MONDO FOUNDATION LOCALLY-LED RESPONSE5 TO GLOBAL CHALLENGES MONDOCHALLENGE FOUNDATION Company Limited by Guarantee FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st MARCH 2024 REGISTERED NUMBER.. 05120253 CHARITY REGISTRATION.. 1106237
MONDOCHALLENGE FOUNDATION Company Limited by Guarantee FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st MARCH 2024 Contents Pages Company Information Directors Report Independent Examiner's Report 10 Profit and loss account 11 Balance sheet 12 Examiner's notes 13-17
MONDOCHALLENGE FOUNDATION COMPANY INFORMATION MONDO FOUNDATION REGISTERED OFFICE CANOPI, 82 Tanner Street, London, SEI 3GN Mondo Trustees Hirsh Cashda n (Chair of trustees) Andrew Allright Sarah Woolfenden Mark Adams Osamu Yamagata Michael Dennison James Hollingshead Juliet Osborne Anthony Lunch (Founder) 191 CHIEF EXECUTIVE Matthew Band COMPANY SECRETARY Sarah Woolfenden INDEPENDENT EXAMINER Maxwell-Gumbleton & Co.1, West Street, Lewes BN7 2NZ
MONDOCHALLENGE FOUNDATION MONDOCHALLENGE FOUNDATION DIRECTORS, REPORT MONDO FOUNDATION LOCALLY-.ED EsIoN5&s 10 GLOBAL [wLLE11GÈS The Directors present their Report together with the abbreviated financial statement5 for the period ended 31st March 2024. PRINCIPAL ACTIVITIES Mondo Challenge Foundation is a company limited by guarantee, registered as a company in May 2004 Ino 51202531 and as a Charity on 8 October 2004 (no 11062371 The Foundation supports programmes in Asia (Nepal, NE India} and in Africa (Tanzania, The Gambial. The objects of Mondo Challenge Foundation are: The provision of educatlon and development opportunities The relief of sickness The relief of financial hardship Day-to-day management of the Company and Charity is the responsibility of the CEO. Hirsh Cashdan continued as Chair of Trustees until January 2024 and was replaced by Andrew Allright. Matthew Band was appointed as the new CEO in May 2023, and in June 2023 Juliet Osborne joined as a board member. GOVERNANCE The Trustees have considerable experience in the fields of education, financial management, legal services, social inclusion, media and international development, Monthly financial reporting to Trustees is carried out by the CEO and there is a specialist Finance Sub Committee made up of trustees which meets quarterly. Abroad, Mondo works through independent NGO country partners. For 2023-24 these were: In India- Mondo Challenge Kalimpong, In Tanzania- Mondo Tanzania In Nepal- The Helambu Education and Livelihoods Partnership- HELP. These organi5ations are registered in their country of operation and run by local leaders with support from an elected board of directors. The Trustee5 continue to ensure that the charity is run to the highest standards including undertaking regular risk assessment exercises, prioritising and tracking actions which mitigate key risks. Health and Safety The Charity maintains an appropriate Public Liability insurance policy and has ensured that its Health & Safety policy is implemented in its places of work.
Related Parties The Charity has no link with "Related Parties" as defined by the Statement of Recommended Practices and has not combined with any other organisation in the pursuit of its charitable objectives. Reserves Policy The Trustees require a minimum level of reserve5 to be available at all times. We have set this figure as the costs of running Mondo for 6 months {both in the UK and core costs of our partners overseas). Thi5 figure is reviewed annually and updated. For 2022/23 the figure for 6 months core cost operation was £30,000. Trustees consider our reserves to be satisfactory for a charity of our size. STATEMENT OF TRUSTEES RESPONSIBILITIES Trustees, responsibilities statement - charitable company The trustees (who are also directors of Mondo Challenge Foundation for the purposes of company law) 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). Company law requiresthe trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at anytime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Icharities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. INCOME GENERATION Our programmes in 2023-4 were expanded and reached a number of new communities as well as continuing our support in ourtraditional area5 of operation. Our focus in Nepal has been teacher training, school quality improvements & scholarships; in India our 12 Schools, Network and in Tanzania, Microfinance, with some growth compared to the last two years. Building on the achievements, highly successful fundraising and partnerships established in previous years, the dedication of the Management teams in the UK and abroad has ensured we have raised and spent funds to bring about significant positive change in the countries where we work. During this period Mondo raised £304,871 (previous year £262,437).
