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2025-12-31-accounts

MOMARK CIO

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Registered Charity No. 1179620

AZETS AUDIT SERVICES River House 1 Maidstone Road Sidcup Kent DA14 5RH

MOMARK CIO

CONTENTS

Page
Charity Information 1
Chair’s Forward 2
Report of the Trustees 4
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance sheet 9
Notes to the Financial Statements 10

MOMARK CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Members / Trustees Cris Sowden (Chairman) Elliot Napier (Treasurer) Greenie Cheng Theo Silberston Michael Humann Charity Number 1179620 Principal Office MOMARK CIO 86 – 90 Paul Street London EC2A 4NE Key Management The Trustees Independent Examiner M A Wilkes (FCA) Azets Audit Services River House 1 Maidstone Road Sidcup Kent DA14 5RH Bankers Metro Bank One Southampton Row London WC1B 5HA

1

MOMARK CIO

CHAIR’S FOREWORD

On behalf of the Board of Trustees, I am pleased to present MoMark CIO’s Annual Report and Financial Statements for the year ended 31 December 2025.

MoMark exists to advance mental health and wellbeing and we strive to ensure individuals in Wandsworth have the time and space to achieve good mental health and wellbeing to live a fulfilling life. Throughout 2025, we continued our work supporting delivery partners in Wandsworth to make a tangible impact on the mental health across the borough, committed to our clear and consistent strategy to support community-based mental health projects in Wandsworth, maintaining our longstanding commitments by maintaining long-term financial sustainability.

Demand for funding continues to exceed the resources available. During 2025 the Trustees received the highest level of funding requests in the charity's history. This reinforces both the continuing need for community mental health investment and the importance of preserving the charity's financial strength so that it can continue supporting beneficiaries well into the future. During the year we increased our charitable expenditure by over 30%, utilising our strong mid-year results and maintaining the charity's long-term financial resilience.

To deliver our strategy our funding priorities continue to center on:

Across our funding priorities, we consider and determine the level and timing of grant commitments to maximise out impact. We work with successful applicants and take a prudent approach, ensuring that decisions are aligned with available income, cash flow and longer-term financial resilience.

Our financial position remains robust, reflecting the Trustees measured decisions on our investment approach and annual spend. The external environment continues to present economic and particularly market uncertainty. These are not new challenges. We have largely withstood significant international headwinds having a direct impact on our investment portfolio since the 2020 covid pandemic, whilst also maintaining the Community Funding levels.

Trustees actively monitor investment performance and associated risks, recognising that short-term volatility is inherent in long-term investment strategies. Our diversified portfolio including investments, property and digital assets, supports our approach to risk management across the portfolio is intended to mitigate these short term volatility. Our operating costs have remained mostly in line with expectations, however we have identified a need to revisit our operating model. The Trustees continue to keep our financial position, future commitments under active review.

2

MOMARK CIO

At the time of writing, funding requests for 2026 have already exceeded the funding provided in 2025. We will continue to work to deliver our strategic priorities and consider additional ways to expand our income streams to diversify risks and better communicate our impacts.

On behalf of the Board, I thank our fellow Trustees and delivery partners for their continued commitment and responsible stewardship of the charity’s mission

Cris Sowden Chairman

Date: 7 July 2026

3

MOMARK CIO

REPORT OF THE TRUSTEES

The Trustees present their statutory report with the financial statements of MOMARK CIO for the year ended 31 December 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

OBJECTIVES AND ACTIVITIES

The objects of the CIO are, for the public benefit, to advance the treatment and care of persons suffering from mental illness and to promote mental health and wellbeing in the London Borough of Wandsworth and surrounding areas in ways as the charity trustees think fit, including but not limited to the provision of financial support, information, equipment, facilities and services.

ACHIEVEMENTS AND PERFORMANCE

  1. Supporting the mental health of Wandsworth.

  2. Ongoing delivery of the MoMark Mental Health Community Fund, funding the following organisations:

    • Bounce Theatre

    • Katherine Low Settlement

    • Jane Shore Trust

    • Family Action

    • Spear

    • Psychosexual Therapy Service

  3. Peer support ward visits (provided through SoundMinds)

  4. Supporting Springfield Hospital Service through the Social and entertainments grant and Forensics Grant (patients without recourse to public funds)

Financial Review of the year

Total income generated during the year was £171,448 (2024: £180,311). Total expenditure for the year was £252,169 (2024: £211,151), £70,793 (2024: £71,837) related to investment management and the costs of generating income, with £181,376 (2024: £139,314) invested directly in the charity’s activities.

