Ch8rlty Reglstration No. 1172096 Company Registration No. CE010596 (England and Wales} THE FRIENDS OF ETCHMIADZIN ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE FRIENDS OF ETCHMIADZIN LEGAL AND ADMINISTRATIVE INFORMATION Tru5tee5 B15hopV Manutyan Mr H H Dldlzian Mr R B Tanlellan Ms S Ross LLB IHONSI Charlty numbor 1172096 Company number CEQI 0596 Registered offSce 107 Earing Road Brentford Middlesex TW8 OLF Independent exarniner arldget Culvenmell Moore PJorthern Home Counties Limited First Floor 73-75 High Street Stevenage Hertfordshlre SG13HR Bankers Natlonal Westmlnster Bank plc Kensington. Royal Garden Branch PO Box 2341 55 Kensington F(Igh Street London W8 SZG THE FRIENDS OF ETCHMIADZIN CONTENTS Page Truste@g report Independent examiner's reF)ort Statement of ftnanclal acthjlties Balance Sheet Statement of cash flow5 Notes to the flnancial statements 7-11 THE FRIENDS OF ETCHMIADZIN TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) FOA) THE VEAR ENDED 37 MARCH 2024 The trustees present thelr annual report and flnanclèl ststemÈnts forthe year @nded 31 March 2024. The flnancial statements have been prepared in accorclance with the accounting policies set out in note to the financial statements and complywlth the charlty's Trust Deed, thè Charltlès Act 2022 and"AccoL¢ntlng and Reporting by Charities.. Statement of Recommended Practice applicable to chariiies preparing their accounts in accordance wlth the Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 1021" Objectives and activities The objective of the Charity is the advancement of rellglon In accordance wlth the dortrlnes of the Armenian Church by tlie provision of support to the Mother See of Holy Etchmiadzin In Armenia and around the world In such a manner as the charity trustees may determine from time to time. The Trustees have referred to the guldance contained In tlie Charity Cotnrrii55lon's general guidance on publlc benefit when revlewing our alms and oblectSves and In plannlng our future activities. Achlevements and performance Durin8 the year, our dedlcated trustees received generous donations totaling £55,0[￿.00. which were further enhanced by Gift Aid contributions amounting to £23,114. In zlignment wlth the Trust's steadfzst commltment to Its obJettlves, the trustees allocated £30,000 as grant donations to the Tufenkian Charitahle Trust. This significant contribution was specifically designated to provide building facilities that enable children at risk of social 2nd economlc Isolztlon to engage in art and palnting. Additionally, a grant of £6,000 was allocated to lover expenses irbcurred bythe Bishop in his mission to attend to various parishes and organize activities. Financial review The Charlty adopts a unique approach by focusing on raising funds for specific projects rather than setting aside reserves for ongoing operational costs. As of the year-end, the Charity's fijnds totaled £62,378. with the majority d@dScated to charltable grants. The Trustee5 have conducted a comprehenslve assessment of slgniflcant risks that the Charity may face concerning its operatloris and finances. Currently, no speclfic risks or uncertalnties have been identlfied. However. the Trustees remaln vlgilant In monltorlng the Charity's actlvltlÈs and arÈ prepared to address any risks that may arise. Plans for futuro periods Moving foNard. the Trust Ss commltted to r[￿intaInIng Its central policy of providlng grants to rellglous or8anizations, particularly in support of the Mother See of Holy Etchmlad2in In Armenia. The Trust￿11 also continlte to asslst wlth the malntenance of the Blshop's House in BrÉntford, London, as needed, and 5UPPOrt thè Bishop in his responsibilities related to his Choir and Youth programs, as well as visiting parishes ihroughout the United Kingdom and predominantly In Armenla. Lastly, the Trust remalns dedlcaied to providlng educatSonal support to students. structure, govern3nce and management The Friends of Etchmladzln Is a reglstered Charlty and a Charitsble Incorporated Organi5ation governed by its Trust Deed. The trustees, who