eye”)

  2. Charities and social enterprises delivering social impact elsewhere – at 31 December 2024 this was 0.00% (2023 – 0.68%) of total investments (Tier 2)

  3. Other organisations delivering social impact – at 31 December 2024 this was 20.65% (2023 – 16.75%) of total investments (Tier 3)

  4. Other organisations that have best in class Environmental, Social and Governance (ESG) indicators at 31 December 2024 this was 36.66% (2023 – 37.47%) of total investments (Tier 4)

  5. Cash – 0.91% (2023 – 9.96%)

Access – The Foundation for Social Investment 14

Trustees’ report Year to 31 December 2024

This is best represented by a diagram shown below:

Portfolio mapped to the Bull’s eye framework as at 31 December 2024

Note : not to scale

Impact reports are published on our website. The latest report is for the period to December 2023. Future reports will be published annually for each calendar year.

Capital Preservation Funds

A fund is managed for capital preservation when the Board is of the view that the funds should only be placed on deposit with suitable banks and that it is not appropriate to invest these funds partly or fully in a bond portfolio or other financial products.

As 31 December 2024 there were two Capital Preservation Funds:

An Investment Policy Statement (IPS) has been approved specifically for capital preservation funds and these funds are managed in line with that policy. The primary investment objective is to invest each Fund using a “total impact” approach, achieving both financial and social impact, in line with how Access invests its expendable endowment. The investment of these funds is managed in house.

The financial objective is to preserve the capital of each fund prior to expenditure. A financial return in line with the appropriate cash deposit rates is targeted over the period that the capital is invested and with a liquidity profile that is appropriate for the time horizon. This was met during the year. The capital is held with banks that best align with the “Bulls Eye” approach developed by Access subject to the opportunity set and consideration of risk factors.

Access – The Foundation for Social Investment 15

Trustees’ report Year to 31 December 2024

Investment performance - Endowment

Rathbones continued to act as our asset manager throughout 2024. At 31 December 2024, the market value of these investments stood at £13.4m (2023 - £17.7m) which included cash held of £0.2m (2023 - £1.79m). The cost of these investments amounted to £14.5m (2023 - £21.0m), and there was an unrealised loss on the change in market value of £4.3m (2023 - £4.3m) to date. Income from this investment portfolio amounted to £10.5m (2023 - £9.9m) to date.

The investment portfolio achieved a Time Weighted Return (TWR) for 2024 of 4.14% (2023 – 5.13%). The target TWR per year is 2-3%. With the backdrop of Covid and rising interest rates affecting the bond market, the trustees are satisfied with the performance of the investments, both in terms of financial return and social impact generated.

In relation to the management of the spend-down endowment, the Endowment Investment Committee (EIC) closely monitor risks, and work with Rathbones, the charity’s asset managers, in seeking to mitigate those risks.

The main risks are credit risk and liquidity risk. The exposure to market risk is mitigated by the investment strategy which is to hold the majority of bonds to maturity, so gains or losses in the valuation of the holdings will largely remain unrealised.

To mitigate credit risk during the last year the EIC worked closely with Rathbones to monitor the health of the underlying holdings in the portfolio, including through reviewing reports directly from the bond issuers and analysing wider market information.

Liquidity risk has also been closely monitored during the course of the year through regular reforecasting of anticipated programme spend, and modelling of any future sales of bonds required to meet that spend. The EIC and board have discussed strategies for reducing illiquidity in the portfolio towards the end of the life of the endowment (from 2024 onwards) and continue to monitor the holdings to reduce liquidity risk in the longer term.

Financial review

Results for the period

Access had net expenditure of £6.40m (2023 - net expenditure £7.94m) in 2024, before investment losses of £0.02m (2023 – gain of £0.22m). The result reflects the scale up in activity from Dormant Assets and spend-down of our endowment in accordance with our mission and the utilisation of restricted grants received.

Income from grants in 2024 was £16.70m (2023 - £10.52m), almost entirely relating to Dormant Asset funding, which is released in the period in which it is spent. This reflects the scale up in delivery of our Dormant Asset funded blended finance programmes, especially the Cost of Living programme.

Investment income totalled £1.52m (2023 - £1.31m), derived from dividends and interest from both investments and banks.

