Charfty regl8tration number 1084065 (England and Wales THE MANOUKIAN CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ) xeinadin
THE MANOUKIAN CHARITABLE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tru8taoB Mr S Pre5S Dr A Sarki53ian MTS T Manoukian Charlty number (England and Waleg) 1084065 IndgP8ndènt axamlner Hazel Day Xeinadln Nightingale House 4648 Easl Street Epsom Surfey KT17 1HQ
THE MANOUKIAN CHARITABLE FOUNDATION CONTENTS Page Truslees, report Sialement of trustees, responsibilities Ind8P8nd8nt examiners report Statement ol financial actlvilies Balance sheet Slalement of cash flows Noles lo Ihe llnancial stalemenls 8-14
THE MANOUKIAN CHARITABLE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Irustees present Iheir annual report and financial slalements for the year ended 31 December 2024. The financlal statements hav8 been prepared in accordance wilh the accounting pollcies set out in note 1 lo the financial slaternenls and comply with the charity's governing document, Ihe Charilies Act 2011, FRS 102 "The Financial Reporting Slandard applicable in the UK and Republic of Ireland. and the Charities SORP "Accounllng and Reporting by Charities.. Slalemenl of Recommended Praclic8 applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ifeland (FRS 102) ObJ8ctlvgs and actlvllles The objects of the Charity are the promollon ol general charilab18 purposes.. Ihe Trustees give partlcular ÈmphBsIs to projecls wllh medlcal, educallonal or cullural aspects and those that relate to Armenian matlers, allhough théy consider applicalions for other charilable purposes. This policy is Teflected in the typ8 and level of donalion as disclosed in note 4 to lh& accounls. Public b8n8fi1 The Iruslees have paid due regard lo guidance issued by the Charily Commission in deciding whal activities the chaflly should undertake. Granl making policy Request8 for grants are received IhTough personal contacls of the Settlor and the Tfustees, As slated above. applications are considered on the basis of whelhef Ihey meat th8 g8n8ral aims of th8 Foundatlon and the nalure of the project concerned. Th8 Foundation will consider providing assistance lo projects that may b8 partly funded by otheTS if this will enable the projecl lo proceed. The Trustees have tended lo glve greater consideration lo educational, envlranmenlal and cultural projecls as well as those whlch are Inlanded lo r811eve poverly, Illness and suffeilng. Achlevement8 and performance Signific8nt activities and achi8vomenls againsl objecliv8s The charity Teceived grants of £947,461 (2023.. £1.150,360) in the ygaT. During the year £1,031,925 (2023: £1,448,181) of granls and donations to other charilies and good causes were made. The Trustees contSnue to seek to malnlain a low c05t ratio V1h1n Ihe Charity Donallons and grants made can be broken down a8 follows., Social Sepiices and Relief Cultural ReliglOUS Medical Research and Care Education Envifonmenlal 278,729 119,018 276.087 83,616 84,476 190,000 Flnanclal revlew Investment policy The Foundalion has received granls for Its general charitable purposes, which 11 has allocated lo general and designated funds and has disbursed Ihese throughout Ihe year. Given Cuffent low interest rates, th8 Trust88s have taken Ihe view Ihal there would be no material benelll In maintaining spare resources on deposit, and therefore for adminislralive ease, all fund5 are held on current accounl pending disbursernenl. The Trnstees intend to pursue similar policios with respect to granl making in 2025 and do not anlicipale any significanl deviation In Ihe patlem of donations.
