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, Offi￿rS 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- eff￿lIve 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 re￿1ve 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 ex￿ed £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 Mer￿r
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 S￿la1 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 PraCt￿e 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
be￿een 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 Mer￿r 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 othe￿iSe.
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 n￿de.
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 de￿K)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 Mer￿r 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
prO5￿ctive 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
commerc￿1 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 Pr￿edureS 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 n￿nitOr 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 aPpI￿able 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 A￿pIed 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 Gon￿rn 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 othe￿ise 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 a￿ayS 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 InStsn￿5 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 re￿gnitIon of grant commitments and the valuation of investment
properties. Audit prO￿dureS performed by the engagement teaffl included".
Enquiries of management regarding corresFK)ndence with regulators and lax aulhorilies",
Discussions wilh management including Cons￿eration 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 edit￿nI. 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 reSoUr￿S 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 rec￿nISed 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 Investr￿n1$
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