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2025-09-30-accounts

Charity number: 1123128

THE RESOLUTION TRUST

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

THE RESOLUTION TRUST

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustee's Report 2 - 6
Independent Auditors' Report on the Financial Statements 7 - 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 - 28

THE RESOLUTION TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustees

The Resolution Trust (Trustee) Limited

On 2 November 2015 The Resolution Trust (Trustee) Limited, company number 09852910, was incorporated and all the Trustees of The Resolution Trust were appointed as its Directors. On 11 January 2016 the existing Trustees of The Resolution Trust retired and The Resolution Trust (Trustee) Limited was appointed as the sole Corporate Trustee. The Directors of the Resolution Trust (Trustee) limited act in the capacity of Trustees of The Resolution Trust and are listed below:

C Cowdery C Alexandrou B Meehan A Cooper

Charity registered number 1123128 Principal office 2 Queen Anne's Gate London SW1H 9AA Independent auditors HaysMac LLP 10 Queen Street Place London EC4R 1AG Bankers Goldman Sachs International 25 Shoe Lane London EC4A 4AU HSBC Private Bank (UK) Limited 8 Cork Street London W1S 3LJ Waverton Investment Management Limited 16 Babmaes Street London SW1Y 6AH Solicitors Stone King Boundary House 91 Charterhouse Street London EC1M 6HR

Page 1

THE RESOLUTION TRUST

TRUSTEE'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 October 2024 to 30 September 2025. The Trustees have adopted the provisions of 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) (effective I January 2019).

Objectives and activities

a. Objectives and aims

The objects of the Trust are to hold the Trust Fund and its income upon trust to apply them for all objects which are regarded as exclusively charitable under the law of England and Wales.

In setting objectives and planning for activities, the Trustee have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Significant activities

The Trustees ensure that all work undertaken is in line with the Trust's charitable objectives and aims.

The Trust acts as catalyst, convenor and sponsor of work with a range of partners to promote shared growth and reforms that distribute power more widely across society. The Trust takes a specific interest in long-term problems that are often viewed as intractable due to the short-term nature of the political cycle. The approach taken is non-partisan, evidence-based and draws on international experience.

The Trust provides on going funding for the Resolution Foundation, a charitable organisation which promotes research and education of the public into the effect of economic, social and financial factors on the living standards of people benefiting from an income at or below the national average, and for the charitable content of Prospect Magazine as part of a wider strategy to support quality media and analysis in order to promote debate on issues of national importance that may not be sufficiently addressed in the course of the political cycle.

c. Public benefit

The goal of the Trust is to fund projects that have a direct public benefit, often focused specifically on the prevention or relief of poverty through research and education. When planning the Charity's activities, the Trustees have regard to the Charity Commission's guidance on public benefit generally and guidance relating to public benefit and the advancement of education.

d. Grantmaking

The Trust fulfils its objectives and aims by providing grant funding to selected entities.

Page 2

THE RESOLUTION TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Achievements and performance

a. Charitable activities

In 2024/25, the Trust continued to fund the Resolution Foundation, an independent think-tank dedicated to lifting living standards in the UK. The Foundation focuses particularly on households with low and middle incomes; those on low pay or in precarious work; and those vulnerable to financial shocks. It also investigates fairness between the generations in its Intergenerational Centre.

The Foundation continues to make a substantial contribution to ensuring public policy discussion across the political spectrum retained a focus on living standards. The Foundation produces robust economic analysis on areas crucial for households with low and middle incomes, including the cost of living and energy prices; incomes and inequality; jobs, skills and pay; housing, wealth and debt; tax and welfare; firms and productivity; macroeconomic policy; net zero; trade; and intergenerational fairness. The Foundation also continued to develop innovative work addressing longer-term challenges and identifying strategies for shifting away from a low-pay, low-productivity economy.