are also the dlrectors for the purpose of company13w. and who seNed durlng the year and Ltp to the date of signature of the financlal statements were.. Bishop V Manukyan Mr H H Didizia Mr R B Tanlellan Ms S Ross LLB IHONSI THE FRIENDS OF ETCHMIADZIN TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORTI (CONTINUED) FOIP THE YEAR ENDED 37 MARCH 2024 A Board of Trustees of four members administer5 the Charlty. The Board has the power to appolnt any person to be a Trustee, either to fill a casual vacancy or as an additlon to the existing members. None of the trustÈÈs has any beneficlal Interest In the charity. If the charity Is wound up. the trustees have no Ilablllty to contrlbute to its assets and no persor)al respon5ibilltylor seltllng Its debts and Ilabllltles. The Charity is run by Its Trustees, who make decLsions 2¢ board meetlngs. There are no staff to delegate man8gement ofthe Charity to. New trustees are made Aware of their responsibilitbes upon Induction and are encouraged to keep up to date wlth developmènts in the sector by acce55ing relevant training material. Tre trusteeg reporr was ved bythe Board of Trustees. Bishop V Manu Trilsree Date.. 31 January 2025 THE FRIENDS OF ETCHMIADZIN INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OFTHE FRIENDS OF ETCHMIADZIN I report to the trustees on my examination of the financlal statemernts of The Friends of Etchmi8dzin (the charttyl for the year ended 31 March 2024. Responsibilities and basls of report As the trustee5 of the charity land also Its dlrectors for the purposes ofcompany lawl you are responsible for the preparation of the flnanclal statements in accordance with the ¥equirements of the Companle5 Ait 2006 {the 2006 Act}. Havbng satlsfied myself thatthe finhnclal statements of the charity are not requlred to be audited under Part 16 of the 2006 Act hnd are ellglble for independent examlnation, I report In respect of my examlnation of the charitJls financial statements carried out undèr_gection 145 of the Charltles Att 2022 (the 2022 Act). In carrying out my examinatlon I have followed all the applicable Dlreclions given bythe Charity Commlsslon under sertlon 145(5llbl of the 2022 Act. Independent examiner's statement have completed my examlnation. I confirm that no matters have come to my attentlon In conne(tior> with the examination gDiing me cause to belleve thzt in any material respect.. accounting records were not kept In respect of the ch3rity as requlred by seition 386 of the 2006 Act,. or the financial ststements do not accord with those records., or the financial staternenls do not comply WEth the accounting requlrements of section 396 of the 2006 Act other than any requirement that the accounts glve a true and fair view which is not a matter tonsidered as part of an independent exanilriatiorb.. or th@ flnancial statements have not beetl prepared in accordance with the Methods and principles of the Statement of Rècommènded Practice for accounting and reporting by charitles appllcablÈ to charltles preparlns their accounts in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic Df Ireland (FRS 1021. I have no concerns and have comè across no other matters In connectlon with the examination to whlch attention shoukl be drawn in this report IrÈ order to enable a proper understanding of th& flnancial statements to b reached. get Culvenwell Moore Northern Home Counties Llmited First Aoor 73-75 High Street Stevenage Hertfordshire SG13HR THE FRIENDS OF ETCHMIADZIN STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 37 MARCH 2024 Unrestricted Unrestrlcted fLtnds funds 2024 2023 Notes Income from.. Donations and legède5 78,114 127,566 Total income 78,114 127,566 ExpendSture on.. Charltable artI￿tIeS 45,1 (N) 170,961 Total expenditure 45.1 LK) 170,961 Net Incomellexpenditurel 33,014 143,3951 Other recogn15ed galns and losses.. Other losses 1301 Net movement in funds 33,014 143.4251 Reconclll8tlon of funds.. Fund balance5 al 1 April 2023 Fund balances at 31 March 2024 29,364 72,7 62,378 29,364 The statement of financ1al activlttes includes all 83lns and losses recognlsed In the year. All Income and expendlture derive from continulng actDlities. THE FRIENDS OF ETCHMIADZIN BALANCE SHEET ASA T37 MARCH 2024 2024 2023 Notes Current assets Debtors Cash at bank and In hand 28.970 35,400 28,970 2,254 64.37Q 31,224 Creditors.