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2025-12-31-accounts

Trustees' Annual Report and Accounts for the year ended 31st December 2025.

Company registered number 06084965 Charity registration number (England and Wales): 1161545

Reference and administrative information 3
Trustees 3
Key management personnel 4
Patrons 4
Independent Examiner 4
Bankers 4
Funders and Supporters 5
Message from the outgoing Chair of the trustee board 6
Message from the board of trustees 8
Our Charitable Objects 8
Our vision, mission, values and long term goals 10
Our theory of change 11
Our strategic aims 2024–2030 13
Strategic impact in 2025 14
RESEARCH inequalities of income, wealth and power 14
SHARE learning and evidence 15
ADVOCATE to people with the power and infuence to inform decision making to act
to reduce inequalities 15
CONNECT decision makers, organisations and communities around evidence,
issues and solutions 16
WIDEN the net of who gets to imagine and design a better future 16
RUN campaigns and support others to run their own so that voices are amplifed and
diverse 17
Key organisational changes 18
What others say about Equality Trust and our impact 19
Looking ahead 20
Research that follows the wealth and the harm it causes 20
Two APPG inquiries 20
Carving out space for genuine engagement 20
Place-based work 21
Communications and translation 21
Community Economists and Bridges for Change 21
Governance and sustainability 21
Structure, governance and management 22
Governing Document 22
The Board 22
Trustee Expenses 22

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Recruitment and appointment of Trustees 22
The Charity Governance Code 23
Induction and training of trustees 23
Organisational Structure 24
Risk Management 24
Financial review 25
Principal funding sources 25
Reserves Policy 25
Transactions and Financial Position 26
Related parties transactions 26
Availability and adequacy of assets of each of the funds 26
The investment policy and objectives 26
Statement of Directors'and Trustees'Responsibilities 27
Small company special provisions 27

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Reference and administrative information

Full legal name of charity: The Equality Trust Charity registration number: 1161545 Company registration number: 06084965

Registered Office address: Square Root Business Centre, 102-116 Windmill Road, Croydon, CR0 2XQ

Trustees

The trustees who served during the year and up to the date of signing of the report were:

Aliyah Green (appointed 12th June 2025) Camilla Lupton (appointed 12th June 2025) Chi Lael (Co-Chair, from 10th January 2024 - 14th May 2025) Chris Oswald (appointed 12th June 2025) Dianne Danquah (appointed 12th June 2025) Eireann Attridge (appointed 12th June 2025, resigned 24th October 2025) George Weyman (Co-Chair from 10th January 2024, resigned 14th May 2025) Gerry Boyle (resigned due to term end 27th November 2025) Hannah Fairbrother (appointed 12th June 2025) Jacob Smith (appointed 12th June 2025) Julie Northam (appointed 12th June 2025) Mary Hill (appointed 8th January 2024, resigned 16th May 2025) Rebecca Thomas (appointed 12th June 2025, Interim Chair from 24th April 2026) Rosanne Fienga (appointed 12th June 2025, resigned 21st January 2026) Rosie Murphy (appointed 12th June 2025, resigned 25th March 2026) Sam Williams (appointed 12th June 2025) Samia Khatun (appointed 12th June 2025)

Tom Allanson (appointed 23rd November 2023, Co-Chair from 15th May 2025, resigned 13th March 2026)

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Yamini Cinamon Nair (appointed 23rd November 2023, Co-Chair from 15th May 2025, resigned 27th November 2025)

Key management personnel

Co-Executive Directors: Jo Wittams and Priya Sahni-Nicholas

Patrons

Professor Kate Pickett and Professor Richard Wilkinson

Independent Examiner

FJ Wilde FCCA DChA, Warner Wilde Ltd, 4 Marigold Drive, Bisley, Woking, GU24 9SF

Bankers

Unity Trust Bank Plc

Nine Brindleyplace Birmingham B1 2HB

CAF Bank Ltd 25 Kings Hill Ave, Kings Hill West Malling, Kent ME19 4JQ

Cambridge & Counties Bank

Charnwood Court, New Walk Leicester

LE1 6TE

Ecology Building Society 7 Belton Road, Silsden Keighley, West Yorkshire BD20 0EE

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Funders and Supporters

We are extremely grateful to all our funders, our hundreds of individual donors, and to those who support us with time, donated services and expertise.

Barrow Cadbury Trust Joseph Rowntree Charitable Trust
Trust for London Esmee Fairbairn Foundation
Friends Provident Foundation Alex Ferry Foundation
London School of Economics
LeaveWizard Ltd Slack Communications
Google for work iNet Telecoms Ltd
Canva for Nonprofts

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Message from the outgoing Chair of the trustee board

Tom Allanson

2025 was a story of continued, unwavering strategic impact set against a backdrop of profound organisational change. In a year where the UK faced deep-seated mistrust, failing public services, and the blatant corporate capture of the media, we exposed the data behind the truth that we all feel - entrenched structural corruption is underpinning and exacerbating inequality in the UK. In a volatile and unpredictable global situation of war, the undermining of international law, and seemingly never-ending geopolitical turbulence, tackling the polycrises we face became even more complex and challenging.

UK inequality remains persistently high, with income inequality slightly elevated and wealth being extremely concentrated in the hands of the very few. In 2025 our analysis shifted to interrogate not just the size of this wealth gap, but also the sources and the consequences for our media and our democracy - showing how the pathway to converting extreme wealth into extreme power has hardened into something close to permanent infrastructure. Naming and demonstrating this is in itself an act of resistance.

Despite this, 2025 also offered evidence that change is possible. As part of long running civil society campaigning, we contributed to the reversal of the two-child benefit cap at the Autumn Budget - a policy shift that government estimates will lift around 450,000 children out of poverty from April 2026. Our collaborative work with partners in 1forEquality and Make Equality Real shaped the government’s approach to the commencement of the socio-economic duty, a policy lever we have championed since 2016. The open letter that we coordinated with allies, signed by more than 40 MPs from with parties calling for progressive wealth taxation helped widen the political space in which serious wealth redistribution can be discussed.

Organisationally we began 2025 with a radical trustee recruitment process, recognising that the world of charity governance can feel inaccessible to people from a wide range of backgrounds. We were delighted to welcome a new cohort of trustees to our board in mid-2025, bringing expertise in HR, racial justice, environmental justice, equalities law and policy, academia, health inequalities, communications, finance, impact measurement, philanthropy and management. Whilst we have bade farewell to some of our valued colleagues - including longstanding trustees George Weyman and Gerry Boyle due to their terms ending; Mary Hill, Eireann Attridge, Rosanne Fienga and Rosie Murphy resigning for personal reasons, and both myself and Yamini Cinamon Nair stepping down - the Equality Trust board has the skills to meet future challenges. To further strengthen our governance, we will recruit an external chair or co-chairs during 2026.

