2021-03-31-accounts

				Page
Reference and administrative		details ofthe Charity,	its Trustees and advisers
Trustees' report				2-8
Independent auditors'	report	on the financial statements		9-12
Statement offinancial	activities			13
Balance sheet				14
Notes to the financial	statements			15-28

Trustees		Rita Alice Vartoukian	Rita Alice Vartoukian
		Teni Shahiean
		Alexander D'Janoeff
		Martin Sarkis Essayan,		Chairman
Charity registered
number		215352
Principal office		50 Hoxton Square
		London
		N1 6PB
Independent	auditors	Kreston Reeves	LLP
		Chartered Accountants
		2nd Floor
		168Shoreditch	High Street
		London
		E1 6RA
Bankers		Lloyds Bank
		P.O. Box 1000
		BX1 1LT
Solicitors		Farrer 8 Co
		66 Lincoln's Inn	Fields
		London
		WC2A 3LH
Investment	Advisors	Cazenove Capital Management
		1 London Wall Place
		London
		EC2Y 5AU

The key fi	n	ancials fo	r the curre	nt and pr	evious year are:
					2020/21			2019/20
				No.	ofgrants		No.	ofgrants
Investment		income
Dividends						143,876			183,840
Less: Management			fees			(32,727)			(31,385)
						111,149			152,455
Grants
Armenian	Church				2	2,000		3	13,415
Armenian	projects				6	96,852		6	56,098
Jerusalem		Library			1	8,762		3	27,478
Other projects					2	32,000		2	58,000
Total grants					11	139,614		14	154,991

				Unrestricted	Endowment	Total	Total
				funds	funds	funds	funds
				2021	2021	2021	2020
			Note
Income and endowments		from:
Donations and legacies				8,600		8,600	8,600
Income from investments					144,540	144,540	184,858
Total income and	endowments			8,600	144,540	153,140	193,458
Expenditure on:
Raising funds			7		32,727	32,727	31,385
Charitable activities			9	148,692		148,692	159,940
Governance costs			10	5,935	4,905	10,840	10,652
Total expenditure				154,627	37,632	192,259	201,977
Net (expenditure)/income		before net
gains/(losses) on investments				(146,027)	106,908	(39,119)	(8,519)
Net gains/(losses)	on investments				2,735,511	2,735,511	(932,037)
Net movement in	funds			(146,027)	2,842,419	2,696,392	(940,556)
Reconciliation of	funds:
Total funds brought	forward			312,613	9,075,877	9,388,490	10,329,046
Net movement in funds				(146,027)	2,842,419	2,696,392	(940,556)
Total funds carried forward				166,586	11,918,296	12,084,882	9,388,490

as at 31 March 20	21
				2021		2020
		Note
Fixed assets
Investments		13		11,828,518		9,124,653
Current assets
Cash at bank and	in hand		312,142		311,994
Creditors: amounts	falling due within one
year		14	(55,778)		(48,157)
Net current assets				256,364		263,837
Total net assets				12,084,882		9,388,490
Charity funds
Endowment funds		16		11,918,296		9,075,877
Unrestricted funds		16		166,586		312,613
Total funds				12,084,882		9,388,490

			Unrestricted	Total
			funds	funds
			2021	2021
Gifts	in	kind	8,600	8,600
			Unrestricted	Total
			funds	funds
			2020	2020
Gifts	in	kind	8,600	8,600

		Endowment	Total
		funds	funds
		2021f	2021
Dividends	and interest on fixed interest securities	143,876	143,876
Interest on	cash deposits	664	664
		144,540	144,540

		Endowment	Total
		funds	funds
		2020	2020
Dividends	and interest on fixed interest securities	183,840	183,840
Interest on	cash deposits	1,018	1,018
		184,858	184,858

Expenditure	on	investment	management
Expenditure	on	investment	management

Endowment	Total
funds	funds
2021	2021
32,727	32,727
Endowment	Total
funds	funds
2020	2020
31,385	31,385

Grants to	Total
Institutions	funds
2021	2021
139,614	139,614
Grants to	Total
Institutions	funds
2020	2020
154,991	154,991

The Charity has ma	de the following material grants to ins	titutions during the year:
		2021	2020
Armenian Projects
World Food Programme		38,646
Hayastan Armenian	Fund	20,000
Aurora Humanitarian	Foundation	20,000
London Armenian Poor Relief		9,000	9,000
Fees re Jerusalem	Library	8,762	27,478
Virtual Summer Festival		5,000
Armenian Church Trust		4,206	8,208
Armenian Church ofSt.Sarkis		2,000	13,415
PRIME			29,890
Armenian Institute			5,500
Armenian Diocese			3,500
Sub total		107,614	96,991
Other projects
Barrow Cadbury Trust		32,000	58,000
Total		139,614	154,991

			Unrestricted	Total
			funds	funds
			2021	2021
Grants			139,614	139,614
Other	charitable	activities	9,078	9,078
			148,692	148,692
			Unrestricted	Total
			funds	funds
			2020	2020
Grants			154,991	154,991
Other	charitable	activities	4,949	4,949
			159,940	159,940

				Unrestricted	Endowment	Total
				funds	funds	funds
				2021	2021	2021
Auditors'	remuneration			1,635	4,905	6,540
Staff and	office costs provided	by Gulbenkian	Foundation	4,300		4,300
				5,935	4,905	10,840
				Unrestricted	Endowment	Total
				funds	funds	funds
				2020	2020	2020
Auditors'	remuneration			1,588	4,764	6,352
Staff and	office costs provided	by Gulbenkian	Foundation	4,300		4,300
				5,888	4,764	10,652

