FOUNDATION Tru￿ee$, Annual Report- 2023 l Jonuory- 31 Decembef 2023 Reference and Administralive Detalls Charity Name Maak Foundation Reglstered Chartly No. 1198202 Princlpl• Address 5 Spring Meodows Business Centre Highfield Lone. Crazies Hil Berkghire RG108PZ Marijke VorralkJones Frances Robinson Ashley Thorpe (resigned 12 Awl 20231 Jenny Clork None Trust Advisors & Senlor Slall Slnjclurè. Govemance ond Management Type of goveming Conslitulion document How the chorfty Is consllluted Charity trustee ¥electlon methods Charitoble Incorporated Orgonisotion There must be al le05t three charity knstees. The Ma￿muM number of truslees is 12. TnJstee5 are appointed by the e￿Sting Trustees. In selecling individu015 for appointment os chorify trustees. the ITuslees have regard to the ski1i5, kno￿edge and experience needed for the effective admini5trotion of Maak Foundation. Objeclive$ and Actmtles Summary of the The object of Maak Foundotion is the advancement of the arts purposes of thè charily for the pUl￿1C benefit through: as set out in rls i. the promolion of research into Studio ceromics and Ihe goveming document Fxjblication of the useful resulls of such research,. and 2. the education of the public about studKJ ceromics. The main aciNities In the reported period activities were focused in three principal undertaken lo megt the areas purpose of thè ¢harlly l. Januory 23- fit5t open call appficont5 for Grant Funding and awarding of £5,(XM) in grants. 2. July 23- Second call for applicants lor Gronl Funding but no gronl owarded on this round. 5 Spriro Mwd0V￿ Business Centre l H￿3h￿￿1 Lane I Crow Hill l B•rkshiwv RG10 8PZ info@maakfoundalionLsrg.uk www.mogkfound¢Jlion.org.uk FOUNDATION Call lor Grant Appllcalions - Round 12023 Open call for appfications throvgh the Fovndation ond Irustee nelworks. Applicotions were submitted by 6 individuaL8Jorgonwlk)ns in Ihis round. The Trustees sdected to supp(rt The Sainsbury Centre. University of Easl Anglio's project for the pvbfication of 'Julian Stair., awarding them a grant of £5,IKK). This funding enabled Ihe project to be elevated trom a shcrt Tun exhibition catalogue to a lull monograph. Delays in the proiect timescole meant that there was a delay on Ihe part of Ihe recipient in finolising the orrongements lor payment ol the gant which was eventLJolly paid in January )24. The book was pubr￿hed in Moy 3)24. Call for Gronl Appllcatlons- Round 2 2023 Open call fLY appfications Ihrough the Foundation and tnJ5tee networks. Applicotions were submitted by 4 individuablorgonisalions in Ihis round. Unfortunalely the Trustees did not feel that ony of the OF¥)lication wojects or the specified ftjnding octivities were c105dy aligned enough lo the charity's objects or funding priorities to qualify for funding and as such the Trustees elected not to award a gronl on this occasion. Aw(yone$5 Campaigns Conlinued PR drives were initiated through Trustee contocts to ra￿e awareness of Mook Foundation to o wider audience wilh the oim of ottrocting further applications ag well 05 Ihe possibility of dorK]thons. This included.. CTculation of details lo Ihe Contemporory Sludio Ceromics Subject Specialist Ne￿ork ISSNI ot the Centre of Ceramic Art. COCA - York Art Gallery. Outreach to Museum neMotks Outreoch to Publisher networks Emoil mail outs to the Moak mailing fist D•clorallon The Trustees of Mook Foundation confrm thal they have poid due regord to the guKlance issued by the Charity Commission on public benefit in decirfing what activities the charity should vndertake. S Spring Meadows Business Centre l Highfiekl Lane I craz￿ Hlll l Berkshire RG10 8PZ info@mookfwrLdvhon.org.uk w*ww.muakfoundation.org.uk FOUNDATION Achlevements & Performonce Achlevements This period hos seen the first o￿n call for gront opplications. wlh respon5e5 received trom 10 different opplicants with o wde range of projects. The award of o Maak Foundation gronl lo secure the successful publication ol 'Juliar) Stair.. an important cotalogue re50nee ond mongraph by Ashley Thorpe. Published by Yale University Press. This is the first book lo survey the life and Wott of one of Brttain's foremost studio potters worknng today. How the public have beneffted As described in its Charitab￿ objectives. Maok Foundation seeks to advance the arts through the educotion of the public about sbJdio ceramics by supporting the publication or dissemination of useful research into Studio ceromic5. The support of 'ju￿an Stair. through the oward of a granl for £SC￿). enobled the pub￿Cation of the book that Is available to the generol pubfic. nanclal Revl•w Pollcy on ReseNe$ Maak Foundotion does not have an explicil reserve policy but the Irustees will oim lo generate and maintain a balance which i$ Sufficient: al to enable the Chority. in the inleresls of meeting its objeclives. to oward 5vccessfvl appI￿ants Grants hvo times per yeor. bl lo support