Charity number: 1172282 THE MARANDI FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
THE MARANDI FOUNDATION CONTENTS Page Reference and Admlnlstratlvo Dotalls of the Charity. Its Trustees and Advisers Trustaos. Report Indgpondent Examiner's Report ststgment of Financial Activities Balancg Shaot Statgmgnt of Cash Flows Notes to the Flnancl81 Stataments 10-14
THE MARANDI FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022 Trustees Javad M8randi Narmina Marandi Sir Michael Lockett Charity ragistered number 1172282 Prln¢lpal offlce 103 Mount Street London W1K2TJ Director Jo Clunie Bankèrs Coutts & Co 440 Strand London WC2R OQS Solicitors Bales Wells and Braithwaile 10 Queen Street Place London EC4R 1 BE Indgpandonl gxamlner Julie Mutton FCA Evelyn Partners LLP Onslow House Onslow Street Guildford Surrey GU1 4TL Pago 1
THE MARANDI FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2022 The Trustees present IheiT annual report together wllh the financial statements of the Charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the Charities Act 2011. The requirements of the Charity's governing document and the provislons of the Slalemenl of Recommended Practice applicable lo Charities preparing their accounts in 8c¢ordance with the Financial Reporting Slandar¢J applicable in the UK and Republic of Ireland IFRS102) (effective 1 January 20191. ObJ&¢tlvo$ and activities a. Poll¢lgs ond objectivas The objective of The Marandl Foundation, as stipulated in the Trust Deed, Is lo apply funds and income upon trust for the public benefit of all objects which are exclusively charitable under the law of England and Wales. The Foundation delivers 115 charitable objects through granl-making. The Trustees Confirm that they have had due regard to the Charity Commission's guidance on public benefit. b. Activities undertaken to achleva objactives The Charity uses gr8nl-making lo achieve its objectives and In p8rtlcu18r makes grants lo UK-registered charities which advance education. c. Grant-maklng policios The Trustees of the Foundation provide financial awards lo regislored charities that promote the arts, positlve mental health and educational attainment. d. Main activities undertaken to further tho Charlty's purposes for the public bgngflt The Marandi FoLJndalion has made grants lolalllng £902,642 12021.. £254,175} lo four {2021'. threel charities during tho year. This indudes a credit of £100,000 relating lo the reversal of the St Paul's School multi year commitment. Grants made in the gar The Watercolour World - £60,00012021: £nill The Walercolour INorfd is creating a uniqu8 visual history gf the world through documentary watercolours painted before 1900. The programme formally launched on 31 January 2019 al the Royal Academy of Arts. The website comprfses lens of thousands of images creating a significant new Sour of global history. This free, new, online library includes topographical, anthropological and bolani¢al subjects, plus observed historical events. £40,000 was paid in the year ended 5 April 2022, wllh £20,000 in creditor5 at year end. Walkabout Foundation - £2.378 {2021- £nlll Providing a contribution to SUPPDrt the rehabilitation of 30 children in Kenya. Centrepoint- £937,76812021: £nlll Cenlrepoint provides housing and support for young people in London, Manchester. Yorkshire and the North East. In the year ended 5 April 2022, The Marandi Foundation made a commitment of £937,768 payable over 4 years. £128,150 was paid in the year ended 5 Apdl 2022, with £809.618 in creditors at year end. Page 2
THE MARANDI FOUNDATION TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 5 APRIL 2022 oin multi ear commitments St Paul's School- £100,000 paid in tho y&ar Providing means tested bLJrsaries for boys who would otherwise be unable lo attend St Paul's due lo family finan¢ial ¢ircumst8n¢es. The children selected are able lo benefit frorn the excellent 8¢ademi¢. pastoral and social experience of attending Sl Paul's School. In the year ended 5 April 2018, The Marandi Foundation made a comrnitment of £SOO,000 payable over five years. During lo the year. £100,000 was paid lo Sl Paul's and the partnership was then drawn lo a close. The Foundation intends to redistribule the funds for use on projects elsewhere. The Latymer Foundation - £21,459 pald In the yoar Providing means lesled bursaries for boys who would olhtrtwise be unable lo attend Latymer due to their family's finanaal circumstances. The children selected are able lo benefit from the excellent academic, pastoral and social experience of allending Latymer. In the yoar ended 5 