**Charity Commission Registration No. 282070**
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
**Financial statements for the year ended 31 December 2024**
## **ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
|**Contents**|**Page**|
|---|---|
|Reference and administrative information and Trustees|1|
|Trustees' Annual Report|2 - 4|
|Independent Auditor’s Report|5 - 7|
|Balance Sheet|8|
|Statement of Financial Activities|9|
|Notes to the Financial Statements|10 – 17|
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Reference and administrative information and Trustees**
## **Trustees:**
The Trustees who served during the year were: Arnaud Attamian (Chairman & Hon Treasurer) Camilio Azzouz (Hon Secretary) Joseph Oughourlian Sarkis Mazmanian Georgi Ambarzumjan (appointed 15/4/2025) Loussine Katchadourian (appointed 15/4/2025) Nathalie Piranian Ara Sarafian (resigned 15/4/2025) Noushig Yakoubian-Setrakian (resigned 15/4/2025) Tro Manoukian (resigned 15/4/2025)
**Governing Document:** Trust Deed **Charity Registration Number:** 282070 **Registered address:** Kent House 14-17 Market Place London W1W 8AJ **Bankers:** National Westminster Bank City of London Office PO Box 12258 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, Hertfordshire SG1 3HR
1
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Trustees' Annual Report for the year ended 31 December 2024**
The Trustees present their annual report together with the financial statements of The Armenian General Benevolent Union London Trust for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019.
## **Objective and Activities**
The Trust was set up for:
- the advancement of education among Armenians particularly in the United Kingdom and the promotion of the study of Armenian history, literature, language, culture and religion;
- the relief of poverty among Armenians and the relief in cases of need of Armenian persons who are sick or aged.
In furtherance of the Trust's objectives the Trustees offer scholarship grants to Armenians studying in England, and grants to organisations and institutions to promote specific educational, cultural and charitable activities connected with the cultural life of the Armenian Community in the United Kingdom in addition to funding humanitarian projects in Armenia.
## **Structure and governance**
The Trust was set up by Declaration dated 16 February 1981.The Trust is affiliated to the worldwide Armenian General Benevolent Union with headquarters in New York where it is incorporated as a Delaware company. The London Trust is a separate registered charity holding the assets of the Armenian General Benevolent Union in England with the Trustees acting according to the Trust Deed and within the guidelines of the Charity Commission.
The Trustees comprise two members of the Central Board in New York, two ex-officio members of the Armenian General Benevolent Union London Branch Executive Committee and up to five other Trustees for a term of six years. The Charity Commissions for England Wales, on 7 April 1995, granted a Certificate of Incorporation of the Trustees.
All the Trustees serve on a voluntary unpaid basis and receive no expenses.
## **Investments**
The trustees have general power of investment.
Investments are held in London listed securities within Investment Trusts/OEICs. The overall market value of investments at the year-end was £4,739,406 (2023 – £4,566,473), up 3.8% overall. The Trustees have chosen a medium level risk and have appointed Thomson Tyndall Limited as investment management advisors to manage the investment portfolio.
## **Income**
Investment income of £85,020 (2023 - £90,962), bank interest of £33,756 (2023 - £33,777), donations and legacies of £109,933 (2023 - £223,339) and Gift Aid of £23,860 (2023 - £46,545) were received during the year.
## **Future Developments**
The Trust intends to continue its policy of distributing income received to eligible beneficiaries in the form of grants in accordance with the Trust Deed.
2
## **ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Trustees' Annual Report for the year ended 31 December 2024 (Contd.)**
## **Student Awards**
Scholarship applications are reviewed by the committee based in New York before final approval following a strict selection process. Student awards totalling £70,000 (2023 - £78,000) were offered to students as grants.
## **Aid to Armenia, Charitable and Other Grants, Charitable Activities**
Grants falling under this heading and totalling £188,851 (2023 - £318,942) were made as £nil (2023: £9,015) to AGBU Children Centres in Armenia, £945 (2023 - £1,392) to Holy Etchmiadzin – Pastoral Development, £nil (2023 - £7,607) to the Hye Green Project, £5,000 (2023 - £15,000) to the Armenian Church Trust, £9,182 (2023 - £1,000) to the Klingen Choir and Cultural Association, £300 to the Dartmouth Orchestra Society, £4,000 (2023 - £4,000) to the Tahta Sunday School, £20,000 (2023 - £20,000) to the AGBU Oxford Scholarship Programme, £3,000 to AGBU London Chapter (2023 – nil) and £146,424 to AGBU Charitable Activities (2023 - £260,928).
