IENDS OF ARMENIA CHARITABLE TRUST FINANCIAL STATE.MENTS 31"MARCH 2024 Charity Registration Number 1089324 Philips Chartered Accountants 1160 High Road London N20 ORA
FrÈen rmenfja Chari'ta le Trust Contents of the Financlal Statements fort e Year E ded 31 March 2024 Page Company Infomation and Advisors Report of the Trustees 2to3 Independent EAaminer's Report Statement of Financial Activities Statement of Financial Position Notes to the Financial Statements 7t014
Friends of Arnienia Charitable Trust Company Information and Advisors for The Year Ending 31st March 2024 Address of Charity 110 Corringway London W5 3HA e-mail: friendsofarmenia@yahoo.com Registered Office 6 Chatsworth Road London W5 3DB Registered Charity No. 1089324 ... Trustees Shahen Avanessian (resigned 310112024) Denise Avanessian (resigned 310112024).. Rouben Galichian Mariette Galichian Charles Gogbashian Hilda Gogbashian Panikos Joannou Katsouris Jeanette Haritounian Read Alexander Katsouris (appointed 310112024) Caroline Katsouris (appointed 310112024) Armik Khosrofian (appointed 310112024) Philips Chartered Accountants 1160 High Road London N20 ORA Reporting Accountants Bankers Natwest Bank Gami Invest
Friends of rrnenia Charitable Trust Annual Report of I he Charity Trustees for The Year Ending 31st March 2024 The trustees present their reportL Wtth the financial statements of the charty for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charilies preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (erfective 1 January 2015). Structure, Governance and Management Friends of Armenia Charitable Trust was constituted by Deed of Trust as a registered charity No. 1089324. Its address is at 6 Chatsworth Road, London W5 3DB. The charity trustees during the year ended 31st March 2024 were:_ Shahen Avanessian Denise Avanessian Rouben Galichian Mariette Galichian Charles Gogbashian Hilda Gogbashian Panikos Joannou Katsouris Jeanette Haritounian Read Alexander Katsouris Caroline Katsouris Amik Khosrofian Objectives and Activities The objects of the charity include advancement of education and relief of financial hardship for the population of Armenia, with particular emphasis to the needs of the very young and the elderly. The trustees aim to achieve the highest quality of assistance and help within the available budgets. All the charity administration work and correspondence is carried out by the trustees, on a voluntary basis and with no remuneration whatsoever. A team of volunteers in Arnienia also assist by finding projects and supervising the activities in progress. Public Benefit In shaping our objectives for the year and planning our activtties, the trustees have considered the Charity Commission's guidan on public benefit. Financial Review During the year, the charitys income was £64,147 (2023.. £46,127) while expenditure was £66,485 (2023: £55,096) leaving a defictt of £2,318 (2023 deficit: £8,969) for the year. Reserves stood at £110,390 (2023: £82,545) supported by a gain of £29,550 following the sale of the Charitys freehold in Armania, and interest less loss on currency conversion of £613. At the year end £112,212 (2023: £38,638) was held in the charitys bank accounts. The charity does not have a reserve policy. however, sufficienT funds have been set aside to continue with the works and projects in hand until they reach completion. Achievements and Performance The charty's funding has primarily been provided by the trustees, as well as their friends and others. During the year the charity continued to support outings for orphans and elderfy people. It also continued to support university students with payment of fees and subsistence grants. The support of elderly persons continued during the current year. Continued
Fruends of rmenÈa Charita le Trust Annual Report of The Charity Trustees for The Year Ending 31st March 2024 During 202312024 Friends Oi Armenia has implemented a few important projects, some of which are:_ Prov'ding student scholarships. Assistan to the elderly. Outings and Christmas parties for orphans. Due to conflict between Armenia and a neighbouring country, there has been an increase in The need of humanitarian aid to injured ciiizens and displaced persons. Therefore our efforts concentrated on the following: Humanitarian aid to the families who lost their breadwinners. Assisting the children of the same families. Physiotherapy for the wounded in order to reinstate their abilities, especialty those who have lost limbs, eyes etc. Helping those who have become disabled and unable to go to work by encouraging them to learn professions that enable them to work from home. Providing them with computers and free courses in order to acquire the ne$Sary skills. Assisting the disabled in their efforts to form and maintain a normal family life. ALEXANDER KATSOURIS Chairman On behalf of the Board of Trust*s on:
Independent Examiner's Report to the Trustees of Friends of Armenia Charitable Trust I report on the accounts of the Trust for the year ended 31 st March 2024, which are set out on pages 5 to 14. Respective responsibilities of trustees and examiner. The charity's trustees are responsible for the preparation of the accounts. The charitys trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. It is my responsibility to: examine the accounts under Section 145 of the 2011 Act; to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and to state whether particular matters have come to my attention. Basis of independent examiner's report. My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The ProdureS undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statements below. Independent examiner's statemenL In the course of my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that, in any material respect, the reauirements.. to keep accounting records in accordance with section 130 of the 2011 Act; and . to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. P. K. Soteri Chartered Accountant 1160 High Road, London N20 ORA Date..
