Charlty Commlsslon Reglstratlon No. 282070 ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Financial ststements for the year ended 31 December 2023 ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Contents Page Refer8ncè and administrative informallon and Trustee8 Trustees. Annual Report Independent Audilorfs Report Balan¢e Sho8t Statement of Flnanclal Actlvities Notes to the Financral Slatemenls 10-16 ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Reference and admini$tratlve Informatlon and Trustees Trustees.. The Trustees who seNed durino the year were; Ama¥Jd Attamian (ChalnKan & Hon Treasureil Camilio Azzouz (Hon Secretary) Joseph Ou9houtliatb Arthur Artinian (resigned 21312023) Sarkis Mazmanian Nathalie PiTanian Ara Sarafian Noushig Yak¢Jublan-S8trakian Tro Manouklan Governlng Document: Trust De8d Charlty Reglstratlon Number: 282070 Règlster•d address: K8nl Hous8 14-17 Market Place London W1W8AJ BBnkeTS: National Weslminsler Bank City of London Office PO Box 12258 1 Princes Street London EC2R 8PA SollGltor8: Gtlbenkian Andonian Suite 2, Si￿11an House Slcllian Avenue London WC1V6QF Audltor: Moore NHC AEMJit Limlled 73-75 High Slreel stevenage, Hertfordshire SG13HR ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Trustees, Annual Rgport for the year ended 31 December 2023 The Truste8s present their annual ¥eport logelher wth Ihe financlal slalemenls of The Armenian General B6nevo16nl Union LondDn Trust for the year ended 31 De¢ember 2023. The Trustees confirm that the annual report and ftnanclal statements of the Charily Gomply wilh th8 curr8nl stalulory requirements, the requ1￿mentS of the charity's governing document and the provisions of the Slalemenl of recommended Pract1￿ ISORPI, applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 effeotive 1 January 2019. Oblective and Activities The Trust was sel Ltp for.. the advarncemonl of education among Armenlans particularly In the Unlled Klngdom and thè promotion of the study of Armenian history, litetalure, language, cullure religion; the relief of poverty among Armenlans arKI the rellef In cases of need of Armenlan persons who are sick or aged. In furtheTance of Ihe Trusfs objectfves the Trustees offer scho18rship grants lo Armenians studying in England, and granls lo trrganisalions and inslilulions lo promole specific educational. cultural and charilabte aolivilies GonneGted with the Gullural lifè of the Arrnenidn Community in the United Klngdom in adthlion to funding humanitarian projects in Armenla. Structure and governance The TTUSI was sel up by Declaration dated 16 Felxuary 1981.The Trust Is affl11al￿ to the world wK1e Am16nian Genèral Benèvolént Union with headquarters in New York wh8re Il Is incorporale¢J as a Delaware company. The London Trust Is a separate reglslered charity h()Iding th8 ass8ls of Iha Armenian General Benevolent Union In England wilh the Trustees acting according lo the Trust Deed and wllhln the guldgllnès of the Charty Cc¥nmission. The Trustee5 compiise ￿ members ol Ihe Central Board in New York, ￿ ex-officlo mèmbers of ihe Armenian General Benevolent Union London Bran¢h Exe¢uknve Committee and up to fNe other Trustees for a term of slx years. The Char¢ty Commissions for England Wales, on 7 April 1995. granted a Certificate of Incorporatlon of the Ttustees. All the Tnjslees seNe on a voluntary unpaid basis and re￿1ve no expenses. Investments The Iwstees have general power of Inv8s1m￿t. Invest￿entS are held in London Ilst8d securities wfthln Investment TrustslOEICs. The overall market value of investrnenls al the year.end was £4.566,473 {2022 - £4,479,896), down 1.90/0 overall. The Trustees have chosen a medium level fisk and have appolntecl Thomson Tyndall Llmlted as inveslmenl man8gèmÈnl advEsors lo manage Ihe inve51m?nl porffo5io. Income Investment income of £90.96212022 - £139.5111, bank Inl&r6$1 of £33,77712022 - £3,285), donations and lega¢ies of £223,339 (2tr22 - £91,322). Gift Aid of £46.54512022 - £21,451} and £nll12022 - £3001 other Income were recenied during the year. ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Trustees, Annual Report for the year ended 31 December 2023 {Contd.) Future Developments The Trust intends lo continue ils policy of dislflbullig I￿ome recewed lo eilglble beneficiaries Mi the form of grants In a￿OrdanCe wilh the Trust Deed. 8tudÈntAwards Scholarship applioalions are revlewed by the committee based In New YuTk before fin81 approval follDwlng a strict sel8¢tlon process. Student awards tolallin9 £78,¢XIO12022 £102,088) were offered to students as grants. Ald to Annenla, Charltable and Other Qrants, Charltablo Actlvltlgs Grants falling under this heading and lolalling £318,942 (2022 - £119,665) were made as £9,015 (2022.. £nil) to AGBU Chlldren Cenltss In ArmenSa, £1,392 (2022 - £2,201) to Holy Elohmiadzln Pastoral Dévalopmanl, £7,607 {2022 - £5,522> lo the Hye Green Project, £15,00012022 - £5,000) lo the Armenian Church Trust, £l,00012022 - £9501 lo the Klingen Choir and cu￿￿ra1 Astsoclatlon, É4.000 (2022 £nil) to the Tahia Sunday School, £20,000 {2022 - £nlll lo the AGBU Oxford Scholarshlp Programme, £260.928 to AGBU Charltable Aclivllles (2022 - £87,506), £nll 12022 £18,486) lo the ATm8nlan Stale Symphony OrGh&stra. ReseNes Pollcy The Trustees plan expenditure wfihin antlci)aled net Incom8 for Ihe current year. Overall income 811ocated In proportion to each fund and specific grants allocated to the various funds according lo the ¢onditions accepted with the donation or bequest. The Trustees endeavour lo seek projects that match these conithtions and any surplus Income is carried foNard for hrture applications. The pres￿1 level oflree reseNes, that is fijnds not lied to restricted or endowment funds 15 £3,805.922 (2022- £3.834,380} see nole 12, page 16. Rlsk Revlew The TIu51ees have identrfied 8nd assessed the mgjor rlsks lo which the charty is oxposed, in pa¥licular those related lo the op6ralion and finances of the chaTity and thè volatile market followtng Covid 19. They are salisfied that the Gharlty's exposures lo these risks 8re mlnimal and in addition have approached an Investment management specialist10 8Gtlv•ly manage the Trusls investmènt portfolio. Connected Charlty The Armenian General Benevolenl Union London Tiust Is connected, wSlhin th8 meaning of the Charities SORP, wlh the Arfflenian EduLxlion Trust (charity number 3139301 In that il shares the same Trustees and regislered address. Golng Cott¢ern The Twstee5 h2v6 a feasonable expectation that the Charlty has adequgte resources to continue In operational axistenrA9 for the foreseeablè firturo. The Trusteès are Iherefore satlsfied that Ihe Trust Is a going conorn. Publ1¢ Beneflt The Truste88 have r8f8rred to the guklanc8 contained in the Charity Commlssion's general gutdance on public benefit when reviewing thelr alms and objective3 and in planning fvtuie actlvlties. The grants made during the y8ar have benefited Ihè public in the further eduGatiDn of Am)enian students sludying in the UK and supportlng c￿￿￿[al, educational and chariiable aclivilies in the Armenlan Community as well as Supporting programs that adva￿0 th8 w•ll-being of Armenian communtties. ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Trustees, Annual Report for the yéar ended 31 Décomber 2023 {Contd.) Tru8tee¥ and Stsff The Trust Is administered by no less than 7 and no more than 11 Tru51eBs appointed as follows.