This reporting period includes a genuinely difficult chapter. Funding pressures across the new economic and social justice sector - exacerbated by deep cuts to American philanthropy and

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decreased government spending in the UK - produced a financial gap that required hard decisions in order to sustain the organisation. From September 2025 we consulted with staff on an organisational restructure which resulted in redundancies in December 2025 and January 2026, reducing our staffing capacity - particularly across research and place-based work. There has also been a reduction in leadership and administrative capacity.

The cost of that period fell most heavily on our whole staff team. Colleagues who had given years of expertise, care and creative energy to the Trust left through redundancy. Those who remained are continuing to deliver research, organise community work, and steward relationships with funders, partners and supporters while holding the impacts of a restructure in the background of their daily working lives. The trustees recognise the personal weight of that experience, and commend the resilience, professionalism and commitment to the mission that the whole staff team showed throughout. The work documented throughout is theirs.

While the charity continues to exist in an uncertain and tumultuous funding environment, I resigned with confidence in the future of Equality Trust's mission. This is an institution that has been at the forefront of research and practical work that, for many years, has both drawn attention to and actively countered the ills of inequality. You can read evidence of this within this annual report. The Board is confident in the charity's leadership and hopes that with your continued support, we can continue to deliver.

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Message from the board of trustees

Despite the substantial challenges the organisation has faced this year, the board of trustees is pleased to present its annual report and accounts for the year ended 31st December 2025.

The Board of Trustees is satisfied with the performance of the charity during the year and the position at 31st December 2025 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Our Charitable Objects

The Equality Trust's objects, as laid down in its Memorandum and Articles of Association are:

  1. To advance health, in particular through identifying and addressing physical and mental health issues arising, in whole or part, from socio-economic inequality.

  2. To advance education, particularly education of the public through undertaking and/or promoting research into the scale, development, causes and effects of socio-economic inequality and means to reduce socio-economic inequality, publishing or procuring the publication of the useful results of such research;

  3. To relieve poverty, including through the relief of social and economic need and disadvantage related, in whole or part, to socio-economic inequality;

  4. To promote equality and diversity, in particular socio-economic equality and diversity within socio-economic groups.

  5. To promote sustainable development for the benefit of the public (sustainable development being development which meets the needs of the present without compromising the ability of future generations to meet their own needs).

The central aim of The Equality Trust, and the vision that shapes our activity, is the improvement in quality of life in the UK by dismantling structural inequalities of income, wealth

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and power. Our work is based on a substantial and developing body of research evidence that reducing inequality has a significant public benefit, through enhanced health and social outcomes that improve the quality of life of all.

In shaping our objectives for the year and planning our activities, the trustees have carefully considered the Charity Commission’s guidance on public benefit.

The trustees do not identify any potential detriment or harm arising from the activities of The Equality Trust.

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Our vision, mission, values and long term goals

Vision and mission

Our vision is for everyone to have a good life.

Our diagnosis is that the UK's economic structures, political system and media landscape enable the wealthy elite to amass enormous profits, which increases inequality and harms us all.

Our mission is to challenge concentrations of income, wealth and power to create conditions where people and communities thrive. To make this happen we gather evidence, build coalitions for change, campaign, and support others to do so.

Our values

We are:

Ambitious : We want everyone to have a good life and the support they need when things get tough.

Just : We work towards an equitable distribution of income, wealth and power.

Collaborative : We gather evidence, make connections and run campaigns. We want to amplify seldom-heard voices and all those disadvantaged by inequality.

Radical : We recognise that widespread, systemic inequality will require visionary, imaginative solutions, which we are committed to seeking out.

Authentic : We seek to implement our core values in all aspects of our work, internally and externally.

Our long-term goals

We want a just and equitable transformation in UK society where:

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EOUALITY TRUST Our theory of change THE EQUALITY TRUST HOW WE WORK TO CREATE CHANGE Our VISION is for everyone to have a good life. The UK'S severe levels of inequality enable the already wealthy to amass enormous resources, which harms us all. Our research shows that everyone in the UK COLJld lead a better life if wealth and income were shared more equitably because more equal societies work better. We ADVOCATE to people who have th• power and influence to inform declsion-making 8nd act to reduce inequalities Building more and diverse coalitions to challenge inequalities andthe models of economy and power which entrench them We RESEARCH Inequalltles of Income, wealth and power.. understanding attitudes, root causes and impact learning from the lived experience of the people and communities affected by them learning new and alternative models of power and equity which can shift UK society to greater equality We CONNECT decl¥Son-makers, organlsatlons and communltles around evidence, issues & solutions.. building rela15onshSps & networks creating spaces for reflection and dialogue so change can happen Our MISSION Is to Challenge concenlraiions of wealth and power to ereate conditions where people and communities thrive. To make thls happen we: gather evidence build coalllions for change across people organisations and communities campaign and support others to do so. Sharing local action with stakeholders lo show how newand allernalive models work in practice We SHARE LEARNINGS AND EVIDENCE: engaging with stakeholders providing accessible and relevant information running training and events We WIDENTHE NET of who gets to imagine and design a better future We RUN CAMPAIGNS and support others to run their own so that voices are amplified and diverse OurVALUESare: Ambitious Just Collaborative Authentlc Radical GUIDING PRINCIPLESOF WORKING Linking grassroots to policy and change makers Evidence-based Amplifying voices of lived experience Participation and collaboratlon DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER

EOUALITY TRUST OUR RESEARCH WE USE OUR EVIDENCE FOR SHORTER-TERM OUTCOMES MEDIUM-TERM OUTCOMES OUR LONG-TERM GOALS THE IMPACT WE WANT Everything we do is underpinned by ¢ollaboratl¥e research & learnln9 so that we: ADVOCATING TO PEOPLE WITH POWER Decision-makers adopt an inequality reduction approach to strategy, planning and spending decisions More people understand the benefit ol a more equal society Information sharing and engaging stakeholders The income gap decreases which allows everyone to have a decent standard of living and wellbeing improves Grow the evidence base about inequalitiesof income, wealth and power, their root causes and impact Atliludes and narratives around ineoualities change so that people believe chanqe is both desirable and possible The culture ol different sectors changes to include new models ol policy, wealth dlslribulion, leadership and power Building relationships and networks Everyone ean have a good Ilfe because society has Iransformed lo become more equitable The flow of wealth and resources Is channelled into eommunlties and publlc servSces Learn from people and communities with lived experience of inequality More people and organisations campaign, advocate and influence for change al local and national level People, communlties and organisations have more knowledge and skills to C8mpalgn for change to address inequalities Delivering training and events Learn from organisations and communities desiqning and implementing new models of power and equity Structures supporting power and decision-makin9 become more inclusive, diverse and participatory People at grassroots have more power over issues affecting them because they are included in decision-making Running and supporting campaigns People across the UK become more hopeful about the future lor themselves, their families, communities, and society COMMUNITY ORGANISING DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER 12

