Charity Registration No. 278428
THE TEKEYAN TRUST
Financial statements for the year ended 31 December 2020
THE TEKEYAN TRUST
Officers and Advisers
| Governing Document: | Trust Deed |
|---|---|
| Charity Registration Number: | 278428 |
| Registered Office: | 24 Atkinson House |
| 3 Chambers Park Hill | |
| London | |
| SW20 0NZ | |
| Trustees: | Mrs S Krikorian |
| Mrs T Avakian | |
| Mr V Ouzounian | |
| Mr N Khatchadourian | |
| Mr A Kutchukian | |
| Mr K Haroutunian | |
| Mr B Nazarian | |
| Accountants: | Mr H Hampartsoumian, BA, FCA |
| Hovnan & Co Ltd | |
| Chartered Accountants | |
| 106 Ashurst Road | |
| Barnet | |
| London | |
| EN4 9LG | |
| Contents: | |
| Page | |
| Trustees' Annual Report | 1 - 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Accounting Policies and Notes | 6 - 8 |
THE TEKEYAN TRUST
Trustees' Annual Report for the year ended 31 December 2020.
The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2020. The accounts (financial statements) have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Charities Trust Deed, the Charities Act 2011, Statement of Recommended Practice (SORP): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014.
Objective and activities for the public benefit
The objects of The Tekeyan Trust are the advancement of public education in the United Kingdom in Armenia and its people, history, literature, language, institutions, folklore and its intellectual, artistic and musical heritage. To provide facilities for members of the public at large in the interest of social welfare, for recreation and leisure time occupation with the object of improving the conditions of life of the community and in particular the Armenian Community resident in the United Kingdom. On 16 January 2001, with the approval of the Charity Commissioners, the objects of the Trust were expanded to include the relief of those in need, sickness or distress in Armenia in particular through the provision of humanitarian assistance, and the advancement of education in Armenia.
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning future activities.
Achievements, performance and financial review
During the year donations of £99,727 (2019-£56,215) and gift aid receivable of £31,091 (2019£14,823) were received. Due to the Covid-19 Pandemic, no cultural, fund raising functions, nor commemorative activities were held during the year.
The Tekeyan Trust was engaged in promoting in the UK, Armenian musical heritage via the Komitas Choir and Concert group and expended £4,175 (2019-£13,822). It also assisted two Armenian students with their University Tuition fees and accommodation in the UK, totalling £21,556 (2019-£18,775). Membership fees of £nil (2019-£285) and Bank interest received of £nil (2019 - £2) were received during the year.
The Trust, supported various humanitarian projects following the war in Artshak where refugees fleeing the war took refuge in Armenia. Such help consisted of financial assistance, purchase of a house in Armenia, temporary accommodation and provision of food totalling £67,500 The Trust supplement its assistance to the refugees by making a donation of £20,820 to Hayastan All-Armenian Charitable Trust of Great Britain (reg no 1039331) a UK registered charity.
A further grant of £4,950 (2019-£5,250) was made to the Tekeyan Centre Fund of Armenia towards its running costs, and for administrative support services in Armenia £1,525 (2019 - £1,700) paid to Ms S Khatchaturyan, A grant of £3,230 was made to an Armenia school in Lebanon for roof repairs and £1,000 for the publication of an Armenian book on cultural subject.
The Tekeyan Trust is the founder of the Tekeyan Centre Fund (registration certificate 03 A 075152) a charitable organisation registered in Yerevan, Armenia and continues to have majority of trustee representation. The Tekeyan Trust has advanced to the Tekeyan Centre Fund a long and short term interest free loans which are secured by way of a mortgage on the property known as "Tekeyan Centre" until such time that all the loans are repaid (Note 5 to the accounts).
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THE TEKEYAN TRUST
Trustees' Annual Report for the year ended 31 December 2020
Reserves policy
The Trustees have considered the level of reserves required by the Charity and concluded that as the main activity is to support its associate charity, Tekeyan Centre Fund, in Yerevan, Armenia and to support activities in the UK and Armenia where these are both self-financing, there is no need for reserves to support its activities.
Investment policy
The Trustees have wide powers to invest the monies of the Charity as they think fit. No investments were undertaken during the year.
Principal risks and uncertainties
The Trustees have identified and assessed the major risks to which the Charity is exposed, in particular those related to the operation and finances of the Charity. The Trustees are satisfied that the Charity's exposures to these risks are minimal.
