DICKRAN AND SETA OUZOUNIAN EDUCATIONAL TRUST Financial Statements for the year ended 31 December 2023
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Officers and Advisers Goveming Documentr. Charlty Registration No: 1195178 EngLand & Wales. Main OFfica: Dickran Sela CAJzThJnian EdUonal Trust PO Box 7628 LdOn W1A3YZ Trustees: Mr G Garablan Mr B P Gulbenkon (Chairman) Administrator. Ms M Ihanessoff Independent Financial Advisor. WestminsterWeaEth Management 167 Fleet eet London EC4A 2EA Investment Manager: Ralhtones Investment Managemerrt 8 Finsbury Cir(JJs London EC2M 7AZ Bankers: Cwits & Co. Ltd 440 The StraTh London WC2R OQS Independent Examiner. Hovnan Hampartsoumian B& FCA Hovnan & Co rnited Chartered A£couTttants 106 Ashurst Road Bamet HeTts EN4 9LG Page Contents: Tnk8tees' Annual Rety)rt Irmjependent Examiners Rer<xt Staiement of Financial P£bvilies Balance Sheet AcmJntirKJ Pdicies and Notes 7-11
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Trustees. Annual Report for the year ended 31 December 2023 The Trustees present their annual reFMNi and financial statts for the year endgj 31 Dember 2023. The figures psented for the prK)r represent arTr 1&month time wx)d: 15 Juty 2021 to 31 Dmber 2022. The Trustees confim that the annual rerJt and financial stat&nents of the Charity comply with the current ststutory requirements. the requirements of the Charitrfs govwning d0ment arKI the provisions of the Statement of RecommerKted Practi (SORP), applicable to chartiies preparing their accounts in accordance wtlh the Financial ReForting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019. Objectives The object of the Trust ts the advanment of educatbm in the UK of needy Amenian students frc anywhere in the wodd induding the fiJrtherdn of studies in music and Ihe arts. To fuffil the TTusVs objectives. the Trustees offer grants to needy siudents of Armenian (YwJin sludyng in the UK. Publlc Benefft The Trust have referred to the guidance ff)ntsined in the Charity Commission's general guidance on public benefft when reviewing the Trusys airns aThJ objedives and in planning fijture activities. The grants made during the year lve beneffted the public in the further educatK)n of Armenian students studying in the Ulc Achievements tn year (including financial revie) During the year, the Trustees awar(W £71,(((I to 13 sttthrrts {2022' £72,000 to 13 students) studying at various universtties in the UIC AH grants were sdK)larship renewals to existiThJ candidates with the exception of one new grant to an opwa sirKJer on the Jette Parker Artists. Programme at the Royal Opera House. Atthough three students trn the prior year pleted thetr degrees in that year. two students who had defeed the grant awarded to them pr year. icx)k up their awards during this period. Therefore, overall. Ihe numLr of avmds remaiwj the same. IndNidual grants ranged from r3,000 to £10.000 per studenL The TnLsYs incx)me )nSts Sole of dividends capital growth of the investment Fortfolio wilh min conlributions from interest bank deposts. The sale of seoxjribes during the peiicxd to an overall capital loss of over £22k. While this may appear to te better than the same figure for the pr period (£28k loss on sale of securiknes). tt is in fact a littte rse because, Ixing first year of operation, the prior perv)J was 18 months long. Besides a small portion of $h in the Trusvs bank acunt, the tx)rtfolio presents the vast majonty ofthe capital, (y Trust Fund, whM grew just over 1% to £2.71 million (2022- £2.66 million). During the course of the year, the Trustees questioned Rathbo. the investment managers, on the reasorts for the conbnuing pcKK rfOrnian of the asset pOli0, and vthat could be done to improve things. The response was not encouraging because finanoal markets femain volable and unpdIctable in the short tem but the Trustees were assured that the Comwsin of the portfolio is constanty reviewed and adjusted to achieve Ihe opkn'mum Km51bIe within the framework ofthe TTusfs risk profile. Fdlowing a transfer of funds fr(xn the EyThJable Endowment, agre by the Tmstees. the Unrestricted Fund began the period at z0 and ended £13k in the red (2022: £30k in the red). While it was hoped that the ouuook woukl improve. this Outc was not WhlY urxwAed and seemed increasingty inevilable in the settjnd hair of the period wtn it was dear that the portt(4io was unlikely to achieve the desired yield. The Truste&s are wmmrtted to supFM)rtiro existng beneficiary students by renewing their grants until the completion of their degree course. and have ore agatn agregj to transfer the necessary funds from the ExpendatAe Endowment to the unrestr Fund. OveraS1. there has Ixen a margina imtxovement in the Trusfs c(Knpared the prior year.
