| Contents | Page | |||
|---|---|---|---|---|
| Reference and administrative | information | and Trustees | ||
| Trustees' Annual Report |
2-4 | |||
| Independent Auditor's |
Report | 5-7 | ||
| Balance Sheet | ||||
| Statement ofFinancial | Activities | |||
| Notes to the Financial | Statements | 10—16 |
| Trustees: | The Trustees who | served | served | during | the year were: | ||
|---|---|---|---|---|---|---|---|
| Joseph Oughourlian | (Chairman) | ||||||
| Camilio Azzouz (Hon | Secretary) | ||||||
| Amaud Attamian |
(Hon Treasurer) | ||||||
| Sarkis Mazmanian | |||||||
| Nathalie Piranian |
|||||||
| Arthur Artinian (resigned |
02/03/2023) | ||||||
| Ara Sarafian | |||||||
| Noushig Yakoubian-Setrakian |
|||||||
| Tro Manoukian | |||||||
| Governing | Document: | Trust Deed | |||||
| Charity Registration | Number: | 282070 | |||||
| Registered | address: | Kent House | |||||
| 14-17Market Place | |||||||
| London | |||||||
| W1W 8AJ | |||||||
| Bankers: | National Westminster | Bank | |||||
| City ofLondon Office | |||||||
| PO Box12258 | |||||||
| 1 Princes Street | |||||||
| London | |||||||
| EC2R 8PA | |||||||
| Solicitors: | Gulbenkian Andonian |
||||||
| Suite 2, Sicilian House | |||||||
| Sicilian Avenue | |||||||
| London | |||||||
| WC1V 6QF | |||||||
| Auditor: | Moore NHC Audit | Limited | |||||
| 73-75 High Street | |||||||
| Stevenage, | |||||||
| Herffordshire | |||||||
| SG13HR |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| Note | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| f | 6 | 6 | F | 6 | |||
| Income and endowments | |||||||
| from: | |||||||
| Donations and legacies |
652 | 90,670 | 91,322 | 67,904 | 16,418 | 84,322 | |
| Gift aid redaimed | 76 | 21,375 | 21,451 | 16,762 | 3,126 | 19,888 | |
| Bank interest | 2,292 | 993 | 3,285 | 83 | 35 | 118 | |
| Investment income |
97,359 | 42,152 | 139,511 | 102,452 | 42,430 | 144,882 | |
| Other income | 209 | 91 | 300 | ||||
| Total income | 100,588 | 155,281 | 255,869 | 187,201 | ~62 009 | 249 210 | |
| Expenditure on: |
|||||||
| Raising funds | 9 | 6,119 | 2,649 | 8,768 | |||
| Charitable activities |
10,11 | 140,983 | 93,542 | 234,525 | 289,177 | 55,140 | 344,317 |
| Total expenditure | 147,102 | 96,191 | 243,293 | 289,177 | 55,140 | 344,317 | |
| Net Income for the year | |||||||
| before Gains/(losses) investments |
(46,514) | 59,090 | 12,576 | (101,976) | 6,869 | (95,107) | |
| Realised gains/(losses) |
|||||||
| on | |||||||
| investments | (165,393) | (71,607) | (237,000) | ||||
| Unrealised gains/(losses) |
|||||||
| on investments | 2 | (155,955) | (67,521) | (223,476) | 352,701 | 146,071 | 498,772 |
| Net movement in funds |
(367,862) | (80,038) | (447,900) | 250,725 | 152,940 | 403,665 | |
| Balance brought forward | |||||||
| at 1 January 2022 | 4,202,242 | 1,819,376 | 6,021,618 | 3,951,517 | 1,666,436 | 5,617,953 | |
| Balance carried forward | |||||||
