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|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|
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|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|||||
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|||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|
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|(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|||||
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|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|
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|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|
##
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|(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|
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|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|
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||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|
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