The Maisi Foundation A Company Llmlted by Guaranlee REPORT AND FINAhflAL STATEMENTS Perk>d •nd•(128 F•bruary 2024 Comparry l&1: 14ffj45W ¢hffjT No: 1202181
THE MAISI FOUNDATION (A company limlled by guarantee) Period ended 28 Febm•ry 2024 ColENTS Pago Fleferen¢e WKI adminlstr•tive inforniallon Truglees. Yeport 4106 Independent ExIner.$ Report Stateff*nt ol Flnancial Aclivitles 8alance theet Motss to fIn¢1•1 gtatèmenis 101014
THE MAISI FOUNDATION IA comPY Ilmiied by guarantee} Perlod ended 28 February 2024 Reference and adminislralion informalioD ChaTlly Namo: Mai51 Foundation Charty Regislration Numter.. 1202181 Company Regislration Mjmtrw.. 14664580 Registerod OlfK¢ and orraI1nah address: 41 Campcn Hill Road LoThlon W8 7DX Trustees xis Gokltrrg lappointed 15 February 20231 Min Hee Kim (appointed 15 Febwafy 20231 xandra Sorota (appointed 15 Febru9ry 20231 Edowth) Sp8ZZOtti lappointed 15 Felyuary 20231 kndepwd•nl Ex•mln J Watkin FCA BA (Hons Purpb Cat A*xounlwKy knmiied 87 HwJhgato Road WalsJl WS1 WA 8•nk•rn tro Bank or Southampton Row London WC185HA Paoe 3
THE MAISI FOUNDATION (A company 11m1t by 9uardniw> Peiiod er0 28 February 2024 Rgport ol tho Trusto8s for pèriod •nd•d 28 F•bwwy 2024 The Tnjstees, who aro th'rpclots lor the purpc6es of company law. present their annual report and financial stalements of the charily lor the penod end 28 Fd)ruary 2024. The Irusioes, annual rert indudes a directors, report as required by company law. Strueiure. govern¢# and manftg•mwrt The linarcial slatements have been pfepare(J in accordance wdh thè accountin9 policies set out in the notes 10 the accounts aThl comply with Ihe charity's Memortndum arKI Articles ol Associaiion, Ihe Companies Act 2006, the Charrties Act 2011 arKI A¢counts and Repoth"ng by Charities. Slatement of Recomm8ndeJ Practice AppliLxble to Charilies preparing 1tr6ir accounts In accordance wilh the Financial Reporbffj Stan(lard applicable in the UK and Republic ol Ireland IFRS1021. aThJ ¢he FinanciJ Repjrting Standard appIat1¢ In the UK and Republic ol IrelaTrJ IFRS1021. The Maisi Foundation is a chafilable company fimried by warantee, incorw)raled in England and nol havitYJ shale capltal and Is g¢veTned by its memorarfum and arttles of assoc3abon. 11 was incorporaied as a company on 15 February 2023 a) r¢gisifjr¢d as a chanty on 6 Mareh 2023. The Trustees, who are also dire¢iors lor the pur$$ ol company law. are listad on page 3. All Trustets give ol their time voluntarily and received no benefits trom the charity. Nsw Trusiees are appointed by Ihe exlsling Trusiees. They are selected on ihg basis of Iheir sympalhy wth The Maisi FOUndaon s charitable objects and their abilrty to further Ihem as a Truste•. The l¢llo%thng P)IlcS aTrJ procodures are In pCe aThJ sutyeci to regular weview: GIVanCe Pc4icy & Proc8dur8- Daia Prolrflion Poli., Grant Making Policy. Gfant Agreement template,. Privacy Notice,. Reseryes Policy- Risk Mana9emeni Policy.. Truslees Code ol Conduct and ConNicts ol Inléresi., plus HR polici¥s and Fwocedures necessary lo complgle our Slaff Hanthok lindudiThJ pay. leave. disciplinary. grwarte, expen8ts, social media. IT. holK1ays and $i¢kne8$ policies). Financial ¢othrols are in plac•. inc1lIng Ihe requirement ol Iwo authoiisaliorts lor all payments. Purposes and •lrn$ Our chafjty's purposes, as sth oul in the 0tr4ects eontaInl In the comparry's memor4uM of assoclaiion. are to.. l. Advarte all objeets or PUfP)ses which are eX$1¥4Y Charitable according lo th¥ law of England a1 Wales in any F4rt ol the w¢xhJ and is such manner as the trustees may in Ih¥ir absolule discrsth'on Ihink lit. Th¢ Trusiees confirm that they have relerred to the 9dance contsingj in the Charily Commison'$ general 9uidance on pthlic benefit when reviewi our w'ms a1 obj'eclives in Fdanning futu activities. As noted above, Ihe organisation has beèn incorwjraled with general wrpc6es Can therefore benelrt any purpose deemed exduswely charrtable accon9 io the law ol EThjIa and Wales. These wide objeths have been ustsxl in order 10 wovKle the organisatson with maximum flexibilTty to develop ils granl-maklng actNities in the lutufe, but Ihe iiwtial fundirKJ priorities aim lo benefit the public in the following ways.. Edue•lion 8nd lh• oll•l of bknrty.. Through wovKllrKJ grath fulIng and suFport to schools and organisations Ihat support children In Ihe UK and internationally, me organi5alion will have a postiive itnpact on ck'sa(trantaged children arwj improvè the qualrty of Ihe &jUtiOn, forAI a5 saThtary lacilities thry receVe. Page 4
THE MAISI FOUNDATION {A CoMpY limited by guarantee) Period ended 28 Febru•ry 2024 Advan¢ement of anlmol wellare.. ThroLwJh Sup[rt1rg animal Weare charities, induding anim Shelters and sarctuaries. the organisatKn will improve the fives. and alleviate the suftering, ol animals In Ihe UK and Sntwnatlonal. Allevlation of homelessness and hun9er. and provlslon ol other humanitarlan $upport'. Throug) surportiro internabonal and UK ganIsat)nS working io alleviaie homdessness and hunggr, the OrganatnS will iffprove the lives and rethjce the suffering of irKlviduais in need in UK ar¥J international. Thro3 SUPP¢Ytiro humanilarian causes. such as international fth)d programmes arKI displaced refugees. the tyganisalion wim also improve the lives of indiwduaL8 attecled ty humanilarian ¢rk8es aThJ strife. Policy for making don•llo The Iruslees wll indivMJua15 aTrJ orgaThsaboThs to itteive granls by reler8nee b funding priorrties pro¢eiJures sel out in thg altacheo grarn makiNJ s>Jllry. As rn)ted zl)ove. the trustee5 have read aTrJ undgrstocJ the Charity CommisS'S compfiance ic)Ikil and gumdae on trustee dociqh?n makiro. In the currenl pgriod, rrKineiary donalTr were mado io Tho CINldhJoJ Trusi, OKMS, RwnlJ)ws4ChilOren UK Trust, Fola2?ne Maruzza, Greal Street Hosprtal Ch'klren's Charity (GOSH Charity) a1 a donatK)n w&s made to thg CheL8ea Wostminster frk)spital. Rljk m•wgemert The Truslges #Jentity fv mas rlsks lo whkh thg chty is exp%gd on an or¥Joing basis, in parttular those related to the opera110 and linar¢es ol the Charity. A Risk Reglqtgr has been esiabhshgd and 1$ updated and revwed quarterly. Where aswropriale, systen% or procethjres have teen gslablished to mitigate the Tisks the charity l%es. The chwliy is sabslied that systems are in place to mitsgatg I1r exposure lo the major