RECISTERF,D CHARITY NUMBER: 1123128
REPORT OF THE TRUSTEES AND
FIP4Af4CIAL STATEMENTS FOR THE YEAR ENDED 3QTH SEPTEMBER 2020
FOR
THE RESOLUTION TRUST
Chpriot House Limited
Chartered Accountants
44 Grand Parade
Brighton
East Sussex
BN2 9QA

THE RESOLUTION TRUST
CONTF.NI'S OF THE Fif4ANCIAL STATEMENTS
FOR THF. YEAR ENDED 30TH SEPTF.MBER 2020
P#ge
Report of the Trustees
Report of tht Independent Auditors
Statement of Finaneial Aetivities
Balanee Sheet
Cash Flow Statement
io
Notes to the Cash Flow St2temea)t
li
Notes to the Flnatteial Statements
12 to 20
Detailed Statement of Finaneial Activities
21 10 22

THE RESOLUTION TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30TH SEFfEMBER 2020
The trustees present their report with the financial SEaiements of the charity lor the year cnd¢d 30th September 2020.
The trngtees have Adopted the provisions of Accounting and Reporting by Charities= Ststement of Recommended
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable
in the UK and R¢public of Ireland (FRS 102) (eff¢ctive l January 2019}.
OBJECTIVES AND AcfIviTIES
Objectives and aims
'rhe objects of the Tr￿1 are to hold the Trust Fund and its income upon trust lo apply them for all objects which are
regarded as exclu5Lvely charitabl¢ under the law of England and Wales.
Significant activitie5
The 1'n￿ee5 ensure ihat all wotl( undertaken is in line wtth the TTU5fs charttable objects and airns.
The Trusi 8cts a5 caialyst. conyenor and sponsor of work with a rnjge of partner5 to promote shared grow(h and reforn
that di5tributc power more widely across society. The Tnjsi tskes a specific int¢re5t in long-tenn problems that are often
viewed as intractable due to thc short-t¢rni nalur¢ of the rM)li(ical cycle. The approach takcD is non-partisan.
evidence-based and thaws OD RItt¢rnational experienc¢.
The Trnst provides going fijnding for th¢ R¢solution Foundation, a charitable organisation which prornotes r¢5¢ar¢h
and education of the public into the effect of economic. social and fmancial lacto￿ on the living standards of people
benefiting from an income at or below the national avenge, and for the charitable content of Prospect Magazine as part
of a wider strategy io support quality media and analysis in order ro support debatr on issues of national importance that
may not be sufficiently addressed in the course of the trf)litical cycle.
Public benefit
The goal of the Trust is io fund projects that have a direa public benefiL often focused specifically on the prevention or
relief of poverty through research and educa(ion. When planning the Charity's actiVLtie5. the Tru5tee5 have regard to the
Charity Commission's guidance on public benefit generally and guidance relating to public benefit and the advanc¢ment
of education.
GrantmAking
The Trusi fuifils its objeciives and aim5 by providing grant funding to seleded entitie¥ primarily the Resolution
Foundation.

THE RESOLUTION TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30TH SEPTEMBER 2020
ACHIEVEMENT AND PERFORMAP4CE
Charitable actlVLties
In 20191?O the Trust primarily funded the Re501ution Foundation in its goal to improve the well-being of people on low
lo middle incolnes itt the U.K. by deliyering change in areas where this income wup is currently disadvantaged. The
work that the Foundaiion produced in 2019120 continued to fftake a substantial contribution to ensuring the issue of
living Standards remained firnily at the centrc of public policy discussion across the political spectrum. The Foundation
produce5 detailed economic and policy analysis on specific areas such as incomes and inequalsty,. jobs, skills and pay;
housing. wealth and debi: i&¥ and welfare- public finances and intergenerational fairness - all erucial issues for low to
middle income household5, and CODtinues to develop inT]ovative new w'ork that addresses the longer-terni challenges
and identifies strdtegies for shifting away from a low pay. low productivity economy.
The CoYid-19 pandemic dominated the second half of 2019-20 and the Tn￿l'S ongoing support enabled the Resolution
Foundaiion io play a key role in explaining the emergina impacts on the economy, the labour market and household
living standards and devising policy solutions to support low-to-middle income households and the underlying health of
the UK economy. In particular the Resolution Foundation played an active role in making proposals for the design of
the 'furlough' scheme (taken up by the government) as well &5 uplifts in supFK)rt for low-income households {such as
through Universal Credii).
In addition, the Trnst has fmancially sup￿Trned a variety of organisations including."
Ark Schools to support activitie5 designed to close learning gaps. athlre5s mental health issues and support digical
access at home in light of ihe covid-19 pandemic.
- the Battersea Arts Centre to cover the ¢osi of a young person's symposiu
- the Living Wage campaign coordinated by Citizen'5 UK
- the Old Vic's pubic fvnd supporting innovative theatre desigtted to protnoie political, 50¢ial and personal change,
- the Charitable content of Prospe¢1 magazine.
- the 'WorkerTech' element of the Bethnal Green Ventures programme which support5 new and viable organisations
offering services and l or support to UK'S poorly served low-wage workforce.
Oversight for the continued support of pr(Fworker Énnovation Éllcluding low paid workers. through partnerships such as
the Bethnal Green Venture5 'workertech' scheme and s￿nsOrship of Citizens UK Living Wage initiaiive wa5
transferred to the Resolution Foundation durtng the year.
FINANCIAL REVIEW
Financi81 position
The intome to the charity comprises dividends and bank interest received of £844.325. After taking account of net
losses on investments of £406.38]. charithble grants awarded of £1,485,574 and running cosis of the charity during thc
period, including investment managemeni (tts of £541,657, the financial siatements show a capital endownent balance
of £41.900,439 and restricted funds of £2,500. The end01￿ent lunds are expendable to meei the charity's objectives.
IDve5tment policy and objeetlves
The Trustee's investment policy 15 to generale the high¢sl pissible returns over the long tenn. consistent with its risk
appetite and appropriate protection for the capital of the Trll5L to maximise the resources that can be expended on the
Trust's charitable objectives. The Trnsi's policy is to accept reasonable Capitsl volatility with no more than a 5Q/• risk of
capiial loss over a 5-year period.
HSBC Private Bank are responsible for the mallagement of the TnLSt's itivestments. moni￿ring of the investment
perfornian¢e lakes place through regular invesiment reports and meetings with HSBC. Investment perforniance results
are reported and discussed at Tnjsttt Tnxting5 and compared to industy bencIllna￿5 where applicable.
Investments are stated at market val￿. with r¢alised and UDreali5¢d profits nct to the statement of financial
activities.
Reserve5 policy
The Trustees do not have a specific pilicy to hold unrestricted fi￿ds. and will award future grants from available
unrestricled reserves and from the expendable endowment to meet the charity's objeciives. At the year end
unrestricted funds were £nil, restrictcd fi￿dS were £2,500 and the expendable endowment fi]nd stood at £4 5,900,439.
Page 2