THE MANOUKIAN CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 structure• govèrnan¢o and managemènt Govgrnlng do¢ument The Manoukian Charitable Foundalion is consliluted under a trusl deed dated 8th March 2000 and is a regisl8red Charity no 1084065. Over the years the Charity ha5 received gifts from Sources associated with th8 Manoukian Family and does not actively fundrais8 Irom third parties. The Trusl68s have referred lo Ihe guidance contained in the Charily Commisslon's general guidance on publlc benefit when reviewing our aims and objectives and in planning our future activities. The Trustees who have seNed during Ihe year and those who are currently In office are set out below. The Initial TTUSte8s were appointed by the S8111or and any subsequent appoinlmenls are made by the Trustees. There Is no sel period for which the Trustees are due lo See. The Trustees meet at least once per year, and declde on any mallers that Involve Ihe Charity in a commitment with a duration greater than one year. Grant approval is made by discusslon between the Trustees. The day-to-day running of the Charity is dealt with by one of the Trustees, Mr Steven Press The trustees who s8Ned during the year and up to the dale of slgnalure of the financial statements were: Mr S Press DrA Sarkissian Mrs T Manoukian Recmllment 8 app inlm8nt of Iwslees The tru repo was approved by the Board of Twslees. MrSP Tru8tse 2{[oql LL(
THE MANOUKIAN CHARITABLE FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslee8 are responsible for preparing the TTUStees' Report and the financial slalemenls in acrdanCe with appllcable law and United lQngdom Accounting Slandards (Uniled Kingdom Generally Accepted Accounting PracllGe), The law applicable to charities in England and Wales requires the Irustees to prepare financial slaternenls for each financial year which give a true and falr view of the slale of affalrs of the charity and of the incoming r8sourc8s and applicalion of resources of the charity for that year. In preparing these financial slalements, Ihe ttustegs are required to.. selecl suitable accounling polici8s and then appty them consist8nUy: obs8Ne the methods and principles in the Ch81ities SORP.. make judgemenls and estimates that are reasonable and PTudent', slate whether applicable accounting slandards have been followed. subject lo any maletial departures d18cIoBed and 8xplained in the financial statements. and prepare the financial slalements on the going ¢on¢eTn basis unless It Is inappropTlale lo presume that th8 charity will continue in operalion. The Irustees are responsible for k88ping sufficient accounting records that disclose wilh reasonab18 accuracy al any tim8 the financi81 position of Ihe charlly and enable Ihem lo ensufe Ihal Ihe financial statements comply wllh the ChaTilie5 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the PTovlsions of the trust deed. They are also responsible for safeguarding the assets of Ihè charity and hence for taklng reasonable steps for the prevention and detecllon of fraud and other Iffe9ularilies.
THE MANOUKIAN CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MANOUKIAN CHARITABLE FOUNDATION I report to the Iruslees on my examinallon of the financial statements of The Manoukian Charitable Foundallon (the charily) for the year ended 310e¢ember 2024. Responslbllltles and ba818 of report As th8 Imslees of the charity you are responsible for Ihe preparation of Ihe finan¢lal slalem8nts In accordance wilh the requlrements of Ihe Charities Act 2011. I repori In respect of my examinalion of the Charity's financial slatemenls carri8d out under section 145 of the Charities Acl 2011. In carrying out my examination I have followed the Dlrecllons given by the Charity Commlssion under section 145(51{b) of the Charilles Act 2011. Indepèndent examlnorf$ ¥tatemont Since the charity's gross incom8 exc8eded £250,000, th8 independent examiner musl be a member of a body listed in secllon 145 of the Charilies Acl 2011. I confiim that l am qualified lo und@rtak8 th8 examinallon because l am a m8mber of the Instilule of Chartered Accountants In England and Wales. which is one ofthe1151ed bodies. Your allenlion is drawn lo the fact that the charity ha5 prepaied th8 financial 51alements In accordance wllh th6 relevanl version of the Statemenl of Recommended PraclSce applicable to charili8s preparing thelr financial 51atemenls In arKord8nce wllh the Flnancial Reporllng Standard applicable in Ihe UK and Republlc of Ireland (FRS 102) in preference lo the Accounting and Reporting by Charilies: Statemenl of Recommended Practice Issued on 1 April 2005 whlch Is referred to in the extant regulations bul has now been wilhdrawn. l understand that thls has been done Sn order for Ihe financial statements lo provlde a true and fair vlew In accordance with UK Generally Accepted Accounllng Practlce. I have comp181ed my examlnallon. I confirm thal no mallers have come to my attention In ¢onnecllon with the examlnatlon giving me caus8 lo believe that In any malerial respect: accountlng records were not kept In respect of the charlty as required by secllon 130 of th8 Char6tles Acl 2011. the financlal stalements do not accord wilh Ihos8 f8cords- or the flnancial st81ement$ do not comply with the appllcable requirements concernlng Ihe fom and content of financial statements Sel out in Ihe Charilieg IAccounls and Reports) Regulalions 2008 other than any roquirement that the financial statements give a true and falr view. whlch is not a matter consldered as part of an independenl examinallon. I have no concerns and have come across no olher malteTS In connection with the examinallon to whlch attention should be drawn In Ihls report In order lo enabl8 a proper underslanding of the financi81 statements lo be reached. Hazol Day Xeinadin Nightingale House 46-48 East Slreet Epsom Surrey KT17 1HQ Dale: ..aG¥S..Ee*.e twas
THE MANOUKIAN CHARITABLE FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 UnreBtricted funds 2024 Unrestrlct8d funds 2023 Note8 Incomo from: Donallons and legacies 947,461 1,150,360 Tolal Income 947,461 1,150,360 Expendlture on: Charitable aclivilies 1,115.376 1,527,718 Total expendlture 1,115,376 1,527,718 Net expendlture and movement In fund8 (167,915) (377,358) Reconclll&tlon ol fund#: Fund balances al 1 January 2024 429,999 807,357 Fund balances at 310ecember 2024 262,084 429,999 Th8 Statement of financial actSvilles Includes all gains and losses recognised in the year. All income and expendlture derlve from conllnulng acllvilies.