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Trustees. Annual Report for the year ended 31 December 2023 Structure. Governance and Management The Charity is govemed by a Trust DegJ in settlent declared by the late Dick Haig and Seta Ouzounian on 24th November 1998. The Trust an unirrnrrMyed association administered by two Trustees and one administrator as named on the Office and advisors page. Both the Truslees setve on a voluntsry basis and receive no expenses. No staff are ojrrently employed by the TrusL The self-employed administrator is patd. Investment Poficy The Trustees of the Charity have wide pjwers to invest the rnOn of the Charity as they Ihink fiL They are advised On investment matters by Westminster Weath Management LLP. who are led by the Trustees, guidance on requirements and risk. The TnJsYs investmenl EKrfolio is [feSSional managed by Rathbones Investment Management. The Cent p(YtfdK) is invested wKlely in terms of asset class, asset manager atyl seujrity aThJ a global basi The Charity seeks to prLYju the best financial retum within an a(£eptab level of risk. It adopts a ttknl relum approach to investmenL generating the investment retum from inwme and p2pital gains or losses. It is expected that rf in any one year the total reknm is insuffi(xent to meet the budgeted grant-making expenditure, in the lorvJ term the real value of the Charity will still be maintain. To allow for volatility ol capital values. the Trustees pemif( the manager to maintain at least one yeals wcw1h of budgeled grant in cash or k)wer risk liquid investrnent& Reserves Policy In lenns of Charity Law. the Trust Fund is an expendaue endownent. The trustees therefore have a dLty to spend the income reserves generated from the Trust FUTKI VthIn a reasonable time of rlpL However, scholarships to new benefiaaries are awarded on Ihe basis that a student will be supported for each year of their degree course, subject to (in o)ndilions being met Therefore. in any parti¢Iar year, the trustees 11 aim to maintain suffInt funds in the reserves tr) ccxnwsate for a potential drop in income in the years subsequenl to each new award. The Tnjst Fund consists solety of the original capttal and capital gainsllosses. Investrnent income is held in the Unrestricted Funds. In the long temi. the Trustees will aim to keep charitable spending in line with net income. although they do have the power to spend the Capital of the fund on charitable purposes rf they so deternine. The TTUStees are aware that it wll d[ffitt to fijlfil the lon¥emi aim in the srt teTm. due to ongoing market volatilty and Ihe general unrtain ec1xm dimate. Risk Review The TrLJStees have identified and assessed the Maj risks to whid) the Charity is exposed, in parbcular those related to the operation and ffinan of the ChaTty. They are satisfied that the Charitys exposure to these risks is at an acceptable tevel. The Trustees are able to tolerale volaffity ofthe capital value of Charity, as long as the Chartty is able to meet ils short-temi grant-maknng commitments through either income or liquid 12pital assets. With the backdrop of a war in Europe and the eruption of o)nfiict in the Middle EasL the markets have remained vdati]e. Going Concern The Trustees have a reasonatk exp*tion that the Charity has adex]uate resour$ to be operational for the foreseeab fiJture. For thi% reascn they will adopt the going basis in preparing the financial ststement&
