DICKRAN AND SEfA OUZOUNIAN
EDUCATIONAL TRUST
Financial Statements for the year ended
31 December 2024

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
Officers and Advlsers
GovemlJvJ Docrnt:
Charity Registratlon No:
1195178 ErrJLqrYl & Wal8s.
Main Offico:
Dickrni 8rwJ Seta ouz0￿rdn Tr￿t
PO Box 7628
LoTrJ¢
W1A 3YZ
Trustees:
MrG Garthlian
Mr B P GUI￿nki￿ (Cha'rm￿)
Admlnl•trator.'
167 Reet Stre
LoTrdc¥)
EC4A 2EA
Invoslmont Mwr.
8 ￿l￿bury Cwcus
LoTrJr
EC2M 7AZ
8ankw8:
Coutts & Co. L
440 Tr Strw
WC2R
Ind•p￿dent E￿•￿Iner.
Hovron H￿n￿rts￿mian W FCA
Hovron & Co Limited
Charter&J Ao))untarts
1(6 Ashur5t Rcod
CrKkf
Herts EN4
TfUStees' Arnual ReFQrt
IrKleperNJent E￿nI￿r5 ReFrf)rt
Baa￿ Sheet
Ao2xrting Pdci85 aKI
7-11

DICKRAN AND SETA OUZOUNIAN EDUCATIONAL TRUST
Trustees, Annual Report for the year ended 31 December 2024
T￿￿S pres￿￿ their annual le￿rt aThJ finarriaT stal&nents for th8 year ent*d 31 DeC￿ber 2024.
Tnjstees cnnfirrn ttst the annual repcrtt finarKial slalements Chanty compty with the cuwent
statutory requtrements. tha requI￿￿)ts of the Chanty's gO￿rThrO ar¥J the provisions of the
Statement d RwThnend&J Pr&lice ISORPX 4Wic£ble to chwrties pr8partry Ih8tr acccwnts in
8eLordarth th the FinaNia Reporknng StaThYar(l aFpII(2tle in Iha LK arKI RoWtI￿ of Ir8land IFRS 1021
8ffectNe 1 JaNary 2019.
ob￿cthie8
otrieLt of the Tn*t is the e(*x8ll￿ in the UK d r￿dY Arrnenian sttJd8nls from
anywhere n the Y•rJdd Itr￿ ffiJrther￿ of studias in m￿lC and tIN8 arts. To fulf￿ the Tnjst
obl￿tiVeS, th& Tnjstees (ts grants to ￿ St￿￿ents of Amiwian 0￿￿¥.n sludying in UK.
Publlc Sernfft
Tl* Trustee3 have relerr&f to the WKlaTrz C￿tal￿1 in ts Charity Conyntssion's gerwal guId￿e on
tr*n8frt when reviBthing the Trusts wns ar*J (*ithes aryj in ￿￿nIng future activitles. The grants
made dunrKJ the year have in the ftrther educ81i¢x of Amienian sludpnts studyifKJ in
th8UK
Achlevwments In yoor Vn¢ludlng flnanclal revlvw)
DuriTrJ p9nod, the TrLth85 awartlthy L78,725 to 17 One stLthnt d9feff￿j thdr grdnl to Ihe
foMowiTrJ year (-£1kl. arthr wrthdrew their da￿ to thw'r grarrt l-£Gkl and a Ihlrd student T8quesled an
Incr￿ due lo unf(xese&n circumslancas. whith was granbj (44kl. Consequenty, the actual vaue
of ￿hda1￿￿￿p grants disbur￿1 d￿n9 peiic#J was £75,725 to 15 $bJdents (2023.. £71k lo 13 students}
st￿.￿g 81 various uriver5it1.es in the UK. Onty 2 d the 15 b8nefic¥9ries were existing renewal apFAicants
whde the remainirg 13 wern new. I￿IN10jd gr8rts r8npJ f￿M £1,CQO to £10,COJ PgT stsjdgnt
