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 ￿/￿11￿z5 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
EX￿nd[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 be￿een 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 a￿O￿ntIng
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 re￿iVed no
remuneration in respect of their ServI￿S 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