**Charity Registration No. 1141610** **Company Registration No. 07395920 (England and Wales)** # **ARMENIAN CHURCH TRUST (UK) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2021** ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr V B Haladjian Very Revd V Manukyan Mr H Hampartsoumian Mr A Edward Simonian Mrs A Lundon **Charity number** 1141610 **Company number** 07395920 **Registered office** Kemp House 152-160 City Road London EC1V 2NX **Independent examiner** Anne Davies Moore Northern Home Counties Limited First Floor 73-75 High Street Stevenage Hertfordshire SG1 3HR ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 13| ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ The trustees present their report and financial statements for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial 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) (effective 1 January 2019)". ## **Objectives and activities** The objects of the charity are to advance the Christian faith in accordance with the doctrine of the Armenian Church in such ways and in such parts of the United Kingdom and overseas as the t rustees may from time to time think fit. In setting out the objectives and planning the activities, The t rustees have given careful consideration to the Charity Commission’s general guidance on public benefit. The company continues its efforts for the advancement of the Armenian Christian faith in the United Kingdom and has established Armenian Christian educational programmes - monthly lectures, weekly discussion groups and youth related projects for this purpose. ## **Achievements and performance** Discovering and connecting with newly found Armenian communities throughout the United Kingdom and arranging for Armenian Church services to be held in the new found cities. During the year , the c harity continued with its programme of Bible Studies, organising Pilgrimage to Jerusalem, holding of the annual Armenian Street Festival, producing and publishing of the newsletter, and continuing with its mission parish outreach to gather and strengthen the faithful under the umbrella of the Armenian Apostolic Church. ## **Financial review** During the year the Charity received donations and gifts of £117,190 which were expensed towards the charitable activities of the Charity as detailed in note 7. The charity also receives £3,000 monthly sponsorship income towards the production and publishing of newsletter which is electronically sent to the community. Reserves are needed to cover the gap between receiving of income and future spending. The trustees consider that the ideal level of reserve as at 31 March 2021 would be £40,000 which would be required to meet, in particular, expenses associated with the Primate‟s programmes. The profit for the year was £3,451 and the level of reserves at the balance sheet date was £70,107. The trustees consider the level of the reserves to be sufficient to carry out their future charitable activities. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The trustees continue to monitor the effects of the Covid-19 restrictions on the charity and have adjusted their activities accordingly. The charity's future plans are to continue with the teaching of the Gospel and reach out to the community and continue to strive to make the Christian faith and culture of the Armenian people relevant to the life of every Armenian. - 1 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ Further plans for future periods include activities in the following areas: Maintaining offices and Chancellery: Secretariat, Newsletters, Website, YouTube channels, Social Media. Ministries: promoting Liturgical Life, establishing mission parishes and doing outreach programs, training deacons, organising special services, newlywed couples, making Pilgrimages to Holy Land, Armenia and within the UK. Education: organising lectures, workshops, trainings, publishing books for the needs of the community. Programmes: promoting the work of Ladies Committees, Youth organisations. Ecumenical: supporting the ecumenical engagement of the Primate with other denominations. Charity/diakonia: Emergency situations (e.g. Middle East) and wider social needs, the environment. ## **Structure, governance and management** Armenian Church Trust (UK) Limited is a registered c harity and a c ompany limited by guarantee governed by its Memorandum and Articles of Association as amended on 26 June 2014. The trustees, who are also the directors for the purpose of company law, who served during the year were: Mr V B Haladjian Very Revd V Manukyan Mr H Hampartsoumian Mr A Edward Simonian Mrs A Lundon A Board of Trustees of five members administers the Charity. The Board has the power to appoint any person to be a t rustee, either to fill a casual vacancy or as an addition to the existing members. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 0 in the event of a winding up. The trustees' r eport was approved by the Board of Trustees. ## **Mr V B Haladjian** ## **Very Revd V Manukyan** Dated: 21 December 2021 Dated: 21 December 2021 - 2 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF ARMENIAN CHURCH TRUST (UK) LIMITED** I report to the trustees on my examination of the financial statements of Armenian Church Trust (UK) Limited (the charity) for the year ended 31 March 2021. ## **Responsibilities 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 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's 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: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have 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 statements to be reached. Anne Davies Independent Examiner Moore Northern Home Counties Limited First Floor 73-75 High Street Stevenage Hertfordshire SG1 3HR Dated: 29 December 2021 - 3 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2021**_ |||**Unrestricted**|Unrestricted| |---|---|---|---| |||**funds**|funds| |||**2021**|2020| ||**Notes**|
**£**|**£**| |**Income and endowments from:**|||| |Donations and legacies|**2**|114,059|117,190| |Charitable activities|**3**|1,406|29,740| |Other trading activities|**4**|36,150|36,000| |Investments|**5**|16|32| |Other income|**6**|15,284|112| |**Total income**||166,915|183,074| |**Expenditure on:**|||| |Charitable activities|**7**|163,464|184,764| |**Net income/(expenditure) for the year/**|||| |**Net movement in funds**||3,451|(1,690)| |Fund balances at 1 April 2020||66,656|68,346| |**Fund balances at 31 March 2021**||70,107|66,656| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities and comprise unrestricted funds only. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 4 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2021**_ |**Notes**
**Fixed assets**
Tangible assets
**12**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2021**
**£**
1,442
68,981
70,423
(1,770)|**2020**
**£**
**£**
1,454
1,364
84,130
85,494
(19,638)
68,653
70,107
70,107
70,107|**£**
800
65,856
66,656
66,656
