2023-03-31-accounts

Charity registration number 1141610

Company registration number 07395920 (England and Wales)

ARMENIAN CHURCH TRUST (UK) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

ARMENIAN CHURCH TRUST (UK) LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr V B Haladjian Mr Z M Gasparian Very Revd V Manukyan Mr B Aslanyan Mrs A Lundon Mr K K Vartanian Charity number 1141610 Company number 07395920 Registered office 107 Ealing Road Brentford Middlesex TW8 0LF Independent examiner Daniel Garfield 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 - 6
Notes to the financial statements	7 - 14

ARMENIAN CHURCH TRUST (UK) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

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 trustees may from time to time think fit.

In setting out the objectives and planning the activities, The trustees 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 charity 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 £323,414 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 2023 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 £156,421 and the level of reserves at the balance sheet date was £556,531. 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 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.

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 

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 

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•   

•    

  

Moore Northern Home Counties Limited

Daniel Garfield (Dec 29, 2023, 11:39am)



 

   

29 Dec 2023 



ARMENIAN CHURCH TRUST (UK) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income and endowments from: Donations and legacies 2 296,939 26,475 Charitable activities 3 2,000 - Other trading activities 4 35,914 - Investments 5 252 - Other income 6 - - Total income 335,105 26,475 Expenditure on: Charitable activities 7 202,487 2,672 Net income for the year/ Net movement in funds 132,618 23,803 Fund balances at 1 April 2022 400,110 - Fund balances at 31 March 2023 532,728 23,803	Total Unrestricted funds 2023 2022 £ £ 323,414 435,571 2,000 - 35,914 36,734 252 5 - 5,660 361,580 477,970 205,159 147,967 156,421 330,003 400,110 70,107 556,531 400,110	Total Unrestricted funds 2023 2022 £ £ 323,414 435,571 2,000 - 35,914 36,734 252 5 - 5,660 361,580 477,970 205,159 147,967 156,421 330,003 400,110 70,107 556,531 400,110
		477,970
		147,967
		330,003 70,107
		400,110

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.

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ARMENIAN CHURCH TRUST (UK) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

Notes Fixed assets Tangible assets 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Net assets Income funds Restricted funds 18 Unrestricted funds	2023 £ £ 1,371,435 5,640 106,960 112,600 (487,504) (374,904) 996,531 (440,000) 556,531 23,803 532,728 556,531	2022 £ £ 1,129,483 212,744 86,981 299,725 (358,812) (59,087) 1,070,396 (670,286) 400,110 - 400,110 400,110

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ARMENIAN CHURCH TRUST (UK) LIMITED BALANCE SHEET ICONTINUEO} AS AT 31 MARCH 102) 2L￿. y*•r wthj 31 IA•rch 2023. 386 •nd and f•"r of the 6ts10 ol bffa aFf4luble Io 1111212023 7//2/2 oa

ARMENIAN CHURCH TRUST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 107 Ealing Road, Brentford, Middlesex, TW8 0LF.

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 amounts 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.

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.

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.

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ARMENIAN CHURCH TRUST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

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:

Freehold land and buildings 2% per annum straight line 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 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 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.

2 Donations and legacies

	Unrestricted	Restricted	**Total **	Unrestricted
	funds	funds		funds
	2023	2023	2023	2022
	£	£	£	£
Donations and gifts	296,939	26,475	323,414	435,571

• 8 -

ARMENIAN CHURCH TRUST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Donations and legacies Donations and gifts General donations including gift aid Primate's office Armenian street festival Armenian Church Youth Organisation Special events and projects Guest Clergy Advent appeal Other 3 Charitable activities Charitable rental income	253,179 - 28,043 - - 2,917 - - 12,800 296,939	(Continued) - 253,179 379,785 - - 11,000 - 28,043 38,106 12,375 12,375 218 14,100 14,100 5,762 - 2,917 - - - 700 12,800 12,800 - (12,800) - - 26,475 323,414 435,571 2022 2023 £ £ 2,000 -	(Continued) - 253,179 379,785 - - 11,000 - 28,043 38,106 12,375 12,375 218 14,100 14,100 5,762 - 2,917 - - - 700 12,800 12,800 - (12,800) - - 26,475 323,414 435,571 2022 2023 £ £ 2,000 -
			435,571
			2022 £ -

4 Other trading activities

	Unrestricted Unrestricted	Unrestricted Unrestricted
	funds	funds
	2023	2022
	£	£
Shop income	(86)	734
Newsletter	36,000	36,000
Other trading activities	35,914	36,734
Investments
	Unrestricted Unrestricted
	funds	funds
	2023	2022
	£	£
Interest receivable	252	5

5 Investments

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ARMENIAN CHURCH TRUST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

