## **Report of Trustees for the year ended 31 Dec 2021**
This reflects the first year of operation of the Yesai and Maria Mazmanian Foundation (YMMF) and the annual report looks to provide more information around the initial policies produced, the establishment of committees necessary to help operationally, the establishment of a bank account and registration with HMRC.
## **The Accounts**
The Financial Accounts report the main charitable activities supported by the charity. As it was the first year of operations no scholarships or grants were provided for any initiatives.
Page **1** of **11**
Yesai and Maria Mazmanian Foundation (YMMF)
Report and Financial Statements
Year ended: 31st December 2021
Charity no: 1193417
## **YMMF Trustees**
Sarkis Mazmanian – Chair of the Board, Chair of the Scholarship and Grants Committee
Aram Mazmanian – Vice Chair of the Board
Pantelis Dimitriou – Treasurer, Chair of the Audit and Risk Committee
Levon Ohanian – Assistant Treasurer
Lilit Mughalyan – Chair of the Fundraising Committee
Barret Kupelian
## **Secretary**
Maneh Seiranian
## **Principle Address**
167 - 169 Great Portland Street, 5th floor, London, W1W 5PF
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## **Charity Number**
1193417
## **Structure, Governance & Management**
The Foundation is a registered Charitable Incorporated Organisation (CIO) without wider membership. It is a corporate body whose the only members are the trustees. The Foundation has a constitution as its governing document. The Foundation was established by the Sarkis and Aram Mazmanian brothers in honour of their parents for supporting them and giving them an opportunity to study abroad. It was registered with the Charity Commission in Feb 5[th] 2021. The Foundation’s income was by donations mainly of their own Trustees or friends of the trustees. The Foundation will look to expand its fundraising sources in the future.
New Trustees are appointed by existing trustees. There is no maximum serving period. The CIO provides for a minimum of 3 Trustees and a maximum of 16 Trustees. There is a minimum of one Board meeting a year although the Foundation aims to have a meeting per quarter. During these board meetings, trustees agree the broad strategy and areas of activity for the Foundation, including considerations of grant making, investments, risk management, policies and performance. While decisions are taken at the board level, a number of committees have been set up to provide recommendations for the board to approve. These committees are all chaired by board members of the Foundation and where required supplemented by other individuals not on the board. The Committees are:
- **Scholarship and Grants Committee:** Established to provide recommendations on the provision of scholarships. The Committee also established a policy highlighting the process of the provision of scholarship which includes an interview of every applicant by at least two of the Scholarship & Grants Committee members who must not have met the applicant before to avoid any conflict of interest.
- **Audit and Risk Committee:** Established to provide guidance and prepare account submissions. It also acts as a risk function providing challenge to the Foundation
- **Fundraising Committee:** The fundraising committee was established to set up fundraising targets and support the fundraising activities of the charity. A Fundraising Policy has also been put together to support the fundraising efforts and provide guidance.
All new trustees must be approved by the current Foundation Trustees. Individual committee Chairs and Vice Chairs must be approved by the Foundation Trustees. The rest of the committee must be approved by the Chairs and Vice Chairs of the respective committees. Trustee appointments are approved at the board meeting before any changes take effect. All Trustees including volunteers such as the secretary give their time freely and receive no remuneration. No expenses were paid to any of the Trustees or the Secretary during the year.
## **Risk Management**
The Trustees have considered all major risks which the charity is exposed to and have reviewed those risks and established procedures to manage those risks. In year one the Scholarship and Fundraising policies were developed to help mitigate those risks. The Grants Policy was specifically developed upon the advice of the Charity Commission.
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## **Objectives and activities for the public benefit**
The objects of the CIO are:
- _To advance education for the public benefit of students from Cyprus, Armenia, of GreekCypriot descent or of Armenian descent, through the provision of scholarships to these students to study at UK universities and by providing such other educational support and facilities as the trustees deem appropriate;_
- _The relief of financial need and suffering within Armenian or Greek-Cypriot communities by making grants to local and international organisations, such as the Red Cross providing humanitarian aid; and_
- _To promote Armenian and Greek-Cypriot arts, culture and heritage in the UK, through such means as the trustees deem appropriate, including but not limited to events such as movie screenings, concerts and exhibitions_
- _To support such charitable purposes according to the laws of England and Wales that promote Greek-Cypriot and Armenian community development as the trustees may in their absolute discretion determine through the provision of grants to registered charities._
Nothing in this constitution shall authorise an application of the property of the CIO for the purposes which are not charitable in accordance with [section 7 of the Charities and Trustee Investment (Scotland) Act 2005] and [section 2 of the Charities Act (Northern Ireland) 2008]
## **Grant awards**
In the next 12 months, the trustees anticipate:
To provide £1,000 pounds Grants to two or three students accepted at some of the top UK Universities. The identify and provide funding to an organisation supporting socio-economic activity in Armenia of no more than £5,000, specifically in the Shirak and Lori regions considered to be the most economically deprived regions in Armenia.
## **Trustees’ responsibilities in relation to the financial statements**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website.
