**Armenian Institute Charitable Trust Financial Statements For the Year Ended 31 December 2020**
**Charity Registration number 1088410**
## **Armenian Institute Charitable Trust Financial Statements**
## **Year Ended 31 December 2020**
|**Contents**|**Pages**|
|---|---|
|Trustees’ Annual Report|3 to 6|
|Independent Examiner’s Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10 to 12|
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## **Armenian Institute Charitable Trust**
## **Trustees’ Annual Report**
|**Reference and Administrative**|**Details**|
|---|---|
|**Registered charity name:**|**Armenian Institute Charitable Trust**|
|**Charity registration number:**|**1088410**|
|**Registered Office:**|**1 Onslow Street**|
||**London**|
||**EC1N BAS**|
|**Trustees:**|**Mr Richard M Anooshian**|
||**Ms Tatiana Der Avedissian**|
||**Ms Arda Eghiayan**|
||**Dr Rebecca Jinks**|
||**Mr Stephen Masters**|
|**Bankers:**|**Barclays Bank plc**|
||**Marble Arch Corporate Banking Group**|
||**P O Box 32016**|
||**London**|
||**NW1 2ZH**|
|**Accountants:**|**Arby Chek (MAAT)**|
||**G&C Accounting**|
||**Ealing House**|
||**33 Hanger Lane**|
||**London**|
||**W5 3HJ**|
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## **Armenian Institute Charitable Trust**
## **Trustees’ Annual Report (continued) Year Ended 31 December 2020**
The trustees present their report and the financial statements of the charity for the year ended 31 December 2020.
## **Structure, Governance and Management**
The Charity was established by Trust Deed dated 10 May 2001. The Trust constituted by this Deed and its property are administered and managed by the trustees under the name Armenian Institute.
The first trustees (who together with the future Trustees or Trustee of this deed are referred to as ‘Trustees’) hold:
- Professor Charles Dowsett’s book collection on permanent loan from the Armenian General Benevolent Union.
- The Armenian Institute bank accounts.
## **Objectives and Activities:**
The Armenian Institute is dedicated to making Armenian culture and history a living experience, through innovative programmes, educational resources, workshops, academic events, exhibits and performances. Particular attention is paid to contemporary life in the Diaspora and the development of links with Armenian and other communities. Two objectives of the Trust are (i) to maintain a growing library, housing books, multimedia resources and archival material in addition to the Dowsett Collection and (ii) to offer a range of Armenian language courses offered through the AI Language Department.
## **Public Benefit**
The trustees confirm that they have paid due regard to the Charity Commission’s guidance on public benefit.
Public benefit is demonstrated by the use of funds raised in furtherance of the charitable objects.
The Trustees present their report and the financial statements of the Charity for the year ended 31 December 2020.
## **Achievements and Performance**
During fiscal year 2020, a main achievement of the Armenian Institute (AI) was the move to new premises in Saffron Hill. The new space allowed AI to finally move all the books and periodicals as well as personal archives bequeathed to the Institute out of storage (where they had been since 2014).
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## **Armenian Institute Charitable Trust**
## **Trustees’ Annual Report (continued) Year Ended 31 December 2020**
Another major milestone was securing a large grant from the National Lottery Heritage Foundation, along with smaller grants. This enabled AI to fulfil a long time strategic goal and expand its staff structure.
A main pillar of AI is to maintain and grow the library originally formed from the book collection of Professor Charles Dowsett which is on permanent loan by the Armenian General Benevolent Union. The library benefitted from subsequent book and archival collections primarily from the estates of Mischa Kudian, Yervant and Azniv Nigogosian, George S Kurkjian, historian Christopher J Walker and David Miller, the first British resident ambassador in Armenia. Throughout 2020 the library continued to provide research advice to scholars and members of the general public.
A second pillar of AI are the language classes offered in Western, Eastern and Classical Armenian at beginner, intermediate and advanced levels as well as the offering of oneto-one bespoke language tuition sessions to individuals.
AI continued its role as official administrator of the Armenian Diaspora Survey (ADS), initiated and financially supported by the Calouste Gulbenkian Foundation. The total budget of the ADS was € 100,000 of which an annual payment of € 10,000 to Al enabled the ADS to use the Al office for weekly meetings and for the administration of the Survey. The remaining €90,000 was earmarked for the expenses of carrying out the actual survey (salaries, website and other digital media and various office expenses).
Notwithstanding the lockdown challenges brought about by the Covid-19 pandemic, altogether 59 public events comprising concerts, lectures, workshops, book launches, exhibitions and film screenings were offered virtually to the public in 2020, including the publication of the Bardez magazine. AI continues to provide lectures, events and workshops for Armenians and non-Armenians to learn about various aspects of Armenian culture and history, allowing for active participation by all ages, men and women.
