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 rec￿nISed 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 ag￿ed 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
a￿Ount.
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