The Trusfs inccrn eC￿lsts St4￿ d dmdènds aKI capta groNth of inv&strnort wrtfrAlo ￿th mlnor
conlnlxrtKTh frc(n interest on bank thF*Jsts. The sae of dunng ts year W to an overall ca￿tal
gain of less than £14k. c(>npared to a tss d ¢Trer £22k iknring the year. Besides a small pJrt*)D of
Grysh In t￿ Trust's bank ￿)jnt. the asset p)rtfc4io represents the vast majorlty crf the caF¥tal, or Tnjst
Fund. Taking into al incCr￿, ga¥)5 and eXpe￿litu1e, the Trust F￿d grew just under 3.9Yo lo £2.82
million (2023. £2.71 mllli(J)I duriNJ fv ￿. cojrse (rf the year, the Tnjstees qu￿lOned
Rathbor￿, t￿ irN8strnènl man4ets, on the Tra$r￿ fty the contiNing F(Mir prf(yman¢è of thè as$&t
)rtfdio. 8nd ec￿k1 b• Ojrn lo ImpThé tlyngs. Th8 r8spow was 6nc￿r#9ng b&ausè financial
markets r8main vo￿118 a￿1 unpr&Jiclable in the short term bul the Twstee5 were assured thal the
)mpa%6tlcn of the portfol'015 c(Y6lanlty f￿￿ed a￿1 adJ￿ted to ￿tU￿e tts (ptltrK#n posslble wf(hin
the the Tntsfs F￿0￿1&
Fdk)v*ThJ a trarotsr cl funds from th& EXp￿¥￿e Endovrfnerrt. agre&J ty the Tntstees. the Unreslrk
Fund b&3an the pemd 81 zero arxl ￿ded £17k kn the red12023.. £13k in the red). Wh￿8 it was hoped that
the would tin[￿Ve. thls was mt Unex￿ted. The Trustees aTr committeil to
supwrling existsry beneficiary stujths ty rerewiTrJ their grants unlil Ihe cCKnp1eti￿ (rf th￿r degfee course,
and have once aga) agwl to trar6fer ￿Ssary fuTrJs frcffl th8 Expe￿1￿ ETr*wment to the
Unrestricted Fund.
erall. t￿re has been onpThThnt Tnsfs comtBraY the prioryear.

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
Trustees. Annual Report for the year enikd 31 December 2024
Th8 Charity is gr￿eM￿l by a Tn￿t DeeA in setttement d￿JarEd by ￿ late Di(* Hawj aThJ Seta Ouz¢)uni
on 24th Wember 1 W8. The Tnk8t i8 ￿ unllw0r*￿ admiThst8r&J Truste8s and or
athiinistrator as namaj on the (rffr£￿ aThJ a¢kn￿S page. Bclh Ihe Trust8es serve on a vduntary bagis
and ￿1ve no expws. No staff are Ixwrw*ty entyrya# ty the TnsL Th8 $d1￿M[l￿d administrator Is
Tr￿lee8 af the have wde FV•¥ers b Invest the msJ)ias of ts Charity a8 they think fil. They are
on Inv88trrnnt matters ty W6strninster Wogllh Mwwerrt LLP, who arn ted by the Truslees.
guxIa￿e on r4uirwn8rts aTrJ ￿k. Tl* Tn￿16 iw6strnènl Forfficlio is prclessionalty m8nag8d
Rathbm Investmw* ManaynenL pcrfttdK) is irN8st•J In tern￿ d wel d835, 8ssel
manager aTrJ swjrity aTrY cn a ycthl t*15.
Chth seekg lo pr¢*Jw* thg twt retum an ￿k*aLle ￿81 of tsk. It adopts a t(rt
rdum aFproach to invastrn•iL gwwating retrim frcffn and capital gans ￿ bs8es.
