DICKRAN AND SETA OUZOUNIAN EDUCATIONAL TRUST Financial Statsments for the year ended 31 December 2025
DICKRAN AND SETA OUZOUNIAN EDUCATIONAL TRUST Officers and Advisers Goveming Document". Trust Deed Charity Reglstration No: 1195178 Er¥JlaNI & Wale& Main Office: Dic*ran aThJ Sda 0uzolan EdtK)nal Trust PO Box 7628 LorKk)n WIA 3YZ Trnstee5: IArG Galan Mr B P Guitthian (thaman) Administrator: Ms M ChTa)essdf 167 Aeet Street LoTrJ EC4A 2EA Investment Manager. 8 Finsbury CNcus EC2M 7AZ Bankers: Coutts & Q). Ltd Lot)Jon WC2R (X Indwntht Exaniner. Hovnan Hn[ArtS(jrnlan BA FCA Hovnan & Co knmited Charter1 Accourtsnts 106 AshurEI RcBd Herts EN4 Contsnts: Trees. Arn1 Rewt lTrlyTrJent EmIrrS Rep)rt BdaThx Sheet 7-11
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Trustees. Annual Report for the year ended 31 December 2025 The Trustees present trir ann rewrt aTrJ firBrnial statem&ts tr the year ended 31 December 2025. Tnjstees conffmi that the annual rewrt a1 finarrial statements of the Charity Cnpty wrth the cuThent stalutory requnpJts, the requirements of the Chartvs goveming dcuEmwt and the wow10 of tFE Statent of ReAlmenda Practice (SORP}, applicable to chartb&s pwaring their wjurts in with the Finala] Reporting Standard appIle in the UK and Rot41C of Ireland (FRS 102) effthe 1 January 2019. Objecllves The otj'ect of the Trt is fhe thment d educalicm in the Ll( Amwin sbjdents from anwthern in the bv)rfd the furtherare of in music aThJ the arL8. To fu1 the Trusys c4gANes, the Trust offer fft to stlthts d AfflnIan rgin stltying in the UK. Public Benefit The Trustees have referred to the gLidarKt o)ntaineJ in the Chanty Cc¥Mii5sM?n's general guidan on publ benefft vthen reviebmng the Ttusts awns and LtliNeS arnl in annIng future activtties. The grants made during the year have effted pUbC in the further edwation of Amenian students sWirvJ in the UK A¢hievements In year Cinduding financial revie) When the budget was first srt the Trustees awarded £82,725 to 19 students. the academic year was jeA¥aY. Ihree Stents withdrew their dawn to their grant l-£7k in tota]). Consequendy, the aclual vaue (rf sclK4atshp grants disbursed during the period was £75.725 to 16 sttKJents (2024: £75.725 to 15 stents) Sttying at variOL unNerstti&s li the UK. 8 of the 16 beneficiar We $ting rene•val apFlicants wlwle the Wnairru 8 were new. Individua grants rarged frorn £1.OLt) to £8,(M)O sludent. As they had don• during Ihe prior year, the TrnL8teas o)nlinued to qUeStn Rathbes, tha inv@slment m8nagers. on tr reastyE for the ccrtinLif¥J For Ferf¢)nrO6 of the asset p)rtfol. TW rnised their cortem rot SUThOLmdr¥J the tUal perfDmire, slthich ccukj paruy be ex[Aaird by ongcirvJ markd vol8tiSty, txrt also RathInes. perfornr rtive to trEir peeFS. During the pericxl, the were presented by Rathbcfias %Mth an altemative investrnent option whh was dE(xsed in detail. On nsid1ng the vari(xts wnplications and fijrther advice from Tru5Vs indepeTrJ&tt finarKial a(fvrA)r, th8 Ttustees cfrted fcf the aeMthe apF1Oh. This invdv&l swrtthing frC a teSF(e asset FKthio to a w ve)n of Rathbones, Core Fund for chariknes.. the Carity Auth IrNeslnth FurJ {G41FI. Based on the Tru5Vs requirements adVe prcwhjgj by brAh RatN)(Ths arKI ttr Tt'S Indendent financÉa afvisor. the Tntstees (Wed for the CAIF PortfdK) Fl'sk Level 4.. m&Jium risk toleran, suilatrAe fLY investc¥s wilh a 6-10 time )rizOn and the (2parity to tderate a tempordry rx, sometimes, nanent ktss. The investment objective Select was Balanced: designed to projuce gro¥th in bcth capital and inc(xne, athit at a lower level than might LE achiev1 rf capital gr0h LY iThxYne alLe is Ihe pricty. The rx)rtrdio remair6 under discretionary mana3ennL Ttust's ine consists so* of dVjejS arnj capta gThrth of the investrnert portfolo Vth minor contributions frcm interest bank deF4)sits. the was taken to swtch to th6 CAIF. the vast majority of previou5ty hdd slIeS vEre s¢Jkl. The sale of securities during the year led to overal capital gain of £80k, c1Jllpad to £14k duriT¥J the prior year. B8sides a small prtn of c&h in the Trusvs tA3nk )unt, asset p)rtfolio represents tre vast majority of the cai¥ta, C Trust FuTrJ. Takir4J into lUnt al income. gains )d QXndjre, the Tnt Fund grewjust over 2.1% to £2.88 m1c (24. £2A1 million) duriNJ the yeai.
