MONDO FOUNDATION LOCALLY-LED RESPONSES TO GL08AL CHALLENGES MONDOCHALLENGE FOUNDATION CO.pa.Y Limited by Guaran.tee FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st MARCH 2025 REGISTERED NUMBER: 05120253 CHARITY REGISTRATION: 1106237
MONDOCHALLENGE FOUNDATION Company Limited by Guarantee FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st MARCH 2025 Contents Pages Company Information Directors Report Independent Examiner's Report Profit and loss account Balance sheet Examiner's notes
MONDOCHALLENGE FOUNDATION COMPANY INFORMATION MONDO FOUNDATION REGISTERED OFFICE CANOPI, 82 Tanner Street, London, SEI 3GN Mondo Trustees Andrew Allright (Chair of trustees) Hirsh Cashdan Sarah Woolfenden Mark Adams Osamu Yamagata Michael Dennison James Hollingshead Juliet Osborne Anthony Lunch (Founder) CHIEF EXECUTIVE Matthew Band COMPANY SECRETARY Sarah Woolfenden INDEPENDENT EXAMINER Maxwell-Gumbleton & Co.1. West Street, Lewis BN7 2NZ
MONDOCHALLENGE FOUNDATION MONDOCHALLENGE FOUNDATION DIRECTORS, REPORT MONDO FOUNDATION LOCILLY-LED RESPON58S TO GLCalLL CHALLENGES The Directors present their Report together with the abbreviated financial statements for the period ended 31st March 2025. PRINCIPAL AcfiviTIES Mondo Challenge Foundation is a company limited by guarantee, registered as a company in May 2004 (no 5120253) and as a Charity on 8 October 2004 (no 1106237) The Foundation supports programmes in Asia (Nepal, NE India) and in Africa (Tanzania, Uganda, The Gambial. The objects of Mondo Challenge Foundation are: The provision of education 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, Michael Dennison and Osamu Yamagata stepped down as Trustees in the FY 2024- 2025, after many years of dedicated service, and past volunteer Natasha Godsiff joined the Board. 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 2024-25 these were: In India - Mondo Challenge Kalimpong {MCK) In Nepal- The Helambu Education and Livelihoods Partnership {HELP) In Tanzania - Mondo Tanzania (Mondo Tz) In Uganda- Sky is the Limit (SITL) These organisations are registered in their country of operation and run by local leaders with support from an elected board of directors. The Trustees 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 reserves 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). This figure is reviewed annually and updated. For 2023/24 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, re5ponsibllltles 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 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 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 [Charities (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 2024-5 were expanded and reached a number of new communities as well as continuing our support in our traditional areas of operation. Our focus in Nepal has been teacher trainin& school quality improvements & scholarships; in India our 12 Schools, Network and in Tanzania, Microfinance, with some growth compared to the last two years, and in Uganda the SITL School, Farm and Youth Enterprise Programme. 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 £399,104 (previous year £304,871). During 2024-25 we received many Benerous 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 £325,868 (compared to £289,691 the previous year). Of these. the following was spent on specific programmes abroad as follows: Nepal Education and livelihood Project5 £102,236 NE India Education Projects £ 19,997 Tanzania Education and Livelihood Projects £ 99,941 Uganda Education, Farm and Youth Enterprise £ 25,908 Gambia Education and Livelihood Programmes £ 1,925 Total Overseas Programmes £250 007 SUPPORT COSTS Mondo Foundation is committed to keeping total support costs loverheads 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. Vitoba. An exciting development has been Mondo's first step into Project work in Uganda with the transition of the Sky Is The Limit (SITL) 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 wvM.mondofoundation.or
MONDO'S WORK IN NEPAL Working through our country partner HELP (the Helambu Education and Livelihoods Partnership} we continued to work to improve educational opportunities for children and young people. We expanded our flagship, 'Saathi' teacher training programme, posting well qualified and motivated graduate5 to understaffed rural schools and continued our scholarship programme for 16-year-old school leavers, whilst adding two postgraduate Masterfs Level Award5, as part of our late Founderfs Memorial Fund. We 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 0 50 Scholar5 were sponsored to allow them to pursue education post 16 / 1st 2 Scholarships at Masters Level awarded from the AJL Memorial Fund Plans agreed for the proposed new Saathi Teacher Training Centre in Kathmandu 1st AIL Memorial Scholarship Awards Saathi Teacher with Students IJ4 Illl Scholarship Programme New Saathi Teacher Training Centre
