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 re￿nted 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 re￿ived.
Income tax recoverable in relation to donations re￿iVed 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 Se￿iceS 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
COn￿M 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 re￿iVed
remuneration in eX￿sS 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 d￿S 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 ex￿edIng £10 each, in the event of the
company being wound up during the period of membership and within one year afterwards.
18