Karaviotis Foundation Financial Statements For the year ended 5 April 2023
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 - 12 |
| Schedules of investments | 13 - 18 |
| Schedules of investment income receivable | 19 - 29 |
Karaviotis Foundation
Trustees' annual report
The Trustees present their annual report and accounts for the year ended 5 April 2023.
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 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: | Coutts & Co |
| 440 Strand | |
| London | |
| WC2R 0QS |
Page 1
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 2023 was £59,583. Donations of £35,774 were made during the year, to the organisations as listed on page 11 of these accounts, as approved by the Trustees from time to time.
Total assets of the Charity at 5 April 2023 amounted to £2,885,062 (2022 £2,984,043), which represents a decrease of 3.3% 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.
Page 2
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
Page 3
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 2023 which are set out on pages 5 to 29.
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 LLP Chartered Accountants
71 Queen Victoria Street London EC4V 4BE
Date:
Page 4
Karaviotis Foundation
Statement of financial activities For the year ended 5 April 2023
----- Start of picture text -----
2023 2022
Expendable
Page Income Endowment Total Total
£ £ £ £
Income and expenditure
Incoming Resources
Investment income 26 27 29 60,227 60,227 63,175
Interest receivable 2,746 2,746 8
Total incoming resources 62,973 62,973 63,183
Resources expended
Direct charitable expenditure :
Grants/Donations 11 (35,774) (35,774) (79,227)
Other expenditure :
Governance costs (3,390) (2,100) (5,490) (3,036)
Cost of generating funds (12,453) (12,453) (12,368)
Total resources expended (39,164) (14,553) (53,717) (94,631)
Net incomings/(outgoings)
Resources for the year 23,809 (14,553) 9,256 (31,448)
Other recognised gains and losses
Gains/(losses) on investments held for
charitable use :
Realised 17 19 22 (50,345) (50,345) (29,747)
Unrealised 17 19 22 (57,892) (57,892) 307,157
Total investments gains/(losses) (108,237) (108,237) 277,410
Net movements in funds 23,809 (122,790) (98,981) 245,962
Total funds brought forward at 6 April 2022 200,921 2,783,122 2,984,043 2,738,081
Total funds carried forward at 5 April 2023 6 224,730 2,660,332 2,885,062 2,984,043
----- End of picture text -----
The notes on pages 7 to 26 form part of these financial statements.
Page 5
Karaviotis Foundation
Balance sheet At 5 April 2023
| Page Fixed assets Investments (at market value)17 19 22 Current assets Cash 7 Debtors 7 Creditor 7 Net current assets Total assets less current liabilities Funds unrestricted 5 |
Income £ 213,861 10,869 224,730 224,730 224,730 |
Expendable Endowment £ 2,616,096 44,236 44,236 2,660,332 2,660,332 |
Total £ 2,616,096 258,097 10,869 268,966 2,885,062 2,885,062 2023 |
2022 Total £ 2,764,381 211,829 10,869 (3,036) 219,662 2,984,043 2,984,043 |
|---|---|---|---|---|
The notes on pages 7 to 26 form part of these financial statements.
As Trustees we approve these accounts on
Jill Karaviotis
Joseph Karaviotis
Page 6
Karaviotis Foundation
Balance sheet schedules At 5 April 2023
----- Start of picture text -----
2023 2022
Page Income Capital Total Total
£ £ £ £
Cash
Adam & Co current account 8,159
Coutts curent account 45,823 45,823
Adam & Co call deposit account 62,443 62,443 82,443
Quilter Cheviot dealing account 105,121 44,236 149,357 120,658
Quilter Cheviot income account 474 474 569
6 213,861 44,236 258,097 211,829
Debtors
Foreign tax repayable 6 10,869 10,869 10,869
Creditors
Saffery LLP 6 3,036
----- End of picture text -----
Page 7
Karaviotis Foundation
For the year ended 5 April 2023
Notes to accounts
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 2019) (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.
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.
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.
Page 8
For the year ended 5 April 2023
Karaviotis Foundation
Notes to accounts
Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm 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.
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.
Page 9
Karaviotis Foundation
Notes to accounts
For the year ended 5 April 2023
2. Income From Investments
| Income From Listed Investments Deposit Interest Receivable 3. Expenditure on Raising Funds Investment Management Fees |
2023 60,227 2,746 62,973 2023 12,453 |
2022 63,175 8 63,183 2022 12,368 |
|---|---|---|
4. Trustee Remuneration
The Trustees received no remuneration (2022 £nil) and were not reimbursed for any of their expenses in the year (2022 £nil).