Access – The Foundation for Social Investment 16

Trustees’ report Year to 31 December 2024

Access experienced a record year of grant making activity in 2024. Expenditure on charitable activities totalled £24.6m (2023 - £19.8m), as follows:

2024
£m		 2023
£m
Capacity Building
Blended Finance
Sharing and Mobilising		 3.1
20.9
0.6		 6.4
12.9
0.4
24.6 19.7

The total includes £22.8m (2023 - £18.3m) in grants paid, of which £2.5m (2023 - £2.1m) relates to project management costs for delivering effective programmes, including expenses for partner organisations administering them on our behalf.

Capacity Building included spend of £2.4m (2023 - £1.8m) relating to Reach Fund programmes and £0.3m (2023 - £2.8m) relating to Enterprise Development Programmes.

Blended Finance spend included grants paid as follows:

Sharing and Mobilising consisted primarily of staff costs and external consultancy fees to help evaluate our programmes and the role of Access in the broader ecosystem.

Access is a lean organisation and works through partnerships. The full-time equivalent number of staff increased by 23% in 2024 from 9.5 FTE to 11.7 FTE, as we invested in more resources to manage our blended finance programmes.

The charity’s remaining endowment will be spent over the next year on our Capacity Building and Sharing and Mobilising work. It will also be used to part fund the running costs of Access.

Reserves policy and financial position

The balance sheet shows total funds of £21.5m (31 December 2023 - £27.9m).

These funds include expendable endowment funds of £3.7m (2023 - £10.2m). Whilst the income from these funds may be used for the general purposes of the charity and is held as unrestricted reserves, the trustees’ current plan is to use that income over the next few years to fund our Capacity Building programmes, and to part-fund the running costs of Access.

As detailed in note 10, the market value of the charity’s investment portfolio was £14.4m (2023 - £18.6m), the reduction in 2024 being predominantly due to funds drawn down during the year for programme spend.

Access – The Foundation for Social Investment 17

Trustees’ report Year to 31 December 2024

Dormant Asset income is only recognised when grants are paid, therefore there were no funds relating to this at year-end (2023 - £nil). However, there was £15.0m (2023 - £31.6m) of cash recognised in deferred income awaiting use for programmatic spend. Cash is drawn down 12-18 months ahead of need from the National Lottery Community Fund, who distribute funds from the Dormant Asset Scheme to good causes.

Full details of restricted funds can be found in note 13 to the accounts together with an analysis of movements in the period.

No funds have been designated, or set aside, by the trustees for specific purposes. General funds of the charity at the end of the year were £10.2m (2023 - £9.7m) and are almost entirely “free reserves”.

There has been a shift in the core of Access' grant making programmes being funded from its expendable endowment of £60.65m from DCMS to Dormant Assets. Access receives Dormant Assets funding ahead of when these resources will be committed and therefore the funds are considered adequate to meet the running costs of Access as well as the grant funding of our programmes.

Fundraising statement

Access does not actively solicit donations directly from the public and therefore is not registered with the Fundraising Regulator and does not subscribe to any fundraising codes of practice. Were donations from individuals or trusts and foundations to be received, Access would ensure personal data is appropriately protected.

Auditors

Each of the trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Approved by the trustees and signed on their behalf by:

Nick Hurd Trustee

Approved by the trustees on: 30[th] April 2025

Access – The Foundation for Social Investment 18

Independent auditor’s report Year to 31 December 2024

Independent auditor’s report to the members of Access – The Foundation for Social Investment

Opinion

We have audited the financial statements of Access – The Foundation for Social Investment (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Access – The Foundation for Social Investment 19

Independent auditor’s report Year to 31 December 2024

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report including the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Access – The Foundation for Social Investment 20

Independent auditor’s report Year to 31 December 2024

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Access – The Foundation for Social Investment 21

Independent auditor’s report Year to 31 December 2024

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Edward Finch (Senior Statutory Auditor)