| at 31 December 2022 | 12 | 3,834,380 | 1,739,338 | 5,573,718 | 4,202,242 | 1,819,376 | 6,021,618 |
| (Co | ntd.) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2. | Trust funds | Bequest & | Share | Grants | Gain on | |||||
| At | Donations | ofnet | Paid | investments | At | |||||
| 1.1.22 | received | income | (Note 8) | to31.12.22 | 31.12.22 | |||||
| 6 | 8 | F | 6 | F | ||||||
| Restricted | ||||||||||
| AYA - Maryam Moutafian |
290,165 | 5,858 | (22,189) | 273,834 | ||||||
| AYA - Haig 8 Syrvart Artan | 27,786 | 561 | (2,125) | 26,222 | ||||||
| Education/writers/intellectuals | ||||||||||
| Lucas &Rose Gregory | ||||||||||
| Armenian Studies- |
||||||||||
| Nevart &Hasmig Krikorlan |
||||||||||
| Schools in UK - Serope | Kardash | |||||||||
| Evangellcal- | ||||||||||
| Ena Berjouhi Kenadjian | 51,903 | (3,969) | 48,982 | |||||||
| Earthquake —Eprem & | ||||||||||
| Alice Djirdjirian | 718,801 | 14,510 | (54,967) | 678,344 | ||||||
| Boys/Educatlon- | ||||||||||
| Mac John Lucas | ||||||||||
| Education - Hoseb 8 | ||||||||||
| Lilly Arathoon | ||||||||||
| Children's Home- |
||||||||||
| Katharlne Ghazarian |
622,063 | 12,557 | (47,569) | 587,051 | ||||||
| Armenia —schools &orphanage | 32,118 | 649 | (2,456) | 30,311 | ||||||
| Higher education In music |
||||||||||
| Peter &Flora Alexy | ||||||||||
| Pastoral Development -Didizian |
76,540 | 1,545 | (2,202) | (5,853) | 70,030 | |||||
| Global Relief Fund | 3,125 | (602) | 2,524 | |||||||
| Empowerher | 790 | 790 | ||||||||
| Terre de Vie | 1,880 | (1,880) | ||||||||
| APRI Armenia | 106,250 | (85,000) | 21,250 | |||||||
| 1,819,376 | 112,045 | 36,728 | (89,683) | (139,128) | 1,739,338 | |||||
| Unrestricted | ||||||||||
| General | 1,116,861 | 728 | 22,544 | (35,101) | (85,407) | 1,019,625 | ||||
| Funduklian (see note (a)) |
1,026,856 | 20,729 | (32,273) | (78,524) | 936,788 | |||||
| General - Boghos P Jelebjian | 1,204,753 | 24,320 | (37,864) | (92,128) | 1,099,081 | |||||
| General —George & |
||||||||||
| John Kurkjian | 4,503 | 91 | (141) | (345) | 4,108 | |||||
| General - Levon Tashdjian | 849,269 | 17,144 | (26,691) | (64,944) | 774,778 | |||||
| 4,202,242 | 728 | 84,828(132,070) | (321,348) | 3,834,380 | ||||||
| Total Trust Funds | 6,021,618 | 112,773 | 121,556(221,753) | (460,476) | 5,573,718 | |||||
| Notes | ||||||||||
| (a) The Funduklian |
Funds | are made up | of: | |||||||
| Vahe G Fundukllan | Fund | 839,112 | ||||||||
| Kamig & Arto | Funduklian | Fund | 24,419 | |||||||
| Aznive &Astra Funduklian |
Fund | 24,419 | ||||||||
| Aram N Karagheuslan |
Fund | 24,419 | ||||||||
| Nazareth D Funduklian |
Fund | 24,419 | ||||||||
| 936,788 |
| tes to the financial statements for the year ontd. ) |
ended 31 D | ecember 2 | 022 |
|---|---|---|---|
| 3. Investments 2022 |
Market | ||
| Investment Trusts |
Holding | Costf | Value F |
| Baillie Gifford Global Income Growth A (Acc) | 13,067.92 | 246,183 | 243,847 |
