Yesai and Maria Mazmanian Foundation YLWLMF Yesai and Maria Mazmanian Foundation REGISTERED CHARITY NUMBER: 1193417 Yesai and Maria Mazmanian Foundation Unaudited Financial Statements for the Year Ended 31 December 2022 Pagelof9 Yesai and Maria Mazmanian Foundation Conterrts of the Unaudlted Flnanclal Ststements for the year ended 31 December 2022 Reference and AdministratSv¢ Informatlon of Trustees Report of the Trustees for the year ended 31 Dec 2022 Statement of Hnandal Actlvftles Statemeht of Assets and U•billtles Page2of9 y[￿L￿]F Yesai and Maria Mazmanian Foundation REFERENCE AND ADMINISTRATIVE DETAILS Trustees: Sarkls Mazmanlan (Chalr of the Board, Chair of the Scholarship and Grants Committee, Chair of the Socio-economit Development Comrnitteel LIIIt Mu8h4lyan Ivice Chair of the Board, Chalr of the Fundraisln8 Committee) (Appointed Vice Choir 14.05.22J Aram Mazmanlan (Hon Treasurer) fAppointed Hon Tre05urer 14.05.22J Levon Ohanian Ichair of the Finance and Risk Comrnitteel Anna Tsaturyan (Appolnted Trustee 24.09.22J 8arret Kupelian (Re￿gned 14.05.22J Panteli5 Dlmitriou (Resigned 06.12.22) Secretary: Maneh Selranlan Legal Counsel: Rou Vanlan (Appointed Legal Counsel 26.09.22) Governlng D¢xument: Constitution Charlty Number: 1193417 Prfnclple Address: 167- 169 Great Portland Street. 5th floor, London, WIW SPF Bank: HS8C UK Bank plc Page3of9 Yesai and Maria Mazmanian Foundation ortof rthe r ended 31 Dec The Trustees present their annual report together and financial statements of the Yesai and Maria Mazmanian Foundation I'the Charity.. 'the Foundation.. YMMF'I for the year entled 31 December 2022, the second year of the operation of the Charty. As per Sertion 133 of the Charities Act 2011, the Charty Trustees has elected to prepare: A receipts and payments account, and b. A statement of assets and Ilabilities. Obje¢tl¥es and Alm$ The Charity was set up.. To odvance educationfor the publlc benefit of srudentsfrom Cyprns, Armenia, of Grek- Cypriot descent or of Armenian descent, through the provision of 5cholorshlps to these students to study ot UK universities ond by provlding such other educotionolsUPPOrt ond facilities os the trustees deem appropnt7te,' n?e relief offinonclal need ondsuffering within Armenlon or Greek-cypriot communities by moking gront5 to locol ond internotional orgoni5Qtions such os the Red Cros5 providlng humgnltarAon old,. ond To promote Armenian ond Greek-cypriot art5. culture and heritoge in the UK. through such means as the trustee5 deem appropriote. Induding but not Ilmlted to events such os movie screenlngs, concerts and exhibitions To supportsuch choritoble purpose5 accordinq to the lows of England and Wole5 thot promote Greek-cypriot undArmenion community development os the trustees may in their bsolute dA5cretion determlne through theprovision of gronts to registered Chori¢￿5, NGOS ond any other non-profit orqantsotions ond institutio In furtherance of the Foundation's objertives. the Trustees offer scholarship grants to Armenlan and Cypriot students studying in EnBland, and grants to organisations and in5titutlons that support the socio-economic development rnain￿ of the Lori and Shirak regions of Armenia primarily focuslng on th• promotion of oducation, Cul￿re ond arts. Chan8es to the Constitut1¢￿. Following the unanimous approval of all Trustees and the approval of the Charity Commission, the Trustees agreed to make a change to the constitution of the CIO. This change was implemented to allow the Charity to not only donate to charities but also NGOS and any other non-profit organisations and institutions as deeme(l appropriate by the Trustees. Thè change to the wording in respett of the fourth Charity objectrve was as per the below.- From.. ro supportsuch charitable purposes according to the lows of Englund ond Wale5 that promote Greek-cypriot andArmenion community development os the trustees may in thelr absolute discretion determine thmugh the provision of grants to registered chorities. Page4of9 Yesai and Maria Mazmanian Foundation To.. ro support such choritoblepurposes according to the lows of Englond and W¢71es thot promote Greek-cypriot ondArmenion community development as the trustees moy in their absolute discretion determine through the provision of grants to registered chcrities. NGOS and any other non-profit orgonisutions ond Instltutlons. Structure, Gi>vernance & Management The Foundation is a re8lStered Charitable Incorporated Organisatlon ICIOI without wider membership. It Is a corporate body whose onty members are the Trustees. The Foundation has a constitution as its 8overnin8 document. The Foundation was establlshed by the Sarkis and Aram Mazmanian brothers a5 an appreciation to their parents, Yesai and Maria Mazmanlan, for providing them funding and the opportunity to study abroad. It wa5 registered with the Charity Commission on 5 February 2021. The Foundation'5 Income has so far been by donations of the Trustees and frlends of the Charity via Fundraisers which have been doubled by corporate matching schemes. The Charlty will look to expand its fundraising sources In the future. New Trustees are appointed by existing Trustees. There is no maxlmum serving perlod. The CIO provldes for a mlnlmum of 3 Trustees and a maximum of 16 Trustees. There Is a minimum of one 8oard meetlng a year althou8h the Foundation aims to have a meetlng per quarter. During these board meetings, Trustees agree the broad strategy and areas of activiry for the Foundation, including considerations of grant makin& 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 board approval. These commrttees a￿ all chaired by board members of the Foundation and Whe￿ required supplemented by other non-trustees. The Committees are.. 5cholarshlp and Grants Commlttee: Established to provide recommendations on the provlsion of scholarships. the Commlttee has estsbllshed