## **Financial Review**
The Armenian Institute raised £212,183 in 2020 (2019: £183,605) and spent £187,797 (2019: £138,668) on charitable activities. At the year end, £163,994 (2019: £73,585) is held in cash balances. The bank balance includers The Armenian Diaspora Survey funds.
## **Reserves Policy**
The charity’s intention is to maintain adequate reserves, equal to three months’ worth of staff and operating expenses, which together with funds raised in the year will enable it to continue its programmes.
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## **Armenian Institute Charitable Trust**
**Trustees’ Annual Report (continued) Year Ended 31 December 2020**
## **Plans for Future Periods**
The Charity’s aim is to continue with its current long-term projects and undertake other projects that are in accordance with the aims and objectives of the charity.
## **Responsibilities of the Trustees**
The Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and 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 incoming resources and application of resources of the charity for that period.
In preparing the financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently.
- Observe the methods and principles in the Charities SORP.
- Make judgement and estimates that are reasonable and prudent.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue its activities.
- Ensure the accounting policies adopted are in accordance with generally accepted accounting policies.
The trustees are responsible for keeping proper 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 and the Charity (Accounts and Reports) Regulations 2008. The trustees 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 regulations.
______________________________ ______________________________ Richard M Anooshian Richard Anooshian (Oct 28, 2021, Rebecca Jinks Rebecca Jinks (Oct 28, 2021, 10:15am) 12:23pm) Trustee Trustee 28 Oct 2021 Arda E hia an ______________________________ _____________________________ g y Date Arda Eghiayan Arda Eghiayan (Oct 28, 2021, 10:10am) Trustee
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## **Armenian Institute Charitable Trust**
## **Independent Examiner’s Report to the trustees of the Armenian Institute Charitable Trust**
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## **Responsibilities and basis of report**
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## **Independent examiner’s statement**
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28 Oct 2021
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Gary Medazoumian (Oct 28, 2021, 2:19pm)
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**Armenian Institute Charitable Trust**
## **Statement of financial activities for the year ended 31st December 2020 Income and Expenditure Account for the Year ended 31st December 2020**
## **Income and Expenditure Account**
|||Unrestricted|
Restricted|||
|---|---|---|---|---|---|
|**Income:**||funds|funds|Total funds|Total funds|
||Notes|2020|2020|2020|2019|
|||£|£|£|**£**|
|Income for the period:||91,094|121,089|212,183|183,605|
|Total Income:||91,094|121,089|212,183|183,605|
|**Expenditure:**||||||
|Charitable activities:|**4**|12,504|98,770|111,274|97,645|
|Administrative Expenses:||55,924|20,599|76,523|41,023|
|Total Expenditure:||68,428|119,369|187,797|138,668|
|Net movement in funds:||22,666|1,720|24,386|44,937|
|**Reconciliation of funds**:||||||
|Total funds at 1 January 2020||32,072|42,080|74,152|29,215|
|**Total funds at 31 December 2020**||54,738|43,800|98,538|74,152|
The notes on pages 10 and 12 form part of these financial statements.
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## **Armenian Institute Charitable Trust**
## **Balance Sheet as at 31st December 2020**
|**Notes**
**Fixed Assets:**
Tangible Fixed Assets
**7**
**Current Assets:**
Cash at Bank
**Current Liabilities:**
Creditors: amount falling due within one year
**8**
Net current
assets
**Net Assets**
**9**
**Represented by:**
Restricted Fund
**10**
Unrestricted Income Fund
**Total Funds**|**2020**
**£**
11,571
11,571
163,994
(77,027)
86,967
98,538
43,800
54,738
98,538|**2019**
**£**
567|
|---|---|---|
|||567|
|||73,585
-|
|||73,585|
||||
|||74,152|
|||42,080
32,072|
|||74,152|
The accounts were approved by the Trustees on ………………………………and signed on their behalf by
_____Richard M Anooshian________________________ Richard Anooshian (Oct 28, 2021, Rebecca Jinks ______________________________ Rebecca Jinks (Oct 28, 2021, 10:15am) 12:23pm) Trustee Trustee 28 Oct 2021 Arda E hia an g y ______________________________Date _____Arda Eghiayan________________________ Arda Eghiayan (Oct 28, 2021, 10:10am) Trustee
The notes on pages 10 and 12 form part of these financial statements.
