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2023-08-02-accounts

REGISTERED CHARITY NUMBER: 236381

Committee of Management’s Annual Report and Unaudited Financial Statements for the Year Ended 2 August 2023

for The Vassar-Smith Fund

Stephenson Smart (East Anglia) Limited 10 Oak Street Fakenham Norfolk NR21 9DY

The Vassar-Smith Fund

Contents of the Financial Statements for the Year Ended 2 August 2023

Page
Committee of Management’s Annual Report 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 16
Detailed Statement of Financial Activities 17

The Vassar-Smith Fund

Committee of Management’s Annual Report for the Year Ended 2 August 2023

The committee of management present their report with the financial statements of the charity for the year ended 2 August 2023. The committee of management have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

The Vassar-Smith Fund exists to provide assistance to Lloyds Bank staff and pensioners or their dependants in need. Lloyds Bank staff is defined as staff recruited originally by Lloyds Bank plc, Lloyds TSB Bank plc or Lloyds TSB Scotland plc.

The policy is to distribute the total regular income each year to known needy cases from Lloyds Bank present staff, pensioners and widows of pensioners, or their dependents. Such income comes from investments made from legacies received over past years and collections from branches and staff functions, donations and legacies. The Fund's priority is assisting in cases where its help can bring about a significant improvement in an individual's quality of life.

The Vassar-Smith Fund gives particular consideration to applications from those whose financial circumstances mean that they are unable to provide the necessary resources themselves. Financial circumstances are investigated very carefully to ensure that assistance is targeted where it is most needed.

Wherever possible the Fund seeks third party contributions to the cost of grants from charities or other organisations that might be prepared to assist applicants.

Achievement and performance

The Fund has continued to provide assistance to Lloyds staff and pensioners or their dependants who are in need. This has been seen in a consistent level of grants awarded year on year.

1

The Vassar-Smith Fund

Committee of Management’s Annual Report for the Year Ended 2 August 2023

Financial review

Donations of £4,799 (2022: £5,397) have been received during the year.

Legacies of £Nil (2022:£Nil) were received during the year.

Gross investment income has risen by £5,962 to £36,363 (2022: £30,401).

A total of 22 grants (2022: 6) amounting to £25,015 (2022: £7,000) have been made during the year to assist Lloyds Bank staff; both active and those retired or their dependants.

There is a net deficit for the year amounting to £45,980 (2022: Net deficit of £113,974).

Net loss on investments during the year amounts to £45,827 (2022: Net loss of £125,263). The market value of investments as at 02 August 2023 amounts to £977,750 (2022:£1,023,201).

The Committee of Management wish to retain an adequate capital base to fund these grants into the foreseeable future.

Reserves policy

  1. Reasons for reserves: The Fund is restricted by its objects to benefiting serving and former staff of Lloyds Bank and their dependants. Thus, it has restricted constituency for fundraising, and this can result in significant fluctuations in income and a greater reliance on investment returns than would be the case with a 'public' charity. With continuing commitments to regular payments to beneficiaries, significant reserves are essential to cope with both fluctuating levels of donations and uncertain investment returns.

  2. Level of reserves required: The current level of reserves, which produces income consistently of around £40,000 per year is considered broadly sufficient in the current circumstances.

  3. Monitoring of policy: The Fund's investment policy is reviewed regularly by the Treasurer and Secretary in conduction with the Investment managers and annually by the Committee of Management.

2

The Vassar-Smith Fund

Committee of Management’s Annual Report for the Year Ended 2 August 2023

Structure, governance and management

The Vassar-Smith Fund was established in 1922/23 by a cash collection made by Lloyds Bank staff at that time. The charity is governed by the minutes dated 23rd February 1923. The charity was registered on 25th August 1964.

The Fund was designated to help Lloyds Bank staff; past and present. It is a registered charity entirely independent of the bank's control but is managed by an independent committee of the bank's staff, "The Committee of Management".

The Fund comprises the original Capital Fund (Plain Fund), General Fund, PH Clements Accumulation, PH Clements Bequest and EFO Moss Memorial Fund.