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Approved by the trustees on 7[th ] November 2022 and signed on their behalf by:
Sarkis Mazmanian
SARKIS MAZMANIAN CHAIR of TRUSTEES
Page **5** of **11**
## **The Yesai and Maria Mazmanian Foundation (YMMF) Statement of Financial Activities for the year ending 31 December 2021**
**Yesai and Maria Mazmanian Foundation (YMMF)**
**CC16 Receipts and payments accounts a For the** 05/02/2021 31/12/2021 **To period from**
**Section A Receipts and payments**
|**payments**||||||
|---|---|---|---|---|---|
|**A1 Receipts**|**Unrestrict**
**ed funds**
**to the**
**nearest**
**£**
**50**
**550**
**450**
**1,000**
**-**
**-**
**-**
**-**
**2,050**|**Restrict**
**ed**
**funds**
**to the**
**nearest**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Endowme**
**nt funds**
**to the**
**nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**funds**
**to the**
**neare**
**st £**
**50**
**550**
**450**
**1,000**
**-**
**-**
**-**
**-**
**2,050**|**Last**
**year**
**to the**
**neare**
**st £**|
|Lilit Mughalyan|**50**|**-**|**-**|**50**|**-**|
|Givey|**550**|**-**|**-**|**550**|**-**|
|Givey|**450**|**-**|**-**|**450**|**-**|
|Charities Trust|**1,000**|**-**|**-**|**1,000**|**-**|
||**-**|**-**|**-**|**-**|**-**|
||**-**|**-**|**-**|**-**|**-**|
||**-**|**-**|**-**|**-**|**-**|
||**-**|**-**|**-**|**-**|**-**|
|**_Sub total_**_(Gross_
_income for AR)_|**2,050**|**-**|**-**|**2,050**|**-**|
Page **6** of **11**
**A2 Asset and investment sales, (see table).**
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||**-**||**-**||**-**||**-**||||
||**-**||**-**||**-**||**-**||**-**||
|**_Sub total_**|||||||||||
||**-**||**-**||**-**||**-**||**-**||
||||||||||||
|**_Total receipts_**|**2,050**||**-**||**-**||**2,050**||**-**||
|**A3 Payments**|||||||||||
|Registered
London Office|**32**||**-**||**-**||**32**||**-**||
||**-**||**-**||**-**||**-**||**-**||
||**-**||**-**||**-**||**-**||**-**||
||**-**||**-**||**-**||**-**||**-**||
||**-**||**-**||**-**||**-**||**-**||
||**-**||**-**||**-**||**-**||**-**||
||**-**||**-**||**-**||**-**||**-**||
||**-**||**-**||**-**||**-**||**-**||
||**-**||**-**||**-**||**-**||**-**||
|**_Sub total_**|**32**||||||**32**||||
||||**-**||**-**||||**-**||
||||||||||||
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**----- Start of picture text -----**
A4 Asset and
investment
purchases, (see
table)
- - - -
- - - -
Sub total
- - - - -
Total payments 32 32
- - -
Net of
receipts/(payme 2,018 2,018
nts) - - -
A5 Transfers
between funds - - - - -
A6 Cash funds
last year end - - - - -
Cash funds this
2,018 2,018
year end - - -
**----- End of picture text -----**
Page **8** of **11**
## **Yesai and Maria Mazmanian Foundation Balance Sheet as at 31 December 2021**
**Section B Statement of assets and liabilities at the end of the period**
|**Categories**
**B1 Cash**
**funds**
**B2 Other**
**monetary**
**assets**|**Details**
**_Total cash funds_**
(agree balances with
receipts and
payments
account(s))
**Details**|**Unrestricte**
**d funds**
**to nearest**
**£**
**2,018**
**-**
**-**
**2,018**
OK
**Unrestricte**
**d funds**
**to nearest**
**£**
**-**
**-**
**-**
**-**
**-**
**-**|**Restricte**
**d funds**
**to**
**nearest £**
**-**
**-**
**-**
**-**
OK
**Restricte**
**d funds**
**to**
**nearest £**
**-**
**-**
**-**
**-**
**-**
**-**|**Endowmen**
**t funds**
**to nearest**
**£**|
|---|---|---|---|---|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||OK|
|||||**Endowmen**
**t funds**
**to nearest**
**£**|
|||**-**|**-**|**-**|
|||**-**|**-**|**-**|
|||**-**|**-**|**-**|
|||**-**|**-**|**-**|
|||**-**|**-**|**-**|
|||**-**|**-**|**-**|
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|**B3**
**Investment**
**assets**
**B4 Assets**
**retained for**
**the charity’s**
**own use**
**B5**
**Liabilities**|**Details**
**Details**
**Details**|**Fund to**
**which**
**asset**
**belongs**
**Fund to**
**which**
**asset**
**belongs**
**Fund to**
**which**
**liability**
**relates**|**Cost**
**(optional)**
**-**
**-**
**-**
**-**
**-**
**Cost**
**(optional)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Amount**
**due**
**(optional)**
**-**
**-**
**-**
**-**
**-**|**Current**
**value**
**(optional)**|
|---|---|---|---|---|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**Current**
**value**
**(optional)**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**-**|
|||||**When due**
**(optional) **|
||||**-**||
||||**-**||
||||**-**||
||||**-**||
||||**-**||
Page **10** of **11**
**----- Start of picture text -----**
Signed by
Sarkis
Mazmanian,
Date of
Chair of the Signature Print Name
approval
YMMF Board
on behalf of
the Board
SM Sarkis Mazmanian 05/11/22
**----- End of picture text -----**
Page **11** of **11**