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Trustees. Annual Report for the year ended 31 December 2025 FdbwrvJ a tfansfer cl funds frc(n the EXpd8e End0ent agreed by the Trustees, the Unreslricted Fur began the at ztto ended £37k in the r1(2024. £17k in the red). lie it was hcyed that the ouUoc4( vrtyjkl imwove. this Outc was not vthcAty unexpected. The Trustees are c(rtnmiited to supp)rting etirj Lnef[.ary stLhYents by renewing their grants unti the ccfflpletic of thr doJree Ll)Ue. and have oTe again to transfer the nary funds trcm the ExpEndatAe En()nent to the Unr&Stii¢j FuThl StrUre, Governanee and Management The Chanty is govemEYJ by a Trust Deed in Settlrent 191 by t late Dick Haig and Seta Ouzounian 24th November 1998. The Trt E an Un1X)rt9d asscLiation administer&d by I? Trusiees and Or athministrator as rpmgj on officets pwJe. Both the Tt seNe on a voluntw basis recave m ertses. No staff are ojrrenty employ&J by the TntsL The ajministrator FHd. Inves1ment Policy The cl the Chty have wide FOWS to investthe morues of the Chrity as they think fiL They are advis C investm&tt mattern by Wlter Weath Management LLP, who are I by the Tnth8tees' guIdare (m r4U1ments aThJ risk. The Trusvs investrnent portfclio is PTofessionaMy Manag by Rathtr Invesknent ManwJemenL The cJJrrent portfdio i% inv&sted wÉdely in terms (rf asset dass, asset manager security and on a globd basis. The Charity seeks to w(Klu(E the finla1 rdum within acceptalje level of rtsk It ad(yts a total retum appnach to investmenL eratIng Investrn retum from inccffie and catal gains or Ic6ses. It is exFXt8J ttst rf in any one year ts tota retum is ul1t to meet the budgeted grant4ming expenditure. in the lor¥J temi ts rea value of the Chaiity will still be maintain&J. To all for volaldty of lYt81 VaS. the Trustees wnf( the rnager to maintatn at least one yearfs vh)rth of wed grwrt in ch or l¢xer rtsk liquhl investsrents. Reserves Pollcy In terms of CharÉty Law. the Trust Fund is an exper#Jab OlOwnt Injstees therefore have a duty to SFeThJ the Iorne serVes generat frcffi the Tntst Fund wTrthin a reasonable time of re)1. Hwever. sctK)IarSh to new bwefriaries are awarded on basis that a student be suppxted for e&h year cl their dgjree COue, sLbIt to cwlain c£ndilions ng met. Ther0, in ary partrular year, finarria Cd((lOr6 pemiitting, the trust98s will aim to maintain sufficEnt fund5 ill the rVe$ to c£Thrthsate for a FxAentral drcp in irwme in the years suIMquent to eth new The Tntst Fund consists sddy of the orwJina (aFNtai and catxta gainsAoss&s. Investrnerrt inwme is held in the urwestrVX Funds. In Ig tern, the Tnjstees wll aim to keep charitable speTrJing in net itKcffle, 81though tw do th8 tx)wer to SpK1 the caprtal of tha furtd on charitaNe pUrF rf they so detemiine. The Tn6tees are aware that it thl be dUl1 futfii tt l0Th34em aim in the short tenn. due to ong)irwJ market vdatilty arHI the generally uncetsin 0Mmlc dwnat& Risk Reviow The Trustees have hdentified and ass} the maTr)r rrsks to the Charity exposed, in parbcular those rdated to the opion firn of the (arity. They are satisfied that ttr ChaTTty'S exposure to these risks is at an Wtle level. Trustees are able k) trAerate vdaffity of the (ztita wdhje d the Ckwity, Icfftg as the Charity is able to mt ils sFK)rt4ern grant-ma(ing CLYnmiknwts through ther irorne or quid capit818ssets. Accordiry to a bulletin the Tntsvs investsntt manager, the World EcotK)mic Forum's Global Risks RerJ)rt 2026 highluhts a of growng Uertanty. The Report stat that instabilty is now a defining feature gl()a outt(L.
