2025-03-31-accounts

Equity Charitable Trust

Trustees' Annual Report & Financial Statements

Year ended 31 March 2025

Charity number 328103 Company number 02341733

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

Contents	Page
Legal and Administrative Information	1
Report of the Trustees	2 - 9
Independent Auditors' Report	10 - 12
Statement of Financial Activities	13
Balance Sheet	14
Cashflow Statement	15
Notes forming part of the Financial Statements	16 - 27

1

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Legal and administrative information

Board of Trustees

Jean Rogers (Chair) Ian Talbot (Co-Vice Chair) resigned 15 October 2024 Robin Browne resigned 15 October 2024 Stephen Ross resigned 15 October 2024 Oliver Ford Davies resigned 15 October 2024 Shalom Lee-Ramsbottom Stephen Nigel Gilchrist William Cummings Thompson Helen Louise Granger Tonia Daley Campbell † resigned 15 October 2024 Shenagh Govan †

Rachael Fagan † resigned 15 October 2024 David John† resigned 15 October 2024 Lizzie May Cooper † resigned 15 October 2024 David Steele Harold Finley Nicholas Chambers (appointed 28 January 2025) Lee Daniels Hedges (appointeed 23 October 2024) Julia Carson Sims (appointeed 23 October 2024)

Company Secretary

Kaethe Cherney

Registered office

Unit Z, Vincent's Yard 23 Alphabet Mews London SW9 0FN

Charity number

328103

Company number 02341733

Solicitors

Harbottle & Lewis LLP Hanover House 14 Hanover Square London W1S 1HP

Investment managers

Charles Stanley & Company Ltd 25 Luke Street London EC2A 4AR

Auditors

Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS

Principal bankers

Unity Trust Bank plc Nine Brindleyplace Birmingham B1 2HB

~ These trustees retire by rotation and were re-elected on 13th October 2024.

† These trustees were nominated by The Equity Council to serve for a two year period as approved by the AGM on 12th October 2022

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

2

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Report of the Trustees

The Trustees of the Equity Charitable Trust (the Trust) are pleased to present their annual report together with the financial statements for the year ended 31 March 2025 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes. The reference and administrative information set out on page 1 forms part of this

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 second edition Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

The principal activities of the charitable company at the present time are the provision of education and welfare grants and also providing the services of a welfare rights and debt adviser for the benefit of industry professionals.

The Welfare Rights and Debt Adviser works on a part time basis only (1 day per week) but will assist any industry professional who is experiencing benefit or debt related problems either by phone or face to face interview.

The grants awarded under our education bursary system enable industry professionals either to develop an alternative career or a second string career so that when they are not performing they have another source of income rather than relying on State Benefits. Once they have retrained they can then add something back into the community through their new careers e.g. teaching, psychotherapy etc.

The Trust has also provided support to professional theatres for the maintenance and promotion of the performing arts as well as encouraging the employment of professional performers. This activity has been less prominent in recent years because the Board has wished to concentrate on assisting individuals in need through retraining or welfare grants. More recently the focus has been on welfare grants.

The Trust regularly reviews its objectives to ensure that they remain relevant to helping those in most need of assistance.

Public Benefit

The Trustees confirm that they have had regard to the Charity Commission's guidance on Public Benefit in planning the charity's aims, activities and future plans.

Structure, governance and management

The Trust is a charitable company limited by guarantee, incorporated on 31 January 1989 and registered as a charity on 21 February 1989, number 328103 under a Memorandum and Articles of Association.

The number of directors (who act as trustees) shall be not less than 3 nor exceed 30. The Council of Equity (the entertainment professionals’ union) may nominate persons to be admitted to membership of the charitable company to serve as directors (the Council Members) for a period of 2 years. Other directors are appointed from members of the company and one third of them shall retire at the Annual General Meeting in every other year, but may be reappointed. New trustees are inducted and provided with appropriate training.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU

Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

3

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Report of the Trustees

Charity Governance Code

During the year, the trustees carried out a self-evaluation by benchmarking the Trust's activities against the latest version of the Charity Governance Code to identify any areas for improvement. The results of this exercise informed the charity's ongoing governance review and implementation plans.