Is exm8d that if n arry or* yoar Ihg I￿al retum s irlsu￿"8nI to the b￿1geted granl-making
èxpon(*ture. in thé k)ThJ temi tho valu& of the Chaty VAI stsll be maintained. To alkN for voL9ts'1ty of
co￿tal vdues, Ihe Tntstèès penr¥t maw to martam * ￿ on9 year's of b￿Jgated Gyant in
In Im of Charfty L8w, th8 Tr￿1 Furnj Is erKI(yrn. The tntst888 t￿refOre hwe a dLty to
speTrJ the Incwie reserve5 generatal frcffn the Trnst Fund willin a reasonablg Ilme CA ￿lF1. Howér,
ScIKIars￿ps to i￿￿￿9neS on basL8 that 8 SILKI￿1 ￿1 be S(4)￿rted for each year of
thew degree cwrse, subhl to cert8kn ￿n￿lIOr￿ L*ing rrd Th&refore, in ary particu18r year, financkql
Conditio￿ p8mtrting. ￿ tn*t￿$ aim to mwlsn Suffic￿nI knds r* ts reseNes lo ¢(¥npensgte for a
potenlial dr4) in 1￿C￿r* in the Yea￿ to exh new av•prd.
Th8 Trust Gc¥thts sd* 0￿1￿1 ar¥J c8Pt81 g8lTrsfftlctsses. Inveslmnt 1$ h¢kJ In
the Unrnstrict&J Funds. In Its thg Iwm. the Trntstees *71 arn to keep charltable SFendiro kn Ilne r￿t
irK¥Jne. th￿gh they th) have the kW)WW to sp￿d Ihe the fuTrJ on charllatle purt(6es rf they so
detemilrn. Thè T￿1895 are aware that it will t* difficth to ftAfiI the kry4wm aim in the sh)rt te￿, due to
onging mak*6t volatilty *KI generally u￿rtan ec#yKrfnk ¢lknate.
Rl8k Rev14
Tr￿leeS have Klerrtrw a¥s&s8ed the maRY rt5ks to Charfty Is expw*ed. in particular
ttv)3e rdated to the oFeratI￿ ffinar￿ crf the Ch*lty. TPW sal￿￿￿1 thai the Charivs expctsure to
Ih&%e risks V8 at an Wabknlovd.
The TnJste8s are aue lo tc4wae vokqtilty d the capfvAI value of Chty, a5 k)rKJ ￿ the Chanty is a￿e to
its s￿￿t4e￿n gr8nirymakir¥J (xKrwnitmerts IWh ather irmre (x IKIUKt ca￿tal assets. With the
b￿kdrop d On9)w￿ war in Eun)pe and c¥)nfiKI in the MAId￿ E4 the rrorkets have rem&ned vglaiile.
Tn￿tee$ have a reaSorH1￿e aYp&*ts)n Ih81 Chaity h&4 adequate resources to Oper811￿81 for
th8 for8seeaL48 future. For this reas￿ vail a(W the ¢crtem t*SK8 in txyring the ￿nar￿la1

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
Trustees. Annual Roport for the year ended 31 December 2024
FU￿re Pkns
Trust intends to corrtlnu8 its central dthtAAirwJ al IT￿ne re¢dved to dtgble benèficiarns In
thg fo￿ of grants in bmth the crf c￿1.