Our strategic aims 2024 – 2030

  1. People change their perception of inequality, and the ways they think and talk about it

  2. People, organisations and communities have more power in addressing the inequalities affecting them

  3. People, organisations and communities increasingly work together to advocate for change to reduce inequalities of income, wealth and power

  4. People, organisations and communities have a new vision for society based on different ways of working, which can reduce inequalities of income, wealth and power and improve the lives of everyone

  5. People in positions of influence and power change policy and practice to reduce inequalities, with the UK government embedding inequality reduction goals in strategy, planning and spending decisions

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Strategic impact in 2025

Our work continues to be organised through the six interconnected strands of our journey to change. In 2025, with sharper analysis and tighter coalition working, each strand contributed to a clearer overall understanding that inequality in the UK is not an unfortunate by-product of the economy, but a deliberate consequence of how wealth and power are structured.

RESEARCH inequalities of income, wealth and power

In 2025 we honed our framing of inequality as a problem of power concentration and structural corruption rather than individual fortune (or misfortune).

Billionaire Britain (May 2025) documented not just the rise of UK billionaire wealth but provided insight into and analysis of the extractive, unproductive sources of that wealth, shifting the media discourse on toxic wealth accumulation. Released to coincide with the Sunday Times Rich List, this repositioned the annual celebration of extreme wealth as an economic problem impacting us all, rather than something to be admired. A July 2025 parliamentary report acknowledging that HMRC does not know how much tax UK billionaires pay vindicated our longstanding approach of using Rich List data to fill some of that gap.

In partnership with the LSE, we published The Challenge of Ethnic Wealth Inequalities , led by Dr Eleni Karagiannaki (LSE) and Caroline Tosal-Suprun (Equality Trust), supported by Priya Sahni-Nicholas and co-researcher Community Reporters. The quantitative research revealed that ethnic wealth inequalities in the UK remain a longstanding, complex issue. Our qualitative work, gathered by Community Reporters trained across the UK, showed that communities understood these gaps as structural — even where individuals were prone to self-blame. An accompanying soundscape preserved interview voices alongside the analysis, ensuring the report was heard and felt as well as read.

In November we published a media and political ecosystem analysis - Money, Media and the Lords, including our Concentration of Power Index - exposing how the increased concentration of wealth has moved in lockstep with increased concentration of media ownership, with three conglomerates now controlling 90% of national circulation. Alongside this, we tracked the increase of large donations to political parties and appointments to the House of Lords. We demonstrated that the outsized influence of the obscenely wealthy is now cemented control. Read alongside Billionaire Britain and The Challenge of Ethnic Wealth Inequalities this further builds the argument that extreme wealth, racialised wealth gaps and captured media and policy are reinforcing components of a power system upholding the status quo.

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SHARE learning and evidence

Our research and analysis secured coverage in The Guardian, The Independent, The London Economic and other outlets, positioning ET as an authoritative voice on structural inequalities and their negative impacts on our wellbeing, economy and democracy. Our On The Level weekly email update now reaches more than 20,000 subscribers and has become a two-way communication channel: weekly polls feed public sentiment back into our analysis. Results consistently showed strong support for taxing wealth to fund services, for nationalising water and energy, and for democratic reform. Our Inequality in Numbers visualisations and active presence across social media platforms continued to translate complex research into accessible content.

We also used our platform to expose patterns, supporting a wide audience to connect the dots between seemingly separate issues that are all underpinned by inequality. We documented the repeated rhetoric of fiscal shortfalls and austerity as inevitable, while wealthy interests are protected; we tracked £15bn raised by taxing work through frozen tax thresholds, and shone a light on the softening of non-dom tax reforms to benefit the wealthy, pointing to meetings held between the Chancellor and asset management CEOs.

Through this sustained scrutiny and translation, we contributed to a public conversation in which inequality is increasingly understood as a policy choice rather than an inevitable economic law.

During the last quarter of 2025 we designed and co-delivered an equalities bitesize course with the General Federation of Trade Unions (GFTU) - supporting trade unionists from a range of backgrounds to gain deeper insight into inequality, including the socio-economic duty (SED), equality laws and equality policy.

ADVOCATE to people with the power and influence to inform decision making to act to reduce inequalities

Our contribution to ecosystem advocacy in 2025 through work with long running coalitions produced both immediate wins and a clear shift in what entered public discussion and debate.

The most consequential outcome was the reversal of the two-child benefit cap, announced in the Autumn Budget. This win is shared across many partners, communities and individuals in a long running civil society coalition. It is estimated by the government that lifting the cap in April 2026 will raise 450,000 children out of poverty.

On the socio-economic duty, we delivered the Make Equality Real petition to 10 Downing Street in April with thousands of signatures, partnering with the General Federation of Trade Unions (GFTU) and cross-party MPs. We co-led a joint civil-society submission shaping the consultation, and hosted public workshops bringing trade unionists, experts and people with lived experience together to shape the response. Evidence from Wales and Scotland - where

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the duty has helped secure better sick pay and free school meals - was central to the case we made.

On wealth taxation, we coordinated an open letter signed by more than 40 MPs from eight parties calling for progressive wealth taxes. We worked with Tax Justice UK to promote proposals for raising £60bn annually through wealth taxation, and with Positive Money on a windfall tax on banks petition that gathered almost 70,000 signatures and was subsequently endorsed by the Liberal Democrat deputy leader.

We also responded in detail to the Spring Statement and the Autumn Budget, coordinating analysis with NEF, We Own It, 38 Degrees and others. Our budget critiques contrasted what was raised — including a £430m council tax surcharge on expensive properties — with what could have been raised through comprehensive wealth taxation, while documenting a continued pattern of austerity falling on disabled people and low-income households.

