THE MONDAY CHARITABLE TRUST Registered Charity No. 1174232 Company no. 10910936 REPORT AND AUDITED FINANCIAL STATEMENTS For the year ended 31 March 2022 THE MONDAY CHARITABLE TRUST CONTENTS YEAR ENDED 31 MARCH 2022 Page Reference and Administrative Information Trvslees, Report 2-12 Independent Auditor's Report 13-15 Slalemenl of Financial Aclivrties 16 Balance Sheet 17 Statement of Cash Fk)ws 18 Notes lo the Financial Statements 19-27 THE MONDAY CHARITABLE TRUST TRUSTEES. REPORT YEAR ENDED 31 MARCH 2022 Reference & Administrative Inforniation Official Charity Name The Monday Ch￿rtable Trust Ilhe Charilyl Company Registration No. 10910936 Charity Registration No. 1174232 Registered officeladdress One Bartholomew Close, London EC1A 7BL Investment Managers Mercer Limiled. Qijartermile One, 15 Lauriston Place, Edinburgh EH3 9EP Property Advlsors Redslone Thinks... Ltd, 206 Upper Richmond Road. London. SW14 8AH Property Managers Hicks Baker Limited. 29 Caslle Street, Reading RG1 7SB Auditor HaYsmac1nty￿ LLP. 10 Queen Street Place, London EC4R 1AG Administrators and Legal Advlsors BDB Pilmans LLP. One Bartholomew Close. London EC1A 7BL OBL Trustees Elspelh M Lane- Founder Trustee Sarah E Baxter- Founder TrLJslee Jonathan E Brinsden - Founder Tiuslee Andrew Hunter Johnslon Ire-appoinled 8 June 2022) Douglas Blausten Ire-appoir>led 8 June 2022} (Andrew and Douglas are appointed for a three-year term, ending 7 June 20251 General Manager- Stephen Lewin THE MONDAY CHARITABLE TRUST TRUSTEES. REPORT YEAR ENDED 31 MARCH 2022 Report of the Trustees for the year ended 31 March 2022 The Trustees, who are also Direclors of the comparby for the purpose of the Companies A¢t, present their report and the audited financial slaiements foi the year ended 31 March 2022. which are also prepared lo meet the requirements for a directors. report and a¢counts for Companies Act purposes. The information wth respect to Trustees. Directors. Officers and Adwsors set out on page 1 forms part ol this report. The financial statements comply wilh current slalulory requirements, the Charity's Articles of Associatk)n dated 11 August 2017 IlheArticles). current Accounting Standards in Ihe United Kingdom and the Statement ol R￿0MMended Practice ISORPI applicable to charities preparing their 8c¢ounts in accordan￿ with the Financial Reporting Standard in the UK and Republic of Ireland {FRS 1021 (Second Edition, effedive from 1 January 20191, the Charities Act 2011 and the Companies Act 20(E. The Trustees are appointed in accordan￿ wi(h Ihe terms of the Articles and have the appropriate knowledge and expertise lo manage and administer the Charity. The Trustees have complied with the duty to have due regard lo guidance issued by the Charity Commission. The Charity has appointed Stephen Lewin lo a¢1 as General Manager. who continues to deal with the day-to-day administration of the Charily. The Charrty does not make use of volunteers. Structure Governance and Management The Charity is a charilable company limiled by guarantee. incorporated on 11 August 2017 Icompany registration number 109109361 and regislered with the Charity Commissioners as a charity Icharily registration number 11742321. The Charity's governing document is the Articles dated 17 August 2017. as amended by a Special Resolution daled 23 April 2019 (the Special Re501ulhon). The minimum numbef of Tnjstees required by Ihe Art￿leS is three and the maximum is eighl. There were four original Trustees. the Founder Truslees, and they serve an indefinrte lerm based on their relative experience and contribution to the Charrty as a whole. One of the Founder Trustees, Robert Lane, died in January 2021. New Trustees are Elecled Trustees and serve a leim ofthree years. They are appointed by ordinary iesolulion and may serve a maximum of two terms. They may thereafter be reappointed annualty if recommended by the Chairman. Training for newTrustees is provKled when relevant. Responsibility forthe Induction of any new Truslee, which include5 awareness of the history and approach of the Charity and an un(lerstanding of a Trustee's dulles, lies wilh the Trustees. New Trustees receive copies of the Articles, the Special Resolution, the previous year's accounts and guidance btsoklels provided by the Charity Commission. The Trustees also provide full details of the Charity's current grant programme and objectives. There a￿ two elected Trustees. Andrew Hunter Johnston and Douglas Blauslen. They were each appointed for a Ihree-year temi as from 24 May 2019. Posl year-end on 8 June 2022, they were appointed for a further three-year term. All Trustees work on a voluntary basis and no remuneration was paid in the year. Oelails of Trustees, expenses and related party transactions are dis¢losed in Note 7 to the Accounts. Trustees are required lo disclose all relevant inleresls and register them annually with Ihe General Manager and, in accordance wilh the Charity's policy, withdraw from decisions where a conflict ol inlerest arises. A regisler ol conflicts is maintained by the Charty and any new conflicts are also noted during meetings. The Trustees meet al least fvlice a year and agree the broad strategy and areas of a¢livity for the Charity, including consideration of granlmaking. budget. investment, ie5erves. risk management policies and performan￿. THE MONDAY CHARITABLE TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2022 Subsidiary company The charity has one subsjdiary company, Chelsea Esiales Limited. The company did not aclwely trade in the year and as rts results are immaterial to the gioup no consolidated financial slalemenls have been piepared. Management The Trustees have delegated certain responsibililies lo Commrttees in accordance with the Articles. The Management and Operations (Ops) Committee consists of al least Nvo Trustees and the General Manager as well as advisers. The Ops Comm¥itee reviews the financial and governance arrangements lor the Charity and advises the Board accordingty on matters including financial management, risk management and the financial audit. The Ops Committee is responsible for reporting lo the Trustees on investment and property matters and diiecling the inve51menl managers as appropriate. The Charity has also appointed a Programme Related Investment {PRII Comrnitlee (the Tuesday Commrtleel consisting of at least iwo Trustees and the General Manager to consider PRI investment opportunities. The Tuesday Committee reviews these opportunrties and obtains advice on them as needed and then advises the Board on the kvel of investment and lem)s. Following the appoinlmenl of Mercer as Investment Managers. an Investment Committee consisting of al least one Trustee and the General Manager was sel up and meets half yeady with the Investment Managers lo discuss investment poI￿Y and monilor performar￿. There are no paid slaff wiihin the Charity. Financral management, risk management and administration are the responsibility of the Gene¥al Manager. Objectives, Principal Activities and Public Benefit The primary