THE RESOLUTION TRUST
REPORT OF THE TRUSTEES
FOR'fHE YEAR ENDED 30TH SEPTEMBER 2020
FUTURE PLANS
In 202012021, the Resolution Trust's ongoing funding commitments include=
- continued suppon for the Work of the Resolution FoundatioT]
- continued supp(Frt of ihe chatiiable conteni of Prospect tnagazine
Additional ￿ant fi￿ding may be made available to contnbut¢ to the work of chaTitics whose work and l or funding ha5
b¢¢n itnpactcd by the pandemic.
STRUCTURE, GOVERNANCE AND MANAGEMEP4T
Coverrting docurnent
The Resolution Trnst was established as a Tn￿ Fund on 14 December 2007 and registered as charity number 01123128
on 7 March 2008. The Charity is governed by its TnL%t deed whi¢h was amended OD 4 January 2016.
On 2 NoveTnber ?015, the Resolution Trust (Trustee) Limited, company number 09852910, was in¢orporated and all
the trllst¢¢s of The Resolution Trust We￿ appointed as its Direciors. On I l January 2016 the existing tt￿Stee5 of The
R¢solution Tn￿1 reiired and The Resolution T￿￿1 (Trusiee) Limited was aprM)inted as the sole Corporate Tn￿[Ce. The
Directors of The Resolution Trust (Trusttt) Limited act in the capacity of tnLStee% of The Resolution Tn]st and are
listed above.
Recruitment appointment of new trustees
The Trustees are a self-appointing body with eacb TnL%tee initially appointed for a three-year tenn. New Tn￿tee9
be norninated by any existing Ttustee and are apNJinted according lo relevant skills and experience.
Under the tern]s of the amended TnL41 dee(L th¢ Corporale Tn￿tee. Resolutton Trust (Trllstee) Ltc has the power 10
appoint new trustees. Clive Cowdery 15 the sole company law member of the ¢OTporate trustee.
OrgaDi5ational structure
The Trustees meet as necessary, and not less than twice each year. and all key decisions affecting the Charity are made
at these meetings. The Trustees appotnted a Chief Execuiive. Gavin Kelly in September 2015, who has day to day
responsibility for all operational matters. ID April 2019. Gavtn Kellys employment eontrdct was amended in order for
hiTn to take up a fornal part-time position at Resolution Foundation in addition to his role at Resolution TrusL so he can
continue io overse¢ the pro-worker innovation work established by the Tnjst and now being fiarther dcvcloped by the
R¢solution Foundation.
Induetion and trainillg of tru5tee5
Trustees are provÈded with approprmte illduction and training when aptM)inted taking account of the nature of the
harity.
Key mgn9gement r¢muDer8tion
Key mana(Tement personnel of the Trust are those pet￿nS having authoriry and reswjnsibility for planning, directing
and controlling the activities of the entity, directly or indirectl>', including any Trustee of the entity- They colnprise the
DirectOTS of Resolution Trust (Trustee) Lt¢ the Chief Execuiive and the Director of Resourees. The remuneration of the
Chief Executive is sei by the Trustees_
All our staff and contrdctors are paid at least the Living Wag¢ which is an hourly rnlc s¢l and Updat￿ annually, bas¢d
on the cost of livit
Related parties
Trustees are required to disclose all relevant interests, register them wKth the Chairtnan and with¢fraw from decisions
where a conflict of interest arises. All Tn￿teeS give of their time freel}. and no Trustee remuneration or expenses were
paid in the year. Related party transactions are disclosed in the notes to these financial statements.
Page 3

