Charity number. ll72282
THE MARANDI FOUNDATION
UNAUDITED
TRu￿EES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025

THE MARANDI FOUNDATION
Co￿E￿[S
Page
Referen￿ and Administrattve Details of the Charity. its Trustees and Advisers
TrUSt￿s, Report
Independent E>3minerfs Report
statement of Financial Actiwties
Ba[an￿ Sheet
Notes to the Financial Ststements
9-13

THE MARANDI FOUNDATION
REFERENCE AND ADmIN￿RAT￿E 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 Str￿t 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 con￿rn
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 a￿0 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 p0￿cY 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 m￿t 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 TrUst￿S.
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 Eng￿nd & 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 Trust￿S)
Page 5

## Julie Mutton 

> Julie Mutton (Jan 27, 2026 10:17:08 GMT) Dated: 27/01/2026 



THE MARANDI FOUNDATION
STATEME￿ OF FINANCIALACTw￿lEs
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 con￿rn
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 m￿t 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 re￿abLy.
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 empLOy￿S during the year was nil (2024 - niu.
No employees received employee I￿nefitS in excess of £60,00012024 - none).
The key management personnel of the Charity comprise the TruSt￿S 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