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Trustees. Annual Report for the year ended 31 December 2025 Going Concem The Twstee5 have a asona1e eXp&all)n that the Charfty adequate to be operational for the foreSeeae future. For thk8 rea1 wll adq)t the gung c0M basis in prepaFtr¥J the finar1 statements. Fuknre Plans The Twst intends to ccrtinue its (ra1 pcAry OF di8trrbuting al irorne r&re1v to eligible beneffciaries in th8 fomi of grants tn vrfth the tenns of Trust Deed. Responsibilities of TnteeS The Trustees are reskK)nsible for preFring th8 Tree$. Anrwa Report arKI the financi statements in vthh appluue law and UnitgJ Ki)gth AcrAwnting Standards (United lQngdom General AC[ Ac(x)unting The Law applicae to charitie5 in Enand and Wdes requires t1 Trustees to prepatE statements for financial year. Under that law the Trustees have to prepare the firal statemerts in aCCordare with Unrt Kingdom Gerr31 AcceFrted AtIng Pce (United GerallY Accepted Accounting Practice aThJ applica lawl. UtKler (tariiy law the Trustee5 must approve the nancial statements unless they are Satisf Ihat they give a Iw8 and fair view of the stats of affairs of Charity and of its resouw arKI awltst#)n of resourrx f(that pericKI. In pwaring fina[la1 stements the Tnstees we wuld to: ' selttt suitable antiThJ pdicies ttEn aFply them coElst&tt,. ' observe the methjds and princaples in the Charibes SORP" ' make judgements and aCCA)ling estimates that are rea$ab wudent.. ' slate whether ap lcable cl)Jnting standards have iwi fdlov+Ed, Subj to any material departures di8dosed arKI eWain8J in the stalements., aTr prepare the finala1 statenErts on the gThJ cOrM basis unless it inaFpropriate to pwume that the Charity w511 c(ntinue in 0wati. Trustees are re5FK)rsible for keeping prOr ntIng recotyjs that disdose wilh reaSonae ac¢urdCy at any time the )Inarrial 111)n of the Charity and enable them to 8n5ure that the fina4a1 slatements ojmpty ¥th the Chaiiti&s Act 2011, as amended by the Charities Act 2022, the Chanty (Aco)unts a1 Rep(¥ts} ReguLgtw)rts 21J08 and the WCNisions OF the chari5 tFUSt deed. They arB also resFWJLqitle for safeguaftling the assets of the Char"ty and henc£ for taking reasonabk ster6 forthe Frnei( a] <tlOn crffrdud aKI rther Irraganti8S. Approv1 by the Trustees on 17 Tunl 20 and sign on behalf of Bo&d fpa B P Gulbenkian Trustee- Chairperson
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Independent examlnefs report to the trustees of Dickran and Seta Ouzounian Educational Trust l report on 1he accounts ofthe TNst forthe sear en 31 Decanb8r 25, vknich are set out on pages 5t011. Res11¥¢ responslbllities of trustees and èxamlner The tharivs tnBtee¥ are retr11e for Prepa# the wnts. Tr thaTty's trustees 0$1er thal an audit is not for this year urKler Sects 144(2) of th8 Chaths Pd 2011 llhe Charilks Acf) that an indeK1# examinatrin ig wjed. t is my yesnsI)lIty tr): examlie the acx)xnts Unders) 145 ofthe In folow the pffK£dures •i Ihe gmal CireLDns gNEn byts Charty CymiissK)n (under se(kn 145(5Xb) ofthe CharitEs kn( and Basis of1ndond•nteXam1n0rfS repwt My examinatM)n was (atTied (xjt in aCG0rdan th gerErdl Directions gwen by the Charty Commisswjn. An eYAminatiw •idudes 8 review of the aCCltia reco$ kept by the charity and a ¢cfftparison ofthe acwunts present ttrL)se re(ords. It inthdes