Charity number. 1172282 THE MARANDI FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE MARANDI FOUNDATION CONTEWS Page Reference and Administratrve Details of the Charity, lis TnAStees and Advisers Trustees. Report Independent Examinerfs Report ststement of FinanciaL Activities Balance Sh*t Notes to the Financial Statements 9-13
THE MARANDI FOUNDATION REFERENCE AND ADMINISTRATIVE DAlLs OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Javad Marandi Narmina Marandi Sir MichaeL Lockett Charity registered number 1172282 PrincipaL office 103 Mount Street London WIK 2TJ Director Jo Clunie Bankers Coutts & Co 440 Strand London WC2R OOS Solicitors Bates Welts and Braithwaite 10 Queen Street PLace London EC4R IBE Independent examiner Julie Mutton FCA Evelyn Partners LLP Onslow House Onslow Street Guildford Surrey GUI 4TL Page 1
THE MARANDI FOUNDATION TRuEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report together with the financial statements of the Charity for the year ended 5 ApriL 2024. The financial statements have been prepared in accordance with the Charities Act 2011. The requirements of the charity's governing document and the provisions of the Statement of Recommended Practice applicabLe to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of IreLand IFRS1021 (effective l January 20191. Objectives and activities a. Policies and objectives The objective of The Marandi 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 charitable under the law of England and Wales. The Foundation delivers its charitabLe objects through grant-making. The Trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit. b. Activitles undertaken to achieve objectives The Charity uses grant-making to achieve its objectives and in particuLar makes grants to UK-registered charities which advance education. c. Grant-making poLicies The Trustees of the Foundation provide financial awards to registered charities that promote the arts, positive mental health and educational attainment. d. Main activities undertaken to further the Ctrwrivs purposes for the public benefft The Marandi Foundation has continued to support its existing grant recipients and has made one off grants in the year totalling £206.66712023'. £26,667). Gran The Serpentine Trust- £16.667 (202a' £16,667) The Serpentine is one of the most widely recognised organisations in the global contemporary art, design and architecture worlds. 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. Human Practice Foundation - £80.000 (2023.. £niU The Human Practice Foundation works to raise communities out of poverty starLing with education. The Marandi Foundation is providing funding to construct an additional 8 classrooms and educational facilities for the Tappu Devi SchooL in NepaL In addition. the existing 16 classrooms WILI be renovated to ensure they are a safe and comfortable learning environment for students and teachers. In Nepal, only seven out oflo children enrolled in grade l. reach grade 5. Furthermore more than half of the students drop out of school before reaching secondary level. The Human Practice Foundation believe that education is the key to breaking the cycle of intergenerational deprivation. With a focus on specific districts. they are working to Lift educationaL standards and create job opportunities thereby contributing to sustainable development. Page 2
THE MARANDI FOUNDATION TRusfEES' REPORT Iconknnued) FOR THE YEAR ENDED 5 APRIL 2024 The WatercoLour WorLd - £IIO,000 paid in year (2023: £ni The Watercolour World is creating a unique visual history of the world through documentary watercolours painted before 1900. The programme formalLy launched on 31 January 2019 at the RoyaL Academy of Arts. The website comprises tens of thousands of images creating a significant new source of global history. This free, new, online library includes topographicaL anthropological and botanical subjects. plus observed historical events. Al AA Centrepoint - £247.210 paid in year Centrepoint provides housing and support for young peopLe in London, Manchester, Yorkshire and the North East. In the years ended 5 April 2022 and 5 ApriL 2023. The Marandi Foundation made a commitment of £999,563 payabLe over 4 years. £247.210 was paid in the year ended 5 ApriL 2024, with £396.031 in creditors at year end. The Latymer Fr)undation - £nil paid in the year Providing means tested bursaries for boys who would otherwise be unable to attend Latymer due to their family's financial circumstances. The children selected are able to benefit from the excellent academic, pastoral and sociaL experience of attending Latymer. In the year ended 5 April 2021. The Marandi Foundation made a commitment of £104.174 payable over five years. On review of progress the trustees decided to close this partnership in the year, which resulted in a £45.060 credit to the Statement of Financial Activities. Achievements arKI 