| Capital Gearing Trust Pic (CGT) | 5,244.00 | 268,547 | 258,005 |
| Foresight Sustainable Forestry Comp PLC (FSF) |
244,319.00 | 268,571 | 258,367 |
| iShares Core S8,P500 UCITS ETFGBP Hedged GSPX | 31,481.00 | 223,806 | 206,893 |
| Murray Income Trust (MUT) |
26,029.00 | 223,804 | 218,904 |
| Personal Assets (PNL) | 54,766.00 | 268,568 | 261,371 |
| Sequoia Economic Infrastructure Income Fund (SEQI) |
299,703.00 | 268,572 | 262,690 |
| HSBC MSCI World ETFGBP (HMWO) | 10,801.00 | 246,177 | 233,950 |
| Warehouse REIT Pic (WHR) |
93,170.00 | 134,285 | 97,735 |
| 2,148,513 | 2,041,762 | ||
| Funds | |||
| Artemis Global Select Class R (Acc) |
149,251.21 | 223,810 | 223,832 |
| BlackRock Charities UK Bond Fund A (Inc) |
112,925.31 | 200,000 | 164,792 |
| BlackRock Charities UK Equity Fund A (Inc) |
15,588.35 | 54,386 | 107,625 |
| Fidelity Cash W (Inc) | 133.83 | 134 | 134 |
| Fundsmith Equity Fund Class T(Acc) |
42,114.73 | 246,183 | 243,503 |
| HSBC FTSEAll Share Index C (Acc) | 19,602.81 | 134,286 | 135,824 |
| JPMorgan Global Equity Income C (Acc) |
75,760.83 | 246,183 | 250,314 |
| M&G Equities Investment Fnd for charities(inc) |
10,122.01 | 67,384 | 148,745 |
| Montanaro UK Income GBP (Inc) |
120,565.45 | 134,286 | 126,473 |
| VT Gravis Clean Energy Income I (Acc) |
146,163.03 | 268,572 | 250,903 |
| VT Gravis UK Listed Property (PAIF) A (Acc) |
119,480.46 | 134,286 | 111,870 |
| VT RM Alternative Income Fund F(Acc) |
201,118.19 | 268,572 | 257,231 |
| 1,978,082 | 2,021,246 | ||
| Cash held within investment portfolio |
416,888 | 416,888 | |
| Total as at 31 December 2022 | 4,543,483 | 4,479,896 |
| to the financial stateme d. ) |
nts for the |
year ended | 31 Decemb | er 2022 |
|---|---|---|---|---|
| Investments 2021 Fixed interest securities |
Holding | Costf | Market Value f |
|
| COIF Charities Fixed Interest Fund - Income |
156,049.82 | 200,000 | 206,813 | |
| Black Rock Charinco Common |
Investment | |||
| Fund - Income | 112,925.00 | 200,000 | 207,444 | |
| M8 G Charibond Income Units |
247,907.57 | 285,000 | 300,390 | |
| Income Trust for Charities A Income Units |
86,597 | 50,000 | 58,106 | |
| 735,000 | 772,753 | |||
| Property | ||||
| The Threadneedle Property Unit Trust |
1,348.61 | 326,135 | 421,858 | |
| Equity Funds | ||||
| FP CAF UK Equity Fund B Income | 80,185 | 49,996 | 135,104 | |
| FP CAF International Equity Fund A Income |
68,002.88 | 124,044 | 188,735 | |
| FP CAF Alternative Strategies Fund A Income |
111,922.82 | 124,044 | 124,111 | |
| COIF Charities Investment Fund |
- Income | 26,305.70 | 150,734 | 540,235 |
| Black Rock Charishare Common |
investment | |||
| Fund - Income | 173,204 | 604,285 | 1,239,100 | |
| M&G Charifund Income Units |
37,553.42 | 250,000 | 584,406 | |
| Schroder Charity Equity Income |
203,171 | 580,000 | 898,016 | |
| 1,883,103 | 3,709,707 | |||
| Total as at 31 December 2021 | 2,944,238 | 4,904,318 |
