## **THE JEANNINE VASSILIOU CHARITABLE TRUST** **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** **Charity Number 1089247** **THE JEANNINE 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 JEANNINE 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** 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 7PA **Investment Managers** HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ -1- **THE JEANNINE VASSILIOU CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021** The trustees present their report together with the accounts 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 Jeannine Vassiliou Charitable Trust is an unincorporated trust and is constituted under the terms of the Trust Deed dated 17 September 2001. The trust is a registered charity (no. 1089247). The corporate trustees have appointed a designated trust manager to look after the charity. The investment manager reviews the performance and provides recommendations on the structure of the investment portfolios. 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 for 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 objects of the charity are to pay or to apply the income of the trust for the benefit of such registered, excepted and exempt charities as the trustees in its sole-discretion shall decide, in accordance with the terms of the governing document. The trust awards grants to charitable institutions. The trust manager reviews applications for grants and grants are awarded at the discretion of the trustees. ## **Achievements and performance** During the year 64 (2020: 2) grants totalling £78,118 (2020: £2,676) were awarded to a variety of charitable institutions under the terms of the governing document. No grants were returned within the year (2020: £2,173). No grants were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements. ## **Financial review** The fund generated income of £41,851 (2020: £58,903) in the year to fund its charitable activities. The trust had charitable expenditure of £82,542 (2020: £11,886), of which £78,118 was made in the form of grants to charitable institutions. In the previous period, grants paid totalling £2,676 were net against returned grants of £2,173 totalling an overall net grant paid of £503. -2- **THE JEANNINE 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 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 objects 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 managers are both wholly owned subsidiaries of HSBC Holdings plc. In addition to those 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 JEANNINE 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:………………………… ……………………………………….. ……………………………………………. Nicka Tassa Vassiliou Ione Maria Vassiliou Date:…………………… Date:………………………… -4- **THE JEANNINE VASSILIOU CHARITABLE TRUST** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE JEANNINE VASSILIOU CHARITABLE TRUST** > I report to the trustees on my examination of the financial statements of The Jeannine 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 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 JEANNINE VASSILIOU CHARITABLE TRUST** ## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021** |**Receipts**
Investment income
**Investment sale proceeds**
Proceeds from the sale of investments
**Total receipts**
**Payments**
**Cost of generating funds**
Investment management costs
**Charitable activities**
Grants paid
Other allocated costs
**Governance costs**
Independent examiner's fee
**Investment purchases**
Payments for purchases of investments
**Total payments**
Net receipts/(payments)
Transfers between funds
Cash invested at 6 April 2020
Cash invested at 5 April 2021|**Unrestricted**
**funds**
**£**
41,851
41,851
-
41,851
-
78,118
4,424
2,820
85,362
-
85,362
(43,511)
6,722
77,131
40,342|**Endowment**
**funds**
**£**
-
-
1,784,713
1,784,713
23,309
-
-
-
23,309
1,750,694
1,774,003
10,710
(6,722)
42,843
46,831|**Total**
**Total**
**2021**
**2020**
**£**
**£**
**41,851**
58,903
**41,851**
58,903
**1,784,713**
1,054,179
**1,826,564**
1,113,082
**23,309**
12,746
**78,118**
503
**4,424**
11,383
**2,820**
2,748
**108,671**
27,380
**1,750,694**
1,019,589
**1,859,365**
1,046,969
**(32,801)**
66,113
-
-
**119,974**
53,861
**87,173**
119,974| |---|---|---|---| ||||| These unaudited financial statements have been subjected to independent examination. See report on page 5. -6- ## **THE JEANNINE VASSILIOU CHARITABLE TRUST** ## **STATEMENT OF ASSETS AND LIABILITIES AT 5 APRIL 2021** |**Investments**
UK Fixed Interest Securities
Overseas Fixed Interest Securities
UK Equities
Overseas Equities
Alternative Investment
Other Trust Assets
Cash
**Total assets**
**Liabilities**
Professional fees payable|**Unrestricted**
**funds**
**£**
-
-
-
-
-
-
40,342
40,342
2,900|**Endowment**
**funds**
**£**
74,443
1,794,665
35,842
493,364
-
1
46,831
2,445,146
-|**Total**
**2021**
**£**
**74,443**
**1,794,665**
**35,842**
**493,364**
**-**
**1**
**87,173**
2,485,488
**2,900**|**Total**
**2020**
**£**
282,268
307,353
33,571
657,227
686,916
1
119,974| |---|---|---|---|---| |||||2,087,310| |||||2,820| |||||| 1/2/22 Approved by the trustees and authorised for issue on ………………………………. and signed on their behalf: ………………………………………. HSBC Trust Company (UK) Limited These unaudited financial statements have been subjected to independent examination. See report on page 5. -7- **THE JEANNINE VASSILIOU CHARITABLE TRUST** ## **APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS FOR THE YEAR ENDED 5 APRIL 2021** |**Institutions**|**Number of**|**£**| |---|---|---| ||**grants**|| |240 Project|1|1,221| |Acquired Brain Injury Trust|1|1,221| |Action for Kids|1|1,221| |Action Medical Centre|1|1,221| |Addaction|1|1,221| |Beis Rochel Community Group|1|1,221| |Bibic|1|1,221| |Breacon and District Diabled Club|1|1,221| |Break Charity|1|1,221| |Breast Cancer Now|1|1,221| |British Epilepsy Asscociation|1|1,221| |Care for Veterans|1|1,221| |CARE Interantional UK|2|2,441| |Cerebra|1|1,221| |Cerebral Palsy Sport|1|1,221| |Childhope UK|1|1,221| |Cleft Lip and Palate Association|1|1,221| |Concern Worldwide|1|1,221| |Conquest Art C I O|1|1,221| |Coram BAAF|1|1,221| |East Anglia's Children's Hospices|1|1,221| |ERIC, The Children's Bowel and Bladder Charity|1|1,221| |Extend|1|1,221| |Fire Fighters Charity|1|1,221| |Fledglings|1|1,221| |Gingerbread|1|1,221| |Grief Encounter|1|1,221| |H F Trust Limited|1|1,221| |Happy Days|1|1,221| |Headway|1|1,221| |Hospice UK|1|1,221| |Interact Stroke Suppport|1|1,221| |Julia's House|1|1,221| |Lifelites|1|1,221| |Lorica Trust Limited|1|1,221| |Mildway Mission Hospital|1|1,221| |Mind|1|1,221| |Miracles|1|1,221| |Motability|1|1,221| |Multiple Sclerosis Society of Great Britain|1|1,221| |Revitalise|1|1,221| |Royal Society for the Prevention of Cruelty to Animals|1|1,221| -8- **THE JEANNINE VASSILIOU CHARITABLE TRUST** ## **APPENDIX 1 cont. BREAKDOWN OF CHARITABLE GRANTS FOR THE YEAR ENDED 5 APRIL 2021** |Scampps
Seafarer's Advice and Information Line
See Ability
Spinal Research Foudation
St Giles Trust
Starfish Greathearts Foundation|1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221| |---|---| |Stubbers Adventure Centre|1
1,221| |Supportline
Target Ovarian Cancer
The Brainwave Centre
The Children's Adventure Farm Trust
The Dystonia Society
The Extracare Charitable Trust
The Fostering Network
The National Association for People Abused in Childhood
The Pace Centre
The Royal National Institute of Blind People
The UK Stem Cell Foundation
Together for Short Lives
War Memorial Trust
Yismach Moshe Community|1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221
1
1,221| |**Total grants**|64
78,118| -9-