CONNECT decision makers, organisations and communities around evidence, issues and solutions

In Birmingham, despite the city’s well-documented financial crisis, we catalysed the formation of an Equalities Working Group within Birmingham City Council to prepare for the upcoming commencement and implementation of the socio-economic duty - this is a meaningful intervention in a difficult environment.

Across the year we delivered SED training and webinars to 890 people, including local authorities and trade unions, with 212 council officers attending a joint event we co-hosted with the Local Government Association.

Our coalition work deepened considerably during the year. Alongside the partnerships already mentioned, we joined Compass on the People’s Plan for Water, supported Clive Lewis MP’s Water bill and supported We Own It on water and NHS campaigns. We coordinated with Green New Deal Rising on parliamentary protest, and supported the Patriotic Millionaires Tax The Rich tour, hosting Gary Stevenson as part of an APPG on Poverty and Inequality event.

Internationally, our co-founders Kate Pickett and Richard Wilkinson joined more than 600 academics calling for an International Panel on Inequality modelled on the IPCC. This has since been established, presenting a future opportunity for connecting voices less often heard into key international debates.

WIDEN the net of who gets to imagine and design a better future

Our Community Economists programme, launched in January 2025, trained community members who chose to interrogate the question ‘what is the economy?’ with their peers, and to co-create visions for an economy organised around life and joy rather than extraction and

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wealth concentration. This project is grounded in the idea that knowledge about how the economy works - and more importantly how it should work - exists in all of us, and should not only be interpreted by ‘experts’ in institutions, academia and government.

Our Community Reporters programme expanded with new cohorts in Brent (focusing on housing, green space, migrant’s rights, disability justice and the arts) and in Birmingham (focusing on access to arts and leisure spaces and opportunities), building on existing - - networks. In Brent, the cohort created a collective 1in32.org Community Led.

The Reconstructing the Social Contract film made by Young Equality Advocates was a finalist in the 2025 Smiley Charity Film awards, in recognition that testimony from young people is a serious contribution to public debate and the imaginative work on the future of our society.

Across all this strand of work our strategy is clear - imagining a better economic future cannot be left to policy specialists - it needs to be deliberately widened.

RUN campaigns and support others to run their own so that voices are amplified and diverse

On the socio-economic duty, we continued our role within the GFTU-coordinated Make Equality Real campaign - a coalition of trade unions and civil-society organisations calling on the government to commence Section 1 of the Equality Act 2010, which would require public authorities to give due regard to reducing the inequalities of outcome that result from socio-economic disadvantage when taking strategic decisions. In April 2025, alongside the GFTU and cross-party MPs, we supported the handover of the Make Equality Real petition, carrying thousands of signatures, at 10 Downing Street, followed by a meeting in Parliament.

Beyond the petition, we pressed for the duty to be commenced in a way that is both meaningful and enforceable. We backed calls for a public commission to design effective commencement, tabled an Early Day Motion calling for the strongest possible version of the duty, co-led a joint civil-society submission to the consultation, and hosted public workshops bringing trade unionists, experts and people with lived experience together to shape the response. Our consistent argument has been that commencement alone is not enough — the duty must be designed, with the involvement of those most affected, to genuinely interrupt the logic of austerity rather than to formalise it.

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In September 2025, the Make Them Pay coalition mobilisation brought thousands onto the streets in a march from the BBC to Whitehall under the banner of three demands: tax the super rich, protect workers not billionaires and make polluters pay. Hundreds of organisations participated, with speakers connecting the UK fight against inequality to international movements. The political response has been significant - new Green Party leader, Zack Polanski endorsed calls to ‘call time on billionaires’, Liberal Democrat deputy leader Daisy Cooper announced support for a windfall tax on banks, a campaign we have been running with colleagues at Positive Money; the ‘Mainstream’ Labour group formed, calling for progressive wealth taxation; and Plaid Cymru called for a national wealth tax in Wales.

We also launched our Stop Oligarchs Buying Democracy petition, calling for a ban on large political donations from the super rich - a campaign then sharpened by the revelation that Reform UK received the largest donation made to a political party by a living person - £9m from Christopher Harborne in August 2025. This petition connected our research into billionaire wealth to the visible erosion of democratic integrity - making the link between inequality of wealth and inequality of power more tangible.

Across this work, our approach remains consistent - amplifying the voices of those most impacted by inequality, working in coalition, and treating campaigning as just one facet of a longer term narrative shift around wealth and power.

Key organisational changes

Our staffing has grown and contracted to meet organisational resources. The current number of staff is 6 - all part time (3.9 full time equivalent). Dario Goodwin left in April 2026 to take up an opportunity with the Green Party, and Sofia Khan joined the Equality Trust team as Senior Digital Engagement Officer in April 2026. We intend to recruit a Senior Participation and Engagement Officer during 2026.

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What others say about Equality Trust and our impact

“There are a lot of people who feel invisible and unheard that projects like this may be essential after the fact. It takes the charitable and voluntary sectors to communicate and bring together the voices of the people who do not trust those in power as they have over and over again shown they cannot be trusted.”

Feedback from a Community Reporter

“I also want to thank you personally as you have been one of the only people who has replied to me and treated me with kindness and actually replied. As you can imagine disabled people have had to contact a lot of members of parliament over the last few weeks. To be treated with dignity and kindness has been very important, especially with the battle we currently face. This has meant a lot to me. I will be interested to read the report. Thank you for all of the work you and your team have done on it.”

Participant in APPG research on the disproportionate impact of poverty and inequality on disabled people.

“I also wanted to take a moment to commend you and the team on the report published today. It is an outstanding piece of work. Exceptionally clear, thoughtful, and impactful. You’ve done an incredible job.”

Academic participant in APPG research.

“I really can't express how amazing this first phase has been, and truly one of the things that kept me going this year. Everything seems so broken at the minute but it has been such a pleasure to be part of such a thoughtful and compassionate group project. It's always nice to have a weekly reminder that there are people that care and want to make change, coupled by the Zooms being facilitated in such a kind and accessible way.”

Community Economist feedback

“It was really exciting, and I was almost surprised, seeing the draft of the film. Maybe I haven’t had an excitement like that for quite some time. Hannah has done such a good job in being faithful to the look and feel of our stories. What she’s produced is true, it isn't overly glossy or overtly anything. Someone in our group said that she had that feeling of having seen the film before and I think it’s because Hannah’s been so faithful to the material in it. The film is genuine.” Comment from a Brent Community Reporter on the process of making their film.

“I really look forward to receiving this newsletter every week. Love the polls and how you publish some of the comments. THANK YOU for all the work that must go into the newsletter.” “I really enjoy how much I learn from them. I feel educated to share the things I've learned.”