5.[Fixed][Asset][Investments]
| Market value at 6 April 2022 Additions at cost Disposals at book value Net unrealised gain/(loss) Market value at 5 April 2023 Comprised of: UK equities and unit trusts UK fixed interest Overseas equities Historical Cost at 5 April 2023 |
2023 £ 2,764,381 1,136,759 (1,227,152) (57,892) 2,616,096 1,338,509 304,378 973,209 2,616,096 2,057,297 |
2022 £ 2,548,870 255,612 (347,258) 307,157 2,764,381 1,183,028 75,375 1,505,978 2,764,381 1,550,496 |
|---|---|---|
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) :
Blackrock Ishares North East Equity Fund
£237,633
Page 10
Karaviotis Foundation
Notes to accounts
For the year ended 5 April 2023
6. Expenditure on Charitable Activities
| 2023 £ Grants and Donations 35,774 7. Other Expenditure 2023 £ Accountancy Charges 3,390 3,390 8. Grants/Donations 2023 £ Breast Cancer Central British Fund for World Jewish Relief 1,200 Diva Opera 1,000 English Touring Opera Evenila London Childrens Hospital Friends of the Royal Academy of Art 195 Friends of Yad Sarah 1,000 Glasgow Art Club 400 Go fund me 466 Israel Guide Dog Centre 1,000 Just Giving Glaucoma 575 NHS Charities Together Royal Academy of Art Royal Academy of Music Pavarotti Prize 13,000 Royal Academy of Music Scholarship 12,800 Royal Opera House 2,300 St Luke's Healthcare for the Clergy 1,000 Tate Members 168 UJIA 500 V and A 170 With Ukraine 35,774 A breakdown of the donations made can be found in note 8. |
2022 £ 79,227 2022 £ 3,036 3,036 2022 £ 200 1,200 2,000 5,000 10,000 1,000 500 508 20,000 190 13,000 12,000 2,800 168 500 161 10,000 79,227 |
|---|---|
Page 11
Karaviotis Foundation
Notes to accounts
For the year ended 5 April 2023
----- Start of picture text -----
9. Movement in funds Realised/
Balance Total Total unrealised Balance
6 Apr 2022 Income Expenditure gains/(losses) 5 Apr 2023
£ £ £ £
Income Fund 200,921 62,973 (39,164) 224,730
Endowment Fund 2,783,122 (14,553) (108,237) 2,660,332
2,984,043 62,973 (53,717) (108,237) 2,885,062
----- End of picture text -----
Page 12
Karaviotis Foundation
Schedule of investments For the year ended 5 April 2023
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **Investments ** | **held at 6 ** | April 2022 | **Profit or ** | (loss) on : | Investments held at 5 April 2023 | |||||||||
| Market | Cost/ | 2022 | 2022 | Market | Unrealised | |||||||||
| UK equities | Holding | Cost | value | Date | **Holding ** | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Ashtead Group | ||||||||||||||
| 10p ordinary shares | 250 | 5,718 | 11,730 | 250 | 5,718 | 11,730 | 11,170 | (560) | ||||||
| Aspect UCITS funds Plc | ||||||||||||||
| Diversified trends p | May | 24 | 75 | 11,818 | ||||||||||
| Aug | 30 | 75 | 12,231 | 150 | 24,049 | 24,049 | 24,062 | 13 | ||||||
| Baillie Gifford & Co | ||||||||||||||
| Japanese Income Growth | ||||||||||||||
| W4 Distribution units | 50,000 | 63,095 | 71,150 | Jan | 19 | (2,500) | (3,435) | 280 | (123) | 47,500 | 59,940 | 67,592 | 64,363 | (3,229) |
| BlackRock Continental | ||||||||||||||
| European Income | ||||||||||||||
| Income units | 35,000 | 41,509 | 62,561 | 35,000 | 41,509 | 62,561 | 63,783 | 1,222 | ||||||
| Blackrock Ishares North American | ||||||||||||||
| Equity Index Fund | ||||||||||||||
| S Accumulation units | May | 30 | 150,000 | 142,493 | ||||||||||
| Conversion from H units | Jul | 20 | 62,482 | 63,090 | ||||||||||
