**THE IONE VASSILIOU CHARITABLE TRUST**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
**Charity Number 1089246**
**THE IONE VASSILIOU CHARITABLE TRUST**
## **CONTENTS PAGE**
||**Pages**|
|---|---|
|Reference and Administration Details|1|
|Report of the Trustees|2 – 4|
|Independent Examiner’s Report|5|
|Receipts and Payments Account|6|
|Statement of Assets and Liabilities|7|
|Appendix 1|8 - 9|
**THE IONE VASSILIOU CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATION DETAILS**
|**Trustees**|Jeannine Georgia Vassiliou|
|---|---|
||Nika Tassa Vassiliou|
||Ione Maria Vassiliou|
|**Corporate Trustee**|HSBC Trust Company (UK) Limited|
|**Current Directors of Corporate Trustee**J Coyle||
||J Hewitson|
||P M Spencer|
|**Trust Manager**|S Hill|
|**Principal Office**|HSBC|
||Forum 1|
||The Forum Parkway|
||Whiteley|
||Fareham|
||Hampshire|
||PO15 7PA|
|**Independent Examiner**|Frances Millar ACA|
||RSM UK Tax and Accounting Limited|
||Highfield Court|
||Tollgate|
||Chandlers Ford|
||Eastleigh|
||Hampshire|
||SO53 3TY|
|**Bankers**|HSBC Bank plc|
||Forum 1|
||The Forum Parkway|
||Whiteley|
||Fareham|
||Hampshire|
||PO15 5PA|
|**Investment Managers**|HSBC UK Bank plc|
||1 Centenary Square|
||Birmingham|
||B1 1HQ|
- 1 -
**THE IONE VASSILIOU CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021**
The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2021, which have been prepared on a receipts and payments basis. The financial statements have been prepared in accordance with the charity’s constitution and applicable law.
The purchase and sale of investments results from the day to day management of the investment portfolio by the investment managers. In accordance with the Charities Act, the financial statements have been prepared on the receipts and payments basis given that the definition of gross income excludes the receipt of any endowment, loans and proceeds from the sale of investments or fixed assets.
## **Structure, government and management**
The Ione Vassiliou Charitable Trust is an unincorporated charity and is constituted under the terms of the Trust Deed dated 17 September 2001. The trust is a registered charity (no. 1089246).
The Corporate Trustees have appointed a designated trust manager to look after the affairs of the charity.
The power to appoint additional Trustees is vested in the current Trustees, and is exercisable in writing. Should new Trustees be appointed, the existing Trustees would take responsibility of their induction.
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks. The main risk in the year was considered to be the variability of investment returns.
## **Objectives and activities**
The objectives of the charity are to pay or to apply the income and capital of the trust for each charitable objective or purpose as the Trustees think fit, in accordance with the governing document.
The charity awards grants to charitable institutions. The Trustees review applications for grants when received and award grants at their discretion.
## **Achievements and performance**
During the year 73 grants (2020: 1) were awarded totalling £57,449 (2020: £841). One grant was returned during the year of £787 (2020: 2 grants totalling £1,401). No grants were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements.
## **Financial review**
The charity received funds from Miss Ione Vassiliou under the terms of the trust deed. These funds generate income, which is used for the purpose of grant making, in accordance with the objectives set out above. The fund generated income of £30,002 (2020: £42,222) in the year to fund its charitable activities. The expenditure on charitable activities was £68,164 (2020: £8,576), of which £57,449 was charitable expenditure in the form of grants to charitable institutions. In the previous period, returned grants totalling £1,401 were net against grants paid of £841 totalling an overall grant credit of £560.
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**THE IONE VASSILIOU CHARITABLE TRUST**
**REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED 5 APRIL 2021**
## **Investment policy**
In accordance with the governing document, the Trustees have the power to invest in such stocks, shares, investments and property as they see fit. The Trustees engaged HSBC UK Bank PLC as Investment Managers. The policy is to adopt a low to medium risk investment strategy to protect, in absolute terms, the capital value of the fund whilst producing a sustainable and growing level of income, and also providing the potential for longer term growth of capital in real terms.
