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 SimC￿s (Chairperg)n)
Ms. R Vwtwkian
Adminlstrator.
Ms. M 0￿essoff
Bankers:
8*s Bank P
Levster
LE87 2BB
Independent FFnanelal Advlsor.
Westrnin8ter￿￿l1h M￿ageMent
167 Fleet Street
London
EC4A 2EA
Investment Manager.
JM Finn & Co. Lld
25 C￿tha¥ ANEnue
. London
EC2R 7AH
Ind•pendent Examiner.
H￿an & Co Ltd
Chartered
106 Ashurst Roaj
88met EN4 9LG

THE BENUAN TRUST
Contsnts:
PAGE
Trustees, knnual Report
1-5
Indewdent Ex￿inerS Rewt
stat￿￿t of Fin￿la1 A¢tsvibes
Balan￿ Sheet
Acoxmting Pollcies Notes
17

THE BENUAN TRUST
TRUSTEES. ANNUAL REPORT
YEAR ENDED 29 JUNE 2024
The Trustees prewt theIr￿nU￿ re￿1 Atatwn•ts *)r the Wended 29
June 2024. The fin￿¢la[ staterr￿ts have been prepared in aco)rdance wFlh fhe
accountlng pdmies set ¢￿t in note 1 to Ihe act￿nts ￿ cornpty wtth fhe char[￿9
trust deed. the CharitFes Act 2011 ￿ Ac0￿Ming and Reporting ty Chaiittes..
Stslement of Reu)mmended Pr￿1￿ (SORP). applicable to tharknes preparing their
accounts wi 8ccordan¢e with the F￿ancIal Rewting s￿dard 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 hI￿ler 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 c￿ltural Fife of
the Communfy of knni8ns vi(luding the and sutwt of
3. To appty the inec￿e 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 C￿ltural life
of the Lond￿ Ccrfnmunty of knenians wi a￿rdance 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 3d￿￿shIp grants to
Am)eni8ns studying n England, ￿ants to orga)i5alion5 and institutlons to
promote speofic edu(zttonal, ￿1bjrar and charilable &bvtl*s o)nnected with the
cultural Ilfe of the London Comnwnty of knanjans.
b. Publk Benefft
We have referred to the gu*Jwtt l￿n￿rned 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 prOfe￿￿allY maRged inveslments
Ihamng prevtousty been largdy from wnmerciat renta Incx)￿E). The maln B￿1￿
por￿Th0 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 bef￿e 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 exp￿Se8 of 2 (2023: 3) sbJdents st￿1￿9 at various Unive￿Ille$
in Engknd, and a further £20.9￿ (2023.. £15,5C(i) t￿l￿rdS 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
ger￿ati￿, 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 D￿￿￿1￿, to be kno￿Tr as Ihe Nora Dlr*our8n Farn￿Y
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 re￿iVed on 18th January
2024 and generated incC￿e 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 pth￿rs to ￿1veSt the monies crf ts Chalty as tlw thwik fiL
As al 29 June 2024, the assets ¢￿￿5St￿l of 2 of Se￿[ftleS professionally
managed by JM Finn & Co.
During the pericd. the Tru3tees ￿point￿￿ an in(1eperK1￿t flnancial &Jwser. Howard
Sheard of Westminster ￿81th managery￿L 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?￿ InveStrn￿t Policy Slatement
OPS) and a set of Unappbed Total Retum (LtrR) p0￿CY & Spending Rules. Both
d0￿ments %%*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.
