Charlty number: 1172282 THE MARANDI FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE MARANDI FOUNDATION CONTENTS Page Reference and Admlnlstratlve Detalls of the Charlty. Its Tru$tee$ and Advlsers Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Flnan¢lal Ststements 10-14
THE MARANDI FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES ANO ADVISERS FOR THE YEAR ENDED 5 APRIL 2023 Trustees Javad Marandi Narmina Marandi Sir Michael Lockett Charity registered number 1172282 Prlnclpal offlce 103 Mount Street London W1K2TJ Director Jo Clunie Bankers Coutts & Co 440 Strand London WC2R OQS Sollcltors Bales Wells and Brailhwaite 10 Queen Street Place London EC4R 18E Independent examlner Julie Mullon FCA Evelyn Partners LLP Onslow House Onslow Street Guildlord Surrey GU1 4TL Page 1
THE MARANDI FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2023 The Trustees present their annual report together with the financial slalemenls of the Charity for the year ended 5 April 2023 The financial statements have been prepared in accordance with the Charities Act 2011. The requirements of the ¢harily's governing document and the provisions of the Slalement of Recommended Practice applicabl& lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Oblectlvès and activities Policles and oblectlves The objectbve of The Maiandi Foundation, as stipulated in the Trust Deed, is to apply funds and income upon trust for the public benefit of all objects which are exclusively ¢haritable under the law of England and Wales. The Foundation delivers ils 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 achieve objectlves The Charity uses granl-making lo achieve ils objectives and in particular makes grants to UK-regislered charities which advance education. c. Grant-maklng pollcles The Trustees of the Foundation provide financial awards to registered charities that promote the arts, positive mental health and educats.onal attainment. d. Maln actlvltles undertaken to further the Charity's purposes for the publlc bengflt The Marandi Foundation has continued to SUPPDrt its existing grant recipients and has made one off grants in the year totalling £26,667. Grants made in the ear The Serpentlne Trust- £16,68712022: nil) The Serpentine is one of the most widely recnISed organisations in the global contemporary art, design and architecture worfds. Attracting up to 12 million visitors a year, the Marandi Foundation is delighted to be supporting exhibitions promote pioneering artists from across the world whose work will inspire future generations of art lovers. cultural figures, students, young professionals and local Londoners. Tobi Adeyeml Foundation . £10,00012022: nil) The Tobi Adeyemi Foundation was sel up lo offer bursaries and scholarships lo disadvantaged children and young people. the mission Df the Foundation is lo enable young people lo reach their potential by giving them a voice, encouraging them ID believe in themselves, and supporting those facing disadvantaged financially. Page 2
THE MARANDI FOUNDATION TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 5 APRIL 2023 oin multi ear commitments The Watèrcolour World - £15,000 paid in the year The Walercolour Wodd is creating a unique visual history of th& world through documentary walereolours painted before 1900. The programme formally launched on 31 January 2019 al the Royal Academy of Arts. The website Comprises tens of thousand5 of images ciealing a significant new source of global history. This free. new, online library includes topographical, anthropological and botanical subjects, plu5 observed historical events. £15,000 was paid in the year ended 5 April 2023, with £5.000 in creditors 8t year end. Centrepoint- £228.172 pald In the year Centrepoinl provides housing and support for young people in London, Manchester, Yorkshire and the North East. In the year ended 5 April 2023. The Marandi Foundation made a commitment of £999,563 payable over 4 years. £228,172 was paid in the year ended 5 April 2023, with £643,241 in creditors al year end. An additional amount of £61,795 was committed in the year. The Latymer Foundatlon - £22,630 pald In thg year Providing means lesled bursaries for boys who would Otherwise be unable lo attend Latyrner dLJe to their family's financial circumstances. The ¢hildren selected are able to benefit from the excellent academic, pastoral and Social experience of allending Latymer. In the year 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 2023 by £3,212 to lake account of inflationary school fee increases. Achlev&ments and performance As noted above the Charity continued to support existing grant recipients and made some additional grants as noted in note 4 to the accounts. Flnanclal revlew a. Golng concern The Charty has limited fixed running costs bul has grant commitments totalling £693,300 {2022 - £893,995) al the year end. The Charity's sole benefactors, who are also the Trustees, have pledged donations Èqual lo the amount of the multi year gran15 made and will pay these donations acros5 al the lime the grant payment is due lo the recipient charities. It is not the policy of the ¢harily to hold long term cash balances al this lime. There is a formal agreement from the Trustees lo proville financial support as and when required to ensure the continued tsper8tion of the Charity Management therefore considers that The hAarandi Foundation is a going ¢on¢ern, as it expects the Charity lo be able lo meet ils debts as they fall due for a period of at least 12 months from the dale ol signing of these financial statements. b. Reserves pollcy Once The Marandi Foundation ha5 idenlrfied and aged 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 to pay the beneficiary al the agreed payment date. The charity Iherefoie holds only a small level of reserves to ensure that il can comfortably meet Ils operating costs and pay its debts as they fall due. As at the year end, The Marandi Foundation had unreslricled reserves of £29,18412022.' £48.2571. Page 3
