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|||||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|||
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|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|
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|||||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|
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||||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|
##
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||||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|
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|||||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.||||
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|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|
##
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|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|
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||||||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|
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