For and on behalf of Buzzacott Audit LLP, Statutory Auditor

130 Wood Street

London

EC2V 6DL

23 May 2025

Access – The Foundation for Social Investment 22

Statement of financial activities Year to 31 December 2024

Notes Unrestricted
funds
£’000
—
890
890
—
—
—
—
—
890
—
890
(453)
437
9,743
10,180		 Restricted
funds
£’000		 Endowment
funds
£’000		 2024
Total
funds
£’000		 2023
Total
funds
£’000
Income and endowments from:
Charitable activities
1
Investments
2
Total income
Expenditure on:
Raising funds
Charitable activities
3
. Capacity Building
. Blended Finance
. Sharing and Mobilising
Total expenditure
Net income / (expenditure) before
gains / (losses) on investments
Net gains / (losses) on
investments
9
Net income / (expenditure)
4
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
12
Total funds carried forward		 16,730
629		 —
—		 16,730
1,519		 10,520
1,311
17,359 — 18,249 11,831
—
—
18,526
—		 42
3,142
2,347
587		 42
3,142
20,873
587		 61
6,415
12,871
419
18,526 6,118 24,644 19,766
(1,167)
—
(1,167)
864		 (6,118)
(18)
(6,136)
(411)		 (6,395)
(18)
(6,413)
—		 (7,935)
224
(7,711)
—
(303) (6,547) (6,413) (7,711)
7,960 10,240 27,943 35,654
7,657 3,693 21,530 27,943

The statement of financial activities includes all gains and losses recognised in the period. All of the charity’s activities derived from continuing operations during the above financial period.

Access – The Foundation for Social Investment 23

Prior year statement of financial activities Year to 31 December 2023

Notes Unrestricted
funds
£’000		 Restricted
funds
£’000		 Endowment
funds
£’000		 2023
Total
funds
£’000
Income and endowments from:
Grants and other sources for
charitable activities
1
Investments
2
Total income
Expenditure on:
Raising funds
Charitable activities
3
. Capacity Building
. Blended Finance
. Sharing and Mobilising
Total expenditure
Net income / (expenditure)
before gains / (losses) on
investments
Net gains / (losses) on investments
9
Net income / (expenditure)
4
Reconciliation of funds:
12
Total funds brought forward
Total funds carried forward		 —
1,311		 10,520
—		 —
—		 10,520
1,311
1,311 10,520 — 11,831
—
—
53
—		 —
—
11,482
—		 61
6,415
1,336
419		 61
6,415
12,871
419
53 11,482 8,231 19,766
1,258
—		 (962)
—		 (8,231)
224		 (7,935)
224
1,258 (962) (8,007) (7,711)
8,485 8,922 18,247 35,654
9,743 7,960 10,240 27,943

Access – The Foundation for Social Investment 24

Balance sheet as at 31 December 2024

2024 2024 2023 2023
Notes £’000 £’000 £’000 £’000
Fixed assets
Tangible assets 8 4 11
Investments 9 14,358 18,597
14,362 18,608
Current assets
Debtors due within one year 10 315 267
Short-term deposits 13,248 20,494
Cash at bank and in hand 8,997 20,705
22,560 41,466
Creditors: amounts falling due
within one year 11 (15,392) (32,131) (32,131)
Net current assets 7,168 9,335
Total net assets 21,530 27,943
~~<<~~ ~~<<~~
The funds of the charity: 12
Endowment funds 3,693 10,240
Restricted funds 7,657 7,960
Unrestricted funds 10,180 9,743
21,530 27,943

Approved by the trustees and signed on their behalf by:

Nick Hurd Trustee

Approved by the trustees on: 30[th] April 2025

Access – The Foundation for Social Investment: A company limited by guarantee.

Company Registration No. 09153909 (England and Wales)

Access – The Foundation for Social Investment 25

Statement of cash flows Year ended 31 December 2024

Notes
Cash (used in) provided by operating activities
A
Cash provided by investing activities
B
Change in cash and cash equivalents in the year
C
Cash and cash equivalents at 1 January 2024
Cash and cash equivalents at 31 December 2024		 2024
£’000		 2023
£’000
(24,694)

11,439		 11,829
(1,630)
(13,255)
22,496
9,241		 10,199
12,297
22,496

Notes to the statement of cash flows for the year to 31 December 2024

A Reconciliation of net movement in funds to net cash provided by operating activities

