THE MONDAY CHARITABLE TRUST Registered Charity No. 1174232 Company no. 10910936 REPORT AND AUDITED FINANCIAL STATEMENTS For the year ended 31 March 2023
THE MONDAY CHARITABLE TRUST CONTENTS YEAR ENDED 31 MARCH 2023 Page Reference and Adminislralive InfoTmation Tiuslees, Rew)rt 2-12 Independent Auditoi's Report 13-15 Statement of Financial Activities 16 Balance Sheet 17 Slalemenl of Cash Flows 18 Notes lo the Financial Statements 19-27
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 Reference & Admlnlstralive Information Official Chariiy Name The Monday Chairtable Trust (the Charity) Company Re9lStration No. 10910936 Charity Registration No. 1174232 Registered officeladdress One Bartholomew Close. London EC1A 7BL Investment Managers Mercer Limited. Quartermile One. 15 Lauriston Pla, Edinburgh EH3 9EP Property Advisors Redstone Thinks...Ltd. 206 Upper Richmond Road, London. SW14 8AH Property Managers Hicks Baker Limited. 29 Caslle Street, Reading RG17SB Auditor Haysmacintyre LLP. 10 Queen Street Pla. London EC4R 1AG Administrators and Legal Advisors BDB Pilmans LLP. One Bartholomew Close, London EC1A 7BL Trustees Elspeth M Lane- Founder Trustee Sarah E Baxter- Founder Trustee Jonathan E Brinsden - Founder Trustee Andrew Hunter Johnston Douglas Blausten {Andrew and Douglas are appointed for a three-year term, ending 7 June 20251 General Manager: Stephen Lewin
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 The Trustees, who are also Directors of the company for the purpose of the Companies Act, present their reporl and the audited financial statement5 for the year ended 31 March 2023, which are also prepared to meet the requirements for a directOfS' rep)rt and accounts for Companies Act purposes. The inlom)alion with respect to Trustees, Diwlors, OffirS and Advisors set out on page 1 forms part ol this report. The financial ststemenls comply with current stalulory requirements. the Charity's Articles ofAssocialion {Ihe Articles). current Accounb"ng Standards in the United Kingdom and the Slalemenl of Recommended Practice ISORPI applicable lo charitses preparing their accounts in accordance wilh the Financial Reporting Standard in the UK and Republic of Ireland IFRS 1021 {Seeond Edition- efflIve 1 January 20191, the Charities Act 2011 and the Companies Act 2006. The Trustees are appointed in accordance with the terms of the Articles and have the appropriate knowledge and expertise to 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 act as General Manager, who continues to deal wilh the day-to-day adminislralion of the Charity. The Charity does not make use of volunleers. Structure Governance and Management The Charity is a charitable company limited by guarantee. incorporated on 11 August 2017 (company regislralion number 109109361 and registered with the Charity Commissioners as a charity Icharrty registration riumber 1174232). The Charity's governing document is the Articles. as arrended by a Special Resolution dated 23 April 2019 (the Special Resolution). The minimum number of Trustees required by the Articles is three and the maximum is eight. There were four original Trustees, the Founder Trustees, and they setve an indefinite le¥m based on their ielative experience and contribution lo the Charity as a whole One of the Founder Trustees, Robert Lane. csied in January 2021. New Trustees are Elected Tiuslees and serve a term of three years. They are appointed by ordinary fesolulion and may serve a maximum of two terms. They may thereafter be reappointed annually il recommended by the Chairman_ Training for new Trustees is provided when relevanl. RestK)n5ibility for the induction ofany new Trustee, which Includes awareness of the history and approach of the Charity and an underslandino of a Trustee's duties. lies with the Trustees. New Trustees re1ve copies of the Articles, Ihe Special Resolution, the previous year's accounts and guidan booklets provided by the Charity Commission. The Trustees also provide full deiails of the Charily's current grant programme and objectives. There are two elected Trustees, Andrew Hunter Johnston and Douglas Blausten. They were each appointed for a Ihiee-year term as ffom 24 May 2019 and on 8 June 2022. they were appointed for a further Ihree-year term. All Trustees work on a voluntary basis and no remuneration was paid in the year. Details of Trustees, expenses and related party transactions are disclosed in Note 7 to the Accounts. Truslees are required lo disclose all relevant interests and regisler Ihem ar)nually with the General Manager and, in accordanee with the Charity's policy. withdraw from decisions where a conflicl ol interest arises A register of conllicls is maintained by Ihe Charity and any new conllicls are noted during meetings.
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 The Trustees meet at least l¢e a year and agree the broad strategy and areas of activity for the Charity, includin9 consideration of gtantmaking. budget. investment, reserves, risk management policies and performan. Subsidiary Company The charity has one subsidiary company, Chelsea Eststes Limited. The Company did not actively trade in the year and as its results are immaterial to the group no consolidated financial statements have been prepared. Management The Trustees have delegated certain responsibilities to Committees in accordance with the Articles. The Management and Operations (Ops} Committee consists of al least two Trustees and the General Manager as well as advisers. The Ops Committee reviews the financial and goveinance arrangements for the Charity and advises the Board accordingly on matters including financial management. risk management and the financial audit. The Ops Committee is responsible for reporting to the Trustees on investment and propety mallers and directing the investment managers as appropriate. The Charity has also appointed a Programme Related Investment (PRII Committee Ilhe Tuesday Committee) consisting of al least Nvo Trustees and the General Manager to consider PRI investment opportunities. The Tuesday Committee reviews these opportunitses and obtains advice on them as needed and then advises the Board on the level of investment and terms. Following the appointment of Mercer as Inveslment Managers, an Investment Committee consisting of at least one Trustee and the General Manager was sel up and meets half yearly with the Investment Managers lo discuss investment FK)licy and monitor performance. There ale no paid staff within the Charity. Financial managemenL risk management and administration are the responsibility of the General Manager. Objeetives, Prlnclpal Activities and Public Benefit The primary objects of the Charity. as ststed in its goveming document. are lo advance such charitable purposes {according lo the law of England and Wales) in any part of the world as the Trustees see fit Irom lime lo lime. The Trustees confirm that they have refeired lo the Charity Commission's general guidance on public benefit when reviewing the Chafity's aims and objectives. in planning future activities and selling a granlmaking policy for the year. The Trustees. having regard lo the Charity Commission's guidance on public benefit including the guidance 'Public benelil. running a charity {PB2)' and in accordance with section 17 of the Charities Act 2011, consider that the purposes and activities of the Charity satisfy the requirements ol the public benefit test sel out in section 4 of the same Acl. The Charity carries out these objects by pioviding grants lo UK registered charities whose objects comply with Ihe Charity's criteria.
