Karaviotis Foundation
Financial Statements
For the year ended 5 April 2021
Karaviotis Foundation
Contents
| Page | |
|---|---|
| Trustees' Annual Report | 1 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance sheet | 6 |
| Balance sheet schedules | 7 |
| Notes to accounts | 8 - 13 |
| Schedules of investments | 14 - 20 |
| Schedules of investment income receivable | 21 - 27 |
Karaviotis Foundation
Trustees' annual report
The Trustees present their annual report and accounts for the year ended 5 April 2021.
Structure, governance and management
The constitution of the charity is by Deed of Settlement made on 17 October 1977. It is a registered charity No 274576 managed by Trustees and its registered address is 71 Queen Victoria Street, London, EC4V 4BE.
The charity is established for such charitable institutions or towards or for the advancement or in the furtherance of such charitable purposes as the Trustees may from time to time in their absolute discretion determine.
The Trustees who served throughout the financial year were:
Mrs Jill Maureen Karaviotis Joseph Karaviotis
Power of appointing new Trustees is vested in the continuing Trustees. Any new Trustees will be chosen for the skills and expertise they can bring to the Charity. Training needs will be assessed on an individual basis.
| Accountants: | Saffery Champness LLP |
|---|---|
| 71 Queen Victoria Street | |
| London | |
| EC4V 4BE | |
| Investment Advisors: | Cheviot Quilter |
| One Kingsway | |
| London | |
| WC2B 6AN | |
| Solicitors: | Withers LLP |
| 16 Old Bailey | |
| London | |
| EC4M 7EG | |
| Bankers: | Adam & Company plc |
| 25 Kings Street | |
| London | |
| SW17 6QY |
Karaviotis Foundation
Trustees' annual report
Principal aims and objectives
The objective of the Charity is to achieve its charitable objects by management of its portfolio of investments to produce a balance of income generation and long term capital appreciation.
As the power to accumulate income has now expired, the Trustees are obliged to make distributions for charitable purposes up to or exceeding the level of annual income.
The Trustees have no set predetermined policy for awarding grants. Grants are made on the perceived merits of every application at the Trustees' absolute discretion.
Activities and financial performance
The income available for distribution in the year to 5 April 2021 was £54,634. Donations of £47,175 were made during the year, to the organisations as listed on page 13 of these accounts, as approved by the Trustees from time to time.
Total assets of the Charity at 5 April 2021 amounted to £2,738,081 (2020 £2,373,052), which represents a increase of 15.4% The Trustees regard the performance of the portfolio as satisfactory in light of the market conditions of the year.
The Trustees have read the guidance on public benefit issued by the Charity Commission, and they consider the activities and grant making policy ensures the Charity provides public benefit.
Financial review
The Trust has no forward commitments and therefore its policy is not to carry any specific reserves.
Under the Trust Deed, the Trustees have wide powers of investment at their own discretion. The Trustees have delegated investment management under a discretionary mandate.
Risk management
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 reduce the risks.
Karaviotis Foundation
Trustees' annual report
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 state of the affairs of the charity and of the application of resources of the charity for that period. In preparing these financial statements the Trustees are required to:
-
select suitable accounting policies and then apply then consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
. . . . . . . . . . . . . . . . . . . . . . . . Joseph Karaviotis
Approved on behalf of the Trustees on
Karaviotis Foundation
Independent examiner's report to the Trustees of the Karaviotis Foundation
I report on the accounts of the Trust for the year ended 5 April 2021 which are set out on pages 5 to 27.
Respective responsibilities of Trustees and examiner
The charity's Trustees are responsible for the preparation of the accounts. The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
• to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Timothy Gregory FCA CTA Saffery Champness LLP Chartered Accountants 71 Queen Victoria Street
London EC4V 4BE Date:
Karaviotis Foundation
Statement of financial activities For the year ended 5 April 2021
| Page Income and expenditure Incoming Resources Investment income 24 - 25 - 27 Interest receivable Compensation Total incoming resources Resources expended Direct charitable expenditure : Grants/Donations 13 Other expenditure : Governance costs Cost of generating funds Total resources expended Net incomings/(outgoings) Resources for the year Other recognised gains and losses Gains/(losses) on investments held for charitable use : Realised 18 - 19 - 21 Unrealised 18 - 19 - 21 Total investments gains/(losses) Net movements in funds Total funds brought forward at 6 April 2020 Total funds carried forward at 5 April 2021 6 |
Income £ 54,613 21 - 54,634 (47,175) (2,760) - (49,935) 4,699 - - - 4,699 215,302 220,001 |
Expendable Endowment £ - - - - - - (11,591) (11,591) (11,591) 23,022 348,899 371,921 360,330 2,157,750 2,518,080 |
Total £ 54,613 21 - 54,634 (47,175) (2,760) (11,591) (61,526) (6,892) 23,022 348,899 371,921 365,029 2,373,052 2,738,081 2021 |
2020 Total £ 74,132 252 2,123 |
|---|---|---|---|---|
| 76,507 | ||||
| (65,598) (2,745) (14,460) |
||||
| (82,803) | ||||
| (6,296) | ||||
| (23,076) (214,143) |
||||
| (237,219) | ||||
| (243,515) 2,616,567 |
||||
| 2,373,052 |
The notes on pages 6 to 27 form part of these financial statements.