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 progress, and after a visit from the Mondo UK CEO, there are plans to kickstart the Volunteer Programme, which the Schools highly value, as well as Teacher Training. The Indian Government FCRA {Financial Regs) process was completed with re-registration planned in 2028. Highlights of the Year included: Inter School Environmental Awareness Programme on World Environment Day O Visit of the Mondo UK CEO to the 12 Network Schools in Kalimpong and Darjeeling / Completion of the FCRA process / New RIBS School Facility in progress - Environmental Awareness Programme on World Environment Day Celebration Dance at RIBS School Lotus Academy Staff Team
12 Mondo Network School Principals Meeting New RIBS School Facility in progress MONDO'S WORK IN TANZANIA In Tanzania, we continued to give small business grants and training to single women living in poverty, including in the agricultural sector, which are transformative for their 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. In the education sector, two new School Facilities were completed for Maasi Communities in Lenjani and Olkokola, Arusha and we continued to support Longido Blind school with regular visits to hospital for check-ups, provision of braille machines & paper, and the 5eniices of a School Matron. Highlights of the Year included: 40 new Business & 40 new Agriculture Grants handed out to women in Arusha & Moshi 4 new Vicoba (Village Bank) Groups setup with 30 Members in each i.e. total 120 women 2 new Schools completed in Arusha for local Maasi communities 36 students at Longido Blind School supported with hospital eye checkup5, braille machines & paper
Business Grant - Cakes Agriculture Grant - Fruit Business Grant- Food Stall New Luseke Vicoba Group Moshi New Facility- Lenjani Primary School 11 '4.Ili Jl'(I:10, New Classrooms- Olkokola School New Facility- Olkokola Secondary School
MONDO'S NEW WORK IN UGANDA Setup in the 1990's by Mama Rose to support some of the poorest children in Fort Portal, and continued by her adult5 siblings, in partnership with Mondo UK, Sky is the Lirnit (SITL} now comprises a Primary School, Organic Farm, and Youth Enterprise Project. In 2024, alongside its crops, the Farm setup a new Poultry Project to provide sustainable and nutritious school meals for the SITL Students, and the Fruits of the Sky Youth Enterprise Orchard saw fruit tree planting and the construction of a log cabin, whilst continuing to operate its Boda-Boda business in Kampala. ¢¥Ay ts) 14.I'iay Lir50 SITL School SITL Farm - new Chickshed New Chicks Fruit Orchard - Log Cabin Fruit Orchard - Tree Planting SUMMARY This has been a positive year, with Mondo able to expand our support to new areas in Uganda as well as continuing to work with our long-term partners in India, Nepal and Tanzania. We are enormously grateful to the very many supporters who give so 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 io
Mondochallenge Foundatlon Independent examinees report to the trustees of Mondochallenge Foundation for the year ended 31 March 2025 I report on the accounts of the charity for the year ended 31 March 2025 which are set out on the statement of financial activities, balance sheet and notes to the accounts. Respectlve responsibllitles 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 144 (2) of the Charities Act 2011 {The Charities Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of The Charities Act,. follow the procedures laid down in the general Directions given by the Charity Commission under section 145{5)(b) of The Charities Act. and state whether particukqr matters have come to my attention. Basls of Independent examlnerfs statement My examination was carried out in accordance with general Directions given by the Charty Cornmission. 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 thal 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 matters set out in the statement below. Independent examiner's ststement 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 accordan wÈth section 130 of The Charities Act- and to prepare accounts which accord with the accounting records. have not been met., or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. IL ul Big CA FCA Ma Gumbleton & Co. 1 West Street Lewes BN7 2NZ (Date) li
Mondochallenge Foundation Statement of Flnan¢ial Activltles for the year ended 31 March 2025 Note Unrestricted Restricted Total funds funds funds 2025 Total funds 2024 INCOMING RESOURCES Donation and legacies Charitable activities Investments 83,979 17,021 2,665 123,043 172,396 207,022 189,417 2,665 82,718 220,677 1.476 Totsl incoming resources 103,665 295,439 399.104 304,871 RESOURCES EXPENDED Fundraising costs Charitable activities 8.226 281,465 77,061 248,807 325,868 Total resources expended 77,061 248,807 325,868 289,691 NET EXPENDITURE BEFORE TRANSFERS 26.604.00 46,632 73,236.00 15,180 Transfer between funds (12,269) 12,269 Net incoming re8ourcesl(rosources expended) 14,335 58,901 73,236 15,180 Total funds brought forward 57,633 98,783 156,416 141.236 TOTAL FUNDS CARRIED FORWARD 71,968 157,684 229,652 156,416 All activities relate to continuing activities The notes form part of these financial statements 12