objects ofthe Charity. as slated in ils goveming document. are lo advance such charitable purposes (according lo the law of England and Wales) in any part of the wodd as the Trustees see fil from lime lo lime. The Trustees confimi that they have referred lo the Charity Commission's general guidance on publi¢ benefit when ieviewing the Charity's aims objectives, in planning future activities and selling a granlmaking policy for the year. The Trustees. having regard lo the Charrty Commission's guidance on public benefit Including the guidance 'Public benefit" running a Charity IPB21' and in accordance with secliori 17 01 the Charities Act 2011, corTrsider that the purposes and activities ol the Charity satisfy the requirements ol the public benefit lest sel out in section 4 of the same Act. The Charity carries out these objects by providing grants lo UK regisleied chaiilies whose objects compty with the Charily's criteria. During 2021122 the Tiustees have continued 10 5UPPOrted charities that benefiled the following.. Hospices Independenl living for eldedy and young people in general Lileracy in children Those Iransilioning from rough sleeping Supporting young people with ljfe skills Housing for those in need THE MONDAY CHARITABLE TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2022 Grantmaking Policy The Charity aims lo improve Itfe chances of disadvantaged and often marginalised groups in the UK. The Trustees do this by supporting UK registered Charities thal work lo tackle disadvanl2ge, mainly in the fields of Children and Young People, Homelessness. Social Mobility, Hospi¢es, Amed Services Personnel and olher Welfaie, and lad(ling Climate Change. Whilsl they wll continue to support direct service provision to help those in need. they are Increasingty inleresled in funding programmes which address or seek lo idenlify the root causes of issues. as they believe that such programmes will deliver the grealest social impact over Ihe long term. They ￿gard the Charity as a long term funder which is able to be flexible and independent and respond to changing needs in stxiely and they are willing to support innovative ideas for tsckling PrOb￿ms. The Trustees have recentty updated arKI agreed their forrnal grantmaking policy for the Charrty. This is reviewed on an annual basis. The Truslees cary out three types of granlmaking". Strateg￿, Inlermediale and Discretionary. 'Slralegic' granis are large grants which are made over a 2-3 year period to support a particular project. The lolal value of Strategic grants awarded each cycle would noimally be around £5.4m, payable in three annual Instalmen15. This level will be reviewed in each cycle. The current cycle of Strategic grants agreed is £6.3m. resulting from the Trustees, response to the COVKI crisis. The Tru51ees have a selection process in pla￿ to identify charities wh￿h meet the Charity's slrateglc criteria. Beneficiaries a￿ required lo provide reporls on a half year and annual basis. New Strategic grants were entered into in 2020121 in addition lo the granls already agreed lo UK Youth, The Sutton Trust and Phyllis Tuckwell HOsp￿e Care {PTHCI. A new process to ch¢)ose ¢harilies to benefit from the next ¢ycle is starting in 2022. with the firsl payment under Ihis cyde being made in 2D23. 'Intermediale' grants are mid-level gfanls and made over 8 2-3 year period lo support a project but not as large as a Slralegi¢ grant_ Generally they would not ex￿ed £150,000 lo each charity payable in three annual inslalmenls. The total value of Intermediate grants awarded in each cycle would normally be £1m over a three year Cycle. Beneficiaries have lo report annually on progress lo the Trustees. A new Inlermediale grant in favour of The Prince's Twst was agreed in December 2020 and following the year end a number of olher new Inlermeilole grants were entered into for a three year lem ending in De¢ember 2023. The new process will begin in the summer of 2024 to be agreed at the Trustees, autumn 2024 meeting, with the first payment under this cycle being made in December 2024. 'Discrelionary' grants are reviewed by the Tnjstees on a six-monlhly basis at their meetings. The Trustees supported the Big Give Christmas Challenge in 2020 and 2021 and intend to support il in 2022. They are pleased lo see how much a donation made under this scheme can be increasecl by Ihe malch funding provided. In 2021, some of the charilies being SUPPOrted through this scheme did nol meet their largels. The Trustees agreed that the residual amount ol their grant could be used lor the Big Gwe Green Match Fund. As a general rule, the Trustees will also donate a further £130,000 10 discretionary beneficiarie5 in &cordance wth rts agreed budget each year. The impact of the Covid-19 crisis on investments has not been as gieal in the current year. However. the currenl economr Cfisis and the war in Ihe Ukraine have resulted in Increased lurbulence in financial maikels, which has had some impact on Ihe Charity's finances but this has been partty counteracted by 8 profil from the sales of some oflhe Chaiity's properties. The Investment managers. Mercer. operate on a lully discretionary basis and follow a medium-risk investment stralegy. Unless further significant investment losses are susiained, the impa¢l of the crisis on the Charity's investment portfolKJ will not have a material impact on the Charity's future forecast expenditure. THE MONDAY CHARITABLE TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2022 Because of the disruptions caused by the war in Ukraine. the Trustees decided to make Emergency grants to each of the following.. The DEC Ukraine Humanitarian Appeal, paid via the Big Give wh￿h attracted match funding. Refugee Education UK (Ukraine Appeal), lo support their wort with Ukrainian refugees. The total of Emergency granls paid during the year was £172,000. The Trustees have also approved the creation of an emergency fvnd of £1m for these types of grants in the Charity's budget for 2022123. Achievements and Performanc Grants have been made to various charities Idelailed in note S of the accounts). The Charity continues lo monitor the performance of a range of existing medium and lon9-lerm prqecls across the spectrum ol the Charity's grantmaking activities. All the projects undertaken by the Charity are considered lo meel the requirement for publi¢ benefrt. However. in certain cases. it is nol possible to quanlfy the number of potential ultimate beneficiaries. Review of Activities The Trustees have made grants during the yearto hospices, chaiilies supporting young people with the provision of life skills and improving social mobility, disabled people with independent Iwing, people transitioning from sleeping rough. children with their education. local communities, women requiring assistan￿ because of abuse and air ambulan￿ funds. The current cycle of Strategic grants started in 2020 and benefited UK Youth, The Sutton Trust, Phyllis Tuckwell Hospice Care IPTHCI, the Royal Star and Garter Homes {RS&GH}. Constru¢lion Youth Trust