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Trustees. Annual Report for the year ended 31 December 2023 Future Plans The Tnjst intends to o)ntinue its central of distributing all income rwxived to elKJIb beneficiaries in fomi of grants in a(urdan(E w¢th the tern ofthe Twst Deed. Responsibilities of Trustees The Trustees are reSp(s7e for preparing the Trustees, Annual Report and the financxal statements in accordance witrt applble law and United AcctsJnts"ro Standards (United Kingdom Generally ApIed Accounting Practi). The Law applicab to chafiiies in Engknd and Wales requires the Trustees to prepare financ¢al ststements f(K eath financial year. Under that law the Trustees have elected to prepare the finan(ial statements in a01)rdan viith Unrted lfjngdcrfn Generalty Accepted Accounting Practi (United Kingdom Generally Apted Acwjnting practi and appli(%ble law). Under charity law the Trustees must not approve the financ3al statements unle&8 they are satisfied that they give a true and fair view of the state of affairs of the Chartty of its In(41ng resourc8s and appli(xlÈon of resour that pericxl. In preparing the finanaai statemerts the Trustees are required to: ' seled suitaNe a(xounting rKAiries and then appty them cA)nsi%tenty. . observe the melhiKls arml princtFdes in the CharitEs SORP., ' make judgements and accounting estimates that are reasonable and pnjdent,. . state whether applicable accounting standards have been f0jlobd. subject to any material departures disclosed and explained in the ffinanual ststements: and ' prepare the financial statements the going ¢3)rM basis unless it is inappropriate to presume that the Charity will continue in oFEration. The Trustees are reSpsible for keeping adequate accwnling recY)rds that are sufficient to show and explain the Charitys transact5 arKI dis(kn reasonable accurdcy at any time the financial posibon of the Charity and to enae them to ensure that the financaal statements u)mply th the Charities Act 2011, the Chanty (Accounts and ReFX)rts) Regulation and the 0Vision of Trust Deed. They are also responSie for safeguarding the alS of the Charity and hen for taking reasonable steps for the prevenlion and detethon of fraud aTKI (ther iwularitie& ApprOvj by the Trustees on 2Lr &l 2024- and signed on tEhatf of the Board B P Gulbenkian Trustee- Chairperson
DICKRAN AND sEfA OUZOUNIAN EDUCATIONAL TRUST Independent examinerfs report to the trustees of Dickran and Seta Ouzounian Educational Trust I report on the accounts ofthe Trustftx the year ended 31 Drnber 2023. wh• are set out on 9¢$ 5 to 11. Rospective Trspontsibilitie5 of trustees avKI examiner The chariws trustees are for ts pre[Arab of the nL$. The chari$ tr&8tees consider that audit not required for thrs year urwjer ¢Y) 144{2) of the Chwities Act 2011 fthe chare$ Acri arKI that an indePerent examinaticffl is needed. It 15 my reswnslbltylo: exarnine the uThlwsecl¥Jn 145 cltha charaS A¢ to folk the Procedu laNJ down ui getwal DireGIKs gNen tythe Chlty CCL8S (under hOrt 1445Xbl of the Chartbès A(£ arKI My èxamination was czrried ¢Jrt in accordance wrylh ggnwal Diroctson5 gIv ty the Charity Commi8sk)n. exarninalion includes a review of the acc(xJnting re(x)rds kept by the chaf5ty and a cy)mparison of thè aeeounts presènted wrth those ie(x)rds. tt aLso include5 consideration of any unusual items or dtsc105ures in the accounts, and seeking