During the year, the Trust also financially supported a number of other charitable causes, including:

Financial review

a. Financial position

The income to the charity comprises dividends and bank interest received of £841,893 (2024: £487,719). After taking account of net gains on investments of £1,670,784 (2024: net gains of £994,487), charitable grants awarded of £2,377,745 (2024: £2,638,454) and running costs of the charity during the period, including investment management fees of £231,879 (2024: £298,419), the financial statements show a capital endowment balance of £36,008,474 (2024: 36,105,421) and restricted funds of £nil (2023: £nil). The endowment funds are expendable to meet the charity's objectives.

b. Reserves policy

The Trustees do not have a specific policy to hold unrestricted funds and will award future grants from available unrestricted reserves and from the expendable endowment to meet the charity's objectives. At the year end unrestricted funds were £nil, restricted funds were £nil and the expendable endowment fund stood at £36,105,421.

Page 3

THE RESOLUTION TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

c. Investment policy and objectives

The Trustee's investment policy is to generate the highest possible returns over the long term, consistent with its risk appetite and appropriate protection for the capital of the Trust, to maximise the resources that can be expended on the Trust's charitable objectives. The Trust's policy is to accept reasonable capital volatility with no more than a 5% risk of capital loss over a 5-year period.

HSBC Private Bank (UK) Ltd, Goldman Sachs International and Waverton Investment Management Limited are responsible for the management of the Trust's investments. Monitoring of the investment performance takes place through regular investment reports and meetings. Investment performance results are reported and discussed at Trustee meetings and compared to industry benchmarks where applicable.

Investments are stated at market value, with realised and unrealised profits charged net to the statement of financial activities.

Structure, governance and management

a. Governing document

The Resolution Trust was established as a Trust Fund on 14 December 2007 and registered as charity number 01123128 on 7 March 2008. The Charity is governed by its Trust deed which was amended on 4 January 2016.

On 2 November 2015, the Resolution Trust (Trustee) Limited, company number 09852910, was incorporated and all the trustees of The Resolution Trust were appointed as its Directors. On 11 January 2016 the existing trustees of The Resolution Trust retired and The Resolution Trust (Trustee) Limited was appointed as the sole Corporate Trustee. The Directors of The Resolution Trust (Trustee) Limited act in the capacity of trustees of The Resolution Trust and are listed above.

b. Recruitment and appointment of new trustees

The Trustees are a self-appointing body with each Trustee initially appointed for a three-year term. New Trustees can be nominated by any existing Trustee and are appointed according to relevant skills and experience.

Under the terms of the amended Trust deed, the Corporate Trustee, Resolution Trust (Trustee) Ltd also has the power to appoint new trustees. Clive Cowdery is the sole company law member of the corporate trustee.

c. Organisational 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. Gavin Kelly, appointed as Chief Executive in September 2015, stepped down from the role in December 2024. Following Gavin Kelly's departure, oversight of the Foundation's strategic direction is being shared collectively among the Trustees.

d. Induction and training of new trustees

Trustees are provided with appropriate induction and training when appointed taking account of the nature of the charity.

Page 4

THE RESOLUTION TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Structure, governance and management (continued)

e. Key management remuneration

Key management personnel of the Trust are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any Trustee of the entity. They comprise the Directors of Resolution Trust (Trustee) Ltd and the Director of Finance and Resources. All our staff and contractors are paid at least the Living Wage which is an hourly rate set and updated annually, based on the cost of living.

f. Related parties

Trustees are required to disclose all relevant interests, register them with the Chairman and withdraw from decisions where a conflict of interest arises. All Trustees give of their time freely and no Trustee remuneration or expenses were paid in the year. Related party transactions are disclosed in the notes to these financial statements.

g. Risk management

The Trust has a risk management strategy in place. The risk register is reviewed annually by the board of Trustees and continually monitored to ensure that policies and procedures designed to mitigate risks are implemented effectively. In addition, risk reviews are undertaken regularly by the Trustees to ensure the Trust's independence and political neutrality are maintained.