Mondochallenge Foundatlon Balance Sheet as at 31 March 2025 2025 2024 Current Assots Debtors Cash at bank 33,620 196,932 230,552 11,709 145.607 157,316 To l Assets Credltor8: amounts falling due within one year 10 900 900 Net current assets 229.652 156.416 Net 229,652 156,416 Re rented b . Restricted Fund Unrestricted Fund Accumulated Fund at Year end 12 12 157,684 71.968 98.783 57.633 229,652 156.416 For the financial year ended 31 March 2025. the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The trustees confirm Ihey are responsible for: ensuring that the charitable MpanY keep$ accounting records which comply with sections 386 and 387 of the Companies Act 2006. b) and preparing finanaal statements which give a true and fair view of the state of affairs of the charilable company at the end of each financial year and of its surplus or defiut for each financial year in accordance with the requirements of Sectlons 394 and 395 and which olhepbvise comply with the requirements of the Companies Act 2006 relaling to financial statements, so far as applicable to Ihe 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. and signed on its behalf by: Approved by the board on Andrew Allright (Chairman) Company registration number 05120253 (England and Wales) The notes form part of these financial statemerrts 13
Mondochallenge Foundatlon Notes fomilng part of the financial statements for the year ended 31 March 2025 Accountlng polici•$ Basls of preparatlon Th8se financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended PraGtice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). the Charities Act 2011 and UK Generally Accepted Practice as It applies from January 2015. The Charity is a Public Benefft Entily as defined by FRS 102. The Charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. The financial statements are prepared on a going concem basis under the historical cost convention and are presented in sterling which is the functional currency of the Charity and rounded to the nearest £. Company status The charity is a private company limited by guarantee. The members of the company are the trustees as named on the trustees report. In the event of the charity being wound up, the liability in respect of Ihe guarantee is limited to £10 per member of the charity. Fund accounting General funds are unrestricted funds which are available for use al the discretion of the trustees in furtherance of th8 general objectives of the charity and whith have not been designated for othèr purposes. Designated fvnds Comprise unrestricted funds that have been set aside by the truslees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are lo be used in accordancé with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The Sim and use of each restricted fund is set out in the notss to the financial statements. 1A Incoming resources All incoming resources are included in the SOFA when the charity is legally entitled to the income and Ihe amounl ¢an be quantified with reasonable accuracy. For legacies. entitlement is the earlier of the charity being notified of an impending distribLrtion or the legacy being reived. Income tax recoverable in relation to donations reiVed under Gift Aid or deeds of covenant is recognised at the time of the donation. Gifts in kind donated for distribution are included at valuation and recognised as income when they afe distributed to the projects. Gifts donated for resale are included as income vthen they are sold. Donated facilities are included at the value to the charity where this can be quantified and a Ihird party is bearing the cost. No amounts are induded in the financial statements for SeiceS donated by volunteers. The charity received government grants in respect of the Coronavirus Job Retention Scheme. Income from govemment and other grants are recognised at fair value when the charity has ent¢tlement after any perfomance conditions have been met, it is probable that the income will be received and the amounl can be measured reliably. If enttllement is not met then these amounts are deferred. 14