There are no restrictions on the use of capital or income from the Plain and General Fund.

The PH Clements Fund is to be used for members of Lloyds Bank staff who are medically certified as incipient cases only of Tubercular complaints and is to assist them to travel to places in order to regain their health. In 1973 the Charities Commission approved a scheme whereby any income not required for these purposes may be applied for the general purposes of the Vassar-Smith Fund. This is therefore treated as an unrestricted fund.

Mrs EFO Moss' bequest is for the staff of Lloyds Bank, their wives and children stricken by disease. This fund is therefore treated as a restricted fund. It is assumed that of the total grants made of £25,015 (2022: £7,000), grants of the annual income of this Fund of £2,040 (2022: £1,520) are made to "staff of Lloyds Bank, their wives and children stricken by disease". Therefore, no undistributed income has been added to the restricted fund.

Risk management

The Vassar-Smith Fund has carried out a detailed review of the areas in which the operation of the Fund could be exposed to risk and has implemented a range of safeguards and oversight to reduce any such risks as identified below:

  1. Fraud and theft: Charities are particularly exposed to fraud and theft where cash collections are involved. There are few cash collections carried out on behalf of the Vassar-Smith Fund and those that do take place are carried out at social gatherings of current or past Lloyds TSB staff and transferred to the Fund by cheque. The amounts of cash collected locally would be small and such collections are not easily susceptible to audit. The Secretary and Treasurer scrutinises all cash originated donations. Other donations are received either by cheque, bank automated payment or charitable giving via a third party. These are monitored by the Secretary and Treasurer. All donations are reported to the Committee of Management.

  2. Poor investment performance allied to poor/unsuitable investment guidelines: To minimise the risk of poor investment performance the Fund employs professional Fund Managers and regular reviews are carried out by the Secretary and Treasurer. The Committee of Management receive periodic detailed reports on investment performance.

  3. Poor administration: As with all organisations the Fund is potentially at risk from administrative errors leading to a failure to adhere to statutory requirements. The Fund's day to day administration is overseen by the Secretary and Treasurer.

  4. Over commitment: Like all charities the Fund is potentially at risk from over commitment to make grant payments, particularly those involving regular payments into the future where expenditure may outstrip income flows. All grants are subject to group decision making and a regular review of commitments by the Secretary and Treasurer. All grants are reviewed and approved retrospectively by the Committee of Management.

3

The Vassar-Smith Fund

Committee of Management’s Annual Report for the Year Ended 2 August 2023

  1. Dishonesty in claims by recipients: The Fund is at risk from dishonest or fraudulent representations from, or on behalf of, people seeking grants. So far as is possible within the constraints of other legislation the Fund seeks to obtain third party confirmation of applicants' circumstances before making grants. Where it is considered necessary, applicants are visited by a representative of the Fund to confirm the need for assistance. The Fund's managers have considerable experience in banking and with personal finance matters.

Reference and administrative details Registered Charity number

236381

Principal address The Vassar-Smith Fund Bedford Heights Brickhill Drive Bedford Bedfordshire MK41 7PH

Trustees

Lloyds Bank Plc

Registered charity name

The Vassar-Smith Fund

Honorary Secretary

I K Partridge

Independent Examiner

Stephenson Smart (East Anglia) Limited 10 Oak Street Fakenham Norfolk NR21 9DY

Approved by order of the board of trustees on 28 May 2024 and signed on its behalf by:

Mr I K Partridge – Honorary secretary

4

Independent Exarniner's Report to the Committee of Management of The Vassar-smith Fund I reptsrt to the Committee ol Management on my examination of the financial statements of The Vassar-5mith Fund I'the charity'l for the year ended 2nd AuEUSt 2023 which comprise ihe Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the charity's Commiuee of Management as 3 body. in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity'5 trv5tee5 those matters l am required to state to thern in this reporl and for no other purpose_ To the fvllest extent permitted by law, I do not accept or a5surne responsibility to anyone other than the tharity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed. Responsibilities and basis of report As the Committee of Management of the charity you are ￿pOnsIble for the preparation of the financial ststements in accordance with the requirements of the Charities Art 20111.the Act'l. l ￿port in respert of my examination of the charivs financial statements carrred out under section 145 of the Act and in carrying out my &K3mination I have followed all the applicable Directions gNen by the Charity Commission under section 14515llbl of the Act. An independent examination doe5 not iThvofve gathering all the evidence that would be required in an audit and consequently doe5 not cover all the matters than an audttor considers in giving their opinion on the finantial 5tatement5. The plannin£ and conduct of an audit goes beyond the limited assurance that an ivdependent examination can provide. Consequently. l expres5 no opinion as to whether the financial statements present a 'tfue and lair, view. and my report is limited to those specific rnatters Set out in the independent examiner's statemeni. Independent examiner'5 ststement I have cornpleted my examination. I confirm that no marèrial mattets have come to rny attention in connection with the examination giving me cause to believe that in any fflaterial respect- l. accotjnting records were not kepr in respect of the charity as required by section 130 of the Aci,. or 2. the financial 5tatement5 do not accord with those records,. or 3. the financial Statements do not comply with ihe applicable requirements concerning the form and content of accounts sèt our in the Charitie5 IAccounts and Reports) Regulations 2(K)8 other than any requiremeFht that the accounts give a 'true and fair. view which is not a matter considered as part of an independent examination. I have no concern5 and have come acros5 no other matters in connettion with the examination to which attention should be drawn in this report in order to enable a propel understanding of the accounts to be reached. artyn Benstead FCCA Stephens¢# Smart (East An8lial ￿rnited IQ Oak StrEet F3kenh2m Norfolk NR2190Y Date:.

The Vassar-Smith Fund

Statement of Financial Activities

for the Year Ended 2 August 2023

Unrestricted
fund
Notes
£
Income and endowments from
Donations and legacies
3
4,799
Investment income
4
34,318
Total
39,117
Expenditure on
Raising funds
19,300
Charitable activities
Grants to members of staff and dependants
19,975
Total
39,275
Net gains/(losses) on investments
(42,835)
NET INCOME/(EXPENDITURE)
(42,993)
Reconciliation of funds
Total funds brought forward
1,119,036
Total funds carried forward
1,076,043		 Restricted
fund
£
-
2,045
2,045
-
2,040
2,040
(2,992)
(2,987)
74,160
71,173		 2.8.23
Total
funds
£
4,799
36,363
41,162
19,300
22,015
41,315
(45,827)
(45,980)
1,193,196
1,147,216		 2.8.22
Total
funds
£
5,397
30,401
35,798
17,509
7,000
24,509
(125,263)
(113,974)
1,307,170
1,193,196

The notes form part of these financial statements

6

The Vassar.Srnith Balance Sheet 2 Auv￿t 2023 1&23 Total 1&22 Total fvnds Irwe5trn•nts .0 69.740 977.7x1 1.023.3)1 Debtors Cash at bank io 103 175.339 107 17 1429 ￿768 177.073 175.442 IA33 176.875 177.153 Arnountsfalllrqthje ¥fflthin oTre￿ar P.4(YJl 17AYJI (7.1581 IfA033 169.466 169.YJ5 1.074N3 71,173 1.147.216 1.193,1% 1076.043 71.173 1.147.216 1 193,1% 12 Lln¥2stricted funds Re5triEted fvnd5 1.076.C43 71.173 1,119.036 74,160 1,147.216 1,193.1% flnanoal stsments appThed by the BDard of Tru5tee5 •Trd •uthorid for r4sue on ..o..,£..: were skned on behawty". MrNCSrnith-Co ee of M•na8ewt15*ned•n behèlF01t￿ Irusieel The note5 form part of these financial statements

The Vassar-Smith Fund

Notes to the Financial Statements for the Year Ended 2 August 2023

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Vassar-Smith Fund, Bedford Heights, Brickhill Drive, Bedford, MK41 7PH.

