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 ￿EsI￿oN5&s 10 GLOBAL [w￿LLE11GÈS
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