- 2 Trustees elected by the members of the Executiv6 Committee 2 Trustees elected by the New York Central Board of DSTectors of Ihe AGBU Minimum of 3 Trusle8s and maximum 017 Trustees appointed by the Executive Committee followiNJ consultation and agreement ￿th tho Board. No staff are wirenlly employed by the Trusl. Statemènt of Trustees, respon51bllltlo5 The Trustees are responslble for preparing Report of th8 Trustees an¢J the finonGi81 statements in accordance wllh applicable law and Unlted Kingdom Accountlng Standards (United Kingdom Gonorally Accepted Accounting Practiol. Th8 law appllcgble to charitl8s in England & Wales requires Ihe Twstee5 to PTepaTe financial statements for each financial year which gwe a true 8nd fair view of the slate of aff8Ks of the Foundallon and of the incoming Tesources and application of resourtrAs of Ihg Foundalion lor that period. In pr8paring these financial stalemenls, the Trustees are required lo.. select suitable accoLmling Pt)licie$ and apply Ihom ￿nsIStenI1y,. observe th8 methods and princlples vi Ihe Charitles SORP., make Judgements esllmales that are reasonable and prudenl.. stale whether applleable accounliro standards have been followed, sublEcI to any mal8rtal departures disclosed and explained in the flnandal statemenl5', prepare the financlal slalemenls on the going concern basis unles8 11 is inappropriate to presume Ihal the Foundation will Co￿[nUe In bl￿1￿ess. Tiustees are responslble for keeping proper accounting records that discloso With reasonable accuracy al any time the financial position of the Foundation and enable th8m to ensuie that th8 financial statements comply with the Charities Act 2011, as ametKted by the Charities Act 2022, the Trust (Accounts and Reports) Regulations 2008 and the provislons of the Foundalion's trust deed. They are also responsible for safeguardlng the assets of the Foundation and hence for taking reasonabl8 steps for Ihe prevention and d6t6Ctlon of fraud and other IrregUlar￿leS. Approved by th8 Board of Trustees on Zl , 2024 ond signed on its behalf by: A Attamian- Chaiman ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Oplnlon We have audited Ihe fin￿181 statements of Arm8nSon Gènerttl Benevolent Union London Tnjst {the'chariW} for thè year ended 31 D&rAmb8r 2023 wh￿h comprise anLI the note5 115 thd frnandal 6lalemet)ts. Indudlng a summary ol significanl 8ruynling poliThes. Th8 financial reporting framewoth that has been appllEd In IhÈir preparation Is appllcgble law and Unlled Klwdom A￿AUntIng Standards. indudiny Fin&naal Reporting Standard 102 The Financlal RepcKtyng Standard applcable In Ihe UK and Repthlic ol Ir818nd IUni18d Kingdom G8neially Acc8Pted Accounting Pract1￿}. In ouropknlm Ihe flnondal slalèm8nt&'. give a true and falr view ofth8 8lat& of the ch8rity'8 aff8irs as at 31 Detttmbtr 2023 And of It8incomlng ￿sOUrceS and applcation ol re5ource&. for the yearthan 8nd&l.. have beon propwty pr8per¢d h a¢cordance wlh United Kingdom Generally AcLepled AcrA)unlrig Pract*è.' and have been prepared In accordancewilh thg requlremtnts ofthé CharftlesAc12011. Bas1$ for Oplnion We conducted our audi¢ In accordance ￿th Int¢malional Standards on Audlllng IUKI {ISAs {UKII and applicable law. Our Te$ponsikn'liti8s under those stBndard5 arè further dèscribed In the Auditorfs re$ponsibSlMe$ for the audit of Ihe financial stalemenls $8cliDn of oui report. W8 ST8 indapondèrlt of th• charity In aC￿rda￿E with the ethical requirements Ihal are relevart 10 our audil of Ihe financial stalernents UK, Includlng the FRC'S EthicAI Standard. and wtr have ￿￿illed our other elhiral iesponsibilslies in ar£ordance with these ￿quIreMentS. We beliÈv8 that the audit evklwce wa hav8 oblalned is 8vffident and appropii8te ¢0 pcovlde a b88181oTour ￿p￿lOrb. Cgnrlu$ltsn$ rolotlng to aolng concern We have notlN"ng lo report in respect of th8 f)￿Ing mattets In relallon to the ISA$ (UK) ￿￿lre us lo report lo you where= tW8t995' of th¢ goitEo cortem basis of ecuuNtng In the preparalmin of finanaal 5t8leménts Is not appropriato.. or the Iruslees havg not dis¢Eosed In th? finanaal statsmer15 ary IdenllflEd rnaterfal u￿rtaInl[8$ Ihal rnay cast slgnlficanl doubt about the charity's ability to conWnu8 lo adDpI Ihe going concem basis ol accounting for a perfod of al lea5tiwelve monlhs from the date when Iha ffinanrd81 slalèmenls arè aulhorfsed for issue. Otherlnfonnatlon The Iwstses Bre