THE RESOLUTION TRUST
REPORT OF THE TRUSTEES
FOR THE YF,AR ENDED 30TH SEPTEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGF.MEKr
Risk management
The Trust has a risk management strategy in place. The risk register is reviewed annually by the b(th of Tn￿teeS and
continually monitored by the Chief Executive who tskes responsibility for implementation of the policies and
proCcdu￿S id¢ntified to miligate risks. In addition. risk reviews are undertaken r¢gularly by the Trustees and Chief
F.xe¢utive to ensure the Trusi's independen¢e and political neutrality are mainthined.
The most significant exiemal risk identified during th¢ year was relaied io the Coronavirus Outbreak which lcd to broad
operational and Fnanagement challenges due to remote working and the risk of ally potential impact on the healih.
wellbeing and morale of the T￿￿1,5 eJDployeeg. These risks were successfully mitigated through Tnonitoring Charity
ComTnission and other government guidanc¢ r¢lating to the pandemic. and through amending managerial proc¢dur¢s
and Hcalth and Safety policies and prnciice in light of the changing demands of the external siiuation. We also ensured
our data securtty and internal processes were equipp¢d to meet the increased risks of fraud and cybercrime.
The most Si￿)ir]eant organisational risk id¢ntified by trustees during the year w&% associated with the transfer of the
Trust's support of pro-worker innovation to the Resolution Foundation which could lead to brand cOn￿510n and the
poien(ial loss of chaTitsble resources in failed ventures. These risks have been Tnitigated by consistency of oversight by
Resolution Trust's CEO who has taken a pan-time role w Re501ution Foundation to lead the work and ensure the
appropriate stsffmg, management and governance procedure5 are in place.
REFERETriCE AND ADMINISTRATIVE DETAILS
Registered Charit>. Dujllber
11?3128
Principal address
2 Queen Anne's Gate
.ondon
SWIH 9AA
Trustees
On 2 November 2015 The Resolution Tn￿1 {Ttus(ee) Limited , company number 09852910. was incorporated and all
the Trustees of The Resolution Trust were appointed &5 its Directors. On aa January 2016 ¢he existing Trustees of The
Resolution Trust retired and The Resolution Tn￿1 (Tntsiee) Limited was appointed as the sole Corwrate Tn￿tee. The
Directors of the Resolution Trust {Trustee} limiled act in the capacity of Tntsiees of The Resolution Trnst and are listed
below..
C Cowdery
C Alexandrou
B Meehan
A Cooper
Auditors
Charioi House Limited
Chartered Accounrants
44 (trand Parade
Brighton
E.ast Sussex
BN2 9QA
Solicitors
Stone King
Boundary House
91 Charterhouse Street
I￿nd0
ECIM 6HR
Pagc 4

THE RESOLUTION TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30TH SEtryEMBER2Q20
RF.FF.RENCE AND ADMINISTRATIVE DETAIIS
Bankers and Investmeni Manager
HSBC Private Bank IUK) Limited
8 Cork Street
London
WISJLJ
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trjstees and the ftnancial ststements in accordance with
applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted A¢¢ounting Practice).
The law applicable to chariiies tn England and Wales. the Chariiies Act 2011, Ch￿lty (Accounts and Reports)
Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each
fin2nci21 year which give a tnje and fair view of the State of affairs of the char5ty and of the incorning resouwes and
application of resources, tncluding the incorne and cxpcnditure. of the charsty for that period. In preparing those
fllwicial statements. the trusi¢¢s are ￿quIr￿ to
select Suitable accounting policies and then apply them consistently-
observe the methods and principles in ihe Charity SORP,.
make judgements and estirnates Ihar are re&sonable and prndenL
stale whether applicable accounting standards have been followe¢ subject to any material departures diselosed and
explained in the financial statements.
prepare the financial staiemenis on the going concern basis unless it is inappropriate to pttsume that the charity will
continue in business.
The trustees are responsible for keeping proper accounttng r¢cords whi¢h di￿105¢ with reasonable accuracy ai any tim¢
the financial position of the charity and io enable them to ensure that the financsa] statements comply with the Charities
Act 2011, the Charity (Aceounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also
responsible for safeguarding the assets of the ¢hority and hence for tsking reasonable steps for the prevention and
detection of fraud and other irregularities.
Approved by order of the board of tr￿Ste¢S on ....
- and signed on its behalf by..
C Cowd¢ry- Director of The Resolutkon Tn￿t
Limited
Page 5