Karaviotis Foundation
Balance sheet At 5 April 2021
| Page Fixed assets Investments (at market value) 18 - 19 - 21 Current assets Cash 7 Debtors 7 Creditor 7 Net current assets Total assets less current liabilities Funds - unrestricted 5 |
Income £ - 210,272 10,869 (1,140) 220,001 220,001 220,001 |
Expendable Endowment £ 2,548,870 (30,790) - - (30,790) 2,518,080 2,518,080 |
Total £ 2,548,870 179,482 10,869 (1,140) 189,211 2,738,081 2,738,081 2021 |
2020 Total £ 2,129,628 |
|---|---|---|---|---|
| 235,285 10,869 (2,730) |
||||
| 243,424 | ||||
| 2,373,052 | ||||
| 2,373,052 |
The notes on pages 7 to 27 form part of these financial statements.
As Trustees we approve these accounts on
Jill Karaviotis
Joseph Karaviotis
Karaviotis Foundation
Balance sheet schedules At 5 April 2021
| Page Cash Adam & Co current account Adam & Co call deposit account Quilter Cheviot dealing account Quilter Cheviot income account 6 Debtors Foreign tax repayable 6 Creditors Saffery Champness |
Income Capital Total £ £ £ 29,799 - 29,799 82,435 - 82,435 97,520 (30,790) 66,730 518 - 518 210,272 (30,790) 179,482 10,869 - 10,869 1,140 - 1,140 2021 |
2020 Total £ 27,211 82,414 124,574 1,086 |
|---|---|---|
| 235,285 | ||
| 10,869 | ||
| 2,730 |
Karaviotis Foundation
Notes to accounts For the year ended 5 April 2021
1. Accounting Policies
These financial statements have been prepared in accordance with Accounting and Reporting for Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) (effective from 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Accounting Convention
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on an accruals basis under the historic cost convention, with the exception of investments which are stated at market value.
These financial statements for the year ended 5 April 2020 are the first financial statements of the Karaviotis Foundation prepared in accordance with FRS 102, the Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 5 April 2014. Transition to FRS 102 has had no impact on the reported financial position and financial performance.
Going Concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Income and Endowments
Investment income is accounted for on its due date of payment. UK Investment and overseas dividend income is shown gross, and net of overseas tax where applicable.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on raising funds comprises those costs directly attributable to managing the investment portfolio and raising investment income.
Expenditure on charitable activities includes those costs incurred by the Charity in the delivery of its objectives. It includes all grants and donations approved in the year, and not subject to further review.
Other costs relate to expenditure incurred in the management of the charity's assets, organised administration and compliance with constitutional and statutory requirements.
Karaviotis Foundation
Notes to accounts For the year ended 5 April 2021
Fixed Asset Investments
Investments listed on the London Stock Exchange are included at mid market value according to Adam & Company Plc and Quilter Cheviot. Net gains and losses arising on revaluation and disposals throughout the year are taken to the Statement of Financial Activities.
Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
Financial Instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial assets are recognised in the Charity’s statement of financial position when the Charity becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through the statement of financial activities are measured at fair value.
Impairment of Financial Assets
Financial assets, other than those held at fair value through the statement of financial activities, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial activities.
Derecognition of Financial Assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Karaviotis Foundation
Notes to accounts
For the year ended 5 April 2021
Classification of Financial Liabilities
Basic Financial Liabilities
Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through the statement of financial activities are measured at fair value.
Derecognition of Financial Liabilities
Financial liabilities are derecognised when, and only when, the Charity obligations are discharged, cancelled, or they expire.