RMpon¥ibllMles of Tn*to
The Truslees we resE￿￿1t￿e f￿ prepwtyig th8 Trustees. Annual Rw)rt and ￿ finarrial ￿atements in
acLoN18rte sMlh applratlo arKI Unrt&J Acc￿n11ng StsThJ8rds IUIIW Kingdcfn Genernlty
Accepted AccountirYJ Pwtte>. The Law aF￿￿alle to tharities in En¥and aNJ wa6s requires the Ttt￿tee8
to prepare fina￿181 Ststan￿ gxh finaTKba year. Under that I￿ TTusle85 have elected lo We￿re
th8 financaal Stalen￿lts in act(*dar￿9 VAth United lQngthJm Gwleralty Acc8Pt8d Accounting P￿1
(United Kir¥JdrKn G8neraly AcW&l Armmting Pr￿1Th aTrJ aFplicat4& lawl Undw ch￿ty law th&
Tr￿SleeS must wove the finar￿la1 stsl&n0nts unless tw are s8b"sfi&a trtat thèy ￿ a true aThJ fair
view rA the state crf affairs of the thanty arbd of ils irKtYning T￿￿TcaS arvl 8pp&catI￿ of ra￿￿85 ftx Ihat
In prepaty the fina￿￿1 statem￿lts tr* Trtkns are req￿rnd lo:
' 8de¢t Juh8t4e Kc(xmllro pcIC￿ appty them c(Thist&*:
' otserve the and wirKIF48s in the ChwTbes SORP:
• slatg ￿eth8r apr1￿*118 str￿lar¢S have bew fc10¥￿￿, 8utfj.￿t lo ary material deparbrn
d￿c￿ed explained In the ffinar￿aI st*•nwts: arn
' prepare th8 finBnryal staterrwds cn the gc4rYJ ccrtam ba818 ￿1•$$ It19 inapproprtatg to prosumo that Ihe
Charfty vthl ￿ntInL16 In (4)8rthn.
Tt* Tntstees are r6$p￿Ible for ke*ng prc¢w *0￿r￿1￿ r&7Kds t1¥9t vAth reasomile accuracy
al ary time the fir¢￿￿181 pc6ttbn orf It¢ Charlty and Onable Ihwn to ensure Ihat Ihe financaal slalements
comty with the Charib8s Aci 2011, as ameThI￿1 tty tha Chaiitses Act 2022. th8 Ctkqrtty (Accounts and
ReFQrtsl RegUlats"0￿ 20C8 and the prOV￿￿￿S of ts Ch&ity's Irust deed. Try are also resporsible for
safeguarding the ass¢ts of th8 Chaty kf t*r¥J r&3sorHL49 sieF6 for th8 prevention and
detecti￿ offraLxd aiMI (thr irregu￿1t18$.
AFJproved try the TrLL8tee6 on
121912025
and on behaw cl tts Bowd
B P G￿b•nkian
Trustee. chaIr￿n(ln

DICKRAN AND SETA OUZOUNIAN EDUCATIONAL TRUST
Independent oxamlnerfs rnport to the trustees of Dkkran and Seta Ouzounian
Educational Trust
I report on the aLyLI￿￿0fts Tnjsl for Its e￿Ied 31 2024. ar6 sèt olrt on p8ges 5 to 11.
R••p9clI￿ mpon•lblllllos of trwt•M and •xan4n•i
The ¢tsity* trustOgS 8Tr Yew)st*b ftrthe of Ih8 ttU8tO88 Uwl an audrt
18 Th)t required for Iho Lwthr8e¢lp)n 14412) ofthè awil*s •ld X111 Cts QHr#kns Art'laThJ that an
eyaminatim is needed.
It Ib my ￿S￿*t0..
examw* ltrte acx1￿Mls 145 ofthe thiitns
to loknyts p￿cedUreS ÈKI dcréffi i)tho tXr•(IKfft C*mnlsskn lurKl8r
145151(bl ofthe Charii*s
slalo ¥•tsther￿rtkty￿rMOll0rB tt•))8 kn MyatknI￿.