REPOR'f OF THE INDF.PF.NDF.NT AUDITORS TO THE TRUSTEES OF
THE RESOLUTION TRIJ.ST
Opinion
We have audited the financial statement5 of The Re501ution Trus( (the 'chariry') for the year ended 30th September 2020
which comprise the Statement of Financial Activities. the Balance SheeL the Cash Flow Ststetnent and notes to the
financial stai¢ments, including a summary of S1￿1f)¢ant aecounting policies. The fiRan¢ial reporting framework that has
been applied in their preparation 15 applicable law and United KiDgd(Trm Accounting Standards (United Kingdom
Generally Accepted Accounting Pra¢tice)-
In our opinioll the financial siaÈemenis-.
give a true and fair view of the state of the charl￿S affairs as at 30th September 2020 and of its in¢oming r¢sources
and application of resources. for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praciice; and
have been prepared in accordance with the requirements of the Charities Act 2011.
B#$is for opinion
We conducted our audit in accordance with Intemalional Standards on Auditing (UK) {ISA5 (UK)) and applicable law.
Our responsibilities under those st￿dardS are fuTther described in the AuditOTS' responsibilities for the audit of the
financial stsiements section of our retMTrrL We are independent of ihe charity in accordance with the ethical
requirements thai are relevant io our audii of the financial si*ements in the UK, including the FRC'S Ethical Standard,
and we have fulfilled our other ethical responsibilities in accordance with these requiretnents. Wc b¢li¢ve that the
audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion_
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAS IUK) require us to report to
you where-
the trustee5' use of the going concern basis of accounting in the preparation of the financial statements 15 not
appropriate. or
the trustees have not disclosed in the financial rtaiements any identified rnaterial uncertainties that may cast
significant doubt about the charity's ability to continue to adopi the going concern basis of accounting for a period of
at least twelve months from the date when the financial 51Hternents are authoris¢d for issue.
Other information
The trustees are resFrf)nsible for the other inforniation. The other infonnation comprises the inforniation included in ihe
Annual Report, other than the financial statements and our Report of the Independent Auditors thereott.
Our opinion on the fi[￿1¢]81 Sta￿￿ents does not cover the other inforniation an¢1 except to th¢ ement tstherwise
explicitly stated in our reporL we do not express any fom of assutance conclusion thereon.
In conneetion with our audii of the financial statements, our restx)nsibility is io read the other inforniatiotj an41 in doing
so. consider whether the oth¢r inforniaiion is maieriall)" illC0115LStent with che finantial statements or our knowledge
obtsined in ihe audit or otherwise appears lo be materially ￿15Stated. If we ideniify such material inconsistencies or
apparent matertal tnisstatcments, we are required its delertnine whether there is a material misstatem¢nt in the fmancial
statements or a material misstatement of the other inforniataon. If, based on the work we have perfornieiL we conclude
th3t there is a material misgtatement of ihis oiher Inforn￿ti0￿ we are required io report that fa¢t. We have nothing to
r¢port in this regard.
Matters on which we are required to re￿)rt by eiceptiOD
We have noihing io report in reS￿¢t of the following matters where the Chartties (Accounts and Reports) Regulations
2008 requires us to report to you if, in our opinioll=
the inforniation given in the Report of the TnL8tee5 is inconsisteni in any material respect with the financial
statements.. or
suffieieni accounting records have been kept; or
the f]nancial statements are not in agreement wilh the accounting records and retUrn5' or
we have not received all the information and explanations we require for our Audit.
Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THF. RESOLUTION TRUST
Responsibilities of trust¢
As explained Tnore fvlly in the Statement of Trustee5' Responsibilities, the tru5tee5 are responsil)le for th¢ preparation of
the financial statements which give a true and fair view. and for gueh internal control as the trnstees detemjine is
necessary to enable th¢ preparation of fu￿1claI statements that are free from material misstatemenL whether due to
fraud or error.
In preparing the financial siaiements, the tnEStccs are responsible for a5SCS5ing the charity's ability to conEinue as 2
going concern, di5¢105ing, a5 applicable, matte[5 r¢lat¢d to going concern and using the going con¢¢rn basis of
accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realisti¢ alternative
but to do 50.
Our respon5ibililt¢s for the audit of the fingncial statements
We have been apposnted as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act
and relevant regulations made 01 having effect thereunder_
Our objectives are t(Tr obtaiD reasonable assurance atrM)ut whether the financial statements as a whole are free from
matcrial misststement. wheiher due io fraud or eTror, and io i55u¢ a R¢rMIrt of the Independent Auditor5 that illcludes
our opinion. Reasonable assurdnce is a high leycl of a55ufdnce, but is not a guarantee that an audit conducted in
ae¢ordance with ISAS (UK) will always detect a matetial misstate¥nenl wh¢n it exists. Misstaiements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the ¢¢onomic decisions of users taken on the basis of these financial statements.
A further description of our responsibiliiies for the audii of the financial statem¢nts is located on the Financial
Reponing Couneil's websiie at www.frc.org.uklauditorsresponsibilities. This de%ription forn￿ part ofour Report of the
Independent Auditors.
Use of our report
This report 15 Tnad¢ sol¢ly to th¢ charitys tTUStee& as a body. in accordance with Pan 4 of the Charities (Accounts and
R¢ports} R¢gulations 2008. Our audit work has been undertaken so that we mighi stste to the charity's trustee5 those
matters we are required to state to ihem in an auditois, report and for no other purpose. To the fullest extent perniitted
by law. we do not accept or Issume responsibility io anyone other than the charity and the charity's trustees as a body,
for our audit work, for thi5 repor¢ or for the opinions we have fonned.
Chariot House Limiied
Eligible to act a5 an auditor terrns of Section 1212 of the Companies Act 2006
Chartered Accountants
44 Grand Parade
Brighton
East Sussex
BN2 9QA
Dale..
Page 7