- amounts falllng due wlthln one year 11,9921 11,8601 Net current assets 62,378 29,364 The funds of the charity Unrestrlcted funds 12 62,378 29,364 62378 29,364 The company15 entitled to the exemptlon from the audk requlrement contained in section 477 of the Companie5 Act 2006, for the year ended 31 March 2024. The dlrectors acknowledge their responsibilities for complylng wlth the requirements of the CDmpanSes Act 2006 with respect to accountlng records and the preparation of financial statements. The members have not requlred the companyto oEJtaln an audit of its finandal stat@ments forthe year in question Ir) accordance with section 476. These financlal statements have been prepared in accordance with the provislons applicable to companies sublecr to the small companles reglme. The financial srateme ere 3ppr¢)ved bythe trustees on 31 January 2025 8ishop V Man Trustee Company registr3tion number CE010596 (England and Wales) THE FRIENDS OF ETCHMIADZIN STATEMENT OF CASH FLOWS FOR THE VEAR ENDED 31 MARCH 2024 . 2024 2023 Notes Cash flows from operating activities Cash generated fromllabsorbed by) operations 14 33,146 11.2021 Net cash used In investing actlvltles Net cash used In flnancing actlvities Net increaselldecreasel in cash and cash equlvalents 33,146 11,2021 Cash and cash equivalents at bÈginning of year 2,254 3,456 Cash and cash equlvalents at end of year 35,400 2,254 THE FRIENDS OF ETCHMIADZIN NOTES TO THE FINANCIAL STATEMENTS FOR THE VEAQ ENDED 33 MARCH 2024 Accounting policies Charity informatlon The Frlends of Etchmiadzin is a private company limited by guarantee Intorporated in England and Wales. The registered offlce Is 107 Ealing Road. Brentford, Middlesex, TW8 OLF. 1.1 Accountlng convention The finandal statements have been prepared in accordance with the charity's Trust Deed, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chatltles preparing thelr account5 In accordance with the Flrkancial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021" The charlty Is 3 Public Benefit EntSty as defined by FRS 102. The financial statements are prÈpared in sterling, whlch is the functional currency of the charlty. Monetary amounts in these financial statements are [￿nded to the nearest £. The financial statements have been prepared under the hlstorical cost convention. The prlnclpal accountin8 policles adopted are set out below. 1.2 Going concern At the time of approvlng the financial statement& the trustees have a reasonable expectatlon that the charity has adequate resources to continue In operational existence for the foreseeable futuro. Thus the trustees continue to adopt the going concern basis of aCcoun￿ng in preparing the financial statements. 1.3 Charitable funds Urirestricted funds are those general funds recelved and utlllsed furtherance of the objects of the charlty. Funds where the capital Is held to generatè Income for charitable purposes and cannot Itself be spent are accounted for as endowment funds. 1.4 Incoming resources Donatbons, legacies and slmllar Incomlng resources are rÈcogn15ed once the charity has entltlement to the income. there is sufficient certainty or receipt and so it is probable that the income will be received, and the monetary value of Income cari be measured reliably. Cash donations are recognised on receipt. Other don2tlons are recognised once the charity has been notified of the donation. unless performance conditions reqijlre deferral of the amount. Income tax recoverable In relation to dona￿On$ received under Gift Ald or deeds of covenant is recognised at the tlme of the donation. 