April 2021, The Marandi Foundation made a commitment of £104.175 payable over five years. This was increased in the year ended 5 April 2022 by £2.496 to take a¢¢ounl of inflationary school fee increases. Achl8v8mont$ and perfomiance As noted above the Charlty made grants tolalling £902.642 (2021.. £254,175) lo four {2021= three) charities durlng the year. Financial review . Going concarn The Charity has Ilmiled fixed running costs but has grant commitments lotalling £893,99512021 £283,3401 at the year end. The Charity's sole benefactors, who are also the Trustees, have pledged donations equal lo the amount of the rnulli year gran15 made and will pay these donations across at the lime the grant payment is due lo the recipient charities. 11 is not the policy of the charity to hold long term cash balances at this lime. There is a fomial agreement from the Trustees lo provide financial support as and when required lo ensure the continued operation of the Charity. Management therefore considers that The Marandi Foundation is a going concern, as it expects the Charlty lo be able to meet ils debts as they fall due for a period of al least 12 months from the dale of signing of these financial statements. b. Resenies pollcy Once The Marandi Foundation has identified and agreed a grant amount lo be provided lo a beneficiary il will receive the agreed funds from its sole benefactors, Javad and N8rmina Marandi, in order lo pay the beneficiary 81 the agreed payment dale. The charity therefore holds only a small level of reserves lo ensure that il can comfortably meet its operating cos15 and pay its debts as they fall due. As at the year end. The Marandi Foundation had unreslricled reserves of £48,25712021'. £52,239). Page 3
THE MARANDI FOUNDATION TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2022 c. Flnancial revièw Income for the year ended 5 April 2022 was £925,665 {2021.' £263,340} wlh £902,64212021'. £254.1751 of thi5 being expended as grants. Due lo Its size, The Marandi Foundallon is able to operate with minimal overhead costs. As such. 97%12021: 91%1 of total expenditure in the year is in the fomi of grants given. d. Prlnclpal rlsks and uncortainties The Trustees assess the major risks and uncertainlie5 facing the Foundation to be the financial slablllty of the charities the Foundation provides funding to. and lo ensuring that funded programmes are delivered in accordance with the plan submilled to the Foundation upon funding 8pplicalion. The Trustees will manage these risks by ensuring that appropriate processes are in place lo mitigate them. These pro$Se$ include conducting financial due dillgen¢e on each charity before any donation is agreed, as well as requiring that each charity submit regular progress reports Dn the specific programmes outlined in their application to ensure that funds provided by the Foundation are being spent in line with the funding application. Stru¢turg1 governance and management a. Constitutlon The Marandi Foundallon is a registered charity. number 1172282, and is constiluled under a Trust deed dated 6 March 2017. b. Mothods of appointment or elfjction of Trustees The management of the Charfty is the responsibility of the Trustees who are elected and COknOPted under the terms of the Trust deed. c. Organlsatlonal $tructuro and decislon-maklng pollclgs The Foundation comprises three Trustees and a Director, who carries out granl-making administration, who meet ce per year. d. Pollclos adoptad for the induction and tralnlng of Trusteas New Trustees are recruited as and when required with reference to their abilities that will enhance and further the Charity's objectives. When new Trustees are appointed, training both In-house with existing Tru51ees or exlem8lly through appropriate Iruslee training courses is provided. New Trustees are appointed by deed under authority of a resolution of the Trustees. Plans for future perlods The Trustees expect lo continue lo support educational charities in the medlum lemi and will continue to bulld on their relationships with some of the charities they have worked with in the current year. Page 4
