Armenian Institute Charitable Trust Financial Statements For the Year Ended 31 December 2022 Charity Registration number 1088410 Amienian Institute Charitable Trust Flnancial Ststements Year Ended 31 December 2022 Contents Pages Trustees, Annual Report 3to6 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financlal Statements IOto12 Arnienian Institute Charitable Trust Tru5tees' AThnual Report Reference and Admlni5tratlve Detalls Re8lster¢d Charlty name: Arn￿nian Insthrte Charitsble Tnst Charlty re£lstratlon number. 1088410 Reslstered Office: l Onslow Street LondoTr ECIN Trustees: Mr Rlchard M Anooshlan Ms Tatiana Der Avedissian Ms Arda Eghlayan Dr Rebecca Jinks Mr Stephen Master5 Bankers: Bardays Bank plc Marble Arch Corporate Banklng Group P O Box 32016 London NWI IZH Accountants: Arby Chek IFMAAT) G&C A¢¢ounting Eallng House 33 Hanger Lane London W5 3HJ Year Ended 31 De¢ernber 2022 The trustees present their report and the financial statements of the charity for the year ended 31 December 2022. Structure. Governano. and ManagemenL' The Charity was established by Trust Deed dated 10 May 2001. The Trust constituted by thi5 Deed and its property are administered and managed by the Trustees under the name Arnienian Institute. The first Trustees (who together with the future Trustees or Trustee of this deed are referred to as Trustees'l hold: Professor Charles Dowsett's book collertlon on pemanent loan from the Armenlan General Benevolent Union IAGBU}. - The Am)enian Institute bank accounts. Oblectfves and A¢tfvltles: The Armenian Institute Is dedlcated to makin8 Amienlan culture and hlstory a livlng experieno, through Innovatlve programs. educatlonal re50ufces, workshops. academic events, exhibits, and performances. Partitular attention Is pald to contemporary life in the Diaspora and the development of links with Armenian and other communities. Two objective5 of the Trust are lil to malntain a growlng library, housing books, multimedia re50urces, and archival materlal in addltion to the t)owsett Collettlon and1111 to offer a range of Amienlan language courses offered through the Al-Lan8uage Department. Publ1¢ 8•n•fft: The Trustee5 conflm that they have paid due re8ard to the Charlty Commlsslon's guidance on publlc benefit. Public benefrt 15 demonstrnted by the use of funds raised In furtherance of the charitable objects. Achlevements and Performance: Durlng the fiscal year 2022, the Armenian Institute IAII continued to celebrate it5 20th anniversary. This was marked by events and generous donations from our members. The year was also spent consolldating our activities in the new premises In Saffron Hill. The new space has finally allowed Al to consolidate all the books, periodicals. and personal archives bequeathed to the Institute. Library & Archives A main pillar of the Al is to maintsin, grow and catalogue the Ilbrary orlglnally formed from the book collectlon of Professor Cnames Dowsett which is on pemianent loan from the AGBU. Al continues to benefit from generou5 book donations and progress was made on the cataloguing and archival work projects. In 2022. we also received a valuable archive wlth photO8raphies from photojoumalist Harry Koundakjian. which hugely enriched our growing archive. As usual the library continued to provlde research advice to Scholars and members of the general publlc. Language classes - The second pillar of Al are the language classes offered in Western and Eastern Armenian at beginner, intermediate and advanced levels as well as the offering of one-to-one bespoke language tuition sessions to indNiduals. The numbers of students enrolled in the langua8e classes continue to grow. ADS - The Al continued its role as the official administrator of the Arnenian Diaspora Survey IADS), initiated and financialty supported by Calouste Gulbenkian Foundation. The toral budget of the ADS was É 100,000 of which an annual payment of £ 10.(MXI to Al enabled the ADS to use the Al offlce for meetings and the administration of the Survey. The remaining Th),OOQ was earmarked for the expenses of carryin8 Out the actual survey Isalaries, website. other digital media and various office expenses). Other major events- In close collaboration with other organlsations, Al successfully dellvered In 2022 diverse programme of public events comprising concerts. lectures, workshops, exhibitions. book launches and fllm screenlngs. Grants - In 2022, Al benefftted from two Culture Recovery grants secured In 2021 and contlnued to tonduct a major fundraising campaign to mark its 20th annwer5ary. The 5izable grant secured from the National Lottery Heritage Foundation INHLFI In 2020 was ongoing, while a new successful application was 5ubmltted to NHLF tor the amount of £146.826 to be spent in 2023-2026. Al continues to provide lectures. events, and