risks, whKh have bgen idgntilied aThJ reviewed. Flnoncl•l revltraT The detaiknd fvjures are included in the finala1 Sialem8nt$. The ¢harity #ChVed a surplus ol inLvTh over gxpondtture tor the permjd 01 £20,338. Ffee reserves as at Ihe perlod end w¥re £20,338. There were no restricted funds at the F4Tiod end. Prln¢lpAI Fundlng sou¥ Thg prlncpai funding sources lor charty arg thg m&le ty the Spezzotti lamlly. Sald coniributions are a lundion ol Ihg I[orne gererated by investments mado aThJ thereftye sunilicanity depend cffj the TInala$ marf£eis. li should be expected Ihal in years of posstive performare ot the fi'narrial markets, th9 contributions will b6 higher. In y¥ars ol regalive pgrformarte ol th¥ linanual markets, lh9 rJ)niribuiSons could be reduced but shall aayS be erugkn to uY)ver the charity's costs, ro$grv¥s and a minimal granling actNty. 11 should Tr)1 be exduded thac ctcasionajty, some extem lundirg could Come Irorn contribub'orB indNiduaL8 WIKJ are part of Spezzotti lanmly's network. Rtserve$ Po¥¢y The Board of Trustees has ak*)pled a Fleserves Pofy to dgterming annualty, as part ol IFW year aco)unts proces5, the iisk-basgd reserve ¥81 b) sel aside. charily aims to maintain reserv95 at a 1gvg1 that 1$ Sufflent to cover 3 months of Operation expendilurg. This level has been e$tablishwJ by o)r6ideriThJ the lollowing factors". the reliability ol irKome streams. 1he wetsrabilrty ol expenditure. the charity's risk profile and any p)tenlial risks io irtorne arml expendilure, a1 luture plark% and ¢xJmmilments. The ¥¢serves wjli wll be Tgviewed annually to er6ure that it Temair6 atPTopriale for I charills circumstar?5 and needs. Any charMJe$ io thg policy must be apwovgd by Board of Trle8$. P485
ity to woY¥ the of grts m&de by and ISe ottww&ftE Wcants antt toundatwo kne ams arxl af8 smniar Ihosfr of Ihe Cha¥ty of seletr.cbarcs aTrJFor touTrJatxJns. ofleri¥ A them onty fviwwirnl granfjry, tJt a150 time and Tru8te8s' Roport qnd i¥ firw418Lqtemerts ardr wth 4w 'r¢th)m kth)urrtiny {Urtrt¢d Gsnthttlty k¢•pio¢J fv¢¢ounvt¥ Pr•Gti¢I. l>Jnwny ¥ roqur t Tru¥t¥¢ lo pryr• for •¥h yr whM * Ir& nd twr yithv ot tho 1[• of •ttao tsl th• thttnla ¢o¢ry8rty ard ol th• r•soLM¢¥ ol r8gOLVW. mclL4lino th• expo8 ol ttte thartab c4Jnwiy fvjr th•t wrA)d. lfi Ilatlmthts, the trLkkn& roqutred to.. abser¥e Ik w)d$ 8Th1 Ch8ri1$ SOAP., makfr lu(mBfits lirn¥ws Ih8t w• re•soTrkn aTh1 prwjwrt: &iaio t•JhOlh4r s1ward• hwvo bow IYad, to any dwi01 aTr1 Ir tho liThArKW siatwwnts. an¢J", gpare fi'fi]&1 Slai¢SnBrnS on c¥)r¢•n unb•• ft is pwumo fvl t ¢urp8ny WIN ¢ontW ¥i kxStrs. at any time iffianrial pown ol ehafftawo ¢c4nKAlly and tsmom w Bnsure thai th8 hnarcial cY wllh Ihe k: 2WJ6. Tru$ie95 arg a0 Gaf•Juardino th8 as8qts ot tm Chanta0 LY)owarry and rw tsf Jr4J r•aswauo stws e¥Onon 8nd of fraud and QF Irwular4ts94 Thtr Trwge6 am Tewsth th8 m&rÉenaThx and ol ts o)ryyy&'o aTrJ fir4rt01 Informauon tsn chani8D CLYrpairi'$ LwJtslrJn in ts LlThtgd K%noJom oJ¥emirYJ me eparnn 4t ol itaiernw46 ffiay ¢Jlfrar omer Iron&. l• •pprow•d by th 8owd 10 Sepiurtv 2024 P8p8