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 During 2022123 the Trustees have supported charities in the Charity's areas of intended impact with a focus on young people, mental health and social inequality. The charities benefited include those operating in the following fields.. Hospices Independent INing for ekjerly and young people in general Literacy in chilcjren Education Supporting young people with life skills Mental Health Grantmaking Poliey The Charity aims to improve life chances of disadvar)laged and often marginalised groups in the UK. Wè do this by supporting UK iegislered charities that work in the Charity's areas of intended impact - Housing, Education and Climate Change - with a focus on young people. mental health and social inequality. Whilst we will continue lo support direct service provision to help those in need, we are increasingly interested in funding programmes which address or seek lo identify the root causes of issues, as we believe that such programmes will deliver the greatest social impact over the long term. We regard the Charity as a long term funder which is able lo be flexible and independent and respond lo changing needs in society and we are willing to support innovative ideas for tackling problems. The Trustees have an agreed grantmaking wlicy for the Charity. which is reviewed on an annual basis. The Trustees carry out three types of granlmaking.. Stialegic, Inlermediale and Discretionary. 'Slrategic' grants are large grants which are made over a 2-3 year period lo support a particular project. The total value of Strategic grants awarded each cycle would normally be around £5.4m, payable in three annual inslalmenls. This level will be reviewed in each cycle_ The cycle of Strategic grants agreed for 2023 10 2025 was agreed in June 2023 and is £5.235m The Trustees have a selection process in place to identify charities which meet the Charity's strategic criteria. Beneficiaries are required to provide reports on a half year and annual basis. The last cycle came to an end in June 2023 with all the recipients completing the cycle and reporting as required in their Agreements A new cycle is slarting in June 2023 and new Strategic grants are being entered into with Nehemiah, The Mental Health Foundation, the Prince's Trust, Into University, The Royal National Springboard Foundabon, Client Earth. the Access Pfojecl. Khulisa and Construction Youth Trust, which is about lo start their second cycle as a Strategic grant recipient. These were agreed in June 2023, after the date of these accounts and the first payment will be made On the new agieemenls are signed. 'Inlermediale' grants are mid-level grants and made over a 2-3 year period to support a project bul not as large as a Strategic grant. Generalty, they would not exed £150,000 lo each charity payable in three annual inslalmenls. The total value of Inleimediale grants awarded in each cycle would normally bè £1 m over a Ihree-year cycle. Beneficiaries have to report annually on progress to the Trustees. The current cycle of Intermediate grants was entered into for a three year term ending in December 2023. The new cycle process will begin in the summer of 2024 to be agreed al the Trustees, autumn 2024 meeting, with the first paymenl under this cycle being made in December 2024.
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 'Discrelionary' grants are reviewed by the Trustees on a six-monthly basis at their meetings. The Trustees have supported the Big Give Christmas Challenge since 2020 and intend to support il in 2023. They are pleased to see how much a donation made under this scheme can be increased by the match funding provided. In 2022 the Trustees agreed that the donation of £200,000 should be split as lo £160,000 plus costs lo the Christmas Challenge and the balance plus costs should be used lo support the Big Give Green Match Fund. The Trustees also donated a further £130.000 lo discretionary bèneficiaries in accordance with its agreed budget each year. This budget has been increased in the year ended 31 March 2024 to £200.000. The current economic crisis and the war in the Ukraine have resulted in turbulence in financial markets. which has had some impact on the Chatity's finance. but this has been partly C¥)unleracled by the sales of more of the Charity's properties. The investment manager, Mercer, operates on a fully discretionary basis and follow a medium-risk investment strategy. At the year end the bulk of the property portfolio had been sold and while there are remaining properties to be sold these may not sell quickly. However, because of tre sales already made. unless further significant investment losses are sustained, the impact of the crisis on Ihe Chaiity's investment portfolio will not have a malerial impact on the Charity's future forecast expenditure. The management of the cash from the sales is carefully (x)nsidered and a new money market account has been opened with JP Morgan for this pufpose. When needed, the Trustees will speak to Merr about withdrawing income from the portfolio_ Because of the earthquake in the Syria Turkey region. the Tnjstees resolved lo make an Emergency grant lo the DEC Turkey I Syria Earthquake Appeal of £50.000. paid via the Big Give which attracted match funding. The Trustees have also approved an emergency fund of £250k. reduced from £1m (agreed during the Covid pandemic) for these types of gfanls in the Charity's budget for 2023124. Achievements and Performance Grants have been made to various charities Idelailed in note 5 of the accounts). The Charity continues lo monitor the performance of a range of existing medium and long-term projects across the spectrum ofthe Charity's granlmaking aclivilies. All Ihe projects undertaken by the Charity are considered lo meet the requirement for public benefit. However. in certain cases, it is not possible lo quantify the number of potential ultimate beneficiaries. Review of Activities The Trustees have supported charities in the Charity's area of intended impact - Housing, Education, and Climate Change- with a focus on young people. mental health and Sla1 inequality. The cycle of Strategic grants stsrted in 2020 compleled in 2022 12023 and benefited UK Youth, The Sulton Trust. Phyllis Tuckwell Hospice Care IPTHCI. the Royal Star and Garter Homes IRS&GHI, ConslrLJclion Youth Trust ICYTI. the Mental Health Foundation (MHFI. UK Youth. The Sullon Trust and PTHC are all in a second Strategic grant cycle. The cycle of payments lo the Maudsley Charity started slightly later than the others and it, and the grant to The Sutton Trust will come lo an end in June 2023 while the others received their final payments in June 2022. The grants lo each ol these recipients were for the following programmes..