My oxamnatDn V*BS comed out In 8c¢orthc• *ith gwal D+rertW8 grMI by ts Chgrity C￿mIsSIon. An
examinattin in¢lud•ts 8 re¥￿W of t￿ accounliNd records knpl by tharily and a wmpari>Jn of the acotyjnts
prns&nted wth t1￿8$ rnLord$. It 8L80 M)dLhlè$ tr)n￿da￿lI￿ cl any unu￿81 twn8 01 d15th￿r•S li Ihe accy)unls,
and 88èkk)9 8J¥bnaOcffj$ from lh8 tsustsos conc*mlng any weh mattèts. Thg procèyurès un(Jèrtakan do not
prov¥J8 au the mIen￿ that I￿￿￿1 be requwett n an au(tit, ano ￿￿teau*￿ty Th) oplnl(m ￿ given as to wh¢th•r1h8
acU￿rrtS pr688nl a 'tr￿ 8r¥J farf vièw arKI tM rep(#t 18 knlted k) th08e mattor8 Set out In tho 8tstemgnt bek*w.
IrMl•p•Thl•nt •xthn•rfs •tslbm•
In conrn¢l#Jn with my exafflnatk￿, rn ma*rlal matters hm ￿ to my knntlcn **thl¢* glves MB cause to
beI￿ve fvt kn any m8tedal re8petr.
th• a¢0￿￿1￿79 rats)rds not keré in 0¢￿￿nCe *lth sKtbn 1￿ ol iha kt", or
th• 8￿nts dkl not aLxx)rd 8C(X)Lmlrfj I￿rdS,. or
Ihe ao)Junts ncd cyjnply %sith It* cy)nc*mry the lo￿1 and ￿1￿11 of 8¢(xxJn18
set oul kn the Ch8Trtl83 lAc￿L￿ts RfjrrfJts} R￿Ulatk)nB other than any ￿Ul￿Ment that th&
acc￿nIS gi￿ o fav 18 not a mgttor wi$*J•r•g 88 part of •n h)d•parwJgnl
ex•min#lknn.
I ha￿ no D)n￿￿5 ha¥e wme a¢r08s rn ollw matlors in ￿IneG￿n Tmth th8 exarninalion to attent￿n
should be drawn in Ihw l￿F￿ M) crftsr to en8bb a uThler8lar•JirvJ of the aco)unts to be wched.
H H•mprtsouml•n B4 FCA
Ho¥￿n & Co Limit•d
Chartor•ql Aceountsnt•
106 Al￿r$t Road. Cockfothrn.
B•me( Hert•. EN4 9LG
12 /f/2025

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
ststement of Flnancial Actlvltles for the year ended 31 December 2024
Unrastrictod Énd¢)wm8nt
Totsl
Funds
Funds
Period Pthiod
2023
2023
Funds
2024
Funds
Funds
2024
Period
2023
Incmie and
8nd¢)wments from..
Investment inwiie
Cther
70,112
70.112
123
69,283
Total In¢om•
70,235
70.235
69,288
Exp•ndlturo on:
Cost of raising furKI8
CharilatrA6 *lb'8s
27,264
27.264
87,471
25,531
25,531
82,370
87,471
82,370
Totsl •xp&￿li￿rè
87.471
27,264 114735
81370
24531
107,901
Net In¢omol
l•xp•ndlturvl
bèfore Investment
galnJl{I+xsoS
117238
{27,264) {44.￿0>
(11082)
(2S531) {38.613)
N•t galnlPosses}
on Invesbnents
R8allg8d gainslOos81
on inv&stments
un￿alISed gainsl
(loss) on inveslrnents
13.626
13.626
(22.3051
122,305)
138,262 138262
92,524
92,524
Net Inwn
{expendlturn)
Transfets tetsv8en
funds
(17.236)
124624 107.388
(13,082)
44888
31.6
11
17,236
{17,rJ61
13,082
(13.0821
N8t movernent In
fund8
Balance b￿ught
fryward at 31 D
20TJ
107J88
107.388
31.606
31,606
2,708.3e6 2.71%.386
2.676.780 2,676,780
B*n¢e carrt8d
forward at 31 D¢c
2024
12.13
2 708 386 2.704386
Coniknulry opwjtlons
Nono of th9 Tnjsfs adNtss wilrwj ordi*xrttrx￿ durKpJ the ￿1¥¢nI FerfK)d.