Foll0b￿n0 the TrusV8 Resotutrcffi of 15.12.23. the invesknent strategy rs a total ￿tyjm
appro￿ to the investment of the permanent endcvdment $ub-Funds Coll￿1velY held
under the Benlian Trust The subsequent Resohjtion of 07.02.24 extends thls
dea$ion to ertcompass the neH NDF Fund. atso a permanent Ir]
v4ith Ihese ResolutMs, the Trustees C￿rTh1 thaL"

THE BENLIAN TRUST
TRUSTEES, ANNUAL REPORT
YEAR ENDED 29 JUNE 2024
i. in identifying the value of the ponim of Ihe perni￿ent endMEnt that
rep￿Sented 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 Iherefc*e had zero LrrR at the start of
the petiod,.
li. when det￿ning the an￿Unt 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 ￿, fu￿re generaJons of
beneficiaries: and
iii. vthen ￿athing their a￿1$10￿ a5 to the itrR to transfer to inojne, the Trnstee8
have taken profes3ional alvice from their financial advI￿r$ 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 P￿Man￿t
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 depo￿t. 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 dIsLx*ntinuali￿ of the Chariivs gran( all preV￿￿S
grants awarded to the b￿efi￿ary woukl be wasted. H￿ver, the Trustees ￿taIn the
right to withdraw funding at any time from beneficiary found to be ￿ breach of
their signed declar*1￿ at the end of thew appKoIIt￿ or renLM•RI forms.
c. Risk Revlew
The Trustees ha¥e id￿lIf￿d 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 ¢orfnr*d 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 C0FTh￿cl* rental jnr>)me
to income generated entiray by invesknents) combined wiu) the un(*wity of
continued rnarket volalilty.
Investment risks were m1tsga￿I 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￿(17￿5P 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 in￿rne receNed wh￿e
apprcsjtlate. inojne realised frryn capital grTrAth. to eligible benefi(iaries in the fomi
of grants tn accordance with the Tn￿1 D*d. The amount of funds distribut￿1 in any
given year Mll be govern￿1 by the In￿l￿1t 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[p￿ed asX(lati(￿ administered by f￿r
Trustees me administraky, nared the Officers arKI Advisers page.
Responslbililles of Trustées
The Tn￿te88 are resp￿SIble ts prepavig the Trustees. Annual Report the
financial statements in accordance Y￿th appli￿￿& and United Krigdc
A￿nth.ng Skndaftls (Unrt&l KIn￿10M G￿eralY 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 state￿Ents ￿ acl0rd￿￿ with Untted kngd
General￿ P£wted Aec(MJnting Pr¥t￿e (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 Inc￿1￿ resour￿ and application of res(wr￿S
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 axa￿ting estimates that are reaSl￿￿)1e and prud
• State whéther ap￿lea)le a(tcMJntfftg St￿ardS have been fOlkn￿, subject to any
material dep8th￿ disclowj and explau￿d in the financial statements: and
prepare the financiat slatements (m the going unless it is
inappropiiate to preSUTh￿ that the Chaiity twAI c￿linUe In 0wati￿.
The Tm$lees are responsible for keepiw adequ* w￿ntIng reeonl$ 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 st*ments comply wth the Charitss Art 2011, Ihe 4)plicable
Charfty (Accounts and Rep￿ts) Regulat1(￿3 aThl the provisic￿S of the Tnjst deed.

THE BENLIAN TRIAST
TRUSTEES. ANNUAL REPORT
YEAR ENDED 29 JUNE 2024
They are 81so reSpor￿Ible for safewardhg the assets of the Charity and hence ft>r
taking rea8onabk stws for the preveffjim and detedion of r￿d 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 re1ML￿rsernen1 tr8nsadiL￿8 *ith the M&A Es8efi
TTUSI during the pericrfl.
Approved by Ihe TNstees c
and signed on behalf￿the Bowd.
5.4.2
S L Simons
Chalrperson

THE BENUAN TRI￿T
TRUSTEES, ANNUAL REpoirr
YEAR ENDED 29 JUNE 2024
I report to the Tru*ees on my exami￿ rf the amrrt5 rf Bgnkn Trust for year
erxled 29 J￿e 2024. ￿ll* are set (Art on p&Jes 7 to 77.
