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2023-03-31-accounts

Company registration number: 7921757 Charity registration number: 1148679

WONDER Foundation

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2023

WONDER Foundation

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 14
Independent Auditors' Report 15 to 17
Statement of Financial Activities 18 to 19
Balance Sheet 20
Statement of Cash Flows 21
Notes to the Financial Statements 22 to 32
Audit fee 31

WONDER Foundation

Reference and Administrative Details Reference and Administrative Details
Chairman Ami Encarnacion
Trustees Alejandra Fabrega
Modupe Da-Silva
Raphaella Gabrasadig
Uzoma Igboaka
Ekene Ngwuocha
Kirtana Raj
Charity Registration Number 1148679
Company Registration Number 7921757
Registered Office C/O Baytree Centre
300 - 302 Brixton Road
London
SW9 6AE
Auditor
Goldwins
75 Maygrove Road
West Hampstead
London
NW6 2EG
Accountants Community Accounting Plus
Units 1 & 2 North West
41 Talbot Street
Nottingham
NG1 5GL
Bankers HSBC Bank PLC
Lion House
25 Islington High Street
London
N1 9LI

Page 1

WONDER Foundation

Trustees' Report

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Alejandra Fabrega Modupe Da-Silva Raphaella Gabrasadig Uzoma Igboaka Ekene Ngwuocha Kirtana Raj Chairman: Ami Encarnacion

Structure, governance and management

Nature of governing document

The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 24 January 2012. It has no share capital and the liability of each member in the event of winding-up is limited to £1.

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WONDER Foundation

Trustees' Report

Major risks and management of those risks

Funding sources

2022-23 was an effective fundraising year for WONDER. This was primarily due to generous direct donations from corporate and individuals, trusts and foundations. We have minimised the number of events we have run, as they demand a lot of work from a very small team and distract us from our purpose. We have improved our fundraising tools on the website, made our user journey simple and thus successfully increased the number of individual donors supporting us.

We continue to be supported by several corporates. Collaborations like this enable us to both raise vital funds for our cause and raise awareness of our work.

Objects and aims

As set out in our governing document the charity’s objects ("Objects") are specifically restricted to the following:

Our Mission

At WONDER Foundation, our mission is to empower women, girls and their communities through access to quality education so they can transform their lives and exit poverty for good.

Our Vision

Women and girls are empowered to make informed life choices, and lead the way in their own personal development.

Education is recognised as a quality investment, and a long-term solution for solving poverty.

Personal growth is recognised as a process that takes time, and can be supported through mentoring. Every person is valued and their dignity is respected.

Development projects celebrate local knowledge, and aim to learn from and listen to the communities they serve.

Families are regarded as a fundamental support system, and their positive economic and social impact is recognised.

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WONDER Foundation

Trustees' Report

Objectives, strategies and activities

How We Achieve Change

WONDER's approach to creating impact centres around six key pillars that serve as the foundation for our projects. We collaborate with partners who share this approach to guide our work and achieve meaningful change.

Quality Education

Our education projects recognise that quality education is not just about being in the classroom. Through both traditional school settings and vocational programmes, we help women and girls strengthen and develop skills, such as confidence and goal-setting, that improve day-to-day life in a sustainable way.

Accompaniment and Mentoring

The lived experiences of women and girls in our programmes often mean they do not have access to the resources they need to succeed both during and following their education. By pairing quality education with mentoring, we give women and girls a sense of dignity and self-worth, so they can become leaders in their own lives, and role models to others in their families and communities.

Investing in Local Women-led Partners

We work with carefully chosen, local woman-led who share our mission of empowering women and girls through education. We listen to their expertise, and invest in their capacity to respond to local needs and deliver transformative and sustainable education projects.

Empowering Spaces

We recognise that poor infrastructure and unsafe environments act as direct barriers to education. Our partners deliver projects in spaces that make women and girls feel comfortable and safe, so that they can feel valued, focus on their studies, and develop a sense of community.