The Trust has undertaken to meet its beneficiaries' needs with compassion and respect. It speaks to the other theatrical charities regularly, and often work together to help its clients get back on the right foot. For instance, the Royal Variety Charity offers career coaching sessions, so the Trust referred struggling performers to that service, or to the Actors Children's Trust if they fit their criteria.

The Trust spreads The Combined Theatrical Charities Appeal Council on its social media platforms and has highlighted its education grants to those that have mentioned they're considering a career change or need a second string. The Trust's Welfare Advisor has helped people navigate the complexity of the Benefits System, and has brought organisations such as Step Change to their attention if they're struggling with debt.

The Board meets at least 5 times a year and it discusses the broad strategy and areas of activity for the Trust. It also reviews the investments in line with the investment and reserves policies and holds six monthly meetings with the investment managers. The full Board meets at least twice a

The Board will also undertake periodic reviews of our investment managers and auditors in line with best practice for charities. It also reviews the budgets and risk management and undertakes any other administrative issues that may arise. The Education Sub Committee meets three or four times a year to assess new applications for grants to provide training or retraining in line with the current criteria. The Board also assesses applications for welfare grants.

The day to day administration of the charitable company is the responsibility of the Secretary and the Welfare Caseworker whilst a Finance Officer monitors the financial activities.

Any new trustees are invited to spend time with the Finance Officer, Secretary and Welfare Caseworker to become acquainted with the Trust and its objectives and activities, as well as receiving information on their responsibilities as a member of the Board. All trustees give their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and register them with the Secretary and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

The Trust is a member of the Combined Theatrical Charities Appeals Council, which undertakes a fundraising appeal in professional theatres across the UK over two weeks in October under the banner ‘Acting for Others’. The money raised is then distributed amongst the 15 members who receive sums that will be based upon their application to the Combined Theatrical Charities. The Trust did not receive funding from the appeal in 2024/25 (2024: £nil).

The Trust does not generally fundraise in its own right and seeks to continue its work through careful management of its existing resources and the occasional donation.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

4

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Report of the Trustees

Risk management

The Trust has considered the major risks to which it is exposed and has reviewed these risks and established systems and procedures to manage them. A risk assessment is conducted regularly to review the major risks faced by the Trust and to ensure that the directors have a sound knowledge of the charity and are in an informed position regarding its operations. The directors consider that one of the major risks to which the charity is exposed – namely the maintenance of capital values and income levels – is mitigated by delegating the management of the charity’s investment portfolio to a firm of investment managers. The directors monitor its performance on a regular basis.

The risk of loss of viability is managed through annual budget setting and monitoring via quarterly mangement accounts along with annual going concern reviews of two-year financial forecasts. The Secretary maintains an operating manual to mitigate the loss of key personnel. Financial standing orders are in place to reduce the risk of fraud. Trustees are required to declare any potential conflict of interests ahead of each board meeting.

John Fernald Award

This provides support to professional theatres for the training of new assistant directors. The Trust incorporated this charity in 1998 and took over all aspects of the administration. There is one committee meeting per year, usually in March. Two Board members serve on the committee together with eight other representatives.

Grant making policy

The Trust operates its policy for grant making, in particular the delivery of welfare grants, in accordance with a set of guidelines drawn up in accordance with Charity Commission recommendations and the charity’s own constitution and which has then been approved by the Board.

The Trust’s priority is that of full transparency and accordingly the guidelines are published on its website and accessible to all potential applicants. Their purpose is to ensure consistency in fairness to applicants, so they know that broadly, performance professionals in similar circumstances will receive similar consideration and amounts and to set the expectations of applicants. The procedures are also designed to ensure that those making the decisions act fairly and are accountable and all decisions are fully documented.

Welfare grants are usually one off payments but may be spread if paying for treatment received e.g. psychotherapy sessions. Education grants may be paid over a period of up to 12 months dependent upon the course undertaken. A requirement of each grant is that the applicant provides a copy of the certificate, degree, etc at the end of the course. If a course is funded over a number of years, the students must reapply at the end of each year for the grants to be continued. Reports are also requested so that the student’s progress can be monitored.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

5

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Report of the Trustees

Achievements, performance and how our grant programmes deliver public benefit

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our objectives and in planning our future activities. In particular, we have considered how planned activities will contribute to the objectives that we have set. The directors are satisfied that the Trust meets the Charity Commission’s guidelines with regard to delivering public benefit.