Feedback from On The Level subscribers

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“Just wanted to say a belated but big well done and thank you from all of us at TJ-UK, for all the brilliant work Equality Trust did around the Rich List! Your findings are super strong and we have already been using / citing them in our policy and comms work. So thank you!”

Tax Justice UK

Looking ahead

2026 will be a year of focused delivery on a narrowed footprint. Reduced capacity means we cannot do everything the moment demands, and we have made deliberate choices about where our smaller team can have the most impact. Those choices are guided by our 2024–2030 strategy and by where existing partnerships and relationships allow us to build on momentum rather than start from scratch.

Research that follows the wealth and the harm it causes

Our flagship Billionaire Britain analysis will return in 2026, reframed around the concept of the ‘hollow economy’. The narrative that extreme wealth creation reflects a thriving economy obscures the reality that much of it is extracted from, rather than added to, productive communities on which ordinary lives depend.

We will also publish research, in partnership with Dr Jed Meers at the University of York, on the statutory guidance accompanying the commencement of the socio-economic duty. This is a strategically significant piece of work: the guidance will shape how local authorities interpret and apply the duty in practice, and getting it right is the difference between a meaningful lever for inequality reduction and a procedural exercise.

Two APPG inquiries

As secretariat to the All-Party Parliamentary Group on Poverty and Inequality, we will support two inquiries during 2026. The first will examine the experience of young people not in education, employment or training, building on our existing work with young people on the broken social contract. The second will revisit the impact of UK immigration, asylum and refugee policy on poverty for migrants — a follow-up to the 2024 joint report with the APPG on Migration that found the UK's migration policy causes destitution by design. Both inquiries will centre lived experience as a primary source of evidence.

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Carving out space for genuine engagement

A central thread of our 2026 work is what we have come to think of as readying policy spaces. Our analysis of the UK's political economy, particularly through our media ecosystem work, has made clear that policymaking is not simply a matter of evidence reaching decision-makers - it is shaped, narrowed and at times captured by concentrated wealth and the institutions that serve it. The work, then, is not to upskill communities who already know what they need; it is to carve out spaces within the system where policymakers can genuinely engage with that knowledge, rather than receive it filtered through the priorities of elites. Our work on the socio-economic duty, our APPG secretariat role, and our coalition convening will all be directed towards this aim during 2026.

Place-based work

We plan to continue our place-based work in Birmingham, working with Community Reporters, Economic Justice Brum and other stakeholders. In Derby, we will deliver a paid consultancy and training engagement with the council, building on the Fair Chance Derby work and demonstrating the kind of direct local authority partnership the duty makes possible. These engagements also begin to diversify our income in line with our 2026 sustainability priorities.

Communications and translation

We will continue to invest in the way we communicate research, recognising that translation between technical analysis and public understanding is itself part of the work we do to tackle structural inequalities. On The Level , our weekly polling, and our visualisation outputs will remain core to this, alongside continued development of our thought-leadership voice across mainstream and alternative media.

Community Economists and Bridges for Change

We expect to restart the Community Economists programme during the second half of 2026. The Community Economist’s grounding question - what is the economy, and who is it for? - has become only more relevant.

Alongside this, we are participating in Bridges for Change , a sector-wide pilot programme bringing together grassroots economic changemakers and staff in national new economy organisations who play "bridging" roles between local and national settings. The pilot is grounded in the recognition that the relationship between grassroots and national

infrastructure in the new economy movement has too often been extractive, and that systemic change requires deliberate work on how that relationship operates. We see Bridges for Change as directly aligned with our own thinking about how power, voice and accountability move within the movement.

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Governance and sustainability

We will recruit an external Chair during 2026 to lead the Trust through the next phase of its strategy. Rebecca Thomas continues as Interim Chair while that recruitment is undertaken. On sustainability, we aim to recruit new monthly donors, develop new training income streams alongside the Derby engagement, and continue to deepen our relationships with the funders who have stayed with us through a difficult year. The financial position requires continued discipline, and the trustees will keep reserves and capacity under close review through the year.

Structure, governance and management

Governing Document

The organisation is constituted as a company limited by guarantee (Company No. 6084965) and was incorporated on 6th February 2007. The company was granted charitable status on 6th May 2015 (Charity No. 1161545).

The company was established under a Memorandum of Association which established the objects and powers of the company and it is governed under its Articles of Association (as amended on becoming a charity).

The Board

The Board of Trustees meets at least four times a year. During the course of the year the Board continued looking at financial management, risk assessment, funding and staffing issues; as well as planning strategically to ensure The Equality Trust's work would meet the organisation's objects.

Trustee Expenses

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 5 to the accounts.

Recruitment and appointment of Trustees

As set out in the Memorandum and Articles of Association, any person who is willing to become a trustee, and who is not disqualified, can be appointed by the board. Trustees contribute their services voluntarily.

In order to ensure fairness and transparency in recruitment, we advertise trustee vacancies widely and invite applications from the general public. The Board is also able to co-opt members if the trustees are satisfied that they bring required knowledge and experience to

DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER

22

the organisation. The selection of new trustees is presided over by at least three relevant trustees and staff, with at least one staff member involved in the process.

Recognising gaps in our skills and expertise, difficulties in retaining new trustees, and the imminent departure of long-standing trustees due to term limits, we ran a deliberately open trustee recruitment process in the first half of 2025. We invited applications through video as well as more conventional routes, and replaced formal interviews with mock board meetings and informal reflection sessions, designed to make the process accessible to people for whom traditional charity governance can feel closed. We were delighted to welcome thirteen new trustees in June 2025, bringing expertise across HR, racial justice, environmental justice, equalities law and policy, academia, health inequalities, communications, finance, impact measurement, philanthropy and management — and lived experience from sectors including midwifery, music, international relations, local development and community reporting.

The period that followed asked a great deal of the board. The financial pressures that necessitated the restructure fell hard on those carrying executive trustee responsibilities, and we owe particular thanks to Tom Allanson and Yamini Cinamon Nair, who took on the Co-Chair roles in May 2025 and steered the organisation through one of the most demanding periods in its history. The personal cost of holding a small charity steady through restructure should not be understated, and we are deeply grateful to them both for everything they gave. We also thank Gerry Boyle, who reached his term limit in November after years of service across the JNCC and the Finance and Risk Sub-Committee, and Chi Lael, whose continued contribution as a trustee following her tenure as Co-Chair has been invaluable.