2. Accounting policies

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going concern

There are no material uncertainties about the charity's ability to continue.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

8

The Vassar-Smith Fund

Notes to the Financial Statements - continued for the Year Ended 2 August 2023

2. Accounting policies - continued

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

9

The Vassar-Smith Fund

Notes to the Financial Statements - continued for the Year Ended 2 August 2023

2. Accounting policies - continued

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

10

The Vassar-Smith Fund

Notes to the Financial Statements - continued for the Year Ended 2 August 2023

2. Accounting policies - continued

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3. Donations and legacies

3.
Donations and legacies
Donations
4.
Investment income
Investment income received
Bank interest
Bank interest
General Fund
Plain Fund
PH Clements Bequest
PH Clements Accumulation
Ethel Frances Oceania Moss Memorial		 Unrestricted
Funds
£
22
28,691
5,228
320
57
-
34,318		 2.8.23
£
4,799
2.8.23
£
36,332
31
36,363
Restricted
Funds
£
9
-
-
-
-
2,036
2,045		 2.8.22
£
5,397
2.8.22
£
30,374
27
30,401
Total
2023
£
31
28,691
5,228
320
57
2,036		 2.8.22
£
5,397
2.8.22
£
30,374
27		 2.8.22
£
5,397
30,401
36,363
  1. Grants payable
Grants to members of staff and dependants 2.8.23
£
22,015		 2.8.22
£
7,000

11

The Vassar-Smith Fund

Notes to the Financial Statements - continued for the Year Ended 2 August 2023

6. Support costs

Support costs
Governance
costs
£
Other trading activities 19,300
Support costs, included in the above, are as follows:
2.8.23 2.8.22
Other
trading Total
activities activities
£ £
Wages 12,500 12,500
Postage and stationery - 969
Accountancy and legal fees 6,800 4,040
19,300 17,509

7. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 2 August 2023 nor for the year ended 2 August 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 2 August 2023 nor for the year ended 2 August 2022.

8. Comparatives for the statement of financial activities

Unrestricted
fund
£
Income and endowments from
Donations and legacies
5,397
Investment income
28,881
Total
34,278
Expenditure on
Raising funds
17,509
Charitable activities
Grants to members of staff and dependants
5,480
Total
22,989
Net gains/(losses) on investments
(118,083)		 Restricted
fund
£
-
1,520
1,520
-
1,520
1,520
(7,180)		 Total
funds
£
5,397
30,401
35,798
17,509
7,000
24,509
(125,263)

12

The Vassar-Smith Fund

Notes to the Financial Statements - continued for the Year Ended 2 August 2023

8.
Comparatives for the statement of financial activities - continued
Unrestricted
fund
£
NET INCOME/(EXPENDITURE)
(106,794)
Reconciliation of funds
Total funds brought forward
1,225,830
Total funds carried forward
1,119,036
9.
Fixed asset investments
Market value
At 3 August 2022
Additions
Disposals
Revaluations
At 2 August 2023
Net book value
At 2 August 2023
At 2 August 2022
There were no investment assets outside the UK.
Cost or valuation at 2 August 2023 is represented by:
Valuation in 2021
Valuation in 2022
Valuation in 2023		 Restricted
Total
fund
funds
£
£
(7,180)
(113,974)
81,340
1,307,170
74,160
1,193,196
Listed
investments
£
1,023,201
169,314
(168,938)
(45,827)
977,750
977,750
1,023,201
Listed
investments
£
1,145,665
(122,464)
(45,451)
977,750

13

The Vassar-Smith Fund

Notes to the Financial Statements - continued for the Year Ended 2 August 2023

10.
Debtors: amounts falling due within one year
Other debtors
Prepayments and accrued income
11.
Creditors: amounts falling due within one year
Taxation and social security
Other creditors
12.
Movement in funds
Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
39,117
Restricted funds
Restricted Fund
2,045
TOTAL FUNDS
41,162		 At 3.8.22
£
1,119,036
74,160
1,193,196
Resources
expended
£
(39,275)
(2,040)
(41,315)		 2.8.23
£
31
76
107
2.8.23
£
209
7,200
7,409
Net
movement
in funds
£
(42,993)
(2,987)
(45,980)
Gains and
losses
£
(42,835)
(2,992)
(45,827)		 2.8.22
£
31
49
80
2.8.22
£
209
6,949
7,158
At 2.8.23
£
1,076,043
71,173
1,147,216
Movement
in funds
£
(42,993)
(2,987)
(45,980)