Net movement in funds
Depreciation charge
(Gains) / losses on investments
Investment income
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Gross cash flows from investing activities		 2024
£’000		 2023
£’000
(6,413)
7
18
(1,519)
(48)
(16,739)		 (7,711)
5
(224)
(1,311)
(103)
21,173
(24,694) 11,829
2024
£’000		 2023
£’000
Investing activities
Payments to acquire tangible fixed assets
Investment income
Purchase of investments
Proceeds from disposals of investments
Purchase of short-term deposits
Net cash provided by investing activities		 —
1,519
(100)
2,774
7,246		 7
1,311
(600)
6,502
(8,850)
11,439 (1,630)

B Gross cash flows from investing activities

Access – The Foundation for Social Investment 26

Statement of cash flows Year ended 31 December 2024

C Analysis of changes in cash and cash equivalents

Cash held by investment managers
Cash at bank and in hand
Total
Cash held by investment managers
Cash at bank and in hand
Total		 1 January
2024
£’000
1,791
20,705
22,496
1 January
2023
£’000
83
12,214
12,297		 Cash
Flows
£’000
(1,547)
(11,708)
(13,255)

Cash
Flows
£’000

1,708

8,491

10,199		 31 December
2024
£’000
244
8,997
9,241

31 December
2023
£’000

1,791

20,705

22,496

Access – The Foundation for Social Investment 27

Principal accounting policies Year ended 31 December 2024

Principal accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Statutory information

Access – The Foundation for Social Investment is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address is at Script, 44 Featherstone Street, London, EC1Y 8RN.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2024.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The accounts are presented in sterling and are rounded to the nearest thousand pounds.

Public benefit entity

The charity constitutes a public benefit entity as defined by FRS 102.

Critical accounting estimates and areas of judgement

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Key judgements that the charity has made which have a significant effect on the accounts include the valuation of investment holdings, where these are unlisted.

Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect of a period of one year from the date of approval of these financial statements.

The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. This is because they consider the cash and reserves position of Access to be sufficient to support the charity for at least 12 months from the date of signing these financial statements.

Access – The Foundation for Social Investment 28

Principal accounting policies Year ended 31 December 2024

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Grants from government for Capacity Building are expendable endowment funds that are restricted to such activity. Income earned on the endowment funds are treated as unrestricted, in line with our agreement.

Funds received from Dormant Accounts via the National Lottery Community Fund (NLCF) are drawn down by the charity periodically based on requests to the NLCF to support cash requirements for the subsequent period. As the funding is provided to support future activity it is initially recognised as deferred income in the balance sheet and taken to the statement of financial activities in the period in which it is spent. The income is conditional on it being used to fund expenditure in accordance with the purposes for which the grant was given. Income and expenditure are therefore shown in the restricted fund.

The grant to support the delivery of Growth Fund is considered a performance related grant on account of the service level agreement in place with the NLCF. This is included as a restricted grant on the basis that it is refundable if not applied for the purposes intended.

Interest receivable

Interest on funds held on deposit is recognised as accrued interest when the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Access – The Foundation for Social Investment 29

Principal accounting policies Year ended 31 December 2024

Allocation of costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. Staff costs are apportioned to activities on the basis of staff time spent on each activity. Support costs, i.e. the cost of overall direction and administration of the charity is apportioned to charitable activities on the basis of direct costs.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Tangible fixed assets are capitalised and depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

33.3% per annum based on cost

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities.

The fair value of fixed asset investments that do not have official exchange settlement prices, is determined by reference to third party market values on the balance sheet date, determined by independent brokers. Those holdings for which there is no active market are valued at cost less any impairment.

The charity does not acquire put options, derivatives, or other complex financial instruments.

The main risks are credit risk and liquidity risk. The exposure to market risk is mitigated by the investment strategy which is to hold the majority of bonds to maturity, so gains or losses in the valuation of the holdings will largely remain unrealised. All gains (or losses) on investments are taken to the statement of financial activities as they arise. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value, or the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised investment gains and losses are credited (or debited) to the statement of financial activities in the year in which they arise.

Access – The Foundation for Social Investment 30

Principal accounting policies Year ended 31 December 2024

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand and short-term deposits

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than a month from the date of acquisition. Deposits of more than one month but less than one year have been disclosed as short-term deposits. Cash placed on deposit by our investment managers Rathbones is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Fund accounting

Expendable endowment funds comprise monies which the trustees have the power to convert into income. Investment income therefore is credited to unrestricted funds and applied for general purposes.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions.