the administrative costs and preseNe the finoncial viabifity of the Chority At the time of Ihis report Maak Foundotion had Sufficient reserves to cary over at least 50% of the availabte grants into the next ieFX)rling period. Details of Any Funds Materially In Deficil Princlpal Sources of Maak Founclation's principal source of funds is from unre5tricled Funding and Outgolngs donations, both COrp￿ate and privole. The Charity ha5 no funds which ore materially in deficit. The Tnjstees hove Klentified a need to ￿loritise geming Maak Foundotion registered for Gift Aid to maximise Ihe impact of these donations. The wncipal outgoing is the cwarding of Grants to succe55ful applicants. Admirwstrathve outgoings are minimal and to dole have been limiled to brarKling and website regi5fration costs. S Spring M¥(￿ow5 BUS1r￿$S Centre l Htghfiew Lrjnè I c￿z￿ H111 l Berkshire RG10 8PZ info@rrw]akFwndation.org.uk www.maokfoundatiofi.or9.uk FOUNDATION Funds Recelved a5 Agent or Funds Held u5 Cu￿0dlon Trustee Rèslricted and Endowmont Funds Moak Founckntion holds no Funds as on Agent or Cuslodian Twstee Mook Foundothon has no Res￿led or Endowment Rjnds. Remuneralion ot Trvstees All Trustees act in a volunlary caF)aaty ond receive no remuneration **Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Charitable activities
4
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
9
**Note**
**Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Charitable activities
4
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds carried forward
9|**Unrestricted**
**funds**
**£**
500
500
(57)
(57)
443
443
2,650
3,093
**Unrestricted**
**funds**
**£**
5,150
5,150
(2,500)
(2,500)
2,650
2,650
2,650|**Total**
**2023**
**£**
500| |---|---|---| |||500| |||(57)| |||(57)| |||443| |||443
2,650| |||3,093| |||**Total**
**2022**
**£**
5,150| |||5,150| |||(2,500)| |||(2,500)| |||2,650| |||2,650| |||2,650| All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 9. The notes on pages 10 to 18 form an integral part of these financial statements. Page 7 ## **MAAK Foundation** ## **(Registration number: CE028556) Balance Sheet as at 31 December 2023** |**Note**
**Current assets**
Cash at bank and in hand
7
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
9|**2023**
**£**
3,093
3,093
3,093|**2022**
**£**
2,650| |---|---|---| |||2,650| |||2,650| The financial statements on pages 7 to 18 were approved by the trustees, and authorised for issue on 22 October 2024 and signed on their behalf by: ......................................... Mrs M Varrall-Jones Trustee The notes on pages 10 to 18 form an integral part of these financial statements. Page 8 ## **MAAK Foundation** ## **Statement of Cash Flows for the Year Ended 31 December 2023** |**Note**
**Cash flows from operating activities**
Net cash income
Net cash flows from operating activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December|**2023**
**£**
443
443
443
2,650
3,093|**2022**
**£**
2,650| |---|---|---| |||2,650| |||2,650
-| |||2,650| All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 10 to 18 form an integral part of these financial statements. Page 9 ## **MAAK Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 2023** ## **1 Charity status** The charity is limited by share capital, incorporated in England and Wales. The address of its registered office is: 5 Spring Meadows Business Centre Highfield Lane Crazies Hill, Wargrave Reading Berkshire RG10 8PZ These financial statements were authorised for issue by the trustees on 22 October 2024. ## **2 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** MAAK 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 trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. ## **Income and endowments** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. ## _**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. Page 10 ## **MAAK Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 2023** ## **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. ## _**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. ## _**Grant provisions**_ Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. ## **Governance costs** These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. ## **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. ## **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. ## **Borrowings** Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Page 11 ## **MAAK Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 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. ## **Financial instruments** ## _**Classification**_ Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 12 ## **MAAK Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 2023** ## _**Recognition and measurement**_ All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Page 13 ## **MAAK Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 2023** ## _**Debt instruments**_ Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method: (a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate. (b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged. (c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a). (d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods. (e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. (f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c). Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. ## _**Investments**_ Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Page 14 ## **MAAK Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 2023** ## _**Derivative financial instruments**_ The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship. ## _**Fair value measurement**_ The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. ## **3 Income from donations and legacies** |Donations and legacies;
Donations from individuals
**Total for period ended 31 December 2023**
**Total for period ended 31 December 2022**
**4**
**Expenditure on charitable activities**
**Note**
Governance costs
5
**Total for period ended 31 December 2022**|**Unrestricted**
**funds**
**General**
**£**
500
500
5,150
**Unrestricted**
**funds**
**General**
**£**
57
2,500|**Total**
**funds**
**£**
500| |---|---|---| |||500| |||5,150| |||**Total**
**funds**
**£**
57| |||2,500| **Total expenditure £** In addition to the expenditure analysed above, there are also governance costs of £57 (2022 - £Nil) which relate directly to charitable activities. See note 5 for further details. Page 15 ## **MAAK Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 2023** ## **5 Analysis of governance and support costs** |**Governance costs**
Marketing and publicity
**Total for period ended 31 December 2023**|**Unrestricted**
**funds**
**General**
**£**
57
57|**Total**
**funds**
**£**
57| |---|---|---| |||57| Page 16 ## **MAAK Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 2023** ## **6 Taxation** The charity is a registered charity and is therefore exempt from taxation. ## **7 Cash and cash equivalents** |**7**
**Cash and cash equivalents**|||| |---|---|---|---| |Cash at bank
**8**
**Share capital**
**9**
**Funds**
**Balance at 1**
**January 2023**
**£**
**Unrestricted funds**
General
2,650
**Unrestricted funds**
General
**10 Analysis of net assets between funds**
Current assets
Current assets|**Incoming**
**resources**
**£**
500
**Incoming**
**resources**
**£**
5,150|**2023**
**£**
3,093
**Resources**
**expended**
**£**
(57)
**Resources**
**expended**
**£**
(2,500)
**Unrestricted**
**funds**
**General**
**£**
3,093
**Unrestricted**
**funds**
**General**
**£**
2,650|**2022**
**£**
2,650| ||||**Balance at 31**
**December**
**2023**
**£**
3,093| ||||**Balance at 31**
**December**
**2022**
**£**
2,650| ||||**Total funds at**
**31 December**
**2023**
**£**
3,093| ||||**Total funds at**
**31 December**
**2022**
**£**
2,650| Page 17 ## **MAAK Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 2023** ## **11 Analysis of net funds** |**11 Analysis of net funds**|||| |---|---|---|---| |Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt|**At 1 January**
**2023**
**£**
2,650
2,650
**At 10 March**
**2022**
**£**
-
-|**Financing cash**
**flows**
**£**
443
443
**Financing cash**
**flows**
**£**
2,650
2,650|**At 31**
**December**
**2023**
**£**
3,093| ||||3,093| ||||**At 31**
**December**
**2022**
**£**
2,650| ||||2,650| Page 18 ## **MAAK Foundation** ## **Statement of Financial Activities by fund for the Year Ended 31 December 2023** ## **Unrestricted Funds** |**Unrestricted Funds**||| |---|---|---| |**Income and Endowments from:**
Donations and legacies
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Unrestricted**
**Funds**
**2023**
**£**
500
500
(57)
(57)
443
443
2,650
3,093|**Total**
**Unrestricted**
**Funds**
**2022**
**£**
5,150| |||5,150| |||(2,500)| |||(2,500)| |||2,650| |||2,650
-| |||2,650| This page does not form part of the statutory financial statements. Page 19 ## **MAAK Foundation** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023** |**Income and Endowments from:**
Donations and legacies (analysed below)
Total income
**Expenditure on:**
Charitable activities (analysed below)
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**2023**
**£**
500
500
(57)
(57)
443
443
2,650
3,093|**Total**
**2022**
**£**
5,150| |---|---|---| |||5,150| |||(2,500)| |||(2,500)| |||2,650| |||2,650
-| |||2,650| This page does not form part of the statutory financial statements. Page 20 ## **MAAK Foundation** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023** |**_Donations and legacies_**
Appeals and donations
**_Charitable activities_**
Grants payable - individuals
Advertising|**Total**
**2023**
**£**
500
500
-
(57)
(57)|**Total**
**2022**
**£**
5,150| |---|---|---| |||5,150| |||(2,500)
-| |||(2,500)| This page does not form part of the statutory financial statements. Page 21