Charty reglstration number 1121998 (England and Wales) Company registrdtion number 06350164 HOMENETMEN LONDON ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
HOMENETMEN LONDON LEGALAND ADMINISTRATIVE INFORMATION Trustees Armand Abramian Ike Stepanian Anna Avekian Ari Boghosian Alenoush Grigorians Secretary Ike Stepanian Charity number 1121998 Company number 06350164 Registered office 335 Clty Road London EC1V 1LJ Independent examiner Mansoor Ghatineh 335 Cty Road London EC1V 1LJ Bankors Barclays Bank plc 13 Artillery Row London SW1P 1RH
HOMENETMEN LONDON CONTENTS Page Trustees report Independent examiner's report Statement of fin£nclal actNities Balance sheet Notes to the fln8nclal statements 6-12
HOMENETMEN LONDON TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees who are also directors for the purposes of company law present their report and financial ststements for the year ended 31 October 2024. The finanaal statements have been prepared in accordance with the accounting policies set out in note 1 to the finanoal statements and comply with the Charity's memorandum and articles of association, the Companies Act 2006 and "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). las amended for accounting periods commencing from 1 January 2016) Objectives and activltles The Charity's objects are to teach Amienian youth a moral, physical and psychological edut3tion and to teach the richness of the Armenian culture and heritage whilst preparing them to become outstanding and lawLabiding citizens in the countries which they reside, the advancement of scouting and physical education amongst Amienians. and the advancement and teaching of Amenian history, culture and language, and the provision of recreational facilities for Armenians in the interests of social welfare. The Charity also aims to advan the educalion of the public about Amienia, its people, history, lrterature, language, instrtutions and its intellectual artistic and economic life, To relieve, or 8SSiSt in the relief of povety amongst the Armenians living in the United Kingdom, to provide for the upkeep, furnishing, and repair of any Armenian church estsblished in the United Kingdom. During the perlod the trustees have actively organised a number of cultural and educational events to fulfill the organisations aims and objectives. Public benefit The Trustees have paid due regard to guidance issued by the Charity Commission in deciding whal aGtivities the Charity should undertake. Volunteers The Charity makes significant us8 of volunteers time in the day to day running of the Charity and for the events which it runs. Achievements and perfonnance Significant Sctivities and aGhievements against objectives The Trustees are satisfied that the Charity has achieved its objectives during the period. Fundralsing perfom?8nce The Charity has continued tc raise fvnds throughout the period from donations and running events to achieve ts objects. Financial review Reserves policy It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least beeen three and six month's expenditure. At the balance sheet date the charity had reserves to cover one year's expenditure. The Trustees consider that reserves at this level are not eXssive and will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional ndS may be raised. This level of reserves has been maintained throughout the year. Principal funding sources The Charity's principal sour$ of income are donations reTrived, subscriptions, and income generated from hosting various events throughoLrt the year. The Chanty has fulfilled its objectives by running various events for the Armenian youth. The Charity aims to continue running similar events for the forseeable future.
HOMENETMEN LONDON TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Major iisks The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in pla to mitigate exposure to the major risks. Struthre. governance and management The Charity is a company limited by guarantee and is therefore govemed by a memorandum and articles of association. The Trustees. who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were". Armand Abramian Ik6 Stepanian Narbeh Minassian Anna Avekian Ari Boghosian Alenoush Grigorians (Resigned 14 August 2024) R8Cmitment and appointment of tnistees None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contrtbute £1 in the event of a winding up. The Trustees are appointed on an annual basis at the AGM. The Trustees report was approved by the Board of Trustees. e Stepanian Trustee
HOMENETMEN LONDON INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOMENETMEN LONDON I report to the Truslees on my examination of the financial statements of Homenétmen London (the Charity) for the year ended 31 October 2024. Responsibilittes and basis of report As the Trustees of the Charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the Charity are not required to be audit under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Charity's financial statements carried OLrt under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)Ib} of the Charities Act 2011. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the Charity as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial ststemenls give a true and fair view, which is not a matter considered as part of an independenl examination., or the financial statements have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and h8ve come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial stalemenls to be reached. Mansoor Ghatineh 335 City Road London EC1V 1LJ Date. ..oql.ol.IiolS
HOMENETMEN LONDON STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 47,360 24,458 2,401 19,634 27,468 904 10,621 Total Income 74,217 58.627 Expenditure on: Charitable activities 73,387 54,004 Totsl expenditure 73,387 54,004 Net income and movement In funds 830 4,623 Reconciliation of funds: Fund balances at 1 November 2023 153,105 148.482 Fund balanc•s at 31 October 2024 153,935 153,105 The statement of financi81 activities indudes all gains and losses regnised in the year. All income and expenditure derive from continuing activlties.