In total, grants amounting to £708,617 (2024: £743,555) were payable in the financial year ended 31 March 2025.

The performing arts industry continues to see significant demand for welfare and other assistance grants. An anonymous CAF Donor gave the Trust £50,000 (2024: £50,000) to distribute to those individuals working within the industry facing serious financial hardship.

The Trust did not any receive grant funding from The Combined Theatrical Appeals Council.

Welfare:

Many individuals continue to face serious financial hardship throughout the country. Without doubt, the performing arts industry was massively impacted upon by the pandemic. While many venues have reopened, the lingering impact will take some time to address. As a result, there remains many within the industry struggling to manage with day to day costs such as home utility bills.

During the year, Welfare grants of £421,692 (2024: £358,888) were allocated to 320 individuals (2024: 288). These grants were awarded for various reasons including payment of household bills, medical bills, convalescence care, mortgage arrears, bankruptcy fees, car repairs, new furniture and a new boiler.

Education:

In the same period, £139,989 (2024: £125,598) was allocated to 58 individuals (2024: 77).

Theatre:

The Board awarded theatre grants to 6 institutions (2024: 7) totalling £35,772 (2024: £45,000)

The John Fernald Award Committee awarded grant totalling £10,000 (2024: £13,405) to 3 individuals (2024: 4) and £Nil (2024: £6,594) to Nil institutions (2024: 2) for the year ending 31 March 2025.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

6

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Report of the Trustees

Financial review of the year

Total incoming resources for the year were £577,569 (2024: £489,224) and total resources expended were £953,377 (2024: £953,181). Net deficit for the year before recognised gains and losses was £375,808 (2024: £463,957 deficit). There was a net loss on investments of £590,098 compared with a net gain the previous year of £576,989. There was a gain of £100,000 on the sale of Plouviez House (see below).

The Trust is reliant upon the income from its investments (including investment property which was sold at the end of the year). This was £467,108 including the John Fernald Award (2024: £434,315). Income was supplemented with a number donations totalling £110,461 (2024: £54,909). Donations included a gift of £56,783 from the estate of Felicity Masson. There was no donation this year from The Combined Theatrical Charities Appeal Council (2024: £Nil).

The value of the Trust's listed investments showed an decrease in value from £10,746,493 to £10,116,951 during the year.

Plouviez House

The Trust’s investment property, Plouviez House, was acquired in 2007. The building was mainly rented to two charities at below market rents. Until July 2023 ECT staff also utilised space within the building. They have since relocated to offices that are more fit for purpose.

Plouviez House, previously valued at £1.8 million, was sold for £1.9 million on 31st March 2025 resulting in a net gain of £100,000 on the sale of the property. The sale was consistent with the decision take at the Extraordinary General Meeting of the Trustees on 31 October 2022. The net proceeds have since been re- invested in the Trust’s investment portfolio.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

7

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Report of the Trustees

Investment policy and performance

The trustees have a general power of investment and have agreed to delegate the management of available funds to an independent investment manager. The Trust avoids investments in arms and tobacco manufacturers.

A medium risk investment strategy has been adopted to provide income to finance the planned programme of charitable expenditure and a degree of capital appreciation. The trustees have adopted a total return policy, should the need for additional monies be required.

Dividend and interest income outperformed budgeted targets. However, capital growth was affected by market uncertainty as many investors have had difficulty assessing the current and future market conditions because there has been a lot of volatility within the market.

Reserves policy

The purpose of the Reserves Policy for Equity Charitable Trust is to ensure the stability of the mission, programs, employment, and ongoing operations of the organisation and to provide a source of internal funds for organisational priorities such as building repair and improvement. The Accumulated General Fund as at 31 March 2025 was £11,859,969 (2024: £12,684,872); it enables Equity Charitable Trust to maintain its grant giving capacity and ensures financial stability. The designated John Fernald Fund as at 31 March 2025 was £18,500 (2024: £25,190); it provides financial support to emerging theatre directors. As Plouviez House was sold, the designated Sinking Fund for long term building repairs was written back to a £Nil balance (2024: £8,608). Likewise, the Restricted Sinking Fund for long term building repairs was written back to a £Nil balance (2024: £25,705).