explanalKJns from the trustees (xjnceming any such Fnatter5. The pr(edureS undertaken do not provide all the eviden¢e that woukj be required in an audit and o)nw4uèrity no opinion is gwen as to whethar tha accounts present a 1Tue and fairf view and report 15 fimrted lo those matters set out in the statement bek)w. In eonnsction with my examination, materoE have come to my attention Wh gN8S mè tause to bdieve that in any material res thè a¢¢ounting records were ncrt kept in acc(xdw with sedion 130 ofthe Charities A¢L' or the accounts did not a(xx)rtl Ydlh the a¢xounting reo)rds'. or the accounts did not compty wilh the applicable requirements nCernIng the forni and contenl of accounts set out in the Charitses {Aeeounts and Reports} Reguklions 2CQ8 olher than any requirement that the acojunts give a Injè and tsirf vivw vthich k8 not a nHttw c£ffjsidered as part of an iNjendent examination. I have no concems arml have come across no olher matters in (x)nnection the examination to which attention should be drawn in this report in order trj eftab a prDper understsnding of the aGcounts to te reathed. artsou ian BA FCA Hovnan & Co LimSted Chartered A¢countants 106 Ashurst Road. Cockfoslw B3met. Herts. EN4 9LG Dat•: lik112
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Statement of Financial Activities for the year ended 31 December 2023 Unrestricted End¢)wment Total Funds Funds Funds Period Perlod Period 15.072021- 15A172021- 1S.07.21- 31.122022 31.12.2022 31.122022 Funds 2023 Funds 2023 Funds 2023 Income and endowments from: Gift of expendable endowment Investrnent Olher 3,017.619 3,017,619 52,957 206 69,283 69283 52.957 206 Totsl income 69288 53.163 3.017.619 3.070.782 Expenditure on: Cost of raising funds Charitable activrties 25,531 25,531 82.370 35,320 35,320 82,904 82.370 82,gM Total expendlture 82,370 25,531 107.901 81904 35,320 118,224 Net incomel(expenditure) before investment gainsl{losses) 111082), 12&531) (38.613) (29,741) 2.982,299 2,952,558 Net gainl(losses) on investments Realised gainsl(loss) on investments Unrealised gains1{lo> on investments (22.305) (22,305) (28,573) (28,573) 92.524 92.524 (247.205) (247,205) Net inMellOxpndIture> Transkn bebveen funds (13,082) 31.606 (29.741) 2,706,521 2,676,780 13.082 (13.082) 29.741 (29.7411 Net movement in fund5 Balan1 brought fward at 31 Dec 2022 31,606 31.606 2,676,780 2,676.780 2,676,780 2,676.780 Balance caThied forward at 31 Dec 2023 12 1708,386 2,708,386 2,676.780 Continuing operations None ofthe Trusys thibes were acqur&l ortftsc4JnliThA durir*J the ¢)JTrent perh)J. Total recognised gains and losses The Trust has no regtsl gains or ktsses othw than the kIS frrthe ¢JMrent The note5 on pages 7 to 11 fomi part of Ihese finala1 staternents.
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Balance sheet as at 31 December 2023 31.122023 31.122022 Fixed assets Investments 2,705,193 1660.493 2.705.193 1660,493 Current assets Cash at bank Debtors 38.807 33,898 39.005 33,898 Liabilities: Amounts falling due thin one year 35.812 17,611 Net Current assets 3.193 16.287 ToLIl assets less current liabilitles 1 2,708.386 2.676,780 Represen1 ty. Endonent funds Unrestricted funds 12 12 2.708.386 1676,780 Totsl Funds 2.708.386 1676.780 Approved and authorIs for issue bythe Tnjstees 214 2£)1* arKI signed on its behalf. B P Gulbenkian Trustee - Chairperson The notes on pages 7 to 11 form part ofthese financaal statern.