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 PTHC." for two Community Manager rK>sts and Ihe developmenl of these roles. The 2019 grant agreement is the second Strategic grant cycle that the Twslees have entered into with PTHC. Sullon Trust.. for their UK Summer Schools programme. The 2019 grant agreement is the second Strategic 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 Twst, Ihe 2019 grant agreement is the second Strategic grant cycle that the Trustees have entered into with UK Youth. RS&GH". for visiting fooms which can be made Covid safe, slaff training and core Servi$. CYT". for their schools partnership programme. to help build on their initial pilot Work focused on creating opportunity for disadvantaged communities and build longei term partnerships with the schools. MHF.. lor the Covid restx)nse programme. which works with trusted partners lo deliver informed inlervenlions in targeted communities. The Maudsley Charity.. fof the CUES programme, to enable this to be rolled out digitally. Income The lolal income for the year ended 31 March 2023 was £4,520,575131 March 2022". £3,335.769}. Expenditure Future mulli-year funding commilfflents of £979.980 were agieed by the Charity as al 31 March 2023. 12022. £3,262.5931 Expenditure during the year ended 31 March 2023 was. £1.686.251 131 March 2022.. £3.335,8441. Investment Policy During the year the Trustees revised their Investrrtnl Policy Statement. whose main provisions remained the same These are.. Financial and Investment Objectives The Trustees, aim is lo hold inveslments which are not inconsistent with their charitable objeclives and lo align them so fa( as praclicable with current best PraCte with regard lo environmental, social and governance factors. whilst maintaining a consistent real value lor the Charity over the longer term. The overall investment objective for the investment portlolio is lo generate a return ol CPI + 4'/o pa, nel of underlying investment manager fees. by holding a diversified portfolio ovei a long term li.e. al least 5 years) in a risk-conlrolled manner. The Trustees. investment manager, Mercer, invests in a range of collective investment schemes managed by an affiliate of theirs (Mercer Funds). The Mercer Funds are a csiversified combination of equity, Iixed income and allematives and investment is made in such proportions as determined by Mercer under ils discrelionary mandale. The Trustees are satisfied that this is a suitable inveslmenl approach for the obiecb.ves of Ihe Charity but are reviewin9 this in 202312024.
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 The Tiustees have agreed with Mercer that within their portfolio Mercer can invest up to 20Q of the value of the portfolio in private markets inveslmenls. The Tnjstees are awaie of the constraints on these types of holdings. Because of the policy lo sell the Charity's properties. the Trustees have not given Mercer an annual income or cash wilhdrawal target. Mercer have been asked lo invest on a total return basis. This policy is reviewed annually and any changes to it will be notified to Mercer. Strategies forAchieving Objectives The key strategies employed by the Trustees to achieve their cash and investment objectives include.. Retention of appropriate levels of eash as part of ils balan investment portfolio and being able to resFK)nd lo favourable inveslment QPF)Ortunities or increased financial support lo grantees., Regular review with Mercer of the investment portfolio performance against the agreed benchmark. The funding needs ofthe Charity.. Reviewing the investment mandate. currently the agreement daled 12 November 2019 rnade beeen the Charity and Mercer. every 3-5 years. This is currently under review," and For property assets, adv from professional agents lo identify those properties that can be sold to maximise the return from them. as well as maximising the income return prior lo sale. Liquidity Requirements The Charity's reserves policy is to have cash funds available sufficient lo meet its commitied grant payments and overheads for the next 12 months. There is no current minimum income target for Mercer lo meet from the investment portfolio because of the ongoing sales of the of the Charity's properttes. which are realising cash on a regular basis. However, when all of the properties have b*n sold. an annual income largel or cash withdrawal policy will need to be agreed with Mercer at the appropriate time to provide liquidity to enable the Charity to meet ils commilled grants. Ethical and other Investment Policy considerations Exclusions". As part of their investment process Mercer applies a 'screening policy, which excludes exposure to securities in various sectors. including controversial armaments and tobacco. Sn some cases fuilher exclusions are applied. so far as practicable, lo certain fossil fuels, adult entertainment, alcohol and gambling. The exclusion list is subject to revenue criteria which rMit inveslment in companies that do not focus on these activities as a core part of their business model. There are no other specific restrictions. Environmental, social and governance (ESGI factors..
THE MONDAY CHARITABLE TRUST Trustees. Report for the year ended 31 March 2023 The expectation of the Trustees is that the managers of the funds appointed by Mercer have a high ESG rating. based on the modelling analysis carfied out by Mercer. The Investment Committee periodically discusslreview the ESG ratings with Mercer as part of their monitoring fole. The Trustees have iequesled Mercer to be proactive on their behalf by encouraging the managers ol the fvnds appointed by Me[r lo engage on issues that are aligned with their impact goals, focusing on ESG factors and exercising their vob'n9 rights on the Charity's behalf lo encourage bettercorporate governan. Meicerwill continue reporting. monitoring and challenging investment managers on their ESG perfoimance. Investing for ESG impact". the Trustees intend to make an allocatiorb Within 8ndlor outside their investment portfolio with Mercei in funds looking lo achieve enhanced ESG impact alongside financial relurn. Environmental Crisis. The Trustees agreed that the environmental crisis should form part of their core strategy and they intend to identify managers who are taking action in this area and demonstrating leadership. The Trustees support inilialives which aim lo increase alignment between the environmental impact of investments and the goals sel by the Paris/Glasgow climate change accord lo limit global warming. Impact investing. The Trustees are considering Impact Investing. Impact investments are investments made with the intention lo generate positive. measuiable social and environmental impact alongside a financial return. Impact inveslmenls can be made in both emerging 2nd developed markets and largel a range of returns from below market lo markel rate, depending on inveslors. strategic goals. The growing impact investment market provides capital to address the world's most pressing challenges in sectors such as sustainable agriculture, renewable energy, conservation, microfinance, and affordable and accessible basic services including housing, healthcare. and educalion. The TTuslees intend to make an allocation within andlor outside their investment portfolio to impact investing in the UK, which will be used to test Ihe potential for achieving market- like or concessionary returns by investing into impact funds that ali9n lo their impact goals and which generate a measurable and Iransfofmalive impact. The Trustees have agreed an alliThts"on of up to 15% of the value of the Charity's total current assets in a combinalion of Programme Related Inveslmenls, investments having a specific impact on climate change and Impact Inveslmenls bul a¢p1 that this allocation is an aspiration al the dale ol their Investment Policy Statement and will take time lo achieve. Investment portfolio Mercer is the sole investment manager and acts on a fully delegated basis. The Trustees have agreed an investment policy and as slated above, have asked Merr lo opeiate on a total return basis with income reinvested. A benchmark of CPI * 4V/o is applied to the portfolio. Mercer's inveslmenl framework
