BENLIAN TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED: 29 JUNE 2024 CHARITh NUMBER: 2T7253
THE BENLIAN TRLBT OFFICERS AND ADVISERS Governing Document Twst Deed Charlty Registratlon No.: 277253 Prfnclpal Address: PO Box 7340 LI)nd( 3XE Trustees: Ms. V Gufbenkia) Ms. A Selian Malian Mrs. S SimCs (Chairperg)n) Ms. R Vwtwkian Adminlstrator. Ms. M 0essoff Bankers: 8*s Bank P Levster LE87 2BB Independent FFnanelal Advlsor. Westrnin8terl1h MageMent 167 Fleet Street London EC4A 2EA Investment Manager. JM Finn & Co. Lld 25 Ctha¥ ANEnue . London EC2R 7AH Ind•pendent Examiner. Han & Co Ltd Chartered 106 Ashurst Roaj 88met EN4 9LG
THE BENUAN TRUST Contsnts: PAGE Trustees, knnual Report 1-5 Indewdent ExinerS Rewt statt of Finla1 A¢tsvibes Balan Sheet Acoxmting Pollcies Notes 17
THE BENUAN TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 29 JUNE 2024 The Trustees prewt theIrnU re1 Atatwn•ts )r the Wended 29 June 2024. The fin¢la[ staterrts have been prepared in aco)rdance wFlh fhe accountlng pdmies set ¢t in note 1 to Ihe actnts cornpty wtth fhe char[9 trust deed. the CharitFes Act 2011 Ac0Ming and Reporting ty Chaiittes.. Stslement of Reu)mmended Pr1 (SORP). applicable to tharknes preparing their accounts wi 8ccordan¢e with the FancIal Rewting sdard applicsble in the UK and Republic of Iretand (FRS 102) effective 1 January 2019. Obiectsves and Adlvlties a. Objectives and Athllies The cknje¢ls of The Ben11 Trust we as fclkws:_ 1. To appty the InoTh of 3151hs of Ihe Trust Fund tTh¥ards the educa11 costs In Engknd of sons and daughters of knnenian fathers obtswiirKJ hIler education. 2. To appty the of 115th of the Fund (Imth as anended kn ttem 3 below) for such ediKatKmal or other thari18ble purposes ¢)neC with the cltural Fife of the Communfy of knni8ns vi(luding the and sutwt of 3. To appty the inece of 111iJh of Trust Fund for the fijrIheran of medical research and the provision of amenrbes for nurses at the Wegtrninster Hospltal and Middlesex Hospitd In equ81 sh8rns. The Trustees have been advised by the Charity Commissioners that the thariws purwses in re8pe¢t of the Westrninster FkJ5Pital have failed due to the hospllal havr]g been in(worated into another group. Accorrfingty, the of the Tmst Fund n(rnlly alb)cated this purpose is lo be allocated for educational or other d)aTitabIe purposes connected wNh Ihe Cltural life of the Lond Ccrfnmunty of knenians wi ardance vath the Trust Deed. Consequenty, On 1r2 of the inccwne of the TNst Fun¢J is appled lo Mvjdlesex HospltaF. 4. To appty the inoxne of 11101h of the Trust Fund to the Armenian Hospltal in Istanbul and L'Ecole Mixte Am]eniennes, Tebrotsasseres, in France in 4ual shares. In furknce of Ihe Trusvs the ¢)ffer 3dshIp grants to Am)eni8ns studying n England, ants to orga)i5alion5 and institutlons to promote speofic edu(zttonal, 1bjrar and charilable &bvtls o)nnected with the cultural Ilfe of the London Comnwnty of knanjans. b. Publk Benefft We have referred to the guJwtt lnrned in the Chaiiy CcffNnjssion'$ gerErnl guid on publ b•)efft eW1 our aims and Je(¥e5 and Hi planning our future aclivibes. Since 2023, all income is gerwated from prOfeallY maRged inveslments Ihamng prevtousty been largdy from wnmerciat renta Incx)E). The maln B1 porTh0 generated income bw)rth £138.165 (20r8: £29.930}. £115.569 of this consisted of deposit interest most of whth was generated from the proceeds of the sale of the propety. Acting on financiat advice. Ihe proce&Js of the sale had been
