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2024-04-05-accounts

Karaviotis Foundation

Financial Statements

For the year ended 5 April 2024

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 - 26

Karaviotis Foundation

Trustees' annual report

The Trustees present their annual report and accounts for the year ended 5 April 2024.

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 Sophia Alexandra Whitfield (appointed 27 October 2023)

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 2024 was £55,854. Donations of £128,934 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 2024 amounted to £2,951,252 (2023 ­ £2,885,062), which represents an increase of 2.29%. 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;

­ 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 2024 which are set out on pages 5 to 25.

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:

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:

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

  1. 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 71 Queen Victoria Street

London EC4V 4BE

Date:

Page 4

Karaviotis Foundation

Statement of financial activities For the year ended 5 April 2024

----- Start of picture text -----
2024 2023
Expendable
Page Income Endowment Total Total
£ £ £ £
Income and expenditure
Incoming Resources
Investment income 23 ­ 24 ­ 26 66,418 ­ 66,418 60,227
Interest receivable 4,025 ­ 4,025 2,746
Total incoming resources 70,443 ­ 70,443 62,973
Resources expended
Direct charitable expenditure :
Grants/Donations 11 (128,934) ­ (128,934) (35,774)
Other expenditure :
Governance costs (3,720) (7,440) (11,160) (5,490)
­
Cost of generating funds (11,831) (11,831) (12,453)
­ ­
Write off of irrecoverable foreign tax (10,869) (10,869)
Total resources expended (143,523) (19,271) (162,794) (53,717)
Net incomings/(outgoings)
Resources for the year (73,080) (19,271) (92,351) 9,256
Other recognised gains and losses
Gains/(losses) on investments held for
charitable use :
Realised 15 ­ 16 ­ 18 ­ 1,141 1,141 (50,345)
Unrealised 15 ­ 16 ­ 18 ­ 157,400 157,400 (57,892)
Total investments gains/(losses) ­ 158,541 158,541 (108,237)
Net movements in funds (73,080) 139,270 66,190 (98,981)
Total funds brought forward at 6 April 2023 224,730 2,660,332 2,885,062 2,984,043
Total funds carried forward at 5 April 2024 6 151,650 2,799,602 2,951,252 2,885,062
----- 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 2024

Page
Expendable
Income
Endowment
Total
£
£
£
Fixed assets
Investments (at market value)15 ­ 16 ­ 18
­
2,753,045
2,753,045
Current assets
Cash
7
155,370
46,557
201,927
Debtors
7
­
­
­
Creditor
7
(3,720)
­
(3,720)
Net current assets
151,650
46,557
198,207
­
Total assets less
current liabilities
151,650
2,799,602
2,951,252
Funds ­unrestricted
5
151,650
2,799,602
2,951,252
The notes on pages 7 to 26 form part of these financial statements.
As Trustees we approve these accounts on
Jill Karaviotis
Joseph Karaviotis
Sophia Alexandra Whitfield
2024		 2023
Total
£
2,616,096
258,097
10,869
­
268,966
2,885,062
2,885,062

Page 6

Karaviotis Foundation

Balance sheet schedules At 5 April 2024

----- Start of picture text -----
2024 2023
Page Income Capital Total Total
£ £ £ £
Cash
Coutts current account 127,638 ­ 127,638 45,823
Coutts Private Reserve Account 22 ­ 22 62,443
Quilter Cheviot dealing account 27,218 46,557 73,775 149,357
Quilter Cheviot income account 492 ­ 492 474
6 155,370 46,557 201,927 258,097
Debtors
Foreign tax repayable 6 ­ ­ ­ 10,869
Creditors
Saffery LLP 6 3,720 ­ 3,720 ­
----- End of picture text -----

Page 7

Karaviotis Foundation

Notes to accounts For the year ended 5 April 2024

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 2024

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.

Page 9

For the year ended 5 April 2024

Karaviotis Foundation

Notes to accounts

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 Listed Investments
Deposit Interest Received
3. Expenditure on Raising Funds
Investment Management Fees		 2024
66,418
4,025
70,443
2024
11,831		 2023
60,227
2,746
62,973
2023
12,453

4. Trustee Remuneration

The Trustees received no remuneration (2023 ­ £nil) and were not reimbursed for any of their expenses in the year (2023 ­ £nil).