The Trustees continued to implement the charity's long-term financial strategy during the year. This strategy seeks to balance two equally important objectives:

As a result, expenditure exceeded recurring income by £80,721 before investment gains (2024: expenditure exceeded income by £30,840). This reflects decisions by the Trustees to deploy part of the investment income and accumulated reserves to increase charitable impact during the year, whilst remaining within the charity's agreed financial strategy and risk appetite.

The investment portfolio performed strongly during 2025, generating unrealised gains of £308,550 (2024: £169,889). Consequently, total funds increased by £227,829 during the year, from £4,960,117 to £5,187,946.

The Trustees remain satisfied that the charity's financial position is strong. The level of reserves provides confidence that MoMark can continue supporting current beneficiaries while preserving and prudently growing its investment base to deliver sustainable funding for future generations.

4

MOMARK CIO

REPORT OF THE TRUSTEES

Reserve Policy

The charity retains its investments and investment properties in order to provide income for the furtherance of its objects. The charity does have unrestricted reserves at the year-end; however, there are certain ongoing commitments which are paid from income generated by the investment portfolio.

Total funds held at 31 December 2025 were £5,187,946 (2024: £4,960,117).

Investment Policy

Our investments are in four areas:

  1. Shares, Bonds and Invested Cash. The board sought advice from Azets Financial Planning Limited during the setup of the portfolio, which is split between two investment managers and adopts a medium risk strategy that also considers the ethics of the investments.

  2. Property. We have one investment property under the management of Nightingale Chancellors. The property is let to tenants on a lease basis, generating rental income for the charity.

  3. The charity has an account with Metro Bank. There is no interest earned on this account.

  4. As part of a diversified long-term investment strategy, the charity maintains a modest exposure to digital assets through Bitcoin mining infrastructure hosted by a specialist provider using predominantly renewable energy.

Plans for Future Years

We will continue our work to improve mental health and wellbeing in Wandsworth. We will deliver this objective by supporting projects through our Mental Health Community Fund, our ongoing support of the peer support ward visits and community support (provided through SoundMinds) and the provision of two Springfield Hospital grants (Forensics and Entertainment Grants).

Going Concern

The Trustees have considered cash flow forecasts, liquidity within the investment portfolio and forecast income streams. They are satisfied that the charity has sufficient financial resources to continue operating for the foreseeable future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure

MOMARK CIO is a Charitable Incorporated Organisation registered on 21 August 2018.

Governance

Responsibility for the management of the charity is vested in the Trustees shown on page 1. The Trustees meet regularly to carry out their leadership role throughout the year.

Conflict of Interest and Risk Management

The Board have Risk management and Conflict of Interest policies which are reviewed regularly.

The Trustees who served during the year to date of were as follows:

Cris Sowden (Chairman)
Elliot Napier (Treasurer)
Greenie Cheng
Michael Humann
Theo Silberston

5

MOMARK CIO

REPORT OF THE TRUSTEES

Trustee Induction and Training

Trustees are appointed by an open recruitment process, during which time successful candidates are provided with guidance and information sources about their duties and responsibilities. The Chairman and trustees meet with new trustees to explain the work of the charity.

Each year all Trustees are asked to complete a “register of interests form”.

On appointment new Trustees are issued with the following: a copy of MoMark’s Constitution”, the latest Annual Accounts, a copy of the “Review by the Trustees of the Key Risk and Controls” and the Charity Commission publication “The Essential Trustee”.

Risk Management

The Board have implemented policies concerning conflict of interest, risk management and safeguarding. These are reviewed regularly.

Public Benefit Statement

The Trustees confirm that they have referred to the guidance as published by the Charity Commission on public benefit. All charitable activities, highlighted in this report are undertaken in furtherance of the stated charitable objects and for the public benefit.