The Trustees, having considered the financial risks, have set a reserves policy which aims to maintain free reserves at a level sufficient to cover six months of operating costs which is approximately £450,000.

Free reserves at the end of the year stood at £11,686,791 (2024: £10,777,129). Whilst free reserves are in excess of the free reserves target, this is mainly held as investments for the longer term and managed carefully to ensure the right balance is achieved between meeting current needs and growing the portfolio to ensure future needs can also be met.

Plans for the future

Most of Equity Charitable Trust's income derives from its listed investments. Long range forecasts of stock market performance and its impact upon dividend income has been sought from its investment bank Charles Stanley. This will enable the Trust to plan accordingly through to March 2027.

Going concern

On the basis of their assessment of the Trust's financial position, and of the enquiries made by the Directors of Charles Stanley, the Trust's Directors have reasonable expectation that the Trust will be able to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the Financial Statements.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

8

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Report of the Trustees

Statement of Trustees' responsibilities

The trustees (who are also the directors of Equity Charitable Trust for the purposes of company law) are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to

presume that the charitable company will continue on that basis.

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees' annual report:

• there is no relevant audit information, being information needed by the auditor in connection preparing their report, of which the charitable company’s auditor is unaware; and

• the trustees, having made enquiries of fellow directors and the charitable company's auditor ought to have individually taken, have each taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the auditor is aware of that information.

Auditors

Nyman Libson Paul LLP, Chartered Accountants, were appointed as auditors in November 2019 and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

9

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Report of the Trustees

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

By order of the Board of Directors

Jean Rogers

Director

Approved by the Board of Directors on 21 July 2025

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

10

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025 Independent Auditors' Report

Opinion

We have audited the financial statements of Equity Charitable Trust (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

· give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of the charitable company's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU

Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

11

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025 Independent Auditors' Report

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees’ report.

• the charitable company has not kept adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

· the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees’ report.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable company or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

12

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025 Independent Auditors' Report

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and the Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Thomas ACA, Senior Statutory Auditor

For and on behalf of Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS

Date: 8 August 2025

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

13

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Statement of Financial Activities for the year ended 31 March 2025

(incorporating an income and expenditure account)

Notes Income: Donations and legacies 2 Investments 3 Rental income Total income Expenditure: Raising Funds Investment management Property expenditure Charitable activities Grants payable 4 Grant related support costs Welfare and bad debt advice Total expenditure Net gains/(losses) on investments 11 Gain on sale of property 10 Operating surplus/(deficit) before other recognised gains and losses Transfers between funds Net movement in funds for the year Reconciliation of funds Total funds brought forward 15 Total funds carried forward 6 6

Unrestricted Funds Restricted Funds Total 2025 Total 2024 £ £ £ £ 60,461 50,000 110,461 54,909 413,800 3,310 417,110 372,646 49,998 - 49,998 61,669 524,259 53,310 577,569 489,224 39,444 - 39,444 36,910 67,305 - 67,305 67,629 648,617 60,000 708,617 743,555 108,864 - 108,864 83,567 29,147 - 29,147 21,520 893,377 60,000 953,377 953,181 (590,098) - (590,098) 576,989 100,000 - 100,000 - (859,216) (6,690) (865,906) 113,032 25,705 (25,705) - - (833,511) (32,395) (865,906) 113,032 12,693,480 50,895 12,744,375 12,631,343 11,859,969 18,500 11,878,469 12,744,375

The statement of financial activites includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

14

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Balance Sheet as at 31 March 2025

Balance Sheet as at 31 March 2025
		Total	Total
	Notes	2025	2024
		£	£
Fixed assets
Freehold property	10	-	-
Tangible assets	10	1	1
Investments:
Listed investments	11	10,099,622	10,734,686
		10,099,623	10,734,687
Current assets
Debtors: amount falling due within one year	13	1,785,688	1,966,334
Cash at bank		166,336	183,935
Current liabilities		1,952,024	2,150,269
Creditors: amounts falling due in one year	14	(173,178)	(140,581)
Net current assets		1,778,846	2,009,688
Total assets less current liabilities		11,878,469	12,744,375
Net assets		11,878,469	12,744,375
Funds
Unrestricted funds
General fund	15	11,859,969	12,684,872
Designated funds	15	-	8,608
Restricted funds	15	18,500	50,895
Total funds		11,878,469	12,744,375