Sustainable Employment

We want the women and girls we work with to find safe, stable employment once they finish their education. Our partners ensure that their programmes set women up for success, either by providing business opportunities or developing in demand skills. We work with industry partners to raise employment standards, and ensure women and girls recognise and claim their rights in the workplace.

Family Engagement

Families are both a support system for women and girls, and often a responsibility for them to look after. It is therefore critical to consider the family’s role in the learning, opportunities and aspirations of women and girls. We encourage family support and engagement in education, which leads women and girls to invest their learning back into supporting other family members.

Page 4

WONDER Foundation Trustees, Report Our Theory of Change THEORY OF CHANGE Pl D l Page 5

WONDER Foundation

Trustees' Report

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

Where We Work

We worked in 19 countries (7 Africa, 3 America, 4 Asia, 5 Europe) with 30 local Partners:

Country
 Country
 Continent
~~1~~
 Cameroon Africa
~~2~~
 DRC Africa
~~3~~
 Ivory Coast Africa
~~4~~
 Kenya Africa
~~5~~
 Nigeria Africa
~~6~~
 South Africa Africa
~~7~~
 Uganda Africa
~~8~~
 El Salvador America
~~9~~
 Guatemala America
~~10~~
 Venezuela America
~~11~~
 India Asia
~~12~~
 Kazakhstan Asia
~~13~~
 Lebanon Asia
~~14~~
 Philippines Asia
~~15~~
 Poland Europe
~~16~~
 UK Europe
~~17~~
 Slovenia Europe
~~18~~
 Spain Europe
~~19~~ Sweden Europe

Our impact in 2022-23

22,769 girls, women reached, alongside their communities (+21% from Last Year [LY])

4,249 students completed accredited training (+17% from LY)

5,960 students received a scholarship (+100% from LY)

5,442 students received formal mentoring (+13% from LY)

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WONDER Foundation

Trustees' Report

10,837 women received formal or informal education (+17% from LY)

The Impact of Covid-19

In 2022/2023, COVID-19 has continued to have an impact on our partners and the lives of our staff and the women and girls around the world we work to support. While many of us welcomed the loosening of restrictions and relative return to normality towards the end of the year, the pandemic has widened education gaps for girls and threatens to reverse much of the progress made in recent years to improve access to education. While WONDER’s finances have not been negatively affected by the pandemic, many of our partners and the students we support have experienced increased financial pressure. Many are related to the pandemic, including a loss in business or income, illness within the family and additional costs, for example in purchasing sanitisation resources to protect students, staff and family members. On the other hand, we also see how, after COVID-19, the hospitality industry is slowly recovering in many of the countries where we work. This fills us with hope as it makes it worthwhile for our students to pursue their studies knowing that a job in the sector is now a possibility. WONDER, along with our partners, remains committed to our work in empowering women and girls through education and vocational training to ensure they recover from the financial and emotional hardships caused by COVID-19.

Strategic Objective: Empowering Women and Girls

WONDER works to empower women and girls through education and personal support so they can become leaders in their own lives, in their families and in their communities. This work includes providing scholarships for vocational training, employability and skills training, and mentoring. Not only does this give women the opportunity to increase their income, but it also fosters their sense of confidence and self-worth over time. When women see that they are significant, their ability to make positive change in their own lives, and for those around them, is magnified.

Supporting Ukrainian Refugees in Poland

Following the outbreak of the war in March 2022, WONDER began a project with our partner, Pontes, which aims to address the longer-term needs and integration of Ukrainian women and children living in Poland. The project provides activities tailored to helping each woman integrate into Polish society and recover from trauma. These include Polish language classes, 1-2-1 mentoring, psychological support, employability support, safe spaces for women to meet, cultural activities, information, advice and guidance about what is on offer to them in Poland, as well as awareness-raising and support to prevent them from getting into dangerous situations (trafficking, abusive landlords and employers).

The project’s impact will facilitate 600 Ukrainian women’s integration into Poland, and improve the organisational capacity and learning of effective integration measures. In the long term, these 600 women can become agents of change within their families and communities, thereby improving the long-term integration effects on society. As an example, Irene, a Ukrainian doctor who fled Kyiv with her 2 daughters, is now employed by our partners as the outreach and wellbeing coordinator for the project.