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 for sustsinable grovAh dislingvishes between the financial implications leg risks) associated with environmental, social and corporale governan IESGI factors and the growth opportunities in industries most directly affected by sustainability issues. Mercer sends performance reports monlhly and full rep)rts quartedy to the Trustees and General Manager. The Investmerkl Committee meets with Mercer on a half yearfy basis before the Ops Committee meetings to review the detail of the portfolio. They report lo the Ops Committee al the Ops Committee meetings_ The Trustees also review this at their meetings every halfyear. The overall investments were valued al £68,990,634 on 31 March 2023.12022. £64.807.2161 The Charity's investment portfolio was affected by the financial markets. reacts'on lo the war in Ukraine and ntral bank policies. This was ctosely monitored by the General Manager, the Charity's professional advisers and ils investment managers. Looking ahead, Mercer, acting on the Trustees. behalf. will continue to monitor market conditions and adapt ils investment policy to changing circumstan$ as appropriate. The total relurn policy will be maintained until cashflow needs require otheiSe. Property portfolio In March 2021 the Trustees appointed a propety consultant. Redstone Thinks Ltd, to review the commercial property portfolio and advise on the disposal programme and whether capitsl investment was required in the properties before they were marketed lor sale. Based on the advi received, the Trustees conlinued with the property portfolio disposal in order lo achieve greater investment diversification and reduce administrative costs. Several properties were sold in the year, realising around £11_1 m by the year end Iwilh a further £2.5m being raised after the year- end}. The Iruslees agreed to invesl £5m of these proceeds with Mercer. in £1 m tranches over a five month period lo help miligale inveslnEnl risk in fluctuating markets. This was fully invested by April 2023. Because of the current economic conditions and the of property remaining in the porlfolio. the liming of any sales of the remaining commercial properties will be contingent on receiving the right offer for the property in the current martet conditions. The Trustees have also undertaken a disposal programme of their residential portfol. This process is managed by Hicks Baker as and when the properties become vacant or after notice is given lo the present lenanls. During the year five of the propetb.es weie sold. The residenlial porlfolio includes seven flals in tsvo apartment blocks in Slough which continue to be affected by claddinglexlemal wall issues. These flats are not currentty saleable bLJI the position is being closely monitored. Legal advice has been oblained regarding the Charity's exposure to increased service charges and the merits of any legal claims that may be made against the developers. building contractors and architects. as well as under any building guarantees and Government funding schemes. 10
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 Social Investments The Trustees have made various Social Investments which are held outside the Mercer portfolio. Social Investments are inveslmenls made in other charilable organisalions for specilic (oftèn property relatedl projects lo ftjrther the Charity's charitable objects These investments primarily aim lo achieve a social impact and are also intended to pr(NjU some financial return for the charity, being repayable with interest andlor with a return of capital lo the Charity al the end of the term_ In the Investment Policy Statement the Trustees have agreed an allocation of up to 15Qkn of the value of the Charity's lolal nel assets in a combination of Social Inveslmenls, investments having a specific impact on climate change and Impact Investments (being inveslmenls made with the intention lo generate FK)s11ive. measurable social and environmental impact alongside a financial relijrnl. In 2021 £750,000 was committed to each of fvnds managed by Resonance." the Women in Safe Homes Fund IWSHI and the Resonance Everyone in Fund IREIFI_ Funds are invesled when drawdowns are requested by the fvnd manager. As at 31 March 2023 the Charity had invested £352,500 in the WSH Fund and was fvlly invested in the REIF Fun(J. During the year the Trustees agreed lo make a further sw.al Investment by providing a loan facility of £1 m to the Powell-cotton Trust IPCTI, lo enable it to undertake its educational charitable aclivilies. The loan documentation was signed on 6 May 2022 and in February 2023 £250.000 was drawn down by PCT. Reserves Policy As a general policy, giants are cutrenuy accounted fof in full in the year in which they are awarded. Payments for Strategic and Inlerrnediale grants are spread over a number of years and approprtate liabilities are shown in the accounts. reflecting the commitments nde. The Truslees have the discretion to disburse some or all of ils Expendable Endowment. Having regard lo this, the Trustees have re-examined the requirement lo maintain free reserves and concludèd that the level currently maintained is appropriate lo ensure that the Charity would be able to continue ils aclivilies. The Trustees will review IheiT budget each year and consider how expenditure will be mel with the reduction in income from the investments following the decision lo invest for total return. Because cashflow from property sales is now reducing, the Truslees will, al the appropriate lime, engage with Mercer lo let them know what cash will be needed each year from the portfolio The Charity s rental income durir)g the year decteased. because of the property sales in the year They are aware that the current economic issues may also lead to a decrease in renlal income. This is kept under review regularly with their property advisers and managers. The Trustees previously determined that the minimum level of feseNes should not be less than £2.5m. However, this policy was reviewed during the course of the yeaf and is now that the Charity should relain cash funds available sufficient to meet its committed grant paymenls and overheads for the next 12 months. Cash funds at 31 March 2023 were £10.1 million. which compares with a target liquidity level of approxim21ely £3.9 million for 2023124.