## **Reserves Policy**
The Trustees plan expenditure within anticipated net income for the current year. Overall income is allocated in proportion to each fund and specific grants allocated to the various funds according to the conditions accepted with the donation or bequest. The Trustees endeavour to seek projects that match these conditions and any surplus income is carried forward for future applications.
The present level of free reserves, that is funds not tied to restricted or endowment funds is £3,842,490 (2023 - £3,805,922) see note 12, page 16.
## **Risk Review**
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 and the volatile market following Covid 19. They are satisfied that the charity’s exposures to these risks are minimal and in addition have approached an investment management specialist to actively manage the Trusts investment portfolio.
## **Connected Charity**
The Armenian General Benevolent Union London Trust is connected, within the meaning of the Charities SORP, with the Armenian Education Trust (charity number 313930) in that it shares the same Trustees and registered address.
## **Going Concern**
The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees are therefore satisfied that the Trust is a going concern.
## **Public Benefit**
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. The grants made during the year have benefited the public in the further education of Armenian students studying in the UK and supporting cultural, educational and charitable activities in the Armenian Community as well as supporting programs that advance the well-being of Armenian communities.
## **Trustees and Staff**
The Trust is administered by no less than 7 and no more than 11 Trustees appointed as follows:
- 2 Trustees elected by the members of the Executive Committee
- 2 Trustees elected by the New York Central Board of Directors of the AGBU
- Minimum of 3 Trustees and maximum of 7 Trustees appointed by the Executive Committee following consultation and agreement with the Board.
3
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Trustees' Annual Report for the year ended 31 December 2024 (Contd.)**
No staff are currently employed by the Trust.
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, as amended by the Charities Act 2022, the Trust (Accounts and Reports) Regulations 2008 and the provisions of the Foundation’s trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Board of Trustees on 2025 and signed on its behalf by:
A Attamian – Chairman
12 Sep 2025
4
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE TRUSTEES OF ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Opinion**
We have audited the financial statements of Armenian General Benevolent Union London Trust (the ‘charity’) for the year ended 31 December 2024 which comprise and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
5
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE TRUSTEES OF ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
6
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE TRUSTEES OF ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
Moore NHC Audit Limited
**Moore NHC Audit Limited Chartered Accountants Statutory Auditor** First Floor 73-75 High Street Stevenage Hertfordshire SG1 3HR
12 Sep 2025
Date: .........................
Moore NHC Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006
7
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Balance sheet as at 31 December 2024**
|**Note**
**Fixed assets**
Investments
3, 4
**Current assets**
Cash at bank and in hand
5
Debtors
6
**Liabilities: Amounts falling due**
**within one year**
Creditors and accruals
7
**Net current assets**
**Net assets**
**Funds**
Unrestricted
2, 12
Restricted
2, 12|**£**
885,785
12,611
898,396
15,487|**2024**
**£**
**£**
4,739,406
990,207
12,885
1,003,092
13,133
882,909
5,622,315
3,842,490
1,779,825
5,622,315|**2023**
**£**
4,566,473
989,959|
|---|---|---|---|
||||5,556,432|
||||3,805,922
1,750,510|
||||5,556,432|
Approved by the Board of Trustees on 2025 and signed on its behalf by:
A Attamian – Chairman
12 Sep 2025
The notes on pages 10 to 17 form part of these accounts.
8
## **ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Statement of financial activities for the year ended 31 December 2024**
|||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**Note**|**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
|||**£**|**£**|**£**|**£**|**£**|**£**|
|**Income and endowments**||||||||
|**from:**||||||||
|Donations and legacies||1,449|108,484|109,933|79,753|143,586|223,339|
|Gift aid reclaimed||-|23,860|23,860|19,250|27,295|46,545|
|Bank interest||23,226|10,530|33,756|23,339|10,438|33,777|
|Investment income||58,498|26,522|85,020|62,854|28,108|90,962|
|**Total income**||83,173|169,396|252,569|185,196|209,427|394,623|
|**Expenditure on:**||||||||
|Raising funds|9|19,428|8,808|28,236|15,187|6,792|21,979|
|Charitable activities|10,11|107,183|167,547|274,730|211,861|197,453|409,314|
|**Total expenditure**||126,611|176,355|302,966|227,048|204,245|431,293|
|**Net income for the year**||||||||
|**before Gains/(losses)**||||||||
|**investments**||**(43,438)**|**(6,959)**|**(50,397)**|**(41,852)**|**5,182**|**(36,670)**|
|Realised
gains/(losses)||||||||
|on||||||||
|investments|2|(15,314)|(6,943)|(22,257)|22,757|10,177|32,934|
|Unrealised gains/(losses)||||||||
|on investments|2|95,320|43,217|138,537|(9,363)|(4,187)|(13,550)|
|**Net movement in funds**||**36,568**|**29,315**|**65,883**|**(28,458)**|**11,172**|**(17,286)**|
|Balance brought forward||||||||
|at 1 January 2024||3,805,922|1,750,510|5,556,432|3,834,380|1,739,338|5,573,718|
|Balance carried forward||||||||
|at 31 December 2024|12|3,842,490|1,779,825|5,622,315|3,805,922|1,750,510|5,556,432|
## **Continuing operations**
None of the Trust's activities were acquired or discontinued during the current or previous year.