THE BENLIAN TrUST TRUSTEES. ANNUAL REPORT YEAR ENDED 29 JUNE 2024 held in a short-tenn UK Treasury Bond and then as Gash. in anth¢i)atiM of a le8S vc4atile market befe buying securittes to reffect the risk profile set in the Trusys new Investment Pobcy. The Tfustees granted £4.0 (2023: £8.5) tovrdrds the Iutiion fees or fwing expSe8 of 2 (2023: 3) sbJdents st19 at various UniveIlle$ in Engknd, and a further £20.9 (2023.. £15,5C(i) tlrdS Ihe ctst of 7 (2023.. 4) Anywian cultural and eduCatior actiwbes in London. th the uncertarnty SunWn¢fH the tholesde thange In the s¢>Jr of income gerati, at the start of the year. the TNstees tcok a prudent Stance wrth regard to the grants destined for the regular 1¢xle8 Wrfied in Mr. l$an,8 IMN namety.. The Middlesex Hospitat (now UCH Chariliesl. Surp Pirgr¢ Am]enian Ho$pttai In Istanbul and L'Ecole Mixte Armenienne Tebrotzassere. In Paris. These benefiuaries weffj each awarded grants of £2.XKI (2023." niT). Finalty. f(NJr granlg amounting to £4CQ in total (2073." £WJ tow e made to various thariligs as detaded in te 5.4. A second a8set portfolio was set up to recth an advan of £1 mrillon from the Estatg of the late Mr5. Ntxa D1, to be knoTr as Ihe Nora Dlrour8n FarnY Fund ( NDF Fund). Benthiarfes this Fund must be Annenians sttxtying In Eng18nd. who vffe bom in Ihe UK. The ts)unty of bith uiterion requires the Tunds from this to be m8inkned as a separate asset portr0r. OTr the full bequest has been racesved and the Trustees have gained experien of the new apprc¢ch to Inveslments descnbed beltrw. fhey may r&assess whether tt remains n&essary to maintain fhe fijnds in a dtstfnd portfofio. The advance was reiVed on 18th January 2024 and generated incCe worlh £12.552. A wtion of thi¥ income was lrnnsferred to the main Ben&an TNst as a pro rata reimbursement for operating costs. Stholarship grants from the NDF Fund wyll be awarded lo eligible baiefKiaiies frc Ihe acadwrrf¢ 202425 IYW4wds. Financlal Review a. Investrnent Poficy and Perfommnce The Trustees have wmle pthrs to 1veSt the monies crf ts Chalty as tlw thwik fiL As al 29 June 2024, the assets ¢5Stl of 2 of Se[ftleS professionally managed by JM Finn & Co. During the pericd. the Tru3tees point an in(1eperK1t flnancial &Jwser. Howard Sheard of Westminster 81th manageryL The ffnanoal advr5er has been working th the investrnent man4ers, JM Finn & Co. to provide the Tnjstees WFth (ryoing guidance on how b&3t to invest the Chtys fvnds to Produ the deslr&J level of income and capitsl growth. The Trust n(Mi has a fom? InveStrnt Policy Slatement OPS) and a set of Unappbed Total Retum (LtrR) p0CY & Spending Rules. Both d0ments %%*re dRfted as part of the fml adcftrtion of 8 Totsl Retum Investsnent Polti/. Thry will be regulaty and updaied %knever necessary. A separats IPS Spend1 RU we a180 drafted for the NDF FuTrJ. Foll0bn0 the TrusV8 Resotutrcffi of 15.12.23. the invesknent strategy rs a total tyjm appro to the investment of the permanent endcvdment $ub-Funds Coll1velY held under the Benlian Trust The subsequent Resohjtion of 07.02.24 extends thls dea$ion to ertcompass the neH NDF Fund. atso a permanent Ir] v4ith Ihese ResolutMs, the Trustees CrTh1 thaL"
THE BENLIAN TRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 29 JUNE 2024 i. in identifying the value of the ponim of Ihe pernient endMEnt that repSented unapplied tolal retum. the Trustees ffrst identifjed the value of the initsal foundlng gift in 1974. The subsequent gift representing the NDF Fund was received during the year (on 18.01.24) and Iherefce had zero LrrR at the start of the petiod,. li. when detning the anUnt of LtrR to transfer to income. the Twstees have ojnsidered the amunt of irKonk quired to mainlain the current level of charitable a¢tiMty, the Id(dy to. and needs , fure generaJons of beneficiaries: and iii. vthen athing their a1$10 a5 to the itrR to transfer to inojne, the Trnstee8 have taken profes3ional alvice from their financial advIr$ regardlng the market outlct. inveslment trends yield and the prospect for fuiure C4p1t growth. The Trusfs invesbnent mwger¥ {JM Finn & Co.) are instructed lo invest to maximi the Iotsi retum on pefmanent endowment funds trin the constraints of a medium risk investment portfolio. The eypeE]dable (part of the initial founding gift) is treated in the the PMant Investments a indudgj at market value * the Balar Sheet date. Any gain or loss on revaluation is 18ken to the of Fmani?at AdivHles. b. Roservos Policy A8 per Sedion 4.3 of the IPS. to 8knv for volatilty of (zpital vahjes the TnJ8tees wnl hold reserves of roughly the equNalent of 1 yearfs usual paynients (2025> plus £20.