Registered number: 10910936 Charity number: 1174232 MONDAY CHARITABLE TRUST {A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) CONTENTS Page Administrative Details of the Company, Its Trustees and Advisers Trustees. Report Independent Auditors. Report on the Flnancial Statements 3-14 15-18 Statement of Financial Activities 19 Balance Sheet 20 Statement of Cash Flows 21 Notes to the Financial Statements 22-34
MONDAY CHARITABLE TRUST {A Company Limited by Guarantee) ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Elspeth Lane. Founder Trustee Sarah Baxter, Founder Trustee Jonathan Brinsden, Founder Trustee Andrew Hunter Johnston Douglas Blausten {Andrew Hunter Johnston and Douglas Blauslen are currently appointed for a one year term, ending 7 June 20261 Company reglstered number 10910936 Charity reglstered number 1174232 Registered office One Bartholomew Close London EC1A 78L Independent audltors Haysmac LLP Statutory Audilors 10 Queen Street Place London EC4R 1AG Investment Managers CCLA Investment Management Limited One Angel Lane London EC4A 3AB Sarasin & Partners Juxon House 100 St Paul's Churchyard London EC4M 88U Property Advlsers Redstone Thinks.. Ltd 206 Upper Richmond Road London SW14 8AH Property Managers Hicks Baker Limited 29 Castle Street Reading RG17SB Administrators and Legal Advisers Broadfield One Barthomolew Close London EC1A 7BL Page 1
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Management team General Manager Stephen Lewin Flnanclal Adviser David Blake Charity Consultant Andrew Hope Administrator Helen D'monte Page 2
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are also Directors of the company for the purpose of the Companies Act, presenl their report and the audited financial statements for the year ended 31 March 2025, which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The informalion wilh respect to Truslees, Directors, Officers and Advisors set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Charity's Articles of Association (the Articles), current Accounting Standards in the United Kingdom and the Statement of Recommended Practice {SORP} applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland IFRS 1021 (second edition - effective 1 January 2019), the Charities Act 2011 and the Companies Act 2006. The Trustees are appoint8d in accordance with the terms of the Articles and have the appropriate knowledge and expertise lo manage and administer the Charity. The Trustees have complied with the duty to have due regard to guidance issued by the Charity Commission. The Charity has appointed Stephen Lewin to act as General Manager, who continues to dea5 with the day-to-day administration of the Charity. The Charity does not make use of volunleers. Structure Governance and Management The Charity is a charitable company limited by guarantee, incorporaled on 11 August 2017 (company registration number 109109361 and registered with the Charity Commission as a charity {charity registralion number 1174232). The Charity's governing document is the Articles, as amended 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 eighl. There were four original Trustees, the Founder Trustees, and they serve an indefinite term based on their relative experience and contribution to the Charity as a whole. One of the Founder Trustees, Robert Lane, died in January 2021. New Trustees are Elected Trustees and serve a term of three years. They are appointed by ordinary resolution and may serve a maximum of 0 terms. They may thereafter be reappointed annually if recommended by Ihe Chaimian. Training for new Trustees is provided when relevanl. Responsibility for the induction of any new Trustee, which includes awareness of the hislory and approach of Ihe Charity and an understanding of a Trustee's duties, lies with the Trustees. New Trustees receive copies of Ihe Articles, the Special Resolution, the previous year's accounts and guidance booklets provided by the Charity Commission. The Trustees also provide full details of the Charity s current grant programme and objeclives. There are elected Trustees. Andrew Hunter Johnston and Douglas Blauslen. They were each appointed for a three-year term as from 24 May 2019 and again on 8 June 2022: they were re-appointed for a further one-year term on 1 July 2025. All Trustees work on a voluntary basis and no remuneration was paid in the year. Details of Trustees, expenses and related paty transactions are disclosed in Note 9 lo the Accounts. Tnjstees are required to disclose all relevant interests and register them annually and, in accordance with the Charity's policy, withdraw from decisions where a conflict of interest arises. A register of conflicts is maintained by the Charity and any new conflicts are noted during meetings. The Trustees meet at least Mice a year and agree the broad strategy and areas of activity for the Charity, including consideration of grantmaking. budget, investment, reserves, risk management policies and performanGe. Page 3
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Subsidiary Company The charity has one subsidiary company, Chelsea Estates Limited. The Company did nol actively trade in the year and as its results are immaterial lo the group, no consolidaled 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 tsjo Trustees and the General Manager as well as advisers. The Ops Committee reviews the financial and governance arrangements for the Charity and advises the Board accordingly on matters including financial management, risk management and the audit. The Ops Committee is responsible for reporting to the Trustees on investment and property matters and directing the investment managers as appropriate. The Charity has also appointed a Social Investment Committee (formerly a Programme Related Investmenl Committee) Ilhe Tuesday Committee) consisting of at least bNo Trustees and the General Manager to consider Social and Impact investment opportunities. The Tuesday Committee reviews these opportunities and obtains advice on them as needed and then advises the Board on the level of investment and terms. An Investment Committee consisting of at least one Trustee and the General Manager was set up when Mercer, the Charity's previous investment manager, was appointed. The Investment Committee meets half yearly with the new Investment Managers, CCLA Investment Management Limiled {CCLA) and Sarasin & Partners {Sarasinl, to discuss investmenl policy and monitor performance. There are no paid staff within the Charity. Financial management, risk management and administration are the responsibility of the General Manager. Objectlves, Prlncipal Actlvltles and Publ1¢ Benefit The primary objects of Ihe Charity, as stated in ils governing document, are to advance such charitable purposes (according to the law of England and Wales) in any part of the world as the Trustees see fit from time to time. The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefil when reviewing the Charity's aims and objectives, in planning future activities and setting a grantmaking policy for the year. The Trustees, having regard lo the Charity Commission's guidance on public benefit including the guidance 'PubliG benefit.. running a charity (PB2)' and in accordance with seGlion 17 of the Charities Act 2011, consider that the purposes and activities of the Charity satisfy the requiremenls of Ihe public benefit test set out in section 4 of the same Act. The Charity carries out these objects by providing grants to UK registered charities whose objects comply with the Charity's criteria. During 2024125 the Trustees have supporied charities in the Charity's areas of intended impact, focusing on Housing, Education and Environmental Crises, underpinned by secondary themes of Young People, Mental Health and Social Mobilily and Inequality. The charities benefited include those operaling in the following fields.. Independenl living for elderly and young people in general Literacy in children Supporting young people wth life skills Mental Health Page 4