During 2023-24 we received many generous individual donations together with major funding from grant-making Trusts for both our teacher training and placement programme in Nepal, and for Tanzania, where we continued to support livelihood programmes with women living in poverty. We also continued to support various school improvement projects in Nepal, India, Tanzania and Gambia. RESOURCES EXPENDED Resources expended in the current year were £289,691 Icompared to £254,697 the previous year). Of these, the following was spent on specific programmes abroad as follows: Nepal Education and livelihood Projects NE India Education Projects Tanzania Education and Livelihood Projects Gambia Education and Livelihood Programmes £183,403 £ 10,164 £ 43,623 £ 1,235 Total Overseas Programmes £238 425 SUPPORT COSTS Mondo Foundation is committed to keeping total support costs (overheads for administration here in the UK) as low as possible. In delivering the programme of work outlined above the support costs are summarized in Note 5 to the accounts. HIGHLIGHTS OF THE YEAR Mondo and our partners have worked hard this year to implement programmes in all our countries of operation, particularly helping children in Nepal and India, and have expanded our support for women and their families in Tanzania through our business grants project and Village Banking Groups i.e. Vicoba. An exciting development has been Mondo's first step into Project work in Uganda with the transition of the Sky Is The Limit ISITL) Children's Centre from the Ecologia Youth Trust to Mondo, where we now support a School, Farm and Youth Enterprise Programme. Full details of our achievements in all countries can be found on our website www.mondofoLindation.or MONDO'S WORK IN NEPAL Working through our country partner HELP {the Helambu Education and Livelihoods Partnership) we continued to work to improve education opportunities for children and young people. We expanded our flagship, 'Saathi' teacher training programme, postingwell qualified and motivated graduates to understaffed rural schools and continued our scholarship programme for 16-year-old school leavers, whi15t adding two postgraduate Master's Level Awards, as part of our late Founder's Memorial Fund. We completed the construction of the Langarche School and have committed to support the building of the new Saathi Teacher Training Centre in Kathmandu, with HELP, so that the educational work becomes embedded and sustainable.
Highlights of the year included: 30 Saathi teachers placed in Schools in Paanchpokhari, Tripurasundari & Ambukhaireni / 50 Scholars were sponsored to allow them to pursue education post 16, / Construction was completed on Langarche Secondary School O Land was purchased in Kathmandu forthe proposed new Saathi TeacherTraining Centre 8 Cambridge students from CU HELP volunteered in Saathi schools Headteachers Training Saathi Teachers J'ivy Scholarship Programme Land for Teacher Training Centre New Langarche School Facility CU HELP Volunteer5
MONDO'S WORK IN INDIA Focus for our 12 schools in India continued to be on interschool activities, so that they interact as a Network, share successes and challenges, and open up opportunities for students, including an Environmental Awareness Programme. The new RIBS School Facility is in pro8res5, and there are plans to kickstart the Volunteer Programme, which the Schools highly value. Highlights of the Year included: 0 2000 attended the interschool Sports, Dance & March Competition including 450 parents 0 30 students from 10 Mondo Network Schools took part in the interschool Quiz / New RIBS School Facility in progress 1soy.T.S MEET 2013 Interschool Sports Competition School Winners Interschool Quiz Compe_tition Jh_lr;: Environmental Awareness Programme New RIBS School Facility in progress
MONDO'S WORK IN TANZANIA In Tanzania, we Continued to give small business grants and trainingto single women living in poverty, including in the agricultural sector, which are transformative fortheir families providing food security, healthcare, education and housing. Vicoba (village banking) Groups were set up for successful grant recipients, allowing members to grow their businesses and offer peer-to-peer support. The Pilot Project, with our partner Dsl Tz in Kagera, Western Tanzania, where we helped existing Vicoba groups to set up model farms to increase income was successful. In the education sector, we continued to support Longido Blind school with regular visits to hospital for check-ups, provision of braille machines & paper. and the services of a School Matron. Highlights of the Year included: 40 new Busines5 & 40 new Agriculture Grants handed out to women in Arusha & Moshi 0 4 new Vicoba {Village Bank) Groups setup with 30 Members in each i.e. total 120 women 0 20 Vicoba Groups took part in the Dsl Tz Pilot Project to embed 'Good Agricultural Practice, and hence increase food security and income 36 students at Longido Blind School supported with hospital eye checkups, braille machines & paper Business Grant & Vicoba Group Msaranga Agriculture Grant- Cabbage5 Dsl Tz Vicoba Pilot Project- Kagera Braillc Machine & Paper Longido Blind School Students