## **Total recognised gains and losses**
The Trust has no recognised gains or losses other than the gains for the current and previous year.
The notes on pages 10 to 17 form part of these accounts.
9
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Notes to the financial statements for the year ended 31 December 2024**
## **1. Accounting policies**
## **(a) Basis of preparation**
- The financial statements are prepared in accordance with the Statement of Recommended Practice “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 the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011 as amended by the Charities Act 2022.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Exemption has been taken from preparing a cash flow statement under ‘Section 7 Statement of Cash Flows’ as permitted by FRS 102 on the grounds that the Trust qualifies as a small entity. The accounts have been prepared under the historical cost convention.
## **(b) Investments**
Investments are stated in the financial statements at market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
## **(c) Management and administration expenses**
The management and administration expenses are divided between the funds in proportion to the opening balances at the start of the year.
## **(d) Incoming resources**
- Incoming resources are accounted for in the period in which the charity becomes entitled to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
- **(e) Net income**
Net Income is allocated to the various Funds in proportion to the opening balances at the start of the year.
## **(f) Grants payable**
Grants have been accounted for on an accruals basis.
## **(g) Resources expended**
Resources expended are accounted for on an accruals basis. The charity is not registered for VAT and accordingly expenditure is shown gross of VAT.
The expenditure on charitable activities includes grants made, governance costs and support costs. Included within this category are costs associated with the audit, and costs of complying with constitutional and statutory requirements.
Support and governance costs are apportioned in proportion to the brought forward restricted and unrestricted balances.
## **(h) Going concern**
- At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
10
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Notes to the financial statements for the year ended 31 December 2024 (Contd.)**
|**2.**
**Trust funds**
**Restricted**
Maryam Moutafian
Haig & Syrvart Artan
Lucas & Rose Gregory
Nevart & Hasmig Krikorian
Serope Kardash
Ena Berjouhi Kenadjian
Eprem & Alice Djirdjirian
Mac John Lucas
Hoseb & Lilly Arathoon
Katharine Ghazarian
Armenia Fund
Peter & Flora Alexy
Didizian
Educational
Global Relief
Empowerher
Opportunity
Setrakian
APRI Armenia
**Unrestricted**
General
Funduklian (see note (a))
Boghos P Jelebjian
George & John Kurkjian
Levon Tashdjian
**Total Trust Funds**|Bequest &
**At**
**Donations**
**1.1.24**
**received**
**£**
**£**
273,165
-
26,158
-
-
-
-
-
-
-
49,951
-
676,688
-
-
-
-
-
598,663
-
30,910
-
-
-
70,023
-
2,051
3,702
14,385
-
14,500
-
81,957
-
7,533
21,250
11,918
1,750,510
132,344
1,054,718
1,449
878,070
-
1,096,397
-
3,851
-
772,886
-
3,805,922
1,449
5,556,432
133,793||Share Grants Gain on
**of net**
**Paid investments**
**income (Note 8)**
**to 31.12.24**
**£**
**£**
**£**
3,687
(3,687)
5,742
353
(353)
550
-
-
-
-
-
-
-
-
-
674
-
1,050
9,134
(9,134)
14,225
-
-
-
-
-
-
8,080
-
12,585
417
-
650
-
-
-
945
(945)
1,472
-
(2,051)
-
- (14,744)
-
- (12,000)
-
- (79,457)
-
-
(7,054)
-
- (33,168)
-
23,290 (162,593)
36,274
14,236 (38,682)
22,172
11,852 (32,203)
18,458
14,799 (14,799)
23,048
52
(142)
81
10,432 (10,432)
16,247
51,371 (96,258)
80,006
74,661 (258,851)
116,280|**At**
**31.12.24**
**£**
278,907
26,708
-
-
-
51,675
690,913
-
-
619,328
31,977
-
71,495
-
3,343
2,500
2,500
479
-
1,779,825
1,053,893
876,177
1,119,445
3,842
789,133
3,842,490
5,622,315|
|---|---|---|---|---|
||||||
||||||
## **Notes**
|**Notes**||
|---|---|
|(a)
The Funduklian Funds are made up of:
Vahe G Funduklian Fund
Karnig & Arto Funduklian Fund
Aznive & Astra Funduklian Fund
Aram N Karagheusian Fund
Nazareth D Funduklian Fund|
784,820
22,839
22,839
22,839
22,839|
||876,176|
These funds are to be used for the general objects of the Trust.