THE MAISI FOUNDATION IA ¢ompany limiied by guarantee) Period el 28 FebNary YJ24 INDEPENDE ExANER's REPORTTO THE TRUSTEES OF THE MAISI FOUNDATION Perlod ended 28 Febru•ry 21Y24 I r8POrt to Ihe Irustees on my examinalion of Ihe finaTK411 Statemt$ ol The Maisi FouThdan I'lhe charity'l lor the period oTrYed 28 February 2024. Hesponglblllties and basi$ of report This reFKJrt is made solely to Trustees. as atrfJdy. in accordance with Ihe ChaT((ies Ad 2011. My examinalK)n has boon undertaken so that I might state Y) the Trusteos those ffotters l am require<l to state io Ilm in an Independent Examinerfs rwrt aHd for other purFose. To Ihe fullest extent pemiitie(I by law l (b Th)1 accept or assume responsibilily to anyon& olher than charr(y aT¥J the Trustees 88 a body. lor my exaMina0n, lor is report, or for thè opinions I have lor. As trustees of Ihe c<sry)any land also its ¢Jlr8¢tors for Ihe rwrrxJSO8 ol company lawl you ar8 responsible lor the preparabon ol Ihe linanoal staternenis in atxoroancewilh the requirements ol tho Companies Act 20061.the 2006 knfl. PlaviTKJ salistied mysdl that the accounts ot lh¢ company are not required to be audilwj jer Part 16 01 the 2006 Acl and aTe eligib lor indepeTrlanl examinaknon. I lert in Tespect ot my examinatlon ol ih• ¢harily' accounts as carried out Lbndgr s8cIKsn 145 01 tho charilS kl 2011 I'thg 2011 Pcl'l. In carrying out my ¢xaminalbn I have lo1j D}nS wen by Iho Charity Commissn uTrJ8r section 1451511bl ol 2011 P£1. Indep•nd•nt eximlnefs ststement I havo cornpted my &xaffl1natn. l ¢oMirm ihat r matters havo comè Its my atten'On in ¢onnecti)n with the •xaminalK)n giviTYJ me caLbse lo bdw8'. 1. ac¢ounliwvJ records were rK¢t kopl n rosFCt of charity as reqjired by seclKsn 386 of the 2006 Act., or 2. the finartd slatemènts do not a¢xor¢l wth IIKJse focords.. or 3. tttB linarKKal slalements do comply wnh the aoun11rj reqL5iremgnts ol Section 396 01 Ihe 2006 A¢1 other than any reqLSiTthMent that the accounts give a'ifue aTMI lairf wew whkh not a maller rA)nsvdered as part ol an Ilepenen1 exaffjinalion,. or 4. the financial statements ha rnt been wep¥J in acrIance 7hith the methods a%xl prineiples ol the Slalemenl ol Recomrnended Practice lor aCUnb"n9 and Teporting by charities applicabk8 lo clItIeS preparing their accounts in accordance with th8 Finarra1 Aeporbng SlarKJard applicable In the UK arKI Republic ot Ireland IFRS 1021. I have no ¢0emS and have me across no other rnalters in ¢onnedionwilh Ihe exan1nabont0whh attention shoukl drawn in thF rewrl in wier to ne a propgr Unders1n9 of the accounts to be reach8d. J Watkin FCA Purple Cat Accountancy fflrted 87 Hngate Road Walsall Wesl Midlands WSI SJA 10 Septembei 2024 Page 7
THE MAISI FOUNOATION (A cornpany Ilmited by guatantee) Period endod 28 Fobtuary 2024 Statement of FirffdrIal Activities (inclu(fing incomo and expendllure account) unlerIc1ed funds Total tunds Feb 2024 In¢om• from: Voluntary incom8 Investment income 60.725 334 80,725 334 Total Incomo 61.059 61,059 Expgnditurfj on: charitab acIN1tS 40.721 40.721 Total r•8our¢•s •xp•d 40,721 40,721 Not in¢om• lor lh• p•rl*)d b•f¢T• other reMgnl8•d galns and loss•s 338 20,338 N•1 mov•moni In lund8 2338 20,33 R•conelIlthQn of funds Fund babance broLsgh foard Fund balance al 28 Felyuary 2024 20,338 20,338 The accornpanying noies form parl ol these financ slatenwnts. The statement ol financval aC1fvit In¢lu(1gs all gwns and hjsses Tecognised in the perlod. All activlties d&rive from coninuing operatw)ns. Page 8
