The Cesàro limit -the asymptotic average of a sequence of real numbers -is an operator of fundamental importance in probability, statistics and mathematical analysis. To better understand sequences with Cesàro limits, this paper considers the space F comprised of all binary sequences with a Cesàro limit, and the associated functional ν : F → [0, 1] mapping each such sequence to its Cesàro limit. The basic properties of F and ν are enumerated, and chains (totally ordered sets) in F on which ν is countably additive are studied in detail. The main result of the paper concerns a structural property of the pair (F , ν), specifically that F can be factored (in a certain sense) to produce a monotone class on which ν is countably additive. In the process, a slight generalisation and clarification of the monotone class theorem for Boolean algebras is proved.