Th& charivs Tru8tees ￿ re$r￿nsIb[e forthe wepar*ion ofthe a(x#>Jnts. The eharivs
Tnjstees con¥itier that an aLKlit Is not requrred for this year wtder 8ècknJ) 144(21 of the
Chariti85 A¢t 2011 fft CtsFth88 A(tl avJ that an Indep￿nt eyaminaticffl is ￿eded.
It is my re9Jon8ibilrty to:
examine the acctyjnts secbon 145 of Charilies
to fthlow the pr{￿edUreS Jahl ge￿ DI￿tionS gp*Bn by the Charfty
Comrnis8iM (under SediC￿ 145{5Xbl of the Chanties Ad and
to statè ¥th8lher p8rti¢xl* maiters ha￿ o)me to my atterthon.
My examinaléon was (xrried wl n a￿Kdar￿8 with ger￿1 Direclions given by th8 Charity
Commission. An e￿inati(￿ indudes a of the r￿￿[S kept by the (*arlty
It 8180 indudes
¢))nsideralicn of any unusual items cr disclosurB$ 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 accoun￿9 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} Re￿L9￿"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
Y￿￿ttent incorn¢
Othff income
Totsl Att¢om¢
34￿1
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&tm￿tpropUty
Reali5&1 gaI￿ac6S) on
InVesth￿llts
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 j￿￿2014
951
929
630
Notes on p&aes 9 to 17 fom part ofthese a￿￿￿nts
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
F￿ehOld 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
Repre8*d 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
ChaIrp8*￿7
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 trans*tion 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.' ACC￿nting 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$ourco5
Donations, leg￿eS and similar incomino resources are reco3nised once the
chartty has enliuement to the income, it is probable that Ihe income will be
received and the am(￿nt of income re￿Nable Gan be measured refiabPy.
Investm•nt Income
Income from investrnents 18 ￿￿ded in the slatewt of ￿anraal in
the year In which it is r￿￿blo.
b)
d)
Resources axpended
Resour￿ eX￿ded are ch&ged Ai the statemènt of a￿1VitieS c
a¢¢ruals basis Ind￿ling VAT.
The o)st of generaling fijnds ￿nStsts (rf knvestrw)t costs 8nd
certain leg* and professiona fees.
osts and sup￿1 Ojsts. Governa￿e o)sts indude those ￿sIS associated
Wtth meeting the I>￿$tilut￿￿aI stalutory requinnents of the Charity aThl
includes lThjep&￿ent Examiner fees o)sts linked to the stsategic
man&Jeffi￿t 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¥w￿8 thn￿9h0ut the
Invtstment properties
Investment propertles are mea8ur&l inibaty at o)st and WbseqU￿ty 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 1nvesln￿ts. 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 s*8 of PÈTmawnt funds Induding the
Sth)iarship Fund, the Middlesex Fh)spilal Fund. the kn￿Ean Hospftal
Istanbul Fund Ihe L'E￿Ie TbFolzasserre Paris Fund whth from thi8 year
are managed on at total rEtum basis. The Trustees at their dIS￿bOn may
allocate ary wt of the unapp11￿1 total retum to the relardnt rtstricted inco
Iljnd. There is also an e￿end￿re 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 ax0rd￿0 speofi¢ restrictions
imposed by the Trust D*J.
An additsc￿l perM￿￿t ￿dth￿￿ent was ￿tablished last year. being the
Nora DiratzcMJian Family Fund from the late Dira1Z￿5￿. 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 t*en 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 ch￿ble
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 ff￿n￿eMenlfees
Financial advFsor fees
&4 Nw St prOfes￿nal. ftre and se￿rty olsts
S4 New St business rates
34 New St thilities
In￿￿ee 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 Arn*nlan Culthral Fund
2024
2023
Armen1￿ House
Am*nian Language Satunlay Studi98
K Tahta SuThJay Sch¢Jol
CAIA Playgroup
LAO Anoush
Kltngen Choir c(mcert
St Yeghthe chU￿h Carol Servi
5.000
1(Kl
20,gXI
15,5
Other Funds
2024
2023
Mlddlesex Hospttal in London (UCH Char￿e8}
Amienian Ho$pttal in Islan￿1 (Surp Pirgic)
Am￿nI&l Sthool in Pwi$ (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 Neur￿lsabl1ty
Salv*ion Army
1Q)
1(Kl
1TrJ
100
100
TaThJiblo FW Assèts
Freeh￿d 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 m*ket 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 re￿M on inveStrn￿t approach to the pennanent
endowment $utFfurMls of the Benfw Trust. including the SthrAarship Fu￿1 the
Middlesex Hospifal Fund. the Arn￿nI￿ 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 perni￿ent endowment r￿1Ved since the fund VKS established to 29
June 2023. This set the basefine vafue c( the glft com￿ent 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
D￿zOul￿ 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 ￿end￿M￿￿t are added.