Page 7

WONDER Foundation

Trustees' Report

One of the project highlights is the growth of Pontes as an organisation, thanks to support and capacity building from WONDER. This means they are able to continue and expand this and other projects beyond the project cycle. Working towards this outcome is part of our ethos in investing in local expertise.

Supporting Women into Employment and Business: Mwangaza Project, Kenya

Mwangaza is a three-year livelihoods project with the goal of equipping, accompanying, and empowering 800 marginalised women in Kenya. This 3-year project adopts a whole-person approach to women improving their income-generating capacity, confidence, and sense of self, breaking the cycle of poverty for them and their families. The name Mwangaza means the first light in the dawn, a symbol of hope in Swahili.

We are in the second year of the project, and 350 women have already graduated the 8-month business skills project. 86% of the participants began or expanded their businesses within the 6 months of graduating. 200 young women received scholarships to work in three hospitality training colleges: Kibondeni College, Nairobi; Kimlea Training Centre, Limuru; and Tewa Training Centre, Kilifi. The majority are still finishing their course and will shortly begin their industry placements. 47 have been offered jobs and started working. Here is a selection of some of the employers, which include some of Kenya’s premier hospitality employers: Fairmont Kenya Safari, Movenpick Hotel, Sheraton, Vipingo Ridge, Serena Beach Hotel, Kentmere Club, Limuru Country Club, Sovereign Suites.

Employers have given very positive feedback about the students. The dual training, they have received helps them to adapt easily to the work environment. They have strong communication skills, and a high sense of responsibility, working without supervision.

Supporting Women into Employment and Business: Kumulisa Project, Uganda

Building on the success of the Mwangaza Project in Kenya, we were awarded a grant for Kumulisa Project in Uganda. Our partner, Kyoga Foundation, will work with us to support 300 women in Uganda by providing them with business and vocational skills training, as well as mentoring to help them find good work opportunities.

We started the project in October 2022, and we have three key objectives:

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WONDER Foundation

Trustees' Report

Supporting Migrant Women in the UK

In 2022, WONDER increased our support of our UK partner, The Baytree Centre. Baytree’s work in empowering migrant women and girls is vital to helping them feel included and part of the wider community in South London. Individual support helps these women find the confidence and skills they need to thrive in all aspects of their lives.

Many of the women who come to Baytree have experienced war, conflict, persecution, poverty, abuse, and other forms of trauma in their countries of origin, during their journeys to the UK or in the UK. Baytree adopts a trauma-informed approach that considers the emotional and psychological impact of trauma on individuals. This approach is based on the understanding that trauma can have far-reaching effects on an individual's wellbeing, including their mental health, physical health, relationships, and overall sense of self.

Central to this approach is the recognition that each person's experience of trauma is unique, and that healing and recovery are ongoing processes. Baytree provides a safe and supportive environment, one-to-one mentoring, and individualised support, to help women thrive.

By focusing on language and digital skills, employability, family stability, and financial literacy, Baytree is helping to break down the barriers that prevent migrant women from fully integrating into their new surroundings. Moreover, by training women from similar ethnic backgrounds to the students to become mentors, the Baytree Centre is fostering a sense of community and belonging. These women can then support and encourage others in their community to become more involved and engaged, which can lead to stronger social connections and a more cohesive society overall.

Midwifery Training in DR Congo

In partnership with Institupérieure n en Sciences Infirmières (ISSI), WONDER Foundation launched a midwifery training project in the Democratic Republic of Congo (DRC). The aim of the project is to reduce maternal and infant mortality in the DRC by training fully qualified and motivated midwives with the right competencies. Additionally, it is laying the framework for future midwives to follow this course.

In the DRC maternal and neonatal health outcomes are among the worst in the world. Midwifery is not regulated, which means there is no process for assessing the quality of training courses or institutions or holding educators and practitioners to even basic standards. It is likely that most midwives have insufficient training to be practising, which presents a danger to mothers and infants.