MONDAY CHARITABLE TRUST {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grantmaking Policy Following a strategic review of the grantmaking strategy in 2023124, we continue to apply the 'primary' themes of Housing, Education and Environmental Crises, underpinned by 'secondary themes of Housing, Education and Environmenlal Crises, underpinned by 'secondary themes of Young People, Mental Health and Social Mobility and Inequality to our larger Slralegic and Intermediate grants. The Charity aims to improve life chances of disadvantaged and often marginalised groups in the UK by supporting UK registered charities that work in the Charity's areas of intended impact (see above). We are aiming to continue lo support programmes which address or seek to 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 to be flexible and independent and respond to changing needs in society and we are willing to support innovative ideas for tackling problems. The Trustees have an agreed grantmaking policy for the Charity, which 15 reviewed on an annual basis. The Trustees carry out three types of granlmaking.. Strategic, Intermediate and Discretionary. 'Strategic' grants are large grants which are made over a 2 to 3 year period to support a particular project. The total value of Strategic grants awarded each cycle would normally be around £5.4m, payable in three annual instalmenls. This level will be reviewed in each cycle. The cycle of Strategic grants for 2023 to 2025 was agreed in June 2023 and was £5.325m. A new cycle is set to start in 2026. The Trustees have a seleclion process in place lo identify charities which meet the Chanty's strategic criteria. Beneficiaries are required to provide reports on a half year and annual basis. The current cycle will come to an end in June 2025 with all the recipients completing the cycle and reporting as required in their Agreements. Those supported in the cycle which started in June 2023 included Nehemiah, The Mental Health Foundation, the Prince's Trust (now the King's Trust). Into University, The Royal National Springboard Foundation, Client Earth, the Access Project, Khulisa and Construction Youth Trust, the last of which was in its second cycle as a Strategic grant recipient. 'Intermediale' grants are mid-level grants and made over a 2 10 3 year period to support a project but not as large as a Strategic grant. Generally, they would not exceed £150,000 to each charity payable in three annual instalmenls. The total value of Intermediate grants awarded in each cycle was increased in 2024 10 £1.65m over a three-year cycle. Beneficiaries have to report annually on progress to the Trustees. The currenl cycle of Intermediate grants was agreed by the Trustees in June 2024, with the successful applicants being Bloomsbury Football Foundation, Literacy Pirates. Frontline, Refugee Education UK, Schoo Home Support, Carbon Tracker. Kinship - Grandparents Plus and The Fore, with repeat grants awarded to Chance lo Shine, Family Lives and the Maudsley Charity's CUES-ED programme. The first payment under this ycle was made in December 2024 and is due to end in December 2026. Ejiscretionary, grants.. The Big Give.. the Trustees Gonlinue to support the Big Give Christmas Challenge and intend to support it in 2025. They are pleased to see how much a donation made under this scheme can be increased by the match funding provided. In 2024 the Trustees agreed that the donation of £200,000 should be split as to £160,000 plus costs to Ihe Christmas Challenge and the balanGe plus costs should be used to support the Big Give Green Match Fund. This year the funds committed to the Christmas Challenge helped raise £737.785 for 41 charities, a multiplier of 5.1 on the champion funds committed by the Charity. The Trustees will also budget for a further £250,000 to be made available to pay discretionary beneficiaries. Each of the trustees has a budget and will propose recipients of Ihese donations Ihroughout the year and these are paid as they arise. These donations are noted by the Board on a six-monthly basis at their meetings. Page 5
MONDAY CHARITABLE TRUST {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Recent turbulence in global financial markets had some impact on the Charity's finances, bul investment markets have subsequently stabilised. Unless further significant investment losses are sustained, the impact of the market volatility on the Charity's investment portfolio will not have malerially affected the Charity's future forecast expenditure. Al the year end the Charity held only three of ils former portfolio of commercial properties, of which one is seen as a 'long term hold, in view of its satisfadory income stream. The other two properties will be sold when market conditions permit. The management of cash from the sales of property is carefully monitored and is largely invested in money market funds with JP Morgan. When needed, the Trustees will consider withdrawing income from its investment portfolio., this is currently being re-invested. The Trustees approved a fund of £50,000 for emergency grants in the Charity's budget for 2024125. During the year one emergency grant of £10,000 was paid to DEC via the Big Give to support Ihe Middle East Humanitarian Appeal. Achlevements and Performance Grants have been made to various charities {detailed in note 7 to the accounts}. The Charity continues to monitor the performance of a range of existing medium and long-lerm projects across the spectrum of the Charity's grantmaking activities. All the projects undertaken by the Charity are considered to meet the requirement for public benefit. However, in certain cases, il is not possible to quantify the number of potential ultimate beneficiaries. Review of Activities The Trustees have supported charities in the Charity's areas of intended impact - Housing, Education, and Environmental Crises - with a focus on young people, menlal health and social mobility and inequality. The cycle of Strategic granls which started in 2023 will be completed in 2025126. The grants to these recipients were for the following programmes.. CYT.. for their Building Opportunities programme to support an intensive coaching programme for disadvantaged young people who are NEET (Not in Educalion, Employment or Training) or at risk of becoming NEET. MHF.. lo support their Building Bridges to Wellbeing programme in Wales and Northern Ireland including but not limited to influencing the support provided for people from refugee backgrounds living in the UK in relation to mental health and wellbeing and building a culturally appropriate knowledge base on mental health amongst people from refugee backgrounds. Nehemiah.. to support their core running costs. The Prince's Trust= to support the Foundations for Work the Explore programme supporting young people who are furthest from the job market towards employment through creating wrap around support for each young person where il is needed. Into University.. to support the expansion of its learning centres programme to coastal areas including but not limited to providing academic support to sludents at the ntres. running a mentoring programme., providing work experience and other services. The Royal National Springboard Foundation.. to support Iheir core running cosls and allow the Royal National Springboard Foundation to continue to run their programme. Client Earth.. lo support Client earth's programme on driving action on accountability in the financial sector. The Access Project.. to support their core running costs and allow The Access Project to continue lo run Iheir programme. Khulisa.. to support their core running costs. Page 6
MONDAY CHARITABLE TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income The total income for the year ended 31 March 2025 was £4.1 m131 March 2024.. £3.2m). This was an increase on the last year because of the generous gift from Elspeth Lane of £1.31m. Expenditure Total Expenditure during the year ended 31 March 2025 decreased from £7.15m in 2023124 to £3.3m in 2024125. This decrease was due to a reduction in triennial grant accruals. In 2023124, £5.3m of strategic grants were aGcrued, whereas Ihis year we accrued Inlermediale grants totalling £1.65m. Other expenditure changed only modestly in the year. Investment Pollcy CCLA and Sarasin & Partners were appointed in the year lo manage the majority of our investment portfolio and investment management agreements with both companies were enlered into in July 2024. The transfer of assets from Mercer was dealt with in tranches during Ihe year and was Gompleled, for the assets that could be transferred, in February 2025. There remains a £7.1 m private markets portfolio of investments ('PIP VI,) held with Mercer, and £1m in a money markets fund lo facilitate any drawdowns requested by the private markets fund. The Trustees revised their Investment Policy Statement in the year and this was approved by the Board. Currently, its main provisions are.. Flnanclal and Investment Objectlves The Trustees, aim is to hold inveslmenls which are not inconsistent with their charitable objectives and lo align them so far as practicable with current best practice with regard lo environmental, social and governance factors, whilst maintaining a consistent real value for the Charily over the longer term. The overall investment objective for the investment portfolio is lo generate a retum of CPI + 4 % pa, net of underlying inveslmenl manager fees, by holding a diversified portfolio over a long term li.e. 5 years) in a risk-conlrolled manner. CCLA has invested its allocation of the Charity's funds in its COIF Charities Ethical Investment Fund. Sarasin & Partners has invested its allocation of the Charity's funds in a range of equities, bonds and cash within pre-defined operating ranges. In March 2021, the Truslees made an investment in Mercer's private markets fund, PIP Vl. This investment will be retained until maturity (intended to be in 20311 and continues to be managed by Mercer. The estimated value of PIP Vl as at 31 March 2025 was £7.1m. The Truslees are aware of the constraints on this type of inveslment. Because of the previous decision to sell the Charity's directly held properties and the substantial cash funds currenlly held by the charity, the Trustees have not given CCLA or Sarasin an annual income or cash withdrawal target. They have both been asked to invest on a lolal return basis. This policy is reviewed annually and any changes lo it will be notified to them. The Trustees are also investing in Social and Impact investments. Strategies for Achieving Objectlves The key strategies employed by the Trustees to achieve their cash and investment objectives include.. Retention of appropriate levels of cash as part of its balanced investment portfolio and being able to respond lo favourable investment opportunities or increased financial support to grantees., Regular review with CCLA and Sarasin of the investment portfolio performance against the agreed benchmarks: Page 7
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Reviewing the investment mandates, Gurrently the agreements dated 5 July 2024 made by the Charity with CCLA and 8 July 2024 with Sarasin, every 3-5 years; For property assets, advice 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 to sale., and The funding needs of the charity. Llquidity Requirements The Charitls reserve policy is to have cash funds available sufficienl to meet Its committed grant payments and overheads for the following 12 months. There is no current minimum income target for the Investment Managers to meet from the investment portfolios because of the cash funds held arising from past property sales and more cash is expeGled to be raised from the sale of the of the Charity's remaining properties. However, when all the properties have been sold and a substantial portion of the Gash has been reinvested, an annual income target andlor cash withdrawal policy will need to be agreed with CCLA and Sarasin lo provide liquidity to enable the Charity to meet its commitments. Ethlcal and other Investment Pollcy conslderatlons Exclusions.. As part of their investment process both investment managers apply a 'screening policy, which excludes exposure to securities in various sectors, including controversial armaments and lobacco. In some cases further exclusions are applied, so far as practicable, to certain fossil fuels, adult entertainment, alcohol and gambling. The exclusion list is subject lo revenue criteria which permit investment in companies that do not focus on these activities as a core part of their business model. There are no olher specific restrictions. Environmental, social and governance (ESGI factors.. The expectation of the Trustees is that Ihe investments made by CCLA and Sarasin will have a high ESG rating, based on the modelling analysis carried out by them. The Investment Committee will periodically discusslreview the ESG ratings with CCLA and Sarasin as part of their monitoring role. The Trustees have requested CCLA and Sarasin lo be proactive on their behalf by encouraging their investee companies or funds to engage on issues that are aligned with their impact goals, focusing on ESG factors and exercising their voting rights on the Charity's behalf to encourage better corporate governance. Both Investment Managers will report, monitor and Ghallenge the fund managers on Iheir ESG performarsce. Environmental Crises.. The Trustees agreed that lackling Ihe 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 initiatives which aim lo increase alignment beeen the environmental impact of investments and the goals set by the ParislGlasgow climate change accord to limit global warming. Impact investing.. The Trustees are about lo make Iheir first Impacl investTnent. Impact investments are inveslmenls made with the intenlion to generate posilive, measurable social and environmental impact alongside a financial retum. Impact investments can be made in both emerging and developed markets and target a range of relurns from below market to market rate, depending on investors, strategic goals. The growing impacl investment market provides Gapital to address the world's most pressing challenges in sectors such as sustainable agriculture, renewable energy, conservation, microfinance, and affordable and acSsible basic services including housing. healthcare. and education. Page 8
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 The Trustees have made an allocation outside their main investment portfolio to impact investments, which will be used lo test the potential for achieving market-like or concessionary returns by investing into impact funds thal align to their impact goals and which generate a measurable and transformative impact. The first investment will be in Helios Investment Partners CLEAR, fund in 2025126. The Truslees have agreed an allocation of up to 15°/D of th8 value of the Charity's net assets in a combination of Social Investments, investments having a specific impact on environmental crises and Impact Investments but accept that this allocation will take lime to achieve. Investment portfollo revlew CCLA and Sarasin are the investment managers and act on a fully delegated basis. The Trustees have agreed an investmenl policy and as stated above, have asked both Investrnent Managers lo operate on a total return basis with income reinvested. A benchmark of CPI + 40/0 net of fees is applied to the portfolio. CCLA and Sarasin send performance reports monthly and full reports quarterly to the Trustees and General Manager. New Terms of Reference were drawn up for the Investment Committee IICI and these were approved by the Trustees al the Board meeting in November 2024. The IC is formed of one Trustee and the General Manager. Two new members of Ihe IC, who act pro bono, were appointed.. Christopher Queree, formerly at Ruffer LLP, and Sophie Ward, Head of Charities and Educalion at HSBC Private Bank. The IC will meet with CCLA and Sarasin on a half yearty basis before the Ops Committee meetings to review Ihe detail of the portfolios. It will also meet with Mercer periodically to review the private markets portfolio. The IC reports to th8 Ops Committee at the Ops Committee meetings. The Trustees also review this al their meetings every half year. The total investment portfolio was valued at £75.9m on 31 March 2025, 12024.. £76.3m). The Charity's investment portfolio performance was volatile in the year and as at the year end had fallen due to market reaction to US tariffs being announced. The Charity is invested for Ihe long term and CCLA and Sarasin have only been appointed since July 2024. The Trustees continue to review the portfolios with CCLA and Sarasin at their regular meetings and will consider changing Iheir policy but only if this is appropriate and continues to align with their impact goals. Sarasln - Performance Revlew MCT'S Sarasin-managed portfolio targets UK CPI +4 % over the long term and is invested predominantly in global equities (80 % I, with the balance invested in UK government and corporate bonds120 /01. Investment returns during 2024 were broadly positive, with US equity markets hitting all-time highs in the run up to and shortly after President Trump's election. However, this market optimism reversed as investors faced mounting political uncertainty triggered by the emergence of Trump's protectionist trade policies, in turn spiking volalility. The announcement and implementation of so called 'reciprocal' lariffs by the US administralion on a swathe of their primary trading partners. and the subsequent retaliatory measures that followed, led to a steep decline in investor Gonfidence and corresponding price action from mid-February to the nadir of markets in mid-April, when Trump signalled a reversal in the degree of these policies. Since this point markets have rebounded, driven by lower-quality, cyclical names. Compared to broader index relums, 2024 was a challenging environment for active equity managers because of the narrowness of the returns being led by technology stocks. Whilst the MCT portfolio owned five of the seven largest technology companies (Apple, Nvidia, Microsoft, Amazon and Alphabet), not owning Mo of the largest and strongest performing companies on govemance grounds (Meta and Tesla) detracted from relative performance versus the composite. although ahead of both the peer group and Page 9
MONDAY CHARITABLE TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 inflation target at this stage. Mindful of the large weightings and high valuations, a number of the technology stocks were trimmed back, realising considerable profits. Markets remain sensitive to the interplay bemeen economic growth, inflalionary pressures, and central bank policy decisions. The MCT'S portfolio remains focused on meeting the long-term UK CPI +4 /0 target with a balanced portfolio of fixed interest blended with high quality global equilies with strong balance sheets, thematic tailwinds and attractive valuations. CCLA - Performance Revlew The account wilh CCLA was opened in 2024 with accumulation unils in the COIF Charities Ethical Investment fund purchased behmeen 31st July and 81h August. The fund's investment objective is to achieve an average annual return of inflation (measured by CPI) +50/0 before fees The months since investment have been volalile and in the first 8 months the portfolio retumed -3.OD/o A strong summer was followed by Ihe election of Donald Trump on 5th November. Expectations of lower taxes and reduced regulation lead to the S&P500 hitting an all-time high around the calendar year-end before falling sharply on erratic tariff policy The nadir was the week following Liberation Day on April 2nd The fund is widely diversified with over 100 holdings. The manager reduced equity exposure by 50/) at the beginning of March 2025 and has maintained the focus on "quality" assets wilh strong underlwng cashflows. High valuations, particular in the technology sectors have resulted in capital being recycled, selling more expensive US equities, and buying less expensive positions in the UK and Europe Property portfollo In March 2021 the Trustees appoint8d a property consultant, Redslone Thinks Ltd, to review the commercial property portfolio and advise on the disposal programme and whether capital investment was required in Ihe properties before they were marketed for sale. The Trustees continued with the property portfolio disposal programme to achieve greater investment diversification and reduce administrative costs. There were no properties sold in Ihe year bul just after the year end Units 1420-1450 Montagu Court, Kettering, were sold for £1.9m. Because of the current economic conditions and the type of property remaining in the portfolio, the liming of any sales of the remaining commercial properties will be conlingenl on receiving the right offer. The Trustees have also undertaken a disposal programme of their residential portfolio. This process is managed by Hicks Baker as and when the properties become vacanl or after notice is given to the present tenant5. During the year one propety was sold. The remaining residential portfolio includes seven flats in two apartment blocks in Slough which continue to be affected by claddinglexternal wall issues. These flats are generating rental income but are not Gurrently saleable. The position is moving slowly wilh some resolution looking likely in the future enabling the sale of these properties. The Trustees continue lo be advised by Broadfield on the ongoing Glaims. Soclal and Impact investments The Trustees have made various Social and Impact investments which are held outside the main investment portfolio. Social Investmenls are investments made in other charitable organisations for specific (often property related) projects to further the Charity's charitable objecls. These investments primarily aim to achieve a social impact and are also intended to produce a financial return for the Charity, being repayable with Page 10
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 interest andlor wilh a return of capital to the Charity at the end of the lerm. Impact investments are investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return. Impact investments can be made in both emerging and developed markets and target a range of returns from below market to market rate, depending on investors, strategic goals. In their Investment Policy Statement, the Trustees have agreed an allocation of up to 15010 of the value of the Charity's total net assets in a combination of Social investments, investments having a specific impact on environmental crises and Impact investments. The Trustees have invested in the following.. During 2019, the Trustees invested in Ihe following lo assist with the purchase of residenlial properties for the borrowers, own charitable purposes: £0.99m lo Commonweal, repayable in May 2026., and £0.83m to Thames Reach, which was repaid in full in September 2024. In 2021, £1.5m was committed lo Iwo funds managed by Resonance Limited.. The Women in Safe Homes Fund (WISH} and The Resonance Everyone in Fund {REIF). Funds are invesled when drawdowns are requested by the fund manager. At 31 March 2025 the Charity was fully invested in both funds. It has started to receive income from the REIF Fund. In February 2024, the Trustees agreed to provide a loan of £900,000 to Derbyshire Wildlife Trust to assist them in purchasing a vacant farm which could be re-purposed as an education centre and to re-wild the farmland. The loan period was initially for two years, subjecl to an extension to up to five years, which has recently been agreed. The Trustees engaged NPC in the year to advise and assist them with the selection of initial Impact investments. NPC carried out extensive due diligence on the first such investment, in the Helios CLEAR fund, and an investment of £1 m into this fund will be made in 2025126. Reserves Pollcy As required by accounting standards, grants are accrued in full in the year in which they are awarded. Payments for Slralegic and Intermediate grants are spread over a number of years and appropriate liabililies are shown in the accounts, reflecling the commitments made. The Trustees have the discretion to disburse some or all of ils Expendable Endowment. Having regard to this, the Trustees have re-examined the requirement to maintain free reserves and concluded that the level currently maintained is appropriate to ensure that the Charity would be able to continue its activities. The Trustees will review their budget each year and consider how expenditure will be met following the decision to invest for total return. The Trustees will, at the appropriate time, engage with CCLA and Sarasin to set an appropriate cash withdrawal policy. The charity's rental income during the year decreased, because of the property sales in the year and also because of vacant properties. The Trustees, policy on a minimum level of liquidity is thal the Charity should retain cash funds available sufficient to meet its committed grant payments and overheads for the next 12 months. As at 31 March 2025, the charity held £8.3m in Gash and cash equivalents, which represented a surplus over budgeted expenditure Page11
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 for the following year of £4.9m. Fundraising and gifts 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 Charity is not registered with the fundraising regulator and received no fundraising complaints in the year. During Ihe year shares in a fund managed by Baillie Gifford (wilh a value of £1.31 m} were gifted by Mrs Elspeth Lane and were sold by the Charity. Rlsk Management 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 at the Trustees meeting in November 2024. 1. The Trustees consider variability of investment returns constitutes a financial risk and volatility in world stock markets demonstrates this risk. The Trustees have asked the Investment Managers to manage the portfolio on a lotal return basis under a fully discretionary mandate. The Trustees consider a total return basis will stabilise the resources available to them and also gives CCLA and Sarasin a wide mandate to invest on their behalf. in March 2021, the Trustees made a private market investment in the Merr PIP VI Fund lo help diversify their risk. This investment is intended to be relained unlil maturity. 2. Following market volatility because of uncertain US tariff policy, the performance of the investment portfolio did not meet ils benchmarks in Ihe year ended 31 March 2025. The Charity holds these investments for the long term and expects investment values lo fluctuate, but the hope is that in the long term there will be general capital appreciation. 3. Social investments are made on the understanding that they have a charitable purpose as well as being financial investments. The General Manager undertakes due diligence on prospective Social Investments, with the help of advisers and advises the Trustees about Ihis lo mitigate the risks. Investments may be secured, as in the loans to Commonweal and Derbyshire Wildlife Trust, or unsecured. 4. Impact Investmenls are made following market research and due diligence undertaken by advisers, which is then considered by Ihe Investmenl Committee before recommendation for investment is made to the Trustees. 5. The potential risks conceming Strategic grants include delay or difficulties in implementation due to 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 instalments and by having each recipient charity sign a Grant Agreement, confirming the terms of the grant, and setting up a reporting process, whereby each recipient 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 these are being managed. 6. The Trustees have reviewed the risks identified in conneclion with the property portfolio and the Ops Cornmittee considers these risks and performance at their quarterly meetings. The following are believed to be the principal risks, although they are expected to diminish as the remaining property assets are sold.. Page 12
MONDAY CHARITABLE TRUST {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Major tenant default This is rnonrtored by reference lo Credit Risk and Stress T8St Rental voids. disruption to cash flow, increased costs and reports and effective credit control. burdens of ownership Properties falling vacant on expiry Identifying likely properties in advance lin th6 casè ol commercial Rantal volds, disruption to cash flow, increased costs and letlingsl and weighing up the potential for holding as against sèlling as an investment, whilst still produ¢ing an income, burdens ol ownèrship Economlc Instablllty Monitoring general economic indlcalors and maintaining a policy of diversification of assets held including resldonllal. Leading to weakened tan8nl dèmand 8nd in¢rea8ed rent voids Legal regulatory and tsx changes Monitorin9 legal devaloprnents and maintaining an awareness ol potents'ally adversè mallers through the press, from profe55ional organisation$ and property advisers and taking action as Impact on occupier and investor demand and v8luès appropri818. Issu9¥ Wlth building safety because of claddlng The Trustaas ragularly review and take professional advic8 on the risks arising from the nals owned by them in Slough which are affected by èithèr d8n9erou8 ¢1odding or sub-standard building processes on the 6xtèrn81 walls and l¢r which schemes ol remediation are in development. They have also 8sk8d the Proparty Managèrs to ensure that any tenants are aware of any new safety procedures affecting their Ilals b8c8use of these ssuès. Reduction in Property Values An annual mark8t V8lu8tion 15 undertaken by external valuer5, Carter Jonas. The impact ol the poor economic climat8 is the high85t risk lo v8lugs. Plans for the Future The key focus for grantmaking has been on agreeing new Intemiediate grant recipients. A new round of recipients has been agreed and agreements are in place. The Trustees will continue to review and support projects lo ensure that. as far as possible, the levels of charitable benefit created are maintained. Strategic and Intermediate grants will be monitored through Ihe reports received from the recipients. Page 13
MONDAY CHARITABLE TRUST {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 It is anticipated that the Charity's existing projects and new Strategic grants, being agreed for 2026, will fully utilise the Charity's funds available for grants for the next three years. The Trustees will continue to monilor the external environmenl and adapt Ihe Charitys Stralegy appropriately. No change in granlmaking policy is envisaged at present. Trustees, responsibilities in relation to the financial statements The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statemenls for each financial year which give a true and fair view of the slate of affairs of the Charity and of the income resources and application of resources of the Charity for that year. In preparing these financial statements, the Trustees are required to.. seleGI suitable accounting policies and then apply them consistently; observe the methods and principles of Ihe Charilies SORP., make judgements and accounting estimates that are reasonable and prudenl state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping accounling records which disclose wilh reasonable accuracy the financial position of the Charity and enable them lo ensure Ihat the financial statements comply with the Charities Act 2011, the Charity (Accounls and Reports) Regulalions 2008 and the provisions of the Charity s constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and defection of fraud 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 Truslee has taken all reasonable steps that he or she ought to take as a Trustee in order to make himself or herself aware of any relevant audit information and to establish that the charity s auditors are aware of that information. Approved by the Board of the Charity and signed on its behalf by: Jonathan Br Trustee Date.. sden 41ILIIs Page 14
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MONDAY CHARITABLE TRUST Opinion We have audiled the financial slalements of Monday Charitable Trust (the 'charilable company,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Acpted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitable Gompanl5 affairs as al 31 March 2025 and of its incoming resources and application of reSoUrs, including ils income and expenditure for the year then ended., have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in Ihe Auditors, responsibilities for Ihe audit of the financia1 statements section of our report. We are independent of the charilable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including Ihe Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 15
MONDAY CHARITABLE TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MONDAY CHARITABLE TRUST (CONTINUED) Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent olhemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is malerially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or olherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 facl. We have nothing to report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statemenls. the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requiremenls. Matters on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report including the Stralegic Report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been reiVed from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Page 16
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MONDAY CHARITABLE TRUST (CONTINUED) Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstalement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable companls ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditors, responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS IU K} will always delect a material misstatement when it exists. Misslalements can arise from fraud or error and are considered material 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 statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Charities Cornmission, and we considered the exlenl lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulalions that have a direct impact on the preparation of the financial slalements such as the Companies Act 2006, the Charities Act 2011 and the Charities SORP120191. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related lo the cut-off of investment income, the recognition of grant commitments and the valuation of investment properties. Audit procedures performed by the engagement team included. Enquiries of management regarding correspondence with regulators and tax authorities; Discussions wilh management including consideration of known or suspected instances of non-compliance with laws and regulalion and fraud., Evaluating management's controls designed to prevent and detect irregularities.. Reviewing and testing journal entries made in the year, particularty those made as part of the year end financial reporting process., and Challenging assumptions and judgements made by management in their critical accounting estimates which comprise investment property valuations Because of the inherent limitations of an audit, there is a risk that we will nol deteGI all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Complian with a law or regulation is removed from the events and transactions reflected in the financial stalements, as we will be less likely to become aware of instances of non-compliance. Page 17
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MONDAY CHARITABLE TRUST (CONTINUED) The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial statemenls is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charitable companys members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to stale lo them in an Auditors, Report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Jane Askew (Senlor Statutory Audltor) for and on behalf of Haysmac LLP statutory Auditors 10 Queen Street Place London EC4R 1AG Dale: 11 December 2025 Page 18
MONDAY CHARITABLE TRUST IA Company Limited by Guarantee} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Expendable Unrestricted Endowment funds fund 2025 2025 £000 £000 Total funds 2025 £000 Total funds 2024 £000 Note Income and endowments from: Donations and legacies Investment income.. Investment portfolio Rental income Bank interest 1,314 1,314 1,651 762 404 1,651 762 404 1,173 887 403 Other income 744 Total Income and endowments 4,131 4,131 3,208 Expendlture on: Raising funds.. Investment management fees Rental propety costs Charitable activities 334 347 334 347 2,604 423 368 6,362 2,604 Total expendlture 3,285 3,285 7,153 Net Incomel(expendlturel before net (lossesllgalns on investments Net Ilossesllgains on investments 846 846 13,945) 4,435 {1,608) (1,6081 Net Incomellexpendlture) Transfers between funds 846 (846) {1,608) 846 (762) 490 Net movement In funds (762) (762) 490 Reconciliation of funds". Total funds brought forward Net movement in funds 96.056 {762} 96,056 (762) 95,566 490 Total funds carried forward 95,294 95.294 96,056 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 22 to 34 form part of these financial statements. Page19
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 10910936 BALANCE SHEET AS AT 31 MARCH 2025 2025 £000 2024 £000 Note Fixed assets Investment property Investment portfolio Social investments 10 8,969 75,910 3,489 9,375 76,319 4,368 12 88,368 90,062 Current assets Debtors 13 1,872 8,279 566 Cash at bank and in hand 9,422 10,151 9,988 Creditors.. amounts falling due within one year 14 12,6751 12,2191 Net current assets 7,476 7,769 Total assets less current liabilities 95,844 97,831 Creditors.. amounts falling due after more Ihan one year 15 {550) 11,7751 Net assets 95,294 96,056 Charlty funds Expendable Endowment Fund 17 95,294 96,056 Total funds 95,294 96,056 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by.. Ltr De ce kn( ZC)LS athan Brinsden The notes on pages 22 to 34 form part of these financial statements. Page 20
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 £'ooo 2024 £'ooo Cash flows from operating activities Net (expenditure}lincome for the reporting period {762) 490 Investment cashflows included in investing activities below Dividends, interest and rents from investments Investment management fees and property costs Lossesllgainsl on investments (2,8171 681 1,657 {2,4631 791 14,239} Movements in working capital Decrease in debtors 115 (Decreasellincrease in creditors 1769) 2,474 Non-cash items Loss on sale of investment property Income settled through donated lisled investments 1491 (1,314) (196) Net cash used In operatlng actlvlties 13,365) 13,028) Cash flows from investing activitles Dividends, interest and rents from investments Investment managemenl fees and property costs Purchase of investments Proceeds from sale of investments Disposalllpurchasel of social investments 2,817 {681) (82,0291 81,236 879 2,463 17911 117,145} 18,934 11,093) Net cash provlded by Investlng actlvltSes 2,222 2,368 Change In cash and cash equivalents In the perlod 11,143) {660} Cash and cash equlvalents at start of perlod 9,422 10.082 Cash and cash equivalents at end of period 8,279 9,422 At start of year 2025 £'ooo Cash flows 2025 £'ooo At end of year 2025 £'ooo Analysis of net debt Cash at bank 9,422 11,1431 8,279 The notes on page 22 to 30 form an integral part ofthese financial statements Page 21
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information Monday Charitable Trust in an incorporated charity registered as a charity in England and Wales (charity number.. 11742321 and a company limiled by guarantee (company number.. 109109361. The address is set out in the reference and administration section of these financial statements. Accounting policies 2.1 Basls of preparatlon of flnan¢lal statements The financial stalements have been prepared in accordance with the Charities SORP IFRS 102} Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Act 2006. Monday Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevanl accounting policy. The accounts are drawn Ltp on the historical cost basis of accounting. The Charity had one subsidiary throughout the p8riod.' Chelsea Estales Limited Iregislered company number 00264585, England and Wales). This subsidiary is nol consolidated as its activities and balance sheet are not matenal to the group. 2.2 Golng concern Having reviewed the expected income and expenditure over the next e1ve months, the Trustees have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Charity's financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 2.3 Income All income is recognised once the Company has entitlement to the income, it is probable Ihat the income will be received and the amount of income receivable can be measured reliably. Donations and investment income are included when receivable. Investments donated to the charity are recognised at their fair value on the date the charity becomes entitled to them. 2.4 Expenditure Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made excepl in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. Page 22
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.4 Expenditure (continued) Expenditure is recognised when a liability is incurred. Expenditure includes VAT where this cannot be fully recovered. The cost of raising funds represents investment and property management costs, and inleresl on borrowings to finance propety investments. Charitable expenditure represents those costs incurred by the charity in providing grantsldonations lo its beneficiaries. It includes both amounts directly paid to the beneficiaries and management and administration costs necessary to support them. 2.5 Fund accountlng The Expendable Endowment Fund is the capital fund of the Charity and represents the original investments, additional capital receipts from Ihe founders and the subsequent gains and losses thereon. The endowment is not permanent as the Trustees may apply these funds at their discretion. The Unrestricted 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 has not been designated for other purposes. The Trustees have a power to accumulate the income as an accretion to the Expendable Endowment Fund. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company., this is normally upon notification of the interest paid or payable by Ihe institution with whom the funds are deposited. 2.7 Taxation The income is exempt from corporalion tax on the basis that it is applied for charitable purposes. 2.8 Investments Investments and investment properties are measured at fair value with gains and losses recognised in the Statement of Financial Activities. Quoted securities are measured at closing exchange prices. Social Investmenls are measured at cost less any provision for permanent diminution in value. 2.9 Debtors and creditors Debtors and creditors are measured initially al the transaction price and subsequently, for amounts receivable or payable in more than one year, at amortised cost using the effective interest rate. 2.10 Cash and cash equivalents Cash and cash equivalents comprise cash balances held in current accounts with banks or in money market funds, and deposits with a maturity of less Ihan three months. Page 23
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Crltlcal accounting judgements and key sources of estimatlon uncertainty In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities thal are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and fulure periods. In the view of the Trustees, the only significant area of estimate or judgement in the financial statements is Ihe valuation of investment properties. The Trustees use a qualified chartered surveyor to advise on these valuations. Income from donatlons Unrestrlcted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Donatlons Donated listed investments Donations 1,314 1,314 1,314 1.314 Investment Income 2025 2024 Unrestricted funds Rental income from investment properties Income from quoted investments Income from social investments Bank interest 762 1,539 111 404 887 1,085 88 403 2,816 2,463 Page 24
MONDAY CHARITABLE TRUST IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Costs of raising funds Unrestricted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Inveslmenl property cosls Investment management costs 347 347 368 334 334 423 681 681 791 Expenditure on charitable activities 2025 2024 £000 £000 Unrestrlcted funds Donatlons to Institutlons ¢ommltted durlng the year Strategic Grants Conslruclion Youlh Trus1 900 Mental Health Foundation 300 Nehemiah Project Khulisa 150 450 The Access Project Royal Spring Board Inlo Unix 525 300 900 Client Earth 900 The Prince's Trust 900 5,325 Page 25
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Intermediate Grants St Catharine's College Bloomsbury Football Foundation Carbon Tracker, Tracker Group Limited Frontline 1141 150 150 150 School Home Support The Literacy Pirates The Fore 150 150 150 150 Chance To Shine Family Lives Refugee Education UK Maudsley CUES Grandparents Plus - Kinship 150 150 150 150 1,650 1141 Dlscret5onary Grants The Big Give Hale Community Centre Army Benevolent Fund Think Through Nutrition Future Frontiers 210 210 10 20 10 10 Spark Insde York Steiner School Cumbria Wildlife Access Sport RHS Trust 10 10 Screen Share UK 20 Alzheimers Research 15 Craven Wildlife Research Giggleswick School Dentaid 10 20 Upreach Mental Health Innovations 10 Cave Rescue Organisation Pioneer Projects Sl Oswald's Horton Playing Fields National Youth Orchestra 10 Page 26
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Gonville & Caius College Cambridge Kensington Aldridge Academy Intrepidus Trust Prison Choir Project Onside Crisis The Wave Project Icanyoucantoo NPC CatalytiG Capital Group Siobhan's Trusl 11 20 15 10 Catholic Parish of Seaford 20 Team Domenica 20 Mayor's Fund for London One Small Thing Frontline 25 20 20 Canine Partners 20 CW+ 24 YMCA 10 Koestler Arts 20 Social Change Nest CIC (Uplift) Mediation Surrey Motiv8 HIOWAA Toynbee Hall Cystic Fibrosis Gateways Charity Schoolreaders 20 20 10 15 20 15 10 20 Society for the Relief of Distress 10 475 539 Emergency Grants The DEC Ukraine Humanitarian Appeal. paid via The Big Give 50 Middle East Humanitarian Appeal (via The Big Give) 10 10 50 Total grants 2,135 5,900 Page 27
MONDAY CHARITABLE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Support costs Accountancy, legal and administration Audil fees Inole 81 Other support costs 412 412 22 21 35 29 Total support costs 469 462 Total charitable expenditure 2,604 6,362 Auditors. remuneration 2025 2024 £000 £000 Fees payable to the charity's auditor for the audit of the charity's annual accounts Fees payable to the charity's auditor in respect of all non- audit services not included above 19 18 All non-audlt services not included above 22 21 Informatlon regarding trustees and remuneratlon and related partles The Charity has no employees (2024.. Nill. During Ihe year ended 31 March 2025, no Trustee received any remuneration or other benefits12024'. £Nil-l and no Trustee expenses were incurred (2024.. £Nil). The Trustees have purchased indemnity insurance A Trustee of the Charity, Jonathan Brinsden is a partner of Broadfield which administers the Charity. Fees invoiced lo the Charity during the year were £241,829 12024.. £253,962), allocated to charitable expenditure. A total of £240,779 {2024'. £239,633) was paid to Broadfield during the year. As at 31 March 2025 a balance of £28,436 was outstanding (31 March 2024.. £27,366}. All figures are inclusive of VAT. Page 28
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Investment property Freehold investment property £000 Valuation At 1 April 2024 Disposals Net gainslllossesl 9,375 {357) 149) Al 31 March 2025 8,969 The investment property portfolio has been valued by the Trustees, based on a detailed external professional valuation, at £8.97m as at 31 March 2025. In determining the fair value of the investment properties, a number of key estimates and assumptions have been made, particularly in relation lo estimat8d welds and future rental income. 11. Investments Investment portfollo £000 At 1 April 2024 Additions 76,319 82,029 (80,879) (1,559) Disposals Net gainsl{losses} At 31 March 2025 75,910 Page 29
MONOAY CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Social investments 2025 £000 2024 £000 Loan to Thames Reach Charity Loan to Commonweal Housing Limited Loan to Derbyshire Wildlife Trust Resonance Women in Safe Homes IWISHI Fund Resonance Everyone in Fund IREIF) Loan to Aspire Loan to The Powell-cotton Trust 832 990 900 546 750 100 990 900 749 750 100 250 3,489 4,368 13. Debtors 2025 £000 2024 £000 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income VAT recoverable 32 38 1,799 39 81 443 1,872 566 14. Credltors: Amounts falllng due within one year 2025 £000 2024 £000 Trade creditors Amounts owed lo subsidiary undertakings Accruals and deferred income 86 86 92 86 151 2.352 204 1,837 Accrued grant wmmitments 2,675 2,219 Deferred income at Ihe year end totalled £120k12024'. £162k}. This relaled to renls reiVed in advance. All deferred income in the prior year was fully released to income during the year. Page 30
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Creditors: Amounts falling due after more than one year 2025 £000 2024 £000 Accrued grant commitments 550 1,775 16. Subsldlary results Chelsea Estates Limited is a private company limited by share capital registered in England and Wales with number 00264585. The Charity owns 1000/0 of the issued shares in the company and the summary of results of the company is below. 2025 £000 2024 £000 Opening reserves Distribution to parent charity 116 117 {1) Closing reserves 116 116 Currenl asset5 116 116 Net assets 116 116 In the year to 31 March 2025 there was a gift aid distribution to the parent charity of £Nil (2024.. £0.7k} Page 31
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Statement of funds Statement of funds current year Balance at 31 March 2025 £000 Balance at 1 April 2024 £000 Transfers inlout £000 Gainsl {Losses) £000 Income Expenditure £000 £000 Unrestricted funds Unrestricted general fund 4,131 (3,285) (8461 Endowment funds Expendable endowment fund 96,056 846 (1,6081 95,294 96,056 4,131 {3,2851 (1,6081 95.294 Page 32
MONDAY CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Statement of funds (continued) Statement of funds - prior year Balance at 31 March 2024 £000 Balance at 1 April 2023 £000 Transfers inlout £000 Gainsl {Lossesl £000 Income Expenditure £000 £000 Unrestrlcted funds Unrestricted general fund 3,208 17,1531 3,945 Endowment funds Expendable endowment fund 95,566 13,9451 4,435 96,056 95,566 3,208 17,153} 4,435 96,056 18. Analysls of net assets between funds Analysis of nel assets between funds - current year Expendable Unrestricted endowment funds fund Total funds 2025 2025 2025 £'ooo £'ooo £'ooo Fixed asset investments 75,910 8,969 3,489 10,151 12,6751 15501 75,910 8,969 3,489 10,151 12,675) 1550) Investment property Social investments Current assets Creditors due within one year Creditors due in more than one year 95,294 95.294 Page 33
MONDAY CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of net assets between funds - prior year Expendable Unrestricted endowment funds fund Total funds 2024 2024 2024 £'ooo £'ooo £'ooo Fixed asset inveslments 76,319 9,375 4,368 9.988 12,219) 11,775) 76,319 9,375 4,368 9,988 12,2191 {1,775} Investmenl property Social investments Current assets Creditors due within one year Creditors due in more than one year 96,056 96,056 Page 34