wspon8iblo for th8 olh8r InformaliDn. Thg ¢JlheT cfJmprfs8s IhÈ infDTm8llm induded In the ant)ual report, olhei than ihe fin¥wal 91oiements and our aurlitofs report thereon. our oplnion on Ihe finandal Siatemenls dogs not ¢ovor tho dhtr Infam)alion and w8 do not 8xpr￿S &ny lom) of assurance conduslon Ihereon. ITr fAinnedion with our audll of tha finarthl Slat6Me￿s, our r&6ponslblllty Ss io read the olher hform8tion and, in dolNg so, consider s¥hglher the other infottnation Is mdtBrfalty Inconsistent wrfh th8 finandal $laiernents Dr 0￿r kftowledge obtaned in th8 audil or oth8rwi*8 appear5 ID be maierialSy mlsstaled. If we Idenllfy such materfal Inconwslertdes or app#rent material misslatsmenls. we ar8 requir&d io deterrnille whelherlh?re malerlal mlsslatement in the fina￿581 51alemenl$ or a malarial mi8s1818meni ol Ihg olherirrforrnaliDn. If. based on tha we have perfomed, we ￿nClude Ihat therels amalertal m15s1alemgnt Dllhi5 0th8r information. we r•qulred lo reportthatfact, We have nofNng to report kn th18 regard. ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Matters trn whlchw8*re requ5rèd to rèport by ¢x¢¢pVon We have nolhing lo ￿port in resptd ollhe fdlowing matters in relallon lo wNch Ihe Charitie6 Occomls and Re￿¥ Rogu181ions2008 ￿qUir?￿S lo reportto you if. in ouropinlon: the Informallon given in th8 financlal slalem8htS is inEon51slent In any rnaterial m8p8Ct wilh Ihs Inisl99s' Tepori,. or sufficlenl r8cords have not been kept.. or the finantsal slalernenls arè not h agreement with the Bc(Xx￿lllg ￿cOrdS. or we have rK71 recaved thll knfortnation and eKp18natiDn8 we r8qulre forourauthl. R95ponslbi1Stie¥ Df tru$tee& As explained more filly in Ihe slèlemenl of twslee5' re8ponslbllill&s. th8 trustees ore ¥e$pontsitle lor the preparalion of the ffinan￿81 slalements and for bging $ats$fied that they glvg 4 INe and la￿ view, And ltsi such Inlefftal control as Ihe Iruslees datemiine 1$ ne¢¢5Sary to Èn8Ne the weparalion of finandal slatement$ that are free trom material n*8slalemenl, whelh6rdue to fraud or error. In preparing thg ffianBlo1 statsrnenl8, Ihe trusiqes ar• r&spOn&b￿ for a$se$$ing ¢harfty$ 8￿fity to contlnue as going ¢on¢¢m, disd08ing. •$ appllcable. malters related to golng conc&m and using lh& going concern basis of accounting unlèas thè Iru8tee& ellher IntÈnd lo c&as& opemtions. or have rK) rea1181ic Hllernalve bul to do so. AudJtorf$ r¢¥pon$Sbilitie$ lor the audlt ol th#financlal Btatements We have b8trn appoin18d as Auditor vnd8r sedion 144 of Ihe ch￿*￿E$ Act 2011 arjd Tewrt in accordance the Ad d relavanl regula1￿￿5 rnade Dr having effoct thereundgr. Ow Objet4￿85 to obtawi r8a5￿ab￿ 888ufdnce Bboul whether Ihe financial 8tAtemeftls as a whde we free frorn rnalerial mlsslAtement, whether dLk lo fraud er 8TTor. and lo issue an audllofs report Ihat InrJude5 our eplnion. Reasonable assurante 15 a high level of assur8Hce. bul is rot a gu8r8ntee that an audlt conducted In ac¢ordanee ￿1h ISAS IVK) I￿11 alway5 delecl a Mate￿81 mi58tstement when11 exlsts. Mlsstatemenls can arise fcom fiaud or error and a￿ considered malthal il. Indfvldualty or In tho sggreg818. Ih8y could reasonatly be expected to ￿fluenCe the economic decisions olusers iaken on th8 basls of Ih8se fillanclal slat8rn9nts. A furthur descrfptl]n of our respon￿bIllIeS for the au(hl of thè finanohgl st*m¢nts 18 lo￿ted on Ihe Fnand* Repoming websil? at.. hllp.'IhwM.frc.org,uklaudftorsresponsibilitiÈ5, Thig des¢riptk)n fomis part of ouraudilorfs report. Other mattèr Your att8ntion is dr8wn lo tho fact Ihat th& Gharity has prepared finanril alalemenls kn a￿C(dan￿ wllh'AcLounling and Reporting by ClioriliB5', Stalemenl of Recomm¢ndtd Pfa¢lice 8pplrabl8 lo charftles prepartng Ihelr ac¢(yJn16 in Accordance with thB F￿and?1 Reporting Slanrfard applicable In the UK and Repubfic of IrELqnd IFRS 1021" las arrEndedl in pref8Tenc8 lo the Accounting and Repoitiny by cha￿1185.. Statement of RetrAJmmended Pr8¢1ice issued on l April 2005whlth rderred to IEb tho oxlanl regulallons bul has now been wllhdrawn. Th1$ has been done N) order for tho firnanad siatèmènis lo provlde a liue and falr viaw in 8¢cordanc¢ with G¢nero1ty A¢¢epled knounllng PraCt￿e effectSve fw ￿pOrt￿n9 porfod$ bt￿nning on orafter l January 2016. ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Use of our roport Thls report Is madè solety ta thè eharity'# tNsiees, as a body, In accordancg with pai14 01 Ihe Chaiilies (A￿UnIS and Rèports) Regulatlons 2008. Qur 8udil work hès beèn undèrlak¢n so that we mrghl stale trj the ¢harftVs tru&lees ¢ho$e Malte￿ we are required lo stale lo thetn in 8Ltditors' report and lor no other purpos6. To the lullesl exlenl permliled by law, we do nol acrkptor assume responsthjility lo anyone Dther Ihan Ihe charfty hnd the chariws truste￿ as a body. for ow audltwoth. forthis repart. or forlha oplnloTr8 we have fgrmed. Moor& NH¢ AudltLlmlted Chartered A¢¢ountststs Statutory Audltor Flrsl FID 73-75 High Street Slèvènagè H6rtfor on investments Uniealised gain￿(lo$seSI on invéstm6nls 141,852) 0.182 136,6701 146,614) 69.090 12,676 22,757 10.177 32,934 1165.393) 171.6CI7) 1237,0001 (S,363) (4,187) 113,5501 1155,955) (67,521) {223.4761 Not movement In funds {28,4581 11,172 117,2861 (367.8621 {80,038) 1447.9001 Balance brought fowrd at 1 January 2023 Balance carrled foMard al 31 December 2023 3,834,380 1,739,338 5.573.718 4.202,242 1,819,376 6,021,618 12 3,805,922 1,750,510 5,556,432 3,834,380 1,739,338 5,573.718 Contlnulng operations Non8 of the Trust's a¢lniitsgs were acqulred or disoonllnLted during the current or previous year. Totsl recognlsed gains and IcvJ¥os Th8 Trust has no reGognised galns or losses other than the gain5 for the c￿r￿n1 and prevlous year, Thg notes on pages 1010 16 fom) part of these accounts. ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Notes to the financlal statements for the year ended 31 December 2023 Accountlng pollcle8 Basls of prepavatlon The fin8F)ci81 $lalèménls are prepared in a¢cordan¢& wllh Ihe Statement of RBcommendEd Piactice'Accounling and Reporting by Charities" preparing Iheir accounts in ￿)r￿ant* witr the Flnancial Reporting Standard applicaue In the UK and Republic of Ireland IFRS 1021 issued c 16 July 2014 and the Finanaal Reporting Standard applicabl& in the United Kingdom and Repubmc of Ireland IFRS 1021 and Chariles Act 2011 as amended by the Charilie5Acl 2022. Thè ffnanclal stalements aY6 prepared In slertlng, which is the fijnctional curr8ncy of the charfty. Monetary amounts in ttese ffinanclal statements are rourKled to ihe nearest L Exgmplion has been taken Irom preparing ? ¢a5h fiow slatemenl uncler 'Seclion 7 Statement of Cash Fbws, as p8rmStted by FRS 102 on th¢ grounds that Ihg Trust qualifies as a small entity, The accounls have been prepsred under the historical cost convention. Investments Investments are staled in the fin3ndal slalements at market value. Any galn or Ioss 0 revaluatlon is taken lo the Slatemenl of Financial ActivitLes. Managemént and Èdmihlstratlon expenses The management and admini8trallon expenses are divided beiween the funds In proportion to the openlng balances al the start of the year. (d) Incoming resource8 Incorning resources are accounted for in th8 perlod In which the charity become5 entitled lo the income. 11 is probable Ihal the income will b8 re￿1Ve￿ and the amount of income receivable can be measured reliably. (e> Net Income Net Income is allocated to the various Fund5 In propc)rtion lo Ihe opening balances al the start of the year. Grants payablo Grants have been accountsd for on 8n accruals basis. Ig) Re50urce8 expended Resources expended are accounted for on an accruals basis. The charity is not registered for VAT accordingly expendlture Is shown gross of VAT. The expenditure on charitable activities includes grants made, governance costs and 8UPPOrt costs. Included wilhln this category are costs associaled with the audit, and costs of mptying wilh conslilulional apKI slalulory requirements. Sypport and governan￿ ¢o$ts are apportloned In proportion to the brought forward restil¢ted and unrestil¢ted balanoes. (h) Golng concern At the time of approvlng the financlal slatemenls, the Iruslees have a reasonable expeotation that the charity has adequate resources to Gonlinu8 Ir) op8ralional existence for the loreseeable future. Thus the trustees continue lo adopt the golng concern basis of a￿O￿ntIng in preparing the financial slatemenls. 