11
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Notes to the financial statements for the year ended 31 December 2024 (Contd.)**
## **2. Trust funds (Contd.)**
- (b) The income of the Maryam Moutafian Fund shall be used for the benefit of the Association of Young Armenians (AYA) or, in the event of that Association ceasing to function under the auspices of the Trust, solely for the provision of scholarships in pursuit of the objects of the Trust.
- (c) The income of the Haig & Syrvart Artan Fund shall be used in the same manner as in note (b) above.
- (d) The income of the Lucas & Rose Gregory Fund shall be used for educational purposes or for needy writers or intellectuals.
- (e) The Nevart & Hasmig Krikorian Scholarship Fund provides help to outstanding young Armenians to attain Armenian University education or to pursue Armenian studies at University.
- (f) The income of the Serope Kardash Fund shall be used to pay the fees of a teacher of lessons in the Armenian language in London.
- (g) One half of the income of the Ena Berjouhi Kenadjian Fund shall be used for the benefit of Armenian Evangelical Schools in the Lebanon. The balance shall be used at the Trustees' discretion.
- (h) The income of the Eprem & Alice Djirdjirian Fund shall be applied to the relief of young victims of the 1988 earthquake in Armenia, and when such relief is no longer necessary is to be used for the education and support of Armenian students in the United Kingdom.
- (i) The income from the Mac John Lucas Fund is to be used to provide for the education of deserving Armenian boys in the London area.
- (j) The income of the Hoseb & Lilly Arathoon Fund shall be used for the education and training of Armenian children and students.
- (k) The income from the Katharine Ghazarian Fund shall be used for the care of children in any children's home in Armenia.
- (l) The income from the Armenia Fund and up to 10% of the capital donated shall be used annually for the upkeep of schools, including kindergartens and orphanages and towards the education needs of boys and girls at such establishments in Armenia.
- (m) The G & J Kurkjian Fund can be used in accord with the general objects of the Trust.
- (n) The income of the Levon Tashdjian and Boghos P Jelebjian Funds shall be used for the general objects of the Trust.
- (o) The income of the Peter & Flora Alexy fund shall be used for students requiring assistance for higher education particularly associated with music.
- (p) The Didizian Fund shall be used towards the Pastoral Endowment for the Pastoral Development for Holy Etchmiadzin.
The net income has been allocated to the various Funds in proportion to the opening balances at the start of the year.