| Fixed asset investments | 2022 | 2021f | |
|---|---|---|---|
| Market value at 1 January | 2022 | 4,904,318 | 4,405,546 |
| Additions | 4,398,489 | ||
| Disposals (at opening market value) |
(4,599,434) | ||
| Net unrealised (loss)/gain |
-(note 2) | (223,477) | 498,772 |
| Market value at 31 December 2022 | 4,479,896 | 4,904,318 | |
| Historical cost at 31 December 2022 | 4,543,483 | 2,944,238 | |
| Cash at bank and in hand | 2022 '2 |
2021f | |
| Business reserve account | 807,565 | 1,127,620 | |
| Treasury deposit account | 300,000 | ||
| Current account | 100 | 100 | |
| 1,107,665 | 1,127,720 |
| (Co | ntd. ) | |||||||
|---|---|---|---|---|---|---|---|---|
| 6. | Debtors | 2022 | 2021 | |||||
| F | ||||||||
| Accrued income | 2,907 | |||||||
| Other debtors | 1,473 | 19,811 | ||||||
| 4,380 | 19,811 | |||||||
| 7. | Creditors | and Accruals | 2022 | 2021 | ||||
| Accruals | 18,223 | 30,230 | ||||||
| 18,223 | 30,230 | |||||||
| 8. | Employees | |||||||
| 2022 | 2021f | |||||||
| The average | monthly | number ofemployees | during | the year was: |
| 9. Grants |
9. Grants |
||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||
| F | 6 | f | |||||
| Educational | grants | ||||||
| Student grants and loans | 102,088 | 102,088 | 138,824 | 138,824 | |||
| Charitable | and other grants | ||||||
| Other organisations | 29,982 | 89,683 | 119,665 | 142,121 | 51,730 | 193,851 | |
| 132,070 | 89,683 | 221,753 | 280,945 | 51,730 | 332,675 |
| 10.Expend | i | ture | on raising funds | on raising funds | |||||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
| Funds | Funds | Funds | Funds | Funds | Funds | ||||
| 2022 E |
2022 f |
2022 f |
2021 F |
2021 6 |
2021f | ||||
| Investment | management | ||||||||
| fees | 5,446 | 2,358 | 7,804 | ||||||
| Commission | fees | 673 | 291 | 964 | |||||
| 6,119 | 2,649 | 8,768 | |||||||
| 11.Expenditure | on charitable | activities | |||||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
| Funds | Funds | Funds | Funds | Funds | Funds | ||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||||
| F | f | 8 | r | F | |||||
| Grants | 132,070 | 89,683 | 221,753 | 280,945 | 51,730 | 332,675 | |||
| Auditor fees | 3,777 | 1,635 | 5,412 | 3,809 | 1,578 | 5,387 | |||
| Accountancy | fees | 2,289 | 991 | 3,280 | 2,070 | 857 | 2,927 | ||
| Legal fees | 2,303 | 997 | 3,300 | 1,768 | 732 | 2,500 | |||
| Subscription | fees | 151 | 65 | 216 | 152 | 63 | 215 | ||
| Bank charges | and | interest | 393 | 171 | 564 | 433 | 180 | 613 | |
| 140,983 | 93,542 | 234,525 | 289,177 | 55,140 | 344,317 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds | |
| 2022 | 2022f | 2022 8 |
2021 | 2021 | 2021 | |
| Fixed asset investments | 3,081,897 | 1,397,999 | 4,479,896 | 3,422,524 | 1,481,794 | 4,904,318 |
| Net current assets | 752,483 | 341,339 | 1,093,822 | 779,718 | 337,582 | 1,117,300 |
| 3,834,380 | 1,739,338 | 5,573,718 | 4,202,242 | 1,819,376 | 6,021,618 |