Charity number: 1172282
THE MARANDI FOUNDATION
UNAUDITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021

THE MARANDI FOUNDATION
CONTENTS
Page
Referenc• and Admlnlstratlve Detall$ of tha Charity. Èis Trustet$ and Advlsors
Trustee5' Report
Independent Examinerfs Report
Statemant of Financial Activities
Balanca Sheet
Stat9mgnt of Cash Flows
Notes to the Flnanclal Statoments
10-14

THE MARANDI FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 5 APRIL 2021
Trusto0$
Javad Marandi
Narmina Marandi
Sir Michael Lockett {appointed 31 July 2020)
Charity registered
number
1172282
Princlpal office
103 Mount Street
London
W1K2TJ
Dlrector
Jo Clunia
Bankers
Coutts & Co
440 Strand
London
WC2R OQS
Solicitors
Bales Wells and Brailhwaile
10 Queen Slfeet Place
London
EC4R 1BE
Page 1

THE MARANDI FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report together with the financial 51atemenls of tho Charlty for the year ended
5 April 2021. The financial slalemenls have been prepared in accordance with the Charities Act 2011. The
requlrements of the charity's governing document and the provisions of the Statement of Recommended
Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS102) leffeclive 1 January 20191.
OblaGtlvg$ and activities
a. Pollcles and oblactlves
The objeclwe of The Marandi Foundation, as stipulated in the Trust Deed, is lo apply funds and income upon
trust for the publlc benefit of all objects which are exclusively charitable under the law of England and Wales.
The Foundation delivers ils charitable objects through granl-making.
The Trustees confirm that they have had due rfjgard to the Charity Commission's guldance on public benefit.
b. Activities und•rtakon to achieve objocttves
The Charity uses gr8nt-making lo achieve its objectives and in particular makes grants to UK-registered
charities which advance educats'on.
c. Grant-making policies
The Trustees of the Foundation provide financial awards lo registered charities that promote the arts. positive
mental health and educational attainment.
d. Main activities undertaken to further tho charit￿s purposes for tho publlc benefit
The Marandi Foundation has made grants lolalling £254,17512020.. £613,499) lo Ihree12020.. four) charities
during the year.
Grants mada in the
ear
The European Funding Clrclè- £SO.00012020: £nll)
Providing a contribution to support the building and slrenglhening of holding5 of key work by
artists and philanthropists will lead Tate in realising transformative acquisitions that will both
challenge and complement familiar narratives of modem and contemporary artistic practi￿.
Thg Sarpentine Trust- £50,000 (2020: £13,667)
Providing a contribution lo support an exhibition of James Bamor's work at The Serpentine
Gallery entitled 'Portrails of the FulLtre.' A Celebration of James BarnDrf.
The Latymer Foundation - £154,175 {2020: £nil}
Providing means lesled bursaries for boys who would otherwise be unable to attend Latymer
due lo their family's financlal Circumstan￿S. The children selected are able lo benefit from
the ex￿lIent academic, pa51oral and social experience of attending Latymer. In the year
ended 5 April 2021, The Marandi Foundation made a commitment of £104,175 payable over
five years.
Grants made in the com aratlve
riod
The Watercolour World - £nll12020: £395,000)
The Walercolour Worfd is creating a unique visual history of the world through documentary
walercolours painted before 1900. The programme fryrmally launched on 31 January 2019 at
the Royal Academy of Arts. The website comprises tens of thousands of images creating
significant new Sour￿ of global history. This free, new, online library Includes topographical.
anthropological and botanical subjects. plus observed historical events.
Page 2