(XXJ for running costs. An inilial reserve amount of £120 QK)O will be held on depot. wilh no longer than eA) days. notio. Resenes aKwkl e4Jjusted where +1- 25% or according to TN8tees' discretion. A key point tsken into C(MSKler8lron detefftiining the Reserrf is that, when abrdrdHig grants fr(Mn the s(IarshiP Fund, the &vard is usualty renew&l for eath year of the degree o)urse. The Trust$ feel that it is important to folk)w through on the entire degree course for ead) benefi(2ary beLause rf a student were not ablo to graduate due to the dIsLxntinuali of the Chariivs gran( all preVS grants awarded to the befiary woukl be wasted. Hver, the Trustees taIn the right to withdraw funding at any time from beneficiary found to be breach of their signed declar1 at the end of thew appKoIIt or renLM•RI forms. c. Risk Revlew The Trustees ha¥e idlIfd wtd awssed ts rnah)r risks to the Chariiy is exposed. in parliojlar. those relat&J to the operahons Wtd ofthe Charity. At the start (ff the n{jaI wiod, the Tn¢te88 ¢orfnrd ther intenlion not to award any new scholarship gMts for the 8eademic year 2023-24. This was due to the svéitch to a new syjrce of income generation lfrom mainly C0FThcl rental jnr>)me to income generated entiray by invesknents) combined wiu) the un(*wity of continued rnarket volalilty. Investment risks were m1tsgaI by pagIng a fin(1 to woth wllh the Trustees and the tnvtsknent marwmt frm to outwme for the TNSVS finances.
THE BENUAN TRLBT TRUSTEES. ANNUAL REPORr YEAR ENDED 29 JUNE 2024 Golng Con¢orn Tho Trustee8 have a r(175P expeclakn that the Ch8rfty has adequate resour to continue in operatThal eAtster ftx Ihe foreseeab fvtuTr. For this rea, they continue to adopt the goirKJ in PTeparkng the finandal Future Plans The Trust intends to CC¥Elrnue Its central kWicy of distributing inrne receNed whe apprcsjtlate. inojne realised frryn capital grTrAth. to eligible benefi(iaries in the fomi of grants tn accordance with the Tn1 Dd. The amount of funds distribut1 in any given year Mll be govern1 by the Inl1t P(CY Statements arKI Spending Rules, which will be kept urnler revi80V. Styucthre. Governance Managemmt The Charity is govemed by a Trust Deed created by the wjll of the late Mr. Edward Ezepos 8en11. The Trust is inCo[ped asX(lati( administered by fr Trustees me administraky, nared the Officers arKI Advisers page. Responslbililles of Trustées The Tnte88 are respSIble ts prepavig the Trustees. Annual Report the financial statements in accordance Yth appli& and United Krigdc Anth.ng Skndaftls (Unrt&l KIn10M GeralY kn)untirvJ practi>. The law applrrable to chailies in Eng & VAes requires the Tmslees to prepare fin8n¢id statements for financiat yw. Under that Jaw the Ttuslees have elected to prepare the fina[131 stateEnts acl0rd with Untted kngd General P£wted Aec(MJnting Pr¥te (UniteA DQngJom A£counting Standards and applicable kffiv). Under charrty law the Trustees rnust not approve the financial statements unless fhw are satisfied that trw give a true and far vi&Y of Ihe state of affairs of the Charity and of tts Inc1 resour and application of res(wrS Ihe Charity for that pericKI. In preparfng Ihe thanc¥a ststements the Trust e required to: • select suitable nting pcAicies and apply them (rthn•' ' observe the methods and )ncIp[e$ Fn the Chartlies SORP: • make judgeffEnts Jd axating estimates that are reaSl)1e and prud • State whéther aplea)le a(tcMJntfftg StardS have been fOlkn, subject to any material dep8th disclowj and explaud in the financial statements: and prepare the financiat slatements (m the going unless it is inappropiiate to preSUTh that the Chaiity twAI clinUe In 0wati. The Tm$lees are responsible for keepiw adequ wntIng reeonl$ Ihat e sufficient to shw and explain the Charivs knsaclion$ and disdose with reasonable accurdq at any time Ihe finanaal posits( of the Charity av7d enable them to ensure that the financ¥al stments comply wth the Charitss Art 2011, Ihe 4)plicable Charfty (Accounts and Repts) Regulat1(3 aThl the provisicS of the Tnjst deed.
