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 Col￿ENTS Pago Fleferen¢e WKI adminlstr•tive inforniallon Truglees. Yeport 4106 Independent Ex￿Iner.$ Report Stateff*nt ol Flnancial Aclivitles 8alance theet Motss to fIn￿¢1•1 gtatèmenis 101014 THE MAISI FOUNDATION IA comP￿Y 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 or￿raI￿1nah address: 41 Campc*n Hill Road LoThlon W8 7DX Trustees xis Gokltr*rg 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 er￿0￿ 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 re￿rt 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 appI￿at1¢ 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 FOUnda￿on s charitable objects and their abilrty to further Ihem as a Truste•. The l¢llo%thng P)Ilc￿S aTrJ procodures are In p￿Ce aThJ sutyeci to regular weview: GI￿VanCe 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•. inc1￿lIng Ihe requirement ol Iwo authoiisaliorts lor all payments. Purposes and •lrn$ Our chafjty's purposes, as sth oul in the 0tr4ects eontaIn￿l In the comparry's memor4￿￿uM of assoclaiion. are to.. l. Advarte all objeets or PUfP)ses which are eX￿￿$1¥4Y Charitable according lo th¥ law of England a￿1 Wales in any F4rt ol the w¢xhJ and is such manner as the trustees may in Ih¥ir absolule discrsth'on Ihink lit. Th¢ Trusiees confirm that they have relerred to the 9￿dance contsingj in the Charily Commis￿on'$ general 9uidance on pthlic benefit when reviewi￿ our w'ms a￿1 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 acco￿￿n9 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 fu￿lIng 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 &jU￿tiOn, forAI a￿5 saThtary lacilities thry rece￿Ve. Page 4 THE MAISI FOUNDATION {A CoMp￿Y limited by guarantee) Period ended 28 Febru•ry 2024 Advan¢ement of anlmol wellare.. ThroLwJh Sup[￿rt1rg animal We￿are charities, induding anim Shelters and sarctuaries. the organisatK*n 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 $upport'. Throug*) surportiro internabonal and UK ￿ganIsat￿)nS working io alleviaie homdessness and hunggr, the Organ￿at￿nS will iffprove the lives and rethjce the suffering of irKlviduais in need in UK ar¥J international￿. Thro￿3￿ SUPP¢Ytiro humanilarian causes. such as international fth)d programmes arKI displaced refugees. the tyganisalion wim also improve the lives of indiwduaL8 attecled ty humanilarian ¢rk8es aThJ strife. Policy for making don•llo The Iruslees wll indivMJua15 aTrJ orgaThsaboThs to itteive granls by reler8nee b funding priorrties pro¢eiJures sel out in thg altacheo grarn makiNJ s>Jllry. As rn)ted zl)ove. the trustee5 have read aTrJ undgrstoc*J the Charity CommisS￿'S compfiance ic*)Ikil and gumda￿e on trustee dociqh?n makiro. In the currenl pgriod, rrKineiary donal￿Tr￿ were mado io Tho CINldhJoJ Trusi, OKMS, RwnlJ)ws4ChilOren UK Trust, Fo￿la2￿?ne Maruzza, Greal Street Hosprtal Ch'klren's Charity (GOSH Charity) a￿1 a donatK)n w&s made to thg CheL8ea Wostminster frk)spital. Rljk m•wgemert The Truslges #Jentity fv mas￿ rlsks lo whkh thg ch￿ty is exp%gd on an or¥Joing basis, in parttular those related to the opera110￿ and linar¢es ol the Charity. A Risk Reglqtgr has been esiabhshgd and 1$ updated and rev￿￿wed 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 I￿1r exposure lo the major risks, whKh have bgen idgntilied aThJ reviewed. Flnoncl•l revltraT The detaiknd fvjures are included in the fina￿la1 Sialem8nt$. The ¢harity #Ch￿Ved a surplus ol inLvTh over gxpondtture tor the permjd 01 £20,338. Ffee reserves as at Ihe perlod end w¥re £20,338. There were no restricted funds at the F4Tiod end. Prln¢lpAI Fundlng sou￿¥ Thg prlncpai funding sources lor charty arg thg m&le ty the Spezzotti lamlly. Sald coniributions are a lundion ol Ihg I[￿orne gererated by investments mado aThJ thereftye sunilicanity depend cffj the TIna￿la$ marf£eis. li should be expected Ihal in years of posstive performar￿e 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 a￿ayS be er￿ugkn 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$ Suff￿lent to cover 3 months of Operation￿ expendilurg. This level has been e$tablishwJ by o)r6ideriThJ the lollowing factors". the reliability ol irKome streams. 