THE MARANDI FOUNDATION
TRUSTEES. REPORT Icontinuedl
FOR THE YEAR ENDED 5 APRIL 2021
oln
multl
èar commltmènts
Tho Royal Foundatlon- Thlrd tranche of £100,00012020: £100.0001 pald in the year
The Roy81 Foundation supports a broad and ambitious spectrum of activity looking lo support
innovations In mentsl health, e8rly years, young people and conservation. In the year ended 5
April 2019. The Marandi Foundation made a commitment of £300,000 payable over three
years.
St Paul's School- Nil {2020'. £100,000) pald In tha year
Providing means tested bLJrsaries for boys who would otherwise be unable lo attend Sl Paul's
¢Jue lo family financial ¢ircumslan¢es. The Chlldren selected are able lo benefit from the
excellent 8¢8demic, paslor818nd social experien¢e of attending Sl Paul's School. In the year
ended 5 April 2018, The Marandi Foundation made a commitment of £500,000 payable over
five years 8nd 815 Aprll 2021 a grant ¢ommilmenl of £200,000 exists. Subsequent lo the year
end, £100,000 was paid lo Sl Paul's and the partnership was then drawn to a close. The
Foundation intends to redistribute the funds for use on projects elsewhere.
Achievements and performance
Flnanclal revl
Going concern
The Charity has limited fixed running costs but has grant commitments totalling £283,34012020 £300,000) at
the year end. The Charity's sole benefactors, who are also the Trustees, have pledged donations equ81 lo the
amount of the multi year grants made and will pay these donabons across al the lime the grant payment is due
lo the re¢ipient charities. It is not Ihe policy of the charity to hold long term cash balances 81 this lime. There
is a fomial agreement from Ihg Trustses lo provide financial support as and when required lo ensufe the
continued operation of the Charity.
Management therefore considers th81 The Marandi Foundation is a going concern. as il expects the Charity lo
be able to meet its debts as they fall due for a period of al least 12 months from the dale of signing of these
financial statements.
Just before the start of the financial year, COVID-19 was declared a pandemic by the Worfd Health
Organisalion and varlous soclal and economic reslriclions were applied In the UK and across the worfd. This
impacted financial markets bul has not been considered lo impact the Foundation due lo ils limited assets
being held as cash.
b. Roservos pollcy
Once The Marandi Foundation has identified and agreed a grant amount lo be provided lo a beneficiary it will
receive the agreed funds from ils sole benefactors, Javad and Narmina Marandi, in order lo pay the beneficlary
at the agreed payment dale. The charity therefore holds only a small level of reserves lo ensure that il can
omft)rtably meet ils operating costs and pay its debts as they fall due.
As at the year end, The Marandl Foundation had unrestricted reserves of £52,23912020.. £67,583).
c. Financial revigw
Income for the year ended 5 April 2021 was £263,34012020'. £679,869) wllh £254,175 {2020.. £613,499) of this
being expended as grants.
Due lo its size. The Marandi Foundation is abSe lo operate with minimal overhead costs. As such, 91 % (2020:
96%} of lolal expendllure In the year is in the form of grants glven.
Page 3

THE MARANDI FOUNDATION
TRUSTEES. REPORT Icontlnuodl
FOR THE YEAR ENDED 5 APRIL 2021
Structuro, governanc8 and management
a. Constitution
The Marandi Foundation is a registsred charity. number 1172282, and is constituted under a Trust deed dated
6 March 2017.
b. Methods of appolntment or algctlon of Trustees
The management of the Charfty Is the responsibility of the Trustees who are elected and co-opted under the
terms of the Trust deed.
c. Organl$8tlonal $tructura and decision-maklng poll¢les
The Founda￿On comprSses three Trustees and a Dlreclor who meet twice per year.
d. Policies adopted for thè inductlon and training of Trustees
New Trustees are recruited as and when required with reference lo their abSlltles that will enhance and further
the Charity's objectives. When new Trustees are appointed, training both in-house with existing Tru51ees or
exlemally through appropriate trustee Irainlng courses is provided. New Trustees are appointed by deed
under authority of 8 resolution of the Trustees.
Plans for future periods
The Trustees expect lo continue lo support educational charities in the medium lem and wtll continue lo buSld
on their relationships with some of the charities they have worked with in the Current year.
Page 4