THE BENLIAN TRIAST TRUSTEES. ANNUAL REPORT YEAR ENDED 29 JUNE 2024 They are 81so reSporIble for safewardhg the assets of the Charity and hence ft>r taking rea8onabk stws for the preveffjim and detedion of rd and other irregula17ttes. connect Charlt The TfU8tees o)nsKler The Mihran & Azniv Essefian Charitable Trust (registrall. no. 279J74) a$ a Conn tharity in that it has the same Trustees and adminigtrator. There were no re1MLrsernen1 tr8nsadiL8 *ith the M&A Es8efi TTUSI during the pericrfl. Approved by Ihe TNstees c and signed on behalfthe Bowd. 5.4.2 S L Simons Chalrperson
THE BENUAN TRIT TRUSTEES, ANNUAL REpoirr YEAR ENDED 29 JUNE 2024 I report to the Truees on my exami rf the amrrt5 rf Bgnkn Trust for year erxled 29 Je 2024. ll are set (Art on p&Jes 7 to 77. Th& charivs Tru8tees re$rnsIb[e forthe weparion ofthe a(x#>Jnts. The eharivs Tnjstees con¥itier that an aLKlit Is not requrred for this year wtder 8ècknJ) 144(21 of the Chariti85 A¢t 2011 fft CtsFth88 A(tl avJ that an Indepnt eyaminaticffl is eded. It is my re9Jon8ibilrty to: examine the acctyjnts secbon 145 of Charilies to fthlow the pr{edUreS Jahl ge DItionS gpBn by the Charfty Comrnis8iM (under SediC 145{5Xbl of the Chanties Ad and to statè ¥th8lher p8rti¢xl maiters ha o)me to my atterthon. My examinaléon was (xrried wl n aKdar8 with ger1 Direclions given by th8 Charity Commission. An einati( indudes a of the r[S kept by the (arlty It 8180 indudes ¢))nsideralicn of any unusual items cr disclosurB$ in the accoLmts, and 88eking explanations from the Trustees Concerning any matters. The procedures undthaken do not provide all th& wdence thatwoutd be requwEd an audiL and ci)ns8quenYy rKS opinton is given as to whether the aco)urts present a Yrue and fairf view and the report limited to trk)se matters In o)nne¢Jion witti my examinat)n. rK) matertal matters h&e wne to my aknlon grves me cause to believg that in. any mafrfia rw the accoun9 rectrds W&E Tr)t kept in arxcffdarKe wilh seth>n 130 of Ihe Charlties the ac£ounts dkl not compty 7Mth the applKabl& requirements conrEmiro the fom7 d content of acuNJnts s oui in Ihè CIHriligs (Acownts arKI Rewrts} ReL9"0$ 2008 olherthan any requKement that the 8(xx)unls gNe a'true and fair view vthi¢h is not a matter o)nsdered as part ofan indeperthnt examination. I have no cg)ncems and have ccm? ac4DSS no othw matters in o)nnectron the examinatb)n to whth attenti sf¥)uld be dra in Ihis tBp(wt in ordèr lo enablg a underst*ing of the ar£ounts to be read)ed. Hovnan & Co Unlted Chartered Accounlants 108 A¥huYst Road, Cockf0•1• Banrt Hert& EN4 9LG
THE BENLIAN TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 29 JUNE 2024 Notes Fwids Totsl 24 •)24 23 Yttent incorn¢ Othff income Totsl Att¢om¢ 341 IIA176 150.717 29.930 I.(KX).(KX) i.0. 29.930 116.176 150.717 1 (43 149 Raising funds Chatitsbl¢ activities Total expenditsay 411 41187 54.283 34283 187 45.31Z Net {19.742) 73.989 54247 (44771) I..0(%} 951.229 Net gakn and lo¥ Re8lised gal(]02$) LKL jnv&tmtpropUty Reali5&1 gaIac6S) on InVesthllts Unreaiis&f gaiDIOw) M.116 694.116 941 6.941 767 767 (19.742) 25J67 1.720.450 Z7&747 259.005 25.567 1.671.679 (48.771) iQ128 {1&128) 21.387 (21J8D Net Movemrnt (1.614) 260,619 259.( (27.384) 1,699.063 1.671.679 Total fiujth brougbt fonv8rd at 29 June 2023 Totsl funds unie forw8rd At 29 j2014 951 929 630 Notes on p&aes 9 to 17 fom part ofthese ants AJI the above n0[ts relate to cTr7bnury *thtties