Cash albAnk 21.975 21,978 CY•dlt•rn'. fAlknJ ¥ritho1 ono year 10 11.6J81 N•¢ oyn•nl ••••¢• R•pv••ont•d by Totsl 20,338 For tho pwkJ kn 980ft IM r¢nw•ty t¢ •x•fi¥w fw ur¥J•r wtk>n 477 ofthe Cony4ri8s Aci 2C#J6 reWvJ sm*1 No m9Mr5 havo wnp8ry IQ ct4w an tt• lor qu••#on 10 accoiinilThJ records for ttw ryOPW81h)n ol AFyo¥thi tyihe Board on 10 Septfrter 2024 Axafidra So¥¢ta Pa99 9
THE MAISI FOUNDATION IA comp•y limid by guarantee) Period ended 28 Febnwry 2024 NOTES TO THE ACCOUNTS 1. A¢counUng policies The principal accountiro policies applied in the preparation ot these finala1 statements are set out below. I Sl•tement ol Mmpllan These financial slalemenls have been preF)afed in eorry)liance wth FRS 102,'The Financial ReFx>rtsng Standard applicable in the UK and the Flepublic ol Ireland, the Statement ol ReMrnended Pracllce applicable to ehafilies prepariro their accounts in accortjarre with the Financial Reporting Standard aPpIable in the UK and Republ of IreLand IFRS 1021 (Charitles SORP IFRS 10211 and the Companies Act 2006. l Ac¢ountlng poll¢¥ 8•918 of PrnP•rnlkn Assets and liabilities afe initially recogThsed at historical I$1 or transaction value unless Othee staled in the relevani accountina poIY Th)le. Incomlng M•oufu• All incomiro resources are irtluded in Ihe Slatement ol linancial aciivrties when enlrtlemenl has passed lo the charity-, il is probable Ihal Ihe economic benefits associated wilh the transaction will flow10 the chartly and the amunt can be reliably measured. The lollowng specllic p)li¢les are applied to paru'cular categories ot Income.. Income from (S)nalions or grants is recognsed when ihere is evidence ol ernlllemeni lo ltre gift, receipt is probable, ils arr#)unt can be measLAred reliably arKI any o)nditsons ol receipl have beell met. Resources eXpded Expenditure is reo)gnised on an accr basis as a liabih'ty i% irrJJrred. expenditure on charitable acbvilies inCdeS all cosls incurred by a charity in Undertar0 aclivrties Ihal lurlher its charitable aims lor the benefit ol ils beneficiaries, including those support costs and costs relating to the govemance of the eharily apportioned lo charitable activities. All eosis includng irrecoverable VAT are albcaled to expen(ItUfe categories rellectbffj the use of the resource. Direct costs attributable lo a single activ'ty are allocated diTectly to that activity. Shared costs are apFJOrtioned between Ihe actNities they contribute to on a reasonable, justifiable and consislenl basis. T•x•tlon The Maisi Foundallon is a registered Chanty and is therefore exempt trom Payiry corporation on charrtabie aciivilies. Page 10