5.[Fixed][Asset][Investments]

Market value at 6 April 2023
Additions at cost
Disposals at book value
Net unrealised gain/(loss)
Market value at 5 April 2024
Comprised of:
UK equities and unit trusts
UK fixed interest
Overseas equities
Historical Cost at 5 April 2024		 2024
£
2,616,096
76,456
(96,907)
157,400
2,753,045
1,317,395
159,196
1,276,454
2,753,045
2,030,206		 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

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 American Equity Index Fund and Shell PLC Euro 0.07 ordinary shares.

Page 10

Karaviotis Foundation

Notes to accounts

For the year ended 5 April 2024

6. Expenditure on Charitable Activities

2024
£
Grants and Donations
128,934
A breakdown of the donations made can be found in note 8.		 2023
£
35,774
7. Other Expenditure
Accountancy Charges
8. Grants/Donations
Central British Fund for World Jewish Relief
Chelsea and Westminster Hospital
Diva Opera
Enthuse
Friends of the Royal Academy of Art
Friends of Yad Sarah
Glasgow Art Club
Glaucoma
Go fund me
Israel Guide Dog Centre
Just Giving Glaucoma
Royal Academy of Art
Royal Academy of Music ­ Pavarotti Prize
Royal Academy of Music ­ Scholarship
Royal Horticultural Society
Royal Opera House
St Luke's Healthcare for the Clergy
Tate Gallery
UJIA
Victoria and Albert Museum
West London Synagogue
Wild at Heart Foundation		 2024
£
3,720
3,720
2024
£
1,200
90,000
1,000
113
­
­
240
575
­
­
­
2,000
13,000
12,080
106
2,550
­
168
500
302
5,000
100
128,933		 2023
£
3,390
3,390
2023
£
1,200
­
1,000
­
195
1,000
400
­
466
1,000
575
­
13,000
12,800
­
2,300
1,000
168
500
170
­
­
35,774

Page 11

Karaviotis Foundation

Notes to accounts For the year ended 5 April 2024

----- Start of picture text -----
9. Movement in funds Realised/
Balance Total Total unrealised Balance
6 Apr 2023 Income Expenditure gains/(losses) 5 Apr 2024
£ £ £ £
Income Fund 224,730 70,443 (143,523) ­ 151,650
Endowment Fund 2,660,332 ­ (19,271) 158,541 2,799,602
2,885,062 70,443 (162,794) 158,541 2,951,252
----- End of picture text -----

Page 12

Karaviotis Foundation

Notes to the accounts

For the year ended 5 April 2024

----- Start of picture text -----
AMOUNT
8. Grants/Donations PAID IN
Page 2024 PENCE 2023
£ £
­
Diva Opera
Central British Fund for World Jewish Relief 1,200 1,200 1,200
­
Chelsea and Westminster Hospital 90,000 90,000
Diva Opera 1,000 1,000 1,000
Enthuse 113 113
Friends of the Royal Academy of Art
Friends of Yad Sarah ­ 1,000
Glasgow Art Club 240 240 400
Glaucoma 575 575 ­
Go fund me ­ 466
­
Israel Guide Dog Centre 1,000
Just Giving Glaucoma ­ 575
Royal Academy of Art 2,000 2,000 195
Royal Academy of Music ­ Pavarotti Prize 13,000 13,000 13,000
Royal Academy of Music ­ Scholarship 12,080 12,080 12,800
­
Royal College of Music
Royal Horticultural Society 106 106
Royal Opera House 2,550 2,550 2,300
­
St Luke's Healthcare for the Clergy 1,000
Tate Gallery 168 168 168
UJIA 500 500 500
Victoria and Albert Museum 302 302 170
­
West London Synagogue 5,000 5,000
Wild at Heart Foundation 100 100 ­
5 128,934 128,933.35 35,774
----- End of picture text -----