Tot41 r•cognisgd galns and I￿$¢8
The Tnjst has Th) rectyJnts8d gans or bw9rt￿rlh3n ￿ gain or kiwsbrtre ojffent wiyj.
The notes u) ￿39&$ 7 b 11 fonn partofthese slalwywts.

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
Balance sheet as at 31 December 2024
31.112024
31.112023
Notes
Flxed assots
2,810.330
2.705.193
2.810.330
2,70S193
Cwrent assets
Cash at bank
D6trtor8
15,655
1,016
38,807
198
14671
39,005
Llabllll•8: Amcrtjnts NiThJ due Wilhn year
11.227
35,812
N&t curr¢rt fi•￿ts
3.193
Total awts le88 current Ilablhles
2.815,774
2,708,386
Represerted by..
ErK1o*wnenl lur#Js
Unr88trict6d fun
12,13
12.13
2.815.774
2,7ce.386
Total Funds
2,815,774
2,708,386
Approv￿ ar￿ autr￿￿Sed fty ty th8 Tnth c
121 q/2029 and Si￿￿] on tts b8trgtf.
B p fAlb￿k[aTr
Tho notes pwJes 7 to 11 foThn partcl these f￿￿181 slatwnerts.

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
Notas to tho financlal statements for tho yoar ended 31 Decwibèr 2024
ACCOUNllNG POLICIES
(a) Ac¢wnllng convwrfon
finaKial Stat￿79nts are In tho Statrnt of Rec(¥Th￿￿d PraL*¢e
"A&￿￿rtIng aThJ Reportru Ch￿ltieS. their in &a>ydm ￿1th the FinaThi
RèPj￿'ng Standard aFpkatAe in tha UK arKt RePth1￿ of IfelaThl IFRS 102} wued on 16 Juty 2014
and Fin￿￿￿1[ ReForting sta￿rd apFknble in the Unrt&J Klng¢kni Rapublc of Ireland (FRS
1021 Chaiiti8s 2011 as arn￿d￿ ty tha Charltbs Act 2022. Exemptsc￿ has tak￿ fre4n
. preparir¥J a fl¢M staemèni uTrJw 'S￿*C￿ 7 Statemert rA &sh ￿0￿d. as p￿rnItted by FRS
102 on Tn*l walthes a5 a ￿ wlity.
{b)
Donali¢>n*1•gach• and slmil•r In¢mhvJ r•wur
Dctstions. leg&J8s siff#F8r I￿¥Thir￿j resouThs are rwH8ed the charfty has ant￿￿nent
to ts incm, ther& Is suffk?ent wtarty of recepl and so it is probabbo that tho ir£cffi8 %4111
M(¥￿ary y81￿ crf c*y measurgj rnliabty.
Inv•strn•nt Incom•
IrKThie iThestmerts ts I￿￿d￿j Ni tr* cl finaThaal thlli6s In year in tt Is
rKdv8bb8.
(d)
Co81 of ral8lng funds
The cost of fund8 LX)nssts d imstrnwrt ar•Y c8rt8ln arKJ pYofeS￿l
fe* charyed on an x¢ruals b&sLs If￿1￿4•ng VAT.
(•) Ch8rttablo xlM11
The eXpe￿Illure on thartab￿ 9)VeM￿￿e and supwt 0￿1&
I￿Jud￿ V￿tFIn Ihi5 catw are c*th ￿￿ated wtth Ihe eXthDaU(￿, and cxssts
¢(ThFfying wth oMtitthnal arKI slatutory wulf￿￿ts.
{fj Grnnts
ApFl1Cat￿ns for are ciMsidwgJ ty the TnJste8s. Tlw we a7XLnted for on an actruaL8 basi
afe lh8 trlrd rfity has a reas￿*19 QxpaAatK￿ Ihal will rwive th8 grant. Pnority is gven
Tr￿e¢S to unde￿I￿Ja1e studwts stsxl8nts Crther quakfK*1C￿ in the ￿k1 el
rnuBic arts are dso coro*Jer&J.
