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: 1. 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 2. 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