THE IONE VASSILIOU CHARITABLETRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Charlty Number 1089246
THE IONE VASSILIOU CHARITABLE TRUST CONTENTS PAGE Pages Reference and Administration Detai15 Report ofthe Trustees IndependentExaminer'5 Report Receipts and Payments Account Statement of Assets and Liabilities Appendix 1
THE IONE VASSILIOU CHARITABLE TRUST REFERENCE AND ADMINISTRA TION DETAILS Trustees Jeannine Georgia Vassiliou Nicka Tassa Vassiliou lone Maria Vassiliou Corporate Trustee HSBC Trust Company {UKI Limited Current Directors of Corporate Trustee J Coyle J Hewitson Spencer Trust Manager S James Principal Office Forum 1 The Forum Parkway Whiteley Fafeham Hampshire P015 7PA Independent Exarniner Frances MillaT ACA RSM UK Tax and Accounting Limited Highfield Court Tollgate Chandlers Ford Easlleigh Hampshire S053 3TY Bankers HSBC Bank C Forum 1 The Forum Parkway VVh¢teley Fareham Hampshire P0155PA Investment Manageis HSBC UK Bank plc 1 Centenary Square Birmingham BI 1HQ
THE IONE VASSILIOU CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023 The Tiustees present their report together with the financial statements of the charity for the year ended 5 April 2023, which have been prepared on a receipts and payments basis. The financial slaletvents have been prepared in accordance wth the charity's constitution and applicable Iw. The purchase and sale of investment5 results from the day to day management of the investment portfolio by the inveslmenl managers. In accordance with the Charities Act, the financial statemenls have been prepared on the receipts and payments basis given that the definition of gross income excludes the reIpl ol any endowment, loans and proceeds from the sale of investments or fixed assets. structure, governmentand management The lone Vassiliou Charrtable Trust is an tjnincorporated trust and is consliluled under the term5 of the Trust Deed dated 17 Seplember 2001. The trust is a registered chafity (no. 10892461. The Corporate Trust*s have appointed a designated trust manager to look after the affairs of the charity. The investment manager reviews the performan and provides recommendations on the structure of the investment portfolios. The Fower to appoint additional Trustees is vested in the currenl Trustees, and is exefClSable in writing. Should new Trustees be appointed, the èxisting Trustees would take responsibility of their indudion. The Trustee5 have examined the major strategic. business and operational risks which the charty faces and confirm that system5 have been established to enable regular reports to be produced so that Ihe necessary steps can be taken lo mitigate these risks. The main risk in the year was considered lo be the variability of investment returns. Objectives and activities The objectives of the charity are to pay or lo apply Ihe income and capital of the trust for each charilable objective or purpose as the Twslees think fit, in accordance with the goveming documenl. The Trust awards grant5 to charitable instrtutions. The Trustees review applications for grants when received and award grants at their discretion. Achievements and performance During the year 37 grants {2022.' 0) were awarded totalling £33,099 12022.. £nil). No granls were returned during the year12022.' 2 grants totalling £1,574). 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 lone Vassiliou under the terms of the trust deed. These fund5 generate income, which is used for the purpose Df grant making, in accordance with the objectives set out above. The fund generated income of £36,912 12022: £26,224} in the year to fund ils charrtable activities. The expenditure on charitable activities was £43.589 12022.. £9,407), of which £33,099 {2022'. £nill was charitable expenditsjre in the form of grants lo charitable institutions.
THE IONE VASSILIOU CHARITABLE TRUST REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED 5 APRIL 2023 Investment pollcy In accordan 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 pl¢ as Investment Managers. The policy is to adopt a low to medium risk investment strategy to protect. in absolute terms, the capilal value of the fijnd whilst producing a sustainable and growing level of income, and also providing the potential for longer term grovrth of capital in real terms. Reserves policy The unrestricted funds, which are the free feserves of the charity, and which are represent&J by the income arising are paid over to beneficiaries throughout the year. It is nol 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 benefft We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim5 and objectives and in planning our future activities. In particular, the Trustee5 consider how planned activities will contribute to the aims and 0.eCtiveS 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 giant making. Related parties The Corporate Trustee and the Investment Manager are both wholly owned subsidiaries ol 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 afe calculated on a sliding scale at a percentage of the transactions value plus VAT and are added to or deducted from Ihe cost of the investments or the disposal proCeS in accordance with UK standard accounting practice.