ICYTI, the Mental Health Foundation IMHFI. UK Youth. The Sutton Trust and PTHC are all in a second Strategic grant cycle. The cyele ol payments lo the Maudsley Charity started slightly later than the others and it. and Ihe grant lo The Sutton Trust will come to an end in June 2023 while the others will receive their final payments in June 2022. The recipients are expected lo complete the reporting in accordan￿ with their giant agreements. The grants lo each of the current recip￿￿tS were for the following programmes.. PTHC.. for Community Manager posts and the development of these roles. The 2019 giant agreemenl is Ihe second Slrategic granl cycle that Ihe Trustees have entered into with PTHC. Sutton Trust". for their UK Summer Schools programme. The 2019 grant aoreemenl is the second Slralegic grant cycle that the Trustees have entered into with the Sullon Trust. UK Youth". for their Future Proof programme. As with PTHC and the Sullon Trust, the 2019 grant agreement is the second Slralegic grant cycle that the Trustees have entered into with UK Youth. RS&GH- for visiting rooms which can be made Covid safe. slaff training and ￿re setw￿e$. CYT.. lor their schools partnership programme, to help build on their initial pilot work focused or> creating opportunity for disadvantaged communities and buikj longer letm partnerships with the schools. MHF". for the Covid response programme. wh￿h works wtth trusted partners lo delivei informed interventions in targeted communitEs. The Maudsley Charity". for the CUES-Ed programme. wh￿h aims lo promote the mental health of primary school children. lo enable this to be iolled out digitally. THE MONDAY CHARITABLE TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2022 Income The total income for Ihe year ended 31 March 2022 was £3.335.769131 March 2021.. £4,806,889). Expenditure Total expenditure during the year ended 31 March 2022 was, £3,335.844131 March 2021." £6,977,634), including new grant commitments made during the year of £1.951.754131 March 2021.. £5,786,191). Future grant commitments in place as at 31 March 2022 were £3,275,59312021.. £4,529,088). Investment Policy During the year the Trustees approved an Investment Policy Stalement. whose main provisions were.. Financial and Investment Objectives The Tiuslees, aim is lo hold inveslmenls which are not In￿nSistenI with their ¢haiilable objectives and to align them so far as practicable wilh current best practice with regard to environmental, social and governance factors, whilst mainlaining a consistent real value for the Charity over the longer temi. The overall investment objective lor the investment pOrtunilies in industries most directly affected by sustainabilty issues. Mercer send perfom)an¢e reports on a monthly basis and full reports quarterly lo the Trustees and General Manager. The Investment Committee meet with Mercer on a half yeady basis befo￿ Ops Committ* meetings lo review the detail of the portfolio. They report lo the Ops Committee at the quarterty Ops Committee meetings. The Trustees also review this al thelr meelings every half year. The Trustees or the Ops Committee also meet Mer￿[ at least once a year. The overall investments We￿ valued al £64,807,216 on 31 March 2022,12021. £56,887,209). The Charity's inveslment pOr1f￿10 was affecled by the financial markets, reactson lo the war in Ukraine and Central bank policies. This was ckjsety monitored by ihe General Manager, the Charity's professional advisers and ils investment managers. during the year the KK)rtlolio continued to recover from the covid crisis, at the year end the inveslrnent portfolio's value had fallen again because of the war In Ukraine and central bank policy. Looking ahead. Mercer. acting on Ihe Trustees. behalf. will conlinue to monilor market conditions and adapt ils investment policy to changing circumstan¢es as appropriate. The tolal return poI￿Y will be maintained until further notice. Property portfolio In Mar¢h 2021 the Trustees appointed a property consultant. Redslone Thinks... Ltd, lo review the commercial property portfolK) and adwse on the disposal programme and whether ¢apilal inveslmenl was required in the properties before they We￿ matkeled fot sale. Based on Ihe advice received. the Trustees conlinued with the property portfolio disposal ill order lo achieve greater investment diversrficalion and reduce adminislratThie costs. A numberol properties were sold in the year, realising around £8.1m by the year end Iwilh a ftjrther £3.9m being raised after the year endl. The trustees agreed lo invest £6m of ihese Pr(￿dS with Mercer, in £lm Iianches over a six month period to help miligale inveslmenl risk In fluctuaiing markets. This was fully invested by June 2022. Because of the current econom￿ condrtions, following the COVID-19 pandemic and the war in Ukiaine, the timing of any ￿mmercIal property sales continues to be under carelul consideratK)n. The Trustees have also undertaken a disposal programme of their residenlial portfolio. This process is managed by Hicks Baker as and when the propertie5 become vacant or after notice is given to the present tenants. During the year five ofthe properties were sold. The iesidential portfolio includes seven flats in two apartment blocks in Slough which are affected by claddinglexlernal wall issues. These Ilals ale nol currenlfy saleable bul the p05((ion is being Closely monitored. Legal advice has been obtained regarding the Charity's exposure lo in¢ieased service charges and Ihe merits of any legal claims that may be made against the developers, building contractors and architects. as well as under any building guarantees and Govemment funding schemes. THE MONDAY CHARITABLE TRUST TRUSTEES. REPORT YEAR ENDED 31 MARCH 2022 Programme Related Investments IPRlsl The Trtjslees have made various PRIS which are held outside the Mercer portfolK). PRIS a investments made in other charitable organisalions for specif5¢ (often property relatedl projects lo further the Charity's charjlable obje¢ts. These investments primarily aim lo achieve a social impact and are also intended lo pr(Kfuce some financial return for the charity, being repayable with interesl andlor with a return of caprtal to the Charity al the end of the temi. As menlioned in the Investment Policy Slalemenl. the Trustees have agreed an all￿ation of up to 150 of the value of the Charily's lotsl current assets in a combination of PRI, investrnenls having a specrfic impact on climate change and Impact Investments {being inve51menls made wlh the intention lo generate positive, measurable social and environmental impact alongside a financial relurnl. In 2021 £750,000 was committed lo each of tsyo funds managed by Resonance.. the Women in Safe Homes Fund IWISHI and the Resonan￿ Everyone in Fund {REIF}- Futyls are invested when drawdowns are requested by the fund rnanager. As at 31 March 2022 the Charjty hacl invested £219,750 in the WISH Fund and was fulty invested in the REIF Fund. During the year the Trustees agreed to make a further PRI by providing a loan facility