12
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Notes to the financial statements for the year ended 31 December 2024 (Contd.)**
## **3. Investments 2024**
|**Investment Trusts Holding**
Artemis Global Select Class I (Acc)
144,712.38
AXA Sterling Credit Short Duration Bond Class Z (Acc) Gross
117,680.57
Baillie Gifford Global Income Growth B (Acc)
12,342.46
BlackRock Charities UK Equity Fund A (Inc)
15,588.35
BlackRock Charities UK Bond Fund A (Inc)
112,925.31
Capital Gearing Trust Plc (CGT)
2,768.00
Fidelity Cash W (Inc)
1,610.21
Fundsmith Equity Fund Class I (Acc)
43,753.62
HSBC FTSE All Share Index C (Acc)
21,513.90
HSBC MSCI World ETF GBP (HMWO)
11,414.00
iShares $ Treasury Bond 7-10yr UCITS ETF GBP Hgd Dist
(IGTM)
57,377.00
iShares UK Gilts All Stocks Index Fund D (Acc)
110,238.03
iShares Up To 10 Years Gilts Index D (Acc)
55,148.17
JPMorgan Global Equity Income C (Acc)
79,923.97
Jupiter Global Macro Bond I (Acc)
39,039.63
Jupiter Strategic Bond Fund I (Acc)
150,708.72
M&G Equities Investment Fnd for Charities(Inc)CHARITIES
ONLY
10,122.02
Montanaro UK Income GBP (Inc)
133,373.65
Murray Income Trust (MUT)
27,614.00
Personal Assets (PNL)
28,824.00
Schroder Global Energy Transition GBP Z (Acc)
159,278.37
Seilern Europa GBP H C (Acc)
30244
Sequoia Economic Infrastructure Income Fund (SEQI)
16,510.00
VT Gravis Clean Energy Income I (Acc)
54,539.55
VT Gravis UK Listed Property (PAIF) A (Acc)
44,362.03
VT RM Alternative Income Fund F (Acc)
12,034.47
Warehouse REIT Plc (WHR)
15,353.00
Cash held within investment portfolio
**Total as at 31 December 2024**
|
**Cost £**
238,298
150,000
266,227
54,386
200,000
141,191
1,612
271,640
148,177
260,044
249,984
150,000
60,000
260,074
60,000
150,000
67,384
148,177
237,688
141,227
88,891
59,999
282,461
282,463
158,177
282,463
158,172
4,568,739
67,876
4,636,611
|
|**Market**
**Value £**
281,668
161,222
301,650
116,727
160,105
132,172
1,617
313,884
175,401
341,421
242,992
154,036
59,235
317,778
58,442
163,519
149,037
142,843
224,916
143,471
54,840
57,950
248,777
195,709
130,157
251,409
90,552|
|---|---|---|---|
||||4,671,530|
||||67,876|
|||4,739,406||
All investments are held in London listed securities.
13
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Notes to the financial statements for the year ended 31 December 2024 (Contd.)**
**Investments 2023**
|**Market**
**Investment Trusts Holding Cost £ Value £**
Artemis Global Select Class I (Acc)
144,712
238,298
255,880
AXA Sterling Credit Short Duration Bond Class Z (Acc)
117,680.57
150,000
154,750
Baillie Gifford Global Income Growth B (Acc)
12,342
266,227
288,567
BlackRock Charities UK Bond Fund A (Inc)
112,925.31
200,000
167,513
BlackRock Charities UK Equity Fund A (Inc)
15,588.35
54,385
113,556
Capital Gearing Trust Plc (CGT)
2,768
141,191
129,196
Fidelity Cash W (Inc)
1,610.21
1,612
1,618
Foresight Sustainable Forestry Comp PLC (FSF)
257,095
271,640
160,941
Fundsmith Equity Fund Class I (Acc)
43,753.62
271,640
288,030
HSBC FTSE All Share Index C (Acc)
21,513.90
148,177
160,425
HSBC MSCI World ETF GBP (HMWO)
11,414
260,044
286,107
iShares $ Treasury Bond 7-10yr UCITS ETF GBP Hgd
35,303
149,995
156,279
iShares UK Gilts All Stocks Index Fund D (Acc)
110,238
150,000
159,779
JPMorgan Global Equity Income C (Acc)
79,923.97
260,074
287,087
Jupiter Strategic Bond Fund I (Acc)
150,709
150,000
163,911
M&G Equities Investment Fnd for charities(Inc)
10,122.01
67,384
145,250
Montanaro UK Income GBP (Inc)
133,373.65
148,177
144,577
Murray Income Trust (MUT)
27,614
237,687
238,171
Personal Assets (PNL)
28,824
141,226
136,121
Schroder Global Energy Transition GBP Z (Acc)
159,278.37
88,891
74,256
Sequoia Economic Infrastructure Income Fund (SEQI)
316,510
282,461
270,774
VT Gravis Clean Energy Income I (Acc)
154,539.55
282,463
229,569
VT Gravis UK Listed Property (PAIF) A (Acc)
144,362.03
158,177
142,803
VT RM Alternative Income Fund F (Acc)
212,034.47
282,463
264,110
Warehouse REIT Plc (WHR)
115,353
158,172
105,375
4,560,387
4,524,645
Cash held within investment portfolio
41,828
41,828
**Total as at 31 December 2023**
4,602,215
4,566,473
All investments are held in London listed securities.