The most significant organisational risk identified during the year related to the reputational and operational impact of the departure of the Chief Executive. Trustees identified a risk that stakeholders could become sceptical of the Trust's work and motivation, and that engagement with the Trust's activities could be affected. Mitigating measures include the continuation of strategic oversight by the Chair; finance and investment oversight by the Treasurer, and governance and operational oversight provided by Tina Alexandrou, with appropriate management and reporting procedures established. This risk is subject to ongoing monitoring by the Chair.

The most significant external risk identified by Trustees during the year was associated with the investment portfolio framework. Poor investment decisions could lead to financial loss and an inability to fulfil the Trust's charitable objectives. Mitigating measures include an investment policy set and reviewed by Trustees, with regular instructions given to investment managers. The Treasurer undertakes quarterly reviews, supported by additional oversight of performance by external advisors, with internal reports produced on a quarterly basis. Progress is monitored through quarterly review meetings held with the Chair, the Treasurer and external advisors.

h. Events after the year-end

There are no events to report after the year-end.

Plans for future periods

In 2025/2026, the Resolution Trust's ongoing funding commitments include:

Page 5

THE RESOLUTION TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Statement of Trustee's responsibilities

The Trustee are responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustee are required to:

The Trustee are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Auditors

The auditors, HaysMac LLP, have indicated their willingness to continue in office. The designated Trustee will propose a motion reappointing the auditors at a meeting of the Trustee.

Approved by order of the members of the board of Trustee and signed on their behalf by:

Date: 29/07/2026

Clive Cowdery

Page 6

THE RESOLUTION TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE RESOLUTION TRUST

Opinion

We have audited the financial statements of The Resolution Trust (the 'charity') for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Trustee's 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 charity'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.

Page 7

THE RESOLUTION TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE RESOLUTION TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustee 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustee's Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Page 8

THE RESOLUTION TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE RESOLUTION TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to registered charities, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to areas of estimation uncertainty and to manual accounting journals. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 9

THE RESOLUTION TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE RESOLUTION TRUST (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 30 July 2026

HaysMac LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

THE RESOLUTION TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note
Income and endowments from:
Investments
3
Other income
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net expenditure before net gains on
investments
Net gains on investments
Net (expenditure)/income
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
751,893
90,000
841,893
231,879
2,377,745
2,609,624
(1,767,731)
-
(1,767,731)
1,767,731
-
-
-
-		 Endowment
funds
2025
£
-
-
-
-
-
-
-
1,670,784
1,670,784
(1,767,731)
(96,947)
36,105,421
(96,947)
36,008,474		 Total
funds
2025
£
751,893
90,000
841,893
231,879
2,377,745
2,609,624
(1,767,731)
1,670,784
(96,947)
-
(96,947)
36,105,421
(96,947)
36,008,474		 Total
funds
2024
£
397,719
90,000
487,719
298,419
2,638,454
2,936,873
(2,449,154)
994,487
(1,454,667)
-
(1,454,667)
37,560,088
(1,454,667)
36,105,421

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 28 form part of these financial statements.

Page 11

THE RESOLUTION TRUST

BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Investments
11
Current assets
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
12
Net current liabilities
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
13
Restricted funds
13
Unrestricted funds
13
Total funds		 1,570,581
1,570,581
(1,989,600)		 2025
£
36,427,493
36,427,493
(419,019)
36,008,474
36,008,474
35,988,474
-
20,000
36,008,474		 1,453,966
1,453,966
(4,005,360)		 2024
£
38,656,815
38,656,815
(2,551,394)
36,105,421
36,105,421
36,105,421
-
-
36,105,421

The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by: Clive Cowdery

Date: 29/07/2026

The notes on pages 14 to 28 form part of these financial statements.