| Oct | 31 | 762 | ||||||||||||
| Jan | 19 | 37,518 | 34,211 | 250,000 | 240,556 | 240,556 | 237,633 | (2,923) | ||||||
| CT Property Growth & Income Fund | ||||||||||||||
| Q Distribution units | 3,730 | 40,455 | 44,878 | Jan | 9 | (1,730) | (16,011) | (2,752) | (4,804) | 2,000 | 21,692 | 24,063 | 17,096 | (6,967) |
| BNY Mellon Fund Managers | ||||||||||||||
| Newton Real Return | ||||||||||||||
| W Income units | 10,000 | 10,310 | 11,450 | 10,000 | 10,310 | 11,450 | 10,796 | (654) | ||||||
| British American | ||||||||||||||
| Tobacco PLC | ||||||||||||||
| 10p ordinary shares | 1,000 | 15,650 | 32,285 | 1,000 | 15,650 | 32,285 | 28,050 | (4,235) |
Page 13
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2023
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **Investments ** | **held at 6 ** | April 2022 | **Profit or ** | (loss) on : | Investments held at 5 April 2023 | |||||||||
| Market | Cost/ | 2022 | 2022 | Market | Unrealised | |||||||||
| UK equities | Holding | Cost | value | Date | **Holding ** | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Diageo PLC | ||||||||||||||
| 28 101/108p ordinary | ||||||||||||||
| shares | 1,500 | 11,850 | 59,693 | 1,500 | 11,850 | 59,693 | 55,035 | (4,658) | ||||||
| Fidelity Investment Funds | ||||||||||||||
| Asia Pacific Opps R Acc | Jan | 9 | 17,500 | 24,255 | 17,500 | 24,255 | 24,255 | 23,870 | (385) | |||||
| GlaxoSmithKline PLC | ||||||||||||||
| 25p ordinary shares | 3,000 | 32,291 | 51,114 | |||||||||||
| Bonus issue of Haleon | Jul | 18 | (9,281) | |||||||||||
| Consolidation into 31.25p shares | Jul | 19 | (600) | 2,400 | 26,393 | 41,833 | 35,693 | (6,140) | ||||||
| Haleon PLC | ||||||||||||||
| 1p ordinary shares | ||||||||||||||
| Bonus issue from GSK | Jul | 18 | 3,000 | 9,281 | 3,000 | 5,898 | 9,281 | 10,220 | 939 | |||||
| HG Capital Trust PLC | ||||||||||||||
| 2.5p ordinary shares | 7,500 | 31,683 | 32,400 | 7,500 | 31,683 | 32,400 | 25,463 | (6,937) | ||||||
| Invesco Fund Managers | ||||||||||||||
| Global Targeted Returns | ||||||||||||||
| Y Accumulation units | 15,000 | 36,270 | 30,923 | May 20 | (15,000) | (30,477) | (5,793) | (446) | ||||||
| Johnson Matthey PLC | ||||||||||||||
| 104 16/21p ordinary | ||||||||||||||
| shares | 1,000 | 13,232 | 19,490 | 1,000 | 13,232 | 19,490 | 19,030 | (460) | ||||||
| JP Morgan Asset Management UK Ltd | ||||||||||||||
| Emerging Mkts C Inc | 15,000 | 30,088 | 26,040 | Jan | 9 | 17,500 | 29,558 | 32,500 | 59,646 | 55,598 | 52,683 | (2,915) |
Page 14
Karaviotis Foundation
Schedule of investments For the year ended 5 April 2023
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **Investments ** | **held at 6 ** | April 2022 | **Profit or ** | (loss) on : | Investments held at 5 April 2023 | |||||||||
| Market | Cost/ | 2022 | 2022 | Market | Unrealised | |||||||||
| UK equities | Holding | Cost | value | Date | **Holding ** | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Legal & General (Unit Trust | ||||||||||||||
| Managers) UK Property | ||||||||||||||
| Income Fund | 65,000 | 38,786 | 42,855 | 65,000 | 38,786 | 42,855 | 35,679 | (7,176) | ||||||
| Lumya Marshall Wace UCITS | ||||||||||||||
| From Scheme of Arrangement | 220 | 28,745 | 40,228 | May 25 | (220) | (40,264) | 11,519 | 36 | ||||||
| Marshall Wace Fund | ||||||||||||||
| Top G GBP Accumulation | ||||||||||||||
| Monflake UCITS Platform ICAV | ||||||||||||||