Page 13

Page 13

Karaviotis Foundation

Schedule of investments

For the year ended 5 April 2024

Acquisitions/(disposals) Acquisitions/(disposals) Acquisitions/(disposals)
**Investments ** **held at 6 ** April 2023 **Profit or ** (loss) on : Investments held at 5 April 2024
Market Cost/ 2023 2023 Market Unrealised
UK equities Holding Cost value Date **Holding ** (proceeds) Cost value* Holding Cost value* value profit/(loss)
£ £ £ £ £ £ £ £ £
Ashtead Group
10p ordinary shares 250 5718 11170 250 5,718 11,170 14,255 3,085
Aspect UCITS funds Plc
diversified trends p 150 24049 24062 150 24,049 24,062 29286 5,224
Baillie Gifford & Co
Japanese Income Growth
Y Income units 47,500 59,940 64,363 May 9 (22,500) (31,208) 2,815 720 25,000 31,547 33,875 35,600 1,725
BlackRock Continental
European Income Fund 35,000 41,509 63,783 35,000 41,509 63,783 67,050 3,267
Blackrock Ishares North American
Equity Index Fund
Accumulation Income 250,000 240,556 237,633 Apr 28 1,770
Accumulation Income Oct 23 1,742 250,000 244,068 241,145 297,547 56,402
BNY Mellon Fund Managers
Newton Real Return
W Income units 10,000 10,310 10,796 10,000 10,310 10,796 11,104 308
British American
Tobacco PLC
10p ordinary shares 1,000 15,650 28,050 1,000 15,650 28,050 23,290 (4,760)
CT Property Growth & Income Fund
Q Distribution units 2,000 21,692 17,096 2,000 21,692 17,096 17,964 868
Diageo PLC
28 101/108p ordinary shares 1,500 11,850 55,035 1,500 11,850 55,035 42,743 (12,292)
Fidelity Investment Funds
Asia Pacific Opps R Acc
Accumulation 17,500 24,255 23,870 Apr 30 350 17,500 24,605 24,220 24,343 123

Page 14

Karaviotis Foundation

Schedule of investments

For the year ended 5 April 2024

Acquisitions/(disposals) Acquisitions/(disposals) Acquisitions/(disposals)
**Investments ** **held at 6 ** April 2023 **Profit or ** (loss) on : Investments held at 5 April 2024
Market Cost/ 2023 2023 Market Unrealised
UK equities Holding Cost value Date **Holding ** (proceeds) Cost value* Holding Cost value* value profit/(loss)
£ £ £ £ £ £ £ £ £
GlaxoSmithKline PLC
25p ordinary shares 2,400 26,393 35,693 2,400 26,393 35,693 39,108 3,415
Haleon PLC
1p ordinary shares 3,000 5,898 10,220 3,000 5,898 10,220 9,777 (443)
HG Capital Trust PLC
2.5p ordinary shares 7,500 31,683 25,463 May 9 (7,500) (26,451) (5,232) 988
Johnson Matthey PLC
104 16/21p ordinary
shares 1,000 13,232 19,030 1,000 13,232 19,030 17,790 (1,240)
JP Morgan Asset Management UK
Emerging Mkts C Inc
Equalisation 32,500 59,646 52,683 Apr 28 (133)
May 9 7,500 11,730 40,000 71,243 64,280 67,000 2,720
Legal & General (Unit Trust
Managers) UK Property
Income Fund 65,000 38,786 35,679 65,000 38,786 35,679 34,174 (1,505)
M & G PLC
5p ordinary shares 5,000 5,271 9,493 5,000 5,271 9,493 10,420 927
M & G Japan Sterling PP Fund
Income Units
Equalisation 27,500 32,934 35,679 Apr 28 (281) 27,500 32,653 35,398 40,211 4,813
National Grid
Ord GBP0.12431289 1,000 10,058 11,290 1,000 10,058 11,290 10,330 (960)
Polar Capital Global
Financials Trust
5p ordinary shares 12,550 20,000 16,892 12,550 20,000 16,892 20,457 3,565

Page 15

Karaviotis Foundation

Schedule of investments

For the year ended 5 April 2024

UK equities
Prudential PLC
5p ordinary shares
Relx plc
14 51/116p ordinary shares
Rio Tinto PLC
10p ordinary shares
Segro Plc
10p ordinary shares
Shell PLC
Euro 0.07 Ordinary shares
Smith (DS) PLC
10p ordinary shares
Smith (DS) PLC
37.5p ordinary shares
SSE PLC
50p ordinary shares
Unilever PLC
3 1/9p ordinary shares		 Market
Cost/
2023
2023
Market
Unrealised
Holding
Cost
value
Holding (proceeds)
Cost
value
Holding
Cost
value
value profit/(loss)
£
£
£
£
£
£
£
£
£
Acquisitions/(disposals)
Investments held at 6 April 2023
Investments held at 5 April 2024
Profit or (loss) on :
Date**
5,000
32,812
55,150
5,000
32,812
55,150
35,880
(19,270)
4,000
19,107
105,000
4,000
19,107
105,000
132,720
27,720
762
16,114
40,256
762
16,114
40,256
37,906
(2,350)
3,500
32,201
26,474
3,500
32,201
26,474
30,345
3,871
5,000
25,453
118,150
5,000
25,453
118,150
139,000
20,850
5000
16133
15375
5,000
16,133
15,375
20,500
5,125
1,000
15,299
16,665
1,000
15,299
16,665
15,960
(705)
1,000
10,870
18,135
1,000
10,870
18,135
15,895
(2,240)
2,000
26,560
85,770
2,000
26,560
85,770
76,740
(9,030)
893,979
1,268,955
(42,481)
(2,417)
1,708
849,081
1,228,182
1,317,395
89,213