THEIONEVASSILIOU CHARITABLETRUST REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED S APRIL 2023 Statement of Trustee's responsibilities In relation to the financial ststements The law applicable to charities in England and Wales requires the Trustee5 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 it's 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". 5elecl suitable accounting policies and then apply them consistently.. make judgements and estimates Ihat are reasonable and prudent", state whether applicable accounling standards and statements of recommended practi have been followed, subject to any departures disclosed and explained in the financial statements-, and prepare the linan¢i81 statements on the going concern basis unless it is inappropiiate to presume that Ihe charity will continue in operation. The TTUStees are responsible for keeping accounting records which disclose with reasonable accuracy the f nancial position of the charity- This enable5 them to ascertain the financial position of the charity and enables them to ensure the financial statements comply with the Charities Act 2011, the Charty (Accounts and Reports) 2008 Regulalions and the provisions of the trust deed. The Insslees are responsible for safeguarding the assets of the chaTrty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustee5 and signed on their behalr.. HS C Trust Company IUKI Limited Jeannine eorgia Date.. 2q12cz4 Dale.. Nicka Tassa Vassiliou lone Maria Vassiliou Date-. Date..
THE IONE VASSILIOU CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE IONE VASSILIOU CHARITABLE TRUST I report to the Trustees oll my examination of the financial slatement5 of The lone Vassiliou Chaiitable Trust for the year ended 5 April 2023, which are set out on pages 6 to 7. Respon$lbllities and basls of report As the Trustees of the charty you are responsible for the preparation of the financial statements in accordance wth 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 exarnination I have followed all the applicabte 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 opinian on the financial stalements. The planniro and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the financial st81ements present a 'true and fair view, and my report is limited lo those specific matters set out in the independent examiner's statement. Independent Examiner's statement I have completed my examination. I confirm Ihal no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect: 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 vnatter 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. Frat766s fvlillaK Frances Millar ACA Chartered Accountant The Instjlute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounling Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Easlleigh Hampshire S053 3TY Date.. 31-Jan-2024
THE IONE VASSILIOU CHARITABLE TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 UnTe5trictsd funds Endowment funds Total 2023 Total 2022 Receipts hvestmenl income 36.912 36.912 26,224 36,912 36.912 26,224 Invastment sale procoeds Proceeds trom sale of inve51nwls 667.144 667,144 1,005,010 Total r8ceipts 36,912 667,144 704,056 1,031.234 Payments Cost of generating funds hve51w*nt service Gharge 9,645 9,645 10,066 Charitsblo activities Grant5 paid Other 3llocated costs 33.099 10,490 33.099 10.490 11,5741 10.981 Governan¢e cost Independenl examinerfs fee 2.460 2.460 2,304 46,049 9,645 55,693 21.777 Inveslment purchases Payments for purchase ol inveslrnent5 640,804 640,804 995.162 Total payments 46.049 650.449 696,498 1,016,939 Net rtceiptsllpaymènts} {9,13n 16,695 7,SS8 14,295 T13nsfeT of funds 7,526 17,5261 Cash invested at 6 Aoril 2022 51,389 24,716 76.105 61.810 Cash invested at 5 April 2023 49.778 33,885 83.663 76,105 These unaudited financial statements have been subjected to independent examination. See report on page 5.
THE IONE VASSILIOU CHARITABLE TRUST STATEMENTOF ASSETS AND LIABILITIES AS AT 5 APRIL 2023 Unrestricted funds Endowment fvnds Total 2023 Totsl 2022 Investments UK Equities Overseas Fixed Interest Secuiibes Overseas Equities and Unil Trusts lernalive InveslnEnt Other Trust Assets Cash 25.160 1.267,575 150.601 241,350 25,160 1,267.575 150,601 241,350 25,549 1.339.584 464,353 49,778 33,885 83,663 76,105 Total assets 49.778 1.718,572 1.768,350 1,905,572 Liabilities Professional fees payable 2,410 2.410 2,295 3110112024 Approved by the Tfustees and authorised for issue on.............................. and signed on their behajfr Jen wiles HSBC Trust Company (UK) Limited These unaudited financial statements have been subjected to independent examination. See report on pag& 5.
THE IONE VASSILIOU CHARITABLE TRUST APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS FOR THE YEAR ENDED 5 APRIL 2023 Institutions Numberof grants knunt Princess Alice Hospital Fire Fighters charity Grief Encounter Concern Worlthide (UK) The Royal School for the Blind RNIB RSPCA Julias House Limited Lifelrtes iracles Operation Smile UK The Pace Centre LTD Acquired Brain Injury Trust Aclicn foi Kids Charitabie Trust Action diCal Research Association for Rehabilitalion of communicats.on and Oral Skills BIB The Cleft Lip and Palate Association Break British Epilsey Association Happy Days Chikjfen Charity Hoswce UK Jan Foundation Starfish Greathearts Foundation Target Ovarian Cancer Brikn"sh Forces Foundation Care International UK Cauldwell School Fund CEREBRA Compassion for Wodd Farming International Supportline Brainwave Centre War MOrialS Tfust LOra Trust Limrted lability Heaaway the Brain Injury Associattion Gr&nwich Crtvzens Adwce Bureaux Limited 894 895 894 895 894 895 894 895 894 895 894 895 894 895 894 895 894 895 894 895 894 895 894 895 894 895 894 895 894 895 895 895 895 895 895 37 33,099