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. Financial review a. Going concem The Charity has limited fixed running costs but has grant commitments totalling £401.031 12022 £693.2011 at the year end. The Charitys sole benefactors. who are also the Trustees. have pledged donations equaL to the amount of the muLti year grants made and will pay these donations across at the time the grant payment is due to the recipient charities. It is not the policy of the charity to hold long term cash balances at this time. There is a formal agreement from the Trustees to provide financial support as and when required to ensure the continued operation of the Charity. Management therefore considers that The Marandi Foundation is a going concern. as it expects the Charity to be able to meet its debts as they faLL due for a period of at least 12 months from the date of signing of thes& financial statements. b. Reserves poLicy Once The Marandi Foundation has identified and agreed a grant amount to be provided to a beneficiary it WILL receive the agreed funds from its sole benefactors. Javad and Narmina Marandi. in order to pay the beneficiary at the agreed payment date. The charity therefore holds only a smalL level of reserves to ensure that it can comfortably meet its operating costs and pay its debts as they faLI due. As at the yèar end, The Marandi Foundation had unrestricted reserves of £13.16912023'. £29,184). Page 3
THE MARANDI FOUNDATION TRUSTEES. REPORT Icontinued) FOR THE YEAR ENDED 5 APRIL 2024 c, Financial review Income for the year ended 5 April 2024 was £172,730 12023.. £89.3061 with charitable expenditure of £188,74512023. £108.3791. Due to its size, The Marandi Foundation is able to operate with minimaL overhead costs. d, PrincipaL risks and uncertainties The Trustees assess the major risks and uncertainties facing the Foundation to be the financial stability of the charities the Foundation provides funding to. and to ensuring that funded programmes are delivered in accordance with the ptan submitted to the Foundation upon funding application. The Trustees will managè these risks by ensuring that appropriate processes are in pLace to mitigate 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 programmes outlined in their application to ensure that funds provided by the Foundation are being spent in line with the funding application. Structure. govemance and management a. Constitution The Marandi Foundation is a registered charity. number 1172282, and is constituted under a Trust deed dated 6 March 2017. b. Methods of appointment or election of Trustees The management of the Charity is the responsibiltty of the Trustees who are elected and co-opted under the terms of the Trust deed. c. OrganisationaL structure and decision-making poiictes The Foundation comprises three Trustees and a Director, who carries out grant-making administration, who meet twice per year. d. Policies adopted for the induction arKI traning of Trustees 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 arè appointed. training both in-house with existing Trustees or externally through appropriate trustee 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 to build on their relationships with some ofthe charities they have worked with in the current year. Page 4
THE MARANDI FOUNDATION TRuEES. REPORT Icontinued) FOR THE YEAR ENDED 5 APRIL 2024 statement of Trustees. responsibilities The Trustees are responsibLe for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GeneralLy Accepted Accounting Practicel. The law appLicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting estimates that are ieasonable and prudent.. state whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and exptained in the financial statements, prepare the financial statements on the going concern basis unLess it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reportsl 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 z /1 1 and signed on their behalf by Javad Marandi (Chair of Trustees) Page 5
18/09/2024 Signed: ~~i~~ Dated: Julie Mutton (Sep 18, 2024 17:31 GMT+1) Julie Mutton
THE MARANDI FOUNDATION STATEMENT OF FINANCIALAcMvmES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies 172,730 172.730 89,306 Total income 172.730 172.730 89.306 Expenditure on.. Charitable activities TotaL expenditure 188.745 188,745 188,745 188,745 108,379 108,379 Net movement In funds (16,015) (16.015) (19,073) Reconciliation of funds Total funds brought forward 29,184 29.184 48,257 Totsl ndS carried forward 13.169 13.169 29,184 The notes on pages 9 to 13 form part of these financial statements. Page 7