Several of the trustees appointed in June 2025 have since stepped down due to changes in personal capacity, and we are grateful for their contributions during their time on the board. Rebecca Thomas took on the role of Interim Chair on 24th April 2026 to provide stability while we recruit an external Chair during 2026 - a significant step that reflects the board's commitment to strengthening governance and broadening the leadership of the organisation as we move into the next phase of our strategy.

Equality Trust currently has 11 trustees.

The Charity Governance Code

The Equality Trust’s governance policies and procedures are informed by the Charity Governance Code as it applies to smaller charities. The charity recognises that the code is a tool for continuous improvement and will seek to apply its principles to the furthest extent possible. The Code is discussed in our board meetings.

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Induction and training of trustees

New trustees undergo an orientation process, to include meeting with Co-Executive Directors and all staff, as well as other trustees. Trustees participate in training as required and attend Equality Trust events as appropriate.

Organisational Structure

Day-to-day responsibility for the actions of the charity rests with the Co-Executive Directors. The Co-Executive Directors are responsible for ensuring that the charity delivers against its objectives. They provide individual supervision of the staff team and also ensure that the team continues to develop their skills and working practices in line with good practice.

Risk Management

Staff and trustees have conducted a review of the major risks to which the charity is exposed. A risk register has been established and is reviewed before each Board meeting. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal financial control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to The Equality Trust.

As for all small charities, securing adequate funding is our key risk. During 2025 this risk crystallised, with the loss of funding streams creating a financial shortfall that required an organisational restructure in the last quarter of the year. The trustees are continuing to review the circumstances that led to this and the response taken, and the lessons learned have been incorporated into risk management.

The restructure and redundancies has reduced our risk exposure on costs, but introduced new risks that trustees are actively managing, including the remaining impacts on the whole staff team. As a smaller team, trustees recognise the importance of ensuring that responsibilities are appropriately distributed and supported.

Equality Trust has reviewed commitments to existing restricted funders where appropriate to confirm that we can continue to deliver against agreed outputs at our reduced capacity, with adjustments to scope or timing where appropriate.

We continue to maintain a reserves policy that reflects this risk, and the Finance and Risk Subcommittee monitors free reserves and cashflow at least quarterly. A Fundraising Subcommittee supports staff to develop a sustainable income generation strategy, with priorities for 2026 including the recruitment of regular individual donors, development of training income alongside grant funding. We also have constructive relationships with our funders and receive substantial financial support from the public.

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24

Our governance review and recruitment to the Board was also a part of our risk management to ensure that The Equality Trust had the commensurate trustee capacity and skills to enable the charity to make best use of its resources.

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Financial review

Principal funding sources

We are hugely grateful to Joseph Rowntree Charitable Trust who continued to support us with general operating funds in the first half of 2025. We also highly appreciate the flexibility shown regarding the funding of multi-year place based projects through Trust for London and Barrow Cadbury Trust.

We are delighted to have commenced a three year partnership with Esmee Fairbairn Foundation who are providing core funding for our work on the socio-economic duty (SED) in advance of its upcoming commencement and implementation - working across communities and decision maker spaces to ensure that community priorities are reflected and amplified. We also started work with the Alex Ferry Foundation to research how digital content influences audiences through a three-stage framework - focusing on lived experience and the aesthetic, emotional, cultural, and identity-based cues that shape engagement.

Despite an economically challenging environment, hundreds of generous individuals continued to support our work. We secured over £50,000 in pledges, donations, and Gift Aid through The Big Give Christmas Challenge.

Reserves Policy

The trustees have examined the charity’s requirements for reserves in light of the main risks to and commitments from the organisation. Trustees are committed to generating sufficient reserves to support current organisational activities to meet the following requirements:

To this end, the trustees have established a reserves policy that is reviewed annually to ensure that the appropriate levels of reserves are maintained. However, the trustees are aware of the view that reserves should not be set too high, tying up funds which could and should be spent on charitable activities.

In line with its duties, the organisation aims to hold unrestricted reserves, excluding those tied up in tangible fixed assets, amounting to a range between 3-6 months core operating costs - with the target being the midpoint (4.5 months). This is to minimise any disruption, and to ensure the organisation’s continued financial viability, should any unexpected delay to income

DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER

26

(receipts) occur. Given timing differentials between income and expenditure, fluctuations in the total amount of reserves are common.

The total unrestricted funds at year-end were £129,011, of which £9,814 were designated to support work on participatory research approaches to the voluntary adoption of the socio-economic duty in Birmingham and £13,653 was designated to support the Community Economists to create a vision for our future economy.

Free reserves stand at £105,544 which just exceeds the organisation’s reserves policy. This has been reviewed by trustees and is considered reasonable given the timing of receipt of funds, and recognises commitments to near-term operational expenditure during the first half of 2026.

Transactions and Financial Position

The financial statements have been prepared implementing the current version of the Statement of Recommended Practice for Accounting and Reporting by Charities issued by the Charity Commission for England and Wales and in accordance with the Financial Reporting Standard 102. The trustees consider the financial performance by the charity during the year to have been satisfactory.

The Statement of Financial Activities show total income for the year of £430,060 (2024: £558,573 ) and total expenditure of £522,120 (2024: £486,305) making a net decrease in funds of£92,060 (2024: net increase of £72,268).

The total reserves at the year-end stand at £205,044 including restricted reserves of £76,033 and designated reserves of £23,467 (2024: £297,104 including restricted reserves of £41,538 and designated reserves of £77,452).

Related parties transactions

There are no related party transactions to disclose for 2025 or 2024. There are no donations from related parties outside the normal course of business or given with conditions. The charity received donations from related parties without conditions in 2025 of £4,281 (2024: £1,530).

Availability and adequacy of assets of each of the funds

The board of trustees is satisfied that the charity’s assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

The investment policy and objectives

The investment objective for short-term reserves is to preserve the capital value with a minimum level of risk. All funds are to be invested in line with its charitable aims. The trustees have opted not to adopt an exclusionary investment policy, but individual investments may be excluded if perceived to conflict with The Equality Trust’s purpose.

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Statement of Directors' and Trustees' Responsibilities

The Charities Act and the Companies Act require the board of trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to:

The trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. 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.

The trustees are also responsible for the contents of the trustees' report, and the responsibility of the Independent Examiner in relation to the trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.

Small company special provisions

This report of the board of trustees has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006.

It was approved, and authorised for issue by the Board of Trustees on 10th June 2026 and signed on its behalf by:

Samia Khatun

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Independent examiner's report on the accounts

Section A

Independent Examiner’s Report

Report to the trustees The Equality Trust On accounts for the year 31[st] December 2025 Charity no 1161545 ended (if any) Set out on pages 29 to 37

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/12/2025 .