1he wetsrabilrty ol expenditure. the charity's risk profile and any p)tenlial risks io irtorne arml expendilure, a￿1 luture plark% and ¢xJmmilments. The ¥¢serves wjli wll be Tgviewed annually to er6ure that it Temair6 atPTopriale for I￿ charills circumstar￿?5 and needs. Any charMJe$ io thg policy must be apwovgd by Board of Tr￿le8$. P485 ity to woY¥ the of gr￿ts m&de by and I￿Se ottww&ftE Wcants antt toundatwo *kne ams arxl af8 smniar ￿ Ihosfr of Ihe Cha¥ty of seletr.cbarc￿s aTrJFor touTrJatxJns. ofleri¥ A them onty fviwwirnl granfjry, t*Jt a150 time and Tru8te8s' Roport qnd i¥* firw418Lqtemerts a￿rd￿r￿ wth 4w ￿'r¢th)m kth)urrtiny {Urtrt¢d Gsnthttlty k¢•pio¢J fv¢¢ounvt¥ Pr•Gti¢*I. l>Jnwny ￿¥* roqu*r￿ t Tru¥t¥¢* lo pryr• for •¥h y￿r whM* * Ir&* *nd twr yithv ot tho ￿1[• of •ttao tsl th• thttnla￿ ¢o¢ry8rty ard ol th• r•soLM¢¥ ol r8gOLVW. mclL4lino th• expo￿￿￿8 ol ttte thartab* c4Jnwiy fvjr th•t wrA)d. lfi Ilatlmthts, the trLk*kn& roqutred to.. abser¥e Ik* w￿)d$ 8Th1 Ch8ri1*$ SOAP., makfr lu(*mBfits *lirn¥ws Ih8t w• re•soTrkn* aTh1 prwjwrt: &iaio t•JhOlh4r s1w￿ard• hwvo bow I￿￿Y￿ad, to any dwi￿01 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 kxStr￿s. at any time iffianrial po*wn ol ehafftawo ¢c4nKAlly and tsmom w Bnsure thai th8 hnarcial c￿Y wllh Ihe k: 2WJ6. Tru$ie95 arg a*0 Gaf•Juardino th8 as8qts ot tm Chanta0￿ LY)owarry and r*w tsf *Jr4J r•aswauo stws ￿e¥On￿on 8nd of fraud and QF Irwular4ts94 Thtr Trwge6 am Tewsth th8 m&rÉenaThx and ol ts o)ryyy&'o aTrJ fir4rt01 Informauon tsn chani8D* CLYrpairi'$ LwJtsl*rJn in ts LlThtgd K%noJom oJ¥emirYJ me ￿eparn￿n 4t￿ ol itaiernw46 ffiay ¢Jlfrar omer I￿r￿￿on&. l• •pprow•d by th 8owd 10 Sepiurtv 2024 P8p8 THE MAISI FOUNDATION IA ¢ompany limiied by guarantee) Period el￿ 28 FebNary YJ24 INDEPENDE￿ ExA￿NER'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 Statem￿t$ ol The Maisi FouThda￿n 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 requiren 477 ofthe Cony4ri8s Aci 2C#J6 reW*vJ ￿ sm*1 No m9M￿r5 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 A￿xafidra So¥¢ta Pa99 9 THE MAISI FOUNDATION IA comp•y limi*d 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 fina￿la1 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 Re￿Mrnended Pracllce applicable to ehafilies prepariro their accounts in accortjarre with the Financial Reporting Standard aPpI￿able 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•rnlk*n Assets and liabilities afe initially recogThsed at historical I￿$1 or transaction value unless Othe￿￿e staled in the relevani accountina poI￿Y Th)le. Incomlng M•oufu• All incomiro resources are irtluded in Ihe Slatement ol linancial aciivrties when enlrtlemenl has passed lo the charity-, il is probable Ihal Ihe economic benefits associated wilh the transaction will flow10 the chartly and the amunt can be reliably measured. The lollowng specllic p)li¢les are applied to paru'cular categories ot Income.. Income from (S)nalions or grants is recognsed when ihere is evidence ol ernlllemeni lo ltre gift, receipt is probable, ils arr#)unt can be measLAred reliably arKI any o)nditsons ol receipl have beell met. Resources eXp￿ded Expenditure is reo)gnised on an accr￿￿ basis as a liabih'ty i% irrJJrred. expenditure on charitable acbvilies inC￿deS all cosls incurred by a charity in Underta￿r0 aclivrties Ihal lurlher its charitable aims lor the benefit ol ils beneficiaries, including those support costs and costs relating to the govemance of the eharily apportioned lo charitable activities. All eosis includng irrecoverable VAT are albcaled to expen(ItUfe categories rellectbffj the use of the resource. Direct costs attributable lo a single activ'ty are allocated diTectly to that activity. Shared costs are apFJOrtioned between Ihe actNities they contribute to on a reasonable, justifiable and consislenl basis. T•x•tlon The Maisi Foundallon is a registered Chanty and is therefore exempt trom Payiry corporation on charrtabie aciivilies. Page 10 THE MAISI FOUNDATION (A company limited by guwanie¢) Period endod 28 February 2024 Fln•ndal Inslrumgnts A financial assel or a financia] liability Is Tecognised only when the enlity bewmes a party lo the contractual provi5ion5 01 the instrument. Bas￿ financid instruments are Initi￿lY recognised at the amount receivable or payable incluth'ng any related tran$￿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 conshderat￿n expected to be paid or received arKI nol discounted. Pgnglon• All staff are eligible lor empkJyeT'S perl$￿n conirit￿tiOns to be pwd to a stakeF*)Ider or equivalent conlribulory personal pension scheme. Judgom•ni$ •nd key lour￿$ of 88tlm•llon Un￿ri•lnty The preparation ol the financial statements requires management to make iuLI)emenls, estimates aTr aSS￿Mpts0nS 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 Cir￿mStan￿s. Golng Con¢•rn At the bdarsoe sheet dale the group held ￿le￿ate cash balances a￿1 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 chari*bl• 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 comp*y Ilmited by guarants•} Period ended 28 February 2024 NOTESTO ThE ACCOUMTS l¢onl..-) Emplo)na costs The charity empbyed one ffleM￿r of stalf the F¢￿d under review There were no employees wh￿e 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 inter￿1 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 Unr￿lIcIOd 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 charitak￿e 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