THE BENLIAN IRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 29 JUNE 2024 NOTES 2024 2023 FehOld prcpetty Investments 4 362 573 4.362,573 4.183,916 4,183,918 Current Assets Cash at bank Debtors 997.406 117,134 10.032 1.024.088 1.114,540 1.034,120 Liabillti•8: anNxmts fatKng due ¥thIn y 10 13.478 13,408 Net Current Assets 1.101.1%2 1,020.712 Total Assets hss Current Liabilitlos Repre8d ty:. EndoTh Funds Rostrlcted Funds 11.12 11. 12 5.423.548 40.087 5,162,929 41,701 5,463.635 5.204.830 4)proved by Trustees on r. 1+. 2f S L Slm¢>ns ChaIrp87 Notes on pages 9 to 17 fom part ofthese
THE BENUAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 JUNE 2024 Accountlng Policiès A¢Unting Conventton The fin8nual statemMts have be prepar urKler the hlstorical cost conventton with rwnwj at cost or transtion value unless Othe[se stated in the relevant notes to these attounts. The financaal statements have been prepared in accordan the Statement of Recommended PractKe.' ACCnting and Repoiting by Charittes prepating their accounts in accordar with the FEnan¢id Reportwig Standard 4)pli(zble in the UK and Republic of IrdaThJ (FRS 102) issued 16 Juty 2014 and the Chatibes P£t 2011. The Tru8t ¢(st1 a pubk benefft enuty as defined by FRS 102. Incomlng re$ourco5 Donations, legeS and similar incomino resources are reco3nised once the chartty has enliuement to the income, it is probable that Ihe income will be received and the am(nt of income reNable Gan be measured refiabPy. Investm•nt Income Income from investrnents 18 ded in the slatewt of anraal in the year In which it is rblo. b) d) Resources axpended Resour eXded are ch&ged Ai the statemènt of a1VitieS c a¢¢ruals basis Indling VAT. The o)st of generaling fijnds nStsts (rf knvestrw)t costs 8nd certain leg and professiona fees. osts and sup1 Ojsts. Governae o)sts indude those sIS associated Wtth meeting the I>$tilutaI stalutory requinnents of the Charity aThl includes lThjep&ent Examiner fees o)sts linked to the stsategic man&Jeffit of ts Ct•. Inv8Stm•nts Frxed a53et invesknents are a fonn (rf financial tnstrument and are Initially r8cognis8d at their transac11 ¢))si and subsequenty measured at maA(et value at the balance sheet date. The st&ment of financlal activtttes includes the net gains and rosses arisng ar d¥w8 thn9h0ut the Invtstment properties Investment propertles are mea8ur&l inibaty at o)st and WbseqUty at far value at the reporting date as per Note 7. The propety was last valued in June 2022 at £3.100,(M)) by extemal oknultants for the purpose of putting it up ts s*. The propety was subsequenty SO for £3.850.OCQ in November 2022. Investment gains and Iosges, whether realised (Y unrealise(l. are shovm in the heading 'net gatnsl(losse8) on 1nveslnts. tyi the SOF
THE BENUAN TRUST NOTES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 29 JUNE 2024 g) Funds The charty ¢M81sts of a s8 of PÈTmawnt funds Induding the Sth)iarship Fund, the Middlesex Fh)spilal Fund. the knEan Hospftal Istanbul Fund Ihe L'EIe TbFolzasserre Paris Fund whth from thi8 year are managed on at total rEtum basis. The Trustees at their dISbOn may allocate ary wt of the unapp111 total retum to the relardnt rtstricted inco Iljnd. There is also an eendre endcvwt fund, the London Pmienian Cultural Fund. Together. these funds up the C4)ita Fund. The incom frcrfn this fvnd and any alk unapp total reknm fomis the restricted come funds leth are to be used #i ax0rd0 speofi¢ restrictions imposed by the Trust DJ. An additscl perMt dthent was tablished last year. being the Nora DiratzcMJian Family Fund from the late Dira1Z5. Income from this fund is restrtcted to be swt on beneficHries who must be bom in the UK. This set of ac¢ounts ¢ryaratives have been pregthd In K¢ordan¢e with afi the above to better represent the Charitys fundg. Cash Flow The charity has ten advaFtage (rf the disdosure ex• of 'Sedi¢m 7 Statement of Cash FioHs' in prepwwig these