Responsibilities and basis As the charity's trustees, you are responsible for the preparation of the of report accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's The charity’s gross income exceeded £250,000 and I am qualified to undertake statement the examination by being a qualified member of the Association of Chartered Certified Accountants.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Date: Signed: Name: FJ Wilde Relevant professional FCCA DChA qualification(s) or body (if any):

Address: 4 Marigold Drive, Bisley, Surrey GU24 9SF

29

The Equality Trust

STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income and Expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Income
Donations and grants
2
Charitable Activities
3
Investments: Bank interest
Total Income
Expenditure
Raising funds
4a
Charitable Activities
4b
Total Expenditure
Net income/(expenditure)
Transfers between funds
9
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
Total 2025
£
£
£
154,782
261,071
415,853
9,442
1,500
10,942
3,265
-
3,265
167,489
262,571
430,060
9,294
-
9,294
284,750
228,076
512,826
294,044
228,076
522,120
(126,555)
34,495
(92,060)
-
-
-
(126,555)
34,495
(92,060)
255,566
41,538
297,104
129,011
76,033
205,044		 Unrestricted
Funds
Restricted Funds Total 2024
£
£
£
401,550
151,872
553,422
2,743
-
2,743
2,408
-
2,408
406,701
151,872
558,573
5,157
-
5,157
307,689
173,459
481,148
312,846
173,459
486,305
93,855
(21,587)
72,268
-
-
-
93,855
(21,587)
72,268
161,711
63,125
224,836
255,566
41,538
297,104

There are no recognised gains and losses other than those passing through the income and expenditure account. All income and expenditure is in respect of the charitable company's continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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The Equality Trust

BALANCE SHEET AS AT 31 DECEMBER 2025

Note
Fixed Assets
Tangible assets
14
Current Assets
Stock
Debtors
7
Bank and cash
Creditors: amounts due within one year
Creditors
8
Net Current Assets
Total Net Assets
Represented by:
Restricted Funds
9
Unrestricted Funds
Designated Funds
10
General Reserves
Total Funds		 2025
2024
£
£
£
£
262
612
262
612
-
576
29,454
45,455
198,481
276,110
227,935
322,141
(23,153)
(25,649)
204,782
296,492
205,044
297,104
76,033
41,538
23,467
77,452
105,544
178,114
205,044
297,104		 2025
2024
£
£
£
£
262
612
262
612
-
576
29,454
45,455
198,481
276,110
227,935
322,141
(23,153)
(25,649)
204,782
296,492
205,044
297,104
76,033
41,538
23,467
77,452
105,544
178,114
205,044
297,104
297,104
41,538
77,452
178,114
297,104

The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit under section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with the Financial Reporting Standard 102 Charity SORP.

Approved by the trustees on................................................................. and signed on their behalf:

………………………………………………...........................................................................

Trustee

…Samia Khatun.......……………………........................................................................... Name

Company Registration Number: 06084965

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The Equality Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

The Equality Trust is a charitable limited company registered with Companies House in England and Wales at: Square Root Business Centre, 102-116 Windmill Road, Croydon, CR0 2XQ.

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the financial statments are as follows.

a Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(effective 1 January 2019)".

The charity meets the definition of a public benefit entity as defined by FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated below.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The charity has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

b Funds

Restricted funds are funds which must be used in accordance with specific restrictions imposed by the donor or the terms of a specific appeal. Expenditure which meets this criteria is drawn from the fund.

Unrestricted funds are those funds which can be used for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees have, at their discretion, temporarily set aside resources for a specific purpose.

c Income

Income is included in the accounts once the charity has entitlement, the amount can be measured with sufficient reliability and there is the probability of receipt.

Earned income is included in the period in which the service is provided, if any performance conditions attached have been met or are fully within the control of the charity.

Donations are included when given, together with an estimate of the related gift aid due thereon.

Donated services are included in the accounts when received, at the value of the gift to the charity provided the value of the gift can be measure reliably, where the donated service would otherwise have had to be purchased by the charity. The equivalent amount is recognised as an expense under the appropriate category.

Legacies are included when the date of probate is ascertained and the amount receivable can be reliably estimated.

Income which is subject to conditions that the charity has yet to fulfil, or which is specifically for use in a future accounting period, is treated as deferred income.

d Investments (interest)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the bank.

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The Equality Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

e Expenditure

Expenditure is included on an accruals basis when incurred, that is when a legal or constructive obligation arises, and includes related irrecoverable VAT. Future liabilities are included at the best estimate of the amount required to settle them.

Expenditure is classified under the following activity headings:

voluntary contributions to it, as well as the cost of any activities with a fundraising purpose

f Pensions

The charity makes contributions to an employer defined contribution scheme for eligible employees, which are included in the accounts when they become payable, and allocated to the related staff activity costs.

g Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are

recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

h Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractural provisions of the instrument.

i Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

j Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on

the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

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

• Furniture 3 years • Computer and office equipment 3 years

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The Equality Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

INCOME
2. Donations and Grants
Grants (see below)
General donations including Gift Aid
Grants:
Alex Ferry Foundation
Barrow Cadbury Trust
Esme Fairbairn Foundation
Friends Provident Foundation
Health Foundation
Joseph Rowntree Charitable Trust
London School of Economics (British
Academy)
Southall Trust
Trust for London
3. Charitable Activities
Consultancy and training services
Book sales and royalties
Other
EXPENDITURE
4a. Raising Funds
Fundraising agents
Advertising
Subscriptions
Books for sale
Transaction fees
4b. Charitable Activities
Project costs
Media and communications
Staff employment (see note 5)
Staff travel and training
Rent and service charges
Finance and professional fees
Office costs
Other support costs
Depreciation
Governance
Independent examination		 Unrestricted
Restricted
Total
Funds
Funds
2025
£
£
£
36,668
261,071
297,739
118,114
-
118,114
154,782
261,071
415,853
£
£
£
-
12,743
12,743
-
59,000
59,000
-
78,542
78,542
-
47,677
47,677
-
-
-
36,668
-
36,668
-
3,359
3,359
-
-
-
-
59,750
59,750
36,668
261,071
297,739
£
£
£
9,350
1,500
10,850
92
-
92
-
-
-
9,442
1,500
10,942
£
£
£
6,672
-
6,672
1,424
-
1,424
60
-
60
577
-
577
561
-
561
9,294
-
9,294
£
£
£
6,295
23,606
29,901
14,493
-
14,493
216,482
196,002
412,484
3,589
1,417
5,006
15,309
2,228
17,537
15,887
-
15,887
6,668
855
7,523
1,748
3,968
5,716
350
-
350
2,453
-
2,453
1,476
-
1,476
284,750
228,076
512,826		 Unrestricted
Restricted
Total
Funds
Funds
2024
£
£
£
56,662
151,872
208,534
344,888
-
344,888
401,550
151,872
553,422
£
£
£
-
24,827
24,827
-
45,300
45,300
-
-
-
-
12,815
12,815
-
28,974
28,974
51,662
-
51,662
-
10,081
10,081
5,000
-
5,000
-
29,875
29,875
56,662
151,872
208,534
£
£
£
2,644
-
2,644
104
-
104
(5)
-
(5)
2,743
-
2,743
£
£
£
3,480
-
3,480
978
-
978
50
-
50
-
-
-
649
-
649
5,157
-
5,157
£
£
£
9,673
37,375
47,048
23,993
-
23,993
229,754
129,799
359,553
9,626
2,000
11,626
8,002
2,102
10,104
11,336
-
11,336
3,648
1,983
5,631
3,106
200
3,306
350
-
350
6,818
-
6,818
1,383
-
1,383
307,689
173,459
481,148

