# **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
## **DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
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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:
- A more equal distribution of income allows everyone to have a decent standard of living and a high level of wellbeing
- A greater flow of wealth and resources is channelled into communities and public services
- The structures supporting power and decision-making become more inclusive, diverse and participatory
## **DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
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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
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## **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.
- - People Powered. Change Made., and premiered their film at the Lexi Cinema, documenting how social cleansing and austerity have eroded local belonging. We connected with campaigns in Harlesden - supporting a community rally to defend the Bridge Park Centre - and in Birmingham with the Save Birmingham Campaign - protecting community assets following the council’s financial collapse. We learnt how trust has been eroded in communities, and how inequality continues to damage social cohesion across different place based projects - leaving space for far right narratives.
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_
## **DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
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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.
**DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
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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.
## **DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
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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**
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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.
**DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
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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:
- Safeguarding the charity’s commitments in the event of delays in receipt of grants or other income.
- Providing a financial cushion against risk and future uncertainties.
- Resourcing the research and development of services and initiatives.
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**
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(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.
## **DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
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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:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business; and
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
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
**DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
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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:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
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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**31**
## **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:
- Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make
voluntary contributions to it, as well as the cost of any activities with a fundraising purpose
- Charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs
## **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**|
**DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
**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**|
**DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
**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.
- a Trust for London has provided continuation funding for work focused on the voluntary implementation of the socio-economic duty in target London boroughs.
- b Funding provided by the London School of Economics to provide participative research element of a British Academy funded project to investigate the challenge of ethnic wealth inequalities in the UK.
- c Barrow Cadbury Trust have provided continuation funds for us to build grassroots peer research capacity in Birmingham and support with socio-economic duty implementation by Birmingham City Council and other key institutions.
- d We are being funded by the Friends Provident Foundation to co-produce a vision of an economy that works for everyone by working with ten Community Economists recruited from across the UK.
**DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
**36**
## **The Equality Trust**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **9. Restricted funds**
- e Contribution towards core costs to upskill communities to address the economic inequality they experience, enabling them to influence policy makers on local and national implementation of Socio-economic Duty.
- f For “Resisting Together,” a research project analysing progressive digital engagement. It explores messaging that resonates with younger audiences, aiming to strengthen online activism, counter harmful narratives and revitalise progressive digital engagement. The negative carried forward fund is a result of timing and represents the amount due in 2026 under the existing agreement.
- g Health Foundation have provided funds for the Structural Inequalities Alliance Network Manager to develop a cross-sectoral, coordinated approach to tackling structural inequality through alliance working.
- h Postcode Society is funding a Structural Inequalities Alliance project 'Storytelling for Change' - gathering lived experiences of structural inequalities from a diverse range of people in the UK to support wider conversations and campaign work about structural inequalities.
- i Alex Ferry funded us to research young persons' experiences of the social contract.
- j Barrow Cadbury Trust have provided funds for us to build grassroots peer research capacity in Birmingham and support Birmingham City Council to adopt the Socio-Economic Duty in line with best practice.
**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|
**DISMANTLING INEQUALITIES OF INCOME, WEALTH AND POWER**
**38**