**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.
- 1 -
ARMENIAN CHURCH TRUST (UK) LIMITED
TRUSTEES. AEPOAT IINCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ElD 31 AIARCH 2023
AMWTh ChLYth Tryst IUKI by ty
12 20221
114w¥Ned 124WI 20221
12Awl 20221
12 20221
20221
IA4Wlt•d 12**120221
trZKIGaw
ry Revd
Mr BA1y•
A LuThdr
MIK K Vart*M•n
nd guwwtso to cl1• £10 kn th• f4• up.
IAr V a H*WJl•n
##
##
##
##
##
-
-
-
-
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.
- 4 -
## **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|
|---|---|---|
- 5 -
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.
- 7 -
## **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**
- 9 -
## **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|
- 10 -
## **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.
- 11 -
## **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.
- 12 -
## **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.
- 13 -
## **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).
- 14 -