Structure, governance and management
The Trust is a registered charity, number 278428 and is governed by Trust Deed dated 2 August 1979. The Trust is an unincorporated association administered by the Trustees. New Trustees are appointed upon being nominated and elected in a duly constituted General Meeting. The Trustees serve in an honorary capacity. The Trust Deed provides for a minimum of five and a maximum of 7 Trustees Key management of the Trust include the Chairman and Secretary/Treasurer.
Good concern
The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Trustees’ responsibilities statement
The Trustees are responsible for the preparation of the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Standards for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those accounts the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 21 June 2021
V OUZOUNIAN Secretary/Treasurer
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THE TEKEYAN TRUST
Independent Examiner’s Report to the Trustees of The Tekeyan Trust –
I report to the trustees on my examination of the accounts of The Tekeyan Trust for the year ended 31 December 2020, which are set out on pages 4 to 8.
This report is made solely to the Charity Trustees as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity’s Trustees those matter I am required to state to them in an independent examiners report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other then the Charity and the Charity’s Trustees as a body, for my work or for this report.
Respective responsibilities of trustees and examiner
As the charity trustees of the Trust you are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Charities Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act and to state whether particular matters have come to my attention.
Basis of Independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Charities Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
H HAMPARTSOUMIAN, BA, FCA Chartered Accountant Hovnan & Co Ltd 106 Ashurst Road Cockfosters, London EN4 9LG Date: 21 June 2021
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THE TEKEYAN TRUST
Statement of Financial Activities for the year ended 31 December 2020
| Note Restricted Funds 2020 Unrestricted Funds 2020 £ £ Income and endowments from: Donations and legacies - 130,818 Charitable activities - - Bank interest - - Other - - Total income - 130,818 Expenditure on: Raising funds - - Charitable activities 2 - 126,129 Total expenditure Net income/(expenditure) for the year before - 126,129 gains/(losses) - 4,689 Unrealised gains/(losses) on long term loans (12,233) - Gains/(losses) on foreign exchange transactions - - Net movement in funds (12,233) 4,689 Balance brought forward at 1 January 2020 375,455 42,116 Balance carried forward at 31 December 2020 6 363,222 46,805 |
Total Funds 2020 Restricted Funds 2019 Unrestricted Funds 2019 £ £ £ 130,818 - 71,038 - - 5,440 - - 2 - - 285 130,818 - 76,765 - - - 126,129 - 80,912 126,129 - 80,912 4,689 - (4,147) (12,233) (4,365) - - - (24) (7,544) (4,365) (4,171) 417,571 379,820 46,287 410,027 375,455 42,116 |
Total Funds 2019 £ 71,038 5,440 2 285 76,765 - 80,912 80,912 (4,147) (4,365) (24) (8,536) 426,107 417,571 |
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The notes on pages 6 and 8 form part of these financial statements.
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THE TEKEYAN TRUST
Statement of Financial Position as at 31 December 2020
| Notes Current assets: Debtors 3 Cash at bank and in hand Creditors: Amounts falling due within one year 4 Net current assets/(liabilities) Debtors: Amounts falling due over one year 5 Funds of the charity: Restricted funds Unrestricted funds Total funds 31 December 2020 6 |
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Approved by the Trustees on 21 June 2021 and signed on their behalf by:
Mrs S KRIKORIAN Mr V OUZOUNIAN Chairperson Secretary/Treasurer
The notes on pages 6 and 8 form part of these financial statements.
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THE TEKEYAN TRUST
Notes forming part of the financial statements at 31 December 2020
1. Accounting Policies
(a) Accounting convention
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
(b)
Cashflow
The charity has taken advantage of the disclosure exemption of ‘Section 7 Statement of Cash Flows’ in preparing these financial statements as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
(c) Grants, Donations and Income
Grants and donations are only included in the Statement of Financial Activities (SOFA) when the charity has entitlement to the resources, there is sufficient certainty or receipt and so it is probable that income will be received and the amount of income receivable can be measured reliably. Where incoming resource have related expenditure the incoming resources and expenditure are reported gross in the Financial Statement.
(d) Tax reclaims on donations and gifts
Gift Aid receivable is included in income when there is a valid declaration form the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise
(e) Resources expended
Expenditure has been classified under the headings that aggregate all costs related to the category and are recognised on an accruals basis. The irrecoverable element of VAT is included with the item of expense to which it relates.