14

The Vassar-Smith Fund

Notes to the Financial Statements - continued for the Year Ended 2 August 2023

12. Movement in funds - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 At 3.8.21
£
1,225,830
81,340
1,307,170		 Net
movement
in funds
£
(106,794)
(7,180)
(113,974)		 At 2.8.22
£
1,119,036
74,160
1,193,196

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 34,278 (22,989) (118,083) (106,794)
Restricted funds
Restricted Fund 1,520 (1,520) (7,180) (7,180)
TOTAL FUNDS 35,798 (24,509) (125,263) (113,974)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 At 3.8.21
£
1,225,830
81,340
1,307,170		 Net
movement
in funds
£
(149,787)
(10,167)
(159,954)		 At 2.8.23
£
1,076,043
71,173
1,147,216

15

The Vassar-Smith Fund

Notes to the Financial Statements - continued for the Year Ended 2 August 2023

12. Movement in funds - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 73,395 (62,264) (160,918) (149,787)
Restricted funds
Restricted Fund 3,565 (3,560) (10,172) (10,167)
TOTAL FUNDS 76,960 (65,824) (171,090) (159,954)

13. Related party disclosures

There were no related party transactions for the year ended 2 August 2023.

14. Independent examination fees

2023 2022
£ £
Fees payable to the independent examiner for:independent examination of
the financial statements 3,700 3,500

15. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2023 2022
£ £
Wages and salaries 12,500 12,500

The average head count of employees during the year was 1 (2022: 1).

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

16

The Vassar-Smith Fund

Detailed Statement of Financial Activities for the Year Ended 2 August 2023

Income and endowments
Donations and legacies
Donations
Investment income
Investment income received
Bank interest
Total incoming resources
Expenditure
Charitable activities
Grants to individuals
Support costs
Governance costs
Wages
Postage and stationery
Accountancy and legal fees
Total resources expended
Net (expenditure)/income		 2.8.23
£
4,799
36,332
31
36,363
41,162
22,015
12,500
-
6,800
19,300
41,315
(153)		 2.8.22
£
5,397
30,374
27
30,401
35,798
7,000
12,500
969
4,040
17,509
24,509
11,289

This page does not form part of the statutory financial statements

17

THE VASSAR-SMITH FUND

MOVEMENTS IN INVESTMENTS AND MARKET VALUES

FOR THE YEAR ENDED 2 AUGUST 2023

.
Purchases
2 August 2023
Nominal
Market Value
Nominal
Cost
Nominal
Market Value
Nominal
Market Value
851D00
GENERAL FUND
Ishares UK Equity Index Fund D Inc
78,246
78,928
917
947
11,281
11,293
67,882
69,151
Ishares Nth American Eqty FD D Inc
-
-
34,507
32,362
14,476
13,751
20,031
19,900
Federated Sterling
438
43,849
-
-
284
28,468
154
15,449
Legal & General
12,593
20,098
-
-
12,593
20,036
-
-
MM UK Global Real Estate Focus
20,223
41,740
901
1,607
-
-
21,124
37,537
Schroder US Equity Inc Maximiser
-
-
7,728
5,000
-
-
7,728
5,116
MM Global Sovereign Bond
28,873
26,826
9,399
8,243
-
-
38,272
33,473
MM Global Invmt Grade
378,921
335,307
36,989
30,491
5,192
4,300
410,717
338,554
MM Global High Inc & Emg Mkts BD Q Inc
257,149
210,528
17,833
14,174
22,726
17,983
252,257
198,047
MM North American Equity FD Q Inc
17,851
19,136
3,151
3,387
-
-
21,002
23,522
MM European Ex UK Equity FD Q Inc
7,422
6,736
19,861
20,834
22,163
22,382
5,120
5,325
MM Japanese Equity Fund Q Inc
3,711
3,705
-
-
-
-
3,711
3,989
MM Asia Ex Jap & Glb EM EQ FD Q Inc
8,482
7,009
1,402
1,200
-
-
9,884
8,240
793,862
118,245
118,213
758,303
Sales
2 August 2022		 Change in
Market Value
569
1,289
69
(63)
(5,810)
116
(1,596)
(22,944)
(8,672)
999
137
284
31
(35,591)