THE MARANDI FOUNDATION TRUSTEES. REPORT {continuedl FOR THE YEAR ENDED 5 APRIL 2022 Statgm¢nt of Trustees. responsibilities Th& Trustees are responsible for preparing the Trustees. Report and the fin8ncial slalemenls in accordance with applicable law and United Kingdom A¢counling Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charflles In England & Wales requires the Trustees lo prepare financial stslemenls for each financial year which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and 8ppll¢allon of resources, including ils income and expenditure, for that period. In preparing these finan¢i81 slalemenls, the Trustees are required to.. select suitable accounling pollcles and then apply them consislenlly: observe the methods and principles of the Charities SORP IFRS 102}'. make judgments and accounting eslimales thal are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained In the financial statements., prepare the financial sialemenls on the going concern basis unless it is inappropriate to presume that the Charity wlll continue in busines5. The Trustees are responsible for keeping adequate accounting records that are sufficlent lo show and explain the Charity's Iransa¢lion5 and disclose with reasonable accuracy al any lime the financial position of the Chaiity and enable them to ensure that the financial slalements comply wllh the Charities Act 2011, the Charity (Accounts and Reports) Regulalions 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and delectlon of fraud and other irregularities. Approved by order of the members of the board of Trustees on /11z5 and slgned on their behaw by.. J (LW- Javad Marandi (Chair of Trustees) Page 5
30/01/2023 Julie Mutton (Jan 30, 2023 14:25 GMT)
Julie Mutton
THE MARANDI FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies 925.655 925.655 263,340 Total income 925,655 925.655 263,340 EXnd[tUr9 on.. Charitsble activities 929.637 929,637 278,684 Total expenditura 929,637 929.637 278,684 Not movemgnt In funds 13.9821 {3,9821 (15,344) Raconciliation of funds: Total funds brought forward 52.239 52.239 67,583 Totsl funds carried forward 48.257 48.257 52,239 The notes on pages 10 10 14 form part of these finanaal statements. Page 7
THE MARANDI FOUNDATION BALANCE SHEET AS AT 5 APRIL 2022 2022 2021 Note Currgnt assets Donations re¢eSvable 314.437 120,835 Debtors due after more than one year.. Donations receivable 579,558 162,505 Cash at bank and in hand 55,757 57,967 949,752 341,307 Creditors= amounts falling due wSthin one year {321,9371 (t26,563) Net current a$$ots 627.815 214, T44 Creditors: amounts falling due in more than one year- grant commitments 1579.5581 (162.505) Not assets Charity funds General funds Total funds 48,257 52,239 The financial statements were approved and authorised for issue by the Trustees on L6/tsi/ttsi18nd signed on their behalf by-. Javad Marandi (Chair of Trustees) The notes on pages 10 to 14 fomi part of these financial statements. Page 8
THE MARANDI FOUNDATION STATEMENT OF CASH FLOINS FOR THE YEAR ENDED 5 APRIL 2022 2022 2021 Cash flows from oporatlng 8ctlvltlas Nel cash used in operating activities Inole 111 {2,210} (12,616) Change in cash and cash aquivalants in th8 year {2.210) 112,616) Cash and cash equivalents al the beginning of the year 57.967 70,583 Cash and ¢ash equivalents at the end of the year The notes on pages 10 to 14 form part of these financial statements Page 9
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 General infomiatlon The Marandi Foundation Is a registered charity in England and Wales. number 1172282. The address of Its registered Offi is 103 Mount Street. London. W1 K 2TJ. Accounting poll¢lo$ 2.1 Basis of preparatlon of flnanclal statements The financial statements have been prepared in acwrdance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities.. Slalemenl of Re¢ommended Practice applicable 10 charities preparin9 their accounts in 8¢cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 2019), the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Marandi Foundallon meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or Iransacfjon value unless otherwise stsled In the relevant accoijnting policy. 2.2 Golng ¢oncorn The financial stslemenls have been prepared on a golng concern basis. The Trustees have reviewed the expected future cashflows of Ihe Charity. The Charity is reli8nl on the continuing support of the Trustees lo provide funds to allow the Charity to meet its liabilities as they fall due. As explained in the Trustees, Annual Report. the pc)licy of the Trustees is lo provide funding at the ts'me payment Is due and the charity does not currently hold significant cash reserves. The Trustees have provided a letter of support which slates that they will provide such funds as are needed lo allow the Charity lo do so. The Trustees therefore have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, and that there is no material uncertainty relating to going concem. 2.3 Income All income Is recognised once the Charity has enlitlemenl to the income, il Is probable that the incorne will be received and the amount of income receivable can be rneasured reliably. 2.4 Expenditure Expenditure is recognised once there is 8 legal or constructive obllgafjon to transfer economic benefit lo a third party, il is probable th81 a transfer of economic beneflls will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each acbvity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportloned beeen those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the a55et's use. Expenditure on charitable activities is incurred on direclly undertaklng the aclivib'es which further the Charity's objectives, as well as any associated support Costs. Page 10