a policy concentratlng on thls process. This include5 an interrfiew of every appllcant being considered by at least two interviewees. Flnance and Rlsk Clxnmlitee." Estsblished to provide Ruidance and support the preparation of account submissSons. This committeè also provldes Risk Mana8ement support. Fundralslng Commlttee: The Fundraising Committee was established to set up fundralslng tsrgets and support the fundraising activities of the Charity- A Fundraising Policy has also been introduced to support the Foundation's fundraising efforts. Socltreconomlc Development Commlttee: Established to provide recommendatlon on provision of projects in Armenia mainly focusing on the Lori and Shirak regions. The Grants Policy also applies for any donations provided by this committee. All new Trustees must be approved by the current Foundation Trustees. Trustee appolntment5 a approved at the board meeting before any changes take effert. Committee Chairs mLtst be approved by the Foundation Trustees. The rest of the committee must be approved by the Committee Chairs of the respective committee. All Trustees includin8 volunteers give thelr time freely and receive no remuneration. No expenses were paid to any of the Trustees or Charrty members during the year. Page5of9 Yesai and Maria Mazmanian Foundation Rlsk Manazement The Trustees have considered all major rlsks whith the Charity 15 exposed to and have reviewed those risks and established procedures to manage those risks. A Grants Policy and a Fundraislng Policy are in place to help mitigate those risks. The Grants Policy was specifically developed upon the advice of the Charity Commission. Since the cash is stored in the banl the Charity is exposed to Credlt R15k. The bank used by the Charity, HSBC Holding plc is rated as AA- by Fitch Credit A8ency and Aa3 Mootys Credit A8ency indicating the low default risk of the bank used by the Charity. Student Awards Scholarship applicatlons are reviewed by the Scholarshlp Commlttee and Interviews are conducted following a strlct selection process. Student awards of a totsl of £4,000 were offered to students as grants in 2022. Thls con51sted of four £l,OCQ grants to four students who were accepted to study at UK Unlversities. The breakdown of these scholars is.. Kin<5 College London- 2 scholars The London School of Economlcs and Polrtical klences- I scholar Universlty of Warwick- I scholar Future Development The Foundation intends to contlnue its pollcy of dlstributln8 income recelved to ellglble beneflclarles In the form of grants in accordance with the Foundatlon's con5tltutlon. Specifically, It Intends to maintain provlding support to the scholar5 who were eligible for renewal of their grant for another yea¥, dlstribute about three to eight new scholarships and provide 8rants to Strategic project5 in the two regions of focus for the Foundation, Lori and Shirak. Golng Concern The Trustees have a reasonable expertation that the Charity ha5 adequate resource5 to continue In operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basls in preparin8 the financial ststements. Truslees, resp¢)nslblllties In relatk)n to the financial statements The Trustees are responsible for preparing the Trustees. Report and the financial statements In accordance with applicable law arKI United Kingdom Accounting Standards. The Charity has Thjt prepared a statement of accounts under section 13211) of the Charities Att 2011 as that the Charivs gross income in the financial year did not exceed £250,000. In accordance with settion 133 of the Charities Act 2011. the Charty Trustees have instead elected to prepare.. a. A receipts and payments account. and b. A statement of assets and liabilities Page6of9 Yesai and Maria Mazmanian Foundation Furthermore, based on guidance from the Charity Commission on Charitable Incorporated Organisations ICIOSI, given that the income of the Charity in the relevant year was less than £25,000, the Trustees have elected not to request an independent exarninerfs reporL The Charity has used the receipts and payments accounts CC16 template, which is recommended by the Charity Commission for non-company charlties with gross income of £250,CK)O or less. Such harltles can prepare receipts and payments accounts. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position. Since there are four lines of accounting dats, the accuracy, validity and exlstence of these figures cannot be questioned. Approved by the Board of Trustees on 16 March 2023 and signed on its behalf bv: Sarkls Mazmanian- Chalr Page7of9 Yesai and Maria Mazmanian Foundation The Yesai and Maria Mazmanlan Foundation {YMMF) Statement of Financial Actlvlties for the year ending 31 Decernber 2021 Receipts and payments accounts For the period from 0110112022 CC16A 3111212022 Section A Recei ts and ments Unrostrictsd funds to tho n•arMI Total funds toth• n••mt £ Last yoar to thè n••rg•t £ A1 Recel ts Donations Sub total 24670 24.670 2.050 Total recelpts 670 24.670 A3 Payments Schol8r¥hip814 . £1,¢￿ grants) 000 000 Regist¥red Offic8 Londc Bank Charges Sub total 108 32 Total payments Net of receipts/(paymentsJ A5 Transfers between funds 20.562 20.562 A6 Cash funds last year end 2.018 2,018 Cash funds thls year end 21579 22.579 2.018 Page8of9 Yesai and Maria Mazmanian Foundation Section B Statement of assets and liabilities at the end of the period Unrestricted funds Categories Details to nearo•t£ B1 Cash funds Cash in Bank 22,579 Total cash funds 22.579 Unrgstrlctad funds to n••rMt £ Details 82 Other monetary assets Detalls Fund to whleh a•••t b•lonq• B3 Invostment assets D8talls Fund to whlch •￿9t b•longlJ 84 Assets retained for the charlty's own use Fund to whlch Ilablllty r•l•t•¥ Detalls BS Llablllties Approved by the Board of Trustees on 16 Marth 2023 and s18ned on its behalf by.. Sarki5 Mazmanlan- Chair Levon Ohanian FCCA- Trustee Page9of9