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on 7 July 2026 and signed on their behalf by:

Cris Sowden Chairman

6

MOMARK CIO

INDEPENDENT EXAMINER’S REPORT

I report on the financial statements of MOMARK CIO for the year ended 31 December 2025, which are set out on pages 8 to 16.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

M A Wilkes (FCA) For and on behalf of Azets Audit Services River House, 1 Maidstone Road Sidcup Kent, DA14 5RH

Date: 13 July 2026

7

MOMARK CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025


Notes
Income from:
Rental income
Investment income – Income from portfolio
Investment income – Interest on loans
Investment income – Bitcoin mined
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
2
Net expenditure for the year
Other recognised gains and losses
Net gains/(losses) investments
7, 10
Net movement in funds
Balances at 1 January 2025
Balances carried forward
at 31 December 2025
Unrestricted funds
2025
2024
£
£
28,225
28,485
114,035
114,145
20,160
18,000
9,028
19,172
-
509
_
_
171,448
180,311
_
_
70,793
71,837
181,376
139,314
_
_
252,169
211,151
_
_
(80,721)
(30,840)
308,550
169,889
_
_
227,829
139,049
4,960,117
4,821,068
___
__
5,187,946
4,960,117
_
____

All of the charity’s transactions are derived from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised in the year.

All the transactions in 2025 and 2024 are derived from unrestricted income.

8

MOMARK CIO

BALANCE SHEET AS AT 31 DECEMBER 2025

Note
2025
£
FIXED ASSETS
Intangible fixed assets
7
Tangible fixed assets
8
Investment properties
9
Investments
10
CURRENT ASSETS
Debtors
11
195,102
Cash at bank and in hand
37,587
____
232,689
LIABILITIES: AMOUNTS
FALLING
DUE WITHIN ONE YEAR
12
(116,048)
____
NET CURRENT ASSETS /
(LIABILITIES)
NET ASSETS
FUNDS
Unrestricted funds		 2024
£
£
82,843
-
390,000
4,598,462
___
5,071,305
174,055
35,186
____
209,241
(53,946)
__
116,641
___
5,187,946
__
5,187,946
_
5,187,946
____		 £
88,224
19,252
390,000
4,307,346
___
4,804,822
155,295
__
4,960,117
_
4,960,117
_
4,960,117
____

Approved by the Board of Trustees on 7 July 2026 and signed on its behalf by

Cris Sowden Elliot Napier Chairman Treasurer

The notes on pages 10 to 16 form part of these financial statements.

9

MOMARK CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

a) Basis of preparation

MOMARK CIO is governed under its Memorandum and Articles of Association. The address of the principal office is given in the information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 4.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares and by making loans. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

c) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

All expenditure is inclusive of irrecoverable VAT.

d) Support cost allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 5.

10

MOMARK CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

e) Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

f) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

g) Tangible fixed assets

All assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any impairment.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Bitcoin mining equipment – 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

h) Intangible fixed assets

The bitcoin cryptocurrency assets for Treasury are recorded as Intangible assets and can be measured at either cost or revaluation. The charity has elected to measure them at valuation, based on the value at the year end.

i) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

j) Taxation

The company is a registered charity and is therefore entitled to the exemptions from corporation tax afforded by section 505 of the Income and Corporation Taxes Act 1988. Accordingly, there is no corporation tax charge in these financial statements.

k) Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.

l) Financial instruments

Financial instruments Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

11

MOMARK CIO

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

m) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The key sources of estimation uncertainty are described in the accounting policies and are summarised below:

Valuation of Investment Properties

These are stated at their estimated fair values based on both a professional valuation and Trustee’s valuations as disclosed in note 9.

2. ANALYSIS OF EXPENDITURE

Raising funds
Charitable activities
3.
RAISING FUNDS
Property agent’s fees
Investment manager’s fees and custody charges
Bitcoin mining fees
Allocation of support costs
4.
CHARITABLE ACTIVITIES
Grants payable
Community activities
NHS grants
Befriending services
Allocation of support costs		 Direct
costs
£
40,842
166,400
_
207,242
_		 Support
costs
£
29,951
14,976
_
44,927
_