10 ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Notes to the financial statements for the year ended 31 December 2023 (Contd.) Trust Ivnds Bequest & Share Grants Galn on At Donatlons of net Pald Invfrstmemts 1.1.23 r8ceSved Income (Note 81 to 31.1123 At 31.12.23 Reslflcled AYA- Maryam Moukfian AYA. Haig & SY￿art Artan Edu¢aliothritersllnlelle¢luals Lucas & Rose Gregory Armenian SludSe8- Nevart & Hasrntg Krik￿lan Schools In UK- S£rLWa Kordash EvangellGal- Ena Belouhl Ken8dll8n E#rthquake- Eprem & 273.834 26,222 6,086 18.0861 583 {583) 1669) 1641 273,165 26,158 48,982 i.oeg 1120} 49,951 678,344 1fj.075 <15,075) 11.6561 676,688 B0￿¢v¢8110n- Mac John Lucas Edu¢allon- Hoseb & LillyAfathoon Children's Home- Katharfne Ghazarian Amienia- schools & orphanag6 HigheraduGalion in mu51C Peter & FloraAlexy Pastoral Devetopmenl4lidizian Global Relièf Fund Empowerher Chlldren CenlresArmer*a APRI Armenia 587,051 30,311 13,045 873 11,4331 1741 598,883 30,910 70,030 2,524 790 1.556 11,3921 -{154,4531 17,0401 19,0001 (1711 70,023 3,702 155,631 6,260 9,000 21,250 21,250 1,739,338 170,881 38,1071193.6291 14,1671 1,750,510 Unr05trlct¢d General Fundukllan18ee nolg18}1 Gen?Tal- Boghos P J8lebjl Gener81- George & John Kurklian Gen&ral- Levon Ta$hdllan 1,019,62S 936,788 1.099,081 O,OD3 22,661 (e4,0811 20,819 (77,2SCtl 24,426 124.4261 {2,4901 1,OS4.718 {2,287) 876.Q70 12,6B41 1,096,397 4,108 774,778 91 13381 17,218 117,2181 {101 {1,892) 3,8S1 T72.886 3,834,380 99,(K13 85.2151203,3131 19,3631 3,805,922 Totsl Trust Funds 5,573.718 269.884 123,3221396.9421 113,5501 5,556,432 Notes 18) The Funduklla) Funds are made up d.. Vahe G Funduklian Fund Karnig &Arto Funduklian Fund A2nive &Astra Funduklian Fund Araffl N Karagheu5ian Fund Nazareth D Fundukllan Fund 786,514 22.889 22.889 22.889 22,889 878,070 Thegé lundg lo bè u￿rI forlho genaral oblo¢ts oflhe TN$l. 11 ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Notes to the financial statements for the year ended 31 December 2023 (Contd.) Tru¥tfunds IContd.} {bl The income of the Maryam Moutafian Fund shall bB Used for the benefrt of th& Association of Young Armenians (AYAI or. in the event of that Association ceasing to fijnclion under the auspices of the Trusl, solely for the provision of scholarships in pursuit of the objects of the Twsl. (c) The Income of Ihe Haig & SY￿art Artan Fund shall be used in the same manner as in note Ibl above. (dl The incomè of the Lucas & Rose Gregory Fund shall be used for edijcalional purpose$ or for needy writers or intellectuals. (e> The Novart & Hasmlg Krikorian Scholarship Fund provSdes help to OLrtstanding young Armenians to attaln Arm&nlon UThversity education or lo pursue Armenian studies at Unlversty. The income of the Serope K8rdash Fund sh811 be used to Pay the fees of 8 teacher of l&ssons in Ihe Armenian language in London. (f) Ig> One half of tre income of the Ena Beriouhl Kenadllan Fund shaN be used for the benefit of Armenian Evangelical Sthools in the Lebanon. The balance sho11 used al Ihe Tr￿tees, discrelion. {h> The Sncome of the Eprem & Alice Djirdjirian Fund shall be applied lo the relief of young victims oflh8 1988 earthquake In Armenla, and when such rellef is no longer necessary is to b8 used for the education and support of Amienian sludènls in the United Klngdom. The incolne from the Mac John Lucas Fund is to be used lo provicle for the education of deseNing Am)enlan boys