nsleratIOn of any unusual items or di8dosures in the accounts, aThJ seekyig eyplanaknns from the trusiees nIm7g any such matters. The prOdureS Imdertaken do rKIt provide all the ev1jen that would be r8qUI in an aud and cOnsequenY r¥) c4)inrJn is given as to whether the acownts preni a 'true and fairf view the report is limrtgj to tha%e matters t oui in thè slatement tdow. Irmlepondgnt gxamirnrfs statem#nl In connecton wilh my ex8minatK•n, rv) material mattars have to my attention gtves me ause to beIve thal vi any material res th6 acuty reojrds V•Ere not ke in aco)rdan( with sectw)n 130 of the Charties Act.. or the accounts dKI not acajrd wth the attirj rOrdS. or the accouftts dK1 not Clp with the applt(abte quirements cOnmm9 the fDmi and content of accounts set cmjt Ihe Charitie5 (Accwnts and ReFK>rts) Regulati)n$ 2008 other th8n any requirement that the 8ccx)unts give a 'tnJe arbj fairf vtew whith is not a matter wnsKJered as part of an irKlependwt ey2minatKn. I have no ConM$ aFKI have C acros5 no other mattets in o)nnection I1h the examinati)n to vknich attention thould be drdvffl in Ihis Tewrt n 0r to 8b18 a proper wlerstanding of 8(munts to be re8thl. H Hampartsoumlan BA FCA Hovnan & Co Llmlted Charterpd A¢¢ounlants 106 Ashurst Road. Co¢ktostef5. 8amèl Her15. EN4 9LG Date:
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Statement of Financial Activities for the yaar ended 31 December 2025 UrtrICted Endowm•rt T¢)tal Unrestricted Endowment Funds Funds Funds Funds Funds 2025 2025 2025 2024 2024 Totsl Funds 2024 Income and endowments from.. Investment irKome Other 9).393 70,112 123 70.112 123 Total in¢m 50.400 50,400 7Q235 70.235 Expendire on: Cost of raising funds Chaiitable aclivthe5 23.0 219JO 87,512 27.264 27,264 87,471 87.512 87.471 Total expenditurn 87,512 21990 111,502 87.471 27,264 114,735 Net incomthl (expendIre) before inv85trnent galn51(105ses) (37,112) (21990) (61.102) (17,236) (27,264) (4é500> Net gainloosses) on Investments Realised gains10) on investments Unreaised g&nsl (loss) on inveStmts 79.520 79.520 13.626 13,626 41.228 41,228 138,262 138,262 Net incomel {expendire) Transfers eeen funds {37.112) 9Q758 (17.236) 124624 107.388 37.112 (37.112) 17,236 117,2361 Not movement In funds Balance brought forward al 31 Dec 2024 646 4646 107,388 107.388 2.815,774 2.815.TT4 2.7Ck8,386 2.7CI8,386 Balance canied foThvard at 31 Dg 2025 12.13 2,87&420 875 2,815,TT4 2 815 774 ContinuirnJ oparatitx None of thg Trusvs ac1witS a(4uired ordEAxMtnL*d duriu ts ojrrent rJ. Tolal wecognlsèd gakns and losses The has reojgnked gains or bsses otsr Ihan lh8 gal or bs5e5fDrlhe pthl. Thè notes cffl pages 7 to 11 form partoflhese fclaI Stat$.
DICKRAN AND SETA OUZOUNIAN EDUCATIONAL TRUST Balance sheet as at 31 December 2025 31.112025 31.112024 Fed assets Invesknwts 2.8&3.922 2.810,330 2,883,922 2.810,330 Current assets Cash at bank DekAo 9.953 15,655 1,016 9.953 16,671 Ualjilities: Amcyjnts falling wilhii orE yr Net Current assets 18.455 11,227 I&W21 Totsl ¥sgts less ¢umt liabililios 2.875,420 2,815,774 Repres&rt&J by: Endonent funds Unrestrided funds 12.13 12.13 2.875.420 2,815,774 Total Funds 2,878420 2.815,774 Apvrov arKI authised f(x issue tty the TrLBtees ( ITr 2026 aThJ on its FhalF. B P Gulbonkian Trnstee- Chairper50n n(tss Ln Pa3es 7 to 11 foTm part of these final1 staierneTrts.