THE MAISI FOUNDATION (A company limited by guwanie¢) Period endod 28 February 2024 Fln•ndal Inslrumgnts A financial assel or a financia] liability Is Tecognised only when the enlity bewmes a party lo the contractual provi5ion5 01 the instrument. Bas financid instruments are InitilY recognised at the amount receivable or payable incluth'ng any related tran$tIOn costs, unless the arrangement constilutes a financing transacti)n, where il is rethgnised at the present value of the future payments discounted al a market rate of interest lor a similar debt hnstrumenl. Current assets and current liabililies are subsequently measured at the cash or other conshderatn expected to be paid or received arKI nol discounted. Pgnglon• All staff are eligible lor empkJyeT'S perl$n conirittiOns to be pwd to a stakeF*)Ider or equivalent conlribulory personal pension scheme. Judgom•ni$ •nd key lour$ of 88tlm•llon Unri•lnty The preparation ol the financial statements requires management to make iuLI)emenls, estimates aTr aSSMpts0nS that affeci the amounts repcrfted. TrEse esb'mates and judgements are continually reviewed are based on experience and olher la£tors, includirsg expeclatsons ol future events thai are believed io be reasonable uTrJer the CirmStans. Golng Con¢•rn At the bdarsoe sheet dale the group held leate cash balances a1 reserves. On that basis the Trustees have wepared Ihese linano'al sktemenls on a going basis. Publbc bonollt ontity The chwitaNe company meets the definition of a public benelll entity uTrJer FRS 101 Page11
THE MAISI FOUNDATION IA company IlmStgd by guarantee) Perlod ¢ThJed 28 Febnjary 2024 NOTes TO THÉ Accouiifs Icont....) Voluntary In¢¢)me ¢ted 28 Feb Totsl 28 Feb 2024 Donatr"rns eo.725 60,725 60.725 60,725 Inv••itrnnl Incon Tolal 28 F•b 2024 28 Feb 2fk4 88th )ternst r9ceivat48 334 334 334 Exp•nthtw• on charibl• a¢1m 28 Feb 2024 28 Feb 2024 Oonalions Sponsorshlp Statt salari95 Enwb)y6r Feroh)n costs Logal lees Payrdl fees Gov9rnar¢e eosi$ 12,674 12,674 17.srK) 356 7.598 93 I7.0 356 7,598 93 40.721 40,721 Exp•nd1w on w4ernwK• UnMtri¢*d 28 Feb Tot•1 28 Feb 2024 Indyt¥Jgnt gxamTrr 1,SC 1.51X) Paga 12
THE MAISI FOUNDATION IA compy Ilmited by guarants•} Period ended 28 February 2024 NOTESTO ThE ACCOUMTS l¢onl..-) Emplo)na costs The charity empbyed one ffleMr of stalf the F¢d under review There were no employees whe 10t empbyee benefits lexdwjing emF4oyer pension c05ts1 ex¢e&kd £60.000. TN¥ts¢ r•mun•rallon No trustee or other person relaied to thè tharity had any personal inter1 in any o)nlract or transacts'on onlered into ty tho charity during ihe year. 10 Cr•dbtor 28 Feb 2024 Accfua15 0th8r creditors 1,500 136 1,638 11 Movemoni In lund¥ Bal4nco brought forward Incoming 8alanco al Tr•nsf•r$ 28 Fob 2024 Outgolng Unr•$trlct•d funds General lun¢J 61.059 140,7211 20,338 Tot•1 unmtrkl•d funds 61,059 140,7211 ,338 Total lunds 61.059 140.7211 20,338 12 Analy¥b ol assets bot*wn funds Total Funds 28 Fob 2024 UnrlIcIOd Funds Current assets Crgjilors less than 1 year 21,976 11.6381 21,976 11,6381 2{J,6 20,338 Page13
THE MAISI FOUNDATION {A rnparty limiied by gu¥rnnte•> Period ended 28 February 2024 13 Related Party Tr•ns8ctions DurirvJ Ihe pericA UTKler the ctwty donations of £60,725 trom Alexandra Sorota and Edoar(b SKwzotti. Trustees 14 Taxall¢)n As a charitake company, The hhaisi FoundatK)n is exemFI Irom tax on income and gains to Ihe extent Ihar these are apFlied to its cFwitable ci4ects. No tax charges have arisen wiihin the charilable COTnpany. Page 14