2. Income From Investments
| Income From Investments | ||
|---|---|---|
| Income From Listed Investments Deposit Interest Receivable |
2021 54,613 21 54,634 |
2020 74,132 252 |
| 74,384 |
| 3. Expenditure on Raising Funds Investment Management Fees |
2021 11,591 |
2020 14,460 |
|---|---|---|
4. Trustee Remuneration
The Trustees received no remuneration (2021 - £nil) and were not reimbursed for any of their expenses in the year (2020 - £nil).
Karaviotis Foundation
Notes to accounts
For the year ended 5 April 2021
5. Fixed Asset Investments
| Fixed Asset Investments | ||
|---|---|---|
| Market value at 6 April 2020 Additions at cost Disposals at book value Net unrealised gain/(loss) Market value at 5 April 2021 Comprised of: UK equities and unit trusts UK fixed interest Overseas equities Historical Cost at 5 April 2021 |
2021 £ 2,129,628 211,290 (140,947) 348,899 2,548,870 1,233,646 79,021 1,236,203 2,548,870 1,571,075 |
2020 £ 2,459,670 267,515 (383,414) (214,143) |
| 2,129,628 | ||
| 984,069 135,828 1,009,731 |
||
| 2,129,628 | ||
| 1,511,979 |
Investment revaluation as above is at middle market value at the year end. All investments are held within unrestricted funds.
Material Investments (over 5% of portfolio) :
Findlay Park American Companies Fund Nestle AG
6. Expenditure on Charitable Activities
| Expenditure on Charitable Activities | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Grants and Donations | 47,175 | 65,598 |
A breakdown of the donations made can be found in note 10.
7. Other Expenditure
| Accountancy Charges | 2021 £ 2,760 2,760 |
2020 £ 2,730 |
|---|---|---|
| 2,730 |
Karaviotis Foundation
Notes to accounts
For the year ended 5 April 2021
| 8. Movement in funds Income Fund Endowment Fund |
Balance 6 Apr 2020 £ 215,302 2,157,750 2,373,052 |
Total Expenditure £ (49,935) (11,591) (61,526) |
Realised/ unrealised gains/(losses) £ 54,634 371,921 426,555 |
Balance 5 Apr 2021 £ 220,001 2,518,080 |
|---|---|---|---|---|
| 2,738,081 |
Karaviotis Foundation
Notes to the accounts For the year ended 5 April 2021
10. Grants/Donations
| 10. Grants/Donations | ||
|---|---|---|
| Page Alpha Trust Alzheimer's Research UK British Friends of ZAKIA Cancer Research UK Central British Fund for World Jewish Relief Diva Opera English National Opera English Touring Opera Friends of the Royal Academy of Art Friends of the V & A Museum Friends of Yad Sarah Glasgow Art Club Les Azuriales Opera Trust National Emergencies Trust Pharos Arts Foundation Robert Forest - Scholarships Royal Academy of Music - Pavarotti Prize Royal Academy of Music - Scholarship Royal College of Music Royal College of Music - Scholarship Royal Opera House Tate Members UJIA V and A 5 |
2021 £ 5,000 - - 250 1,200 - - 10,000 190 - 1,000 500 - - 2,000 - 13,000 12,000 - - 1,200 174 500 161 47,175 |
2020 £ 4,239 500 500 - 1,200 1,000 1,000 - 185 330 1,000 500 2,500 10,000 1,710 4,000 10,000 7,500 7,000 10,000 1,734 200 500 - |
| 65,598 |
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2021
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments held at 6 April 2020 | Profit or | (loss) on : | Investments held at 5 April 2021 | ||||||||||
| Market | Cost/ | 2020 | 2020 | Market | Unrealised | ||||||||
| UK equities | Holding | Cost | value | Date | Holding | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | |
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||
| Baillie Gifford & Co | |||||||||||||
| Japanese Income Growth | |||||||||||||
| Y Income units | 20,000 | 23,304 | 22,140 | May 14 | 20,000 | 25,660 | |||||||
| Sep 1 | (562) | ||||||||||||