THE MONDAY CHARITABLE TRUST Trustees, Report for tho year ended 31 March 2023 Fundraising and glfts The Charity has not made any fundraising appeals to the general public during the year and, as a result, there has been no outsourced fundraising via professional fundraisers or other third parties. Consequently, the Charty is not registered with the fundraising regulator and received no fundraising complaints in the year. During the year Mrs Elspeth Lane made a generous gift of a ffat in London to the charity. This wa8 subsequently sold after the year end. for just under £1.6m. Risk Managèment The Trustees have identified the major risks applicable to a Charity of this nature including investment risk and failure of Strategic grants. During the year the Risk Policy and this was considered. updated and approved al the Trustees meeling in May 2022. The Trustees corbsider variability of investment retums constttules a financial risk and volatility in world stock markets deK)nStraIeS this risk. The Ttustees have asked the Investment Managers to manage the portfolio on a total retum basis under a fulty discfetionary mandate. The Trustees consider a lolal return basis will slabilise the resources available to them and also gives Mercer a wide mandate lo invest on their behalf. The Trustees agreed that up lo 200A of the investment portfolio with Mercer could be allocaled to piivate market investments and authorised Merr to invest in Ihe Mercer PIP Vl Fund as part of this allocation to help diversify their risk. 121 Following investment uncertainty and disruptions caused by the war in Ukraine, the performance of the investment portfolio has not met its benchmatks as at 31 March 2023. The Charity holds these investments for Ihe long term and expects the investment values lo fiucluale but the hope is that in the long term there will be general capital appreciation. 131 The Social Investments are made on the understanding that they have a charitable purpose rather than being financial investments. The General Manager undertakes due diligence on the prO5ctive Social Investment and advises the Trustees about this lo mitigate the risks. These investments may be secured. as in Ihe Social Investments with Commonweal and Thames Reach, or unsecured. {4} The potential risks conceTnir¢g the Strategic grants include delay or diffEculties in implementslion due lo political, environmental and resource issues, which in turn may result in a failure to meet defined milestones or objectives_ The Trustees manage the risks by paying the grants in inslalments and by having each recipient sign a Grant Agreement, confirming the terms of the grant, and selling up a reporting process. whereby each recipient charity reports on the project on a six-monthly and annual basis. This report has lo include details of the progress, any unforeseen circumstances that may have arisen with the projects and how the recipient charity is managing this. 151 The Trustees have reviewed Ihe risks identffied in connection with the property portfolio and the Ops Commf£tee considers these risks and perfomiance al their quarterly meetings. The following are believed to be the principal risks." 12
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 Major tenant default This is monitored by referen lo Graydon Credit Risk Management and Stress Test reports foi commerc1 properties and effective credit control Rental voids, disruption lo cash flow, increased cosls and burdens of ownership Properties falling vacant on expiry Rental voids, disfuplion lo cash flow, increased costs and burdens of ownership Identifying likely properties in advance lin the case of commercial lellingsl and weighing up the potential for holding as against selling as an investment, whilst still producing an income. The aim is still lo sell all bul one ol the commercial properties Lack of liquidity Inability lo meel financial commitments or planned objectives Maintaining accurate cash projections, minimum working capital and effective relationships with banks ar)d other sources ol finance. Any geaftng is also lo be managed al sustainable levels Economic instability Monitoring general economic indicators and maintsining a policy of diversilication of assets held. including residenlial and therefore avoiding undue exposure to one specific secloi Leading to weakened tenant dernand and increased rent voids Legal regulatory and tax changes Impact on occupier and investor demand and values Monitoring consullalion papers and maintaining an awareness of potentially adverse mallers through the trade press and from other professional organisalions and taking action as appropriate Issues with building safety because of cladding The Trustees regularly review the iisks arising from the flats owned by them in SIou9h which are affected by either dangerous cladding or sub- standard 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 Propety Managers lo ensure that any tenants afe aware ol any new safety PredureS affecting their flats because of these issues. Reduction In Property Values An annual capilal valualion is underiaken by external valuers, Carter Jonas. The impact of the or economic climate is the highest risk lo values. Plans for the Future The key focus for granlmaking was on agreeing new Strategic grant recipients. Post year end a new round of recipients has been agreed. The Trustees will conlinue lo review and support projects in the light of the current economic crisis wlh a view lo ensuring Ihal, as far as possible, the levels of charitable benefil created are mainiained. The Truslees will conb'nue lo nnitOr Ihe situation externally and ad8pl 13
THE MONDAY CHARITABLE TRUST Trustees, Report for the year ended 31 March 2023 the Charity's strategy approprialety. The Intermediate grant agreements enlered inlo in 2021 are successful and the Trustees are mniloring these grants through the reports feceived from the recipients. 11 is anlicipaled that the Charity's existing projects, and new opportunities relating lo new Strategic Grants, will fully ulilise the Charity's funds available for grants for the next three years. No change in grantmaking policy is envisaged al present. Trustees. responsibilities in relation to the financial statements The Trustees are responsible for preparing the Trustees. Report and the financtal statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable lo charities in England and Wales requires the Trustees lo prepaie financial slalements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the income resources and application of resources ol the Charity for Ihal year_ In preparing these financial stalemenls, the Trustees are required to.. select suitable accountin9 policies and then apply them con51slenlly", obseNe the methods and principles of the Charities SORP. make judgements and accounling eslimates that are reasonable and prudent.. state whether aPpIable accounting standards have been followed. subject lo any departures disclosed and explained in the financial statements.. and prepare the financial statements on Ihe going concem basis unless il is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping accounting record5 which disclose with reasonable accuracy the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and ReFM)rtsl Regulations 2008 and the provisions of the Charily's constilulion. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable steps for the prevention and defecb.on of fraijd and other irregularities. So far as the Trustees are aware there is no relevant audit information of which the Charity's auditors are unaware. Each Trustee has taken all reasonable steps that he or she ought lo lake as a Trustee in orderlo make himself or herself aware of any relevant audit information and to establish that the charity's auditors are aware of that informalion. In preparing this report, the directors have taken advantage of the small companies, exemptsons provided by section 415A of the Companies Act 2006. Signed for and on behalf of the Trustees Trustee Date Sarah Baxter 14