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Notes to the financial statements for the year ended 31 December 2023 AccouKfiNG POUCIES (a) A¢counting convention The finanual statements are prepared in aC£Ordan with the Statement of Recommended Practi -Accounting arKI ReFx)rtsng by Charities" weparing their accounts in aCrdan with the Financial Reporting StarKlard applscable in the UK and Republic of Ireland (FRS 102} issued on 16 July 2014 and Financkql ReFthing Standard appIlble in the UntEed KIn10M arKI Republic of Ireland {FRS 1021 arKI Charitie5 Act 2011 as amended by the Charities Act 2022. Exemption has been taken from preparing a cash fk)w statement ur)der 'Sedion 7 Slatement of Cash Flows, as permitted by FRS 102 on the gr(ndS that the Trust qualffies as a small entty. The acujunts have been prepared uThder the historical cost convention. (b) Donations, legacies and similar incoming resources CK)nalions, legacies aNI similar in(x)miNJ resr are reo)Jnised On the tharity has entitlement to the income, Ihere is sufvent (wlainty of rlPt and so tt is probaue that the inrx)me wtll be received, and Ihe monetary vaue of in(xMne can ie measured rebably. {c) InVeStn income Income from investrnents is 11thl in the slatanent of financial activitses in the year in which it is (d) Cost of raising funds The cost of generatiJ fLmds corBists of Investm management and certain legal and professtonal fees charged an a(x¥uals basis induding VAT. (e) Charitable activi The expenditure on tharitable acbvtbes iTKludes grants made, govemance f>)Sts and supp(*t costs. Induded within this category are CA)Sts asgxath Yth the indepeThYent examination, and costs of o)mFtyiro with consbtttbonal and statutory requirements. Grants )plic£tions for grants are (u)nsidered by the Trustees. TFW are acc£sunted for on an accruals basis ere the third paty has a reasonab exFectstion that they will receive the grant. Priority given by the Trustees to Undergruate student& {g) red asset Invest Investments are induded at matket value at the balan sheet date. Any gain or bss on revalualion is taken to the Statement of Fnancial ACt"eS. (h) Funds Unrestricted funds are te general funds receNed and utilised in furlherance of the objects of fhe charity. Funds where the capital is held to generate income for chanlable puryx)ses are ac(wntsd for as en{loen1functs (Tnjst Fund). The terrr of the endOWnt alh)w Ihe capital
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Notes to the financial statements for the year ended 31 December 2023 of Ihe fund to be spenl on the furtheran of the ¢thariWs pur[ rf the truslees so detemiine, the fijnd is thetef(xe aoy)Junted for as an ey4Erthble end¢yMnenL Taxation policy The charity is a wistered chartty armj exempt from irKX)me, CC*F(Jration tax and capltal gains tax where the income and gains are used for chaitable pUrFeS. Invesknent in¢ome Unrestri¢ted Endowment Total Unresti7cW Endovnnent Total Fund Fund Funds Fund Fund Funds 31.12.2023 31.12.2023 31.12.2023 31.122022 31.12.2022 31.12.2022 UK equities UK fixed interest securities UK altematNes Overseas equtties Overseas fixed interest securities Interest on (ash deposits 19.574 19.574 17.376 17,376 11.081 11.081 4.770 6,987 19.094 4,770 6.987 19,094 25.157 25.157 1.592 1.516 1,516 1.918 1.918 3,214 3.214 69.283 69.283 52.957 52.957 Cost of raising funds Unrestricted Endowment Total Unrestricted Endowment Total Fund Fund Funds Fund Fund Funds 31.122023 31.122023 31.122023 31.122022 31.122022 31.112022 Investment managemenl costs Financial advisor fees 18.951 18.951 20.175 20.175 6.580 15,145 15,145 25,531 25,531 35,320 35,320 Grants Unrestricted Endowment Total Unrestricted Endowment Total Fund Fund Funds Fund Fund Funds 31.112023 31.112023 31.122023 31.112022 31.122022 31.122022 Universty scholarships 71,000 71.OCNJ 72,CKKI 72.000 71.lJ)O 71,000 72.000 72,OCIO