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34

The Equality Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

5. Staff Costs
Salaries
Social security costs
Pension contributions
Redundancy payments
Other staff costs		 2025
2024
£
£
346,441
310,050
32,599
25,832
24,510
21,452
6,542
-
2,392
2,219
412,484
359,553

The charity had an average of 9.75 employees during the year, (2024 - 9.2).

No employee received remuneration in excess of £60,000 p.a.

Remuneration of key management personnel (including employer contributions to social security and pensions costs):

Co-Executive Director
Co-Executive Director		 59,585
54,199
58,313
54,150
117,898
108,349

The charity operates a defined contribution scheme. The assets of the scheme are held separately from those of the charity and independently administered. The employer's pension costs above represents the contributions due by the charity to the fund for the year.

6. Trustees' remuneration and expenses

The trustees received no remuneration from the charity for any services supplied, (2024 £nil).

In 2025: 8 trustees received expenses in respect of board meetings and events amounting to a total of £1,439.

In 2024: 2 trustees received expenses in respect of board meetings and events amounting to a total of £186.

7. Debtors
Trade debtors
Prepayments
Gift Aid claims due
Other debtors
8. Creditors
Trade creditors
Taxation and social security
Pension contributions payable
Accruals		 2025
£
13
4,791
5,758
18,892
29,454
2025
£
144
9,624
3,212
10,173
23,153		 2024
£
8,276
4,064
1,161
31,954
45,455
2024
£
2,400
8,094
2,928
12,227
25,649

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35

The Equality Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

9. Restricted funds

Note
a
b
c
d
e
f
Total restricted funds
Note
a
b
c
d
g
h
i
j
Total restricted funds
SIA Network Programme costs
Alex Ferry Reconstructing the Social
Contract 2024
Birmingham SED Implementation
London Organising
LSE Challenge of Ethnic Wealth
Inequalities in the UK
SED Birmingham 2024-26
(Barrow Cadbury Trust)
Community Economists 2024-26
(Friends Provident Foundation)
SIA Network Manager
LSE Challenge of Ethnic Wealth
Inequalities in the UK
SED Birmingham 2025-26
(Barrow Cadbury Trust)
Community Economists 2025-26
(Friends Provident Foundation)
SED Project
(Esmee Fairbairn Foundation)
Resisting Together (Alex Ferry
Foundation)
London Organising		 £
£
£
£
3,149
60,750
63,899
-
3,221
3,359
6,580
-
25,557
59,000
43,205
-
9,611
47,677
48,872
-
-
79,042
51,929
-
-
12,743
13,591
-
41,538
262,571
228,076
-
Income
Expenditure
Transfers
£
£
£
£
29,875
29,875
56,601
-
-
10,081
6,860
-
-
30,000
4,443
-
-
12,815
3,204
-
(1,297)
28,974
27,796
119
17,075
-
16,956
(119)
-
24,827
24,827
-
17,472
15,300
32,772
-
63,125
151,872
173,459
-
Funds at
1 January
Funds at
1 January
Income
Expenditure
Transfers		 £
-
-
41,352
8,416
27,113
(848)
Funds at
31 December
76,033
£
3,149
3,221
25,557
9,611
-
-
-
-
Funds at
31 December
41,538

The Restricted funds are held as bank balances.

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36

The Equality Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

9. Restricted funds

DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER

37

The Equality Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Funds at 1 Funds at 31
10. Designated funds January Income Expenditure Transfers December
£ £ £ £ £
SED Birmingham 2025-26 32,684 - 22,870 - 9,814
Community Economists 2025-26 28,928 - 12,282 (2,993) 13,653
Transition Network Derby SED 15,840 - 4,210 (11,630) -
Total designated funds 77,452 - 39,362 (14,623) 23,467
Funds at 1 Funds at 31
January Income Expenditure Transfers December
£ £ £ £ £
SED Birmingham 2024-26 - - - 32,684 32,684
Community Economists 2024-26 - - - 28,928 28,928
Transition Network Derby SED 2,506 5,000 5,596 13,930 15,840
Website development 15,334 - 15,334 - -
Total designated funds 17,840 5,000 20,930 75,542 77,452
SED Birmingham 2025-26 to support the full cost of delivering the part funded SED project in Birmingham
Community Economists 2025-26 to support the full cost of delivering the part funded national Community Economists project
Transition Network Derby SED 2025 to support the continuing delivery of the SED project in Derby
Website development Designated to upgrade website technology

11. Related Party Transactions

There are no related party transactions to disclose for 2025 or 2024. There are no donations from related parties which are outside the normal course of business or given with conditions. The charity received donations from related parties without conditions in 2025 of £4,281 (2024: £1,530).

12. Volunteer Time

In accordance with FRS102, the value of general volunteer time is not recognised in the accounts. However, we hugely value the input of our grassroots activists and all those who have given their time for free in 2025, totalling hundreds, if not thousands, of hours of awareness raising, campaigning and lobbying for the reduction of inequality in the UK.

13. Taxation

The charity takes advantage of the tax exemptions and concessions available to it by virtue of its registered charitable status.

14.
Tangible fixed assets
Cost
At the start of the year
Additions in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Computer and
office equipment
Total
£
£
1,050
1,050
-
-
1,050
1,050
438
438
350
350
788
788
262
262
962
962

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