Page 16

Karaviotis Foundation

Schedule of investments

For the year ended 5 April 2024

UK fixed
interest
4.25% Treasury Stock
07/12/2027
Allianz Global Investors
GMBH Hilt Yield I Inc
Royal London Sterling
Credit Fund Z
Equalisation		 Market
Cost/
2023
2023
Market Unrealised
Holding
Cost
value
Holding(proceeds)
Cost
value
Holding
Cost
value
value rofit/(loss)
£
£
£
£
£
£
£
£
£
50,000
64,197
52,061
50,000
64,197
52,061
50,413
(1,648)

25,000
52,632
38,085
25,000
52,632
38,085
35,943
(2,142)
37,500
43,651
43,688
22,500
25,830
(187)
60,000
69,294
69,331
72,840
3,509
160,480
133,834
25,643
186,123
159,477
159,196
(281)
Acquisitions/(disposals)
Investments held at 6 April 2023
Investments held at 5 April 2024
Profit or (loss) on :
Date**

Page 17

Karaviotis Foundation

Schedule of investments

For the year ended 5 April 2024

Acquisitions/(disposals) Acquisitions/(disposals) Acquisitions/(disposals)
**Investments ** held at 6 April 2023 **Profit or ** (loss) on : Investments held at 5 April 2024
Market Cost/ 2023 2023 Market Unrealised
Overseas Holding Cost value Date Holding (proceeds) Cost value* Holding Cost value* value profit/(loss)
£ £ £ £ £ £ £ £ £
Allspring
Lux Emerging Markets
Equity income Y 200 17,603 16,154 200 17,603 16,154 17,496 1,342
Bristol Myers Squib
US$0.1 common 1,000 16,701 56,032 1,000 16,701 56,032 40,612 (15,420)
Coca Cola Co
US$0.25 common 1,500 31,148 75,597 1,500 31,148 75,597 70,639 (4,958)
Dodge & Cox Worldwide Funds Plc
US Stock Inc NAV 3,500 96,845 97,440 3,500 96,845 97,440 117,390 19,950
ES Alliance Bernstein Europe EX UK Equity
Equalisation 50,000 54,750 59,700 Apr 28 (990) 50,000 53,760 58,710 61,200 2,490
Experian
US$0.1 ordinary 500 13,965 13,405 500 13,965 13,405 16,955 3,550
Federated Hermes
Unconstrained Credit 75,000 65,408 63,075 75,000 65,408 63,075 64,508 1,433
Findante Partners
Liquid Strategy
Ardea Global Alpha X 750 72,317 72,938 750 72,317 72,938 71,993 (945)
JP Morgan Funds US Opp
Equity I2 pref 450 40,279 37,764 Apr 28 (450) (37,197) (3,082) (567)
Monflake UCITS Platform ICAV
MyGale Evt Driven UCITS
Offshore Reportable Income 650 69,366 69,554 Jun 30 210 650 69,576 69,764 71,604 1,840
Nestle AG
CHF 0.10 shares 750 25,501 74,938 750 25,501 74,938 61,146 (13,792)
Novartis AG
CHF 0.50 shares
Cost Adjustment 1,000 29,493 76,345 Oct 4 (1,489) 1,000 28,004 74,856 75,508 652
Page 18