(f) Foreign currencies
Balance sheet items in foreign currencies and transactions during the year have been converted into sterling at the rates of exchange ruling at the balance sheet date.
(g) Concessionary loans
Concessionary loans are initially recognised and measured at the amount paid and adjusted in subsequent years to reflect repayments, adjusted for any impairments if necessary.
(h) Going concern
The financial statements have been based on the expectation of the Charity continuing As a going concern for the next 12 months.
The trustees have considered the impact of the Covid-19 pandemic on the charity’s activities and do not believe there to be any change in the going concern status of the charity.
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THE TEKEYAN TRUST
Notes forming part of the financial statements at 31 December 2020
2. Analysis of charitable activities
| Restricted | Restricted | Unrestricted | Total | Restricted | Restricted | Unrestricted |
Unrestricted |
Total | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds |
|||||
| 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Direct charitable expense | - | 123,231 | 123,231 | - | 78,642 | 78,642 |
||||
| Accountancy fees | - | 864 | 864 | - | 852 | 852 | ||||
| Bank charges | - | 260 | 260 | - | 175 | 175 | ||||
| Administrative support |
- | 1,774 | 1,774 | - | 1,023 | 1,023 | ||||
| Office rent |
- | - | - | - | 220 | 220 | ||||
| - | 126,129 | 126,129 | - | 80,912 | 80,912 | |||||
| 3. | Debtors and prepayments | 2020 | 2019 | |||||||
| £ | £ | |||||||||
| Prepayments and accrued income | 9,655 | - | ||||||||
| Operating loan* | 20,203 | 15,335 | ||||||||
| 29,858 | 15,335 | |||||||||
| 4. | Current liabilities | |||||||||
| Amounts falling due within one | year | |||||||||
| 2020 | 2019 | |||||||||
| £ | £ | |||||||||
| Other creditors | 5,864 | 840 | ||||||||
| 5,864 | 840 | |||||||||
| 5. | Debtors amounts falling due over one year | |||||||||
| Maturity | Currency | 2020 | 2019 | |||||||
| Concessionary loans: | £ | £ | ||||||||
| Funding loan | 30.11.2063 $478,679 | 359,828 | 370,724 | |||||||
| Operating loan | 31.06.2026 $31,842 | 23,936 | 30,140 | |||||||
| 383,764 | 400,864 | |||||||||
| *Operating loan less than one year | 31.06.2026 $26,876 | 20,203 | 15,335 | |||||||
| Total concessionary loan | 403,967 | 416,199 |
The above concessionary loans are advanced to the Tekeyan Centre Fund of Armenian and are non-interest bearing. The loans are secured on the property known as “Tekeyan Centre” owned by Tekeyan Centre Fund. The maturity dates of the loans have been extended as set out above. Annual repayments on the operating loan started on 1 July 2016 at 10% of the loan amount. No repayment was made in the year.
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THE TEKEYAN TRUST
Notes forming part of the financial statements at 31 December 2020
6. Analysis of net assets between Funds
| Net current | Long-term | Net current | Long-term | |||
|---|---|---|---|---|---|---|
| (liabilities)/ | loans | (liabilities)/ | loans | |||
| assets | receivable | Total | assets | receivable | Total | |
| 2019 | 2019 | 2019 | 2019 | 2019 | 2019 | |
| £ | £ | £ | £ | £ | £ | |
| Restricted Fund | - | 403,967 | 403,967 | - | 416,199 | 416,199 |
| Unrestricted Fund | 6,060 | - | 6,060 | 1,372 | - | 1,372 |
| 6,060 | 403,967 | 410,027 | 1,372 | 416,199 | 417,571 |
Restricted fund is in respect of the Tekeyan Centre Fund, Cultural and Social Centre in Yerevan, Armenia.
7. Related party transactions and trustees remuneration
Trustees receive no remuneration. Expenses in the year of £nil (2019 - £3,903) were reimbursements to one trustee where expenses were paid out on behalf of the Trust in connection with fundraising and charitable activities.
The Trustees consider Tekeyan Centre Fund (registered charity 03 A 075152) a charitable organisation registered in Yerevan Armenia as a related party as the majority of the Tekeyan Centre Fund board members are also trustees of this trust. As of 31 December 2020 there were outstanding interest free concessionary loans of £403.967 (2019 - £416,199) advanced to the Tekeyan Centre Fund (see note 5 above).
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