THE MANOUKIAN CHARITABLE FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Current as8018 Cash al bank and in hand 264.724 435,279 Credltorn: amounts falllng due wlthln one yèar 10 (2.640) (5,280) Net Current a880t8 262,084 429,999 Tho funds of tha charlty Unrestricted funds 11 282.084 429,999 262,084 429,999 The financ temenl8 Were approved by Ihe trustees on . MrSP Tru8te8
THE MANOUKIAN CHARITABLE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notos Cash flows from operatlng actlvltl88 Cash absorbed by operations 14 {170,555) {376,878) Net cash gèneratod from Inv88tlng actlvltle8 Net cash generated from flnanclng actlvllle8 Nat decrea8e In cash and cash aqulvalants (170.555) (376,878) Cash and cash equivalents at beginning of year 435,279 812,157 Cash and Cash equlvalonts at end ol year 264,724 435,279
THE MANOUKIAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ountlng pollcleB Charlty InfoTmatlon The Manoukian Ch8ri1able Foundalion Is a unincorporated charity. 1.1 Accountlng conventlon The financial slalements have been prepared in accordance with the charity's governing document. tha Charities Acl 2011, FRS 102 "The Financial Reporting Standard applicable in th8 UK and Republic of Ireland" and the Charilles SORP "Accounting and Reporting by Ch8Tilies.' Stal8ment of Recommended Pracllce appllcable to charitles preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The charity is a Public Benefit Entity as d&fined by FRS 102. The financlal statements have departed from the Charilles (Accounts and Reports) Regulatlons 2008 only to Ihe extent requir8d lo provide a tiue and falr vlew. This departure has Involved following the Slalemenl of Recommended Practice for charities applying FRS 102 ralh8r than the version of the Stalement of Recommended Pracllce which Is referred lo in Ihe Regulations but which has since been withdrawn. The financial 8lalemenls are Prepared In slefling, whlch Is Ihe functional currency of the charlty. Monetary amounts In these financial slalements are round8d lo the nearest £. The financial statements hav8 been prepared under the hlstorical cost conventlon. Th8 principal accounllng pollcle8 adopled are set out below. 1.2 Golng ¢onc8rn Al the time of approving the financlal statements. the twstees hav8 a reasonab18 8xpe¢lallon Ihal Ihe charlty has adequate resources lo Contlnua in opeTalional existence for th8 fore5eeabl8 fulure. Thus the trustees contlnue to adopt the golng concern basi5 of accounllng in preparing the financlal slal8m8nls. 1.3 Charltsble funds UnTeslricled funds are available for use al the dlscfetion of the Iru8tees In furtherance of Ihelr charitable objecllves. Resldcted funds are subject to speclfic condilions by donors or grantors a8 to how they may be used. The purposes and uses of Ihe re8ltlcted funds are set out in the notes to the financlal statemenls. 1.4 Income Income15 recognised when Ihe charity Is legally enlllled to it after any performance condltlon8 have been met, the amounts can b8 measured reliably, and il is probable that income will be received. Cash donation5 are recognised on receipt. Other donations are recognised once the charily has been notified of the donation. unless performance condilions require defeffal of the amount. Incom8 tax recoverable in relallon lo donallons received under Gift Aid or deed5 of covenant Is recognised at the Ilme of the donation. 1,6 Exppndlluro Expendilure is recognised once there is a legal or conslruclive obligalion to transfer economic benefit lo a third party. it is probable that a transfer of economic benefits will be required In 5elUemenl. and the amounl of Ihe obligation can be measured reliably. Expenditure is Classified by adlvity, The c0515 of each activlty are made up of Ihe lotal of direct cosls and Sharèd cosls, including support cosls involved in undertaking each activity. Direcl costs allribulable lo a single activity ar8 allocated directly lo that activily. Shared costs which contribute to more than one activity and support costs which are not allributable to a single adivity are apporlioned between those activities on a basis consislenl with the use of resource5. Cenlral staff cosls are allocated on Ihe basis of lime spent, and depreciation charges are allocated on the portion of Ihe asset's use.