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## **ARMENIAN INSTITUTE CHARITABLE TRUST**
## **Notes to the financial statements**
## **For the year ended 31 December 2020**
## 1. **General information**
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is 1 Onslow Street, London, EC1N 8AS.
## 2. **Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
## 3. **Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis.
## **Going concern**
The trustees are not aware of any material uncertainties regarding going concern.
## **Judgements and key sources of estimation uncertainty**
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions or estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next financial year.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity’s purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
## **Incoming resources**
Income from donations and grants is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably. All income is derived from the charity’s principal activities which relate to fundraising and educational events. The charity has also received a number of Gift Aid donations and grants to assist its activities.
## **Fixed assets**
Fixed assets are depreciated over their estimated useful lives at the following rates: Computer photographic and office equipment: 25% straight line
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## **ARMENIAN INSTITUTE CHARITABLE TRUST**
## **Notes to the financial statements (continued) For the year ended 31 December 2020**
## **4. Analysis of Expenditure**
|Staff costs
Relocation expenses
Depreciation
Other office expenses|Restricted
Unrestricted
Total
Total
2020
2020
2020
2019
£
£
£
£
87,176
4,604
91,780
-
5,066
2,520
7,586
-
2,440
121
2,561
283
4,088
5,259
9,347
97,362|
|---|---|
||**98,770**
**12,504**
**111,274**
**97,645**|
## **5. Employees**
## **Number of employees**
The average monthly number of employees during the year was 3 (2019: nil)
|**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2020**
**2019**
**£**
**£**
90,506
**-**
214
**-**
1,060
**-**|
|---|---|
||**91,780**
**-**|
There were no employees whose annual remuneration was £60,000 or more.
## **6. Trustees**
No trustee or person with a family or business connection with a Trustee received remuneration in the year directly or indirectly, or had any expenses reimbursed (2019: nil)
## **7. Fixed assets – Used by the Trust**
|Cost as at 1st January 2020
Additions in period
Cost at 31st December 2020
Depreciation at 1st January 2020
Depreciation Charge
Depreciation at 31st December 2020
Net Book Value at 31st December 2020
Net Book Value at 31st December 2019|**Office**
**Equipment**
**£**
1,134
13,565
14,699
567
2,561
3,128
11,571
567|
|---|---|
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## **ARMENIAN INSTITUTE CHARITABLE TRUST**
**Notes to the financial statements (continued) For the year ended 31 December 2020**
## **8. Creditors: amounts falling due within one year**
|Other taxes and social security
Other creditors and accruals|**2020**
**2019**
**£**
**£**
2,421
**-**
74,606
**-**|
|---|---|
||**77,027**
**-**|
## **9. Analysis of Net Assets**
|**Restricted**
**fund**
**Unrestricted**
**funds**
**Total funds**
**Total funds**
**2020**
**2020**
**2020**
**2019**
**£**
**£**
**£**
**£**
Fixed assets
11,210
361
11,571
567
Net Current assets
26,983
59,984
86,967
73,585
**38,193**
**60,345**
**98,538**
**74,152**
**0. Restricted fund**
2020
2019
£
£
Armenian Diaspora Survey Fund
43,800
42,080
43,800
42,080|**Restricted**
**fund**
**Unrestricted**
**funds**
**Total funds**
**Total funds**
**2020**
**2020**
**2020**
**2019**
**£**
**£**
**£**
**£**
Fixed assets
11,210
361
11,571
567
Net Current assets
26,983
59,984
86,967
73,585
**38,193**
**60,345**
**98,538**
**74,152**
**0. Restricted fund**
2020
2019
£
£
Armenian Diaspora Survey Fund
43,800
42,080
43,800
42,080|**Restricted**
**fund**
**Unrestricted**
**funds**
**Total funds**
**Total funds**
**2020**
**2020**
**2020**
**2019**
**£**
**£**
**£**
**£**
Fixed assets
11,210
361
11,571
567
Net Current assets
26,983
59,984
86,967
73,585
**38,193**
**60,345**
**98,538**
**74,152**
**0. Restricted fund**
2020
2019
£
£
Armenian Diaspora Survey Fund
43,800
42,080
43,800
42,080|
|---|---|---|
||2020
£
43,800
43,800||
|||42,080|
## **10. Restricted fund**
A restricted fund created to fund the expenses of the Armenian Diaspora Survey.
## **11. Related Party Transactions**
There were no disclosable related party transactions during the year (2019: none).
## **12. Retirement benefits scheme**
The charity operated a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to the income and expenditure account in respect of defined contribution scheme was £1060 (2019: nil).
## **13. Controlling party**
The charity is controlled by its Trustees in this and prior year.