THE RESOLUTION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30TH sE￿EmBER2020
2020
Tothl
fimds
2019
Total
nds
Unrestricted
fund
Restricted
fimd
Endowment
fund
Notes
INCOME AND
ENDOWMENTS FROM
Donation5 and legacies
31,774
Investment income
930 560
Total
844.325
844.325
962,334
EXPENDITURE OTr4
Raising fund5
541,657
541,657
271,087
Charit4ble activities
Research and Education
1.485,574
1,485,574
8,979,723
Total
2,027231
2,027,231
9250,810
Net gain￿(losSes) on
investments
406.381
406,381)
1,144,003
NET
INCOMEI(EXPENDITURE)
(1,182.906)
(406.381) (1.589287) (7.144,473)
Transfers between funds
1.182.906
1,182,906)
Net movement in funds
(1.589287) (1,589,287) {7.IJA.473)
RECONCILIATION OF
FUNDS
Totgl funds brought forward
2.500
43.489.726
43,492.226
50,636,699
TOTAL FUNDS CARRIED
FOR WARD
2.500
41.900 439
41902939
43 492 226
The notes forni part of these f￿ancial staternents
Page 8

THE RESOLUTION TRUST
BALANCE SHEET
30TH SEvfF.MBER 2020
2020
Total
fuRds
2019
Total
funds
UTw¢stricted
fund
Restricted
fund
Endowment
fund
Noies
FIXED ASSETS
Investments
44,770.815
44.770,815
42,848,527
CURRENT ASSETS
Debtors
Cash at bat￿ and in hand
12
20,01)0
2 745,846
20.000
2 748 346
20,000
7 321216
2,500
2.500
2.765,846
2,768,346
7.341,216
CREDITORS
Amounts falling due within one
year
13
(3.536.222) (3.536.222) (2,497.517)
NET CURRENT ASSETS
2,500
770.376
767 876)
4.843.699
TOTAL ASSETS LESS
CURRENT LIABILITIES
2,500
44,01)0.439
44,002,939
47,692.226
CREDITORS
Arnounts falling due after more
than one year
14
(2.1(M).000) (2,100,(H)O) (4.200.000)
NET ASSETS
2.500
41900439
41,902,939
43.492.226
FUNDS
Restricted fund5
Endowment funds
15
2,500
41.9(M),439
2,500
43,489,726
TOTAL FUNDS
41902.939
43 492 226
The fina
ial sratements were approved by the Board of Th￿1¢¢$ and authorised for issue on
C Cowdery- Dir
lor of The iiesolution Tnjst (Ttusiee) Limited
The notes forni part of these financial statements
Pa8e 9

THE RESOLUTION TRUST
CASH FLOW STATF.MENT
FOR TEIE YEAR ENDED 30TH SEPTEMBER 2020
2020
2019
Notes
Cash flows from operating attiviti¢s
Cash (penerated from operations
3,088,526)
3,766,238)
Net cash used in operating a¢tiYtlies
3.088.526
Cash flows from inYe5tiDg aetÉvities
Purchase of fixed a5SCt invesirnents
Sale of fixed asset investments
Interest received
(14.116.733)
11,788.064
844,325
(14,284,535)
14,123,104
930.560
Net cash (used inypTovid¢d by inY¢sting activities
1484 344)
769 129
Change in c8sh and casb equivalcnts in
the reporting period
Cash and cash equivalents at tbe
beginning nf the reporting period
(4,572,870)
{2,997,109)
7.321.216
10.318.325
Cgsh e8sb equivaleDts at the elld of
the reporting period
2.748.346
7 321210
The notes forni part of these financial staiements
Page 10

THE RESOLUTIO.N TRUST
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBF.R 2020
RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2020
2019
Ntt txpenditure for th¢ reporting period {as per the StattmtTrt of
Financial Activities)
Adjustments for:
LoSSe￿(gain} on inve5ttnents
Interest received
(Decreaseyincre&s¢ in creditor5
(1,589,287) {7,144,473)
406.381
(844,325)
1061295)
(1,144,004)
(930,5601
5 452 799
Net c85h used in operntions
ANALYSIS OF CHANGF.S IN NET FUNDS
AI 1110119
Cash flow
At 3019120
Net cash
Cash at bank and in hand
7.321216
4,572,870
2.748,346
7.321
4 572 870}
2,748,346
Total
4 572 870
2 748,346
The notes fonn part of these fir￿Le1a1 ststements
Pagell