The power of total retum pwmils Ihe Tru* to invest pemiwty erKlow&J futh to
m￿MIse 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
peMi￿ent endrywment The allolts the Trustee to d￿de 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 inves1m￿ts 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 S￿o￿￿1p In(x¥ne Fund and
£10,177 from the ￿)ra Dira￿lan 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 Ex￿dable Endcvrnt Fund to the London Arn￿nian Cultural
Income Fund to be Spent on the fvther8l￿e ofthe thariws purp￿.
The Invostment funds and appll¢aUon of total return to ￿rn￿nent endry*M￿rt
funds..
L'E¢ole Dlrnlzovlan
Parts Fund
Fanlly
Fund
Fw
Opening v81￿ o1pern1￿ent
endowment
Fund
Fund
TOTAL
2.510.589
215
209.215
Gift component ofpermanert
endowment
Opening Val￿ of unappled
btal retum
Add..
Investment rBtum: d￿ldendS
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 ofp￿rn￿nt
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 i1￿orne induded £nil {2023: £1.IXKI,(KM)) d￿allon 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 Endo￿n8
Lonijon kneni& Culiural
Fund
222.463
1.tx)o,(KLI
12.5S2
(3.76n
(10.17n
1,038.152
5 162 929
11
176
R￿trICted In¢omg:
Sdjolarship Income Fund
London Arrner￿an Culbjraj
Income Fund
Middlesex Hospital Incorne
Fund
Armenian HOspMtal18tan￿[
In￿rne Fund
L'E¢ol8 Tbrotsassewg P￿8
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[r￿t fvnds are made up of W4 of thg Lxpltal bjnd from whrch the in(x)me is
apporfioned to the f￿r 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 p￿18 FuThl as per the Tmst d*J.
The NOTr Diratzouian Family Fund ¥Yas estabAshed ty Ihe beq￿ frcTh the late Mrs
Dir*ou1￿ creating a permanent endo￿lent for the in(w Is resthcted to b•
sp￿t ￿ benetsries must be bom n the UK.
The ey4)8nd&)le Èndtr•M￿t fund Is m&Je up of 114 of the capita fund V*fiere the
Trustees have the pow￿ to spend the Capital. Both the captia inc(￿e are
restricted to Spending the Lwth)n A￿￿lan Cullural Fund.
The restricted income firnds were set ￿ to recw¥e th8 restrl¢knd inL)xne from Ihe
above perniar￿t endov*TheTrts exwdable oithx•ffl￿t as apportioned by the
Trust Deed.
12. Anatysis of by assets
Funds
2024
Funds
2024
Resblthd Endo*inent
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 r￿l￿e 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)nn￿led 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 rn￿agers. the
Independent examiner and the Charriy Commission. the Tru$tees d￿lded to bring
forward the year erKI date of the Trust from 29 June to 30 Awil. The timlng of the
Trn$lees' grant-maktig de(asic￿5 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 fin￿14 year end date vnil enable the Trustees to use the
new UTR Spendng Rules a m￿h gTrater degree of Confiden￿ by eliFninating a
significant degree of un¢xkttityw￿ implementing the Rules aThJ selling the budget
for the sUbsequ￿t 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 d￿eaSed
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