THE MONDAY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MONDAY CHARITABLE TRUST YEAR ENDED 31 MARCH 2023 Opinion We have audited the finanoal slalements of The Monday Charitable Trust for the year ended 31 March 2023 which comprise the Slalemenl of Financial Aclivilies. the Balance Sheet, the Slalemenl of Cash Flows and notes lo the financial stalerrenls. including a summary of significant accounting tx)licies. 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 Stai?dard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Practice}. In our opinion. the financial stalemenls.. give a true and fair view of the state of the charitable company's affairs as al 31 March 2023 and ol the charitable company's nel vement in funds, ineluding the income and expenditure. for the year then ended., h2ve been properly prepared in accoidance with United Kingdom Generally ApIed Accounting Piactice." and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance wilh Inleinational Standards on Auditing (UK} IISAS IUKII and applicable law. Our responsibilitses under those standards are further described in the auditor's responsibilities lor the audit of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requiremerbls that are relevant to our audit ol the Iinancial slalements in the UK, including the FRC'S Ethical Slanclard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is suificient and appropriale lo provide a basis for our opinion. Conclusions relating to going eoneern In auditing the financial slalemenls. we have concluded Ihal the Iruslees, use of the going Gonrn basis ol accounting in the preparation of the financial stalemenis is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or ndilions that, individually or collectively. may cast significant doubl on the charitable company's ability lo continue as a going concern lor a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respecl to going concern are described in the relevant sections of this report. Other information The trustees are resFK)nsible ft)r the olher information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on Ihe financial statements does not cover the other inlorm21ion and. except to the exlenl otheise explicitly staled in our report. we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial stalemenis, our responsibility is lo read the other information and, in doing so. consider whether the olhei infoimalion is materially inconsistent with the financial slalemenls, or our knowledge obtained in the audit or otherwse appears lo be materially misslaled 11 we identify such
THE MONDAY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MONDAY CHARITABLE TRUST YEAR ENDED 31 MARCH 2023 material inconsistencies or apparent material misslalemenls, we are required to detemiine whether there is a material miss121ement 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 lo report in this regard. Opinions on other matters prescribed by the Companies Aet 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Tnjstees. Annual Report (which includes the directors, report prepared for the purposes of company lawl the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors. report included within Ihe Trustees. Annual Report have ken prepared in accordance with applicable legal requiremenls. Matters on which we are required to ieport by exception In the light ol the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Trustees, Annual Report (which incorporates the directors. reporti. We have nothing to report in respect of the following matters in relalKsn to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the charitable company. or the charitable company financial statements are not in agreement wilh the accounting records," 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 slalements in accordance with the small companies, regime and lake advantage of the small companies. exemptions in preparing the trustees, report and from the requirement lo prepare a strategic report. Responsibilities of trustees for the financlal statements As explained more fulty irs the trustees. responsibilities statement set out on page 14. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for bein9 satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misslalemenl, whether d¥Je to fraud or error. In PTep2ring the financial statements, the trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosirkg. as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. 16
THE MONDAY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MONDAY CHARITABLE TRUST YEAR ENDED 31 MARCH 2023 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slalemenls a5 a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS delect a material misslalemenl when il exists. Misslalements can arise from fraud or efror and are considered maleiial if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud. are InStsn5 of non-compfiance with laws and regulations. We design procedures in line with our responsibilities. ouuined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed bek)w". Based on our understanding ofthe charitable company and the environment in which il operates, we identified that the principal risks ol non-compliance with laws and regulations related lo the regulalory requirements of the Charities Commission, and we considered the extent lo which non-compliance might have a material effect on the financial slalemenls. We also considered those laws and regulations that have a direct impact on the preparation of the financial slalements such as the Companies Acl 2006. the Charities Act 2011 and the Charities SORP120191. We evaluated management's incentives and opportunities for fraudulent manipulation of the fi'nancial slalemenls (including the risk of override of conlrolsl. and determined that the principal risks were related lo the cut-off of investment income, the regnitIon of grant commitments and the valuation of investment properties. Audit prOdureS performed by the engagement teaffl included". Enquiries of management regarding corresFK)ndence with regulators and lax aulhorilies", Discussions wilh management including Conseration of known or suspected instances ol non- compliance with laws and regulation and fraud. Evaluaiing management's controls designed to prevent and delecl irregularities,. Reviewing and testing journal entries made in the year. particularly those made as part of the year end financial reporting piocess". and Challenging assumptions and judgements rnade by management in Iheircrilical accounting eslimales which comprise investment property valvalions, bad debt provision, depfecialion, accruals and deferred income. Because ol the inherent limitations of an audit. there is a risk that we will not delecl all irregularities, including those leading to a material misslatemenl in the financial statements or non-compliance with regulation. This risk increases the more that Complian with a law or regulation is removed ffom the events and Ifansaclions reflected in the financial slatemenls. as wewill be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud Involves intentional coneealmenl. forgery, collusion. omission Of misrepresentation. A luither description of our responsibilities for the audit of the financial ststemenls is located on the Financial Reporting Council's website al." www.frc.o .ukJauditorsres sibililies. This description forms part of Our auditor's report. Use of our report This report is made solely lo the charilable company's members, as a Iiody, in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stalè lo the