 Total
2025
£
70,793
181,376
_
252,169
_
2025
£
1,677
30,572
8,593
29,951
_____
_
70,793
_____
_
2025
£
103,838
20,000
42,562
14,976
____
181,376
____		 Total
2024
£
71,837
139,314
_
211,151
_
2024
£
1,680
33,212
8,833
28,112
____
71,837
____
2024
£
53,590
25,000
47,189
13,535
____
139,314
____

Full details regarding grants payable are available on the charity’s website: https://momark.org.uk/YE-Dec25-Charitable-activies-disclosure

12

MOMARK CIO

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

5. SUPPORT COSTS

Depreciation
Office
Insurance
IT
Other
Virtual assistant
Governance costs:
Independent Examiner’s fee
Legal Fees
Board meetings		 2025
£
19,252
504
1,366
513
723
16,461
3,420
2,313
375
_____
44,927
_____		 2024
£
19,251
504
1,336
430
1,127
15,456
3,240
-
303
_____
41,647
_____

Support costs are allocated in proportion to direct costs.

6. STAFF COSTS & TRUSTEE REMUNERATION

The total amount of employee benefits received by key management personnel is £nil (2024 - £nil). The charity considers its key management personnel to compromise those individuals listed on page 1, and the charity has no employees.

During the year the charity re-imbursed £26,276 to 2 Trustees (2024: £25,304 to 3 Trustees) for expenses paid on the charity's behalf in respect of Virtual assistant costs, Insurance, Bitcoin mining fees, and IT subscriptions.

7. INTANGIBLE FIXED ASSETS

£
Bitcoin crypto currency
At 1 January 2025 88,224
Additions – Cryptocurrency mined 9,028
Unrealised loss (14,409)
_____
At 31 December 2025 82,843
_____

13

MOMARK CIO

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

8. TANGIBLE FIXED ASSETS

Bitcoin
Mining
equipment
£
Cost
At 1 January 2025 and 31 December 2025 57,754
_____
Depreciation
At 1 January 2024 38,502
Charge for the year 19,252
_____
57,754
_____
Net book value
At 31 December 2025 -
_____
At 31 December 2024 19,252
_____
9. INVESTMENT PROPERTIES
Freehold
properties
Valuation
At 1 January 2025 and 31 December 2025 390,000
_____

The property was valued by the trustees at 31 December 2025.

14

MOMARK CIO

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

10. INVESTMENTS

NVESTMENTS
2025
£
Market value at 1 January 2024
4,235,529
Additions at cost
1,346,887
Disposals at market value
(1,431,710)
Net unrealised gain / (loss) in year
322,959
__
Market value at 31 December 2025
4,473,665
_
Cash and settlements pending
124,797
___
4,598,462
__
Historical cost at 31 December 2025
3,915,527
_____
Market value of investments comprise:
UK fixed income
1,222,512
Overseas fixed income
204,604
UK equities
665,506
Overseas equities
1,317,072
Alternatives
577,217
Property
326,146
Structured return
160,608
Cash on UK deposit
124,797
______
4,598,462
 2024
£
4,138,240
566,952
(596,523)
126,860
__
4,235,529
_
71,817
___
4,307,346
______
3,924,385
_______
1,037,373
226,339
634,115
1,196,259
830,626
126,243
184,574
71,817
______
4,307,346

No investments represent over 5% of the total portfolio.

11. DEBTORS

Other debtors
Loans
Amounts included above which fall due after more than one year
Loans		 2025
£
27,102
168,000
__
195,102
_
168,000
__
168,000
_		 2024
£
6,055
168,000
__
174,055
_
168,000
__
168,000
_

One loan was provided in the year. The loan was for £168,000 for 24 months with interest payable of 12%.

15

MOMARK CIO

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

12. CREDITORS : amounts falling due within one year

Accruals
Other creditors
Grants payable		 2025
£
3,420
42
112,586
__
116,048
__		 2024
£
£
3,240
42
50,664
__
53,946
__
13.
GRANT COMMITMENTS
Grants payable at 1 January 2025
Grants committed
Grants paid
Grants payable at 31 December 2025		 2025
£
50,664
166,400
(104,478)
_____
112,586
 2024
£
62,081
125,779
(137,196)
_____
50,664

14. RELATED PARTY TRANSACTIONS

No related party transactions took place during the year.

15. MEMBERS

The members are the trustees of the CIO. If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

16