THE MANOUKIAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollclg5 Icontlnued) 1.6 Cash and ea8h equlvalents Cash and cash equivalents include cash In hand. d8POSits held at call wilh banks, other short-lerffl liquid Inveslmenls wilh original maturities of three monlhs orless. and bank overdrafts. Bank overdrafts are Shown wilhin boffowings in current liabilities. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, a Inilially m8asured at Iransaclion Price including Iransaclion costs and are subsequently carried at amortlsed cost using the effecllve interest method unless th8 arrangement constitutes a financing transaclion, where the transaction is measured al the present value of the fulure receipis discounted at a mafk81 rate of Inleresl. Financial assets classlfied as receivable wilhin on8 year are not amortised. Baslc financlal Ilabllltles Baslc financlal liabili1188. induding CTeditOTS and bank loans are Initially Tecognised al transaction price unless the ariangemenl conslilules a financing Iransaction, where Ihe debt instrument is measured al the present value of Ihe future payments dlscounted at a market rate ol interest. Financial liabililies cjassified as payable withln one year are not amortised. Debt inslrumenls are subsequently carried al amortised cost. using the effective Intere3t rate melhod. Trade creditors are obligations to pay for goods or sepiices Ihat have bean acquired in lh8 ordinary course 01 opeTalion8 from suppliers. Amounts payabl8 are classified as Cufrenl li8bili1185 il payment is due wllhin one year or less. 11 not, they are presented as non-cuffent liabililies. Trade creditors are recognised initially al transactlon prfce and 8ub$equenlly measured at amortised COBI using the effective inlerest melhod. Dorecognltlon of financlal Ilabllitlej Financlal liabililies are dereco9ni5ed when Ihe charills ¢onlractual obligations expire or are dlscharged or cancelled. 1.7 Employee beneflts The cost of any unused holiday enlillement is recoanised in the period in which Ihe employee's services are received. Termination benefits are recognlsed Immedlalely as an expen58 when the charity Is demonstrably commitled lo lerminale Ihe employment of an employee or to provide termination benefils. Incomo from donatlonJJ and lega¢le8 Unre81rl¢tsd Unrestrlct8d funds funds 2024 2023 Donalions and gifts 947,461 1.150.360 Gfanls received, included In Ihe above, from CAF Ametlra tolalled £947.461 in 2024 (2023.. £1,150.360).
THE MANOUKIAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expondlture on charllablo actlvltles Grants to Grants to In811tutlon8 Institutlon8 2024 2023 Dlr8ct C08t8 Grant fundlng ol aclivilies (see note 4) 1,031,925 1,448,181 Sham of 8UPPOrt and govornance costs (see note 5) Support Govemance 81,051 2.400 78,837 2,700 1,115.376 1.527,718 Analy81• by fund Unr8slricled funds 1,115,376 1,527,718 Grants payable Grants to Grants to InBtltutlong InBtitutlons 2024 2023 Grants to instltullons.. Other 988.362 1,438,181 Giants to Indlvlduals 43,563 10,000 10-
THE MANOUKIAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable (Contlnuodl 2024 2023 st Yeghiche Armenian Church Parish Church property and liability insurance Aris Nader Mission Enfance The Pap8el9hI Tnjsl Loubnaniyoun (Minhall Scholarships) Kelna 3Ayleh Chubb- Church FlreAlarm System Queen Mary College University- Ayushma GuNng Associalion des Amis des Nouvelles d'ATmenl8 Oriel College AGBU Armenla Couvenl Salnl Joseph Jrabla Oui Lady of Lebanon Church Royal Opera HoLfse Covenl Garden Foundalion Association Beirut Bkhelr Vatche and Tamar Manoukian 8enevo18nt Foundallon Piinces5 Alice Hospital The American School in England The Caring Family Foundation Chain of Hop8 TO Foundallon Chronlc Car Centre Jusl Giving JEBID (Belrul) Kayan8 Tambullan Medlcal Treatment Coc Akdedian- Accofflodalion Vienna Insllliile for Cancer Vaccines and Immunolherapy Music in Secondary School Trust Universilal Vienna Aclion Innocence Naked Heart Foundatlon { Switzertand) 40,000 55,009 10,000 11,350 25,000 40,004 81,310 8,489 8,563 21,821 10,000 7,918 15,620 10.000 18.800 94,273 136,527 5.000 15,000 190,000 50.0(MJ 80.397 78.616 50 20,178 40,000 33,889 10,000 11.150 25,000 41,039 80,314 22,380 8,737 10,000 500,000 50,000 83,448 83,340 20,100 6,480 4,5BO 1,000 50,000 6.661 270,525 89.538 1.031,925 1,448,181 11
