Charity number. ll72282 THE MARANDI FOUNDATION UNAUDITED TRuEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE MARANDI FOUNDATION CoE[S Page Referen and Administrattve Details of the Charity. its Trustees and Advisers TrUSts, Report Independent E>3minerfs Report statement of Financial Actiwties Ba[an Sheet Notes to the Financial Ststements 9-13
THE MARANDI FOUNDATION REFERENCE AND ADmINRATE DEfAILS OF THE CHARrrY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025 Javad Marandi Narmina Marandi Sir Michael Lockett Charity registered number 1172282 Principal office First Floor West 7 Curzon Street London WIJ 5HG Director Jo Clunie Bankers Coutts & Co 440 Strand London WC2R OQS Solicitors Bates Wells and Braithwaite 10 Queen Strt Place London EC4R IBE Independent eyaminer Julie Mutton FCA S&W Audit Onslow House OnsLow Street Guildford Surrey GUI 4TL Page 1
THE MARANDI FOUNDATION TRUSfEES' REFY)RT FOR THE YEAR ENDED 5APRIL 2025 The Trustees present their annuaL report together with the financial statements of the Charity for the year ended 5 April 2025. 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 Fiecommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appLicable in the UK and Repubb'c of Iretand IFR51021 leffective l January 20191. Objectives and activities a. Poticies and objectives The objective of The Marandi Foundation. as stiputated 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 deknvers 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. Activities undertaken to achieve objectives The Charity uses grant-making to achieve its objecb'ves 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 educatiOn31 attainment. d. Main actmties undertaken to further the Charitvs purposes for the public berefit The Marandi Foundation has continued to support its existing grant recipients and has made one off grants in the year totaLbng £333,20212024 as restated - £482,667). Grants ma ear Acom Communty Support - £5.00012024: £niD Providing social, emotional and practical support to eid&rLy and disabled in a part of rural Devon, this charity ensures that their clients can remain bving independently. and in their own homes, for as long as possible. studio Voltaire - £30,000 Q024.' £niD Studio Voltaire is a non-profit gallery and artist's studio based in Clapham. South London. The organisation focuses on contemporary arts. staging a public programme of exhibitions. performances and bve events. British Fashion Council Foundatlon - £15.000 (2024: £niD BFC champion British fashion as a creative force on the worLd stage by pioneering world-ckss programmes that unlock and eLevate British creative taLenL The non-profit focuses on responsible growth. innovation and amplification of the British fashion industry. The Serpentine Trust- £150.000 024.. £16.667) The Serpentine is one of the most widely recognised organisations in the globaL contery7porary 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. Page 2
THE MARANDI FOUNDATION TRusfEES' REFY)RT (continued) FOR THE YEAR ENDED 5 APRIL 2025 The WatercoLour World - £120.00012024: £llO.000) 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 201g 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. oin mmitments Relief Crew Foundation and Movement on the GrourKI - £14L221 paid in the year Connecting the yachting industry with humanitarian projects around the world. Yacht crew are matched with non-profit organisations in need of skilLed volunteers creating a lasting. positive impact on communities in need and on the yachting industry. Projects have including building toilets in Ghana and running hospitality trainings in refugee camps. £141.221 was paid in the year ended 5 April 2025, with £135.835 in creditors at year end. Centrepoint - £299.836 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 four years. £299.836 was paid in the year ended 5 April 2025, with £95,672 incLuded in creditors at the year end. Achievements and perfomiance 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 rewew a. Going conrn The Charity has limited fixed running costs but has grant commitments totalling £231,507 12024 as restated - £677.0311 at the year end. The Charity's soLe benefactors. who are a0 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 p0cY 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 these financial statements. b. Reserves pobcy Once The Marandi Foundation has identified and agreed a grant amount to be provided to a beneficiary it WIIL 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 mt its operating costs and pay its debts as they faLI due. As at the year end. The Marandi Foundation had unrestricted reserves of £7,07912024 - £13,169). Page 3
THE MARANDI FOUNDATION TRUSfEES' REF13RT (continued) FOR THE YBqR ENDED 5 APRIL 2025 G Financial review Income for the year ended 5 April 2025 was £358.613 12024 as restated £448.7301 with charitable expenditure of £364.70312024 as restated - £464.7451. 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 plan submitted to the Foundation upon funding application. The Trustees will manage these risks by ensuring that appropriate processes are in pLace to mitigate them. These processes include conducting financial due dibgence 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. struclure. governance 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 responsibibty of the Trustees who are eLected and co-opted under the terms of the Trust deed. G OrganisationaL structure arKI decision-making policies The Foundation comprises three Trustees and a Director. who carries out grant-making administration. who meet twice per year. d. PoEicies adopted for tPE induction and training 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 are appointed. training both in-house with existing Trustees or exLernally through appropriate trustee training courses is provided. New Trustees are appointed by deed under authority of a resolution of the TrUstS. Plans for fvture periods The Trustees expect to continue to support educational charities in the medium term and will continue to buiLd on their relationships with some of the charities they have worked with in the current year. Page 4