THE MARANDI FOUNDATION TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 5 APRIL 2023 c. Flnanclal revlew Income for the year ended 5 April 2023 was £89,30S12022". £925,665) with charitable expenditure of £108,379 {2022'. £902,642) Due lo rts size, The Marandi Foundation is able lo operale with minimal overhead costs. d. Principal risks and uncertainties The Trustees assess the major risks and uncertainties facing the Foundation lo be the financial stability of the charities the Foundation provides funding lo, and lo ensuring that funded programmes are delivered in accordance with the plan submitted to the Foundation upon funding application. The Trustees will manage these risks by ensunng that appropriate processes are in place lo miligale them. These processes include conducting financial due diligence on each charity before any donation is agreed, as well as requiring that each charity submit regular progress reports on the specific piogrammes outlined in their application to ensure that funds provided by the Foundation are being spent in line with the funding application. Structure, governance and management a. Constitution The Marandi Foundation is a register charty, number 1172282, and is constituted under a Trust deed dated 6 Mar¢h 2017. b. Methods of appointsnent or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and cckopted under the terms of the Trust deed. c. Organlsatlonal structurè and declslon-maklng policlas The Foundation comprises three Trustees and a Director, who carries out grant-making administration, who meet lce per year. d. Pollcles adopted for the induction and training of Trustees New Trustees are re¢ruiled as and when required with reference lo their abilities that will enhance and further the Chanty's objectives. When new Trustees are appointed, training both in-house with existing Ttuslees or externally through appropriate tmslee training courses is provided. New Trustees are appointed by deed under authority of a resolution of the Trustees. Plans for future periods The Trustees expect to continue to support educational charities in the medium term and will continue lo build on their relationships with some of the charities they have worked with in the current year. Page 4
THE MARANDI FOUNDATION TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 5 APRIL 2023 Statement of Trustees. responslbilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance th applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees lo prepare financia5 statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of ils incoming resources and application of resource5, including ils income and expenditure, for that period. In preparing these financial slalements. the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charitie5 SORP IFRS 1021., make judgments and a¢¢ounling estimates that are reasonable and prudent", slate 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 statements on the going concern basis unless il is inappropriate to presume that the Chaiity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity'5 Iransaclion5 and disclose with reasonable accuracy al any lime the financial position of the Charity and enable Ihern lo ensure that the financial 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 he 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 14 lu I and signed on their behalf by.. KJ Javad Marandi Ichalr of Trustees) Page 5
Julie Mutton
Julie Mutton (Jan 29, 2024 16:48 GMT) 29/01/2024
THE MARANDI FOUNDATION STATEMENT OF FINANCIAL ACTIVSTIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies 89,306 89.306 925, 655 Total Income 89,306 89,306 925,655 Expenditure on.. Charitable activities 108,379 108,379 929, 637 Total expendlture 108,379 108,379 929,637 Net movement in fLbnds 119,0731 119,0731 (3,982J Recon¢illation of funds-. Totsl funds brought forward 48,257 48,257 52,239 Totsl funds carried forward 48,257 The notes on page5 10 10 14 fomi part of these financial statements. Page 7
THE MARANDI FOUNDATION BALANCE SHEET AS AT 5 APRIL 2023 2023 2022 Note Current assets Donations receivable 323,355 314,437 Debtors due after more than one year.. Donation5 receivable 369,945 579,558 Cash at bank and in hand 38,408 55, 757 949, 752 731,708 Creditors.. amounts falling due within one year 1332,5801 (321,937) Net current assets 399,128 627,815 Creditors.. amounts falling due in more than one year- grant commitments 1369.9441 (579,558) Net assets 29,184 48,257 Charity funds General funds 29,184 48,257 Totsl funds 29.184 48,257 The financial statements were approved and authorised for issue by the Trustees on i£F/ul l L* and signed on their behalf by.. Javad Marandl (Chair of Trustees) The notes on pages 10 to 14 form part of these financial statements. Page 8
THE MARANDI FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 Cash flows from operating actlvltlgs Nel cash used in operating activities Inole 111 117,3491 (2,210) Change in cash and cash equlvalents in the year 117,3491 12,2101 Cash and cash equivalents at thè beginning of the year 55,757 57,967 Cash and cash equlvalants at the end of the year 38,408 55,757 The notes on pages 10 to 14 form part of these financial slaleTnenls Page 9