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board and authorised for issue on 21 July 2025 and signed on its behalf by:

Jean Rogers	Bill Thompson
Director	Director
Company number 02341733

The notes on pages 16 to 27 are an integral part of the financial statements.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Cashflow Statement

Cash used in operating activities: Net cash provided by operating activities Interest income Dividend income Purchase of investments Proceeds from sale of investments Cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year Reconciliation of cash equivalents at the end of the year: Cash at bank Cash awaiting investment Reconciliation of net income to net cash flow from operating activities Net movement for the reporting period Deduct interest income shown in investing activities Deduct dividend income shown in investing activities Add back (gains) losses on investments Add back gains on sale of investment property Decrease / (increase) in debtors (Decrease) / increase in creditors Net cash used in operating activities

Total 2025 Total 2024 £ £ (479,675) (860,095) 7,000 1,355 410,110 371,291 (1,366,450) (778,501) 1,411,416 983,383 462,076 577,528 (17,599) (282,567) 183,935 466,502 166,336 183,935 149,007 172,128 17,329 11,807 166,336 183,935 (865,906) 113,032 (7,000) (1,355) (410,110) (371,291) 490,098 (576,989) 100,000 - 180,645 5,960 32,598 (29,452) (479,675) (860,095)

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

1 Accounting Policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently in dealing with items considered material in relation to the financial statements.

General information

Equity Charitable Trust is a charitable company (registered number 02341733), limited by guarantee, domiciled in England and Wales.

The registered office, charity and company number is as stated on page 1

The charitable company's functional and presentational currency is Pound Sterling and rounded to the nearest £1

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the second edition Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Companies Act 2006. The company has applied all amendments to FRS 102, as set out in the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP (FRS 102).

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

Going concern

The charity meets its day to day working capital requirements from income generated by its investment portfolio and from its investment property.

After reviewing the charity’s forecasts and projections, at the time of approving these financial statements, the trustees consider that adequate resources continue to be available to fund the activities of the Trust for the next 12 months. The trustees therefore consider it appropriate to continue to adopt the going concern basis in preparing the charity’s financial statements.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

1 Accounting Policies (continued)

Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Board of Trustees in furtherance of the charitable objectives of the charitable company.

Designated funds comprise unrestricted funds set aside by the trustees for specific future purposes or projects.

Restricted funds comprise monies raised for, and their use restricted to, a specific purpose, or donations subject to conditions imposed by the donor or through the terms of an appeal.

Income

Income is included in the Statement of Financial Activities when the charitable company is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income, received by way of donations, legacies and grants, is included in full in the Statement of Financial Activities when receivable. Investment income, bank interest, rent and service charges receivable are fully accrued at the balance sheet date.

Expenditure

Expenditure is recognised on an accruals basis when a liability is incurred, as soon as there is a legal or constructive obligation committing the charitable company to the expenditure. Expenditure includes any VAT, which cannot be recovered, and is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the charitable company in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable are charged in the year when the offer is agreed by trustees except in those cases where the offer is conditional, such awards being recognised as expenditure when the conditions attaching to the grants are fulfilled. Grants offered subject to conditions that have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Governance costs include those costs primarily associated with meeting the constitutional and statutory requirements of the charitable company and include the auditors’ remuneration and legal fees and costs linked to the charitable company’s compliance with regulation and good practice.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on the basis of estimates of the proportion of time spent by staff on those activities.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

1 Accounting Policies (continued)

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation.

Tangible fixed assets are depreciated at rates calculated to write off the cost of each asset over its estimated useful life as follows:

• Furniture and equipment (over £1,000 per item) 25% straight line basis

No depreciation has been charged on the property as it is carried at fair value and subject to revaluation.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the fair value for investment properties and closing quoted market price for other quoted investments. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carrying value.

Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Pension costs

Contributions in respect of personal stakeholder pension schemes are charged to the statement of financial activities for the year in which they are payable to the scheme.