## **Reserves policy**
The unrestricted funds, which are the free reserves of the charity, and which are represented by the income arising are paid over to beneficiaries throughout the year. It is not the policy of the charity to maintain specific reserves.
The expendable endowment funds represent those assets which are held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objectives of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. The Trustees have the power to convert this fund into income.
## **Public benefit**
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
## **Plans for the future**
The Trustees intend to continue providing grants in a similar way to the recent past whilst retaining flexibility as to the timing and scale of grant making.
## **Related parties**
The Corporate Trustees and the Investment Manager are both wholly owned subsidiaries of HSBC Holdings plc.
In addition to the fees shown on page 6, as a result of the acquisition and disposal of investments, the charity pays transaction charges to HSBC Bank plc. The charges are calculated on a sliding scale at a percentage of the transactions value plus VAT and are added to or deducted from the cost of the investments or the disposal proceeds in accordance with UK standard accounting practice.
- 3 -
**THE IONE VASSILIOU CHARITABLE TRUST REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED 5 APRIL 2021**
## **Statement of Trustee’s responsibilities in relation to the financial statements**
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements 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 financial statements, giving a true and fair view, the Trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
- 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 accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed.
The Trustees are 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 and signed on their behalf:
……………………………………….. ………………………………………….. HSBC Trust Company (UK) Limited Jeannine Georgia Vassiliou
1/2/22 Date:.……………………
Date:…………………………
……………………………………….. ……………………………………………. Nika Tassa Vassiliou Ione Maria Vassiliou
Date:…………………… Date:…………………………
- 4 -
**THE IONE VASSILIOU CHARITABLE TRUST INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE IONE VASSILIOU CHARITABLE TRUST**
I report to the Trustees on my examination of the financial statements of The Ione Vassiliou Charitable Trust for the year ended 5 April 2021, which are set out on pages 6 to 7.
## **Responsibilities and basis of report**
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 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 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
## **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 reasonable cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and 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 financial statements to be reached.
Frances Millar
Frances Millar ACA The Institute of Chartered Accountants in England and Wales Chartered Accountant
For and on behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TY 02-Feb-2022 Date:………………………………
- 5 -
**THE IONE VASSILIOU CHARITABLE TRUST**
## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021**
|**Receipts**
Investment income
**Investment sale proceeds**
Proceeds from sale of investments
**Total receipts**
**Payments**
**Cost of generating funds**
Investment service charge
**Charitable activities**
Grants paid
Other allocated costs
**Independence examiner cost**
Independence examiner cost
**Investment purchases**
Payments for purchase of investments
**Total payments**
**Net receipts/(payments)**
Transfer of funds
Cash invested at 6 April 2020
Cash invested at 5 April 2021|**£**
30,002
30,002
-
30,002
-
56,662
11,502
2,124
70,288
-
70,288
(40,286)
13,149
55,780
28,643
**Unrestricted**
**funds**|**£**
-
-
1,278,761
1,278,761
8,374
-
-
-
8,374
1,254,483
1,262,857
15,904
(13,149)
30,412
33,167
**Endowment**
**funds**|**£**
**£**
**30,002**
42,222
**30,002**
42,222
**1,278,761**
755,565
**1,308,763**
797,787
**8,374**
8,165
**56,662**
(560)
**11,502**
9,136
**2,124**
2,064
**78,662**
18,805
**1,254,483**
731,150
**1,333,145**
749,955
**(24,382)**
47,832
-
-
**86,192**
38,360
**61,810**
86,192
**Total**
**2021**
**Total**
**2020**|
|---|---|---|---|
These unaudited financial statements have been subjected to independent examination. See report on page 5.