Mondochallanga Foundatlon Notes forming part of the financial statements for the year ended 31 March 2025 Resources exp8ndod All expenditure is accounted for on an accruals basis and has bèen classified under headings that aggregate all ¢osts related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, il 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 altracting voluntsry income. Charitable activities and Govemance costs are costs incurred by the company providing education and development opportunities, relief of sickness and the relief of financial hardship in both Asia (Nepal and NE India) and Africa ITanzania,The Gambia and Uganda). including support costs relating to Ihe governance of the company and apportioned Charitable activiiies. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Going concern The trustees assess whether the use of going concem is appropriate, i.e. whether there are any material uncertainties related to events or conditions that 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 statements and have concluded that the charty has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charitys abilty to continue as a going concern, thus they continue to adopt the going COnM basis of acwunting in preparing the financial statements 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 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 Flnanclal Instruments The charty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the excepfiion of bank loans where are subsequently measured at amortised costs using the effective interest method. Financial instruments The charty operates a defined contribution pension scheme. Contributions payable to the charities pension scheme are charged to the Statsment of Financial Activities in the period to which they late. Income from donations and legacies TOTAL FUNDS 2025 TOTAL FUNDS 2024 Unrestrlcted R•strl¢ted Funds Funds Donations and gifts Gift aid 50,168 123,043 33,811 173,211 33,811 70,271 12,447 83,979 123,043 207,022 82,718
Mondochallenge Foundatlon Notes fomiing part of the financial statements for the year ended 31 March 2025 Income from charitable activities TOTAL FUNDS 2025 TOTAL FUNDS 2024 Unrestricted Restricted Funds Funds Grants (from Charitable Trusts) 17,021 172,396 189,417 220,677 Investment income TOTAL FUNDS 2025 TOTAL FUNDS 2024 Unrestricted Restricted Funds Funds nterest receivable 2665 2665 1476 Charitsble activitles TOTAL 2025 TOTAL 2024 Direct costs Tanzania projects Nepal projects Gambia projects India projects Uganda projects 99,941 102,236 1,925 19.997 25.908 43,623 183,403 1,235 10,164 250,007 238,425 Support costs Administration wages and salaries Insurance Office, telephone and internet costs Promotion, marketing and website Travel and subsistence Overseas travel costs Subscriptions other professional fees Independent examination Entertainment Bank charges Fundraising costs Sundry expenses 30,900 1,107 825 4,924 1,453 10,192 1,092 11,797 1,560 4,404 207 7,400 31,333 974 1,991 3,360 770 2,166 627 241 1.332 199 47 75,861 43,040 325,868 281,465 16
Mondochallenge Foundatlon Notes fomilng part of the flnanclal statements for the year ended 31 March 2025 Staff costs 2025 2024 Wages and salaries Employers Nl Pension costs 30,000 33,444 900 808 30,900 34,252 The average number of employees during the period was 1 (2024." 2). No employees reiVed remuneration in eXsS of £60.000 p.a. Trustees remuneration and benefits There were no trustees remuneration or other benefits during the year ended 31 March 2025 nor for the year ended 31 March 2024. There were no trustees. expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. Taxation The company is a registered charity and is therefore exempt from taxation. Debtors 2025 2024 Accrued income (gift aid) Other debtor 33,620 11,709 33.620 11.709 10 Creditors: amounts falling due within one year 2025 2024 Other tax and social security costs Accruals Other creditor 900 900 900 900 17
Mondochallengo Foundation Notes forming part of the financlal statsments for the year ended 31 March 2025 li Statement of funds Brought Income Expenditure Transfers forward Carried forward General reserve 41,851 102.775 75,861 (12,269) 56,496 Designated AJL Memorial 8,984 890 1,200 8,674 Totsl unrestricted funds 50,835 103,665 77,061 12,269) 65,170 Restricted funds Nepal - Building projects Nepal - General Nepal - Scholarships Nepal - Teachers Tanzania - Arusha Tanzania - DSI India- MCK India - Bikash Gambia- Education Uganda 3,787 109,723 6,708 3,686 6,182 18,085 25,291 46.739 15,290 69,702 470 2,350 40,445 9,294 106 2.000 505 1,280 32,580 3,473 7,957 19,487 70,119 96,931 3,010 17,988 2,010 1,925 25,908 110,036 2.437 4,780 1,911 11,939 190 31,751 96 140 6,672 Total restricted funds 98,784 295,439 248,807 12,269 157,684 12 Analysis of net asset8 by fund TOTAL FUNDS 2025 TOTAL FUNDS 2024 Unrestricted Restricted Funds Funds Current assets Creditors: amounts falling due < 1 year 72,868 {900 71,968 157,684 230,552 goo 229,652 157,316 900 156,416 157,684 13 Company limited by guarantee The company is limited by guarantee and dS not have a share capital. In accordance with the Memorandum of Association all members undertake to contribute to the assets of the charitable company such an amount as may be required, not exedIng £10 each, in the event of the company being wound up during the period of membership and within one year afterwards. 18