6 Other income

Coronavirus job retention scheme grant Charitable activities Staff costs Depreciation and impairment Mission parish outreach Primate's office rent & expenses Primate's Advent appeal Armenian Church Youth Organisation Ecumenical activities Special events and projects Armenian street festival expenses Computer accessories Repairs and maintenance Newsletter Telephone and internet Insurance Bank charges Sundry expenses Printing, postage and stationery Donations payable (see note 8) Share of governance costs (see note 9)	Total Unrestricted funds 2023 2022 £ £ - 5,660 2023 2022 £ £ 50,334 28,346 29,769 4,065 1,237 2,680 26,506 47,041 - 639 - 640 1,154 3,482 5,678 6,482 26,846 22,651 126 730 23,767 2,766 240 2,720 3,716 3,589 9,753 1,402 337 320 2,836 551 4,601 2,522 186,900 130,626 - 11,248 18,259 6,093 205,159 147,967	Total Unrestricted funds 2023 2022 £ £ - 5,660 2023 2022 £ £ 50,334 28,346 29,769 4,065 1,237 2,680 26,506 47,041 - 639 - 640 1,154 3,482 5,678 6,482 26,846 22,651 126 730 23,767 2,766 240 2,720 3,716 3,589 9,753 1,402 337 320 2,836 551 4,601 2,522 186,900 130,626 - 11,248 18,259 6,093 205,159 147,967
		2022 £ 28,346 4,065 2,680 47,041 639 640 3,482 6,482 22,651 730 2,766 2,720 3,589 1,402 320 551 2,522
		130,626 11,248 6,093
		147,967

7 Charitable activities

8 Grants payable

	2022
	£
Grants to institutions:
Donations to St. Yeghiche Armenian Church	11,248

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ARMENIAN CHURCH TRUST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

9 Support costs

Support costs Governance costs £ £ Legal and professional - 13,492 Independent examiner fees - 4,767 - 18,259 Analysed between Charitable activities - 18,259	2023 £ 13,492 4,767 18,259 18,259	2022 £ 3,625 2,468
		6,093
		6,093

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:

	2023	2022
	Number	Number
Administrative staff	3	2
Employment costs	2023	2022
	£	£
Wages and salaries	49,790	28,346
Other pension costs	544	-
	50,334	28,346

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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ARMENIAN CHURCH TRUST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

13 Tangible fixed assets

Cost At 1 April 2022 Additions At 31 March 2023 Depreciation and impairment At 1 April 2022 Depreciation charged in the year At 31 March 2023 Carrying amount At 31 March 2023 At 31 March 2022	Freehold land and buildings Office equipment Fixtures and fittings Computer equipment £ £ £ £ 1,132,094 245 772 1,822 263,615 - 8,106 - 1,395,709 245 8,878 1,822 3,774 88 278 1,310 27,914 31 1,721 103 31,688 119 1,999 1,413 1,364,021 126 6,879 409 1,128,320 157 494 512	Total £ 1,134,933 271,721
		1,406,654
		5,450 29,769
		35,219
		1,371,435
		1,129,483

Freehold land and buildings with a carrying amount of £1,105,678 (2022 - £1,128,320) have been pledged to secure borrowings of the charity. The charity is not allowed to pledge these assets as security for other borrowings or to sell them to another entity in perpetuity

14 Debtors

Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income	2023 £ - 5,166 474 5,640	2022 £ 1,200 211,070 474
		212,744

15 Loans and overdrafts

Loans and overdrafts
Bank loans Payable within one year Payable after one year	2023 £ 920,000 480,000 440,000	2022 £ 1,020,000
		349,714 670,286

The long-term loans are secured by fixed charges over the freehold property.

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ARMENIAN CHURCH TRUST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

16 Creditors: amounts falling due within one year

Notes Bank loans 15 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 17 Creditors: amounts falling due after more than one year Notes Bank loans 15	2023 £ 480,000 2,044 2,796 254 2,410 487,504 2023 £ 440,000	2022 £ 349,714 - 6,900 - 2,198
		358,812
		2022 £ 670,286

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

	Movement		Movement in funds	Movement in funds
	in funds
	Incoming	Balance at	Incoming	Resources		Balance at
	resources	1 April 2022	resources	expended	31	March 2023
	£	£	£	£		£
Building funds	-	-	202,940	(202,940)		-
Arev Program	-	-	14,100	(2,672)		11,428
Armenian Church Youth Organisation	-	-	12,375	-		12,375
	-	-	229,415	(205,612)		23,803

Building funds

This fund for all spending related to the renovation of the main building and residential accommodation.

Arev Program

Funds received to help run the AREV Children's Club to entertain and educate children through Armenian songs, storytelling and exciting activities.

Armenian Church Youth Organisation

To engage the youth through networking, collaboration and events to advance the Christian faith and Armenian Church doctrine in the younger generations.

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ARMENIAN CHURCH TRUST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

19 Analysis of net assets between funds

Unrestricted funds Restricted funds 2023 2023 £ £ Fund balances at 31 March 2023 are represented by: Tangible assets 1,371,435 - Current assets/(liabilities) (374,904) - Long term liabilities (440,000) - 556,531 -	Total Unrestricted funds 2023 2022 £ £ 1,371,435 1,129,483 (374,904) (59,087) (440,000) (670,286) 556,531 400,110

20 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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