| Nov 10 | 10,000 | 14,750 | |||||||||||
| Mar 1 | (57) | 50,000 | 63,095 | 61,931 | 77,000 | 15,069 | |||||||
| BHP Billiton PLC | |||||||||||||
| US$0.50 ordinary | |||||||||||||
| shares | 750 | 7,103 | 9,309 | 750 | 7,103 | 9,309 | 15,510 | 6,201 | |||||
| BlackRock Continental | |||||||||||||
| European Income | |||||||||||||
| Income units | 35,000 | 41,509 | 46,200 | 35,000 | 41,509 | 46,200 | 61,075 | 14,875 | |||||
| BMO Fund Management Ltd | |||||||||||||
| Property Growth & Income | 4,000 | 40,657 | 33,912 | May 15 | (202) | 4,000 | 40,455 | 33,710 | 38,657 | 4,947 | |||
| BNY Mellon Fund Managers | |||||||||||||
| Newton Real Return | |||||||||||||
| W Income units | 10,000 | 10,310 | 9,770 | 10,000 | 10,310 | 9,770 | 11,491 | 1,721 | |||||
| British American | |||||||||||||
| Tobacco PLC | |||||||||||||
| 10p ordinary shares | 1,000 | 15,650 | 29,400 | 1,000 | 15,650 | 29,400 | 27,155 | (2,245) | |||||
| Diageo PLC | |||||||||||||
| 28 101/108p ordinary | |||||||||||||
| shares | 3,000 | 23,700 | 73,740 | 3,000 | 23,700 | 73,740 | 90,210 | 16,470 | |||||
| GlaxoSmithKline PLC | |||||||||||||
| 25p ordinary shares | 3,000 | 32,291 | 44,682 | 3,000 | 32,291 | 44,682 | 38,328 | (6,354) |
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2021
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments held at 6 April 2020 | Profit or | (loss) on : | Investments held at 5 April 2021 | ||||||||||
| Market | Cost/ | 2020 | 2020 | Market | Unrealised | ||||||||
| UK equities | Holding | Cost | value | Date | Holding | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | |
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||
| Invesco Fund Managers | |||||||||||||
| Global Targeted Returns | |||||||||||||
| Y Accumulation units | 15,000 | 34,667 | 33,500 | 645 | 15,000 | 35,312 | 34,145 | 32,762 | (1,383) | ||||
| Johnson Matthey PLC | |||||||||||||
| 104 16/21p ordinary | |||||||||||||
| shares | 1,000 | 13,232 | 16,835 | 1,000 | 13,232 | 16,835 | 30,140 | 13,305 | |||||
| JP Morgan Emerging | |||||||||||||
| Markets | |||||||||||||
| 1p ordinary shares | 24,000 | 29,827 | 22,560 | Nov 26 | (24,000) | (31,919) | 2,092 | 9,359 | |||||
| JP Morgan Asset | |||||||||||||
| Management UK Ltd | |||||||||||||
| Emerging Mkts C Inc | Nov 10 | 15,000 | 30,135 | 15,000 | 30,135 | 30,135 | 31,455 | 1,320 | |||||
| Land Securities Group PLC | |||||||||||||
| became 10 2/3p ord shares | |||||||||||||
| 10p ord shares | 4,687 | 33,480 | 24,119 | Nov 16 | (4,687) | (33,347) | (133) | 9,228 | |||||
| Legal & General (Unit Trust | |||||||||||||
| Managers) UK Property | |||||||||||||
| I Inc Sett 11/03/2020 | 65,000 | 38,812 | 36,784 | Jul 30 | (26) | 65,000 | 38,786 | 36,758 | 37,521 | 763 | |||
| Marshall Wace Fund | |||||||||||||
| Top G GBP Accumulation | 220 | 28,745 | 29,810 | 220 | 28,745 | 29,810 | 36,732 | 6,922 | |||||
| M & G PLC | |||||||||||||
| 5p ordinary shares | |||||||||||||
| Bonus issue | 5,000 | 5,271 | 5,470 | 5,000 | 5,271 | 5,470 | 10,470 | 5,000 | |||||
| Polar Capital Global | |||||||||||||
| Financials Trust | |||||||||||||
| 5p ordinary shares | 24,000 | 24,470 | 21,984 | Apr 15 | (24,000) | (24,143) | (327) | 2,159 |
Karaviotis Foundation
Schedule of investments For the year ended 5 April 2021
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments held at 6 April 2020 | Profit or | (loss) on : | Investments held at 5 April 2021 | ||||||||||
| Market | Cost/ | 2020 | 2020 | Market | Unrealised | ||||||||
| UK equities | Holding | Cost | value | Date | Holding | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | |
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||
| Polar Capital Global | |||||||||||||
| Technology Trust | |||||||||||||
| 25p Ordinary Shares | 1,500 | 12,235 | 22,110 | 1,500 | 12,235 | 22,110 | 33,450 | 11,340 | |||||
| Polar Capital Global | |||||||||||||
| Red sub 31/7/17 1p | 4,000 | 370 | - | 4,000 | 370 | - | - | - | |||||
| Prosus N.V. | |||||||||||||
| Euro 0.05 | Nov 24 | 300 | 25,065 | 300 | 25,065 | 25,065 | 25,513 | 448 | |||||
| Prudential PLC | |||||||||||||
| 5p ordinary shares | 5,000 | 32,812 | 46,010 | 5,000 | 32,812 | 46,010 | 77,575 | 31,565 | |||||
| Relx plc | |||||||||||||
| 14 51/116p ordinary | |||||||||||||
| shares | 4,000 | 19,107 | 67,460 | 4,000 | 19,107 | 67,460 | 73,400 | 5,940 | |||||
| Rio Tinto PLC | |||||||||||||
| 10p ordinary shares | 762 | 16,114 | 28,659 | 762 | 16,114 | 28,659 | 41,758 | 13,099 | |||||
| Royal Dutch Shell PLC | |||||||||||||
| B Euro 0.07 ordinary | |||||||||||||
| shares | 5,000 | 75,850 | 70,920 | 5,000 | 75,850 | 70,920 | 66,770 | (4,150) | |||||
| Scottish Mortage | |||||||||||||
| Investment Trust | |||||||||||||
| 5p ordinary shares | 4,000 | 12,702 | 21,540 | 4,000 | 12,702 | 21,540 | 46,560 | 25,020 | |||||
| Sergo Plc | |||||||||||||
| 10p ordinary shares | Nov 16 | 3,500 | 32,201 | 3,500 | 32,201 | 32,201 | 33,201 | 1,000 | |||||
| SSE PLC | |||||||||||||
| 50p ordinary shares | 3,000 | 32,610 | 32,190 | 3,000 | 32,610 | 32,190 | 43,710 | 11,520 |
Karaviotis Foundation
Schedule of investments For the year ended 5 April 2021
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments held at 6 April 2020 | Profit or | (loss) on : | Investments held at 5 April 2021 | ||||||||||
| Market | Cost/ | 2020 | 2020 | Market | Unrealised | ||||||||
| UK equities | Holding | Cost | value | Date | Holding | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | |
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||
| TM Crux European | |||||||||||||
| Special Situations Fund | |||||||||||||
| Accumulation units | 19,000 | 27,637 | 42,461 | May 29 | 54 | ||||||||
| Accumulation units | Nov 30 | 192 | 19,000 | 27,883 | 42,707 | 59,318 | 16,611 | ||||||
| Unilever PLC | |||||||||||||
| 3 1/9p ordinary shares | 2,000 | 26,560 | 80,740 | 2,000 | 26,560 | 80,740 | 80,440 | (300) | |||||
| Vodafone Group PLC | |||||||||||||
| US$ 0.11428571 | |||||||||||||
| ordinary shares | 27,272 | 46,382 | 30,277 | 27,272 | 46,382 | 30,277 | 36,452 | 6,175 | |||||
| Wisdomtree Metal Securities | |||||||||||||
| Physical Gold GBP | 650 | 63,208 | 81,487 | 650 | 63,208 | 81,487 | 76,993 | (4,494) | |||||
| 768,615 | 984,069 | 38,446 | 1,632 | 20,746 | 808,693 | 1,043,261 | 1,233,646 | 190,385 |
- = adjusted, if necessary, for the cost of subsequent additions.
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2021
| UK fixed interest 0.125% Treasury Stock 22/03/2024 4% Treasury Stock 07/03/2022 4.25% Treasury Stock 07/12/2027 |
Market Cost/ 2020 Cost/ 2020 Market Unrealised Holding Cost value Holding (proceeds) Cost value (proceeds) Holding Cost value value profit/(loss) £ £ £ £ £ £ £ £ £ 12,500 15,702 16,630 12,500 15,702 16,630 16,776 146 50,000 51,986 53,749 Nov 5 (50,000) (53,026) 1,040 (723) (53,026.49) 50,000 64,197 65,449 50,000 64,197 65,449 62,245 (3,204) Acquisitions/(disposals) Investments held at 6 April 2020 Investments held at 5 April 2021 Profit or (loss) on : Date |
|---|---|
| 131,885 135,828 (53,026) 1,040 (723) (53,026) 79,899 82,079 79,021 (3,058) |
- = adjusted, if necessary, for the cost of subsequent additions.