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Generdl infom)atlon The Marandi Foundation is a registered charity in England and Wales, number 1172282. The address of rts registered office is 103 Mount Street. London. W1 K 2TJ. Accounting pollcles 2.1 Basis of preparation of flnanclal statements The financial statements have been prepared in a¢cordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Stslemenl of Recommended Practice applicable lo charities pfftparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic Df Ireland IFRS 1021 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 al hi5tori¢al cost or Iransaclion value unless otherwise stated in the relevant accounting policy. 2.2 Going concern The financial statements have been prepared on a going concern bas1S. The Trustees have reviewed the expected futu cashflows of the Charity. The Chanty is reliant on the continuing SLJPPOrt of the Trustees lo provide funds 10 allow the Charity lo meet ils liabilities as they fall due. As exp18ined in the Trustees, Annu81 Report, the policy of the Trustees is to provide ftjnding al the lime payment is due and the charity does not currently hold significant cash reserves. The Trustees have provided a leller of support which stales that they wll provide such funds as are needed to allow the Charity lo do so. The TrLJStees therefore have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future, and that there 15 no material Ljncertainty relating lo going concem. 2.3 Income All income is recogni5ed once the Charity has entitlement to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. 2.4 Expendlture Expenditure is recognised once there is a legal or conslrudive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct 0051s and shared costs. including support costs involved In undertaking ea¢h activity. Direct costs attributable lo a single activity are allocated directly lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between Ih05e activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, 8nd depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the a¢livilies which ftjrther 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 2023 Accounting pollcles Icontlnuedl 2.4 Expenditure Icontinuedl Grants payable are charged in the year when the offer is made except in those cases where the offer Is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a cornmitmenl, but not accrued 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 highly liquid investments with a short maturity of three months or less from the dale of a¢quisition or opening of the deposit or similar aOunt. 2.6 Llabllltles and provlslons Liabilities are recogni5ed when there is an obligation al the Balance Sheet date as a resuyt of a past evenl. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.7 Flnanclal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial insliumenls are initially recognised at transaction value and subsequently measured al their settlement V8lue with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.8 Fund accountlng General funds are unreslricled funds which are available for Ljse at the discretlon of the Trustees in furtherance of the general objectwes of the Charity and which have not been designated for other purposes. Income from donations and legacle$ Unrestrlcted funds 2023 Total funds 2023 Tolal funds 2022 Donations Page 11
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Analysls of charltsble expenditure Grants to Institutions 2023 Grants to Institutions 2022 The Walercolour Wodd 60,000 Walkabout Foundation 2,378 Sl Paul's School 1100,0001 Cenlrepoint 61,795 937,768 The Serpentine Trust 16,667 Tobi Adeyemi Foundation 10,000 The Latymer Foundation 3,212 2,496 90 Dlr&ct costs Direct cosfs 2023 2022 Computer and softhare 480 480 Bank charges 175 275 Professional fees 12,344 22,320 Exchange rate variance 11941 12201 Govemance Costs.. Independent examination fees 3,900 4,140 26 995 Page 12
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Employee5 and staff costs The average number of employees during the year was nil12022 - nill. No employees received employee benefit5 in excess of £60,00012022- none}. The key management personnel of the Charity comprise the Trustees only who received no remuneration In respect of their services lo the Charty (2022 - £nill. No expenses have been reimbursed to key management peisonnel. Independent gxamlner's remuneration 2023 2022 Fees payable lo the Charity's independent examiner for the independent examination of the Charity's annual accounts Creditors.. Amounts falling due withln one year 2023 2022 Grant commitments 323,356 314,437 Other Creditors 194 3,420 Accruals 9,030 4,080 332,580 327,937 Creditors: Amounts falllng due after more than one year 2023 2022 Grant commitments 369,944 579,558 Page 13
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Related party transactlons During the year J Marandi. a trustee. made payments of £290,00012022 - £315,000) to the Charity and made pledged donations of £89,30612022 - £925,665) lo the Charity. The total of outstanding pledges as al 5 April 2023 was £693.30012022 - £893,995). These amounts represent agreed donations which will be paid lo the Charity at the time the monies are required to fulfil mulli-year grant commilmenls. 10. Post balance sheet events There were no events subsequent to the year end that affect the financial slaternenls. Reconclllatlon of net movement in funds to net cash flow from operating actlvltles 2023 2022 Nel deficit for the period las per Staternenl of Financial Activiliesl 119,0731 13,9821 Adjustments for.. De¢reasellincreasel in debtors 200,695 1610,655) IDecreaselKin¢rease in Creditors 1198,9711 612,427 Net cash used in operatlng actlvltles 12. Analysis of Net Cash At 6 April 2022 Cash flows At 5 April 2023 Cash at bank and in hand 55,757 117,3491 38,408 Page 14