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Notès to the financial statemerts for the year ended 31 December 2025 ACCOUPtnNG POUCIES (a) Accounting convonlion The fin8nry statements are wepared in C(dance wth the Statement of R9comnThJed Pwlice°Accowling arKI ReWng by Charities" weparirvj their awounts in aCrdance with FInal RepoiliThJ Stsndard appIable in the UK and Republ of Ireland IFRS 102) issued on 16 Juty 2014 and Fina Repjrting Standard applicable in the United In10M and ReWl4 of Ireland (FRS 102) and Charities Act 2011 as amend by the Charitt&s Act 222. Exwnpb(N) been tak from preparing a cash l]ow statement under 'StiOn 7 Statent of Cash Flow3. as Fermitted by FRS 102 on the 9Un[ts Ihat the Tnjst qudifies as a smal tty. The accounts hwe been prepwj urnlerlhe htor cc6t conventicffi. Ib) Donations, legacies and similar incoming resources DOnatnS. legaa85 and similar irmnirvJ resour are rwnised ce the charity has entrdement lo the irmne. there is SLE1nt rtaInty of pt and so it is probable that i70 will 1ved, aThJ the vakje of i1ne can be MsL6d reliably. InveslJnent income 1me from investmts 15 IT1 in the statèrrRnt of aJivitr6s the year in which f( is weivat4e. (c) Id) Cost of raising funds The mst of generating fijnts colsts of Irert mag certain legal prthior¢l fees tharged on an &XnlS basis i1ng VAT. Ie) Charitsble xlivilies The expenditure on charite Nibes inciJts gts made. g0Vemar c(tsts and support cc6ts. Indud&l Imthin thi5 categ)ry are cx6ts asSlate hwth the IndePent examinati(n. and ¢itsts (rf C(png wth nStitUti[al statLrtory requirem. ifj Grants ApFAicatKJns for ants are c(xtsidwed ty Trustees. They are LcxJnted for on an npls basis the Ilird paty has a re&wnatAe eXpeCtatn that they wll receive the grant. Priorty gwen by the Trustees to undergraduate Studts students pursuing other qualFrtI0rts in the field of and Ihe arts are also considered. (g) Fixed asset InSImnts Inv8strnents are induded ai mart(et Val at Ihe sheet date. Any gn or loss on revaluation is taken to the Statemert of Ftala1 Activit (h) Foreign Curre Foreon CUTrery tran$ti we tranated into sterfing at the excharYJe rate ruling at date of the trartsacti. mcetsry assets a1 lialilities derKffiinatod in foreign Jrrencies are trarElated at the Yate of exchar¥Je ruling at the balar sheet date. All exthange ditferer¥x are taen to the StateJn&tt Finar¥ial Acvtties ri) Funds Unrestricted fuFKts are th(e general knds reNed ulilised in furtIware of the obj&ts of tFE charity. FuThJs Wre caiitsl is hdd to Tate incne for charitatrAe purpcEes are 8c£ounled for &5 er¥Jownent fwKls. tern dthe endOwnnt all(M the
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Notes to the financial statements for the year ended 31 December 2025 caytal of the fiJTrJ to be SFett rm fthae crf the charity's WTF(64s rf th8 trustees so detemiine, the [d is therefore wnted for a5 expendable endthvment. Taxation pollcy The tharity is a re98ted Ch and exemrA frun Irome, o)ry)oration tax a1 c2pital ga tax where Ihe iTh))rne and gans are forcharitable purpc6es. Inveslment income Totsl Unrestricted Endowment Total Fund Fund Funds Fund Furnl Funds 31.122025 31.1Z2025 31.112025 31.1Z2W24 31.112024 31.122024 17,702 UK equities UK fixed interest securities UK altematw&8 Overseas equÉbes CeeaS fixed intt securities Interest on cash dgwsts 11372 12.372 17,702 7,744 7.793 19.K27 7.744 7.793 19,K27 13.644 10.835 24,634 13.644 10.835 24.634 313 313 1282 1,282 2,015 2,015 50.393 50,393 70.112 70.112 Cost of rnlslng funds Total Unrestricted Endowment Fund Funds Fund Fund Funds 31.1Z2025 31.122025 31.112024 31.112024 31.12.2024 Fund 31.112025 management 16.2 16. 