REGISTERED CHARITY NUMBER: 236381 Committee of Managemenys Annual Report and Unaudited Financial Statements for the Year Ended 2 August 2025 for The Vassar-smith Fund Stephenson Smart IEast An81ial Liwnited 10 Oak Street Fakenham Norfolk NR219DY
The Vassar-smith Fund Contents of the Financial Statements for the Year Ended 2 August 2025 Page Committee of Managemenvs Annual Report Independent Examiner's Report Statement of Financial ArtivitFèS Balance Sheet Notes to the Financial Statements 8 to 17 Detaileil Statement of financial Activities 18
The Vassar-smith Fund Committee of Managemenvs Annual Report for the Year Ended 2 August 2025 The committee present their repon with the financial statements of the charity for the year ended 2 August 2025. The comrnittee members have adopted the provtsions 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 IFRS 1021 leffetttve l January 20191. Objertives and activities The Vassar-smith Fund exi5tS to provide a55lStance to Lloyds Bank staff and pensioners or their dependants in need. Lloyds Bank staff Ès defined as staff recruited origbfbally by Lloyds Bank plc. Lloyds TSB Bank plc or Lloyds TS8 Scotland plc. The policy 15 to distribute the total regtjlar income each year to known needy cases from Lloyds Bank present staff. pen5ioner5 and widows of pensioners. or their dependents. Such income comes from investments made from legacies received over p3St years and collections from branches and staff funrtions, éonations and legacies. The Fund's priority is assisting irt cases where its help can bring about a significant improvement in an individual's quality of life. The Vassar-smith Fund £iv&s particular consideration to applications from those whose financial circumstances mean that they are uriable to provide the necessary resources them5elve5. 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 c05t of Brants from charities or other organisations that rnight be prepared to assist applicants. Achievements and performance The Fund has continued to provide a5515tance to Lloyds staff and pensioners or their dependant5 who are in need. This has been seen in a consistent level of grants awarded year on year.
The Vassar-smith Fund Committee of Management's Annual Report for the Year Ended 2 August 2025 Flnèncizl review Donation5 of £4.08312024= £5,4861 have been received during the year. Legacies ol £Nil12024.. £Nill were receNed (Jvring the year. Gross investment Income has fallen by £2.524 to £39.69412024.. £42,218). A total of 6 grants12CI24.. 81 arnounting to £7.40112024.. £7.6831 have been made during the year to assist Lloyd5 Bank staff.. both active and those retired or their dependants. There is a net gain for the year amountingto £55.90612024- Net gain of £71.6961. Net gain on investments during the year amounts to £35,930 12024.. Net gain of £49.4261. The market value of investments as at 02 Atjgust 2025 amout)ts to £1.061.76512024.. £1.027.2021. The Committee of Management wish to retain an adequate capital base to fund these grants into the foreseeable future. Reserves polity l. Reasons for reserves= The Fund is restritted by its objects to benefiting serying 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 'pvblic' charity. With Continuing commitments to regular payment5 to beneficiaries. 54gnificant serveS are essential to cope with both fluttuating levels of donations and uncertain tnvestment returns. 2. