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 be￿een 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 ac￿Ssible 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 Mer￿r 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 Ac￿pted 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 reSoUr￿s, 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
re￿iVed 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 Ins￿de
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 re￿iVed 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