THE MARANDI FOUNDATION
TRUSTEES. REPORT (continued)
FOR THE YEAR ENDED 5 APRIL 2021
Statemgnt of Tru$to9$' rgspon$lbllltlgS
The Trustees are responslble for preparing Ihtr Trustees, Report and the financial slalemenls in accordance
wllh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Pr8¢ticel.
The law applicable lo charities in England & Wales requires the Trustees to prepare financl81 stalernents for
each financial year which give a true and fair view of the state of affairs of the Charity and of ils incoming
resources and appli¢ation of resources, including ils income and expenditure, for that period. In preparing these
financial statements, tho Truslges are required lo..
select suitablè accounting policies and ther7 apply them consistenuy.,
observe the methods and principles of the Charities SORP IFRS 1021..
make judgments and accounting estimates that are reasonable and prud&nt',
slate whether applicable UK Accounting Standards IFRS 102} have been followed. subje¢l to any
material departures disclos&d and explained In the financial statements-
prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that the
Charity will continue in business.
The Trustees are responsible for keeping adequate a¢counllng records that are sufficient lo show and explain
the Charfty's transactions and disclose with reasonable accuracy al any lime the financial position of the
Charity and enable them lo ensure th81 the flnancial statements Comply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for
Safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Approved by order of the members of the board of Trustees on oi /it /tl and slgned on their behalf by..
Javad Marandi
(Chair of Trusteasl
Page 5

THE MARANDI FOUNDATION
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 5 APRIL 2021
Indgpgndent Examiner's Report to the Trustees of The Marandl Foundation
I report lo the charity Trustees on my examination of the ac¢ounls of The Marandi Foundation for the year
ended S April 2021, whlch comprise the Slalemenl of Financial Aclivilies, the Balance Sheet, the Slalemenl of
Cash Flows and the notes lo the accounts. including 8 summary of significant accounllng policies.
Respocilva responsibiliti•s of trustO0$ and examiner and b8sl$ of raport
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance w((h the
requirements of the Charities Act 20111'lhe 2011 Acl'l.
I report in respect of my examination of the Charfty's 8ccounls carried out under section 145 of the 2011 Act
and in carrying out rny examination I have followed the applicable Directions given by the Charity Comrnission
under section 14515llbl of the 2011 A¢1.
Independènt Examlnor's Statement
sin￿ the Charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in
section 145 of th& 2011 A¢1. I confirrn that l am qualifled lo undertake the exafftinalion because l am a member
of the Institute of Chartered Accountants in England & Wales, whlch is one of the listed bodies.
I have completed my examinauon. I confirm that no matters have come to rny attention in connection wllh the
examlnatSon g￿￿n9 me cause to believe that In any material respect..
accounting records were not kept in respect of the Charity as required by sectlon 130 of the 2011 Act,. or
the accounts do not accord with those records., or
the accounts do not comply wllh the applicable requirements concerning the form and content of
ac¢ounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement
th81 the accounts give a 'lrue and fair, view which is not a matter considered as part of an independonl
examin8ti0n.
I have no concerris and have come across no other matters in connection with the èxaminatlon lo which
attention should be drawn In this report in order lo enable a proper understanding of the accounts to be
re8¢hed.
Signed=
Dated.. 14 December 2021
Jeffrey Selden. Fellow of The Institute of Chartered Accounlanls in England & Wales
Srnith & Williamson LLP
Onslow House
Onslow Street
Guildlord
GU1 4TL
Page 6

THE MARANDI FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2021
Unrostrlcted
funds
2021
Total
funds
2021
Total
funds
2020
Note
Income from:
Donations and legacies
263,340
263.340
679,869
Total income
263.340
263,340
679,869
Expendituro on:
Charitable activities
278.684
278.684
638,003
Total expenditure
278,684
278,684
638,003
Net movement in funds
115,3441
{15,3441
41,866
Reconciliation of funds..
Total funds brought forward
67.583
67.583
25.717
Total funds carrled fonvard
52,239
52.239
6T,583
The notes on pages 10 10 14 form part of these financial statements.
Page 7