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Accountlng policies (continued} 2.4 Expènditure Icontinuedl Grants payable are charged in the year when the offer is mada except in those cases where the offer is conditional, SLJ¢h grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered SLJbje¢l lo condllions which have not been mel al the year end are noted as a commitment, bul not a¢¢rued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Cash at bank and in hand Cash at bank and in hand includes cash and short-term hlghly liquid Investments with a short malurity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.6 Llabllltles and provislons Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of e¢onomlc benefit will be required in settlemenl, and the amount of the settlement can be estimated reliably. 2.7 Flnanclal In$trum•nts The Charfty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al Iransacllon value 8nd subsequently measured at their settlement valLJe with the exception of bank loans which are subsequently measured al amorused cost using the effective inl&rest method. 2.8 Fund aOntIng General funds are unreslricled funds which are available for use al Ihe discretion of the Trustee5 in furtherance of the general objectives of the Charity and which have not been designated for other PUTpose5. Income from donation5 and legacies Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Donations Page 11
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Analysls of charltable expenditur• Grants to Institutions 2022 Grants lo Institutions 2021 The Walercolour Worfd 60,000 Walkabout Foundation 2,378 Sl Paul's School 1100,0001 Centre Point 937,768 The Serpentine Trust 50,000 Tale Foundation 50,000 The Latymer Foundation 2,496 154. 175 Direct Costs Dir8cI costs 2022 2021 Computer and sofvare 2,960 Bank charges 275 120 Professional fees 22,320 t,066 Exchange rale variance 12201 479 Governance costs: Indepgndenl examination fees 4,140 5,394 Grants adminislralion 14,490 24 Page 12
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Employees and staff costs The average number of employees during the year was nil12021 - nil). No employees recelved employee benefits In excess of £60,¢)00 {2021- none). The key management personnel of the Charity comprise the Trustee5 only who reiVed no remuneration in respect of their ServIS lo the Charity12021- £nill. No expenses have been reimbursed to key management personnel. Indopendgnt examlnerfs remun&ratlon 2022 2021 Fees payable lo the Charity's independent examiner in respect of prior years 1,734 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Cr¢dltors: Amounts falling due wlthln on• year 2022 2021 Grant commitments 314,437 120,835 Other creditors 3.420 2,068 Accruals 4,080 3.660 321.937 126 563 Creditor5: Amounts falling due after more than one year 2022 2021 Grant commitrnenls 579 558 182,505 Page 13
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Rglatgd party transactions During the year J Marandl, a Iruslee, made payments of £315,000 (2021 £280.000} lo the Charity and pledged donations of £925,65512021 £263,340) lo the Charity. The lotsl of outstanding pledges as al 5 April 2022 was £893,99512021 £283.3401. These amounts represent agreed donations which wlll be paid to the Charity al the lime the monies are required lo fulfil multi-year grant comrnitments. 10. Post balance sheet evgnt$ There were no events subsequent lo the year end that affect the financial slalements. Rgconciliation of net movement in funds to nat cash flow from operating activltles 2022 2021 Net income for the period {as per Statement of Financial Activities) 13,9821 115,3441 Adjustments for: {Inueasel l Decrease in debtors 1610,6551 16,660 Increase l {Decreasel in creditors 612.427 113.9321 Net cash provided by operating actlvllles 12. Analysis of Net Cash At 6 Aprll 2021 Ca$h flows At S Aprll 2022 Cash al bank and in hand 57.967 12.210) 55,757 Page 14