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.

Pension costs

The charity operates a defined contribution pension scheme via salary sacrifice. The amounts charged represent the contributions payable to the scheme in the period.

Access – The Foundation for Social Investment 31

Notes to the accounts Year ended 31 December 2024

1 Income from grants and other sources for charitable activities


National Lottery Community Fund
Dormant Assets
2024 Total
National Lottery Community Fund
Dormant Assets
2023 Total		 Unrestricted
funds
£’000
—
—
—
Unrestricted
funds
£’000
—
—
—		 Restricted
funds
£’000
58
16,672
16,730
Restricted
funds
£’000
76
10,444
10,520		 Endowment
funds
£’000		 Total
2024
£’000
—
—		 58
16,672
— 16,730
Endowment
funds
£’000		 Total
2023
£’000
—
—		 76
10,444
— 10,520

2 Income from investments


Investment income receivable
Interest receivable
2024 Total
Investment income receivable
Interest receivable
2023 Total		 Unrestricted
funds
£’000
592
298
890
Unrestricted
funds
£’000
859
452
1,311		 Restricted
funds
£’000
—
629
629
Restricted
funds
£’000
—
—
—		 Endowment
funds
£’000		 Total
2024
£’000
—
—		 592
927
— 1,519
Endowment
funds
£’000		 Total
2023
£’000
—
—		 859
452
— 1,311

Access – The Foundation for Social Investment 32

Notes to the accounts Year ended 31 December 2024

3 Expenditure on charitable activities

Expenditure on charitable activities
Raising
Funds
£’000		 Capacity
Building
£’000		 Blended
Finance
£’000
19,979
165
—
391
—
—
—
—
—
—
—
—
2
—
13
—
20,550
43
280
20,873		 Sharing
and
Mobilising
£’000		 Governance
costs
£’000		 Support
Costs
£’000		 2024
Total
funds
£’000
Grants paid
Consultancy fees
Investment Management Fees and bank charges
Staff costs (note 5)
Other staff costs including training and travel
Premises and office costs
HR and IT support
Audit and accountancy fees
Recruitment costs
Research
Trustee costs and expenses
Insurance and legal
Marketing and website management
Subscriptions
Conferences and events
Depreciation
Re-allocation of governance and support costs
Governance costs
Support costs
2024 Total expenditure		 —
—
41
—
—
—
—
—
—
—
—
—
—
—
—
—		 2,819
39
—
160
6
—
—
—
—
—
—
—
65
—
5
—		 37
138
—
302
—
—
—
—
—
50
—
—
49
—
2
—		 —
—
—
—
—
—
—
24
—
—
9
17
—
—
—
—		 1
38
2
59
47
86
38
—
25
—
—
—
1
21
6
7		 22,836
380
43
912
53
86
38
24
25
50
9
17
117
21
26
7
41 3,094 578 50 331 24,644
—
1		 6
42		 1
8		 (50) —
(331)		 —
—
42 3,142 587 — — 24,644

Access – The Foundation for Social Investment 33

Notes to the accounts Year ended 31 December 2024

the accountsYear ended 31 December 2024
Raising
Funds
£’000		 Capacity
Building
£’000
Blended
Finance
£’000
12,213
89
—
353
1
—
—
—
—
—
—
—
—
—
—
—
12,656
39
176
12,871		 Sharing
and
Mobilising
£’000		 Governance
costs
£’000		 Support
Costs
£’000
2023
Total
funds
£’000
Grants paid
Consultancy fees
Investment Management Fees and bank charges
Staff costs (note 5)
Other staff costs including training and travel
Premises and office costs
HR and IT support
Audit and accountancy fees
Recruitment costs
Research
Trustee costs and expenses
Insurance and legal
Marketing and website management
Subscriptions
Conferences and events
Depreciation
Re-allocation of governance and support costs
Governance costs
Support costs
2023 Total expenditure		 —
—
61
—
—
—
—
—
—
—
—
—
—
—
—
—		 6,002
42
—
184
—
—
—
—
—
—
—
—
77
—
3
—		 74
114
—
199
—
—
—
—
—
19
—
—
—
—
6
—		 —
—
—
—
—
—
—
23
—
—
6
31
—
—
—
—		 53
16
2
—
41
82
22
—
27
—
—
—
2
10
8
6		 18,342
261
63
736
42
82
22
23
27
19
6
31
79
10
17
6
61 6,308 412 60 269 19,766
—
—		 20
87		 1
6		 (60) —
(269)		 —
—
61 6,415 419 — — 19,766