- 6 -
**THE IONE VASSILIOU CHARITABLE TRUST**
## **STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2021**
|**Investments**
UK Fixed Interest Securities
UK Equities
Overseas Fixed Interest Securities
Overseas Equities and Unit Trusts
Alternative Investment
Other Trust Assets|**£**
-
-
-
-
-
-
**Unrestricted**
**funds**|**£**
53,354
25,676
1,286,165
353,581
-
1
**Endowment**
**funds**|**£**
**£**
**53,354**
202,328
**25,676**
24,090
**1,286,165**
220,412
**353,581**
471,178
**-**
492,272
**1**
1
**Total**
**2021**
**Total**
**2020**|
|---|---|---|---|
|Cash|28,643|33,167|**61,810**
86,192|
|**Total assets**
**Liabilities**
Professional fees payable|**28,643**
2,185|**1,751,944**
-|**1,780,587**
1,496,473
**2,185**
2,130|
Approved by the Trustees and authorised for issue on……………………. and signed on their behalf: 1/2/22
………………………………………..
HSBC Trust Company (UK) Limited
These unaudited financial statements have been subjected to independent examination. See report on page 5.
- 7 -
**THE IONE VASSILIOU CHARITABLE TRUST**
## **APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS FOR THE YEAR ENDED 5 APRIL 2021**
|**Institutions**|**Number of Grants**|**Total**|
|---|---|---|
|||**£**|
|240 project|1|787|
|Acquired Brain Injury Trust|1|787|
|Action for kids|1|787|
|Action Medical Research|1|787|
|Addaction|1|787|
|Association for Rehabilitation of Communication and Oral Skill|1|787|
|Beacon and District Disabled Club|1|787|
|Bibic|1|787|
|Break|1|787|
|Breast Cancer Now|1|787|
|British Epilepsy Association|1|787|
|British Forces Foundation|1|787|
|Care for Veterans|1|787|
|Care International UK|1|787|
|Cauldwell Children|1|787|
|Cerebal Palsy Sport|1|787|
|Cerebra|1|787|
|Childhope UK|1|787|
|Cleft Lip and Palate Association|1|787|
|Compassion in World Farming|1|787|
|Concern Worldwide|1|787|
|Conquest Art CIO|1|787|
|Coram Adoption and Fostering Academy|1|787|
|Dystonia Society|1|787|
|Each|1|787|
|ERIC, The Children's Bowel and Bladder Charity|1|787|
|Extend|1|787|
|Extracare Charitable Trust|1|787|
|Fire Fighters Charity|1|787|
|Fledglings|1|787|
|Gingerbread|1|787|
|Grief Encounter|1|787|
|Happy Days|1|787|
|Headway|1|787|
|HF Trust Limited|1|787|
|Hospice UK|1|787|
|Interact Stroke Support|1|787|
|Julia's House|1|787|
|Lifelites|1|787|
|Lorica Trust Limited|1|787|
|Mildmay Mission Hospital|1|787|
|Mind|1|787|
|Miracles|1|787|
|Motability|1|787|
- 8 -
**THE IONE VASSILIOU CHARITABLE TRUST APPENDIX 1 cont. BREAKDOWN OF CHARITABLE GRANTS FOR THE YEAR ENDED 5 APRIL 2021**
|MS Society
Operation Smile UK
Princess Alice Hospice
Revitalise
Royal Society for the Prevention of Cruelty to Animals
SAIL
See Ability
Smile Train
Spinal Research Foundation
St Giles Trust
Starfish Greathearts Foundation
Starlight Children's Foundation
Stubbers Adventure Centre
Supportline
Target Ovarian Cancer
The Big Issue Foundation
The Brainwave Centre
The Children's Adventure
The Fostering Network
The Jan Foundation
The National Association for People Abused in Childhood
The Pace Centre
The Royal National Institute of Bllind People
The Sunflower Trust
The UK Stem Cell Foundation
Together for Short Lives
War Memorials Trust
Wateraid
Yismach Moshe Community Group
Returned grant|1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
(1)|787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
787
786
786
(787)|
|---|---|---|
|**Total**|72|56,662|
||||
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