Friends of Armenia Charitable Trust Charity No 1089324 Statement of Financial Activities for the year ended 31 March 2024 Unrestricted Restricted funds funds Total this year Total last year Incoming resources (Note 3) Incoming resources from generated funds Voluntary incorne Activities for generating funds Investment Incorne Incomlng resources from charltable actlvlties Other Incoming resources 64,147 64,147 47,669 30,163 30,163 1,542 Totsl incoming resources Resources expended (Notes 4-5) Costs of Generating Funds Costs of generating voluntary income 94,310 94,310 46,127 Fundraising Iradlng cos15 Investment management costs Charitable a¢tivitie8 63.565 2,900 63,565 2,900 53,443 1,653 Governance ¢osts other resour¢es expended Total resources expended Net Ancoming/(outgoing) resources before transfers 66,465 66.465 55,096 27,845 27,845 (8,969) Gross transfers between funds Net incoming/(outgoing) resources before other recognised gains/(losses) 27,845 27,845 (8,969) Net movement in funds Total funds brought forward Total funds carried fonvard 27,845 82,545 110,390 27.845 82,545 110,390 (8,969) 91,514 82,545
Friends of Armenia Charitable Trust Charity No 1089324 Statement of Financial Position for the year ended 31 March 2024 estricted income funds Unrestricted funds Total this year Total last year Fixed assets Tangible.assets Investments Total fixed assets 44,470 Current assets Stock and work in progress Debtors (Note 6) (Short term) investments Cash at bank and in hand Total current assets 112,212 112.212 112,212 112,212 38,638 38,638 Creditors: amounts falling due within one year (Note 7) 1,822 1,822 563 Net ctsrrent assets/(liabilities) 110,390 110,390 38,075 Total assets less current liabilities 110,390 110,390 82,545 Creditors: amounts falling due after one year (Note 7) Provisions for liabilities and charges Net assets 10,390 110,390 82,545 Funds of the Charity Unrestricted funds 110,390 110,390 82,545 Restricted income funds (Note 8) Endowment funds (Note 8) Total funds 110,390 110,390 82,545 Signed by one the twstees on behalf of all the trustees Signature Print Name Date of roval
Friends of Armenia Charitable Trust Notes to the Financial Statements Year ended 31 March 2024 Note 1 Basis of preparation 1.1 Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. 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) (effective 1 January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. 1.2 Change in basis of accounting There has been no change to the accounting policies (valuation rules and methods of accounting) since last year. 1.3 Changes to previous accounts No changes have been made to accounts for previous years. 1.4 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profrt and Loss account.
Friends of Armenia Charitable Trust Notes to the Financial Statements Year ended 31 March 2024 Note 2 Accounting policies INCOMING RESOURCES Recognition of incoming resources These are included in the Statement of Financial Activities (SOFA) when.. the charity becomes entitled to the resources- the trustees are virtuallv certain they will receive the resources- and the monetsry value can be measured vthh sufficient reliability. Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA. Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the reSoUrs. Incomlng resources with related expendlture Grants and donations Tax reclaims on donations and gifts Contractual income and performance relatod grants Gifts in k(nd Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. This is only included in the SOFA once the related goods or seNices have been delivered. Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. Donated servlces and facilities These are only included in incoming resources (wlh an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. This is included in the accounts when receivable. Volunteer help Invesknent income EXPENDITURE AND LIABILITIES Llablllty recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant vthich remain in the control of the charity. Support Costs include central functions and have been allocated to activity cost categories on a basis Consistent with the use of resources, eg allocating propety Gosts by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Govemance costs Grants payable without performance condition5 Support Costs ASSETS Tangible fixed assets for use These are capitalised rf they can be used for more than one year, and cost at least £500. They by charity are valued at cost or a reasonable value on receipt.