Page 12

THE RESOLUTION TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 14 to 28 form part of these financial statements		 2025
£
(4,625,384)
841,893
9,815,566
(5,915,460)
4,741,999
116,615
1,453,966
1,570,581		 2024
£
(4,895,865)
487,719
12,407,890
(7,304,831)
5,590,778
694,913
759,053
1,453,966

Page 13

THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. General information

The Resolution Trust is an unincorporated charity, registered in England and Wales (registration number 1123128). The registered address is 2 Queen Anne's Gate, London, SW1H 9AA.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Resolution Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, and on that basis the charity is considered to be a going concern with no material uncertainties.

2.3 Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donated services are valued at an estimate of the financial cost borne by the donor.

Investment income is recognised when receivable and the amount can be measured reliably by the charity.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.4 Expenditure (continued)

Support costs comprise costs for processing grants and applications, including support to actual and potential applicants; costs associated with the management and administration of the Trust's activities; and governance costs which are incurred with the general running of the Trust as opposed to the management and administration of its activities. They include costs relating to constitutional and statutory requirements.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

2.5 Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.6 Taxation

The charity is exempt from tax on its charitable activities.

2.7 Investments

Investments are a form of basic financial instrument and comprise investments in quoted equity instruments which are initially recognised at their transaction value and are subsequently measured at their fair value as at the balance sheet date. Changes in fair value are recognised in the Statement of Financial Activities. Quoted stocks and shares are included in the Balance Sheet at the current market price quoted on a recognised stock exchange as at the reporting date.

Programme related investments consist entirely of interest free concessionary loans made by the Charity to beneficiaries and are held at fair value. Concessionary loans are assessed for objective evidence of impairment at the end of the reporting period. Any impairment is disclosed within the statement of financial activities as charitable activities. The additions consist capitalised interest whilst the disposal is a write off in the year.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.10 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.12 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Endowment funds are those held on trust to be retained for the benefit of the charity as a capital fund. There are discretionary powers to convert capital into income and, as a result, these funds are classed as expendable endowment.

Investment income, gains and losses are allocated to the appropriate fund.

2.13 Critical accounting estimates and areas of judgement

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the accounts are described in the accounting policies and are summarised below:

Valuation of social investments - the charity's social investments are held at cost less impairment.

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

3. Investment income

Unrestricted
funds
2025
£
Investment income - HSBC
214,600
Investment income - AMP
504,135
Deposit account interest
33,158
751,893
Unrestricted
funds
2024
£
Investment income - HSBC
195,340
Investment income - Goldman Sachs
102,426
Investment income - AMP
60,283
Deposit account interest
39,670
397,719		 Total
funds
2025
£
214,600
504,135
33,158
751,893
Total
funds
2024
£
195,340
102,426
60,283
39,670
397,719

4. Other income

Other loan interest
Other loan interest		 Unrestricted
funds
2025
£
90,000
Unrestricted
funds
2024
£
90,000		 Total
funds
2025
£
90,000
Total
funds
2024
£
90,000

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

5. Investment management costs

Unrestricted
funds
2025
£
Portfolio management - HSBC
51,959
Portfolio management - AMP
97,823
Portfolio Management - Goldman Sachs
49,146
Portfolio management - Waverton
32,951
231,879
Unrestricted
funds
2024
£
Portfolio management - HSBC
81,177
Portfolio management - AMP
135,304
Portfolio Management - Goldman Sachs
52,639
Portfolio management - Waverton
29,299
298,419		 Total
funds
2025
£
51,959
97,823
49,146
32,951
231,879
Total
funds
2024
£
81,177
135,304
52,639
29,299
298,419
6. Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2025
£
Research and Education
2,377,745
Unrestricted
funds
2024
£
Research and Education
2,638,454		 Total
2025
£
2,377,745
Total
2024
£
2,638,454
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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

6. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

7. Analysis of expenditure by activities

Research and Education
Research and Education		 Grant
funding of
activities
2025
£
2,230,784
Grant
funding of
activities
2024
£
2,397,116		 Support
costs
2025
£
146,961
Support
costs
2024
£
241,338		 Total
funds
2025
£
2,377,745
Total
funds
2024
£
2,638,454

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Prospect Magazine
Workertech LLP
West Youth Zone
Warwick Academy
Reach Academy
Loan write off expense
Analysis of support costs
Staff costs
Support charges
IT costs
Sundries
Staff training and expenses
Auditors' remuneration
Accountancy and legal fees
8.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts		 Total
funds
2025
£
2,101,232
9,552
25,000
-
75,000
20,000
2,230,784
Total
funds
2025
£
54,772
3,624
2,814
127
27
15,990
69,607
146,961
2025
£
15,990		 Total
funds
2024
£
2,258,000
-
25,000
39,116
75,000
-
2,397,116
Total
funds
2024
£
128,213
3,624
1,663
2,563
-
15,360
89,915
241,338
2024
£
15,360

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
45,386
6,213
3,172
54,771		 2024
£
106,137
14,647
7,430
128,214

From June 2019, all Resolution Trust salaries have been paid by Resolution Foundation under the terms of shared employment contracts and a service level agreement between the two organisations. Resolution Trust's portion of the staff salaries are then repaid to the Resolution Foundation.

The average number of persons employed by the Charity during the year was as follows:

2025 2024
No. No.
Employees 2 2

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

In the band £80,001 - £90,000

2025 2024
No. No.
- 1

The total employee benefits paid to key management personnel during the year amounted to £54,706 (2024: £128,214).

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

10. Trustee's remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 30 September 2025, no Trustee expenses have been incurred (2024 - £NIL) .

11. Fixed asset investments

Cost or valuation
At 1 October 2024
Additions
Disposals
Revaluations
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Listed
investments
£
35,374,315
5,825,460
(9,795,566)
1,670,784
33,074,993
33,074,993
35,374,315		 Programme
related
investments
£
3,282,500
90,000
(20,000)
-
3,352,500
3,352,500
3,282,500		 Total
£
38,656,815
5,915,460
(9,815,566)
1,670,784
36,427,493
36,427,493
38,656,815

The listed investments are held in a mixed portfolio, mainly invested in shares, and managed by HSBC Private Bank (UK) Limited, Goldman Sachs International, Waverton Investment Management Limited and Integrum Holdings plus the AMP Capital Global Infrastructure Fund (now Digital Bridge) investment which is a limited partnership fund registered in Luxembourg.

The programme related investments are concessionary loans to the beneficiaries. During the year, the Charity made no additional loans (2024 - £Nil). The additions consist of capitalised interest whilst the disposal is a write off in the year for an unpaid social investment loan.

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

12. Creditors: Amounts falling due within one year

Trade creditors
Other creditors		 2025
£
8,906
1,980,694
1,989,600		 2024
£
-
4,005,360
4,005,360

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

13. Statement of funds

Statement of funds - current year

Balance at 1
October
2024
£
Unrestricted
funds
General Funds
- all funds
-
Endowment
funds
Endowment
Funds - all
funds
36,105,421
Total of funds
36,105,421		 Income
£
841,893
-
841,893		 Expenditure
£
(2,609,624)
-
(2,609,624)		 Transfers
in/out
£
1,787,731
(1,787,731)
-		 Gains/
(Losses)
£
-
1,670,784
1,670,784		 Balance at
30
September
2025
£
20,000
35,988,474
36,008,474

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds
- all funds
Endowment
funds
Endowment
Funds - all
funds
Total of funds		 Balance at
1 October
2023
£
-
37,560,088
37,560,088		 Income
£
487,719
-
487,719		 Expenditure
£
(2,936,873)
-
(2,936,873)		 Transfers
in/out
£
2,449,154
(2,449,154)
-		 Gains/
(Losses)
£
-
994,487
994,487		 Balance at
30
September
2024
£
-
36,105,421
36,105,421