| MyGale Evt Driven UCITS | May 23 | 300 | 32,175 | |||||||||||
| Aug | 26 | 350 | 37,191 | 650 | 69,366 | 69,366 | 69,554 | 188 | ||||||
| M & G PLC | ||||||||||||||
| 5p ordinary shares | 5,000 | 5,271 | 10,850 | 5,000 | 5,271 | 10,850 | 9,493 | (1,357) | ||||||
| M & G Japan Sterling PP Fund | ||||||||||||||
| Income units | Jan | 19 | 27,500 | 32,934 | 27,500 | 32,934 | 32,934 | 35,679 | 2,745 | |||||
| National Grid PLC | ||||||||||||||
| 12.43p ordinary shares | Nov | 15 | 1,000 | 10,058 | 1,000 | 10,058 | 10,058 | 11,290 | 1,232 | |||||
| Polar Capital Global | ||||||||||||||
| Financials Trust | ||||||||||||||
| 5p ordinary shares | 12,550 | 20,000 | 21,134 | 12,550 | 20,000 | 21,134 | 16,892 | (4,242) | ||||||
| Polar Capital Global | ||||||||||||||
| Technology Trust | ||||||||||||||
| 25p Ordinary Shares | 1,500 | 12,235 | 33,900 | Jan | 18 | (1,500) | (27,557) | 15,322 | (6,343) | |||||
| Prudential PLC | ||||||||||||||
| 5p ordinary shares | 5,000 | 32,812 | 56,675 | 5,000 | 32,812 | 56,675 | 55,150 | (1,525) |
Page 15
Karaviotis Foundation
Schedule of investments For the year ended 5 April 2023
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **Investments ** | **held at 6 ** | April 2022 | **Profit or ** | (loss) on : | Investments held at 5 April 2023 | |||||||||
| Market | Cost/ | 2022 | 2022 | Market | Unrealised | |||||||||
| UK equities | Holding | Cost | value | Date | **Holding ** | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Relx plc | ||||||||||||||
| 14 51/116p ordinary | ||||||||||||||
| shares | 4,000 | 19,107 | 97,800 | 4,000 | 19,107 | 97,800 | 105,000 | 7,200 | ||||||
| Rio Tinto PLC | ||||||||||||||
| 10p ordinary shares | 762 | 16,114 | 46,634 | 762 | 16,114 | 46,634 | 40,256 | (6,378) | ||||||
| Scottish Mortage | ||||||||||||||
| Investment Trust | ||||||||||||||
| 5p ordinary shares | 4,000 | 12,702 | 41,280 | Jan | 18 | (4,000) | (31,231) | 18,529 | (10,049) | |||||
| Segro Plc | ||||||||||||||
| 10p ordinary shares | 3,500 | 32,201 | 48,178 | 3,500 | 32,201 | 48,178 | 26,474 | (21,704) | ||||||
| Shell PLC | ||||||||||||||
| Euro 0.07 Ordinary shares | 5,000 | 25,453 | 106,050 | 5,000 | 25,453 | 106,050 | 118,150 | 12,100 | ||||||
| Smith (DS) PLC | ||||||||||||||
| 10p ordinary shares | 5,000 | 16,133 | 15,980 | 5,000 | 16,133 | 15,980 | 15,375 | (605) | ||||||
| Smiths Group PLC | ||||||||||||||
| 37.5p ordinary shares | 1,000 | 15,299 | 13,890 | 1,000 | 15,299 | 13,890 | 16,665 | 2,775 | ||||||
| SSE PLC | ||||||||||||||
| 50p ordinary shares | 3,000 | 32,610 | 53,910 | Nov | 15 | (2,000) | (32,823) | 11,083 | (3,117) | 1,000 | 10,870 | 17,970 | 18,135 | 165 |
| Unilever PLC | ||||||||||||||
| 3 1/9p ordinary shares | 2,000 | 26,560 | 70,730 | 2,000 | 26,560 | 70,730 | 85,770 | 15,040 |
Page 16
Karaviotis Foundation
Schedule of investments For the year ended 5 April 2023
| UK equities Wisdomtree Metal Securities Physical Gold GBP |
Market Cost/ 2022 2022 Market Unrealised Holding Cost value Holding (proceeds) Cost value Holding Cost value value profit/(loss) £ £ £ £ £ £ £ £ £ Acquisitions/(disposals) Investments held at 6 April 2022 Investments held at 5 April 2023 Profit or (loss) on : Date** 650 63,208 90,093 Aug 25 (650) (91,112) 27,904 1,019 729,387 1,243,901 157,866 76,092 (23,827) 963,345 1,377,940 1,338,509 (39,431) |
|---|---|
- = adjusted, if necessary, for the cost of subsequent additions.