finanriai statements as permitted by FRS 102 Tr Financk Reporting Standard applicabte in the UK and Repu¢ of Irelanrf. h) Taxatlon Policy The Charity is a registered ch*ity and ts exempt frcrfn income tax. corporation tsx and capital gans tax the inc ga¥18 are used ft>r chble Quotad Investments UK Income retyveAJ 2024 2023 134.134 15.091 1.492 1.717 25.924 3,183 823 29.9 UK Propety In(tsne distribukns Investmgnt Income Cost of RalsiThJ Funds 2024 2023 Invesknent ffneMenlfees Financial advFsor fees &4 Nw St prOfesnal. ftre and serty olsts S4 New St business rates 34 New St thilities Inee premiums C(8] vthh New St and Trustees liabilty 12.828 19.538 7,144 22,020 871 3,745 42,186 10
THE BENUAN TRLL8T NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 29 JUNE 2024 Expenditurn on Charitablg actlvltiO8 2024 2023 Grants (see noté 5) Admlnistrative and ae(xyJnt8w feeg Bank Charges Software b8(ipIK PO Box hire Office expense Benfian famity grawE 32,8(M] 12.705 24.40) 14,149 128 120 120 1,794 3.072 Independent examner fee TN81 iiabrfty insurar 1.782 54.283 45,312 Grants Scholarshlp Fund 2024 2023 Schoknhips to students atterNJrig uni¥erslty in England 52 London Arnnlan Culthral Fund 2024 2023 Armen1 House Amnian Language Satunlay Studi98 K Tahta SuThJay Sch¢Jol CAIA Playgroup LAO Anoush Kltngen Choir c(mcert St Yeghthe chUh Carol Servi 5.000 1(Kl 20,gXI 15,5 Other Funds 2024 2023 Mlddlesex Hospttal in London (UCH Chare8} Amienian Ho$pttal in Islan1 (Surp Pirgic) AmnI&l Sthool in Pwi$ (Tebrotzaserre) 11
THE 8ENUAN TRL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 JUNE 2024 6.4 Ben•ficiarfes' Fund . Charitable nIsatIOnS 2024 2023 Cancer Researth Campagn Horder Centre for AJthrkns Royai H03Pital for Neurlsabl1ty Salvion Army 1Q) 1(Kl 1TrJ 100 100 TaThJiblo FW Assèts Freehd land buildwys. investrn&rt properfies 34 N•w Streol London EC2 Probate v4lue Gan on revaluation at June 2(M)8 Fair value gain M rev8lualiM at 29 June 2016 Fair value galn on revaluation at 29 June 2017 FaFr value loss on revauation at 29 June 2021 Fair value gan revaluation at 29 June 2022 Disposal Fair Value at 29 June 2024 2023 312,(N)O 1,788,OCMJ 300,000 (100,000) 2tM),000 (3.1 W,000) The propety was sold on the cw mket for £3,8S).(AXI l&%s dithrsements of £55.884 cn 21 No*mber 2022. Invostsnents Quotod Inveslments Market Value Xl June 2023 Additrons Dispos81s at opening market vahje Net unre4li8ed Gainl(Loss) in Ihe ye Market Value 29 Jun• 2024 2024 2023 4.183.918 4.CX)3,750 {4.022.912) 197,817 4.362.573 421.761 3,812,946 (76.356) 25.567 4.183,918 Historical cost at 29 June 2024 4.135.421 4,110,204 12
THE BENUAN TRUST NOTES TO THE RNANCIAL STA TEMENTS FOR THE YEAR ENDED 29 JUNE 2024 Investments at market valuo UK Ov•rsea8 2024 Total UK Gilts Index knnked G[$ Bonds Funds Investrnent Funds InfraSt(lure Commcxlifies Property Total 440.154 193, 146,178 828,243 71,169 149.048 63.517 1,891,873 440,154 193, 146,178 3.247,694 122.418 149.048 63.517 4,362,573 2.419,451 51,249 2rt70,700 Mat•rial inveslments Vanguarf Funds FfsE Afi V41)rld ETF In¢ Ishares Core S&P5(1) UCITS EfF USD Inc 524.352 Vanguard Investnwits UK FTSE All Share Index Inc 463.711 443,617 JP Morgan ETFS (Ireland) ICAV Gbl Research Idx Eqty ES 220.gJ5 vangua Funds SE tknkw Eurp exUK UCITS ETF Inc 217.056 2024 Funds Transfe On 15 t)¢ceNthr 2023. the Trustees m•Je a resotution urKler section 104A(21 of the Chaaittes Act 2011 to adopt a total reM on inveStrnt approach to the pennanent endowment $utFfurMls of the Benfw Trust. including the SthrAarship Fu1 the Middlesex Hospifal Fund. the ArnnI kk$8Pitai Islanbul Fund and the L'Ea)le Tbrotzagserre Paris Fund. On 15 Decen)er 2023. the