DICKRAN AND sEfA OUZOUNIAN EDUCATIONAL TRUST Notes to the financial statements for the year ended 31 December 2023 Expenditure on charitable activilies Unrestricted Endowment Fund Fund Funds 31.112023 31.112023 31.112023 Total Fund Funds 31.122022 31.12.2022 Fund 31.112022 Granis (Note 4) Admin and accnuntancy Bank charges Independent Examiner Office expense 71,CX)O 71.(KXJ 72.0¢)0 8.250 2.160 464 2.160 82.370 82.370 82.904 red assets investmeTts 2023 2022 Market value at 1 January 2023 Additions Disposals (at opening market value) Net unrealised {lossygain Net movement of cash held wilhin por1) le0.493 755.034 (725,734) 92,524 (Tl,124) 3.122,547 (214.849) (247,205) Mathet value at 31 December 2023 1705.193 2,660A93 Historical cost at 31 December 2023 1725.318 1907,698 Investments at market value Total 2022 2023 UK Overseas Equittes Fixed interest securities AliematiV8S Cash held vthin investment portfd 571,619 278.839 1,XJ9,477 1CiI.480 1,881.096 379.319 723.006 1.179,3T7 1.902,383 159.769 48.480 208.249 385,814 385,814 413,773 58.964 136,088 413,773 136,088 Total 1295.236 1.409,957 2.705,193 1,432,636 1.227,857 1660,493
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Notes to the financial statements for the year ended 31 December 2023 Material investments 2023 2022 Treasury 718°A Green Gilt Astrazeneca plc Shell pl Ishares Vll plc Baillie Gtfford Jpn Trust Man Fund Mgmt (UK) JP Morgan Emerg Mkts Inv Tst Alphabet Inc Microsoft Corp Rathbones Greenbank Bond Treasury 1.75Q/¥ Gi Treasury 3.5QA Bond 52,521 61.699 74,432 83,250 68,490 64,288 80.930 56,640 37.037 69.030 71.226 ).147 51.4 85,957 59.914 71,110 Debtors 2023 2022 Prepayments and ajed Creditors and Accruals 2023 2022 Accwals 35,812 17,611 35.812 17.611 The Truslees serve on a YOntsry basis and INe no remuneration or beneffts. No trustee expenses were incurred by ttE Chartty. The day-tdaY runniThJ of the Twst is cnntracw to a seff- employ administrator wfio is paid. The Charity does not have any empknyees. 10. Employees 2023 2022 The average monthty numter of employees durirvJ the year was: There were no employees vthc6e annual remunatIOn was £EIJ.i)X) or more. 10
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Notes to the financial statements for the year ended 31 December 2023 11. Fund Trdnsfers During the period the trus1 exercised their rx)wer to convert £13.082 (2022: £29.741} from Ihe expendable endowment fund lo in(x)me to be spent on the furtheran of the purposes. 12. Analysis of Charltable Funds Balance Share of Net Incomè Balance Grants Gain at Paid Transfers (Losses) 31.12.23 1.1.2023 Funds Expendable Endow[T 2.676,780 (25.531) {13,082) 70219 2.708.386 Unrestricte(i Fund 57.918 {71.CO)) 13,082 Total Funds 2.676,780 31387 71,000 70 219 2,708,386 The expendable endwY*nt was established in 2021 by the bequest fr(xn the late Di(knn and Seta Ouzounran crealirvJ the capital fund of the Didtran and Seta OUZnEan EdLKational Trust The Tnkstees have the Fowerto speThd the caiytsl of Ihe fuThJ C the rtherance 0ftr drity's PUryK)ses. 13. Analysls of FurKls by Assets and Llabllllles Unrestricted Restricted Funds Funds 2023 2023 Total Funds 2023 Unrestricted Restricted Funds Funds 2022 2022 Total Funds 2022 Assets 2.744.198 2.744.198 2,694,392 2.694,392 Liabilities {35.812} (35.812) 1708,386 1708 (17.612) (17.612) 1676.780 2,676,780 11