Page 17
Karaviotis Foundation
Schedule of investments For the year ended 5 April 2023
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments held at 6 April 2022 | **Profit or ** | (loss) on : | **Investments ** | held at 5 April 2023 | ||||||||||
| Fixed | Market | Cost/ | 2022 | 2022 | **Market ** | Unrealised | ||||||||
| interest | Holding | Cost | value | Date | Holding(proceeds) | Cost | value* | Holding | Cost | value* | value | rofit/(loss) | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| 0.125% Treasury Stock | ||||||||||||||
| 22/03/2024 | 12,500 | 15,702 | 18,049 | May | 19 | £(12,500) | (18,262) | 2,560 | 213 | |||||
| 4.25% Treasury Stock | ||||||||||||||
| 07/12/2027 | 50,000 | 64,197 | 57,326 | 50,000 | 64,197 | 57,326 | 52,061 | (5,265) | ||||||
| Allianz Global Investors | ||||||||||||||
| GMBH Gilt Yield I Inc | 25,000 | 52,632 | 46,338 | 25,000 | 52,632 | 46,338 | 38,085 | (8,253) | ||||||
| Federated Hermes | ||||||||||||||
| Unconstrained Credit | ||||||||||||||
| M3 Dist H | Aug | 26 | 75,000 | 65,408 | 75,000 | 65,408 | 65,408 | 63,075 | (2,333) | |||||
| Fidante Partners Liquid Strategy | ||||||||||||||
| Ardea Global Alpha X | May | 20 | 300 | 29,049 | ||||||||||
| Aug | 25 | 450 | 43,268 | 750 | 72,317 | 72,317 | 72,938 | 621 | ||||||
| Pimco Global Advisors Lt | ||||||||||||||
| Global Investment Grad | ||||||||||||||
| Credit hedged Income | 5,000 | 69,136 | 62,150 | Aug | 25 | (5,000) | (57,900) | (11,236) | (4,250) | |||||
| Royal London Sterling | ||||||||||||||
| Credit Fund Z | Jan | 9 | 25,000 | 29,050 | ||||||||||
| Jan | 19 | 12,500 | 14,825 | |||||||||||
| Mar | 31 | (224) | 37,500 | 43,651 | 43,651 | 43,688 | 37 |
Page 18
Karaviotis Foundation
Schedule of investments For the year ended 5 April 2023
Acquisitions/(disposals) Investments held at 6 April 2022 Profit or (loss) on : Investments held at 5 April 2023 Fixed Market Cost/ 2022 2022 Market Unrealised interest Holding Cost value Date Holding(proceeds) Cost value Holding Cost value value rofit/(loss) £ £ £ £ £ £ £ £ £ Vanguard Grade Bond Index Fund Jan 9 250 22,755 Jan 19 125 11,616 375 34,371 34,371 34,531 160 79,899 183,863 139,585 2,560 (4,037) 332,576 319,411 304,378 (15,033)
- = adjusted, if necessary, for the cost of subsequent additions.
Page 19
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2023
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments held at 6 April 2022 | **Profit or ** | (loss) on : | Investments held at 5 April 2023 | |||||||||||
| Market | Cost/ | 2022 | 2022 | 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 | 87,590 | May | 19 | (38,000) | (80,939) | 40,631 | (6,651) | |||||
| Allspring | ||||||||||||||
| Lux Emerging Markets | ||||||||||||||
| Equity income Y | 35 | 3,180 | 3,287 | May | 19 | 165 | 14,423 | 200 | 17,603 | 17,710 | 16,154 | (1,556) | ||
| Blackrock Fund Managers Ltd | ||||||||||||||
| Ishares North American Equity | 20,000 | 40,622 | 62,753 | Apr | 29 | 337 | ||||||||
| Conversion to S units | Jul | 20 | (20,000) | (63,090) | ||||||||||
| Bristol Myers Squib | ||||||||||||||
| US$0.1 common | 2,000 | 33,402 | 113,845 | May | 31 | (1,000) | (59,164) | 42,463 | 2,242 | 1,000 | 16,701 | 56,923 | 56,032 | (891) |
| Coca Cola Co | ||||||||||||||
| US$0.25 common | 2,000 | 41,531 | 95,551 | May | 31 | (500) | (25,330) | 14,947 | 1,442 | 1,500 | 31,148 | 71,663 | 75,597 | 3,934 |
| Dodge & Cox Worldwide Funds PLC | ||||||||||||||
| US Stock Inc NAV | May | 22 | 3,500 | 96,845 | 3,500 | 96,845 | 96,845 | 97,440 | 595 | |||||
| Equinor ASA | ||||||||||||||
