## **THE JEANNINE VASSILIOU CHARITABLE TRUST**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
**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|
**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 F Goldie-Scot|
||J Hewitson|
||P M Spencer|
|**Trust Manager**|S James|
|**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 2024**
The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2024, 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 Manager. 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 Trustee has 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 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 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 charity 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 26 (2023: 30) grants totalling £35,256 (2023: £40,680) were awarded to a variety of charitable institutions under the terms of the governing document. No grants were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements.
## **Financial review**
These funds generate investment income of £71,798 (2023: £51,509) in the year to fund its charitable activities. The trust had charitable expenditure of £49,889 (2023: £55,321) of which £35,256 (2023: £40,680) was made in the form of a grant to a charitable institution.
- 2 -
**REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED 5 APRIL 2024**
## **THE JEANNINE VASSILIOU CHARITABLE TRUST**
## **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 Manager. 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 and are 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 Trustee 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 JEANNINE VASSILIOU CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED 5 APRIL 2024**
## **Statement of Trustees’ 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. This enables them to ascertain the financial position of the charity and enables 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:
## SCCemee
……………………………………….. HSBC Trust Company (UK) Limited
………………………………………….. Jeannine Georgia Vassiliou
Date:.……………………
Date:…………………………
……………………………………….. Nika 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 2024, 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 Chartered Accountant The Institute of Chartered Accountants in England and Wales
On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TY 03-Feb-2025 Date:………………………………..
- 5 -
## **THE JEANNINE VASSILIOU CHARITABLE TRUST**
## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024**
|**Unrestricted**
**funds**
**£**
**Receipts**|**Unrestricted**
**funds**
**£**
**Receipts**|**Endowment**
**funds**
**£**|**Total**
**Total**
**2024**
**2023**
**£**
**£**|
|---|---|---|---|
|Investment income|71,798|-|**71,798**
51,509|
|**Investment sale proceeds**|71,798|-|**71,798**
51,509|
|Proceeds from the sale of investments|-|1,037,307|**1,037,307**
930,653|
|**Total receipts**
**Payments**
**Cost of generating funds**|71,798|1,037,307|**1,109,105**
982,162|
|Investment service charge|-|13,100|**13,100**
13,463|
|**Charitable activities**
Grants paid|35,256|-|**35,256**
40,680|
|Other allocated costs|14,633|-|**14,633**
14,641|
|**Governance costs**||||
|Independent examiner's fee|2,904|-|**2,904**
2,460|
|**Investment purchases**|52,793|13,100|**65,893**
71,244|
|Payments for purchases of investments|-|1,039,273|**1,039,273**
894,522|
|**Total payments**
Net receipts/(payments)
Transfers between funds|52,793
19,005
1,392|1,052,373
(15,066)
(1,392)|**1,105,166**
965,766
**3,939**
16,396
**-**
-|
|Cash invested at 6 April 2023|73,338|47,721|**121,059**
104,663|
|||||
|Cash invested at 5 April 2024|93,735|31,263|**124,998**
121,059|
|||||
These unaudited financial statements have been subject to independent examination. See report on page 5.
- 6 -
**THE JEANNINE VASSILIOU CHARITABLE TRUST**
## **STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2024**
||**Unrestricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|**Investments**|||||
|Overseas Fixed Interest Securities|-|2,038,687|**2,038,687**|1,769,600|
|UK Equities|-|39,533|**39,533**|35,115|
|Overseas Equities|-|178,717|**178,717**|210,212|
|Alternative Investment|-|310,249|**310,249**|336,907|
|Other Trust Assets|-|1|**1**|1|
|Cash|93,735|31,263|**124,998**|121,059|
|**Total assets**|**93,735**|**2,598,450**|**2,692,185**|**2,472,894**|
|**Liabilities**|||||
|Professional fees payable|3,357|-|**3,357**|3,197|
Approved by the Trustees and authorised for issue on ………………………………. and signed on their behalf:
………………………………………. SCCemee HSBC Trust Company (UK) Limited
These unaudited financial statements have been subject to independent examination. See report on page 5.
- 7 -
**THE JEANNINE VASSILIOU CHARITABLE TRUST**
## **APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS**
|**Institutions**
Breacon and District Mind
Breast Cancer Now
Childhope
Conquest Art Cio
EACH (Education Action Challenging Homophobia)
ERIC (Education and Resources for Improving Childhood Continence)
Fledglings Family Services
Gingerbread
Headway Surrey Head Injuries Association Ltd
HF Trust Limited
Interact Stroke Support
Lorica Trust Limited
Mildmay Mission Hospital
Mind
Multiple Sclerosis Society
Revitalise Respite Hospice
SAIL
ST Giles Education Trust
Stubbers Adventure Centre
The Children's Adventure Farm Trust Ltd
The Dystonia Society
The Extracare Charitable Trust
Thomas Coram Foundation for Children
Together for Short Lives
War Memorials Trust
YisMach Moshe Community Group|**Number of**
**grants**
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
**26**|**Amount**
**£**
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356
1,356|
|---|---|---|
|||**35,256**|
These unaudited financial statements have been subject to independent examination. See report on page 5.
- 8 -