So far:

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WONDER Foundation

Trustees' Report

Strategic Objective: Instigating Social Change

WONDER instigates social change through engagement with the women in our local projects, experts, policymakers, donors and contributors. The lives of women and girls, particularly those in vulnerable positions, are affected by decisions made by others. It is empowering for them to see that they can advocate on the issues that affect them and their communities. Our work in this area seeks to understand and address the wider context in which women and girls live, including engaging in policy conversations, and talking to those in positions of influence.

Researching the Challenges to Education Faced by Migrant Girls: Into School Project, UK

Our partner in London, The Baytree Centre, developed the Into School Project to support out of school 14-18-year-old migrant girls who have recently arrived in the UK. The programme was founded in response to referrals from social workers and others seeking opportunities for these young women. It was hoped that the programme would become redundant as Baytree liaised with schools and the London local authority (Lambeth) to highlight the gaps that these girls, and other children, faced that were preventing them from starting school. Fourteen years later the programme is still much needed and underfunded, and many young people across the country require access to similar support.

WONDER has been awarded our first research grant to better understand the scale of the problem on a national level, and put together recommendations for how we can change the system to be more supportive of migrant girls arriving without networks (or with limited networks) in the UK. The report will be launched in the UK Parliament in June 2023.

Being and Belonging: Spain, Poland, Latvia, Slovenia, and UK

Being and Belonging was a youth solidarity project led by young people to engage their peers, decision-makers, and influencers in discussions around migrant integration by posing two simple questions: ‘‘who am I to you?’’ ‘‘who are you to me?’’ Our work with young people aims to help them understand human dignity in a practical way empowering them to create a better world by acquiring knowledge, developing critical thinking, and creating practical solutions.

Current policies often place the burden of “integration” solely upon migrants. This one-dimensionally presents integration as the ability to function, as opposed to flourish, in a society. The Being and Belonging project addressed this problem by supporting young people affected by migration - which is most of us! - to successfully use their voices to affect change.

450 young people worked together over the course of this programme to share their ideas on how to make migrants feel more welcome in their communities through practical and actionable means. They participated in two international events and ten national workshops, leading to the development of three policy proposals.

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WONDER Foundation

Trustees' Report

Opportunities to Share our Expertise on Women's Education

The Full Face of Humanity: Women in Leadership for a Just Society: UNESCO

In October 2022, Olivia Darby, WONDER’s Chief Programmes Officer, was invited to present at this conference co-organised by Caritas Internationalis and the Holy See, under the patronage of UNESCO: https://vimeo.com/815078052

The event raised awareness about the barriers women face in society due to poverty, violence, and lack of access to education, to demonstrate how women’s empowerment works to break down these barriers, to propose a way forward for concrete action, and to create the necessary synergies between these organisations and other key stakeholders to achieve these shared goals.

Olivia shared the importance of placing the human person at the centre of all development projects and how recognising their dignity and our shared humanity must be the starting point for lasting change.

The MIT Migration Summit 2023

Olivia Darby, our Chief Programmes Officer, has also been invited to join a panel about Women in Education at the 2023 Migration Summit organised by MIT. The Migration Summit is a month-long global convening designed to build bridges between diverse communities of displaced learners, universities, companies, nonprofits and NGOs, social enterprises, foundations, philanthropists, researchers, policymakers and employers around the key challenges and opportunities for refugee and migrant communities.

Strategic Objective: Sharing Best Practice

We have confidence that our partners are experts in the work they do, and have knowledge that is valuable to others, including their local stakeholders, academics, and policy makers. We work to share their knowledge, and amplify the voices of both women leading our projects, and the women and girls that they serve. Additionally, we provide training to our partners so they can increase their impact and become even more sustainable. Women at the front line often have little time or opportunity to access training or to understand how similar organisations are adapting to emerging challenges. Our work aims to address this.