of £1m lo the Powell-collon Trust, lo enable it lo continue its Charitable acltvilies while resolving a legal dispute over an eslale inheritan￿ it is due lo receive. The loan documentation was signed on 6 May 2022, bul the loan facility has not yel been drawn down. Reserves Policy As a general policy, grants are currently accounted for in full in the yeai in which they are awarded. Payments for Strategic and Inlermediate grants are spread over a number of years and appropriate liabilities afe shown in the accounts, ￿fl￿ting the commttmenls made. The Trustees have the discretion lo disburse some or all of rts Expendable Endowment. Having regard to Ihis. the Trustees have re-examined the requirement lo mainlain free reserves and concluded that the level currently maintained is appropriate lo ensure that the Charity would be able lo continue ils aclivilies. The Trustees will review their budget each year and consider how expenditure will be mel wilh the reduction in income from the investments following the decision lo invesl for lolal return. The Trustees rewewed rental income during the year which decreased, mainly b￿aUSe of the sales in the year and not as a result of bad debt. They are aware that curienl economic issues may also lead lo a decrease in renlal income. This is kepl under review reguLgrly with their propety advisers and managers. The Trustees previously determined that the minimum level of reserves should not be less than £2.5m. However. this policy was reviewed during Ihe course of the year and is now that the Charrty should relain cash fLJnds available suff￿lent to meel rts commrtled giants_ Fundraising The Charity has not made any fundraising appeals lo Ihe general public during the year and. as a result, there has been no outsourced fundiaising via profeSSK)nal fundraisers or other third parties. Consequently, the Charity is not registered wilh the fundraising iegulator and receiv￿ no fundraising complaints in the year. THE MONDAY CHARITABLE TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2022 Risk Management The Trustees have identified the major risks appluble to a Charity of this nalure including investment risk and failure of strateg￿ granls. During Ihe year Ihe General Manager drafted a Risk Policy and this was approved at the Trustees meeting in June 2022. The Truslees consider variability of investmenl ￿t￿m$ ¢onslitules a financial risk and volalilily in world stock markets demonstrates this risk. The Trustees have asked the Investment Managers lo manage the portfolio on a lolal retum basis under a fully discretionary mandate. The Trustees consider a tolal retum basis will slabilise the resources available to Ihem and also gives Mercer a wide mandate to invest on Iheir behalf. The Trustees agreed that up lo 20 % of the investment portfol￿ with Mercer could be alkncated to private mad(et investments and authorised Mercer lo invest in the Mercer PIP Vl Fund as part of this allocation lo help diversify their risk. 121 Following investment uncertainty and diSrupt￿l￿S caused by Ihe war in Ukraine. the performance ol Ihe inveslment portlolio has not mel its benchma￿$ as al 31 March 2022. The Charity holds these investments for the long temi and expects the investment values lo flucluale bul Ihe hope is that in the long lem) there will be general capital appreciation. 131 The PRIS are made on the undeTslanding that they have a charitable purpose rather than being financial inveslmenls. The General Manager undertakes due diligence on the prospective PRI and advises the Trustees about this lo mitigale the risks. The invesiment may be secured, as in the PRIS with Commonweal and Thames Reach, or be unsecured. 141 The potential risks con¢eming the strateg￿ grants include delay or difficulties in implemenlalion due lo political, environmental and resource issues, which in lum may result in a failuie lo meet defined milestones or objectives. The Tiuslees manage the risks by paying the grants in inslalmenls and by having each recipient sign a Granl Agreement, confirming the temis of the grant, and setting up a reporting process, wheieby each recipient charity reports on the project on a six-monthly and annual basis. This report has to include details ol the progress, any unforeseen ¢ir¢umslan¢es that may have arisen with the projects and how the recipient charity is managing this. {51 The Trustees have reviewed Ihe risks identified in connection wilh the property portfolio and the Ops Committee Considers these risks arKI performance al their quarterly meetings. The following are believed lo be the principal risks- Major tenant default Rental voids, disruption lo cash flow. increased cosls and burdens ol ownership Thi5 is moniloied by reference lo Graydon Credit Risk Managemenl and Stress Test reports for new and existing commercial properties and effe¢live ciedil conliol Properties falling vacant on expiry Rental voids. disruption to cash ftow, increased costs and burdens of ownership Identfying likely properties up lo iwo lo three years in advance lin the case of Commercial lettingsl and weighing up the potential for holding as against selling as an investment. whilst still produ¢ing an income Lack of liquidity Inability to meel financial commilmenls or planned objectives Mainiaining accurate cash projections. minimum working capital and effeclwe relationships with banks and other sources of finance. Any gearing is also lo be managed al sustainable levels 10 THE MONDAY CHARITABLE TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2022 Economic instability Leading to weakened tenant demand and increased rent voids Monitoring general economic indicators and mainlaining a policy of diversification of assets held including residential and therefore avoiding undue exposure to one specific sector Legal regulatory and tax changes Impact on occupier and investor demand and values Moniloring consultalion papers and maintaining an awa￿ne$S of potentially adverse matters through the trade press and from other Professional oiganisalion5 and taking action as appropriate Issues with building safety because of cladding The Trustees regularty review the risks arising from the flats owned by them in Slough which 2re affected by either dangerous Cladding or sub- slandard building processes on the external walls. The Trustees have asked their Property Managers and legal advisers for advice on this. They have also asked the Property Managers lo ensure that any tenants are aware ol any new safety pioceduies affecting their flats because of these issues. Reduction in Property Values An annual capital valuation is undertaken by external valuers, Carter Jonas. The decision lo leave the European UnK>n and the impact of the war in Ukraine and lo a lesser extent the Covid- 19 pandemic are a risk lo values. Plans for the Future The key focus for granlmaking will be on agreeing new Strategi¢ grant recipients. These grants will begin lo be paid in June 2023. The Trustees will continue lo review and support existing projects in the light ol the curienl economic crisi5 and ongoing issues caused by Covid-19 with a view lo ensuring that, as far as possible. Ihe levels ol chantable benefit created are maintained. The Trustees will conlinue lo monitor the situation externally and adapt the Charity's stralegy approprialely. New Inlermediale grant agreements have been entered into in 2021 and the Trustees are monitoring these grants through the reports received from the recipients. 