MONDO'S NEW WORK IN UGANDA Having carried out extensive 'Due Diligence, in 2023 with the Ecologia Youth Trust, Mondo took over a new Project called Sky Is The Limit (SITLI Uganda, which neighbours Tanzania, and means worl(ing in the country for the first time. Setup in the 1990's by Mama Rose to support some of the poorest children in Fort Portal, and continued by her adults, siblings, SITL now comprises a School, Farm, Orphanage called Noah's Ark, and Youth Enterprise Project. SITL School Noah's Ark Mama Rose Organic Farm Team Youth Enterprise Project SUMMARY This ha5 been a positive year, with Mondo able to expand our support to new areas in Uganda as well as continuing to collaborate with our long-term partners in India, Nepal and Tanzania. We are enormously grateful to the many supporters who give 50 generously of their time and finances. We continue to be indebted to our wonderful country managers and to our partners abroad without whom we could not operate so effectively. The report has been prepared in accordance with the special provisions Within part 15 of the Companies Act 2006. Andrew Allright (Chairman) Approved by the board on: 21 November 2024
Mondochallenge Foundation Independent examiner's report to the trustees of Mondochallenge Foundation for the year ended 31 March 2024 I report on the accounts of the charity for the year ended 31 March 2024 which are set out on the statement of financial activities, balance sheet and notes to the accounts. Respective responsibilities of the committee and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 14412) of the Charities Act 2011 {The Charities Act) and that an independent examinats'on is needed. It is my responsibility to- examine Ihe accounts under section 145 of The Charities Act. follow the procedures laid down in the general Directions given by the Charity Commission under section 14515)(bJ of The Charities Act., and slate whether particular matlers have come to my attention. Basis of independent examiner's statement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present'a true and fair view, and the report is limited to those mallers set out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention.. which gives me reasonable cause to believe that, in any material respect, the requirements.. to keep accounting records in accordance wilh section 130 of The Charities Act,. and lo prepare accounts which accord with the accounting records. have not been met; or to which, in my opinion, 8ttention should be drawn in order to enable a proper understanding of the accounts to be reached. FCA ell-Gumbleton & Co. 1 West Street Lewes BN7 2NZ {Date) io
Mondochallenge Foundation Statement of Financia5 Activities for the year ended 31 March 2024 Note Unrestricted Restricted Total funds funds funds 2024 Total funds 2023 INCOMING RESOURCES Donation and legacies Charitable activities Investments 47,623 4.667 1,476 35,095 216,010 82,718 220,677 1,476 128,916 133,008 513 Total incoming resources 53,766 251,105 304,871 262.437 RESOURCES EXPENDED Fundraising costs Charitable activities 8,226 43,040 8,226 281,465 9,267 245,430 238,425 Total resources expended 51,266 238,425 289,691 254,697 NET EXPENDITURE BEFORE TRANSFERS 2,500.00 12,680 15,179.81 7,740 Transfer between funds 6,800 (6,800) Net incoming resourcesl{resources expended) 9,300 5,880 15,180 7,740 Total funds brought forward 48,333 92,903 141,236 133.496 TOTAL FUNDS CARRIED FORWARD 57,633 98,783 156,416 141,236 All activities relate to continuing activities The notes form part of these financial statements 11