THE VASSAR-SMITH FUND

MOVEMENTS IN INVESTMENTS AND MARKET VALUES

FOR THE YEAR ENDED 2 AUGUST 2023

Nominal
Market Value
Nominal
Cost
Nominal
Market Value
Nominal
Market Value
851A00
PLAIN FUND (ORIGINAL CAPITAL)
Ishares UK Equity Index Fund D Inc
14,010
14,132
-
-
2,191
2,123
11,819
12,040
Federated Sterling
69
6,928
-
-
40
4,010
29
2,929
MM Global Real Estate
4,006
8,269
-
-
-
-
4,006
7,119
Ishares Nth American Eqty FD D Inc
-
-
5,268
4,945
1,860
1,767
3,408
3,386
Schroder US Equity Inc Maximiser
-
-
1,275
832
-
-
1,275
844
Legal & General
2,141
3,417
-
-
2,141
3,383
-
-
MM Global Sovereign Bond
3,210
2,983
4,664
4,088
600
528
7,275
6,362
MM Global Invmt Grade BD Q Inc
73,723
65,238
2,433
2,000
-
-
76,156
62,775
MM Global High Inc & Emg Mkts BD Q Inc
44,476
36,412
1,916
1,490
-
-
46,391
36,422
MM North American Equity FD Q Inc
4,616
4,948
-
-
1,380
1,482
3,236
3,624
MM European Ex UK Equity FD Q Inc
1,628
1,477
2,877
3,018
2,916
2,858
1,589
1,652
MM Japanese Equity Fund Q Inc
814
812
-
-
-
-
814
875
MM Asia Ex Jap & Glb EM EQ FD Q Inc
1,860
1,537
-
-
-
-
1,860
1,551
146,153
16,373
16,150
139,579
2 August 2022
2 August 2023
Sales
Purchases		 Change in
Market Value
31
10
(1,150)
208
12
(34)
(181)
(4,463)
(1,480)
158
15
63
14
(6,796)

THE VASSAR-SMITH FUND

MOVEMENTS IN INVESTMENTS AND MARKET VALUES

FOR THE YEAR ENDED 2 AUGUST 2023

2 Augu
Nominal
851B00
PH CLEMENTS BEQUEST FUND
Ishares UK Equity Index Fund
1,000
Ishares Nth American Eqty FD D Inc
Schroder US Equity Inc Maximiser
-
Federated Sterling
5
Swip Multimge Global Real Est
264
MM Global Soverign Bond FD Q Inc
229
MM Global Invmt Grade BD Q Inc
3,616
MM Gbl High Inc & Emg Mkts BD Q Inc
3,205
MM North American Equity FD Q Inc
333
MM European EX UK Equity FD Q Inc
117
MM Japanese Equity Fund Q Inc
59
MM Asia Ex Jap & Glb EM EQ FD Q Inc
134
851C00
PH CLEMENTS ACCUMULATION FUND
Ishare North American Equity
15
Ishares UK Equity Index Fund D Inc
-
MM North American Equity FD Q Inc
-
Schroder US Equity Inc Maximiser
-
Federated Hermes Sterling
-
MM Japanese Equity Fund Q Inc
-
MM Asia Ex Jap & Glb EM EQ FD Q Inc
-
MM Global Real Est Sec FD P Inc
-
MM European EX UK Equity FD Q Inc
-
MM Global Sovereign Bond FD Q Inc
-
MM GBL High Inc & Emg Mkts BD Q Inc
-
MM Global Invmt Grade BD Q Inc
1,782
Legal & General International
154
851T00
ETHEL FRANCES OCEANIA MOSS MEMORIAL FUND (REST
MM Global Sovereign Bond FD Q Inc
-
MM GBL High Inc & Meg Mkts BD Q Inc
-
Ishares Nth American Eqty Fd D Inc
-
MM North American Equity FD Q Inc
9,685
Schroder US Equity Inc Maximiser
-
MM Global Real Est Sec FD P Inc
-
Federated Hermes Sterling
-
MM European Ex UK Equity FD Q Inc
2,152
MM Japanese Equity Fund Q Inc
1,076
MM Asia Ex Jap & Glb EM EQ FD Q Inc
2,460
Ishares UK Equity
3,515
MM Global Invmt Grade BD Q Inc
60,597		 st 2022
Purc
Market Value
Nominal
1,009
237
-
53
517
1
545
212
197
3,200
919
2,624
-
357
-
106
80
59
-
111
-
8,740
14
209
-
160
-
53
-
15
-
0
-
11
-
32
-
50
-
49
-
95
-
620
1,577
-
246
-
1,837
RICTED FUND)
-
3,866
-
23,386
-
1,996
10,383
-
534
-
2,000
-
17
1,953
1,074
2,032
3,546
2,487
53,623
72,611		 hases