THF. RESOLUTION TRUST
NOTES TO THE FINANCIAL STATEMETriTS
FOR THE YEAR ENDED 30TH SF,vfEMBER 2020
ACCOUNTING POLJCIES
Basis of preparing the fin4n¢isl stateMe￿ts
The financial statements of the charity, which is a public benefit entity under FRS 102, hav¢ been prepared in
accordan¢e with the Charities SORP (FRS 102) 'Accounting and Rep)rting by Charitie5'. StateTnent of
Recommended Practice applicable to chartiies preparing their accounts in a¢cordan¢e with the financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),,
Financial Reporting Standard 102 The Financial Rewrting Standard applicable in the UK and Republic of
Ireland, and the Chariiies Act 2011. The financial stat¢m¢nts hav¢ been prcpar¢d under the historical cost
convention, with ihe exception of InVe￿ments which are included at market value, as modified by the
r¢valuation of certain as5Cts.
At the time of approving the ftnancial statementy the trustees have a r&rysonable expectation that the charity has
dequate resources io coniinue in operdiional existence for the foreseeable future, including taksng into account
any potential impact of the Covid-19 pandemic. and on that basis the charity is considered io be 2 going
concern.
IThcome
All income 15 recognised in the Statement of Financial Attivitie5 once the charity has eniitlement to the funds, it
is probable that ihe income H'ill be received and the amount can be measured reliably.
Donated services valued at an estimate of the finaneial cost borne by the donor.
Expenditure
Liabilities are recognised as eX￿ndit￿re as s(bOn as there is a legal or constructive obligation colnrnitting the
charity to that expenditure, it is probable that a transfer of economic benefit5 will be required in settl¢ment and
the amount of the obligation can b¢ measured reliably. Expenditure is accounted for on an accruals basis and has
been classified under headiT)gs that aggregate all cost related to the category_ Wh¢rc costs cannoi be directly
attributed io particular headlljgs they have been allocated to activities on a basis consistent with the usc of
resources.
Support costs comprise costs for processing grants and applications, including sllpport to actual and potential
applicants: costs associated wrth the Tnanagement and administr*ion of the Ttust's activities: and governance
costs which are incurred ￿1th the general ruT￿Ing of the TTr￿t as opposed to the management and administration
of it's aciivities. They include costs r¢laiing to con5tiwiional and S￿ul0ry rcquirernents.
Grants olTered subject to conditions which have noi been met at the year end date are noted a5 a commitment but
not accrued as expenditure.
Taxation
The ch8rity is exempt from thx on its charitsble activities.
Fund accounting
Unrestricted funds can be u5¢d in accordance with the charitable objectives ￿ the discreiion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity.
Restrietions arise when specified by the donor or when funds are rdised for particular restricted purpose5.
The expendable endowment funds are Capit￿ ￿ndS where nonnally only the income arising tnay be applied but
for which the TnEStees also have the powerto spend the c￿1￿1.
Further explanation of the nanllt and purpose of eacb fi￿d is tncluded in the notes to the financial statements.
Foreign turr¢ncies
Assets and liabilities in foreign currencie5 are translated into sterling at the rates of exchange njling at the
balance sheet date. Transactions in foreign currencies are translat¢d into sterling at the rate of exchange ruling
at the date of transaction. Exchange difterences ar¢ taken into account in ￿Tiving at the operating result.
Page 12
continued...

THF. RESOLUTION TRUST
NOTES TO THE FINANCIAL STATEMEP*TS- Continued
FOR THE YEAR ENDED30TH SEPTEMBER 2020
ACCOUNTING POLICIES- eolltlDued
Pension Costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the ¢hari¢y's pension
scheme are charged to the Statemeni of Financial Activities in the period to which they relate.
DONATIONS AND LEGACIES
2020
2019
Donations in kind
31,775
INVESTMENT INCOME
2020
2019
Deposit account interest
Investment income- HSBC
Investment income- AMP
967
929.592
684,675
159,650
930,559
RAISING FUNDS
Investment mana%ement eosts
2020
2019
Portfolio management- HSBC
Portfolio manag¢m¢nt- AMP
297.768
243.889
271,087
541,657
271087
CHARrrABLE ACTtVlTIES COSTS
Grant
fimdinB of
activities
(sce notc
Support
costs (sec
note 7)
6)
Totals
Research and Education
1343 000
142 574
1485 574
Page 13
cotttinued..-

THE RESOLUTIOY TRUST
NOTES TO THE FINANCIAL STATEMENTS- ¢olltiDucd
FOR THE YEAR EIYDED 30TH SEPTEMBER2020
GRANTS PAYABLE
2020
2019
Research and Education
1343.000
8.698,115
The total wis paid to instirntions during the year was &5 follows".
2020
2019
Prospect Magazine
Re501ution Foundation
Life Be
BGV
Citizens UK
Old Vic
Labour Xchange
Ark Schools Coronavirus Appeal
Battersea
1,108,000
1.522.000
6.945,000
5,000
10,000
loo,000
15,000
IIM),I)00
125,000
1.343.000
8,698,115
In August 2019. the Resolution Trust comrnitted to fi]nd the Resolution Foundation for at Itasi a further 3 years
having awarded ￿ants iotalling £6.300.(M)O ￿7th effect from l October 2019. This comrnitmeni was recognised
as expenditure in the year ending September 2019. In the current yegr, the Trust paid £2.100.000 to the
Foundation reflecting this annual cornmitm¢nl.
SUPPORT COSTS
Governance
osts
Management
Totals
Research and Education
134517
8.057
142 574
Support Costs, included in the above. are as follows=
2020
Research
2019
Total
activitl¢S
Education
Wages
Social security
Pensions
Support charges
IT costs
Sundries
Stsff training and expenses
AuditOTS' remuneration
AuditOTS' remuneration for non audit work
Auditors, remunerdtion undetprovision
previous year
Donat¢d staff time
Accounthncy and legal ftts
105.209
14.519
7,i65
3,624
2,583
1,210
185,853
25,066
13.010
3.556
1.317
7.368
333
2,(M)O
1,000
3200
1,000
2,200
31,774
10,148
1,657
142.574
281,425
Page 14
continued...