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2021
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments held | at 6 April | Profit or | (loss) on : | Investments held at 5 April 2021 | ||||||||||
| Market | Cost/ | 2020 | 2020 | Market | Unrealised | |||||||||
| Overseas | Holding | Cost | value | Date | Holding | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Aberdeen Asian Income | ||||||||||||||
| IT Trust PLC | ||||||||||||||
| Ordinary shares | 38,000 | 40,308 | 60,230 | 38,000 | 40,308 | 60,230 | 86,260 | 26,030 | ||||||
| Alcon AG CHF0.04 | ||||||||||||||
| Bonus from other stock | 300 | 6,009 | 12,113 | May | 13 | (300) | (14,184) | 8,175 | 2,071 | |||||
| Allianz Global Investors | ||||||||||||||
| GMBH Gilt Yield I Inc | Nov | 30 | 25,000 | 52,710 | 25,000 | 52,710 | 52,710 | 49,065 | (3,645) | |||||
| Ashtead Group | 750 | 17,153 | 12,041 | 750 | 17,153 | 12,041 | 33,548 | 21,507 | ||||||
| Blackrock Fund Managers Ltd | ||||||||||||||
| Ishares North American Equity | 20,000 | 39,820 | 36,380 | |||||||||||
| Accumulation | Oct | 30 | 334 | |||||||||||
| Equalisation | Oct | 30 | (157) | 20,000 | 39,997 | 36,557 | 53,180 | 16,623 | ||||||
| Bristol Myers Squib | ||||||||||||||
| US$0.1 common | 2,000 | 33,402 | 90,535 | 2,000 | 33,402 | 90,535 | 90,988 | 453 | ||||||
| Coca Cola Co | ||||||||||||||
| US$0.25 common | 2,000 | 41,531 | 71,459 | 2,000 | 41,531 | 71,459 | 75,922 | 4,463 | ||||||
| Equinor Asa + | ||||||||||||||
| NOK2.50 shares | 3,000 | 49,888 | 31,425 | 3,000 | 49,888 | 31,425 | 42,548 | 11,123 | ||||||
| Experian | ||||||||||||||
| US$0.1 ordinary | 500 | 13,965 | 10,570 | 500 | 13,965 | 10,570 | 12,730 | 2,160 | ||||||
| Findlay Park American | ||||||||||||||
| Smaller Companies | ||||||||||||||
| Fund | 2,000 | 40,068 | 184,135 | 2,000 | 40,068 | 184,135 | 238,856 | 54,721 | ||||||
| Nestle AG |
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2021
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments held | at 6 April | Profit or | (loss) on : | Investments held at 5 April 2021 | ||||||||||
| Market | Cost/ | 2020 | 2020 | Market | Unrealised | |||||||||
| Overseas | Holding | Cost | value | Date | Holding | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| CHF 0.10 shares | 2,000 | 68,002 | 170,849 | 2,000 | 68,002 | 170,849 | 162,024 | (8,825) | ||||||
| Novartis AG | ||||||||||||||
| CHF 0.50 shares | 1,500 | 44,239 | 102,212 | 1,500 | 44,239 | 102,212 | 93,454 | (8,758) | ||||||
| Pimco Global Advisors Ltd | ||||||||||||||
| Global Investment Grade | ||||||||||||||
| Credit hedged Income | 3,500 | 49,096 | 45,010 | May | 13 | 1,500 | 20,040 | 5,000 | 69,136 | 65,050 | 68700 | 3,650 | ||
| Roche Holdings A G | ||||||||||||||
| (Genussscheine) | 300 | 48,623 | 80,793 | 300 | 48,623 | 80,793 | 70,341 | (10,452) | ||||||
| Sequoia Economic Infrastructure | ||||||||||||||
| Income Fund | ||||||||||||||
| New Ord NPV | 9,552 | 10,138 | 9,074 | 9,552 | 10,138 | 9,074 | 9934 | 860 | ||||||
| Siemens AG | ||||||||||||||
| NPV shares | 375 | 31,650 | 25,230 | Sep | 28 | (2,709) | ||||||||
| Nov | 12 | 35 | 3,615 | 410 | 32,556 | 26,136 | 49,172 | 23,036 | ||||||
| Siemens Energy AG | ||||||||||||||
| NPV Shares | ||||||||||||||
| Bonus from other stock | Sep | 28 | 187 | 2,709 | ||||||||||
| Bookcost Adj | Sep | 28 | (10) | |||||||||||
| Nov | 12 | (187) | (3,627) | 928 | 928 | |||||||||
| Smith (DS) | 5,000 | 16,133 | 12,735 | 5,000 | 16,133 | 12,735 | 20,680 | 7,945 | ||||||
| Smiths Group | 1,000 | 15,299 | 10,605 | 1,000 | 15,299 | 10,605 | 15,665 | 5,060 |
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2021
| Overseas Vontobel Asset Management Sust Emg Markets Leaders Wells Fargo Asset Mgt Lux Emerging Markets Equity income Y |
Market Cost/ 2020 2020 Market Unrealised Holding Cost value Holding (proceeds) Cost value Holding Cost value value profit/(loss) £ £ £ £ £ £ £ £ £ Investments held at 6 April Acquisitions/(disposals) Investments held at 5 April 2021 Profit or (loss) on : Date 500 46,155 44,335 500 46,155 44,335 59,725 15,390 Nov 27 35 3,180 35 3,180 3,180 3,411 231 |
|---|---|
| 611,479 1,009,731 61,901 9,103 2,999 682,483 1,074,631 1,236,203 161,572 |
- = adjusted, if necessary, for the cost of subsequent additions.