Cost
Nominal
290
215
100
33
74
4
50
174
-
757
-
-
400
-
110
84
100
-
-
-
-
1,337
191
192
170
-
57
-
10
-
38
-
11
-
27
-
95
-
51
28
83
-
488
-
-
763
-
154
1,221
3,385
18,407
1,829
823
7,766
334
3,796
1,747
7
1,347
669
1,347
2,639
22,484
32,137		 Sales
2 Augu
Market Value
Nominal
299
710
95
137
53
436
2
98
214
-
426
-
4,535
317
2,805
122
223
103
97
-
59
-
134
1,470
182
32
-
160
-
53
-
15
-
0
-
11
-
32
-
50
29
21
-
95
-
620
632
1,019
245
-
1,089
3,866
23,386
787
1,173
8,597
1,919
534
2,000
700
10
1,394
805
701
407
1,202
1,113
6,002
18,635
38,113
32,017		 st 2023
Market Value
723
136
35
156
381
373
3,738
2,202
250
101
63
112
8,269
32
163
59
10
38
11
26
89
21
83
487
840
-
1,860
3,381
18,360
1,165
2,149
353
3,555
1,042
837
438
928
6,115
31,417
69,740		 Unrealised
Gains /
(Losses)
13
16
2
0
(66)
(13)
(219)
(105)
14
14
4
1
(338)
9
(7)
2
0
(0)
0
(1)
(6)
(1)
0
(1)
(104)
(1)
(109)
-
-
-
10,383
-
-
-
1,953
1,074
2,032
3,546
53,623		 3,385
18,407
1,829
334
3,796
1,747
2,639		 787
8,597
700
1,394
701
1,202
18,635		 3,381
18,360
1,165
2,149
353
3,555
1,042
837
438
928
6,115
31,417		 (4)
(47)
123
363
19
(241)
(5)
279
65
98
(70)
(3,572)
72,611 32,137 32,017 69,740 (2,992)

THE VASSAR-SMITH FUND

SUMMARY OF MOVEMENTS IN INVESTMENTS AND MARKET VALUES

FOR THE YEAR ENDED 2 AUGUST 2023

Schedule
UNRESTRICTED
General Fund - 851D
Plain Fund (Original capital) - 851A
PH Clements Bequest Fund - 851B
PH Clements Accumulations Fund - 851C
RESTRICTED
Ethel Frances Oceania Moss
Memorial Fund - 851T
ALL FUNDS		 2 August 2022
Market Value
793,862
146,153
8,740
1,837
950,592
72,611
72,611
1,023,203		 Purchases
Cost
118,245
16,373
1,337
1,221
137,176
32,137
32,137
169,313		 Sales
Market Value
118,213
16,150
1,470
1,089
136,921
32,017
32,017
168,938		 2 August 2023
Market
Value
758,303
139,579
8,269
1,860
908,012
69,740
69,740
977,752		 Change in
Market Value
(35,591)
(6,796)
(338)
(109)
(42,835)
(2,992)
(2,992)
(45,826)