Access – The Foundation for Social Investment 34

Notes to the accounts Year ended 31 December 2024

3 Expenditure on charitable activities (continued)

Grants paid include project management costs of £2.5m (2023: £2.1m) which relate to the functioning of robust and effective programmes and include the costs of partner organisations administering the programmes on our behalf.

Capacity Building:

Capacity building comprises work involving the consultation, design, implementation, monitoring and evaluating of grant-based programmes to build the capacity of charities and social enterprises. This support helps charities and social enterprises to earn more of their own income and specifically develop business models which can be further supported through utilising social investment. This will help organisations become robust, competitive and sustainable by helping them to participate in the social investment market and become better-equipped to be investmentready and secure new forms of investment.

Blended Finance:

Access manages and promotes blended finance models, which bridge the gap between charities and social enterprises on one side and social investors on the other. These include:

Sharing and Mobilising:

These activities enable Access to learn from our programmes and listen to the changing investment needs of the sector in order to influence our future work and that of others who support charities and social enterprises.

Access – The Foundation for Social Investment 35

Notes to the accounts Year ended 31 December 2024

4 Net income / (expenditure)

This is stated after charging:

2024
£’000		 2023
£’000
19
3
5
Auditor’s remuneration
. Statutory audit assurance
. Other services
Depreciation		 20
—
7

5 Employee and key management remuneration

Staff costs

Staff costs during the period were as follows:

2024
£’000		 2023
£’000
Wages and salaries
Social security costs
Pension costs		 729
84
99		 590
68
78
912 736

Staff numbers

The average number of employees during the period, calculated on a full-time equivalent basis, analysed by function, was as follows:

2024
Number		 2023
Number
Charitable activities
. Capacity Building
. Blended Finance
. Sharing and Mobilising
Support costs		 2.0
5.3
3.6
0.8		 1.9
4.4
2.7
0.5
11.7 9.5

Higher paid employees

The number of employees earning more than £60,000 (including taxable benefits but excluding employer pension contributions and employer’s national insurance contributions) on an annualised basis are as follows:

2024
Number		 2023
Number
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000		 1
—
1
1		 —
1
—
1

The Chief Executive received actual salary of £107k (2023 - £102k) in the financial year.

Access – The Foundation for Social Investment 36

Notes to the accounts Year ended 31 December 2024

Key management personnel

Key management personnel comprise the trustees, the Chief Executive and the Senior Leadership Team.

The total cost of employment of the key management personnel of the charity was £425,233 (2023 - £410,083) and includes pension contributions and employer’s national insurance contributions. One trustee received remuneration in respect of their services during the period totalling £6,000 (2023 - £6,000). During the period £2,702 was reimbursed and paid on behalf of trustee expenses relating to travel and subsistence to the annual board and staff away day (2023 - £306) were reimbursed to ten (2023 - three) trustees.

6 Insurance

The charity has purchased insurance to protect the charity from any loss arising from the neglect or defaults of its trustees, employees and agents and to indemnify the trustees or other officers against the consequences of any neglect or default on their part. The insurance premium paid by the charity during the year totalled £17,462. (2023 - £20,988) and provides cover of up to a maximum of £2m for professional indemnity insurance and up to £5m for directors and officers liability.

7 Taxation

Access is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

8 Tangible fixed assets

Cost or valuation
At 31 December 2023
Disposals
At 31 December 2024
Depreciation
At 31 December 2023
Charge for period
Disposals
At 31 December 2023
Net book values
At 31 December 2024
At 31 December 2023		 Plant,
vehicles & IT
equipment
£’000
30
(23)
7
19
7
(23)
3
11
4		 Total
£’000

30

(23)

7

19

7

(23)