+= Statoil ASA changed their name to Equinor ASA on 15 May 2018.
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2021
| Paid | ||||
|---|---|---|---|---|
| UK equities | Holding | Date | Gross | |
| £ | ||||
| Ashtead Group | ||||
| Ord 0.31p | 750 | Sep | 11 | 251 |
| Feb | 3 | 54 | ||
| Baillie Gifford & Co | ||||
| Japanese Income Growth | ||||
| Y Income units | 10,000 | Sep | 1 | 259 |
| 30,000 | Sep | 1 | 215 | |
| 40,000 | Mar | 1 | 320 | |
| 10,000 | Mar | 1 | 23 | |
| BHP Group Plc | 750 | Sep | 22 | 316 |
| Mar | 23 | 547 | ||
| BlackRock Continental | ||||
| European Income | ||||
| Income units | 35,000 | Apr | 30 | 210 |
| Jul | 31 | 824 | ||
| Oct | 30 | 310 | ||
| Jan | 29 | 280 | ||
| Blackrock Fund Managers Ltd | ||||
| Ishares North American Equity | 20,000 | Oct | 30 | 177 |
| BMO Fund Management | ||||
| Property growth & Income I | 4,000 | May | 15 | 326 |
| Jul | 29 | 308 | ||
| Oct | 29 | 308 | ||
| Jan | 29 | 308 | ||
| BNY Mellon Fund Managers | ||||
| Newton Real Return | ||||
| W Income units | 10,000 | Sep | 30 | 125 |
| Mar | 1 | 108 | ||
| British American | ||||
| Tobacco PLC | ||||
| 10p ordinary shares | 1,000 | May | 13 | 526 |
| Aug | 19 | 526 | ||
| Nov | 12 | 526 | ||
| Feb | 3 | 526 | ||
| Diageo PLC | ||||
| 28 101/108p ordinary shares | 3,000 | Apr | 9 | 822 |
| Oct | 8 | 1,274 |
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2021
| Paid | ||||
|---|---|---|---|---|
| UK equities | Holding | Date | Gross | |
| £ | ||||
| Experian | ||||
| Ord USD 0.01 | 500 | Jul | 24 | 130 |
| Feb | 5 | 53 | ||
| GlaxoSmithKline PLC | ||||
| 25p ordinary shares | 3,000 | Apr | 9 | 690 |
| Jul | 13 | 570 | ||
| Oct | 8 | 570 | ||
| Jan | 14 | 570 | ||
| Invesco Fund Managers | ||||
| Global Targeted Returns | ||||
| Y Accumulation units | 15,000 | Feb | 28 | 645 |
| Johnson Matthey PLC | ||||
| £1 ordinary shares | 1,000 | Aug | 4 | 311 |
| Feb | 4 | 200 | ||
| JP Morgan Emerging Markets | ||||
| 1p ordinary shares | 24,000 | Apr | 24 | 240 |
| Jul | 31 | 240 | ||
| Oct | 23 | 504 | ||
| Legal & General | ||||
| Property I income | 65,000 | Jul | 30 | 138 |
| Jul | 30 | 5 | ||
| Oct | 29 | 216 | ||
| Oct | 29 | 3 | ||
| Feb | 1 | 312 | ||
| Feb | 1 | 1 | ||
| M&G Plc | 5,000 | May | 29 | 193 |
| May | 29 | 596 | ||
| Sep | 28 | 300 | ||
| Prudential PLC | ||||
| 5p ordinary shares | 5,000 | May | 15 | 1,042 |
| Sep | 28 | 209 | ||
| Relx plc | ||||
| 14 51/116p ordinary shares | 4,000 | May | 28 | 1,284 |
| Sep | 2 | 544 |
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2021