THE RESOLUTION TRUST
NOTES TO THE FINANCIAL STATEMENTS- coThtinued
FOR THE YEAR ENDED 30TH SEvfEMBER 2020
TRUSTEES, REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefits for the year ended 30th September 2020 nor for the year
ended 30th September 2019.
Trustee5' expense5
There were no tnjstees, expenses paid for the year ended 30th September2020 nor for the year ended
30th September 2019.
STAFF COSTS
2020
2019
Wages and salaries
Social security costs
Other pension costs
105.209
14,519
185,853
25,066
13,010
223,929
From June 2019, all Resolution Tnjst salaries haye been paid by Resolution Foundation under the tcm)s of
shared emploJThent contracts and a service level agreement betw'een the two organisations. Resolution Tti]st's
portion of the stsff salaries are then repaid to the Resolution Foundation.
The total employee ￿nefits paid io key management persorjnel during the year arnounted to £127,093 (2019..
£210,153)
The number of employees whose employee benefits (excluding ernployer pension costs) exceeded £60.000 was:
2020
2019
£80,001- £90.000
£150,001- £160,0(M)
The averdge monthly nulnber of employees during the year was as follows..
2020
2019
Total
On a Full TiTne equi?￿lent basis, the averdge numb¢r of ernploytts is l (2019: 1)
Page 15
continued...

THE RESOLUTJON TRUST
NOTES TO THE FINANCIAL STATEMENTS- eontinued
FOR THE YEAR ENDED 30TH SEPTEMBER 2020
io.
COMPARATIVES FOR THE STATEMENf OF FINANCIAL ACTtVlTIES
Unrestricted
Restricted
fi￿d
fund
Endownent
fjjnd
Total
funds
INCOME AND ETr4DOWMENTS FROM
Donaiions and legacie5
31.775
31,775
Investment income
930 559
930,559
To131
962.334
962.334
EXPENDITURE ON
Raising funds
271,087
271,087
Charitable activities
Research and Education
8,878,609
101,115
8,979.724
Total
9.149.696
101.115
9,250,811
Net gains on investsnenL8
1,144.004
NET INCOMEIIEXPENDITURE)
(8,187,362)
{101,115)
1.144.004
{7,144.473)
Transfer5 between fuDds
8,187,362
8 187362)
Net movement in funds
(101.115) (7,043.358) (7.144.473)
RECONCILIATION OF FUNDS
Total funds brought forward
103,615
50,533.084
50.636.699
TOTAL FUNDS CARRIED FORWARD
2.500
43 489.726
43.492,226
FiXED ASSET INVESTMENTS
Listed
investments
Unlisted
investments
Totals
MARKET VALUE
At Isi October 2019
Additions
Disposals
Movement in Market value
Movement in cash held
42,828,527
14,116,733
(1? 141.903)
191,946
264.456)
20,000
42,848,527
14.116,733
(12,141,903)
211,914
264 456}
19.968
At 30th September 2020
44,730.847
39.968
44770 815
NET BOOK VALUE
At 30th Septern￿r 2020
44.730 847
44,770.815
At 30th September 2019
42 828,527
42,848.527
Page 16
continued...

THE RESOLUTION TRUST
NOTES TO THE FINANCIAL STATEMEP4TS- eoDtiThued
FOR THE YEAR ENDED 30TH SEPTEMBER 2020
ii.
FIXED ASSET INVESTMENTS- £ontIll￿t0
The listed investments are held in a mixed portfolio. tnaillly invested in shares, and rna1￿¢d by HSBC Private
Bank (UK) Limited except the AMP Capita] Global Infr&8trncture Fund investment which is a limited
partnership fund registered in Luxemburg.
2020
2019
Fixed Interest
Equities
Alternative Investments
Cash
Funds
10.495,741
24.591,871
7,708,089
1,022,818
91? 328
11,077,775
19,,665,726
9,741,608
1,287,273
1056 145
44 730 847
42 828 527
The Trnst is subjeci io certain investtneni risks:
- Credit risk, which is the risk that one party io a financial instrumcnt will cau% financial 105S to the other bu
failing to discharge an obligation.
- Mark¢t risk, whi¢h is the risk that the fair value of firture cash flows of a fmancial asset will fluctuaie because
- Currency risk as a resuli of Changes in foreign currency rate5
- Inieresi rdte risk as a result of changes in market interest rates.. or
Other price risk Is a result of changes in market prices (other than because of CUTrency or interest
rdt¢ risk) and whether these changes affect all similar fmancial tnstruments traded in the market place or a
particular financial instTument.
The Trust manage5 these invt51￿tnI risks by retaining expert advisers and opernting an investment policy that
provides a high de￿ee of diversificaiion of holdings within investment assets classes that are rnainly quoted on
Tecognised stock exchanges. All investments are carried at fair value. The basis of fair value is equivalent to the
market value using the bid value.
The Unlisted Investment is a minoriry shareholding in Poplar Technologies l.iTniied, a social investtnent mkde
as part of the Trust'5 SUPPOrt of prfvworker innovation. Poplsr Technologies Lirnited aitns to improve the living
5tandard5 of low-io-middle income worker5 by building software that helps them become more empow¢r¢d,
autonomo￿% and productive at Work.
12.
DEBTORS: AMOUNTS FALLING DUE ￿THIN OF4E YEAR
2020
2019
Other debtors
20,000
Page 17
continued...