THE MARANDI FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Current assets Donations receivable 214,725 323,356 Debtors due after more than one year.. Donations receivable 186.306 369.945 Cash at bank and in hand 23.939 38,408 424.970 731,708 Creditors., amounts faLling due within one year (225.4951 (322.580) Net current assets 199.475 399,128 Creditors.. amounts falling due in more than one year - grant commitments (186,3061 (369,944) Net assets 13.169 29.184 Charty funds General funds 13.169 29,184 Total funds 13,169 29,184 The financial statements were approved and authorised for issue by the Trustees on i / I /EtsLF and signed on their behalf by.. Javad Marandi (Chair of Trustees) The notes on pages 9 to 13 form part of these financial statements. Page 8
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 General information The Marandi Foundation is a registered charity in England and Wales. number 1172282. The address of its registered office is 103 Mount Street. London. WIK 2TJ. Accounting policies 2.1 Bass of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FinanciaL Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191, the FinanciaL Reporting Standard applicable in the UK and Republic of 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 at historicaL cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concem The financiaL statements have bn prepared on a going concern basis. The Trustees have reviewed the expected future cashfLows of the Charity. The Charity is reliant on the continuing support of the Trustees to provide funds to allow the Charity to meet its liabilities as they falL due. As explained in the Trustees, Annual Report, the policy of the Trustees is to provide funding at the time payment is due and the charity does not currently hold significant cash reserves. The Trustees have provided a letter of supporL which states that they will provide such funds as are needed to allow the Charity to 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 concern. 2.3 Income ALI income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivabLe can be measured reliably. 2.4 ExperKliture Expenditure is recognised once there is a legal or constructive obbgation to transfer economic benefit to 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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as weLI as any associated support costs. Page 9
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (continued) 2.4 Expenditure (continued) Grants payable are charged in the year when the offer is made èxcept in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. ALI expenditure is inclusive of irrecoverable VAT. 2.5 Cash at bank arKI in hand Cash at bank and in hand includes cash and short-term highLy bquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.6 Liabilities and provisions LiabiLities are recognised when there is an obligation at the BaLance Sheet date as a resuLt of a past event, 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 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financiaL instruments are initially recognised at transaction value and subsequently measurèd at their settlement valuè. 2.8 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total [unds 2023 Donations Page 10
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of charitsbie expenditure Grants to Institutions 2024 Grants to Institutions 2023 The WatercoLour World iio.000 Centre Point 61.795 The Serpentine Trust 16,667 16.567 Tobi Adeyemi Foundation 10,000 The Latymer Foundation 145,0601 3.212 Human Practice Foundation 80,000 Direct costs Direct costs 2024 2023 Computer and software 535 480 Bank charges 355 175 Professional fees 21.690 12,344 Exchange rate variance 58 11941 Governance costs.. Independent examination fees 4.500 3,900 Page 11
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Employees arKI staff costs The average number of employees during the year was nil12023 - niu. No employees received empLoyee benefits in excess of £60.00012023 - none). The key management personneL of the Charity comprise the Trustees only who received no remuneration in respect of their services to the Charity 12023 - £nill. No expenses have been reimbursed to key management personneL Independent examinerfs remuneratlon 2024 2023 Feès payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Credltors: Amounts falling due within one year 2024 2023 Grant commitments 214,725 323,356 Other creditors 194 Accruals 10,770 9,030 225.495 332,580 Creditors: Amounts fauing due after more than one y&ar 2024 2023 Grant commitments 186,306 369.944 Page 12
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ReLated party transactions During the year J Marandi, a trustee, made payments of £465,000 12023 - £290.0001 to the Charity and pLedged donations of £172.730 12023 - £89.3061 to the Charity. The total of outstanding pledges as at 5 April 2024 was £401,031 12023 - £693.3001. These amournts represent agreed donations which will be paid to the Charity at the time the monies are required to fulfil multi-year grant commitments. 10. Post balan sheet events There were no events subsequent to the year end that affect the financial statements. Page 13