11 is anlicipaled that the Charity's existin9 projects, and new opportunities relating lo new Strategic Grants. will lully ulilise the Charity's funds available for grants for the next three years. No change in grantmaking rKIl￿Y is envisaged al present. THE MONDAY CHARITABLE TRUST TRUSTEES, REPORT YEAR ENDED 31 MARCH 2022 Trustees, responsibilities in relation to the financial statements The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounling Slandards. The law appli¢able lo charities in England and Wales requires the Trustees to prepare financial sialemenls for each financial year which give a true and fair view of the stste of affairs of the Charity and of the income resources and application of resources of the Charity for that year_ In preparing these financial slalemenls, the Trustees are iequired lo". select suitable accounting policres and then appty them consistentty.. observe the methods and principles of the Charil*s SORP." make judgemènts and accounting eslimales Ihal are reasonable and prudent., slate whether applicable accounting slandards have been followed. subje¢l lo any departures disclosed and explained in the finan¢ial stslemenls- and prepare the financial slalemeftls on the going concem basis Un￿$$ li is inappropriate lo presume that the Charity will conlinue in business. The Trustees are responsible for keeping accounting records whth disclose wilh reasonable accuracy Ihe financial position ol the Charily and enable Ihem lo ensure Ihal the financial statements comply with Ihe Charrties Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions ol the Charity's ¢onslilulion. They are also ￿spOnsible for safeguarding the assets ol the Charity and hence for taking feasonable steps for the pievention and defection of fraud and other irregularities. Provision of information to auditors So far as the Tiustees are aware there is no relevanl audil inlormabon ol which the Charity's auditors 8re unaware. Each Trustee has taken all reasonable steps that he or she ought to lake as a Trustee in order lo make himsetf 01 herself awaie ol any relevant audit information and lo establish that the charity's auditors are aware of that information. Signed for and on bèhalf of the Trustees Jo than Brinsden lee Date 12 THE MONDAY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MONDAY CHARITABLE TRUST YEAR ENDED 31 MARCH 2022 Independent auditor's report to the members of The Monday Charitable Trust Opinion We have audited the financial statements of The Monday Charitable Trust forthe year ended 31 March 2022 which comprise the Statement of Financial Aclivilies, the Balance Sheet. the Stalemenl of Cash Flows and notes lo the financial statements. including a summary of significant accounting policies. The financial reporting framework Ihal has been applied in their preparation is apPI￿able 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 Praclicel. In our opinion, the financial 518lements.' give a true and fair view ol the slate of the charilabk company's affairs as al 31 March 2022 and of the charitable company's nel movement in funds. including the income and expenditure. for the year then ended", have been propeily prepared in accordance wrth Unrted Kingdom Generally A￿epted Accounting Praclice., and have been prepared in accordan￿ with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance wrth Intemalional Standards on Audf(ing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audil of the financial slalemenls seclion of our ￿por1. We are independent of the Charity in accordance with the eth￿al requirements that are felevanl lo our audit ol the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other eth￿1 responsibililies in accordance with these iequiremenls. We believe that the audil eV￿enCe we have obtained is sufficienl and appropiiale lo provide a basis f(K our opinion. Conclusions relating to going concern In auditing the financial slalements. we have conc￿ded thal the Iruslees. use of the going con￿rn basis of accounting in the preparation of the financial slalements is approprkote. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that. indwidually or colleclNefy, may cast Signrf￿ant doubl on the charitable company's ability lo continue as a going concem for a pericKI of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of Ihe trust￿ with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infom)aI￿n. The other information comprises the information included in the Trustees. Annual Report. Our opinion on the finanual slalemen15 does not cover the other information and, excepl lo the exienl otherwise explicit￿ slated in our report. we do not express any lorm of assurance conclusion Ihereon. In connection with our audit of the financial stalemenls. our responsibility is lo read the other inlormalion and, in doing so, consider whether the olher Infom)atKJn is malerialty inconsislenl with the financial slalemenls or our knowledge obtained In the audit or otherwise appears lo be wnalerially misslaled. If we idenlify such malerial inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misslalemenl in the financial slalemenls or a material misslalemenl of the other information. If, based on the work we have performed, we conclude Ihal there is a material misstslement of this other information, we are required lo report that fact. We have nothing to report in this regard. 13 THE MONDAY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MONDAY CHARITABLE TRUST YEAR ENDED 31 MARCH 2022 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe course of the audit-. the informalion given in the Trustees, Annual Report (which includes the directors. report prepared for the purposes of company lawl for the financsal year for whKh the financial slalements are piepared is conslstent with the financial slalemenls". and the dire¢lors' report included bwlhin the Trustees. Annual Report has 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 ils environment obtained in the couise of the audit, we have not idenlrfied material misstalemenls in the Trustees, Annual Report (which incorporates the directors, report}. We have nothing lo report in respect ofthe following matiers in relalion to which the Companies Act 20C6 requires us lo report lo you if, in our opinion.. adeqL)ale accounting records have not been kept by the charitable company., or the charitable company financk?I slalemenls are not in agreemenl wilh the accounting records and returns,. or ertain disclosures of Iruslees. remuneiation specified by law are not made,. or we have not r￿1Ved all the information and explanations we require for our audit", or