workshops for Arnienians and non-Armenians to leam about various aspects of Am)enian culture and history. allowlng for active partlclpatlon by all ages, men, and women. Flnanclal Revlew: Durln8 flscal year 2022, The Amienlan Instltute successfully raised £ 231,824 Ivs. £155,951 In 20211 and spent £184,860 Ivs. £192,846 In 20211 on tharltsble actlvlties. As of 31 December 2022, cash balances stood at £ 104.427 {vs. £ 115,250 In 20211. ReseNes Pollcy The charlty intends to malntain adequate reserves, equal to three months, worth of stsff and operating expenses, which together with funds raised in the year will enable It to continue its pro8rammes. Year Ended 31 December 2022 Plans for Futuro Perlods: The Charity aims to continue with11s current long-term projects and undertake other projects that are in accordance wtth the aims and objertlves of the chartty. Responsibilities of the Trustees The Trustees a￿ responsible for preparing the Trustees Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Actountin8 Prarticel. The law applicable to charitie5 in England and Wales requlres the trustees to prepare financial ststements for each financial year which gNe a true and fair view of the state of affair5 of the charity and of incoming resources and application of resources of the charty for that period. In preparing the financial statements. the trustees are required to- Select suitable accounting policies and then apply them consistently. ObseThe the methods and princlples in the Charitie< SORP. Make judgement and estlmates that are reasonable and prudent. Prepare the financial ststements on a golng concem basls unless it is inappropriate to presume that the trust will continue its activities. Ensu￿ the accounting policles adopted are in attordance with generally accepted accounting policies. The trustees are responsible for keeping proper accountin8 records that are sufflclent to show and explain the charitls transactions and disclose with reasonable accuracy at any timé the financial P051tion of the charity and enable them to ensure that the financial statements comply with the Charitles Act 2011 and the Charity (Accounts and Reports) Regulatlons 2CQ8. The trustee5 are also responsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other regulatlons. Rlchard M Anooshlan Trustee Rebecca Jinks Trustee Tatlana Der Avedissian Trustee Date 2711012023 Armenian Instltute Charltsble Trurt Independent Examlnevs Report to the trustees of th¢ Arn7enlan Institute Charltable Trust I report to the trustees on my examination of the financial statements of the Armenian Institute Charitable Trust {"the TrusVI for the year ended 31 December 2022. Responslbllltles and basis of the report As the trustees of the charity, you ore responsible for the preparat￿n of the financial statements in occordance with the requirements of the Charities Act 20111.the Art"). I report in respett of my examinatlon of the charitvs flnanaal statements carried out under settion 145 of the Act and In carrying out my examination I have followed all the applicable Dirertions 8iven by the Charity Commission under section 14515llbl of the A¢i. Independent examlnerfs ststernent I have completed my examination. I confirm that no material matters have come to my attention in tonnection wlth the examination which gNe5 me cause to believe that in any material respect.. accountlng records were not kept in accordance wlth serth)n 130 of the Act,. or 2. the flnancial ststements do not accord with the accounting records, or 3. the financlal statements do not Comp￿ with the applicable requirements concernlng the form and content of accounts set out in the Charlties (Accounts and Reports) Regulatlons 2C#J8 other than any requlrement that the accounts give a 'true and fairf view which Is not a matter tonsidered as part of an independent examinatlon. I have no concern5 and have come across no other matters in connertion wlth the examination to which attentlon should be drawn in order to enable a proper understandlng of the financial statements to be reached. Medazoumian FCA Independent Examiner 19 Carlton Road. London W5 2AW Date Armenlan Institute Charftsble Trust ement of flnanclal activltles for the earended December 2022 Income and Expendlture AcC￿nt for the Year ended 31st December 2022 Income and Expenditure Account Unrestrlrted 2022 Restrlcted 2022 2022 Total funds 2021 Income.. Notes Totsl funds Total Income for the period.. 128.073 103,751 231.824 155,951 Total Income.. 