THE MARANDI FOUNDATION
BALANCE SHEET
AS AT 5 APRIL 2021
2021
2020
Not
Current a$sats
Donatlons receivable
120,835
200,000
Debtors due after more than one year=
Donations receivable
162,505
100.000
Cash at bank and in hand
57,967
70,583
341,307
370.583
Creditors= amounts falllng due within one
year
(126,5631
(203,tnlJ
current assats
214.744
167,583
Creditors.. amounts falling due in more than
one year- grant cornmilmenls
{162,505)
(100,000)
Not assets
52.239
67,583
Charlty furxls
General ftjnds
52.239
Total funds
52.239
61.583
The financial stslements were approved and aulhorlsed for issue by the Trustees on 01 /11 (zi and signed
on their behalf by..
Javad Marandi
(Chair of Trusleesl
The notes on pages 10 10 14 form part of these finanaal stslements.
Page 8

THE MARANDI FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2021
2021
2020
Co$h flows from operatlng o¢tlvlt19S
Nel c8sh used in operating activities {nole 11}
(12.616}
41.739
Change in cash and cash equivalents in the year
{12,616)
41,739
Cash and cash equivalents al the beginning of the year
70,583
28,844
Cash and cash equlvalents at tho end of the yoar
The notes on pages 10 to 14 form part of these finanaal statements
Page 9

THE MARANDI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
General infomiation
The Marandi Foundation Is a registered charity in Eng18nd and Wales. number 1172282. The address of
its registered office is 103 Mount Street, London. W1 K 2TJ.
Accounting policie$
2.1 Basis of preparation of flnan¢lal statements
The financial statements have been prepared in accordance wlth the Charities SORP IFRS
1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo
charities preparing their accounts In a¢¢ordance with the Financial Reportlng Stsndard applicable in
the UK and Republi¢ of Ireland {FRS 1021 (effective 1 January 20191. the Financial Reporting
Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act 2011.
The Marandi 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 slated in the
relevant a¢counting policy.
2.2 Going concern
The financial statements have been prepared on a golng concem basis.
The Trustees have revlewod the expected future cashflows of the Charity. including an a55essmenl
of the potential impact of COVID-19. The Charity 15 reliant on the continLJing 5UPPOrt of the
Trustees lo provide funds to allow the Charlty lo rneet its liabilities as they fall due. As explained in
the Trustees, Annual Report. the policy of the Trustees is lo provide funding al the bme payment is
due and the charity does not currently hold significant cash reserves. The Trustees have provided
a letter of support which stales that they will provide such fLJnds as are needed to allow the Charity
lo do so. The Tiusle¢s therefore have a reasonable expectstion that the Charity has adequate
resources to continue in operational existence for the forese08ble future, and that there is no
material uncertainty relating lo going concern.
2.3 Income
All income 15 recognlsed once the Charity has entlllemenl to the income, il is probable that the
income will be received and the amount of income receivable can be measured reliably.
2.4 Expgndltura
Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic
benefit lo a third paty, 11 is probable that a transfer of economic benefits will be required Sn
settlenienl and the amount of the obbigabon can be measured reliably. Expenditure is classified by
ac14'vily. The costs of each acllvity are made up of the lotsl of direct costs and shared c051s,
n¢luding SLJPPOrt costs involved in undertaklng each activity. Direct costs attributable lo a single
8¢tivily are allo¢aled directly to that activity. Shared costs which contribute lo more than one activity
and support costs which are not attributable to a single activity are apportioned beNveen those
activities on a basis conslslenl with the use of resources. Central staff costs are allocated on the
basis of time spent, and depreciation char9es allocated on the portion of the asset's use.
Expenditure on charitable activities is incurred on directly undertaking the acllvllles which further the
Ch8riVs obleclives, as well as any assoclaled support costs.
Page 10

