It looks like they recognise this failure “ In 2023 that purpose remains unchanged, but we are reassessing our founding assumptions and setting a course for the next five years”.

Quite what that course is, remains to be seen.

My personal experience is that the UK loves giving out funding to established/safe organisations that it knows won’t cause a (positive or negative) splash.

I’ve seen very few UK government initiatives funding genuinely small organisations, but of those that I’ve seen, they have been well executed.