Friends of Armenia Charitable Trust Notes to the Financial Statements Year ended 31 March 2024 Note 3 Analysis of incoming resources This year Last year Anal sis Grants receivable from charities Donations from individuals & trustees Donations from com anies Donations for elderl Donations for studens Humanatarian Aid Fundraisin Humanatarian Aid SOSE Womens O anisation Fundraisin Leon Centre Donations Book Publishin The Seda Ghazarian memorial foundation Memorial donations Tax credit on donations Voluntary income 24.922 21,100 5.690 8.170 9.920 3,081 6,100 9,188 2,000 1,285 9,079 450 10,831 Totsl 64,147 47,669 Activities for generating funds Total Investment income Other Interest receiveable Sale of Assets Tax reclaimed on bank deposit interest ProfiU(loss) on foreign exchange 1,651 29,550 694 1,038 2,236 Total 30,163 1,542 Incoming resources from charitable activities Total
Friends of Armenia Charitable Trust Notes to the Financial Statements Year ended 31 March 2024 Section C Notes to the accounts cont Note 4 Analysis of resources expended This year Last year Anal sis Costs of generating ' voluntary income Totsl Fundraising trading costs Total Investment management costs Total Charitsble activities Book Publishin onsorshi Easter exhibition 2010 Educational rants Grants for the elderl Disabled Childrens. Cam Karaba hwarln ured Su Leon's Centre SOSE Womens Or Medical costs Or han Outin Rural develo ment Rural medical trainin Self hel rants Subsistence ments for refu ees The Seda Ghazarian memorial foundation 2,585 20.124 1,668 14,523 port 32.203 20,706 10,964 anisation 3,015 1,778 2,694 3,970 ro ect 1,642 1,136 Totsl 63,565 53,443 Governance costs Advertisin Bank char es Bank interest Profit Iloss on forei Posta eand ackin Inde endent examinerfs fees Sund ex enses Le al Char 58 73 n exchan 461 es Armenian Business Tax 165 69 Total 10
Friends of Armenia Charitable Trust Notes to the Financial Statements Year ended 31 March 2024 Note 5 Details of certain items of expenditure 5.1 Trustee expenses This year Last year Number of trustees who were paid expenses None None Nature of the expenses Total amount paid £ None £ None 5.2 Fees for examination or audit of the accounts This year Last year Independent examiner's or auditors. fees for reporting on the accounts Other fees (for example: advice, consultancy. accountsncy services) paid to the independent examiner or auditor 1,050 1,050 None None
Friends of Armenia Charitable Trust Notes to the Financial Statements Year ended 31 March 2024 Note 6 Debtors and prepayments Analysis of debtors Amounts falling due within one year This year Last year Amounts falling due after more than one year This year Last year Trade debtors Other debtors Prepayments and accrued income Total Note 7 Creditors and accruals 7.1 Analysis of creditors Amounts falling due within one year This year Last year Amounts falling due after more than one year This year Last year Loans and overdrafts Trade creditors Other creditors Accruals and deferred income 1,822 1.822 563 563 Totsl 12
Friends of Armenia Charitable Trust Notes to the Financial Statements Year ended 31 March 2024 Note 8 Endowment and restricted income funds 8.1 Funds held The Charity holds the following type of funds: permanent endowment funds (PE}. expendable endowment funds (EE); and restricted income funds, including special trusts, of the charity (R). Fund Name Type PE, EE orR Purpose and Restrictions 8.2 Movements of major funds un balances brought forward un balances carried forNard Incoming resources Outgoing resources Gains and losses Transfers Fund names Totsl Funds 8.3 Transfers between funds From Fund (Name) To Fund (Name) Reason Amount 13
Friends of Armenia Charitable Trust Notes to the Financial Statements Year ended 31 March 2024 Note 9 Transactions with related parties 9.1 Remuneration and benefits Legal authority (eg order, goveming document) Amounts paid or benefit value This year Last year Name of trustee or connected party None None None The Charity does not employee any staff. 9.2 Loans Name of trustee or connected party Amount owing This year Last year Legal authority Due to trustees and related parties Due from trustees and related Darties None None None None None None 9.3 Other transaction(s) with trustees or related parties Name of the trustee or related art None Relationship to chari Description of the transaction None This year Last year None None 14