Seb Elsworth to step down as Access CEO to lead royal charity
The CEO of the UK’s blended finance wholesaler leaves an impressive record from his 11-year tenure, but his successor will have to meet high ambitions and upcoming challenges.
Seb Elsworth is to leave his position as CEO of UK social investor Access, the Foundation for Social Investment, to lead new royal charity, the Queen Elizabeth Trust in September.
Access is a social investment wholesaler, providing funding to intermediaries to offer blended finance to social ventures in England. Elsworth became Access’s first CEO when it was established in 2015.
Elsworth said: “Leading Access for the last 11 years has been a great privilege, and all our success is shared by the partners we have worked with, who are working hard day in, day out in communities to make finance work for the organisations who need it the most.
He paid tribute to his colleagues and trustees, adding: “I know the organisation will continue to deliver, with a strong team and strategy in place.”
I know the organisation will continue to deliver, with a strong team and strategy in place
Access was launched in 2015, initially for 10 years, with a £60m endowment from the UK government, and later received just over £80m from dormant assets (assets that have been inactive for many years and whose owners cannot be found, and made available for certain ‘good causes’ through a specific scheme). A decision was taken to extend its lifetime in 2023.
The organisation has reached 3,800 charities and social enterprises since its inception, and has been praised for its success in reaching communities that need social investment most. A recent review said it had “transformed the availability of small-scale, patient finance” for charities and social enterprises.
Nick Hurd, chair of Access, said of Elsworth: “Through his collaborative approach and unwavering commitment, he has helped bring social investment closer to the sector and the communities it exists to serve. He leaves Access and the partnerships we have built together in a strong position for the future.”
Elsworth will join the Queen Elizabeth Trust as its first CEO. The charity was founded in April 2026 with a £40m endowment from the government, to provide grant funding and support for community spaces across the UK. It will focus on regeneration of shared spaces in rural and urban areas that “bring people together, strengthening connections between neighbours and across generations”.
Elsworth said: “I am hugely excited to lead the Trust in working with communities up and down the UK, along with a wide range of other funders and partners, to provide the targeted funding and support communities need.”
The Queen Elizabeth Trust is one of three initiatives that celebrate the life and service of Queen Elizabeth, and will be under the patronage of King Charles III.
What challenges lie ahead for Access’s next leader?
Elsworth’s leadership was “universally praised” by stakeholders across the sector, according to the organisation’s latest quadrennial review, conducted by the Oversight Trust earlier this year. But the review also warned about the leadership team being squeezed and “continued over-dependence” on the CEO.
The review said Access aimed to adopt a more “high-profile, sector-shaping” role, beyond a simple capital allocator, but that this new strategy risked stretching the team, in particular senior leaders. “Access’ leadership will be stretched during 2025-28 to deliver on its current strategy, which adds significant tasks that can only be delivered by senior leaders,” said the review.
- Read more: Impact Finance Bulletin: Blended finance works – but its key ingredient is in short supply
One additional challenge for Access’s future will be to find new sources of subsidised capital as dormant assets funding appears more unreliable. In June 2025, the UK government named Access as the recipient of £87.5m from an expanded dormant assets scheme. The amount was actually a disappointment for the social investment sector, which had made the case for a total of £500m in social investment over 10 years to support the social enterprise sector in its Community Enterprise Growth plan. There was also a significant delay in the government confirming the allocation of the funds, which required Access to briefly pause new investments in 2024/25.
Neil Berry, Access’s director of programmes, will become interim CEO from 1 September and details about the recruitment of the new CEO will be announced “in due course”.
Top image: Seb Elsworth, courtesy of Access. (The background of the image has been modified with AI to fit the website’s dimensions.)
| Ready to invest in independent, solutions-based journalism?
Our paying members get unrestricted access to all our content, while helping to sustain our journalism. Plus, we’re an independently owned social enterprise, so joining our mission means you’re investing in the social economy. |