Accounting estimates and key judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

There were no critical judgements or estimation uncertainty in 2024-25

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

19

Notes forming part of the Financial Statements

2 Donations and legacies Unrestricted donations Other restricted donations	2025 £ 60,461 50,000 110,461	2024 £ 4,909 50,000 54,909

Of total income from donations and legacies £60,461 (2024:£4,909) was unrestricted and £50,000 (2024: £50,000) was restricted. Donations received in the year includes £56,783 legacy received on 11 September 2024 from the Estate of Felicity Mason.

An anonymous CAF Donor made a donation of £50,000 (2024:£50,000) which was used to augment the welfare grants programme and has been utilised to assist beneficiaries primarily with their utilities bills via energy grants.

3 Investments Dividends and interest receiveable from investments Bank interest receivable	2025 £ 410,110 7,000 417,110	2024 £ 371,291 1,355 372,646

Of total income from investments £406,800 (2024: £351,928) was unrestricted and £3,310 (2024: £20,718) was restricted.

Of total income from property £49,998 (2024: £59,810) was unrestricted and £Nil (2024: £1,859) was restricted.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

20

Notes forming part of the Financial Statements

4 Grants payable Education & training grants to 58 individuals (2024: 77) Welfare & benevolence grants to 328 individuals (2024: 288) Education grants to 1 institution (2024: 1) Theatrical grants to 6 institutions (2024: 7) John Fernauld Award grants to 3 individuals (2024: 4) John Fernauld Award grants to Nil institutions (2024: 2) Energy grants to 177 individuals (2024: 177) Grants made to institutions comprise: Dancers' Career Development Pleasance Theatre BAPAM Interact Stroke Support Greater Manchester Arts Centre Middle Child Theatre Polka Theatre Scarborough Theatre The Dukes Playhouse Theatr Clwyd Trust Derby Theatre Exter Northcott FaceFront Pleasance Theatre New Theatre Royal Portsmith	2025 £ 139,989 421,692 40,000 35,772 10,000 - 61,164 708,617 40,000 - - 15,000 - - - - - - 5,000 3,900 1,872 5,000 5,000 75,772	2024 £ 125,598 358,888 45,000 45,000 13,405 6,594 149,070 743,555 45,000 5,000 13,000 10,000 5,000 5,000 2,000 3,783 2,811 5,000 - - - - - 96,594

Of total grants payable £648,617 (2024: £673,556) were unrestricted and £60,000 (2024: £69,999) were restricted.

5 Reconciliation of grants payable Commitments at 1 April 2024 Commitments made in the year Grants cancelled and returned Grants payable for the year Grants paid during the year Commitments at 31 March 2025 Commitments payable: Within one year	2025 £ 107,742 708,617 - 708,617 (676,508) 139,851 139,851	2024 £ 138,052 743,555 - 743,555 (773,865) 107,742 107,742

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

6 Total expenditure Raising funds Investment management Investment property Charitable activities Grants payable Grant related support costs Welfare and bad debt advice Comparative analysis Raising funds Investment management Investment property Charitable activities Grants payable Grant related support costs Welfare and bad debt advice Analysis of support costs Professional fees Audit fees Copier, telephone and printing Other administration costs Advertising

Direct costs Staff costs Office support costs Total costs 2025 £ £ £ £ 39,444 - - 39,444 40,165 10,490 16,650 67,305 708,617 - - 708,617 - 51,857 57,007 108,864 3,055 3,299 22,792 29,147 791,281 65,646 96,449 953,377 Direct costs Staff costs Office support costs Total costs 2024 £ £ £ £ 36,910 - - 36,910 46,299 9,579 11,751 67,629 743,555 - - 743,555 - 47,297 36,270 83,567 3,140 2,994 15,386 21,520 829,904 59,870 63,407 953,181 Total costs 2025 Total costs 2024 £ £ 69,268 31,964 8,820 8,640 3,116 4,626 12,695 17,553 2,550 625 96,449 63,407

Support costs are allocated on the basis of estimates of the proportion of time spent by staff on those activities. The charity has had to consider the cost benefit of detailed calculations and record keeping and cost allocations therefore include an element of judgement. The support costs shown above are a best estimate of the costs which have been so allocated.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

7 Governance costs Governance costs include: Staff costs Other Auditors remuneration: Audit fee	2025 2024 £ £ 15,735 14,369 10,470 4,041 8,820 8,640 35,025 27,050

Of total expenditure £893,377 (2024:£778,643) was unrestricted and £60,000 (2024:£69,999) was restricted.