the trustees were not enlilled lo piepare the financial statements in a¢coidance with the small companies, regime an(J lake advantage of the small companies. exemptions in p￿paring the trustees. report and from Ihe requiiement to prepare a strategic report. Responsibilities of trustees for the financial statements As explained more fully in the trustees. resp)nsibililies slalemenl sel out on page 12. the trustees (who are also the directors of the charitable company for the purposes of company lawl ale responsible for the preparalion of the financial slalements and for being satisfied that they give a true and fair view. and for such internal control as the Iruslees determine is necessary lo enable the preparalion of financial statements that are free from material misslalerllenl, whether due to fraud Of error. In preparing the financial slalemenls, the trustees are responsible for assessing the charitable company's ability lo continue as a going concem, disclosing. as applicable, matters ￿lated to going concern and using the going concern basis of accounting unless the trustees either intend lo liqutdate the charitable company or lo cease operations, or have no realistic allernalive bul lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assuran￿ about whether the financral statements as a whole are free from malerial misslalemenl. whelherdue to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guarantee that an audit conducted in accoidance with ISAS IUKI will always delect a material misstatement when il exists. Misslalemenls can arise fTom fraud or erior and are considered material if, individualty or in the aggregate. they could reasonab￿ be expected lo Influen￿ the economic decisions of user5 taken on the basis of these Iinancial slalemenis. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined aiK)ve. lo det￿1 material misstatement5 in respect of irregularities. including fraud_ The extenl to which our proceduies are capable of delecling irregularities, including fraud is detailed below". Based on our understanding of the charitable Company and the environment in which it operates, we identifi that the principal risks ol non£0mplian￿ wrth laws and regulations related lo the regulatory reqLJiremÈnls of the Charities Commission, and we conSide￿d the extent to which non-complian¢e muhl have a material effect on the financial statements. We also considered those laws and regulalKJns that have a direct impact on the preparation of the financial slalements such as the Companies Act 20(￿. the Charities Act 2011 and the Charities SORP 12019} 14 THE MONDAY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MONDAY CHARITABLE TRUST YEAR ENDED 31 MARCH 2022 We evaluated management's incentives and opportunities for fraudulent manipulation of the financial slalemenis lin¢luding Ihe risk of override of controls}. and determined that the piincipal risks were related to the cut-off of investment income, the recognition of grant commrtmenls and the valuation of investment properties. Audi( procedures performed by the engagement team included.. Enquiries of management regarding correspondence with iegulalors and lax authorities., Discussions with management Èncluding consideratK)n of known 01 suspected inslan￿S of non- compliance with laws and regulation and fraud". Evaluating management's controls designed lo prevent and delect irregularities.. Identifying and testing joumals, in particuLArjoumal entries made as part ol the year*nd financial reporting process.. and Challenging assumplions and judgements made by management in their ¢riti¢al accounting eslimales which comprise inveslnRnl propety valuatk)ns. bad debt provisions. deprecTralion, a￿rual$ and deferred income. Because of the inherent limitations of an audrt. there is a risk Ihatwe will not detect all irregularities, including those leading lo a material misslalement in the financial statements or non-compliance wrth regulation. This risk increases the more that compliance wrth a law or regulalion is removed from the events and transactions reflected in the financial slatemenls. as we will be less likefy lo become aware of instan￿S of non-compliance. The risk is also greater regarding iriegularities occurring due lo fraud rather than error. as fiaud involves intentional concealment, forgery, collusion. cxnission or misrepresenlalion. A further description of our responsibilrtEs foi the audit ol the financial slatemenls Is I(￿ated on the Financial Reporting Council's website al.. w¥*w.frc.org.uklauditorsresponsibilities. This descriplion fomis part of our auditor's report. Use of our report This report is made solely lo the charttable companys members. as 8 btxly, in accordance with Chapter 3 of Part 16 of the Companies Act 20￿. Our audf( work has been undertaken so Ihat we might slate lo the ¢harilable company's members those matters we are required lo slate lo them in an Auditorfs report and for no other purpose Tothe fullest extent pemitted by law. we do nol accepl OT assume responsibility lo anyone otherthan the chaiilablè company and Ihe charrtable compan￿$ members. as a body. our audf( work, for this report, or for the opinions we have formed. Jane Askew (Senior Slalutory Audilorl For and on behalf ol Haysmacintyre LLP, Slalulory Auditor 10 Queen Street Place London EC4R 1AG Dale 28 November 2022 15 THE MONDAY CHARITA8LE TRUST STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and expenditure accounti YEAR ENDED 31 MARCH 2022 Expendable Note Unrestricted Endowment Funds Fund Total 2022 Total 2021 Income and endowments from: Donations and legacies Investment Income Investment portfolio Rental income Bank interest 7.160 7,160 1,253,742 1.300,272 2.012.036 16.301 1,300,272 2.012,036 16,301 913,503 2,636,265 3,379 Total income 3,335.769 3,335,769 4,806,889 Expenditure on- Raising funds Investment management fees Rental property costs Charitable activities 441,656 492,465 2.401.723 441.656 492,465 2,401,723 305,263 504,642 6.167.729 Total expenditure 3,335,844 3.335.844 6,977,634 Net gains on investments 1.674.513 1,674,513 7,467,292 Net lexpenditurellincome {75) 1,674,513 1.674,438 5,296,547 Transfers between funds 75 1751 Nèt movement in funds 1.674,438 1,674,438 5,296,547 Funds brought forwaid 95.140,3 95.140,3L 89.843.759 Funds carried fO￿ard 96.814.744 ,814.744 95,140,306 The notes on pages 19 to 27 fo￿ll an integral part of these financial slalemenls 16 THE MONDAY CHARITABLE TRUST BALANCE SHEET Company number 10910936 AS AT 31 MARCH 2022 Note 2022 2021 Fixed assets Tangible fixed assets Investment properties Investment portfolio Programme related investments 45 23,740,000 64,807,216 2.891,8L 585 31,222,500 56,887,209 1,949,556 91.439,067 90.059,850 Current assets Debtors Cash al bank 10 459,710 9,087,727 644,018 9.825,255 9.547,437 10,469.273 Creditors- amounts falling due within one year 11 13,191,779) {3,332,8981 Net current assets 6,335,658 7.136,375 Total assets less current liabilities 97.794.725 97,196,225 c￿dItOrS.. amounts falling due aflei MO￿ than one year 11 (979.981) (2,055,919> Net assets .814,744 95,140,306 Funds of the Charity Unrestricled Fund Expendable Endowment Fund 13 96.814,744 95.140,306 Tol81 Funds 96.814.744 95,140.306 Approved and signed on behalf of the Trustees Jo Tru han Brinsden ee Dale The notes on pages 18 to 27 fr)rm an inlegcal part of these financial slalemenls 17 THE MONDAY CHARITABLE TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2022 2022 2021 Cash flows from opèrating activities Nel income for the reporting period Inve51menl cashflows included in ffnvesling aclivilies below Dividends. interest and rents from investments Investment management fees and property costs Movemenls wothing capital Ilncreasel in debtors Increase1(d￿reasel in crediiors Non-cash items Depreciation (Gains) on investments 1.674,438 5,296,547 13,328.6091 934.121 13,553,158} 809.905 184,308 11,217,057) 12,8561 1,036,700 540 11,674,513) 540 17,467,290> Net cash used In operating activities 13,426.7721 13,879,612) Cash flows from investing activities Dividends. Interesl and rents from investments Investment managemenl fees and propety costs Pur¢hase ol investmenls Pioceed5 from sale of investments Purchase of fixed assets Purchase of programme related inveslmenls 3,328,609 {934,1211 {32,042,1231 33,279,129 3,553.158 1809,905} 137,837,291} 45,435.674 {942.2501 (127.500} Net cash provided by investing activities 2,689,244 10,214,136 Change in cash and cash equivalents in the period (737.5281 6,334,524 Cash and cash equivalents at start of period 9,825,255 3,490,731 Cash and cash equivalents at end of period 9.087.727 9,825,255 At start of year 2022 Cash flows 2022 At end of year 2022 Analysis of net debt Cash al bank 9.825.255 1737,5281 9,087,727 The notes on page 19 to 27 fomi an inlegral part ol Ihese financial slalemenls THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Accounting policies General infom)ation Monday Charilable Trust in an in¢orporaled charity registered as a charty in England and Wales Icharily number." 11742321 and a company limited by guarantee {c¢xnpany number. 109109361. The address is sel out in the reference and administrat￿￿ seclw)n of these financial statements. Basis of preparation The financial slalemenls have been prepared in accordance wilh the Financial Reportin9 Standard applicable in the UK and Republic of Ireland {FRS1021, the Companies Act 2006 and the Slalemenl ol Recommended Praelice ISORPI (second edrtionl. The Charity is a Public Benefit Entity under the definition sel out In FRS 102. The accounts are drawn up on the historical cosl basis ol ¥counling. The Charty had one subsidiary throughout the peri¢>d". Chelsea Eslales Limited Iregislered company number 00264585, England and Wales). This subsidrdry is not consolidated as rts activities and balance sheet are not material to the group. Golng concern Having reviewed the expected income and expenditure over the next twelve months. Ihe Trustees have a reasonable expectation that Ihe Charity has adequate resources to Continue ils activities for the foreseeable future and consider that there were no material Un￿rtaInlieS over the Charity's financial viability. Accordingly, they also continue lo adopt the going concem basis in preparing the financial statements Income All income is included in the Slalemenl of Financial A¢lwtties when the charity Is entitled lo the income and the amount can be quantified wrth reasonable accuracy. In particular, donations and investment income are includeol when receivable. Investments donated to the charity are recognised al their market value as the dale of the donalion_ Expenditure Expenditure is recognised when a liabilily is incurred. Expenditure includes VAT as this ¢annol be recovered. The cost of raising funds represents investment and propety management costs, and interest on boriowings lo finance property inveslmenls. Charitable expenditure represents those costs incurred by Ihe charily in providing granlsldonalions to ils beneficiaries. 11 includes both amounls directly paid to the bene[￿larIeS and management and adminislralion costs necessary lo support them. Fund Accounting The Expendable Endowment Fund is the capital fund of the Charity and represents the original inveslmenls, additional capital receipts from the foundeis and the subsequent gains and losses thereon. The endowment is not permanent as the Trustees may apply these funds al their discretion. 19 THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl The Unreslricted Fund is Ihe geneial fund which is available for use al the discretion of the Trustees in furtherance of the general objectives of the charily and which have not been designated lor other purposes. The Trustees have a power lo &cumulale the income as an ￿relIon to the Expendable Endowment Fund. Investments Investments and investment properties are measured at fair value wih gains and losses recognised in the Statement of Financial Activities. Quoted securities a￿ measured al ckjsing exchange pr￿. Cash and cash equivalents Cash and cash equivalents comprise cash balances held in cuffent accounts with banks or investment managers. and deposits with a malurty of less than thr* months. Debtors and creditors Debtors and creditors are measured inilialty al the transaction price and subsequently. lor amounts r￿1Vable or payable in more than one year. al amortised cost using the effecb.ve interest rate. Taxatlon The charity's income is exempl from corporation tax on the basis that it is applied chariiable purposes. Critical accounting judgements and key sources of estimation un¢ertainty In the appli¢ation of the accounting policies. Truslees are required to make judgement, eslimales, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experien￿ and other factor5 that are considered lo be relevant. Actual results may differ from these estimates. The estirnales and underfying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales a￿ recognised In Ihe peri(Jl in which Ihe estimale is revised il the revision affects only that period, or in the period of the revision and future periryjs rf the revision affected current and future periods. In the view of the Trustees, the only signtficanl aiea of estimate or judgement in Ihe financial statements Is Ihe valuation ol inveslmenl properlies. The Twstees use a qualified exteinal company 10 8dvise on these valuations. 