THE NICKA VASSILIOU CHARITABLE TRUST REPORT AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 5 APRIL 2023 Charity Number 1089248 THE NICKA VASSILIOU CHARITABLE TRUST coNTE￿rS PAGE Pages Reference and Administration Details Report of the Trustees Independent Examiner's Report Receipts and Payments Account Statement Df Assets and Liabilities THE NICKA VASSILIOU CHARITABLE TRUST REFERENCE AND ADMINISTRATION DETAILS Jeannin8 Georgia Vassiliou Nicka Tassa Vassiliou lone Maria Va5siIiou Corporate Trustee HSBC Trust Company {UK) Limited Current Directors of Corporate Trustee J Coyle J Hewitson Spencer Trust Manager S James Pfincipal Offlce Forum 1 The Forum Parkway Vvhiteley Fareham Hampshire P015 7PA Independent Examiner Fran￿$ Millar ACA RSM UK Tax and Accounting Limited Highfield Court Tollgate Chandlers Ford Eastleigh Harnpshire S053 3TY Bankgrs HSBC Bank plc Forum 1 The Forum Pathay Ijvhileley Fareham Hampshire P015 7PA Investrnent Managers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ THE NICKA VASSILIOU CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED5 APRIL 2023 The Trustees present their report together with the accounts of the charTty for the year ended 5 April 2023, which have been prepared on a receipts and payments basi5. 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 Ihe receipts and paymenls basis given Ihat the definilion of gros5 income excludes the receipt of ￿Y endowmenl, loans and proceeds from the sale of investments or fixed assets. structure. government and management The Nicka Vassiliou Charitable Trust is an unincorporated trust and is constituted undei the terms of the Trust Deed dated 17 September 2001. The trust is a registered chatity (no. 10892481- The Corporate Trustee has appointed a designated trust manager to look after the tru51. The investment manager r•Aews the performance and provides recommendations on the structure of the investment portfolios. The power lo appoint additional Tnsstees is vested in the currenl Trustees, and is exercisable in writing. Should new Trustees be appointed, the existing Trustees would take responsibilty of their induction. The Trustees have examined the major strategic, business and operational risks which the chairty faces and confirm that Systems have been established lo enable regular reports to be produced 50 that tne necessary steps can be taken lo miligale these risks. The main risk in the year wa5 Considered to be the variability of investment relums. Objectives and activities The objectives of the ttharity are lo pay or to apply the income and capital of the trust for each charitable obje￿1Ve or purpose a5 the Trustees think fil, ir) accordance with the governing docuinent. The charity awards grants to charitable institutions. The Tnjstees review applications for grants when received and award grants at lheir discretion. AchieveTnents and performance During the year no grants (2022.. no grants) totalling £nil 12022-. £nill weie awarded to charitable inslilulions. No grants were returned during the year12022'. 3 grants totalling £2.360). No grants were awarded to individuals in either year. Financial review The charity received funds under the terms of the trust deed. These funds generate income, which is used for the purpose of grant making, in accordance with the objects Set out above. The fund generated investment income of £35,73312022'. £25,752) in the year to fund rts charitable activities. The expenditure on charitable activities was £10,09612022'. £8,209), of which £nil12022= £nill was harilable expenditure in the form of granls to chaiitable institutions. THE NICKA VASSIUOU CHARITABLE TRUST REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED 5 APRIL 2023 Investment pollcy In accordance with the governing document, the Tnjstees have the power to invest in such stocks. shares, investments and propety 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 temis, the capital vaSue of the fund whilst producing a sustainable and growing level of incorne, and also providing the potential for longer tem) growth of capital in real terms. Reserves policy The unrestricted funds, which are the free reserves of the charity, and vthich are repreSent￿j by the income arising are paid over to beneficiaries Ihrwghout the year. It is not the policy of the charty to maintain specific reserves. The expendable endowment funds represent those assets which are held pennanently by the charity and are principally investments. Income arFsing 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 benelit We have referred to the guidance contained in the Charity Commission's general guidan￿ on public benefit when reviewing our aims and objectives and in planning our future aclivilies. 