HOMENETMEN LONDON BALANCE SHEET AS AT31 OCTOBER 2024 2024 2023 Notes Fixed assets Tangible assets 13 220 Current assets Debtors Cash at bank and in hand 14 2,118 153,397 3,887 152,275 155.515 Creditors: amounts falling due within one year 156,142 15 (1,800) (3.600) Net current assets 153,715 152,542 Totsl assets le&8 ¢Uff•nt Ilabilities 153,935 153,105 The funds of the Charfty Unrestricted funds 16 153,935 153,105 153,935 153,105 The company is entided to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2024. The directors acknowledge their SpOnsIbl11ties for complylng wlth the requirements of the Companies Act 2006 WFth respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year In question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subjeci to the small companies regime. The financial statements were approved by the Trustees on .QS.lo.... tepanian Trustee Company registration number 06350164 (England and Wales)
HOMENETMEN LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accountlng policies Charlty inforniation Homenetmen London is a private company limited by guarantee incorporated in England and Wales. The registered Offi is 335 Cty Road, London, EC1V 1 U. 1.1 Accounting convention The financial statements have been prepared in accordan wtth the Charity's memorandum and articles of associalion, the Companies Act 2006 and °A¢counting and Reporting by Charities: SLgtement 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)" (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charrtles applying FRS 102 Update Bulletin 1 not to prepare a St21ement of Cash Flows. The financlal statements are prepared in sterling, which is the functional currency of the Charity. Monétary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The prinGipal accounting policies adopted are set out below. 1.2 Going concern At the time of approvlng the financial statements. the Trustees have a reasonable expectation that th8 Charity has adequate resources to continue in operdtional existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charikble objectives, 1.4 Incoming resources Incomè is recognised when the Charity is legally entitled to it after any perf0mlan cond¢tions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation. unless perfomiance conditions require deferral of the amount. Income tax recoverable in lation to donations reiVed under Gift Aid or deeds of covenant is recognised when received. Legacies are recognised on receipt or otheiSe rf Ihe Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legaw is treated as a contingent asset. Membership subscriptions are recognised when they become due. Income from charitable events is recognised when re1Vable.
HOMENETMEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (Continued) 1.5 Resources expended Costs of generating funds are those incurred in attracting voluntary income, or incurred in activities undertaken tc raise nds. Liabilities are recognised as resources expenses as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expendrture is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable activities comprise those costs incurred by the charity in the de15very of its activities and services for its beneficiaries. Govemance costs include those costs associated with meeting the constitutional and statutory requirements of the charity, and include its accounts fees and costs linked to the strategic management of the charity including trustees expenses. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures, fittings & equipment 250/0 Reducing balance The gain or loss arising on the dlspos81 of an asset is detemined as the difference beeen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indution exists, the recoverable amount of the esset is estimated in order to determine the extent of the impainnent loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at 1] with banks, other short-term liquid investments with original maturities of threè months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current Siabilities. 1.9 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 1 D2 to all of its finanaal instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilits'es are offset, with the net 8mounts presented in the financial statements, when there is a legally enforable right to set off the reccgnised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilty simultaneously.
HOMENETMEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (Contlnued) Basic financial assets Basic financial assets, which indude debtors and cash and bank balan5, are initially measured at transaction price including transaction costs and are subsequently carried at amortised wst using the effective interest method unless the arrangement cA)nstitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classrfied as receivable wfthin one year are not amortised. Basic financial liabilities Basic financial liabilitses. includlng creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fvture payments discounted at a market rate of interest. Finanaal liabiltties classffied as payable within one year are not amortised. Debt instruments are subsequently rarried at amortised cost, using the effective interest rate method. Trade credbtors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction pri and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilitias Financial liabilities are derecognlsed when the Charity's contractual obligations expire or are discharged or cancelled, Critical accounting estlmates and Judgements In the application of the Charity's accounting Fjolicies, the Trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may dffter from these estimates. The estimates and underlying assumptions are reviewed on 8n ongoing basis. Revisions to accounting estimates are recognised in the period in which the ests'mate is revised where the revision affects lY that period, or in the period of the revision snd future periods where the revision affects both current and future periods. Income from donatlons and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 47.360 19,634
HOMENETMEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Income from charitable actlvities Subscriptions Event Income 2024 Total Subscriptions Event Income 2023 Total 2024 2024 2023 2023 Charitable activities 1.813 22,643 24,456 5,804 21,864 27,468 Analysis by fund UnrestriGted funds 1,813 22,643 24.456 5,804 21,664 27,468 Income from Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 2.401 904 Other income Unrestrlcted funds general 2024 Total 2023 Income tax recoverable 10,621
HOMENETMEN LONDON NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Expenditure on charitable activities Unrestricted Unrestrlcted funds funds 2024 2023 Direct costs Depreciation and impaimient Event costs and hall hire Insurance Postage, stationery & computer Subscriptions Sundry Expenses 343 62,685 4,090 781 2,634 1,054 189 43,401 4.294 435 3,772 113 71,587 52,204 Share of support and governance costs (see note 81 GovernanGe 1,800 1,800 73,387 54,O¢J4 Analysis by fund Unrestricted funds 73,387 54,004 Support costs Govemance costs 2024 2023 Basis of allocation Accountancy 1,800 1,800 1,800 Govemance 1,80D 1,800 1,800 Analysed between Charitable activities 1.800 1,800 1,800 Net movement in funds 2024 2023 The net movement in funds is stated after chargIn(crediting). Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets 1,800 343 1,800 189 10 Trustees None of the Trustees (or any persons Connected wth them) received any remuneration during the period. 10-
HOMENETMEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 11 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Total 12 Taxation The company is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Charitable Gains Act 1992 to the extent that these are applied to its charitsble objects. No tsx charges have arisen in the charity. 13 Tangible fixed assets Flxtures, flttings & •quipment Cost At 1 November 2023 8,079 At 31 October 2024 8,079 Depreclatjon and Impalrment At 1 November 2023 Depreciation charged In the year 7,516 343 At 31 October 2024 7,859 Carrylng amount At 31 October 2024 220 At 31 October 2023 563 14 Debtors 2024 2023 Amounts falling due wlthin one year: Prepayments and accrued income 2,118 3,867 15 Creditors: amounts falling due within one year. 2024 2023 Accruals and deferred income 1.800 3,600 11
HOMENETMEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 16 Unrestricted funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: At1 November 2023 Incomlng resources Resources At 31 October expended 2024 Purchase of hall General funds 121,619 31,486 1,798 72,419 123,417 30,518 (73,387) 153,105 74,217 (73,387) 153,935 Prevlous year: At1 November 2022 Incoming resources Resources At 31 October expended 2023 Purchase of hail General funds 120,824 27,658 795 57,832 121,619 31,486 (54,004) 148,482 58,627 (54,004) 153,105 The designated fund has been set up to allow the Charity to purchase a hall in the future. No restriclions have been plad on this fund. 17 Anatysls ol net assets between funds Unrestrlcted funds Total Fund balances at 31 October 2024 are represented by.. Tangible assets Current assetsl(liabilities) 220 153,715 220 153,715 153,935 153,935 18 Related party transactions Mr A Abramian, a trustee, is also a trustee of Navasatian Charity Trust. During the period the charity paid rent to Navasartian Charity Trust amounting to £1,500 (2023: £1,500). 12-