20 THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Donations received 2022 2021 Unrestricted lunds Cash donations 7,160 1,253,742 Investment income 2022 2021 Unrestricted funds Rental income from investment properties Income from quoted investments Income from piogramme related investments Bank interest 2,012,036 1.263.138 37,134 16.301 2,636,265 876,242 37,261 3,379 3,328,609 3,553,147 Costs of raislng funds 2022 2021 Unrestrlctsd funds Investment management costs Investment property costs 441.656 492,465 305,263 504,642 934,121 809,905 21 THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Expenditure on charitable activities 2022 2021 Unrestricted funds Donations to institutions committed during the year Strategic The Royal Star and Garter Homes Construction Youth Trust Menlal Health Foundation Maudsley Charity- CUES-Ed 750,000 900,000 750,000 900.000 Intermediate The Prin￿'S Trust Lady Margaret Hall Family lives Sl Calharine's College Cambridge Women's Aid Barts Charity Royal Brompton 2nd Harefiekl Hospitsls Charity Chance lo Shine Foundation Lld Think Through Nutrition New Philanthropy Capitsl University of Exeter 150,000 150,000 150,000 42,287 72,000 150,000 150,000 150,000 150,000 150,000 199,800 Discretionary Grants Wheelpower Institute of Education and Helen Hamlyn Centre for Pedagogy Doorstep Library Think Forward Army Benevolent Fund Sl Calharine's College and Cambridge Women's Aid Behind Every Kick The Forward Trust Cambridge University Land Society Chance lo Shine Foundation Ltd The Big Give The Literacy Pirales Refugee Education UK Toynbee Hall Injured Jockeys Game and Wildlife Conservation Twst Frimley Health Charity Lambourn Valley Housing Trust Tullochan Fine Cell Work Social Change Nest CIC (Uplift) Hampshire and low Air ambulance 20.000 50.000 20,000 20,000 20,000 50,000 12.000 6,470 11,000 20,000 211,721 20,000 6,160 212,007 70,000 47,500 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 22 THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 5. Expenditure on charitable activities (continued) 2022 2021 Emergency Grants The DEC Ukraine Humanitarian Appeal, paid via The Big Give Refugee Education UK (Ukraine Appeal) Aspire- emergency appeal Barts Charity- Covid-19 Appeal Children's Society Emergency Appeal Family Lives Frimley Park Hospital King's College Hospital Charity- Heroes Fund Maudsley Charity- Covid-19 Appeal MIND The Mix National Emergencies Trusl NHS Charities Together Royal Bromplon Hospital- COVNJ Appeal Royal Free- Covid-19 Appeal Surrey Community Foundation {Nov 18) Trussell Trust Women's Aid Young Minds Sl Basils Toynbee Hall New Philanthropy Capital 11J),000 72,OLXI 50,000 100.000 100.000 100,000 25.000 100.000 100.000 100.000 100,000 100,000 200,000 100,000 100,000 50,0 100,000 loo,000 100,000 100,000 100.000 50.000 Total grants 1,951,754 5,786,191 Support costs Accounlancy. audit. legal and administralion fees Other professional fees Other support costs Depreciation 413.385 28,3D5 7.739 540 349,913 28,235 2,850 540 Total support costs 449.969 381,538 Total charitable expendrture 2,401,723 6,167,729 23 THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 6. Auditor's remuneration 2022 2021 Fees payable to the charity's audrtor for Ihe audit of the Charity's financial stalemenls 15,250 15.900 Fees payable lo the charity's auditor for other services 2,325 2,545 Total fees to audilo 17,575 18.445 Infomatlon regarding trustees and remuneration and related parties The Charity has no employees (2021.. no employees). No Trustee received remuneration during the year 12021.. £Nill. and no expenses were reimbursed lo Truslees12021.' £Nill. The Trustees have purchased indemnrty insuran￿. A Trustee of the Charity, Jonathan Brinsden is a partner of BDB Pitmans LLP, which administers the Charity. Fees inVo￿ed lo the Charity during the year were £314.900 12021.. £269,447), allocated lo charitable expendilure. A toial of £322,29312021." £298,371) was paid to BDB Pilmans LLP during the year. As 8131 March 2022 a balance of £13.632 was oulslanding 131 March 2021". £17,515). All figures are inclusive of VAT. Investments 2022 2021 Quoted inveslmenls Investment properties 64,807.216 23,740.000 ,887,209 31,222,500 88,547,216 88,1 CJ9,709 Reconciliation of investments Quoted Investment investments properties Total Al 31 March 2021 Purchases al cost Disposals Change in fair value %.887.209 32.042,123 125.220.6411 1,098.525 31,222,500 88,109,709 32.042,123 {8,058,488) 133,279,129) 575.988 1,674,513 Al 31 March 2022 64,807.216 23,740,000 88.547.216 The investment property portfol￿ has been valued by the Trustees based on a detailed external professional valuation of £23,740.000 as al 31 March 2022. In delermining the fair value of the investment properties, a umber ol key eslimales and assumptions have been made. particularfy in ￿latIOn to estimated yields and future rental Income. 24 THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Programme related investments 2022 2021 Thames Reach Commonweal Housing Resonan¢e- Women in Safe Homes IWSHI Fund Resonan¢e- Everyone in Fund {REIF) Loan lo Aspire 831,806 990,250 219,750 750.000 100,(K)O 831,806 990,250 127,500 Total programme related investmenls 2,891.806 1,949,556 10. Debtors 2022 Charity 2021 Charity Trade debtors Other debtors Prepayments 131.144 237,854 90,712 248,229 260,189 135,601 Total debtors 459.710 644,015 11. Creditors Amounts falling due within one year 2022 Charity 2021 Charity Trade creditors 115,577 54,798 501,184 138,195 2.295,613 86,412 149,849 40,252 447,402 135,813 2,473,169 88,412 VAT Accruals and deferred income Other ciedilors Grant commitmenls Inler-company creditor Total credilors due wrthin one year 3,191.779 3,332,898 Deferred income al the year end lolalled £384,532 {2021'. £420.5201. This related lo rents received in advance. All deferred income in the prior year was fully ￿leaSed to income duiing the year. Amounts falling due after more than one year 2022 Charity 2021 Charity Accrued giant commitments 979,981 2,055,919 25 THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 12. Subsidiary results Chelsea Estates Limited is a private company limited by Sha￿ capital ￿1stered in England and Wales with number 00264585. The trustees own IOOOA of the issued shares in the company and the summary of results of the company is below. 2022 2021 Turnover Operating expenses 1,360,787 126,8801 569 Operating profil Inleresl receivable Inleiest payable 569 1,333,907 12001 Net profit 569 1,333,718 Distribution of reserves to Monday Charrtable Trust (1,329,154} Opening reseNes 116.056 25.080 Closing ieserves 116,625 116.056 Current as5els Current liabilrties 116.755 (1301 117,458 111,402) Net assets 116,625 116,056 13. Funds movements Gains, losses, transfers 31 March 2022 2021 Income Expendtture Unrestricted general fund Expelldable endowment fund 3.335.769 13,335,844} 75 1,674.438 96,814,744 95,140.3 95,140.3L 3,334.769 {3,335,8441 1,674,513 96,814.744 Prioryearcomparalwe Gains, losses, transfers 1 April 2020 31 March 2021 Income Expenditure Unrestricted general fund Expendable endowmenl fund 4.806.889 {6,977,6341 2,170,745 5,296.547 95,140,306 89.843.759 89,868.839 4.806.889 {6.977.6341 5,296.547 95,140,306 26 THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDEO 31 MARCH 2022 14. Net assets over funds 120221 Unrestricted funds Expendable ondowment fund Total funds 2022 Fixed assets Nel currenl assets Lon9 temi creditors 91,439.067 6,355,658 {979,9811 91,439,067 6,355,658 {979.9811 .814,744 96,814,744 Net assets over funds120211 Unrestricted funds Expendable endowment fund Total funds 2021 Fixed assels Nel current assets Long term credilors 90,059,850 7,136.375 (2.055,9191 90,059,85D 7,136,375 12,055,9191 95.140,306 95,140,306 27