| UK equities Holding Date Rio Tinto PLC 10p ordinary shares 762 Apr 16 Sep 17 Royal Dutch Shell PLC B Euro 0.07 ordinary shares 5,000 Jun 22 Sep 21 Dec 16 Mar 29 Scottish Mortage Investment Trust 5p ordinary shares 4,000 Jul 1 Dec 4 Smiths Group Ord 37.5p 1,000 Nov 20 SSE PLC 50p ordinary shares 3,000 Sep 18 Mar 11 TM Crux European Special Situations Fund 19,000 May 29 Nov 30 Unilever PLC 3 1/9p ordinary shares 2,000 Jun 4 Sep 9 Nov 20 Mar 17 Vodafone Group PLC US$ 0.1 3/7 ordinary shares 27,272 Aug 7 Feb 5 |
Paid Gross £ 1,352 913 634 605 624 598 74 58 350 1,680 732 54 192 723 740 749 752 1,113 1,086 |
|---|---|
| 32,065 |
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2021
| UK fixed interest Holding 0.125% Treasury Stock 22/03/2024 12,500 Sep 22 Mar 22 4% Treasury Stock 07/03/2022 50,000 Sep 7 4.25% Treasury Stock 07/12/27 50,000 Jun 8 Dec 7 Date |
Paid Gross £ 10 10 1,000 1,063 1,063 |
|---|---|
| 3,146 |
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2021
| Paid with tax deducted | Paid with tax deducted | Paid with tax deducted | |||||
|---|---|---|---|---|---|---|---|
| Paid | Overseas | ||||||
| Overseas | Holding | Date | Gross | Gross | Tax | Net | |
| £ | £ | £ | £ | ||||
| Aberdeen Asian Income | |||||||
| IT Trust PLC | |||||||
| Ordinary shares | 38,000 | May | 22 | 855 | |||
| Aug | 21 | 855 | |||||
| Nov | 18 | 855 | |||||
| Feb | 17 | 969 | |||||
| Bristol Myers Squib | |||||||
| US$0.1 common | 2,000 | May | 1 | 717 | 108 | 609 | |
| Aug | 3 | 690 | 104 | 586 | |||
| Nov | 2 | 697 | 105 | 592 | |||
| Feb | 1 | 715 | 107 | 608 | |||
| Coca-Cola Company | |||||||
| US$0.25 common | 2,000 | Jul | 1 | 663 | 99 | 564 | |
| Oct | 6 | 632 | 95 | 537 | |||
| Dec | 15 | 613 | 92 | 521 | |||
| Apr | 1 | 610 | 92 | 518 | |||
| Nestle SA | |||||||
| CHF 0.10 shares | 2,000 | Apr | 30 | 4,457 | 1,560 | 2,897 | |
| Novartis AG | |||||||
| CHF 0.50 shares | 1,500 | Mar | 8 | 3,482 | 1,219 | 2,263 | |
| Pimco Global Advisors Ltd | |||||||
| Global Investment Grade | |||||||
| Credit hedged Income | 5,000 | Jul | 1 * | 430 | |||
| Offshore reportable income | Oct | 6 * | 478 | ||||
| Jan | 15 * | 454 | |||||
| Roche Holdings A G | |||||||
| (Genussscheine) | 300 | Mar | 23 | 2,132 | 746 | 1,386 | |
| Sequoia Economic Infrastructure | |||||||
| Income Fund | 9,552 | May | 22 | 149 | |||
| Aug | 28 | 149 | |||||
| Nov | 27 | 149 | |||||
| Mar | 5 | 149 | |||||
| Siemens AG | |||||||
| NPV shares | 410 | Feb | 8 | 1,260 | 332 | 928 |
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2021
| Overseas Holding Date Equinor Asa NOK 2.5 shares 3,000 Jun 4 Aug 28 Nov 25 Feb 26 Vontobel Asset Management Sust Emg Markets Leaders Aqg 500 Jul 13 Sep 25 Dec 30 Mar 25 Wells Fargo Asset Mgt Emerging markets equity 35 Jan 12 |
Paid Overseas Gross Gross Tax Net £ £ £ £ Paid with tax deducted 681 170 511 205 51 154 207 52 155 235 59 176 136 36 100 788 208 580 115 30 85 170 45 125 25 7 18 |
|---|---|
| 5,492 19,230 5,317 13,913 |
- Overseas interest received