Karaviotis Foundation

Schedule of investments

For the year ended 5 April 2024

Acquisitions/(disposals) Acquisitions/(disposals) Acquisitions/(disposals)
Investments held at 6 April 2023 **Profit or ** (loss) on : Investments held at 5 April 2024
Market Cost/ 2023 2023 Market Unrealised
Overseas Holding Cost value Date **Holding ** (proceeds) Cost value* Holding Cost value* value profit/(loss)
£ £ £ £ £ £ £ £ £
Pacific Capital UCITS Funds Plc
Pacific North of South EM all Capita 5,000 60,107 58,260 May 10 1,250 14,570 6,250 74,677 72,830 82,925 10,095
Pimco Dynamic Multi Asset Fund
Institutional GBP Acc Hedged
Offshore Reportable Income 5,250 69,395 67,515 Jun 30 588 5,250 69,983 68,103 67,778 (325)
Prosus N.V.
Euro 0.05
Bonus Issue 300 25,065 18,349 Sep 14 353
Fractional Pyt Bookcost Adj Sep 14 (22) 653 25,043 18,327 16,415 (1,912)
Roche Holdings A G
(Genussscheine) 300 48,623 71,006 300 48,623 71,006 57,776 (13,230)
Sandoz Group AG
CHF0.05
Bonus from other stock Oct 4 200 1,489 200 1,489 1,489 4,564 3,075
Sands Capital Funds Plc
US Select Growth A 2,500 70,595 75,250 2,500 70,595 75,250 108,100 32,850
Schroder International Selection
US Large Cap X 600 106,178 102,696 600 106,178 102,696 135,789 33,093
Siemens AG
NPV shares 410 32,556 51,668 410 32,556 51,668 60,617 8,949
Vanguard Grade Bond
Index Fund 375 34,371 34,531 May 9 200 18,177
Equalisation Jul 14 (90) 575 52,458 52,618 53,559 941
Veritas Asian Fund
GBP Income D 25 22,572 21,090 25 22,572 21,090 19,880 (1,210)
1,002,838 1,213,307 (4,754) (3,082) (567) 995,002 1,207,986 1,276,454 68,468

Page 19

Karaviotis Foundation

Schedule of investment income receivable For the year ended 5 April 2024

Paid
UK equities Holding Date Gross
£
Ashtead Group
Ord 0.31p 250 Sep 12 168
Feb 8 31
Baillie Gifford & Co
Japanese Income Growth
Y Income units 25,000 Aug 31 600
Feb 28 225
BlackRock Continental
European Income Fund 35,000 Apr 28 134
Jul 31 2,024
Oct 31 207
Jan 31 248
Blackrock Ishares North American
Equity Index Fund 250,000 Apr 28 1,770
Oct 23 1,742
BNY Mellon Fund Managers
Newton Real Return
W Income units 10,000 Oct 2 155
Feb 28 159
British American
Tobacco PLC
10p ordinary shares 1,000 May 3 577
Aug 18 577
Nov 3 577
Feb 1 577
CT Property Growth & Income Fund 2,000 May 15 273
Q Distribution units Jul 28 194
Oct 27 194
Jan 29 191
Diageo PLC
28 101/108p ordinary shares 1,500 Apr 13 462
Oct 12 738

Page 20

Karaviotis Foundation

Schedule of investment income receivable

For the year ended 5 April 2024

Paid
UK equities Holding Date Gross
£
ES Alliance Bernstein Europe EX UK Equity 50,000 Apr 28 395
Experian
Ord USD 0.01 500 Jul 21 148
Feb 2 71
Fidelity Investment Funds
Asia Pacific Opps R Acc 17,500 Apr 30 350
GlaxoSmithKline PLC
25p ordinary shares 2,400 Apr 13 330
Jul 13 336
Oct 12 336
Jan 11 336
Haleon PLC
1p ordinary shares 3,000 Apr 27 72
Oct 10 54
HG Capital Trust Plc Ord
GBP 0.025 7,500 May 22 338
Johnson Matthey PLC
£1 ordinary shares 1,000 Aug 1 550
Feb 6 220
JP Morgan Asset Management UK Ltd
Emerging Mkts C Inc 32,500 Apr 28 361
Legal & General
Property I income 65,000 Apr 28 29
Apr 28 32
Apr 28 230
Aug 2 42
Aug 2 44
Aug 2 167
Nov 1 59
Nov 1 42
Nov 1 262
Jan 29 57
Jan 29 58
Jan 29 463