THE MARANDI FOUNDATION TRUSTEES. REFORT Icontinuedl FOR THE YEAR ENDED 5 APRIL 2025 statement of Trustees, responsibilities The Trustees are responsibLe for preparing the Trustees. Report and the financial statements in accordance with appbcable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. The Law applicable to charities in Engnd & Wales requires the Trustees to prepare financial statenients 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 Trust*s are required to.. select suitabLe accounting F()licies and then apply them consistently: observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting estimates that are reasonabLe and prudent, state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained 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 20ll. the Charity IAccounts and Reports) Regulations 2008 and the provisions of the Trust deed They are a&0 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 Z3/.,.Cz& and signed on their behalf by.. Javad Marandi (Chair of TrustS) Page 5
Julie Mutton
Julie Mutton (Jan 27, 2026 10:17:08 GMT) Dated: 27/01/2026
THE MARANDI FOUNDATION STATEME OF FINANCIALACTwlEs FOR THE YEAR ENDED 5 APRIL 2025 Total runds 2024 As rEStoted Unrestricted funds 2025 TotaL funds 2025 Note Income from: Donations and legacies 358.613 358.613 448,730 Total income 358,613 358.613 448,730 Expendrfcure on: Charitable activities TotaL expenditure 364,703 364,703 364.703 364,703 464,745 464,745 Net movement in funds 16.090) (6.0901 (16, 015) Reconciliation of funds Total funds brought forward 13.169 13.169 29,184 TotsL furKls carried forward 7.079 7,079 13.169 The notes on pages 9 to 13 form part of these financial ststements. Page 7
THE MARANDI FOUNDATION BALANCE SHEET AS AT 5 APRIL 2025 2025 2024 As restated Note Current assets Donations receivable 231507 352,725 Debtors due after more than one year.. Donations receivable 324.306 Cash at bank and in hand 16.669 23,939 700,970 Creditors.. amounts falling due within one year (241097) (363,495) Net current assets 7.079 337,475 Creditors.. arnounts falling due in more than one year- gffjnt commitments (324,306) Net assets 7.079 13,169 Charty funds General funds 7.079 13,169 Total funds 7.079 13,169 The financial statements were approved and authorised for issue by the Trustees on ZS /oliZLand signed on their behalf by. Javad Marandi (Chair of Trusteesl 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 2025 General information The Marandi Foundation is a registered charity in England and Wales. number 1172282. The address of its registered office is First Floor West. 7 Curzon Street, London. WIJ 5HG. Accounting policies 2.1 Basis 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 appbcable in the UK and Repubb'c of Ireland IFRS 1021 (effective l January 20191. the Financial Reporting Standard appLicabLe in the UK and Republic of Iretand IFRS 1021 and the Charities Act 2011. The Marandi Foundation meets the definition of a pubtic 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 conrn The financial ststements have been prepared on a going concern basis. The Trustees have reviewed the expected future cashfLows of the Charity. The Charity is rèliant on the continuing support of the Trust*s to provide funds to allow the Charity to mt 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 support 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 obUgation can be measured reabLy. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives. as welL as any associated support costs. Page 9
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accounting policies Icontinued) 2.4 Expenditure (continued) 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 offèred subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. AIL expenditure is inclusive of irrecoverabLe VAT. 2.5 Cash at bank and in hand Cash at bank and in hand incLudes cash and short-tem highly 'qUid investrnents with a short maturity of thr* months or less from the date of acquisition or opening of the deposit or similar account, 2.6 Liabilities and provisions abibties are recognised when therè 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 rebably. 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 measured at their settlement vaLue. 2.8 Fund accounting General funds are unrestricted funds which are avaitabLe 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. IncorThè from donatlons and legacies Unrestrlcted funds 2025 Total fvnds 2025 Total funds 2024 As restated Donations Page 10
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Analysis of charttable expenditure Grants to Institutions 2025 GrontS to Institutions 2024 As restated British Fashion Council Foundation 15.000 Movement on the Ground 17,250 Relief Crew Foundation 13,725 258,750 Acorn Community Support 5.000 Studio Voltaire 30,000 The Watercolour WorLd 0,000 iio,000 Centre Point (5231 The Serpentine Trust - George Baselitz.. scutptures, 2011-2015 150,000 16,667 The Latymer Foundation (45,060) Human Practice Foundation 80,000 Direct costs Direct costs 2025 2024 Computer and software 825 535 Bank charges 220 355 ProfessionaL fees 24,840 21,690 Exchange rate variance 55 58 Governance costs.. Independent examination fees 5.561 4.500 Page11
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Employees and stsff costs The average number of empLOyS during the year was nil (2024 - niu. No employees received employee InefitS in excess of £60,00012024 - none). The key management personnel of the Charity comprise the TruStS only who received no remuneration in respect of their services to the Charity (2024 £niL). No expenses have been reimbursed to key management personneL Independent examineffs remuneration 2025 2024 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Creditors Amounts faLllng due withln one year 2025 2024 As restated Grant commitments 231,507 352,725 AccruaLs 9,590 10,770 24L097 363,495 Credttors.. Amounts falliw due after more than one year 2025 2024 As restoted Grant commitments 324.306 Page 12
THE MARANDI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Related party transactions During the year J Marandi. a trustee, made payments of £800.000 12024 - £465.0001 to the Charity and pledged donations of £358.613 12024 as restated £448.7301 to the Charity. The total of outstanding pledges as at 5 ApriL 2025 was £231,50712024 as reststed - £667.031). These amounts represent agreed donations which will be paid to the Charity at the time the monies are required to fulfiL muLti-year grant commitments. 10. Prior year adjustrnent The prior year figures have been restated to reflect a grant commitment made prior to 5 ApriL 2024, This has resulted in an increase of £238.000 to donation income and grant expenditure on the SOFA, with nil impact on the deficit for the year. and an increase in short term debtors of £138,000. long term debtors of £138,000. short term grant commitments of £138.000 and Long term grant commitments of £138,000. There is no impact on overalL net assets as at 5 ApriL 2024. Page 13