(g)
Flx•d a•••t In￿tr￿￿￿•
IrNestm￿S arn Ir*￿thd at mathet V8bue at the bglarKX shoet d*. ￿ gan or hx8 on mdualN)n
Is taken lo the Statement cl ActNrtie&
(h)
Forelgn Cuffency
Forebjn CLmrw trdnwAi(Th are inkn sknlry at the exchry r*e rulirg al the date
t1￿ Ir&v*on. assets andloblths d￿OMin￿ed in I￿ign cuffenci85 are Iransl*ed at
tl* rai8 d exd￿nge at the sl* AU excharwJe a￿ tsken to the
Stthiwt cl F￿ar￿al Adwrt
v)
Funds
Unrestricted fiJrk*s aro tthe fimd5 r￿eTrIed and ￿￿sed in fvrtherarre of the d)iects ol the
charity. Ftmds capital is heky tr) gThate irxjyne for c*aritab￿ wrF*Jses are ac(x)unt8d
as erxlowmert fuTrJs. The tefftL8 IA eFKkl￿nent the Ca￿￿1 of the to be SFent on
the fiJrtF*rm chantys wrwtses if the tnA8lees $0 detem)Ine, fiJTrJ is thèrefore

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
Notes to the financlal statements for the year ended 31 December 2024
Taxat1¢￿ policy
The Ch￿lty is a rEgSter&J (h8rity and ks exty frtvn irKxTr. Wrym)rati￿ tsx a￿1 capitaf gains tax
the aThl gal￿ arn thaiilaje wrrMAes.
kmslment inc¢x7)0
Unrn8tri¢t•d Endowmerrt
Total Unr•strlct•d Endiwiment
Total
Fund
Fund
Funds
Fund
Furnl
Funds
31.1Z2tr24 31.1121124 31.1Z2024
31.1Z2023 31.112023 31.112023
UK equities
UK fi¥￿1 interest
8￿ul1[leS
UK altsmatw68
i￿￿rge8$ ewkn'8S
8rgtas f￿6d
interest srfurfb8s
Interest on
da￿6rtS
17.702
17,702
19.574
19,574
13.e44
10,835
24,634
13.644
10.835
24,634
11,081
9,961
25.157
11,CQ1
9,961
25.157
1,2a2
1.282
2.015
2.015
1,918
1,918
70,112
70,112
69.283
69,283
Cost cl nl•lng fwKI•
TOL
Fund
Funds
31.112023 31.112023
Fund
31.IZ2024
FUTh*
Funds
31.112024 31.112024
FutHI
31.112023
Inv8stment
managwnent
c(tsts
FinarKlal
8dviw fees
20,fd7
20,Z37
18,951
18,951
7,027
7.027
6,580
27264
27,264
25,531
25,531
GMts
Unrestrfcted Endfmmert T(*al Uwestslcted Endthymont
Total
Fund
FuThl
Funds
Fund
Fund
Funds
31.1Z2024
31.112024 31.112024
31.112023
31.12.2023 31.12.2023
Universty
hdarshiF6
75,725
75.725
71.lJ)O
71.(K)O
75,r25
75.725
71.0
71,CK)O

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
Notes to the financlal statements for the year ended 31 December 2024
Total
Fund
FurKIs
31.112tr23 31.12.2W23
Fund
Fund
Funds
31.112024 31.112024 31.112024
Fund
31.1Z2tr23
Grants (Nde 4)
A(knin and
75.r25
75.725
71.LKKJ
71.OCK)
8.7
8.51X)
Bar* charyeg
Indep
Examlner
expwH•
2,412
2.412
87.471
87.471
82,370
82.370
2023
Mathet Vol￿ at 1 Jaruary 2024
Addlio
DIsPO8d8 (at o￿nIng mth6t ￿ufr)
Net unrèallsed Ibssygari
Net rIM)veTh￿l crf cash W *ittin t*￿￿0￿0
M•rk81 vakw at 31 D•c•nber 2024