THE MONDAY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MONDAY CHARITABLE TRUST YEAR ENDED 31 MARCH 2023 charitable company's members those mallers we are required to state lo them in an Audilorfs report and for no other purpose. To the fullest extent pemiilled by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members. as a body. for our audit work, for this report or for the opinions we have formed. Jane Askew (Senior Stalulory Auditor) For and on behalf of Haysmacintyre LLP. Slalulory Auditor 10 Queen Street Place London EC4R 1AG Date 21 December 2023 18
THE MONDAY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES lincorporating an income and expenditure account) YEAR ENDED 31 MARCH 2023 Expendable Unrestricted Endowment Funds Fund Note Total 2023 Total 2022 Income and endowments from: Donations and legacies Investment income Investment portfolio Rental income Bank interest 1,600,300 1,600.300 7,160 1.330.001 1,485.749 104.525 1,330,001 1,485.749 104,525 1,300,272 2.012,036 16,301 Total income 4.520.575 4,520,575 3,335,769 Expenditure on: Raising funds Investment management fees Rental propety costs Charitable activities 387,128 423.710 875.413 387,128 423,710 875,413 441,656 492,465 2,401,723 Total expendilufe 1.686.251 1,686,251 3,335,844 Nel {Lossll gains on investments {4.082,705} 14.082,7051 1,674,513 Net {expenditure)lincome 2,834.324 {4.082,7051 11.248,3811 1,674.438 Transfers belween funds 12,834,324) 2,834,324 Net movement in funds (1.248,3811 11,248,381) 1,674,438 Funds brought forward 96,814,744 96.814,744 95,140,306 Funds carried forward 95,566.363 95.566,363 96,814,744 The Troles on pages 22 to 30 form an integral part of these financial slalements 19
THE MONDAY CHARITABLE TRUST BALANCE SHEET Company number 10910936 AS AT 31 MARCH 2023 Note 2023 2022 Fixed assets Tangible fixed assets Investment properties Investment portfolio Social investments 45 23,740,000 64,807,216 2,891,806 14,057.528 68,990.634 3,274.556 86.322.718 91,439,067 Current assets Debtors Cash al bank 10 681,436 10.082,316 459.710 9,087.727 10.763.752 9,547,437 Creditors.. amounts falling due within one year 11 11,520,107) 13,191,779} Net current assets 9,243,643 6,335,658 Total assets less current liabilities 95.566.363 97,794,725 Creditors.. amounts falling due after more than one year 11 1979,9811 Net assets 95,566,363 96.814,744 Funds of the Charity Unrestricted Fund Expendable Endowment Fund 13 95.566,363 ,814,744 Total Funds 95,566,363 ,814,744 Approved and signed on behalf of the Tnjslees Trustee Date.. Sarah Baxter The notes on pages 22 to 30 form an integral part of these financial statements 20
THE MONDAY CHARITABLE TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2023 2023 2022 Cash flows from operating activities Net incomellexpenditurel for the reporb.ng perirAJ 11,248.381) 1,674,438 Investmenl cashflows included in investing activities below Dividends, interest and rents from investments Investment managemÈnl fees and property cosls 12,920.2751 810,838 13,328,609) 934,121 Movements in working capital Ilncreaselldecrease in debtors Increaselldecrease} in creditors 1221,7271 12,651,651) 184,308 11,217,057 Non-cash items Depreciation LossesllGainsl on investments Donated investment property 45 4,082.705 {1,600,0001 540 11,674,513) Net cash used in operating activities (3,748,446) 13,426.7721 Cash flows from investing activities Oividends. interest and rents from investments Investment management fees and property costs Purchase ol investments Proceeds from sale of investments Purchase ol fixed assets Purchase ol social investments 2,920,275 (810,8381 126,843,818) 29,860,166 3,328,609 1934,1211 132,042,123) 33,279,129 {382,7501 {942,2501 Net cash provided by investing activities 4,743,035 2,689,244 Change in cash and cash equivalents in the period 994,589 1737,5281 Cash and cash equivalents at start of period 9.087,727 9,825,255 Cash and cash equivalents at end of period 10,082,316 9,087,727 At start of year 2023 Cash flows At end of year 2023 2023 Analysis of net debt Cash al bank 9.087.727 994,590 10,082,316 The notes on page 22 to 30 form an integral part of these financial statements 21
THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 Accounting policTes General information Monday Charitable Tnjsl in an incorporaled charity registered as 8 charity in England 2nd Wales (charity number.. 11742321 and a company limited by guarantee (company number.. 109109361. The address is sel out in the referen and adminislralion section of these financial stalemenls. Basis of preparation The financi21 slalements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Slalement of Recommended Piaclice ISORP} (second editnI. The Charity is a Public Benefit Entity under the definition sel out in FRS 102. The accounts are drawn up on the historical cost basis of xcounting. The Charity had one subsidiary throughout the period.. Chelsea Estates Limiled Iregislered company numbèr 00264585, England and Wales). This subsidiary is not consolidaled as its activities and balance sheet are not material lo the group. Going concern Having reviewed the expected income and expenditure over the next twelve months, the Twslees have a reasonable expe¢lalion that the Charity has adequale reSoUrS to continue ils activities for the foreseeable future and consider that there weie no material uncertainties over the Charity's financial viability. Accordingly, they continue lo adopt the going concern basis in preparing the financial statements. Income All income is included In the Statement of Financial Acliviiies when the charity is entitled lo the income and the amount can be quantified with reasonable accutacy. Donations and investment income are included when receivable. Investments donated lo the charity are recognised al their markel value as Ihe dale of the donalitsn. Expenditure Expenditure is recognised when a liabilty is incurred. Expenditure includes VAT as this cannot be recovered. The cost of raising funds represents investment and property management costs, and interest on borrowings lo finance property investments. Charitable expènditure represents those eosls incurred by the charity in providing granlsldonations lo ils beneficiaries. 11 includes both amounts directly paid lo the beneliciaries and management and administration costs necessary lo support them. Fund Accounting The Expendable Endowment Fund is the capital lund of the Charity and represents the original inveslmenls, additional capital receipts from Ihe founders and the subsequent gains and losses thereon. The endowment is not permanent as the Tnjstees may apply these funds al their discretion. 22
THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 Accounting policies {continued} The Unreslricled Fund is the general fund which is available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. The Trustees have a power to accumulate the income as an accretion lo the Expendable Endowment Fund. Investments Investments and investment propeilies are measured al fair value with gains and losses recognised in the Slalemenl ol Financial Aclivilies. Quoted securities are measured al closing exchange prices. Cash and cash equivalents Cash and cash equivalents comprise cash balan held in current accounts wilh banks or investment managers. and deposits with a maturity of less than three months. Debtors and creditors Debtors and creditors are measured inilially al the transaction price and subsequenlly, for amounts receivable or payable in more than one year. al amortised cost using Ihe effective inlerest rate. Taxation The charity's income is exempl from corporation tax on the basis Ihat il is applied for charitable purposes. Critical accounting judgements and key sources of estimation uncertainty In the application of the accounbng FK)Iicies. Trustees are required to make judgement. estimates. and assumptions aboul the carrying value of assets and liabilities that are not readily apparent from other sources. The esbmales and underlying assumptsons are based on historical experience and other factors that are considered to be relevant. Actual results rrw differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recnISed in the period in which the estimate is ievised if ihe revision affects only that period, or in the period ol the revision and future periods if Ihe revision affected current and fulure periods. In the view of the Trustees, the only significant area of eslimale or judgement in the Iinancial slalemenls is the valuation ol investment prOpe.eS. The Trustees use a qualified exlernal company lo advise on these valualions. 23
THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 Donations recelved 2023 2022 Unrgstrieted funds Cash donations Donated property 300 1.600.000 7.160 Investment income 2023 2022 Unresfricted funds Rental income from investment properties Income from quoted investments Income from social investments Bank interest 1,485,749 1,271,926 58,025 104,525 2,012,036 1.263,138 37.134 16,301 2,920.275 3,328,609 Costs of raising funds 2023 2022 Unrestricted funds Investment management costs Investment property costs 387.128 423.710 441,656 492,465 810,838 934,121 24
THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 Expenditure on charitable activities 2023 2022 Unrestricted funds DonatiODS to institutions Committed during the year Intermediate The Prince's Trust Lady Margarel Hall Family Lives Sl Calharine's College Cambridge Women's Aid Barts Charity Royal Bromplon and Harefield Hospilals Charity Chance lo Shine Founclalion Ltd Think Through Nutrition New Philanthropy Capital University of Exeter 150,000 150,000 42,287 72,000 150,000 150,000 150,000 150,000 150,000 199,800 Discretionary Grants Cambridge University Land Society The Big Give Refugee Education UK Toynbee Hall Injured Jockeys Fund Game and Wldlile Conservation TnJst Frimley Health Charity Lambourn Valley Housing Trust Tullochan Fine Cell Work Social Change Nest CIC {Upliftl Hampshire and low Air ambulance F21kland Maritime Heritage trust Arl in Schools Pimlico Opera Society for the Relief of Dislress Waltham Forest Churches Nighl Sheller ABF The Soldiers Charity Addington Fund Little Hearts Matter Royal Marsden Bowel Cancer UK Doorstep Library Royal Surrey NHS Nehemiah 6.160 212,007 70,000 47.500 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 211,259 15,000 20,000 15,000 10,000 10,000 15,000 20,000 20,000 10,000 25,000 25,000 20,000 25,000 10,000 25
THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 5. Expenditure on charitable activities (eontinued) 2023 2022 Emergency Grants The DEC Ukraine Humanitarian Appeal. paid via The Big Give RefLJgee Education UK {Ukraine Appeal) The DEC Turkey Syria Earthquake Appeal 100,000 72,000 50.000 Total grants 501,259 1,951,754 Support Costs Accountancy, legal and administration fees Other professional fees Audit fees (note 61 Olhei support costs Depreciation 310,442 20,970 20.150 22.277 45 390,595 33,520 17,575 7,739 540 Total support costs 373,884 449,969 Total charitable expenditure 875,413 2,401,723 26
THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 6. Auditor's remunèration 2023 2022 Fees payable lo Ihe charity'5 auditor for the audit of the charity's financial statements 17,500 15,250 Fees payable lo Ihe charity's auditor for other services 2,650 2,325 Total fees lo auditor 20,150 17,575 Information regarding trustees and remuneration and related parties The Charity has no employees12022.' no employees). No Trustee received temuneralion during the year {2022". £Nill. and no expenses were reimbursed to Truslees12022". £Nil). The Trustees have purchased indemnity insurance. A Trustee of the Charity. Jonathan Brinsden is a partner of BOB Pilmans LLP which administers the Charity. Fees invoiced lo the Charity during the year were £281,473 12022.. £314.9001, allocated lo charitable expenditure. A total of £283,61712022." £322.2931 was paid to BDB Pilmans LLP during the year. As al 31 March 2023 a balance of £10,456 was outstanding 131 March 2022.. £13,632). All figures are inclusive of VAT. Investments 2023 2022 Charity and Group Quoted investments Investment properties 68,990.634 14.057,528 64,807,216 23,740,000 83,048,162 88,547,216 Reconciliation of investments Quoted Investment Charity and Group investments properties Total Al 31 March 2022 Purchases at cost Disposals Change in fair value 64.807.216 23,740,000 26.843,818 1.600,000 118.958,9701 {10,901,1971 {3.701.4301 {381,2751 88.547,216 28,443,818 129.860,1671 (4,082,705) Al 31 March 2023 68.990.634 14,057,528 83,048,162 The investment propety portfolio has been valued by the Trustees based on a detailed external professional valuation of £14,057,526 as al 31 Maich 2023. In determining the fair value of the investment properties, a number of key eslimales and assumptions have ken made. particularly in relation to eslim2led yields and lulure rental income. 27
THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 9. Social investments Charity and Group 2023 2022 Loan lo Thames Reach Charity Loan lo Commonweal Housing Limiled ReS0nan- Women in Safe Homes IWSH} Fund Resonance- Everyone in Fund IREIF) Loan lo Aspire Loan lo The Powell-cotton Trusl 831,806 990,250 352,500 750,000 100,000 250.000 831,806 990,250 219,750 750,000 100,000 Total programme related Investrn1$ 3.274.556 2,891,806 10. Debtors 2023 Charity 2022 Charity Trade debtors Other debtors Prepayments 50,051 105,700 525,685 131,144 237,854 90,712 Total debtors 681.436 459,710 1 q. Creditors Due within one year 2023 Charity 2022 Charity Trade creditors VAT Accruals and deferred income other creditors Grant commitments Inter-company creditor 112,740 24,134 304,272 12,000 979,980 86.981 115,577 54,798 501,184 138,195 2,295,613 86,412 Totsl creditors due within one year 1.520.107 3,191,779 Deferied income al the year end lolaled £234.709 12022.. £384,532). This related to rents received in advall. All deferred income in the prior year was lully released to income during the year. Due in greater one year 2023 Charity 2022 Charity Accrued grant commitments 979.981 28
THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 12. Subsidiary results Chelsea Estates Limited is a private company limited by share capital registered in England and Wales with number 00264585. The trustees own 1000/0 of the issued shares in the company and the summary of results of the company is tekjw. 2023 2022 Tumover Operating expenses 129 569 Operating profil Interest receivable Interest payable 129 569 Net profit 129 569 Opening reseNes 116,625 116,056 Closing reserves 116,754 116,625 Cufrenl assets Current liabilities 116.754 116,755 11301 Nel assets 116,754 116,625 13. Funds movements 1 April 2022 Income Expenditure Gains, losses, transfers 31 March 2023 Unreslricled general fund Expendable endowment fund 4.520,575 11,686,251} 12,834.3241 11,248.3811 96.814,744 95,566,363 ,814,744 4.520,575 11,686,251) {4,082.7051 95,566,363 Prioryear Gomparalive Income Expenditure Gains, losses, transfers 31 March 2022 2021 Unreslricled general fund Expend8ble endowment fund 3.335.769 {3.335,8441 75 1,674,438 95.140.306 96,814,744 95.140.306 3.334.769 {3,335,8441 1,674.513 96,814,744 29
THE MONDAY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 14. Net assets over funds12023) Unrestricted funds Expendable endowment fund Total funds 2023 Charity Fixed assets Nel current assets Long term creditors 86.322,716 9,243,646 86.322,716 9,243,646 95,566,362 95,566,362 Net assets over funds (20221 Unrestricted funds Expendable endowment fund Total funds 2022 Charity Fixed assets Nel current assels Lon9 term creditors 91,439,067 6,355,658 1979,9811 91,439.067 6,355,658 1979,9811 96,814.744 96.814,744