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## **Issuer**
Armenian Institute
**Document generated** Thu, 28th Oct 2021 9:55:14 BST
**Document fingerprint** bb92cd15f012c45afaff426a400a3c5e
## **Parties involved with this document**
|**Document processed**|**Party + Fingerprint**|
|---|---|
|Thu, 28th Oct 2021 10:10:39 BST|Arda Eghiayan - Signer (375630dd0f32ea578418abf96ed4ccbe)|
|Thu, 28th Oct 2021 10:15:47 BST|Rebecca Jinks - Signer (b3d2f25f4db1fd72dae6f35347fcc336)|
|Thu, 28th Oct 2021 12:23:18 BST|Richard Anooshian - Signer (d94063c53f65d48c02f51c8ef112ca3b)|
|**Audit history log**||
|**Date**|**Action**|
|Thu, 28th Oct 2021 12:23:18 BST|The envelope has been signed by all parties. (86.178.129.208)|
|Thu, 28th Oct 2021 12:23:18 BST|Richard Anooshian signed the envelope. (86.178.129.208)|
|Thu, 28th Oct 2021 12:18:04 BST|Richard Anooshian viewed the envelope. (86.178.129.208)|
|Thu, 28th Oct 2021 12:16:41 BST|Richard Anooshian opened the document email. (86.178.129.208)|
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|Thu, 28th Oct 2021 10:15:47 BST|Sent the envelope to Richard Anooshian (richardanooshian@hotmail.com)|
||for signing. (81.157.219.160)|
|Thu, 28th Oct 2021 10:15:47 BST|Rebecca Jinks signed the envelope. (81.157.219.160)|
|Thu, 28th Oct 2021 10:14:45 BST|Rebecca Jinks viewed the envelope. (40.94.97.4)|
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||signing. (217.33.249.114)|
|Thu, 28th Oct 2021 10:10:39 BST|Arda Eghiayan signed the envelope. (217.33.249.114)|
|Thu, 28th Oct 2021 10:09:56 BST|Arda Eghiayan viewed the envelope. (217.33.249.114)|
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|Thu, 28th Oct 2021 9:57:27 BST|Richard Anooshian has been assigned to this envelope (188.28.113.216)|
Thu, 28th Oct 2021 9:57:27 BST Rebecca Jinks has been assigned to this envelope (188.28.113.216) Thu, 28th Oct 2021 9:57:26 BST Arda Eghiayan has been assigned to this envelope (188.28.113.216) Thu, 28th Oct 2021 9:55:44 BST Document generated with fingerprint bb92cd15f012c45afaff426a400a3c5e (188.28.113.216) Thu, 28th Oct 2021 9:55:14 BST Envelope generated by Tatevik (188.28.113.216)
**Issuer** G&C Accounting
**Document generated** Thu, 28th Oct 2021 13:45:37 BST
**Document fingerprint** f5c1a308d9a3e4d55c5e8ae674dd9a96
## **Parties involved with this document**
|**Document processed**|**Party + Fingerprint**|
|---|---|
|Thu, 28th Oct 2021 14:19:27 BST|Gary Medazoumian - Signer (1d115564edb4dfa868178b34d6fae1f7)|
|**Audit history log**||
|**Date**|**Action**|
|Thu, 28th Oct 2021 14:19:27 BST|The envelope has been signed by all parties. (151.227.60.32)|
|Thu, 28th Oct 2021 14:19:27 BST|Gary Medazoumian signed the envelope. (151.227.60.32)|
|Thu, 28th Oct 2021 14:18:21 BST|Gary Medazoumian viewed the envelope. (151.227.60.32)|
|Thu, 28th Oct 2021 14:05:39 BST|Gary Medazoumian viewed the envelope. (52.20.14.0)|
|Thu, 28th Oct 2021 14:05:21 BST|Gary Medazoumian viewed the envelope. (151.227.60.32)|
|Thu, 28th Oct 2021 14:05:05 BST|Gary Medazoumian opened the document email. (151.227.60.32)|
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|Thu, 28th Oct 2021 13:58:01 BST|Document emailed to gsm@gehl.org.uk (3.9.178.82)|
|Thu, 28th Oct 2021 13:58:01 BST|Sent the envelope to Gary Medazoumian (gsm@gehl.org.uk) for signing.|
||(37.252.82.245)|
|Thu, 28th Oct 2021 13:53:27 BST|Gary Medazoumian has been assigned to this envelope (37.252.82.245)|
|Thu, 28th Oct 2021 13:45:41 BST|Document generated with fingerprint|
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|Thu, 28th Oct 2021 13:45:37 BST|Envelope generated by Arby (37.252.82.245)|