In the London area. The income of the Hoseb & Lilly Aralhoon Fund shall be used IOT the education and tralning ofAmienian chlldien and students. (kl The It)¢ome from the Kalharlne Ghazarian Fund shall be used for the care ofchildren in any chlldren's home In Armenia. The Income from the Amienla Fund and up lo 10Q/o of the capmal dc>naled shall btr used annually for the upkeep of schools, including knndergartens and orphanages and towards the educ91ion needs of boys 8fKI girls at such establishments in Armenia. (m) The G & J Kurkjian Fund can ba used in accord wrth the general objects of the Trust. (n) The income of the Levon Tashdjlan and Boghos P Jelebjian Fun(Is shall be used lor the general objecls of the Tfusl. {0) The Ineome of the Peter & Flora Al8xy fund shall be used for students fequiring assistance for h￿her educallon particularly assoclated wllh music. (p) The Didizian Fund shall be used towards the Pastoral Endowment lor the Pastoial Developvnenl for Hoty Elchmiadzin. Thè nel incom& has been 811o¢aled to the varlous Funds in proportion to the op8ning balances at the start of the year, 12 ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Notps to the financlal statemenls for the year ended 31 December 2023 (Contd.) Investments 2023 Market Value £ 288,567 129,196 160,941 156,279 159,779 Investment Trusts Baillia Grffoid Global Income Gr￿h B (Acc) Capllal Gearing Trust prc {CG Foresight Sustainable Forestry Comp PLC (FSF) ishares $ Tr8a5ury Bond 7-IOyr UCITS ETF GBP Hgd ishares UK Gilts All Stocks INlex F￿d D (Aeel Jupiter Slraleglc Bond Fund l {Acc} Murray In¢om¢ Tfust (MUT) Personal Asse18 {PNL) Sequoia Economic Infrastructure Income Fund ISEQI) HSBC MSCI World ETF GBP {HMWOI Warehouse REIT PIC IWHR) Holdlng 12,342 2,768 257,095 35,303 110,238 Cost £ 266,227 141,191 271,640 149,995 150,000 111 150,709 27,614 28,824 316,510 11,414 115,353 150,000 237.688 141.227 282,461 260,044 158,172 163,911 238,171 136,121 270.774 286,107 105,375 2.208.645 2,095,221 Funds Artemis Global S61ect Class l (Accl 144,712 AXA Sterling Credst Short Duration Bond Class Z (A¢cl 117.680.57 BlackRock Charities UK Bond FUNI A (Inc) 112,925.31 Bl8¢kRo¢k Ch81rties UK Equlty FurKI A (Incl 15,588.35 Fidellty Cash W (Incl 1.610.21 Fundsmilh Eouity Fund Class l {Acc) 43,753.62 HSBC FfsE All Share Index C (Acc) 21,513.90 JPMorgan Global Equity Income C {Accl 79.923.97 M&G Equities Inve8lmenl Fnd for chayilies(In¢l 10.122.01 Montanaro UK Incom8 GBP Ilncl 133,373.65 S¢hroder Global Energy Transilirfyn GBP Z (Accl 159,278.37 Gravis Clean Energy Income I IA¢¢> 154,539.55 vr Gravls UK Lis18d Prop8ty IPAIFI A {Acc) 144.362.03 RM A￿eMaINe Income Fund F (Acc) 238,298 150.000 2￿,000 54,386 1,612 271,640 148,177 260,074 67,384 148,177 88,891 282,463 158,177 255,880 154.750 167,513 113,556 1.618 288,030 160,425 287,087 145,250 144,577 74,256 229,569 142,803 iii 212,034.47 282,463 264,110 2.351,715 2,429,424 Cash held within Inv8slm8nt portfolio 41,828 41,828 Total as at 31 Dèc¢mbèr 2023 4,602,215 4,566,473 All investments are held in London listed securities. 13 ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Notes to tho financial statements for the year ended 31 December 2023 Icontd.) Investments 2022 Market Value £ 243,847 258.005 258,367 206,893 218,9N 261,371 262,69CI 233,950 97,735 Investment Trusts Holdlng 83illie Gifford Global Income Growth A IA¢¢l 13,067.92 Capital Gearlng Trust PIC ICGT) 5,244.00 Foresight Sustalnable Forestry Comp PLC IF8F) 244.319.00 hares Core S&P 500 UCITS ETF GBP Hodged GSPX 31.481.QQ Murray Income Trust IMUT) 26,029.00 Personal As581s IPNL) 54,766.00 Sequola Economlc Infr4s1ructure Income Fund {SEQII 299,703.00 HSBC MSCI World ETF GBP IHMWO) 10,8D1.QO Warehouse REIT Pl¢ IWPIR) 93.170.IX) Cost £ 246,183 268,547 268,571 223,806 223,804 268,568 268,572 246,177 134.285 2,148.513 2,041,762 Fund¥ Artemls Global Seled C18ss R (Acc) Bla¢kRoeK Charrties UK Bond Fund A (In¢} BlackRock