Page 21

Karaviotis Foundation

Schedule of investment income receivable For the year ended 5 April 2024

Paid
UK equities Holding Date Gross
£
M & G PLC
5p ordinary shares 5,000 Apr 27 670
Nov 3 325
M & G Japan Sterling PP Fund
Income Units 27,500 Apr 28 46
Oct 31 359
National Grid
Ord GBP0.12431289 1,000 Aug 9 376
Jan 11 194
Polar Capital Global Financials
Tr Ord GBP 0.05 12,550 Aug 31 307
Feb 29 264
Prudential PLC
5p ordinary shares 5,000 May 15 523
Oct 19 258
Relx plc
14 51/116p ordinary shares 4,000 Jun 7 1,556
Sep 7 680
Rio Tinto PLC
10p ordinary shares 762 Apr 20 1,412
Sep 21 1,049
Segro Plc Ord
GBP 0.10 3,500 May 4 637
Sep 22 304
Shell PLC
Euro 0.07 Ordinary shares 5,000 Jun 26 1,149
Sep 18 1,306
Dec 20 1,315
Mar 25 1,345

Page 22

Karaviotis Foundation

Schedule of investment income receivable For the year ended 5 April 2024

UK equities
Holding
Date
Smith (DS) PLC
10p ordinary shares
5,000
Oct
3
Jan
31
Smiths Group
Ord 37.5p
1,000
May 17
Nov 24
SSE PLC
50p ordinary shares
1,000
Sep 21
Mar
8
Unilever PLC
3 1/9p ordinary shares
2,000
Jun 15
Aug 31
Dec
8
Mar 22		 Paid
Gross
£
600
300
129
287
677
200
757
740
743
729
36,442

Page 23

Karaviotis Foundation

Schedule of investment income receivable For the year ended 5 April 2024

----- Start of picture text -----
Paid
Date
UK fixed interest Holding Gross
£
4.25% Treasury Stock
07/12/27 50,000 Jun 7 1,063
Dec 7 1,063
Allianz Global Investors
GMBH Hilt Yield I Inc 25,000 May 2 420
Oct 31 625
Royal London Sterling
Credit Fund Z 37,500 Jun 30 539
60,000 Sep 29 745
Dec 29 982
Mar 28 991
6,428
----- End of picture text -----

Page 24

Karaviotis Foundation

Schedule of investment income receivable For the year ended 5 April 2024

Paid
Overseas Holding Date Gross
£
Allspring (lux) Worldwide Fund
Dynamic Multi Asset 200 Apr 12 79
Jul 11 253
Oct 10 219
Jan 9 93
Bristol Myers Squib
US$0.1 common 1,000 May 2 389
Aug 1 378
Nov 1 399
Feb 1 403
Coca­Cola Company
US$0.25 common 1,500 Jul 3 463
Oct 2 482
Dec 15 459
Apr 2 492
Dodge & Cox Worldwide Funds Plc
US Stock Inc NAV 3,500 Apr 13 224
Jul 17 238
Oct 10 231
Jan 8 221
Federated Hermes Investment Funds
Unconstrained Cred M3 GBP 75,000 Apr 26 * 654
Jul 24 * 717
Oct 23 * 755
Jan 23 * 805
Findante Partners
Liquid Strategy
Ardea Global Alpha X 750 Jul 11 * 723
Jan 9 * 2,219
Monflake UCITS Platform ICAV
MyGale Evt Driven UCITS 650 Jun 30 210
Nestle SA
CHF 0.10 shares 750 Apr 27 1,294
Novartis AG
CHF 0.50 shares 1,000 Mar 11 1,906

Page 25

Karaviotis Foundation

Schedule of investment income receivable For the year ended 5 April 2024

Overseas
Holding
Date
Pacific Capital UCITS Funds Plc
Pacific North of South EM all Capital Fund
5,000
Apr
19
6,250
Jul
17
Oct
17
Jan
16
Pimco Dynamic Multi Asset Fund
Institutional GBP Acc Hedged
5,250
Jun
30
Prosus N.V.
Euro 0.05
653
Nov 28
Roche Holdings A G
(Genussscheine)
300
Mar 19
Schroder International Selection
US Large Cap X
600
Jan
9
Siemens AG
NPV shares
410
Feb
13
Vanguard Grade Bond
Index Fund
375
Apr
14
575
Jul
14
Oct
13
Jan
15
Veritas Asian Fund
GBP Income D
25
Oct
10		 Paid
Gross
£
197
1,303
795
511
588
40
1,661
1,211
1,207
277
369

491
503
89
23,548

Page 26