2.705,193
875,313
(Y22.0gJ)
138.262
13,652
1ffi0,493
755,034
(725.734)
92,524
(T7.124)
2.810.￿}
170S,193
Hhknl¢al cost at 31 D•¢￿b•r 2024
1661.793
In4318
mark•1 v*0
UK
UK 2023
Equ
Frxed intargst
secunties
471,375
270.888
1.e63,227 2.134.61y2
51.625
322,513
571.619 1,3Qa.477 1,881.og6
278,839
100.480
379.319
280,594
72618
280.594
72,616
C89h hdd wttrin
Inve8trnenl K￿N0
385.814
385,814
1,095.4n
1.714.852
2.810,325 1,295,236 1,409,957 2,705,193

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
Notes to the financial statements for the year ended 31 December 2024
Matwlal Investmnts
2024
2023
Amazon Ccffn Ir
AlphatrA Ir
Microxsoft thp
Treasury 3.5Oh B¢JYls
Treasury 4.250/0 Bonds
Mastercard Inc
S&P Glob81 Inc
Treasury 4.5% Bc¢K
Rattr*)orEs Greenbank BoThl
Meta Platfoffns Inc
92.834
75,575
67,311
59,864
57,315
56.761
55,672
51,923
51,625
51,426
35,756
71,226
50.147
59.914
36.￿3
29,373
26.4
51,4
47.202
2024
2023
1,016
1.016
198
2024
2023
11.227
35.812
11.227
35.812
Tntstees seNe C￿ a vclurlary and rec*lve no INnu￿raI¥)n cr t*nefiis. No t￿￿tee
ex[￿585 were w￿Urr&￿ by ts Charity. The doy.to4ay mnning d the TfU51 is c¢rtr*d to a 881f.
employed admini8lrat(Y w￿) ￿ patd. Thè Charfty (k)es n¢X Fwve any ernp4oye89.
10.
2024
2023
aveTr3e mow nunber of errptye85 thring the yearwas:
Tt*re wern no ￿n[lo>￿S whc6e a)Nal r￿jUneral1￿ was £￿1.0(￿) LY rTh)re.
10

DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST
Notès to the financial statements for the year ended 31 December 2024
11.
Fund Transfer•
During the periixl the trustees exerrised their FM)W to (x)nvert £17.236 {2023.' £13,082) the
expendatle endDM*nt fund lo irtome lo be spent Ihe futherarKe (A the charity's purtK6es.
11
Anatysl• of Charitable Funds
8alanc• Share of
N•t
Income
8alanGe
Grarrts
Galn*l
Pald TMsfer8 (Losses) 31.12.24
1.1.2024
Fund8
ExFerKlat4e EThYowTrth 1708,386 (27.264)
Unr8stricted FurMI
117,2361 151.8e8 2,815,774
58,489
(7S7251
17.236
Total Funds
1708.386
151,888 2 815 774
The expendable 8r¥Y04•mienl was esta￿l$hed in 2021 ty the bequest frcm the l*e D￿ran aThJ Sets
Ouzounian creating the CWI flmd cl the Cickran aTrJ Seta ¢)Jzcur*an Educational TrusL The Tn
have the pK)wer lo spend capital crf the fuThJ on thè futherarce ￿ Ihg charity's PLtrF¢60S.
Anatys18 of Funts by Awts and UablllOo•
Unrnstrlcted R•8trlcted
Funds
Funds
2024
2024
T(thl Unrnslrkted R•8tr1rtod
Funds
Fundg
Funds
2024
2023
2023
Tot
Fund8
2023
2,827,￿1 1827.001
111.227) {11,227)
181&774 181A774
2.744,1￿ 2,744.198
{35.8121 {35,8121
170C386 1708,386
Llabihties
11