8 Remuneration and reimbursement of expenses to Trustees

No Trustees received or waived any emoluments for their services during the year (2024: £Nil). 2 Trustee (2024: 1) were reimbursed £277 for directly incurred out of pocket travel expenses during the year (2024: £63)

9 Staff costs

Staff costs Salaries Social security costs Pension costs	2025 £ 56,881 4,842 3,923 65,646	2024 £ 51,415 4,842 3,613 59,870

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the period was Nil (2024: Nil). The key management personnel are the Secretary and the Financial Consultant. Total costs for the year ended 31 March 2025 was £81,231 (2024: £68,514)

The average number of employees (who are part time, so no full time equivalent exists), analysed by function was:

2025 Grant making, welfare and debt advice 1 Governance and property managem 1 2	2024 1 1 2

The charity makes payments to a stakeholder pension scheme in respect of one of its employees. Contributions are charged to the Statement of Financial Activities as incurred. Pensions costs charged in the year amounted to £2,729 (2024: £2,599). There were no outstanding or proposed contributions at the balance sheet date.

10 Current asset: Investment property sold in the year

Freehold property Market value at 1 April 2024 Disposal Gain on disposal Market value at 31 March 2025 Historical cost representing acquisition and refurbishment expenditure	2025 £ 1,800,000 (1,900,000) 100,000 - 1,845,534	2024 £ 1,800,000 - - 1,800,000 1,845,534

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU

Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

10 Tangible fixed assets (continued)

Freehold property

Equity Charitable Trust was the registered proprietor of an investment freehold property, Plouviez House, part of which was rented out with the remainder housing the administrative and registered office of the Trust . The property was sold during the year for £1,900,000 with completion on 31st March 2025.

Furniture and equipment

Net book value At 31 March 2025 At 31 March 2024 11 Fixed asset investments Listed investments Market value at 1 April 2024 Additions at cost Disposal proceeds Realised investment gains/(losses) in the year Unrealised investment gains/(losses) in the year Market value at 31 March 2025 Cash awaiting investment Historical cost Investments at market value comprise: Equity shares UK Equity shares overseas Fixed interest securities UK Property and alternative investments 12 Current asset: loan payable on demand Included within debtors (Note 13) is the following amount:- The Actors Professional Centre Limited	2025 £ 1 1 2025 £ 10,734,686 1,366,450 (1,411,416) 272,053 (862,151) 10,099,622 17,329 10,116,951 6,082,641 6,820,637 2,161,039 849,846 268,100 10,099,622 2025 £ -	2024 £ 1 1 2024 £ 10,362,578 778,501 (983,382) (220,946) 797,935 10,734,686 11,807 10,746,493 6,082,641 7,001,263 2,428,428 1,099,355 205,640 10,734,686 2024 £ 150,000

The loan due from The Actors Professional Centre is payable on demand and secured by a legal charge over the leasehold property known as 1a Tower Street, London WC2H 9NP. This loan was repaid on 1st October 2024.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

13	Debtors	2025	2024
		£	£
	The Actors Professional Centre Limited (Note 12)	-	150,000
	Loans due from beneficiaries	7,260	5,700
	Investment income due from Charles Stanley	15,355	8,223
	Prepaid expenditure and accrued income	1,763,073	2,411
		1,785,688	166,334
	Debtors include an amount of £7,260 (2024: £5,700) in respect of loans due from beneficiaries falling
	due after more than one year. Accrued income includes £1,757,500 representing the balance of the
	Plouviez House sales proceeds which was received on 1st April 2025. See Note 10.
14	Creditors: amounts falling due within one year	2025	2024
	Grant commitments (note 5)	£ 139,851	£ 107,742
	Accrued expenditure & income received in advance	26,868	20,738
	Other tax & social security	6,459	1,629
	Rent deposit	-	10,472
		173,178	140,581