128.073 103,751 231,824 155,951 Ex Charltable actfvltles: 56.212 103,921 160,133 159,343 Total Adminlstrative Expenses- 12,3XI 12.337 24,727 33,503 Total Expenditure- 68.602 116.258 184,860 192,846 Net movement in funds: 59,471 112.5071 46,964 136.8951 Reconclllatlon of funds.. Total fund3 Qt l Junuory 2022 J4,947 94A18 26,697 14.190 Total funds at 31 D•cember 2022 61,644 108.608 98,539 61,644 The notes on pages 10 to 12 forn) part of these flnancial statemonts. Armenian Instltute harltsble Trnst Balance Sheet as at 31st Dece ber 2022 Notes 2022 2021 Fixefl Assets: Tangible Fixed Assets 8,211 8,211 rrenl Assets* Cash at Bank Debtors Creditors: amount falling due withln one year 104,427 17.623 115,250 2,690 117.8511 164,X171 Total Net Current Assets 104,199 53,433 Net Assets 108,608 61,644 Restricted Funds Unrestricted Income Funds io 14,190 94.418 26,697 34.947 Total Funds 108,608 61,644 The accounts were approved by the Trustees on 2811012023 and si8ned on their behalf by Richard M Anooshian Trustee Rebecca Jinks Trustee Tatiana Der Avedissian Trustee The notes on pages 10 to 12 fomi part of these fina￿la1 statsments ARMENIAN INSTI TE CHARITABLE TRusr otes to the financial 5taternents l. G•nerdl informatlon The charity is a re8lStered charity in England and Wales and 15 unincorporated. The addre55 of the princlpal office is l Onslow Street. London ECIN BAS. 2. Statsment of compllan¢e These financial Statements have been prepared in compliance with FRS 102, The Financlal Reportlng Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice appllcable to charltles preparing thelr accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Irelènd IFRS 1021 Icharltles SORP IFRS 10211 and the Charities Act 2011. 3. AccountJn8 policles Basls of preparatlon The financlal statements have been prepared on a hlstorfcal cost basls. Jud8emerts arKI key sources of estlmathjn uncertalnty Accountlng estimates and assumptions are made concerning the fvture and, by their nature, wlll rarely equal the ￿lated actual outcome. There are no key assumptions or estimates that have a $18niflcant rlsk of causlng a material adjustment to the carryln8 amounts of asset5 and liabllltle5 In the next financial year. Fund accountlnz Unfestricted funds are available for use at the dlscretlon of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eannarked by the trustees for a particular future project or commitment. Restrirted funds are subjected to restrlctions on their expenditure declared by the donor or throu8h the terms of an appeal. In¢omln8 resources Income from donatlons and grants is recogni5ed when there is evldence of entitlement to the gift. a rec@ipt is probable, 40d it> amount can be measured rellabty- All Income Is derived from the charitys principal activities which relate to fundraising and educational events. The charitv has also recelved a number of Gift Aid donations and grants to a5SiSt its actNlties. Flxed assets Fixed assets are depreciated over their estimated useful lives at the following rates: Computer photographic and office equipment= 25% straight line io ARMENIAN INsMJfE CHARrrABLE TRusr Notes t the flnanclal statements continued Forthe ear ended 31 December 2022 Analysls of ExpeN11￿re Re5trlrted Unrestrirted Total Totsl 2022 2022 2021 Staff costs Relocation expenses Depreciation Consulting Other office expenses 59.580 1,176 3,612 34,386 167 103 921 47.543 759 107,123 1.935 3.802 36,156 81,831 1,686 6,821 68,578 427 190 1,770 133 15 5. Employees erofem The avera8e monthly numberof employees during the yearwa5 3 {2021.' 31 2021 Employment costs Wages and salaries Social security costs Other pension costs 102,964 2,658 oi 96.771 469 There were no employee5 whose annual remuneration was £60,IXQ or more12022.' none). 6. Trustees No trustee or person with a family or business connection wtth a Trustee re￿iVed remuneratlon in the year dlrectly or Indlrectly. or had any expenses reimbursed12022.' nll 7. Flxed assets- Used by the Trust Office Equlpment Cost as at 1st January 2022 and 31rt December 2022 Depreciatlon at 1st January 2022 Deprecration Charge Depreciation at 315t December 2022 9.918 Net Book Value at 31st Deomber 2022 Net Book Value at 31st December 2021 li ARMENIAN INSTITUTE CHARrrABLE TRusr Notes to the financial statements continued For the arended 31 Decem 2022 8. Creditors.. am(wnts falllng due wlthin one year 2022 2021 Other taxes and Social security Other creditors and accruals 1.455 2,309 17 9. Analysls of Net A$5ets Re5tr1cted Unrestrlcted Total fvTrds Total fuNIs Fund funds 2022 2022 2021 Flxed assets Net Current assets 8.211 18 10. Related Party Transactlons There were no discbsable related party transattk)ns durlng the year12022: none). 11. Retlrement beneffts scheme The charity operated a defined contribution pension scheme for all qualifyin8 employees. The assets of the scheme are held separately from those of the charlty In an independently administered lund. The charge to the income and expenditure account in respett of the defined contrlbution scheme wa5 £1,50112021- 1,4061. 12. Controlllng party The charity is controlled by its Tru5tee5 In this and the prlor year. 12