Trustees identified the value of the gffts of pernient endowment r1Ved since the fund VKS established to 29 June 2023. This set the basefine vafue c( the glft coment of fhe endowments to whlch any subsequent gffts of en(knryl are added. The difference belween the tota of endowment funds as at Xi June 2023 the value of the gift cowent rEpresented the opening bata of unapplled total relum. On 7 February 2024. the Trustees male a resc4Jlion under section 104A(2) of the Charities Act 2011 to adopt a total retum on investtTEnl approath to the Nora DzOul Family Fund pernwnent endowmenL The gift was valued at the date of receÉpt of 18 January 2024 vthith set the baselTr)e value of the gift o)mponent of the endowment to vthK subwuent gifts endMt are added. The power of total retum pwmils Ihe Tru* to invest pemiwty erKlow&J futh to mMIse tot21 retum and to appty apprcyriale port of the unapplied totl relum to Income each year. Until the pmr is exerciwj to transfer a portion of unapplted totsi retum to income. the unappfied tota retum temains invesied as part of the peMient endrywment The allolts the Trustee to dde in year how much of the unapplied totaf retum is transffftd to ino)me fund5 and so avaiiable for expendlture. Having consrdered the invesknent dynate. the retum on inves1mts for the year and the obllgatbns of the Trusc the Tnth made a transfer from the unapplied total 13
THE BENUAN 7RLKST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 WNE 2024 retum of £7.951 from thé Scholarshp Fund to the So1p In(x¥ne Fund and £10,177 from the )ra Diralan Famrly Fund (NDF) to the NDF In¢yJme Fund. In 2023 the Ttustees exerrised their ptyyer to cL)nvert £21,387 from the London nen1 Cufturd Exdable Endcvrnt Fund to the London Arnnian Cultural Income Fund to be Spent on the fvther8le ofthe thariws purp. The Invostment funds and appll¢aUon of total return to rnnent endryMrt funds.. L'E¢ole Dlrnlzovlan Parts Fund Fanlly Fund Fw Opening v81 o1pern1ent endowment Fund Fund TOTAL 2.510.589 215 209.215 Gift component ofpermanert endowment Opening Val of unappled btal retum Add.. Investment rBtum: dldendS and interest Investrngnl retum: gwnsl(losse8} Less.. Inve¥tment management costs Unapplied total rekwn bgfora transferto in¢>Jme L988". Unappllgd total relum applied Subtotal.. unapplied lot retum as at 29 June 2024 Add-. Grft commnt ofprnnt endowment Pemianent endovrnent induding un8pplied totsl rettwn a8 at29 June 2024, Cth8tituting the invesknent fijnd 2(B.215 1.OW.¢XM) 4138.234 185.494 284.647 23.721 23,721 TJ.f21 355,808 12.552 93,128 8261 e.261 8.261 163AM 1.g21 1.921 1.921 443.623 36.W 36,9 36.*9 48,329 602.867 951 128 435.672 36, 36.969 .969 38.151 584,729 185 494 1 Lllj 1661.614 222 221463 1.038.151 4387,186 2024 2023 Prepayments 8,252 108.882 117.134 11.348 1.012.740 1.024.088 Accrued i1orne induded £nil {2023: £1.IXKI,(KM)) dallon from Diratzijuian iegacy to be treated 8$ a >wmanent l0¥enL 14
THE BENLIAN TRLBT NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 29 JUNE 2024 io. Amounts falling due T*lthin on• y 2024 2023 Flnancial advisor fees Professional fees Independent Examinerfees Legal fees Admin and accounkncy fees Office expenses June 23 capitd pay 6.441 5,022 3.072 744 3,175 1,355 13.408 13,478 11. Analysis of Charitable Funds 8•lan Balan¢• Galnsl at 29.06.24 FundB 30.0623 Incom nlian.. Stholarship Fund Middl&¥ex H08pital Fund Amenian Hospltsl Istanth Fund L'EC& Tbrotras$8rre Patis Fund 2.510.5 209,215 123.052) (1.921} (7.951) 99.128 8,261 2.661,614 222.463 209.215 (1.921) 8.281 222,463 209,215 {1.921) 8.261 Dir8tswi Fafflity FtfKI Ex ble Endon8 Lonijon kneni& Culiural Fund 222.463 1.tx)o,(KLI 12.5S2 (3.76n (10.17n 1,038.152 5 162 929 11 176 RtrICted In¢omg: Sdjolarship Income Fund London Arrneran Culbjraj Income Fund Middlesex Hospital Incorne Fund Armenian HOspMtal18tan[ Inrne Fund L'E¢ol8 Tbrotsassewg P8 Incorne FLtnd Nora Diralzouian Fami Incorna Fund 3.073 {4.(ilJ) (10,WI 11.487 34.541 (20. (4.4(Kl} 1.473 10,714 12.878 12.5Q)) () 295 9.791 12.876 (2,5) {880) 9,791 12,876 (2.5) (w) 9.791 (4.283) 4.283 Totsl Rewictsd Fund• 41.701 541 Total Funds 150,717 070 204.758 63.635 15