66,656| |---|---|---|---| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021. The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company. 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 subject to the small companies regime. The financial statements were approved by the Trustees on 21 December 2021 Mr V B Haladjian Very Revd V Manukyan **Trustee Trustee** ## **Company Registration No. 07395920** - 5 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **1 Accounting policies** ## **Charity information** Armenian Church Trust (UK) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Kemp House, 152-160 City Road, London, EC1V 2NX. ## **1.1 Accounting convention** The financial statements have been prepared in accordance 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The trustees have considered the impact of the Covid-19 pandemic on the charity's activities and do not believe there to be any change in the going concern status of the charity. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions 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 performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Government grants are recognised in profit or loss on a systematic basis over the periods in which the company recognises as expenses the related costs for which the grants are intended to compensate. ## **1.5 Expenditure** Expenditure is recognised in the statement of financial activities on an accrual basis as a liability is incurred. Expenditure includes any VAT which can not be fully recovered. Costs of generating funds comprise the costs associated with attracting voluntary income. - 6 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **1 Accounting policies** ## **(Continued)** Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity . ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost 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: Office equipment 20% per annum reducing balance Fixtures and fittings 20% per annum reducing balance Computer equipment 20% per annum reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. ## **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 indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) . ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less . ## **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 102 to all of its financial instruments. Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument. ## **1.10 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.11 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. - 7 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **2 Donations and legacies** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Donations and gifts|114,059|117,190| |**Donations and gifts**||| |General donations including gift aid|56,182|26,965| |Primate's office|10,500|16,750| |Armenian street festival|10,357|42,211| |Armenian Church Youth Organisation|325|5,880| |Special events and projects|36,095|12,990| |Guest Clergy|600|-| |Advent appeal|-|12,394| ||114,059|117,190| |**Charitable activities**||| ||**2021**|
**2020**| ||**£**|
**£**| |Pilgrimage|500|
28,540| |Mission parish outreach|906|
1,200| ||1,406|
29,740| ## **3 Charitable activities** ## **4 Other trading activities** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Shop income|150|-| |Newsletter|36,000|36,000| |Other trading activities|36,150|36,000| - 8 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **5 Investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Interest receivable|16|32| |**Other income**||| ||**Unrestricted**|Unrestricted| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Sundry income|-|112| |Coronavirus job retention scheme grant|13,284|-| |Other Coronavirus support grants|2,000|-| ||15,284|112| ## **6 Other income** - 9 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **7 Charitable activities** |Staff costs
Depreciation and impairment
Mission parish outreach
Primate's office rent & expenses
Primate's Advent appeal
Armenian Church Youth Organisation
Pilgrimage expenses
Ecumenical activities
Special events and projects
Armenian street festival expenses
Computer accessories
Information centre
Newsletter
Telephone and internet
Guest clergy accommodation and expenses
Insurance
Bank charges
Sundry expenses
Printing, postage and stationery
Donations payable (see note 8)
Share of governance costs (see note 9)|**2021**
**£**
26,594
363
589
40,171
-
418
-
2,264
5,443
5,026
28
-
7,200
3,522
175
460
132
2,346
2,352
97,083
62,161
4,220
163,464|**2020**
**£**
26,792
200
3,111
43,713
999
5,488
19,096
4,262
6,216
32,753
497
150
6,000
4,076
432
440
388
3,319
1,262
159,194
23,602
1,968
184,764| |---|---|---| ## **8 Grants payable** |Grants to institutions:
Donations to Friends of Etchmiyadzin
Donations to Hayastan All Armenian Fund
Donations to St. Yeghiche Armenian Church
Grants to individuals|**2021**
**£**
27,930
18,026
15,205
61,161
1,000
62,161|2020
£
-
-
23,602
23,602
-
23,602| |---|---|---| - 10 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **9 Support costs** |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Legal and professional
-
2,480
Independent examiner
fees
-
1,740
-
4,220
Analysed between
Charitable activities
-
4,220|**2021**
Support
costs
Governance
costs
**£**
£
£
2,480
-
114
1,740
-
1,854
4,220
-
1,968
4,220
-
1,968|2020
£
114
1,854
1,968
1,968| |---|---|---| ## **10 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **11 Employees** The average monthly number of employees during the year was: ||**2021**|**2020**| |---|---|---| ||**Number**|**Number**| |Administrative staff|2|2| |**Employment costs**|**2021**|**2020**| ||**£**|**£**| |Wages and salaries|26,400|26,400| |Other pension costs|194|392| ||26,594|26,792| There were no employees whose annual remuneration was £60,000 or more. - 11 - ## **ARMENIAN CHURCH TRUST (UK) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **12 Tangible fixed assets** |**Office**
**equipment**
**Fixtures**
**and fittings**
**Computer**
**equipment**
**£**
**£**
**£**
**Cost**
At 1 April 2020
-
-
1,822
Additions
245
772
-
At 31 March 2021
245
772
1,822
**Depreciation and impairment**
At 1 April 2020
-
-
1,022
Depreciation charged in the year
49
154
160
At 31 March 2021
49
154
1,182
**Carrying amount**
At 31 March 2021
196
618
640
At 31 March 2020
-
-
800
**13**
**Debtors**
**2021**
**Amounts falling due within one year:**
**£**
Other debtors
-
Prepayments and accrued income
1,442
1,442
**14**
**Creditors: amounts falling due within one year**
**2021**
**£**
Trade creditors
150
Accruals and deferred income
1,620
1,770|**Total**
**£**
1,822
1,017
2,839
1,022
363
1,385
1,454
800
**2020**
**£**
950
414
1,364
**2020**
**£**
62
19,576
19,638| |---|---| ## **15 Operating lease commitments** At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Within one year|6,769|5,866| - 12 - # **ARMENIAN CHURCH TRUST (UK) LIMITED** # **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **16 Related party transactions** There were no disclosable related party transactions during the year (2020 - none) . - 13 -