20,237 20,237 FInartal advisorfees 7.027 7.027 23.99) 23, 27.264 27.264 Grants Total Fund Funds 31.112024 31.12.2Q24 Fund 31.122025 Fund Funds 31.112025 31.112025 Fund 31.12.2024 University scholarsliF6 75,725 75.725 75.T25 75.725 75,725 75.725 75.725 75,725
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Notss to the financial ststements for the year ended 31 Docember 2025 EXpendIre on ¢havitable actlvlllas Trtal Unrestrlctod ErKlthvment Total Fund Funds Fund Fund Funds 31.1Z21Y25 31.1Z2(r25 31.112024 31.112024 31.122024 Fund 31.112025 Grants {N()te 4) Admin and accounlancy Independent Examiner offi expertse 75,725 75,725 75,725 75.725 8,7 8.750 8,7j 8,7&) 2.412 625 2.412 625 2,412 2.412 87.512 87.512 87.471 87,471 Fixed assets inveslments )25 2024 Market value at 1 January 25 Additions DisposaLs (at opEning market value) Net unrealised {thsY Net movement of cash held 7hithin portfolo 2.810,330 2.705.193 3.228.551 875.313 (3.124,5} (922.0) 41,228 138.262 (71.e821 13,652 Marf<ot vthe at 31 DKamber 2025 2.883.922 1810,330 Hlstorical cost at 31 December 2025 1856.227 1661,793 Investrnents at market value Total 2025 Totsl 2024 UK Equities Fixed interest SrItIeS Ajtemats'ves Cash held 1h1n investment portrolio 2.840.1)59 2,840,059 471.375 1.663,227 2.134.602 270,888 51.625 322,513 280,594 280,594 72616 72,616 43,129 734 43.129 Totsl 43,863 2,840.059 2,883,922 1.095,473 1,714,852 2,810,325
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Notes to the financial Statlents for the year ended 31 December 2025 Materlal Inveslmonts 2025 2024 Rathbones Carity AUlhor1 Ir)vesknw FurMI {CAIF) 2.840.059 2025 2024 Prepayments 1.016 1,016 2025 2024 18,455 11,227 18.455 11.227 The TrteeS seNe on a voltary basis raVe no remuneration or benefrts. No trLee exper there incutT8J by ts Charity. The thy4trday runnin9 of Trust is conlTrct1 to a sdf*mpk7pJ thin1strat IS F¥. TIE Chaiity does mt have ary ernees. 10. 2025 2024 The aver&> nwnber of duriEVJ the yearw&8'. 11. Fund Trdnsfers DurirwJ the p8riod the trustees exercised their power to convert £37,112 P024: £17,236) from the extEae etNlowment fLd lo Iome to be stEnt on the furtherdrre of the charity'5 purix6es. 10
DICKRAN AND SEfA OUZOUNIAN EDUCATIONAL TRUST Notes to the financlal sL1tements for the year ended 31 December 2025 12. Analysls of Charitable Funds Balance Share of Net Inc(xne Balanc9 Grants Gainsl at Paid Tmsfers ILosses} 31.12.25 1.1.2025 Funds Expendatle Endowment 2.815.774 Unrestricted Fund Total Funds (23,99)) 38.613 (37.112) 120,748 2,875,420 37.112 2.815,T14 5.725 120 748 1875.420 The [ndable vra5 estknlIsh in 2021 by bequ8St from the late Dickran and Seta Ouz(MJnian creating fuThJ of the Dthan arKI Seta Ouzounian Educati(al TnEL The Trustees have the F)Er to rj Ihe capital of the fund on the furtheran rflhe tharitys PUfFKtses. 13. Anatysi$ of Funds by Assets and Uabllities Unrestrfcted Endowme Funds Funds 2025 2025 Total Unrestrlcted End¢)wmerrt Fur)ds Funds Funds 2025 2024 2024 Totsl Funds 2024 2,893.875 2,893,875 (18.455) {18.455) 187&420 Z875A20 2,827,(K11 2,827.001 111.227) (11.2271 1815,T14 2,815,774 abilities 11