1.5 Resources expended Expendit￿re Is recognised In the statement of flnanclal actlvities on an accrual basis as a Ilablllty is incurreLf. Expenditure Includès any VAT which can not be fully recDvered. The expendlture on charitable activities includes grants made, governance costs and support costs. Included withiTr this category are costs of cornplylngwlth constitutional and sratutory requlrements, Applications for grar7ts are considered by the Trustees from unwersity students of Armenlan orlgin, as well as Armeiiian educatlonal, cultural and soclal organisations. Priority Is given by the Trustee5 to undergraduate stijdents. They are accounted for on an accruals basis where thèthlrd paty has a reasonable expectation that tlieywlll receive the grant. 1.6 Cash ancl cash equivalents Cash and cash eqLtiv3lents Include cash In hand, deposlts held at call with banks. other 5hort-term liquid Investmènts with original maturlties of three months or less. THE FRIENDS OF ETCHMIADZIM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOA) THE VE4R ENDED 37 MARCH 2024 Accounting policies Icontlnuedl 1.7 Financlal Instruments The charity has elected to apply the provlslons of Section 11 'Ba5ic Financial Instrument< and Sectlon 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial Instruments. Financial instruments are recogni5ed in the charity's balance sheet when the charity becomes party to the contractual provlsions of the Instrument. Donations and legacies Unrestricted Unrestricted funds fund5 2024 2023 Donation5 and glfts GiftAid reclalmed 55,000 23,114 115,883 11,683 78.114 127,566 Charitable actlvitles 2024 2023 Bank charges Gift aid no longer clalmable 121 42,097 42,(W5 Grant funding of aCt￿ltIeS (see note 41 Share of governante costs (see note 51 43,078 2,022 127,006 1,860 45,1(Kl 170,961 Grants payable 2Q24 2023 Rellglous grants Educatlonal grants Other 36,077 7.000 121,006 6,000 43,078 127,006 THE FRIENDS OF ETCHMIADZIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 37 MAk)CH 2024 Support costs Support Governance costs costs 2024Support costsGovernance COSt5 2023 Independent examiner fees 2,022 2,022 1,860 1.860 2,022 2.022 1,860 1,860 Allocated to.. Charltable attivities 2.022 2,022 1,860 1,860 Trustees Mone af the trustÈe5 lor any persons connected with them) recelved any remuneration or benefits from the charity during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60.000. Taxation The charfty is exemptfrom taxation on its actiwties because all its income is applied for charitable purposes. Other gains and losses Unre5trlcted Unrestrlcted funds funds 2024 2023 Galnsllk)sses1 upon., Foreign exchange 30 10 Debtors 2024 2023 Amounts falllng dLte wlthln one year.. Other debtors 28.970 28,970 THE FRIENDS OF ETCHM IADZIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 37 MARCH 2024 11 Creditors.. amounts falling dLFe withln one year 2024 2023 Accruals and deferred income 1.992 1,860 12 Unrestricted funds The unrestrlcted funds of the charity comprlse the unexpended balances of donatlons and grantswhich are not subjert to specific conditior15 by donors and grantors ag to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Iricoming resources Resource5 expended Gains and At 31 March losses 2024 General funds 29,364 78,114 145.1001 62,378 Previous year.. At l April 2022 Incomlng resources Resources expended Gains and At31 March losses 2023 General funds 72,789 127,566 {170,9611 13Qll 29,364 13 Related party transactions Tran￿(tIOnS wlth related parties During the yearthe charity entered Into the followins tr3nsactlons with related partles: Two grants of £6.000 and £7.000 were allocated to cover expenses incurred by the Bishop arnd one of the Trustees respectively, in their misslon to attend to various parishes, organlse 3ctiwties and studles. 14 Cash generated from operatlon5 2024 2023 Surpluslldeficitl for the year 33.014 {43,3951 Adju5tment5 for.. Forelgn oxchange differences 13ts1 Movements in worklng capltal.. Ilncrea5elldecrease in debtors Increase In credltors 42,097 126 132 Cash generated fromllabsorbed by) operations 33.146 11.2021 THE FRIENDS OF ETCHMIADZIN NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THS VEAA) SNDED 37 MAk)CH 2024 15 Analysls of changes in net funds The charlty had no materlal debt during the year.