**4.**
**Fixed asset investments**
**2024**
**2023**
**£**
**£**
Market value at 1 January 2024
4,566,473
4,479,896
Additions
279,988 1,724,238
Disposals (at opening market value)
(245,592) (1,624,111)
Net unrealised (loss)/gain 138,537 (13,550)
Market value at 31 December 2024
4,739,406
4,566,473
Historical cost at 31 December 2024
4,636,611
4,602,215|
|**Market**
**Value £**
255,880
154,750
288,567
167,513
113,556
129,196
1,618
160,941
288,030
160,425
286,107
156,279
159,779
287,087
163,911
145,250
144,577
238,171
136,121
74,256
270,774
229,569
142,803
264,110
105,375|
|---|---|---|
|||4,524,645|
|||41,828|
|||4,566,473|
14
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Notes to the financial statements for the year ended 31 December 2024 (Contd.)**
|**(Contd.)**|||||
|---|---|---|---|---|
|**5.**
**Cash at bank and in hand**
Business reserve account
Treasury deposit account
Current account
**6.**
**Debtors**
Accrued income
Other debtors
**7.**
**Creditors and Accruals**
Accruals
Other creditors||**2024**
**£**
74,887
812,798
(1,900)
885,785
**2024**
**£**
10,556
2,055
12,611
**2024**
**£**
12,487
3,000
15,487||**2023**
**£**
190,107
800,000
100|
|||||990,207|
|||||**2023**
**£**
12,885
-|
|||||12,885|
|||||**2023**
**£**
13,133
-|
|||||13,133|
During the year £3,054 was paid by a Trustee for expenses on behalf of the Trust. As at the year end £3,000 was due to the Trustee which was repaid after the year end.
|**8.**
**Employees**
The average monthly number of employees during the year was:|**2024**
**£**
-
**-**|**2023**
**£**
-|
|---|---|---|
|||**-**|
There were no employees whose annual remuneration was £60,000 or more.
No trustees have been paid any remuneration or received any other benefits.
## **9. Expenditure on raising funds**
|**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**£**
**£**
Investment management
fees
16,065
7,284
Commission fees
3,363
1,524
19,428 8,808|**Total**
**Funds**
**2024**
**Unrestricted**
**Funds**
**2023**
**Restricted**
**Funds**
**2023**
**Total**
**Funds**
**2023**
**£**
**£**
**£**
**£**
23,349
11,905
5,324
17,229
4,887
3,282
1,468
4,750
28,236 15,187 6,792 21,979|
|---|---|
15
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
## **Notes to the financial statements for the year ended 31 December 2024 (Contd.)**
## **10. Grants**
|**10. Grants**|**10. Grants**||||||
|---|---|---|---|---|---|---|
|**Unrestricted**||**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Educational grants**|||||||
|Student and school grants a|
78,775|15,225|94,000|80,256|21,744|102,000|
|**Charitable and other grants**|||||||
|Other organisations|17,482|147,369|164,851|123,057
|171,885|294,942|
||96,257|162,594|258,851|203,313|193,629|396,942|
|Unrestricted Funds comprise those Funds||that can be|used for the|general objectives of the Trust, while|||
|Restricted Funds are those with specific objectives. Full|||details of the objectives of each Fund are|||set out in|
|note 2 on pages 11 & 12.|||||||
|**11. Expenditure on charitable activities**|||||||
||**Unrestricted**|**Restricted**|
**Total**|**Unrestricted**|**Restricted**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Grants|96,257|162,594|258,851|203,313|193,629|396,942|
|Auditor fees|4,630|2,099|6,729|4,342|1,942|6,284|
|Accountancy fees|2,725|1,235|3,960|3,173|1,419|4,592|
|Subscription fees|149|67|216|149|67|216|
|Storage fees
|2,054|932|2,986|-|-|-|
|Digitisation fees
|951|431|1,382|-|-|-|
|Bank charges and interest
|417|189|606|391|175|566|
|Legal fees|-|-|-|493|221|714|
||107,183|167,547|274,730|211,861|197,453|409,314|
## **12. Analysis of funds by assets**
||**Unrestricted**|**Restricted**|**Total**
|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**Funds**|**Funds**|**Funds**
|**Funds**|**Funds**|**Funds**|
||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Fixed asset investments|3,239,078|1,500,328|4,739,406|3,127,842|1,438,631|4,566,473|
|Net current assets|603,412|279,497|882,909|678,080|311,879|989,959|
||3,842,490|1,779,825|5,622,315|3,805,922|1,750,510|5,556,432|
16
**ARMENIAN GENERAL BENEVOLENT UNION LONDON TRUST**
**Notes to the financial statements for the year ended 31 December 2024 (Contd.)**
## **13. Related party transactions**
During the year, Joseph Oughourlian donated £73,100 (2023 - £67,000) to the charity.
17