Developing our Mentoring Practice

Mentoring has always been a key part of WONDER Foundation's work. Through mentoring, a trained advisor partners with participants in our programmes to provide them with a space to set goals and think about their future. Over time, the mentee can acquire the resources, skills, and sustained behaviour changes necessary to improve her sense of self and agency. In 2020, we began partnering with EMPath to formalise our work in mentoring. EMPath is known worldwide for its coaching approach, which is founded on the belief that each person’s route out of poverty is different. We share their ambition to create a movement to shift thinking from human services to human development, and to create lasting pathways to economic and social mobility for all.

During 2022-23, we significantly expanded our mentoring programme by:

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WONDER Foundation

Trustees' Report

Capacity Building with other Partners: Other Activities

Financial review

Our total revenue in 2023 was £1,829,024 leaving us with a healthy net income of £145,153 at year-end.

Policy on reserves

The Trustees would like to grow the reserves to between 3 and 12 months of operating costs. The reserves are fully expendable and used for the benefit of our beneficiaries. The Board monitors our financial position at least quarterly and ensures that we have adequate funding to fulfil our continuing obligations. The trustees will keep the Financial Reserves Policy under review as part of the Business Plan process. As of 31 March 2023, our reserves were £554,783 which represents 4 monthly expenditure.

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WONDER Foundation

Trustees' Report

Principal risks and uncertainties

Funding sources

2022-23 was an effective fundraising year for WONDER. This was primarily due to generous direct donations from Corporates and Individuals, Trusts & Foundations. We have minimised the number of events we have run, as they demand a lot of work from a very small team and distract us from our work. We have improved our fundraising tools on the website, made our user journey simple and thus successfully increased the number of Individual donors supporting us.

We continue to be supported by several corporates. Collaborations like this enable us to both raise vital funds for our cause and raise awareness of our work.

Plans for future periods

Aims and key objectives for future periods

During the 2022/23 year, our operations, projects, and team have grown significantly. We are committed to building on this success in the coming year. To achieve this, we aim to undertake the following initiatives:

Our plans for the upcoming year will enable us to continue our work effectively, providing our partners with the support they need to create a brighter future for the women and girls they serve.

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WONDER Foundation

Trustees' Report

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Statement of Responsibilities

The trustees (who are also the directors of WONDER Foundation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they 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

its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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 the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by: 02/08/2023

.........................................

Ami Encarnacion

Chairman

Page 14

WONDER Foundation

Independent Auditor's Report to the Members of WONDER Foundation

Opinion

We have audited the financial statements of Wonder Foundation (the ‘Charity’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Opinion on financial statements

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 March 2023 and of its income and expenditure for the year then ended:

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditorʼs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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WONDER Foundation

Independent Auditor's Report to the Members of WONDER Foundation

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the trustees’ report (incorporating the directors’ report) has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of the trustees

As explained more fully in the Trustees’ Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

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WONDER Foundation

Independent Auditor's Report to the Members of WONDER Foundation

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

………………………………. Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

7/08/2023

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WONDER Foundation

Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Investment income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net income/(expenditure)
Transfers between funds
Other recognised gains and
losses
Other gains/losses
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12		 Unrestricted
funds
£
730,140
-
3,046
733,186
(49,358)
(299,779)
(349,137)
384,049
(397,551)
8,212
(5,290)
560,073
554,783		 Restricted
funds
£
315,668
780,170
-
1,095,838
-
(1,342,946)
(1,342,946)
(247,108)
397,551
-
150,443
202,855
353,298		 Total
2023
£
1,045,808
780,170
3,046
1,829,024
(49,358)
(1,642,725)
(1,692,083)
136,941
-
8,212
145,153
762,928
908,081		 Total
2022
£
698,519
255,944
26
954,489
(2,971)
(889,749)
(892,720)
61,769
-
(3,656)
58,113
704,815
762,928

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 12.