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

					Transfers and
					Other
					recognised
			Incoming	Resources	gains/
15	Funds	2024	Resources	Expended	(losses)	2025
		£	£	£	£	£
	Restricted funds
	John Fernauld Award	25,190	3,310	(10,000)	-	18,500
	Sinking Fund - Tenants	25,705	-	-	(25,705)	-
	The Combined Theatrical Charities			-
	Appeals Council - to augment the
	welfare grants program
		-	-		-	-
	CAF anonymous Donor - to assist		50,000	(50,000)
	beneficiaries with their utilities
	bills	-			-	-
		50,895	53,310	(60,000)	(25,705)	18,500
	Unrestricted Funds Accumulated General Fund Designated Funds - Charity Sinking Fund	12,684,872 8,608	524,259 0	(893,377) -	(455,785) (8,608)	11,859,969 -
		12,693,480	524,259	(893,377)	(464,393)	11,859,969
	Total funds	12,744,375	577,569	(953,377)	(490,098)	11,878,469
	Comparative analysis: Restricted funds John Fernauld Award Sinking Fund - Tenants The Combined Theatrical Charities CAF anonymous Donor - to assist b	2023 £ 24,471 23,846 35,000 50,000	Incoming Resources £ 20,718 1,859 - 50,000	Resources Expended £ (19,999) - - (50,000)	Other recognised gains £ - - (35,000) (50,000)	2024 £ 25,190 25,705 - -
		133,317	72,577	(69,999)	(85,000)	50,895
	Unrestricted Funds Accumulated General Fund Designated Funds - Charity Sinking Fund	12,489,809 8,217	416,256 391	(883,182) -	661,989 -	12,684,872 8,608
		12,498,026	416,647	(883,182)	661,989	12,693,480
	Total funds	12,631,343	489,224	(953,181)	576,989	12,744,375

John Fernald Award

This Award within Restricted Funds represents monies raised in 1988 in honour of the late John Fernald for the purpose of giving financial assistance to young directors to gain practical experience of working in the live theatre.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

16 Analysis of net assets between total funds Fund balances at 31 March 2025 are represented by: Fixed assets including freehold property Listed investments Cash at bank and in hand Other net current assets/ (liabilities)	Total 2025 £ £ £ 1 - 1 10,099,622 - 10,099,622 147,836 18,500 166,336 1,612,510 - 1,612,510 11,859,969 18,500 11,878,469 Unrestricted funds Restricted funds

Comparative analysis:

Fund balances at 31 March 2024 are represented by: Fixed assets including freehold property Listed investments Loans: amounts falling in due in more than one year Cash at bank and in hand Other net current assets/ (liabilities)	Total 2024 £ £ £ 1,800,001 - 1,800,001 10,734,686 - 10,734,686 150,000 - 150,000 133,040 50,895 183,935 (124,247) - (124,247) 12,693,480 50,895 12,744,375 Unrestricted funds Restricted funds

17 Taxation

The Equity Charitable Trust is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the various exemptions available to registered charities.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk

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Equity Charitable Trust Trustees' Annual Report and Financial Statements for the Year Ended 31 March 2025

Notes forming part of the Financial Statements

18 Liability of members

The Equity Charitable Trust is constituted as a company limited by guarantee and has no share capital. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £1 each.

19 Related party transactions

On 31 May 2017 Equity Charitable Trust entered into a 10 year rental and service charge lease with a 5 - year break clause with The British Equity Collecting Society. One Trustee is involved with that organisation. The annual lease rent was £40,000, the annual capped service charge was £13,200. Their lease ended on 28th February 2025 and Plouviez House was sold. No amounts were outstanding at the year end.

20 Post balance sheert event

Equity Charitable Trust was the registered proprietor of an investment freehold property, Plouviez House, which was sold for £1,900,000 with completion on 31st March 2025. An initial non-refundable deposit payment of £142,500 was received from the purchaser on 15th May 2024. The balance of £1,757,500 was received on 1st April 2025.

Equity Charitable Trust , Plouviez House, 19-20 Hatton Place, London EC1N 8RU Telephone : [phone] Enquiries : [e-mail] www. equitycharitabletrust.org.uk