			Grant
			funding of	Support	Total
			activities	costs	funds
			2021f	2021f	2021
Grants			139,614		139,614
Other	charitable	activities		9,078	9,078
			139,614	9,078	148,692

			Grant
			funding ot	Support	Total
			activities	costs	funds
			2020	2020	2020
Grants			154,991		154,991
Other	charitable	activities		4,949	4,949
			154,991	4,949	159,940

				Other
				charitable	Total
				activities	funds
				2021	2021
Staff and office costs provided		by Gulbenkian	Foundation	4,300	4,300
Bank charges				86	86
Professional	fees			4,692	4,692
				9,078	9,078

			Other
			charitable	Total
			activities	funds
			2020	2020
Staff and office costs provided	by Gulbenkian	Foundation	4,300	4,300
Subscriptions			468	468
Bank charges			181	181
			4,949	4,949

					2021f	2020
Fees payable		to the charity's	auditor for the audit and preparation	ofthe
annual	accounts				6,540	6,120

					Other fixed
				Listed	asset
				investments	investments	Total
Valuation
At 1 April 2020				8,562,996	561,657	9,124,653
Additions				1,758,922	(1,758,922)
Disposals				(1,320,976)	1,413,390	92,414
Revaluations				2,568,468		2,568,468
Net cash invested					42,983	42,983
At 31 March 2021				11,569,410	259,108	11,828,518
Net book value
At 31 March 2021				11,569,410	259,108	11,828,518
At 31March 2020				8,562,996	561,657	9,124,653
Net movement in investments
					2021f	2020
Market value at 1 April	2020				9,124,653	10,082,545
Net investment gain/(loss)					2,568,468	(780,410)
Funds invested/(divested)					135,397	(177,482)
Market value at 31 March 2021					11,828,518	9,124,653
Investments at market value		comprise:
					2021f	2020
Listed investments					11,569,410	8,562,996
Cash awaiting investment					259,108	561,657
Total net investment	transactions				11,828,518	9,124,653
All the fixed asset investments		are held	in the UK.

Components of market value:
	2021	2020
Equity	9,660,624	6,583,428
Loans	1,908,786	1,979,568
Cash	259,108	561,657
	11,828,518	9,124,653

	The investment		holding	holding	of f540,005 (2020: F832,328) in 0.125% index	of f540,005 (2020: F832,328) in 0.125% index	of f540,005 (2020: F832,328) in 0.125% index	of f540,005 (2020: F832,328) in 0.125% index	of f540,005 (2020: F832,328) in 0.125% index	linked	UK Treasury	UK Treasury	Stock is
	4.56% (2020:	9.12%) of			the total	portfolio	value	and was the only holding		in excess of 5%		in	the prior
	year.
14.	Creditors: Amounts			falling due		within one year
											2021		2020
	Trade creditors										6,120
	Grants payable										34,302		34,302
	Accruals										15,356		13,855
											55,778		48,157
15.	Financial instruments
											2021		2020
	Financial assets
	Financial assets		measured		at fair	value through		income	and expenditure	11,828,518		9,	124,653
											2021f		2020
	Financial liabilities
	Other financial	liabilities measured				at fair value through			income and
	expenditure										55,778		48,157

									Balance at
				Balance at 1				Gains/	31 March
				April 2020f	Income f	Expenditure	f	(Losses) f	2021 f
Unrestricted	funds
General Funds - all		funds		312,613	8,600	(154,627)			166,586
Endowment	funds
Endowment	Funds-all		funds	9,075,877	144,540	(37,632)		2,735,511	11,918,296
Total offunds				9,388,490	153,140	(192,259)		2,735,511	12,084,882
Statement	offunds - prior year
									Balance at
				Balance at				Gainsi	31March
				1April 2019	Income	Expenditure		(Losses)	2020
Unrestricted	funds
General Funds - all		funds		469,841	8,600	(165,828)			312,613
Endowment	funds
Endowment	Funds - all		funds	9,859,205	184,858	(36,149)		(932,037)	9,075,877
Total offunds				10,329,046	193,458	(201,977)		(932,037)	9,388,490

Analysis ofnet assets between funds - cur	rent year
	Unrestricted	Endowment	Total
	funds	funds	funds
	2021	2021	2021
Fixed asset investments		11,828,518	11,828,518
Current assets	222,364	89,778	312,142
Creditors due within one year	(55,778)		(55,778)
Total	166,586	11,918,296	12,084,882

Analysis of net assets between funds - prio	r year
	Unrestricted	Endowment	Total
	funds	funds	funds
	2020	2020	2020
Fixed asset investments	48,776	9,075,877	9,124,653
Current assets	311,994		311,994
Creditors due within one year	(48,157)		(48,157)
Tl	312,613	9,075,877	9,388,490

					Trust for	Unapplied	Total
					Investment	Total Return	Endowment
At 1 April 2020
Gift component	ofthe permanent		endowment		6,692,823	2,383,054	9,075,877
Movements in	the year:
Investment return: dividends		and interest				144,540	144,540
Investment return: realised		and	unrealised	gains/(losses)		2,735,511	2,735,511
Less: Inmstment	management		costs			(32,727)	(32,727)
Less: allocation	ofauditors'	remuneration				(4,905)	(4,905)
At 31 March 2021					6,692,823	5,225,473	11,918,296