The notes on pages 22 to 32 form an integral part of these financial statements. Page 18

WONDER Foundation

Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

These are the figures for the previous accounting period and are included for comparative purposes

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Investment income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net income/(expenditure)
Transfers between funds
Other recognised gains and losses
Other gains/losses
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12		 Unrestricted
funds
£
459,974
-
26
460,000
(2,240)
(173,265)
(175,505)
284,495
(10,527)
(3,656)
270,312
289,761
560,073		 Restricted
funds
£
238,545
255,944
-
494,489
(731)
(716,484)
(717,215)
(222,726)
10,527
-
(212,199)
415,054
202,855		 Total
2022
£
698,519
255,944
26
954,489
(2,971)
(889,749)
(892,720)
61,769
-
(3,656)
58,113
704,815
762,928

The notes on pages 22 to 32 form an integral part of these financial statements. Page 19

WONDER Foundation

(Registration number: 7921757) Balance Sheet as at 31 March 2023

Note
Current assets
Debtors
9
Cash at bank and in hand
10
Creditors: Amounts falling due within one year
11
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
12
Unrestricted income funds
Unrestricted funds
Total funds
12		 2023
£
-
1,055,122
1,055,122
(147,041)
908,081
353,298
554,783
908,081		 2022
£
9,000
1,012,158
1,021,158
(258,230)
762,928
202,855
560,073
762,928

These accounts are prepared in accordance with special provisions of part 15 of The Companies Act relating to small companies and constitute the annual accounts required by The Companies Act 2006.

The financial statements on pages 18 to 32 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by: 02/08/2023

......................................... Ami Encarnacion Chairman ......................................... Modupe Da-Silva Trustee

The notes on pages 22 to 32 form an integral part of these financial statements. Page 20

WONDER Foundation

Statement of Cash Flows for the Year Ended 31 March 2023

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Investment income
4
Working capital adjustments
Decrease/(increase) in debtors
9
(Decrease)/increase in deferred income
11
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
4
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March
Reconciliation of net cash flow to movement in net funds
Increase in cash
Net funds at 1 April 2022
Net funds at 31 March 2023		 2023
£
145,153
(3,046)
142,107
9,000
(111,189)
39,918
3,046
42,964
1,012,158
1,055,122
42,964
1,012,158
1,055,122		 2022
£
58,113
(26)
58,087
(9,000)
256,090
305,177
26
305,203
706,955
1,012,158
305,203
706,955
1,012,158

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 22 to 32 form an integral part of these financial statements. Page 21

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

WONDER Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The financial statements have been prepared on a going concern basis.

The trustees assess whether the use of going concern 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 one year from the date of approval of the financial statements.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Page 22

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 23

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 24

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

2 Income from donations and legacies

Unrestricted
funds
General
£
Donations and legacies;
Donations from companies, trusts
and similar proceeds
84,637
Donations from individuals
185,745
Gift aid reclaimed
23,138
Grants, including capital grants;
Grants from other charities
436,620
730,140
3
Income from charitable activities
Grants & donations
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
5
Expenditure on raising funds
Direct costs
£
Costs of generating donations and
legacies
40,149		 Restricted
funds
£
120,495
195,173
-
-
315,668
Restricted
funds
£
780,170
Unrestricted
funds
General
£
3,046
Allocated
support costs
£
9,209		 Total
2023
£
205,132
380,918
23,138
436,620
1,045,808
Total
2023
£
780,170
Total
2023
£
3,046
Total
2023
£
49,358		 Total
2022
£
180,450
254,849
13,050
250,170
698,519
Total
2022
£
255,944
Total
2022
£
26
Total
2022
£
2,971

Page 25

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

6 Expenditure on charitable activities

Instigating social change
Sharing good practice
Empower women and girls
Instigating social change
Sharing good practice
Empower women and girls		 Activity
undertaken
directly
£
113,724
116,119
1,355,696
1,585,539
Activity
undertaken
directly
£
39,565
125,569
607,856
772,990		 Activity
support costs
£
25,150
32,036
-
57,186
Activity
support costs
£
89,063
27,696
-
116,759		 2023
£
138,874
148,155
1,355,696
1,642,725
2022
£
128,628
153,265
607,856
889,749
Rent
Office costs
Utilities
Charitable expenses
Bank charges
Salaries, Pension, PAYE & NI
Legal & professional
Dues & subscriptions
IT costs		 Unrestricted
General funds
£
Restricted funds
£
12,750
-
4,524
-
897
-
26,530
1,266,408
489
18
229,843
76,520
13,465
-
4,892
-
6,389
-
299,779
1,342,946		 Total
2023
£
12,750
4,524
897
1,292,938
507
306,363
13,465
4,892
6,389
1,642,725		 Total
2022
£
9,000
1,522
-
680,106
569
188,603
2,400
110
7,439
889,749