Mondochallenge Foundation Balance Sheet as at 31 March 2024 2024 2023 Note Current Assets Debtors Cash at bank 11,709 145,607 157,316 13,599 129.072 142,671 Total Assets Creditors: amounts falllng due within one year 10 900 1,435 Net current assets 156,416 141,236 Net Assets 156,416 141,236 Re resented b Restricted Fund Unrestricted Fund 12 12 98.783 57,633 92,903 48,333 Accumulated Fund at Year end 156.416 141,236 For the financial year ended 31 March 2024, the charitable company was entitled to exemption from audit under section 477 of the Companies Acl 2006 relating to small companies. The member5 have not required the company to oblain an audit of its accounts for the year in question in accordance with section 476. The trustees confirm they are responsible for. ensuring that the charitable company keeps accounting records which comply wilh sections 386 and 387 of the Companies Act 2006, b) and preparing financial slatemenls which give a true and fair view of the state of affairs of the ch8rilable company at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial stalements, so far as applicable to the charitable company. These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies within Part 15 of the Companies Act 2006. Approved by the board on 21 November 2024 and signed on its behalf by.. Andrew Allright (Chairman) The notes form part of these financial statements 12
Mondochallenge Foundation Notes formlng part of the financial statements for the year ended 31 March 2024 Accounting policies Basis of preparation These financial stalemenls have been prepared in accordance with Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Chaiilies Act 2011 and UK Generally Accepted Praclice as it applies from January 2015. The Charity is a Public Benefit Enlily as defined by FRS 102. The Charily has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow slalement on the grounds that il is applying FRS 102 Section 1A. The financial statetnents are prepared on a going concern basis under the historical cost convention and are presented in sterling which is the functional currency of the Charily and rounded lo the nearest £. Company status The charity is a private company limited by guarantee. The members of the company are the Iruslees as named on the Iruslees report. In the event of Ihe charity being wound up, the liability in respecl of the guarantee is limited lo £10 per member of Ihe charily. Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Iruslees in furtherance of the general objectives of the charily and which have nol been designated for other purposes. Designated funds comprise unreslricled lunds that have been sel aside by Ihe trustees for particular purposes. The aim and use of each designated fund is set out in the noles lo Ihe financia5 stalemenls. Restficled funds are funds which are lo be used in accordance wilh specific restrictions imposed by donors or which have be8n raised by Ihe charity for particular purposes. The cost of raising and administering such funds are charg8d against the specific fund. The aim and use of each reslricled lund is set oul in the notes to the financial statements. Incoming resources All incoming resources are included in the SOFA when the charity is legally enlilled lo the income and the amount can be quantified with reasonable accuracy. For legacies. enlillement is the earlier of Ihe charity being notified of an impending distribution or the legacy being ieceived. Income lax recoverable in relation lo donalions received under Gift Aid or deeds of covenant is recognised 81 the lime of the donation. Gifts in kind donated for dislribution are included at valuation and recognised as income when Ihey are distribuled lo Ihe projects. Gtfts donated for resale are included as income when they are sold. Donated facilities are included al the value to the charity where this can be quantified and a third parly is bearing the cost. No amounts are included in the financial slalemenls for services donated by volunteers. The charity received governmenl grants in respect of the Coronavirus Job Retention Scheme. Income from government and olher granls are recognised at fair value when the chatity has entitlement after any performance conditions have been mel, it is probable th21 the income will be received and the amount can be measured reliably. If enlitlemenl is not mel then these amounts are deferred. 13
Mondochallenge Foundation Notes forming part of the financtal statements for the year ended 31 March 2024 Resources expended All expenditure is accounted for on an accruals basis and has been dassified under headings Ihal aggregale all cosls related to the category. Expenditure is recognised where there is a legal or conslruclive obligation to make payments lo 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: Costs of generating funds are costs incurred in atlracling voluntary incorne. Charitable activities and Governance costs are cosls incurred by the cofflpany providing education and development opportunities, relief of sickness and the relief of linancial hardship in both Asia (Nepal and NE India) and Africa ITanzania and The Gambia), including support costs re131ing to the governance of the company and apportioned charitable aclivilies. Irrecoverable VAT Is charged against the expenditure heading for which it was incurred. Going concern The trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions thal may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial slatements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainlies about the charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements Interest receivable Interest on funds held on deposit is included when rece5vable and the amount can be measured reliably by the company., this is normally upon notification of the interest paid or payable by the bank. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date f acquisition or opening of the deposit or Similar account. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial in51ruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans where are subsequently measured at amortised costs using the effective interest method. Flnancial Instruments The charity operates a defined contribution pension scheme. Contributions payable to the charities pension scheme are charged to the Slatement of Financial Activities in the period to which they relate. Income from donations and legacies TOTAL FUNDS 2024 TOTAL FUNDS 2023 Unrestricted Restricted Funds Funds Donations and gifts Gift aid 35.176 12,447 35,095 70,271 12,447 113,183 15,733 47.623 35,095 82,718 128,916 14
Mondochallenge Foundation Notes forming part of the financial statements for the year ended 31 March 2024 Income from charitable activities TOTAL FUNDS 2024 TOTAL FUNDS 2023 Unrestricted Restricted Funds Funds Grants (from Charitable Trusts} 4,667 216.010 220,677 133,008 Investment income TOTAL FUNDS 2024 TOTAL FUNDS 2023 Unrestricted Restricted Funds Funds Interest receivable 1476 1476 513 Charitable activities TOTAL 2024 TOTAL 2023 Dlrect costs Tanzania projects Nepal projects Gambia projects India projects 43,623 183,403 1,235 10,164 53,284 146,763 1,516 9,850 238,425 211,413 Support costs Administration wages and salaries Rent Insurance Office, telephone and inlernet costs Promotion, marketing and website Travel and subsistence Overseas travel costs Subscriptions Other professional fees Independent examination Bank charges Sundry expenses 31,333 28,114 300 951 684 250 550 1,359 95 348 900 196 270 974 1,991 3,360 770 2,166 627 241 1,332 199 47 43,040 34,017 281,465 245,430 15
Mondochallenge Foundation Notes forming part of the financial statements for the year ended 31 March 2024 Staff costs 2024 2023 Wages and salaries Employers Nl Pension costs 33,444 35,865 808 1,076 34,252 36,941 The average number of employees during the period was 2 {2023". 2). No employees received remuneration in excess of £60,000 p.a. Trustees remuneratlon and beneflts There were no trustees remuneration or other benefits during the year ended 31 March 2024 nor for the year ended 31 March 2023. There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Taxation The company is a registered charity and is therefore exempt from taxation. Debtors 2024 2023 Accrued income (gift aid) other debtor 13,599 13,599 10 Creditors: amounts falling due within one year 2024 2023 other tax and social security costs Accruals other creditor 535 900 900 900 1,435 16
Mondochallenge Foundation Notes forming part of the financial statements for the year ended 31 March 2024 li Statement of funds Brought Income Expenditure Transfers forward Carried forward General reserve 39,963 53.152 51,264 41,851 Designated AJL Memorial 8.370 614 8,984 Total unrestricted funds 48,333 53,766 51,264 50,835 Restricted funds Nepal - Building projects Nepal - General Nepal - Scholarships Nepal - Teachers Tanzania - Arusha Tanzania - DSI India- MCK India - Bikash Gambia - Education 94,817 42,075 13,481 45,317 42,421 500 11,214 90.030 38,289 15.660 39,424 41,849 1,774 8,814 1,349 1,235 {1,000) 3,787 6,708 6,182 25,291 15,290 470 40,445 106 505 2,922 9.111 20,648 17,418 1,744 39,045 1,555 460 {750) {1,250> {2,700> 11,000> (100) 1,280 Tolal restricted funds 92,903 251,106 238,424 6,800 98,785 12 Analysls of net assets by fund TOTAL FUNDS 2024 TOTAL FUNDS 2023 Unrestricted RestTlCted Funds Funds Current assets Creditors.. amounts falling due < 1 year 58,531 900 57.631 98,785 157,316 900 156,416 142,671 1,435 141,236 98,785 13 Company limited by guarantee The company is limited by guarantee and does not have a share capital. In accordance with the Memorandum of Association all members undertake to contribute to the assets of Ihe charitable company such an amount as may be required. not exceeding £10 each, in the event of the company being wound up during the period of membership and within one year afterwards. 17