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 ac¢ordance with UK standard accounting practi￿. THE NICKA VASSIUOU CHARITABLE TRUST REPORT OF THE TRUSTEES cont. FOR THEYEAR ENDED 5 APRIL 2023 Statement of Trustee's responsibilities in relatlon to the flnancial ststements The law applicable lo charities in England and Wales requires the Trustees to prepare financial staternents for each financial year which give a true and fair view of the charity's financial activ￿lIeS 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 praclice and-. select suitable accounting policies and then apply them ¢onsistently', make judgements and eslimales that are reasonable and prudent.. slate 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 st2tements on the going concern basis unless rt is inapproprkgte to presume that the charity will continue in operation. The Trustees are responsible for keeping accounting recofds which disclose with reasonable accuracy the financi31 position of the charity. This enables them to ascertain the financial position of the charrty and enables them to ensure that the f,,nancial 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 step5 for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf.. HS st Company {UK) Limrted Jeannine Georgia Vassiliou ,Izc4 Date.. 19_.1.-...2.02 * Nicka Tassa Vassiliou lone Maria Vassiliou Dale.. Date:.. THE NICKA VASSIUOU CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NICKA VASSILIOU CHARITABLE TRUST I report to the Trustees on my examination of the financial statements of The Nicka Vassiliou Charitable Trust for the year ended 5 April 2023, which are set out on pages 6 to 7. Responslbilities and basts of report As the Trustees of the charity you are responsible for the preparation of the financial statements in accoidance with the requirements of Ihe Charities Act 2011 I'the 2011 ACY). 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 requSred in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planniryJ and ¢onduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opiniDn as to whelher the financial statements present a 'true and fair view, and my report is lirnited lo those specific matters set out in the independent examinerfs statement. Independent Examiner's ststement 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.. 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 concerniny Ihe 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 'lrue and fair view, which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attenlion should be drawn in this report in order to enable a proper understanding of the financial statemenls to be reached. Frap7665 Millar Frances Millar ACA Chartered Accountant The Institute of Chartered Accountants in England and Wales On behalfof RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY Date.. 31-Jan-2024 THE NICKA VASSILIOU CHARITABLE TRUST RECEIPTSAND PAYMENTS ACCOUNT FOR THE YEAR ENDED S APRIL 2023 Unrostrlcted funds Endtshw￿nt lunds Total 2023 Total 2022 Recelpts Investment incotne 35.733 3S.733 25.752 35.733 35,733 25,752 InvestmeTrt sale proceeds Pio¢eeds from the Sale Df investments 841,912 641,912 7,502 Total reGtlpts 35.733 641,912 677.645 993.254 Payn*nts Cost of generating fvnd5 hve5thieDt 5etvi¢e chatge 9.280 9,280 9,688 haritable a¢tivile$ Grants paKI Other allocated cosls 12.3601 10,$69 10.096 10.096 Governance costs k)dependent ex8minerf$ fee 2,460 2A60 1.657 12.5 9,280 21,836 19,554 Inveslmeiit purchases Payments for purchases of nveslment5 616.600 616,600 958.312 Total PayTr*nts 12.558 625,880 638,436 977.866 Net receplsllpayment51 23.177 16.032 39,209 15,388 Transfers betw&n fvnd5 7,171 Cash Invested at 6 Npiil 2022 48.984 23.659 72,643 57,255 Cash In¥￿ted at 5 Apr￿ 2023 79,332 32.520 111,852 72.643 These unaudrted financial slalements have been subjected to independent examination. See report on page 5. THE NICKA VASSILIOU CHARITABLE TRUST STATEMENT OF ASSETS AND LIABILITIES AT 5 APRIL 2023 Unrestricted lunds EndovAnent funds Total 2023 Totsl 2022 Investments UK Fixed Interest Se¢urilies Overseas Fixed Interest Securities Overseas Equities terna1ive Investments Other Trust Assets Cash 24.213 1,219,878 144.915 232,261 24,213 1.219,878 144915 232.261 24,588 1,289,151 447,006 79,332 32,520 111.852 72,643 Total assets 79,332 1,653,788 1,733.120 1,833,389 Liabilities Professional fees payable 1,830 1.743 3110112024 Approved by the Truslees and authorised for issue on................................... and signed on their beh81f. Jen Wilss HSBC Trust Company {UK) Limited These unaudited financial statements have been subjected to independent examination. S report on page 5.