7 Net incoming/outgoing resources

Net incoming resources for the year include:

Audit fees
excludes VAT		 2023
£
4,000		 2022
£
-

Page 26

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

8 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2023
£
314,841
26,885
4,786
346,512		 2022
£
174,847
10,927
2,829
188,603

The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:

Average number of employees 2023
No
8		 2022
No
5

8 (2022 - 5) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £4,786 (2022 - £5,835).

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the charity were £23,162 (2022 - £21,943).

Wonder Foundation raised salaries in 2023 by 10% to meet the rate of inflation and help staff cost-of-living crisis.

9 Debtors

9
Debtors
Prepayments
10 Cash and cash equivalents
Cash on hand
Cash at bank		 2023
£
-
2023
£
313
1,054,809
1,055,122		 2022
£
9,000
2022
£
-
1,012,158
1,012,158

Page 27

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

11 Creditors: amounts falling due within one year

Deferred income 2023
£
147,041		 2022
£
258,230

12 Funds

12 Funds
Balance at Other Balance at
1 April Incoming Resources recognised 31 March
2022 resources expended Transfers gains/(losses) 2023
£ £ £ £ £ £
Unrestricted funds
General
General 560,073 733,186 (349,137) (397,551) 8,212 554,783
Restricted funds
Chocolonely - Ivory
Coast - 22,226 (22,226) - - -
ADEC - Brazil 1,454 - - - - 1,454
An Nawras - Lebanon 1,030 - (1,035) 5,000 - 4,995
Baytree Centre PIMCO -
UK - 90,000 (90,000) - - -
Baytree - UK 342 23,124 (23,466) - - -
Beeing and belonging -
EU 4,532 - (14,152) 9,620 - -
Care - Sweden - 12,119 (12,119) - - -
Condoray - Peru - - - 5,000 - 5,000
Etsosang - South Africa - - (5,000) 21,000 - 16,000
Fatima III - Slovenia - - (14,637) 14,637 - -
FPTI - Philippines 6,296 39,212 (55,033) 11,464 - 1,939
Fundacion Sirama - El
Salvador - - (26,000) 26,000 - -
ISSI - DR Congo 53,634 10,618 (122,864) 58,612 - -
Junkabal - Guatemala 1,890 70,445 (98,313) 25,978 - -
Kamalini - India 3,357 2,100 (8,000) 8,543 - 6,000
KFCSED - Kazakistan 2,997 20,439 (38,285) 23,849 - 9,000
Kianda - Kenya - 3,795 (3,795) - - -
Komati - South Africa - 3,693 (3,693) - - -
Kumulisa - Uganda - 125,013 (175,005) 64,960 - 14,968
Lantana- Nigeria 3,640 1,800 (15,240) 10,000 - 200
Mairin - Honduras - - - 3,000 - 3,000
Mwangaza II - Kenya - 56,673 (55,931) - - 742
Mwangaza- Kenya 5,232 256,169 (214,777) - - 46,624
Pirineos - Venezuela - 6,238 (8,718) 12,480 - 10,000

Page 28

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

Pontes- Poland
Prodes-Lebanon
Project GROW -
EU/Africa
Senara - Spain
Sorawell - Cameroun
Tewa - Kenya
Turing - Congo
Wavecrest - Nigeria
Yarani - Ivory Coast
Total restricted funds
Total funds		 Balance at
1 April
2022
£
103,637
-
6,399
-
-
-
-
1,744
6,671
202,855
762,928		 Incoming
resources
£
279,332
-
15,302
18,726
18,596
-
8,499
10,240
1,479
1,095,838
1,829,024		 Resources
expended
£
(155,393)
(10,009)
(21,701)
(18,726)
(32,609)
(30,000)
(17,551)
(26,182)
(22,486)
(1,342,946)
(1,692,083)		 Transfers
£
Other
recognised
gains/(losses)
£
-
-
10,009
-
-
-
-
-
14,013
-
30,000
-
9,052
-
19,998
-
14,336
-
397,551
-
-
8,212		 Balance at
31 March
2023
£
227,576
-
-
-
-
-
-
5,800
-
353,298
908,081