THE BENUAN TRLBT NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 29 JUNE 2024 The Benlia) endovment furKl$ were estsblishéd by the bewest from the late Mr Benlian's Ml cY•atwig the capital fund the Benlian Tnjst. The perynanent endow[rt fvnds are made up of W4 of thg Lxpltal bjnd from whrch the in(x)me is apporfioned to the fr restricted income fvnds - Scholarshrp Fund applied towards trte educati costs of sons and dwghter5 of knenian fathers obtaining higl ediKation in England, Mtddwx H08Pital Fund, knenian Hospitsl Istanbul Fund and L'Eo)le Tbrotrassm p18 FuThl as per the Tmst dJ. The NOTr Diratzouian Family Fund ¥Yas estabAshed ty Ihe beq frcTh the late Mrs Dirou1 creating a permanent endolent for the in(w Is resthcted to b• spt benetsries must be bom n the UK. The ey4)8nd&)le Èndtr•Mt fund Is m&Je up of 114 of the capita fund Vfiere the Trustees have the pow to spend the Capital. Both the captia inc(e are restricted to Spending the Lwth)n Alan Cullural Fund. The restricted income firnds were set to recw¥e th8 restrl¢knd inL)xne from Ihe above perniart endovTheTrts exwdable oithx•fflt as apportioned by the Trust Deed. 12. Anatysis of by assets Funds 2024 Funds 2024 Resblthd Endoinent Funds Funds 2023 2023 Total 2024 Total 2023 Flxed as investsnents Net curyent assets Total 4.362.513 4,362.513 40.087 1.060.975 1.101.L%2 40,087 5,423,548 5,463 635 13. Transactl¢)ns with Trustees and ¢onnected persons 20,989 4,162.929 4.183.918 20.712 1,000.(Ml 1.020.712 6 162 929 5 204 630 The Trnstees serye on a voluntary basis and rle no expenses. The (arity does not have any employees. The almTrnistrntor is pawj quartMty is Self-p10Y8d. The Trustees constder Mihran & AznN Essefian Charitabk Trust (registAion no. 275074) as a 0)nnled chaiity in that it has the same Trustees and admlnistrakn. There were no transaJions with the M&A E85efian Tn during the period. Post Balance Sheet Events Havhg taken athce from the Trusfs finan(?al advisor, fhe investrnent rnagers. the Independent examiner and the Charriy Commission. the Tru$tees dlded to bring forward the year erKI date of the Trust from 29 June to 30 Awil. The timlng of the Trn$lees' grant-maktig de(asic5 is tied in with the academic year and therefore cannot be changed. The current financial year end date of29 June is too late to allow concrEte figures from the ptb?r year to be In the budget forecast f the subsequent year. The new fin14 year end date vnil enable the Trustees to use the new UTR Spendng Rules a mh gTrater degree of Confiden by eliFninating a significant degree of un¢xkttityw implementing the Rules aThJ selling the budget for the sUbsequt year. 16
THE BENLIAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 JUNE 2024 The legacy representing the sale of the of the Eskte of the late Mrs. Nora Diratzoui&) wa5 exp*d to be paid to Ihè Trust in earty 2022 but the Lwsiness of the Estate has still not been finatised due to rxMnpli(xlions relating to Ihe deaSed having been defrauded during the )Inal years of her kn. The Trust has received £1m within the ffnanoal period. h(TrHever. the value and timing of the addttional balan is un(xrtain and wlt I depend the vhwi the Estste is fin81ised. 17