char￿leS UK Equlty Fund A (Incl Fldelity Cash W Ilnc) Fundswnilh Equity Fur￿ Class T (Acc} HSBC FTSE All Share Index C (Acc) JPMoruan Global Equily Income C (Acc) M&G EquitEe$ InveslmÈThl Fnd for charllle8llnc} MDnlanaro UK Income GBP (Incl vr Gravis Clean Energy Income l (Acc) Gravis UK Listed Property (PAIFI A (Acc) vr RM Atem8tlve Incom8 Fund F (Acc) 149,251.21 112,925.31 15.588.35 133.83 42.114.73 19,602.81 75,760.83 10.122.01 120.565.45 146,163.03 119,480.46 2f11,118.19 223,810 200,000 54.38e 134 246,183 134,286 246,183 67.384 134.286 268,572 134.286 266,572 223,832 164,792 107,625 134 243,503 135,824 250,314 148,745 126.473 250.903 111,870 257,233 1,078.082 2,021,246 Cgsh hekl within investment portfolio 416.888 416,888 Total as at 31 DeG¢mber 2022 4,543,483 4,479.896 All investments are held in London lisled securities. Flxed a858t Investments 2023 2022 Mark81 v81ue al 1 January 2023 Addillons Dlspo8al8 lat opening market value) Nel unrealised Iloss)Igain- Inole 21 4,479.896 4,904.318 1.724.238 4,398,489 11,624,111) 14,599.4341 {13,5501 1223.477) Market valu8 al 31 Decer￿er 2023 4,566,473 4,479,896 Historical cost at 31 December 2023 4,e02,215 4,543,483 14 ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Notes to the financial statements for the year ended 31 December 2023 (Contd.) Ca8h at bank and In hand 2023 2022 Business reseFve ac¢ounl Tfeasury dèposit acco￿1 Current account 190,107 800.000 100 807,565 300,0(Y) 1(KJ 990,207 1.1U7,e65 Debtors 2023 2022 Accrued Income Other débtors 12,885 2.9J7 1.473 12,885 4,380 Credltor5 and Accrual¥ 2023 2022 Accruals 13,133 18,223 13,133 18,223 Employee* 2023 2022 The avefa9& monlhty number of employe8s during the year was-. There were no employees whose annual remuneration was £60,000 or more. No trustees have been paid any remuneration or received any olhei be[￿rrts. No Injslee 8xpgnses w6r8 incurrèd by the charity. Expendlture on Yalslng funds Unrèstrlctgd Rèstrlcted Fuhds Funds 2023 2023 Total Unre8trlct8d Restrlcted Funds Funds Funds 2023 2022 2022 Total Funds 2022 Inveslment management fees Commlssion fees 11,905 3.282 5,324 1.468 17,229 4,750 5,446 73 2,3S8 291 7,804 15,187 6,792 21,979 6,119 2,649 8.768 15 ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST Notes to the financial statements for th6 yaar onded 31 Decambor 2023 (Contd.) 10. Grants Unrestrlcted Re8trlcted Funds Funds 2023 2023 Total Unrestricted Restrl¢ted Funds FL•nd$ Funds 2023 2022 2022 Total Funds 2022 Educatlonal grants Student and school grants 80,256 21,744 102,000 102,OB8 102,088 Charltable and other grants Olher organisations 123,057 171,685 294.942 29.982 89.683 119.665 203.313 193,629 396,942 132,070 89,683 221,753 Unrestricted Fund8 comwise th08e Funds that can be used for the general objectives of the Trust. while Reslricled Fun(Js are those with specific objectives. FLII detalls of Ihe objecllves of each Fund are set out In rbole 2 on pages 11 & 12. 11. Expendlture on charltable actlvitles Untsstrlcted Restrlcted Fund$ Funds 2023 2023 Total Unrestrlcted R¢strl¢t#d Fund$ Funds Funds 2023 2022 2022 Totsl Fund8 2Q22 Grants Audllor fees Accounlarty fees Legal fees Subscription fees B8nk charges and inleresl 203,313 4,342 3,173 493 149 391 193,629 396.942 1,942 6,284 1,419 4,592 221 714 67 216 175 566 132,070 3.777 2.289 2.303 151 393 89,883 221,753 1,635 5,412 3,280 3,300 216 564 997 171 211,861 197,453 409.314 140,983 93,542 234,525 12. Analys1$ of fund8 by assets Unrestricted Restrlcted Funds Funds 2023 2023 Total u￿r￿trIcted Restrlthd Funds Funds Fundy 2023 2022 2022 Total Funds 2022 Fixed asset inv8slmenls 3,127.e42 1,438,631 4,566,473 3,081,897 1.397,999 4.479.898 Nel current assets 678,080 311.879 989.959 752,483 341,339 1,093,822 3.805.922 1.750.510 5,556,432 3,834,3BO 1,739,338 5,573,718 13. Related party tranyactlons During the year, Joseph Oughourlian donated £67,000 to the chafity12022- £85,000 for the APRI Armenia programme). 16