3

11

4

Access – The Foundation for Social Investment 37

Notes to the accounts Year ended 31 December 2024 9 Investments

accountsYear ended 31 December 2024
Investments
2024
£’000		 2023
£’000
Market value of listed investments at 31 December 2023
Proceeds from disposals
Net investment gains / (losses)
Market value of listed investments at 31 December 2024
Value of unlisted investments
Cash held by investment managers
Cost of investments at 31 December 2024		 15,907
(2,775)
(18)		 22,198
(6,516)
224
13,114
1,000
244		 15,906
900
1,791
14,358

14,542		 18,597
20,970

Investments held a 31 December 2024 comprised the following:

2024
£’000		 2023
£’000
UK fixed interest
13,114
UK equity
—		 15,775
1,031

At 31 December 2024 investments included the following holdings, which represented material holdings relative to the market value of the total investment portfolio held at that date:

London & Quadrant Housing
Aegon Ethical Corporate Bond B
Edentree Inv Mgmt
Blue Orchard Investment Mgrs
Hightown Praetorian
Places for People (2.875% Snr)
Royal London Ethical Bond Fund
Aberdeen Standard OEICV-ASI
Greensleeves Homes Trust (4.25% Bonds)
Motability Operations Group (3.75% Bond)		 2024 Market value
of holding
£’000
1,815
1,368
1,290
1,311
1,145
974
955
909
837
836
2023 Market value of
holding
£’000
1,815
1,372
1,304
1,275
1,236
1,123
966
955
927		 2024
Percentage
ofportfolio
13.8%
10.4%
9.8%
10.0%
8.7%
7.4%
7.3%
6.9%
6.4%
6.4%
2023
Percentage
of portfolio
London & Quadrant Housing
Aegon Ethical Corporate Bond B
Edentree Inv Mgmt
Severn Trent Utilities Finance
Blue Orchard Investment Mgrs
Hightown Praetorian
Places for People (2.875% Snr)
Royal London Ethical Bond Fund
Aberdeen Standard OEICV-ASI		 10.3%
7.7%
7.4%
7.2%
7.0%
6.4%
5.5%
5.4%
5.2%

Access – The Foundation for Social Investment 38

Notes to the accounts Year ended 31 December 2024

10 Debtors

Due within oneyear
Accrued income
Prepayments		 2024
£’000
54
261
315		 2023
£’000
107
160
267

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£’000		 2023
£’000
Trade creditors
Accruals
Deferred income		 182
257
14,953		 402
104
31,625
15,392 32,131

The movement in deferred income was as follows:

The movement in deferred income was as follows:
2024
£’000		 2023
£’000
Deferred income brought forward
Amounts released in the year
Amounts deferred in the year
Deferred income carried forward		 31,625
(16,672)
—		 10,068
(10,443)
32,000
14,953 31,625

The movement in deferred income relates to distributions from the Dormant Asset Fund, in line with the accounting policy.

12 Movement in Funds Note

Unrestricted Funds
General funds
Restricted Funds
Local Access
Dormant Assets
National Lottery
Community Fund
Endowment Funds
Total funds		 At
1 Jan 2024
£’000


Income
£’000
Expenditure
£’000		 Gains,
losses and
transfers
£’000
(453)
165
699
—
(429)
(18)		 At 31
December
2024
£’000
9,743
7,960
—
—
10,240
890
—



207
(675)

17,094
(17,793)

58
(58)



(6,118)
10,180

7,657

—

—

3,693
27,943
18,249
(24,644)
21,530

Access – The Foundation for Social Investment 39

Notes to the accounts Year ended 31 December 2024

12 Movement in Funds Note continued

At
1 Jan 2023
£’000		 Income
£’000		 Expenditure
£’000		 Gains,
losses and
transfers
£’000
—
—
—
—
224
224
At 31
December
2023
£’000
Unrestricted Funds
General funds
Restricted Funds
Local Access
Dormant Assets
National Lottery
Community Fund
Endowment Funds
Totalfunds		 8,485
8,922
—
—
18,247		 1,311
—
10,444
76		 (53)
(962)
(10,444)
(76)
(8,231)
9,743

7,960

—

—

10,240
35,654 11,831 (19,766)
27,943

The specific purposes for which the funds are to be applied are as follows:

Restricted funds

Local Access

The Local Access fund arose from the receipt of £10m of in 2018 from The Dormant Assets Scheme via the Oversight Trust, which was recognised in full in that year within restricted funds. The fund represents the activities of the Place Based Blended Finance programme, known as Local Access.