THE MANOUKIAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support Costs allocated lo actlvlllas 2024 2023 Staff costs Professional charg88 Accountancy Bank charges Govemance cosls 78.663 1,850 74,111 182 1,980 564 2.700 538 2,400 83,451 79,537 Analy8ed betWO9n; Grant8 to Instllullons 83,451 79,537 Net movement In fund$ 2024 2023 The net movemenl In funds Is slated afler thargingl(credillng): Fees payable for the Ind8pendenl examinallon of the charlvs flnanclal slalements 2,400 2,700 Tru8toes None of the Irustees (or any persons connecled with them) recelved any remuneralion or benefils from the charlly during the year end8d 31 December 2024 nor for the year ended 31 December 2023. There were no trustee8' expenses paid for thp year ended 31 December 2024 nof for Ihe year ended 31 December 2023, Employe08 The average monthly number of employees during the year was: 2024 Number 2023 Numbor Charitable aclivili85 Employmenl costs 2024 2023 VVag65 and salaries Social security costs 71,330 7.333 67.330 6.781 78.663 74,111 There were no employees whose annual remuneiation was more than £60,000. 12-
THE MANOUKIAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Taxatlon The charity is exempt from laxalion on its activilles because all Ils income is applied for charitab18 purposes. 10 Credltor8: amounts falllng duo wSthln one year 2024 2023 Accruals and deferred income 2,640 5,280 11 Unre8tricted funds The unrestricted funds of Ihe charity comprise the unexpend8d balances of donatlons and gr8nls whl¢h are not sublecl to speclfic conditions by donors and grantOTS as lo how they may be used. These include d6slgnated funds which have been set aside out of unre81ricled funds by the t(ustees for speclfio purposes, At 1 January 2024 Incomlng R8gource8 rn8ource8 expended At31 Decembèr 2024 Designated fund General funds 405,666 24,333 947,461 (1,115,378) 237,751 24,333 429.999 947.461 (1,115,378) 262,084 Prevlous year.. At 1 January 2023 Incomlng rnsource8 Regourc@g expended At31 December 2023 Designated fund General funds 783,024 24,333 1.150.360 (1,527,718) 405,668 24,333 807,357 1,150,360 (1,527,718) 429,999 Deslgnaled Fund The designaled fund was established lo meet expenditure relating lo St Yegich8 Afmenlan Church, Cranl8y Garden5, London SW7. Following furlher discussions with CAF America, the usage of Ihe Fund was expanded lo include general charitable purposp5. 12 Related party tran3actlons Th8Fe were no dlsclosable related party transaclions during the year (2023 - non8). 13-
THE MANOUKIAN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Contlngent Ilabllltles Income receiv8d in prior years lolalling £1,212,814 wlll need to be repald to th8 donor if future Income levels are In excess of expenditure. As Ihere is no obligation lo pay except in those specific clrcumstances the amount has pr8viously been included in incom8 and no provision is made for any potenlial repaymenl of this afflounl. 14 Ca¥h ab80rbed by oporatlons 2024 2023 Deficit for the year (167,915) (377.358) Movemonts In worklng capltal: (Decreas8)Iincreas8 In Cfedilor8 (2,640) 480 Ca8h absorbed by operatlon$ (170,555) (378,878) 15 Anaty818 of chang05 In net fund8 Th8 charily had no material debt during the year. 14-