14. Summary of funds

Summary of funds - current year

Balance at 1
October
2024
£
General funds
-
Endowment
funds
36,105,421
36,105,421		 Income
£
841,893
-
841,893		 Expenditure
£
(2,609,624)
-
(2,609,624)		 Transfers
in/out
£
1,787,731
(1,787,731)
-		 Gains/
(Losses)
£
-
1,670,784
1,670,784		 Balance at
30
September
2025
£
20,000
35,988,474
36,008,474

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

14. Summary of funds (continued)

Summary of funds - prior year

Balance at
Balance at 30
1 October Transfers Gains/ September
2023 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
General funds - 487,719 (2,936,873) 2,449,154 - -
Endowment
funds 37,560,088 - - (2,449,154) 994,487 36,105,421
37,560,088 487,719 (2,936,873) - 994,487 36,105,421
Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricted Endowment Total
funds funds funds
2025 2025 2025
£ £ £
Fixed asset investments 439,019 35,988,474 36,427,493
Current assets 1,570,581 - 1,570,581
Creditors due within one year (1,989,600) - (1,989,600)
Total 20,000 35,988,474 36,008,474
Analysis of net assets between funds - prior year
Unrestricted Endowment Total
funds funds funds
2024 2024 2024
£ £ £
Fixed asset investments 2,551,394 36,105,421 38,656,815
Current assets 1,453,966 - 1,453,966
Creditors due within one year (4,005,360) - (4,005,360)
Total - 36,105,421 36,105,421

15. Analysis of net assets between funds

Page 26

THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

16. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Losses on investments
Dividends, interests and rents from investments
Decrease in creditors
Net cash used in operating activities		 2025
£
(96,947)
(1,670,784)
(841,893)
(2,015,760)
(4,625,384)		 2024
£
(1,454,667)
(994,487)
(487,719)
(1,958,992)
(4,895,865)

17. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2025
£
1,570,581
1,570,581		 2024
£
1,453,966
1,453,966

18. Analysis of changes in net funds

Cash at bank and in hand At 1
October
2024
£
1,453,966
1,453,966		 Cash flows
£
116,615
116,615		 At 30
September
2025
£
1,570,581
1,570,581

19. Pension commitments

The Trust operates a defined contribution pension scheme through The Pensions Trust with contributions made by both the employer and employees at variable rates. The assets of the scheme are held separately from those of The Resolution Trust. Pension costs charged represent contributions payable by The Resolution Trust to The Pensions Trust. Total pension costs in the current year amounted to £3,172 (2024: £7,430). At the year end £nil was due to The Pensions Trust (2024: £nil).

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THE RESOLUTION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

20. Related party transactions

One of the trustees of The Resolution Trust is a director and the sole member of Resolution Media Limited which in turn owns Prospect Publishing Limited. There is no mechanism for transfer of income, profit or assets of Resolution Media Limited directly or indirectly to its sole member/the trustee. The Trust's commitment to fund the charitable content of Prospect Magazine was taken by the independent trustees in June 2015. Funding is granted specifically for charitable content being primarily educational, which improves public understanding and promotes informed debate about economic and social sciences, and related subjects including the arts, sciences, heritage and culture. Monitoring procedures and legal protections are in place to ensure all funding is applied exclusively in furtherance of the Trust's charitable purposes and objectives, and for public benefit.

The Trust shares two trustees with the Resolution Foundation, a registered charitable company. During the year, the Trust paid a donation to the Foundation of £2,560,000 (2024 - £2,560,000) which had been accrued in previous periods.

The Trust also has a shared services agreement in place with the Resolution Foundation for the time spent by the Executive Chair (to 31 December 2024) and the Director of Finance and Resources on Trust activity. The value of this for the year is £59,650, reflecting the Chief Executive’s departure in December 2024 (2024 - £136,106).

Page 28