| NOK2.50 shares | 3,000 | 49,888 | 85,864 | Aug | 25 | (3,000) | (104,816) | 54,928 | 18,952 | |||||
| ES Alliance Bernstein Europe Ex Uk Equity | 50,000 | 54,750 | 55,800 | 50,000 | 54,750 | 55,800 | 59,700 | 3,900 | ||||||
| Experian | ||||||||||||||
| US$0.1 ordinary | 500 | 13,965 | 14,785 | 500 | 13,965 | 14,785 | 13,405 | (1,380) | ||||||
| Findlay Park American | ||||||||||||||
| Smaller Companies Fund | 2,000 | 40,068 | 275,182 | May | 20 | (2,000) | (249,770) | 209,702 | (25,412) | |||||
| Harbourvest Global Private Equity | 1,000 | 26,950 | 26,100 | Aug | 25 | (1,000) | (21,509) | (5,441) | (4,591) |
Page 20
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2023
| Acquisitions/(disposals) | Acquisitions/(disposals) | Acquisitions/(disposals) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments held at 6 April 2022 | **Profit or ** | (loss) on : | Investments held at 5 April 2023 | |||||||||||
| Market | Cost/ | 2022 | 2022 | Market | Unrealised | |||||||||
| Overseas | Holding | Cost | value | Date | **Holding ** | (proceeds) | Cost | value* | Holding | Cost | value* | value profit/(loss) | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| JP Morgan Funds US Opp | ||||||||||||||
| Equity I2 pref | May | 20 | 175 | 16,016 | ||||||||||
| Aug | 25 | 275 | 24,263 | 450 | 40,279 | 40,279 | 37,764 | (2,515) | ||||||
| Nestle AG | ||||||||||||||
| CHF 0.10 shares | 2,000 | 68,002 | 203,406 | May | 30 | (500) | (47,601) | 30,601 | (3,251) | |||||
| Jan | 18 | (750) | (74,253) | 48,752 | (2,024) | 750 | 25,501 | 76,277 | 74,938 | (1,339) | ||||
| Novartis AG | ||||||||||||||
| CHF 0.50 shares | 1,500 | 44,239 | 101,324 | May | 30 | (500) | (35,579) | 20,833 | 1,804 | 1,000 | 29,493 | 67,549 | 76,345 | 8,796 |
| Pacific Capital UCITS Funds Plc | ||||||||||||||
| Pacific North of South EM All Capital Fund | May | 23 | 3,000 | 36,009 | ||||||||||
| Jan | 10 | 2,000 | 24,098 | 5,000 | 60,107 | 60,107 | 58,260 | (1,847) | ||||||
| Pimco Dynamic Multi Asset Fund | ||||||||||||||
| Institutional GBP Acc Hedged | May | 19 | 2,500 | 33,425 | ||||||||||
| Aug | 25 | 2,750 | 35,970 | 5,250 | 69,395 | 69,395 | 67,515 | (1,880) | ||||||
| Prosus N.V. | ||||||||||||||
| Euro 0.05 | 300 | 25,065 | 13,127 | 300 | 25,065 | 13,127 | 18,349 | 5,222 | ||||||
| Roche Holdings A G | ||||||||||||||
| (Genussscheine) | 300 | 48,623 | 95,103 | 300 | 48,623 | 95,103 | 71,006 | (24,097) | ||||||
| Sands Capital Funds Plc | ||||||||||||||
| US Select Growth A | May | 31 | 1,000 | 28,700 | ||||||||||
| Jan | 18 | 1,500 | 41,895 | 2,500 | 70,595 | 70,595 | 75,250 | 4,655 | ||||||
| Schroder International Selection | ||||||||||||||
| US Large Cap X | May | 31 | 600 | 106,178 | 600 | 106,178 | 106,178 | 102,696 | (3,482) |
Page 21
Karaviotis Foundation
Schedule of investments
For the year ended 5 April 2023
| Overseas Sequoia Economic Infrastructure Income Fund New Ord NPV Siemens AG NPV shares Veritas Asian Fund GBP Income D Vontobel Asset Management Sust Emg Markets Leaders |
Market Cost/ 2022 2022 Market Unrealised Holding Cost value Holding (proceeds) Cost value Holding Cost value value profit/(loss) £ £ £ £ £ £ £ £ £ Investments held at 6 April 2022 Acquisitions/(disposals) Investments held at 5 April 2023 Profit or (loss) on : Date** 9,552 10,138 9,781 Jan 18 (9,552) (8,339) (1,799) (1,442) 410 32,556 41,729 410 32,556 41,729 51,668 9,939 Jan 9 25 22,572 25 22,572 22,572 21,090 (1,482) 500 46,155 51,390 May 23 (500) (47,840) 1,685 (3,550) 619,442 1,336,617 (337,499) 457,302 (22,481) 761,376 976,637 973,209 (3,428) |
|---|---|
- = adjusted, if necessary, for the cost of subsequent additions.