THE MARANDI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Accounting policies (continued)
2.4 Expenditure {continuedl
Grants payable are charged in the year when the offer is made except in those cases where the
offer is conditional, such gran15 being recognised as expenditure when the Conditions attaching are
fulfilled. Grants offered subject lo conditions which have not been mel al the year end are noted as
a comrnitment, bul not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Cash at bank and In hand
C8sh al bank and In hand Includes cash and short-term highly liquid investments with a short
maturity of three months or less from the dale of acquisition or opening of the deposll or similar
account.
2.6 Liabilities and provisions
Liabilities are recognised when there is an obllgalion 81 the Balance Sheet dale as a result of a past
event. It Ss probable that a transfer of economic benefit will be required in setuement. and the
amount of the settlement can be eslimaled reliably.
2.7 Flnanclal Instruments
The Charity only has financial assets and financial liabilities of a kind that qu811fy as basic financial
inslrurnents. Basic financial instruments are initially recognlsed al transaction value and
subsequenuy measured at their settlement value wllh the exception of bank loans which are
subsequendy measured al amortised cost using the effective interest method.
2.8 Fund accountlng
General funds are unreslricled funds which are available for use at the discretion of the Trustees in
furlherance of the general obje¢lives of the Ch8rlty and whlch have not been designated for other
purposfjs.
Income from donatlons and legacios
Unrestricted
funds
2021
Total
funds
2021
Total
fvnds
2020
Donations
Page 11

THE MARANDI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Analysis of charltable expanditure
Grants to
Institutions
2021
Grants lo
Inslilulions
2020
The Water¢olour Worfd
395.000
Senlebale
50,000
Orphan Dlsease
154.832
The Serpentine Trust
50,000
13,667
Tale Foundation
50,000
The Latymer Foundation
154,175
Direct costs Direct cosls
2021
2020
Computsr and sofvare
2.960
1.680
Bank charges
120
365
Professional fees
1,066
176
Exchange rale variance
479
1204}
Governance costs.. Independent examination fees
5,394
3,000
Grants administration
14.490
19,487
Page 12

THE MARANDI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Employeas and staff costs
The average number of employees during the year was nil12020 - nil).
No employees received employee benefits in excess of £60.000 {2020- none}.
The key management personnel of the Charity comprise the Trustees only who received no
remuneration in respect of their services to the Charily12020 - £nill. ND expenses have been reimbursed
lo key management personnel.
Independent examlngr's ramuneration
2021
2020
Fees payable lo the Charity's Independent examiner in respect of prior
years
1.734
Fees p8y8ble to the Charity's independent examiner for the independent
examination of the Charity's annual accounts
Creditors- Amounts falllng dua within on8 yoar
2021
2020
Grant commitrnen15
120,835
200.000
other creditors
2,068
AccruaSs
3,660
3,000
126,563
203,000
Creditors: Amounts falllng duo after more than one year
2021
2020
Grant commitments
162 505
100,000
Page 13

THE MARANDI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
R8lat8d party transactions
During the year J Marandl, a Iruslee, made payments of £280,00012020 - £879,869) lo the Charity and
pledged donations of £263,34012020 - £679,869) lo the Charity. The total of oulstsnding pledges as at
5 April 2021 was £283,340 12020 - £300,000). These amounts represent agreed donations which will
be paid lo the Charity al the Ilme the monies are required lo fulfil multi-year grant commitrnenls.
10. Post balan¢9 $haet events
Subsequent lo the year end. the partnership wth St Paul's was drawn to a close, with the Foundation
intending lo ulilise ils funds on other projects. There is no impact on the net income for 5 Aprll 2022 as a
result of this event.
Raconciliation of not movement In funds to net cash flow from opgratlng activities
2021
2020
Nel incorne for the period las per Stslemenl of Financlal Advllles}
{15.344)
41,866
Adjustmants for:
Decrease in debtors
16.660
200,000
Decrease in creditors
113.9321 1200,1271
Net cash providèd by operatlng actlvltlos
12. Analysls of Net Cash
At 6 April
2020 Cash flows
At 5 April
2021
Cash al bank and In hand
70.583
{12.6161
57,967
Page 14