Dormant Assets

The Dormant Assets fund arose from the receipt of £30m in 2020 and £20m in 2022 to grow our blended finance work as well as £23m awarded in 2023 to fund the Cost of Living and Green Energy programmes. Income is recognised in line with expenditure, as per our accounting policy and therefore as of 31 December 2024, £15m of the £53m is recognised as deferred income.

Funds received from the Dormant Assets Scheme via the National Lottery Community Fund are drawn down by the charity periodically based on cash requirements for the subsequent period. As the funding is provided to support future activity, it is initially recognised as deferred income in the balance sheet and then recognised as expenditure in the statement of financial activities in the period in which it is incurred. The income is conditional on it being used to fund expenditure furthering the social purposes or for the purpose of helping charities and social enterprises. Income and expenditure are therefore shown in the restricted fund.

National Lottery Community Fund

This is funding for the administration and servicing of the Growth Fund. This includes the portfolio management of Growth Fund investees, provision of support and guidance to social investors including fostering a community of investees and promotion of awareness of the Programme.

Access – The Foundation for Social Investment 40

Notes to the accounts Year ended 31 December 2024

Endowment funds

In years 2015 – 2020, The Department for Digital, Culture, Media and Sport donated an expendable endowment fund to Access to support its charitable activities and a contribution to running costs. The funds may be invested in order to achieve a financial return. This financial return can be applied in furtherance of Access’ charitable objectives and as such are recognised as unrestricted income each year. Spend and gains and losses on the endowment fund are recognised as restricted to the endowment.

Transfers between funds

During the year, Access reviewed its historical treatment of its funds. This resulted in transfers between funds, to ensure consistent treatment across the years.

13 Analysis of net assets between funds

Unrestricted
funds
£’000		 Unrestricted
funds
£’000		 Restricted
funds
£’000		 Endowment
funds
£’000		 Total
2024
£’000
Fund balances at 31 December
2024 are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 4
10,665
(489)		 —
—
7,657		 —
3,693
—		 4
14,358
7,168
10,180 7,657 3,693 21,530
Unrestricted
funds
£’000		 Restricted
funds
£’000		 Endowment
funds
£’000		 Total
2023
£’000
Fund balances at 31 December 2023
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 11
8,357
1,375		 —
—
7,960		 —
10,240
—		 11
18,597
9,335
9,743 7,960 10,240 27,943

14 Ultimate parent undertaking

The Oversight Trust a company incorporated in the UK with registration no. 07611016, is considered to be the ultimate parent undertaking of the charity.

Access – The Foundation for Social Investment is a charity and company limited by guarantee, with one legal member, The Oversight Trust which is also the majority shareholder of Better Society Capital, and sole legal member of Fair for All Finance and Youth Futures Foundation.

In the event of the charity being wound up The Oversight Trust would be required to contribute an amount not exceeding £1.

Access – The Foundation for Social Investment 41

Notes to the accounts Year ended 31 December 2024

15 Related party transactions

Access leases office space from Better Society Capital, whose majority shareholder is The Oversight Trust. Rent is paid under an operating lease at a rate of £6,533 per month and this lease can be cancelled with one month’s notice.

Other than those transactions described above and detailed in note 6, there were no other related party transactions during the period (2023 - none). There were no donations from trustees in the year (2023 - none).

16 Financial instruments

Financial instruments
2024
£’000		 2023
£’000
Financial assets
Financial assets measured at fair value through profit or loss
Financial assets measured at cost less impairment
Financial liabilities
Financial liabilities measured at amortised cost		 35,603
1,000		 58,375
1,421
36,603 59,796
(440) (506)

Financial assets measured at fair value through profit or loss comprise the majority of investments and cash at bank and in hand.

Financial assets measured at cost less impairment comprise investments which are not traded in an active market.

Financial liabilities measured at amortised cost comprise trade creditors, money held as agent and accruals.

Risks faced by financial instruments which are investments are that of volatility in fixed income markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in market sentiment within particular sectors or sub sectors.

Risks faced by financial instruments that are debt instruments and financial liabilities include counterparty risk.

17 Post-balance sheet events

There are no post balance sheet events to report.

Access – The Foundation for Social Investment 42