Page 22
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2023
| Paid | ||||
|---|---|---|---|---|
| UK equities | Holding | Date | Gross | |
| £ | ||||
| Ashtead Group | ||||
| 10p ordinary shares | 250 | Sep | 9 | 143 |
| 250 | Feb | 9 | 30 | |
| Baillie Gifford & Co | ||||
| Japanese Income Growth | ||||
| Y Income units | 50,000 | Aug | 31 | 1,390 |
| 50,000 | Feb | 28 | 450 | |
| BlackRock Continental | ||||
| European Income | ||||
| Income units | 35,000 | Apr | 29 | 129 |
| 35,000 | Jul | 29 | 1,750 | |
| 35,000 | Oct | 31 | 143 | |
| 35,000 | Jan | 31 | 193 | |
| Blackrock Fund Managers Ltd | ||||
| Ishares North American Equity | 20,000 | Apr | 29 | 337 |
| 212,482 | Oct | 31 | 762 | |
| BMO Fund Management | ||||
| Property growth & Income Q | 3,730 | May | 13 | 382 |
| 3,730 | Jul | 29 | 362 | |
| 3,730 | Oct | 28 | 362 | |
| 3,730 | Jan | 27 | 362 | |
| BNY Mellon Fund Managers | ||||
| Newton Real Return | ||||
| W Income units | 10,000 | Sep | 30 | 108 |
| 10,000 | Feb | 28 | 126 |
Page 23
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2023
| Paid | ||||
|---|---|---|---|---|
| UK equities | Holding | Date | Gross | |
| £ | ||||
| British American | ||||
| Tobacco PLC | ||||
| 10p ordinary shares | 1,000 | May | 4 | 545 |
| 1,000 | Aug | 17 | 545 | |
| 1,000 | Nov | 10 | 545 | |
| 1,000 | Feb | 2 | 545 | |
| Diageo PLC | ||||
| 28 101/108p ordinary shares | 1,500 | Apr | 7 | 440 |
| 1,500 | Oct | 20 | 702 | |
| Experian | ||||
| Ord USD 0.01 | 500 | Jul | 2 | 149 |
| 500 | Feb | 3 | 70 | |
| GSK PLC | ||||
| 25p ordinary shares | 3,000 | Apr | 7 | 690 |
| 3,000 | Jun | 1 | 420 | |
| 2,400 | Oct | 10 | 390 | |
| 2,400 | Jan | 12 | 330 | |
| HG Capital Trust PLC | ||||
| 2.5p ordinary shares | 7,500 | May | 13 | 375 |
| 7,500 | Oct | 24 | 188 | |
| Johnson Matthey PLC | ||||
| £1 ordinary shares | 1,000 | Aug | 2 | 550 |
| 1,000 | Feb | 1 | 220 |
Page 24
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2023
| Paid | ||||
|---|---|---|---|---|
| UK equities | Holding | Date | Gross | |
| £ | ||||
| Legal & General | ||||
| Property I income | 65,000 | Apr | 28 | 22 |
| Interest | 65,000 | Apr | 28 | 3 |
| 65,000 | Apr | 28 | 251 | |
| 65,000 | Jul | 29 | 232 | |
| Interest | 65,000 | Jul | 29 | 9 |
| 65,000 | Jul | 29 | 27 | |
| Interest | 65,000 | Oct | 31 | 15 |
| 65,000 | Oct | 31 | 20 | |
| 65,000 | Oct | 31 | 325 | |
| 65,000 | Jan | 31 | 273 | |
| Interest | 65,000 | Jan | 31 | 31 |
| 65,000 | Jan | 31 | 51 | |
| M&G PLC | ||||
| 5p ordinary shares | 5,000 | Apr | 28 | 610 |
| 5,000 | Sep | 29 | 310 | |
| National Grid PLC | ||||
| 12.43p ordinary shares | 1,000 | Jan | 11 | 178 |
| Polar Capital Global Financials Trust PLC | ||||
| 5p ordinary shares | 12,550 | Aug | 31 | 301 |
| 12,550 | Feb | 28 | 257 | |
| Prudential PLC | ||||
| 5p ordinary shares | 5,000 | May | 13 | 472 |
| 5,000 | Sep | 27 | 249 | |
| Relx PLC | ||||
| 14 51/116p ordinary shares | 4,000 | Jun | 7 | 1,420 |
| 4,000 | Sep | 8 | 628 | |
| Rio Tinto PLC | ||||
| 10p ordinary shares | 762 | Apr | 21 | 2,337 |
| 762 | Apr | 21 | 347 | |
| 762 | Sep | 22 | 1,689 |
Page 25
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2023