Page 29

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

Unrestricted funds
General
General
Restricted
ADEC - Brazil
An Nawras - Lebanon
Baytree Centre PIMCO -
UK
Baytree - UK
Beeing and belonging -
EU
Care - Sweden
Fatima - EU
FPTI - Philippines
ADEFOR - DRC Congo
ISSI - DR Congo
#Iwill - UK
Junkabal - Guatemala
ZUNIL - Guatemala
Kamalini - India
KFCSED - Kazakistan
Lantana- Nigeria
Liziba - Congo
Mairin - Honduras
Mwangaza- Kenya
NAWA - Nigeria
Pearlcrest - U
Pontes- Poland
Project GROW -
EU/Africa
Tewa - Kenya
Wavecrest - Nigeria
Yarani - Ivory Coast
Object - EU
PIRINEOS - Venezuela
Turing Foundation
Total restricted funds
Total funds		 Balance at 1
April 2021
£
289,761
-
1,030
-
1,127
28,122
-
-
2,193
-
3,109
6,867
1,301
-
19,107
9,725
840
-
-
272,774
-
-
-
66,187
2,672
-
-
-
-
-
415,054
704,815		 Incoming
resources
£
460,000
5,000
-
54,000
1,000
-
5,003
-
53,203
10,000
63,852
-
51,961
10,000
-
-
2,800
10,000
10,000
-
10,000
5,000
118,446
14,911
-
11,744
26,524
-
10,000
21,046
494,490
954,490		 Resources
expended
£
(179,161)
(3,546)
-
(54,000)
(1,785)
(23,590)
(5,003)
(9,871)
(49,100)
(10,000)
(13,327)
(6,867)
(51,372)
(10,000)
(15,750)
(6,728)
-
(10,000)
(10,000)
(267,542)
(10,000)
(5,000)
(14,809)
(74,699)
(2,672)
(10,000)
(19,853)
(656)
(10,000)
(21,046)
(717,216)
(896,377)		 Transfers
£
(10,527)
-
-
-
-
-
-
9,871
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
656
-
-
10,527
-		 Balance at
31 March
2022
£
560,073
1,454
1,030
-
342
4,532
-
-
6,296
-
53,634
-
1,890
-
3,357
2,997
3,640
-
-
5,232
-
-
103,637
6,399
-
1,744
6,671
-
-
-
202,855
762,928

Page 30

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

The specific purposes for which the funds are to be applied are as follows:

All the restricted funds are projects to support women and girls in the specific country or area as per the fund titles. The work in each area is as described in the trustees annual report.

The transfer from the General fund to the restricted funds is to support the ongoing project activities.

13 Analysis of net assets between funds

Unrestricted

Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets		 General
£
701,824
(147,041)
554,783
Unrestricted
General
£
818,303
(258,230)
560,073		 Restricted
£
353,298
-
353,298
Restricted
£
202,855
-
202,855		 2023
Total funds
£
1,055,122
(147,041)
908,081
2022
Total funds
£
1,021,158
(258,230)
762,928

14 Charity status

The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: C/O Baytree Centre 300 - 302 Brixton Road London SW9 6AE

15 Auditor's remuneration

During the period, the fees payable to the charity's auditor, was as follows:

During the period, the fees payable to the charity's auditor, was as follows:
Audit fee excluding VAT 2023
£
4,000
4,000		 2022
£
-
-

Page 31

WONDER Foundation

Notes to the Financial Statements for the Year Ended 31 March 2023

16 Taxation

The charity is a registered charity and is therefore exempt from taxation.

17 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year or in the previous year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year or in the previous year.

18 Related party transactions

There were no related party transactions in the year or in the previous year.

Page 32