THE RESOLUTION TRUST
NOTES TO THE FINA￿CIAL STATEMEYTS- eontinued
FOR THE YEAR ENDED 30TH SEPTEMBF.R 2020
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
2019
Trdde ¢rediiors
Other creditors
67.493
3 468 729
205,242
2 292 275
3,536,222
2,497,517
14.
CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR
2020
2019
Other creditors
2,100,0(M)
4,200,000
15.
MOVEMENT IN FVNDS
Net
movement
in fimds
Trdnsfers
between
funds
At
1110119
At
3019120
Unre51ricled fund5
General fund
(1.182.906)
.182,906
Restricted funds
AccenturelBGV work
2,500
2,500
Endowment funds
nd0￿￿￿ent fund
43,489,726
(406,381) (1,182,906)
41,900,439
TOTAL FUNDS
43.492.226
1589 287)
41902,939
movement in fillKls, included in the above are as follows:
Incoming
resources
Re501]recs
expcnded
Gains and
losse5
Movement
in funds
Unrestricted funds
General fvnd
844,325
(2,027231)
(1,182,906)
EndowEnent funds
Endowment ￿nd
(406.381)
(406.381)
TOTAL FUNDS
844.325
2027231)
406.381)
1,589,287)
Page 18
continued...

THE RESOLUTION TRUST
NOTES TO THE FINATraCIAL STATEMENTS- continued
FOR THE YEAR ENDED30TH SEPTEMBER 2020
15.
MOVEMENT IN Fuf4DS- eontinufd
Comparatives for movernent ID funds
Net
movement
funds
Transfers
between
fijnds
At
1110118
At
3019119
Unrestricted funds
General filnd
{8,187.362)
8,187,362
Restricted funds
AccenturelBGV work
103,615
2,500
EndowmeTht fullds
Endowm¢nt fi￿d
50,533,084
1.144.004
(8,187,362)
43,489,726
TOTAL FUNDS
50.636.699
7 144,473)
43.492.226
Comparative nei movement In fimds. included in the above are as follow5."
Incoming
resources
Resourtt5
expended
Gains and
losses
Movement
in funds
Unrestricted fllnds
General ￿nd
962,333
{9,149,695)
(8,187,362)
Restricted funds
Ac¢enturelBGV work
(101,115)
(101,115)
Endowment fund5
Endowinent fund
1,144,003
1,144.004
TOTAL FUNDS
962.334
9250,810
1,144,003
7,144,473)
The 'WorkerTech' elernent of the Bethnal Green Ventures prowrne is to support new and viable
organssations offering services and l or sUPPOrt to the UK'S poorly setved low-wage workforce
Page 19
continued...

THF. RESOLUTION TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 30TH SEWtEMBER 2020
EMPLOYEE BENEFIT OBLIGATIONS
The Trust operatcs a defined contribution pension schcme throuoJ The Pensions Trust with contributions made
by both th¢ ¢mployer and employees at variable r*es. The assets of the scheme are held separately from those of
The Resolution Trust. Pension costs charged represent conthbuiions payable by The Resolution Trust to The
Pensions Trust. Total pension Costs in the current year amounted to £7,365 (2019= £13,010). At the year end £nil
was due to The Pensions Trust (2019.. £nil)-
17.
RELATED PARTY DISCI.OSURES
One of the trnstees of The Resolution Trusi is a director and the 501e Tnember of Resolution Media Limited
which in turn OWlLS Prospect Publishing I.imiieiL There is no Mechanis￿ for transfer of income, profit or ￿setS
of Resolution Media Limited directly or indircctly to its sole memberlthe tsusiee. The Trust's commitment to
fund the charitable conieni of Prospect Magazin¢ was taken by the independent trustees IE) June 2015. Funding is
granted Specifically for charitable content being primarily educational, which iTnproves public understanding
and prornote5 infornied debate aboui economtc and social sciences, and related subjects including the arts,
sciences, heritage and culture. Monitorrng procedures and legal protections are in place to ensure all funding is
applsed exelusively in furtherance of the TnLSt's charitsble purposes and objectives, and for public benefit
Page 20

THE RESOLUTIO.N TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR EP4DED30TH SEPTEMBER 2020
2020
2019
INCOME AND ENDOWMENTS
DonAtion$ and legacie5
Donations in kind
31,775
Investment income
Deposil account interest
Invesmient incoTne- HSBC
Invc5tm¢nl incornc- AMP
967
929.592
684,675
159.650
930 559
Tot31 incoming resour¢es
844,325
962,334
EXPENDITURE
IRvestment ma￿ageMent costs
Portfolio manageTnent- HSBC
Portfolio management- AMP
297.768
243.889
271,087
541,657
271,087
Charitable activities
Travel & hote15
Grants to institutions
183
8698,115
1343 000
1,343,0(Kl
8,698,298
Support CO51$
Management
Wages
Social security
Pensions
Support charges
IT costs
Sundries
Staff trnining and expenses
105.209
14.519
7,365
3,624
2.583
1,210
185.853
25.066
13,010
3,556
1.317
7,368
333
134.517
236.503
Governanee costs
Auditors, iemunerdiion
Auditgrs, relnuneration for non audit work
AudEtors' relnuneration undetprovision
previous y¢ar
Donated staff tim¢
3200
I,IM)O
2.000
1.000
2200
31,774
Carried forward
6,400
34.774
This page does not forni part of the slatulory financial statements
Page 21

THF. RESOLUTION TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THF, YEAR ENDED 30TH SEFfEMBER 2020
2020
2019
Governance costs
Bn)ught forward
Accountancy and legal fees
6.400
1,657
34,774
8,057
44,922
Total resources expended
2 027.231
9 250.810
Net exptllditure before gains aDd losses
(1.182,906) (8,288,476)
Realised recognised gain5 and losses
Realised gainsl{losses} on fixed asset investments
406,381)
1,144,003
Net expenditure
,589,287)
7,144,473)
This page does not forni part of the statuiory financial ststements
Page 22