| UK equities Holding Date Shell PLC B Euro 0.07 ordinary shares 5,000 Jun 27 5,000 Sep 20 5,000 Dec 19 5,000 Mar 27 Scottish Mortage Investment Trust 5p ordinary shares 4,000 Jul 5 4,000 Dec 16 Segro PLC 10p ordinary shares 3,500 May 4 3,500 Sep 23 Smiths (DS) PLC 10p ordinary shares 5,000 May 3 5,000 Nov 1 5,000 Jan 31 Smiths Group PLC 37.5p ordinary shares 1,000 May 13 1,000 Nov 18 SSE PLC 50p ordinary shares 3,000 Sep 2 1,000 Mar 9 Unilever PLC 3 1/9p ordinary shares 2,000 Jun 16 2,000 Sep 1 2,000 Dec 9 2,000 Mar 21 |
Paid Gross £ 1,001 1,079 1,031 1,206 83 64 592 284 240 510 300 123 273 1,806 290 718 727 744 762 35,623 |
|---|---|
Page 26
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2023
----- Start of picture text -----
Paid
Fixed Interest Holding Date Gross
£
Allianz Global Investors 25,000 May 3 150
GMBH Gilt Yield I 25,000 Oct 31 287
Federated Hermes Investment Funds 75,000 Oct 24 713
Unconstrained Cred M3 GBP 75,000 Jan 24 636
Fidante Partners Liquid strat 300 Jul 8 291
Ardea Global Alpha X 750 Jan 9 732
Pimco Investment Grade Credit Fund 5,000 Apr 13 471
Hedged Inst Distribution units 5,000 Jul 13 440
Royal London Bond Funds
Credit Z GBP 37,500 Mar 31 309
4.25% Treasury Stock
07/12/27 50,000 Jun 7 1,063
50,000 Dec 7 1,063
6,155
----- End of picture text -----
Page 27
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2023
| 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 | 23 | 874 | |||
| Allspring (lux) Worldwide Fund | |||||||
| Dynamic Multi Asset | 135 | Apr | 8 | 18 | |||
| 1,200 | Jul | 11 | 330 | ||||
| 1,200 | Oct | 11 | 213 | ||||
| 1,200 | Jan | 10 | 154 | ||||
| Bristol Myers Squib | |||||||
| US$0.1 common | 2,000 | May | 3 | 863 | 129 | 734 | |
| 1,000 | Aug | 1 | 441 | 66 | 375 | ||
| 1,000 | Nov | 1 | 468 | 70 | 398 | ||
| 1,000 | Feb | 1 | 463 | 69 | 394 | ||
| CocaCola Company | |||||||
| US$0.25 common | 1,500 | Jul | 5 | 548 | 82 | 466 | |
| 1,500 | Oct | 5 | 589 | 88 | 501 | ||
| 1,500 | Dec | 15 | 535 | 80 | 455 | ||
| 1,500 | Apr | 3 | 558 | 84 | 474 | ||
| Dodge & Cox Worldwide Funds Plc | |||||||
| US Stock Inc NAV | 3,500 | Jul | 12 | 172 | |||
| 3,500 | Oct | 11 | 186 | ||||
| 3,500 | Jan | 10 | 179 | ||||
| Equinor Asa | |||||||
| NOK 2.5 shares | 3,000 | May | 27 | 487 | 121 | 366 | |
| 3,000 | May | 27 | 487 | 121 | 366 | ||
| 3,000 | Aug | 26 | 506 | 127 | 379 | ||
| 3,000 | Aug | 26 | 506 | 127 | 379 | ||
| JP Morgan Funds US Opp | |||||||
| Equity I2 pref | 1,450 | Sep | 28 | 5 | |||
| Nestle SA | |||||||
| CHF 0.10 shares | 2,000 | Apr | 14 | 4,558 | 1,595 | 2,963 | |
| Novartis AG | |||||||
| CHF 0.50 shares | 1,000 | Mar | 14 | 2,885 | 1,010 | 1,875 |
Page 28
Karaviotis Foundation
Schedule of investment income receivable For the year ended 5 April 2023
| Overseas Holding Date Pacific Capital UCITS Funds Plc EM all Cap Eqt 3,000 Jul 18 3,000 Oct 17 3,000 Jan 18 Prosus N.V. 300 Sep 28 Roche Holdings A G (Genussscheine) 300 Mar 21 Schroder International Selection US Large Cap X 600 Dec 29 Sequoia Economic Infrastructure Income Fund 9,552 May 27 9,552 Aug 26 9,552 Nov 25 Siemens AG NPV shares 410 Feb 14 |
Paid Overseas Gross Gross Tax Net £ £ £ £ Paid with tax deducted 821 821 524 329 329 38 2,216 585 1,631 1,276 149 149 149 1,538 406 1,132 5,566 17,648 4,760 14,038 |
|---|---|
Page 29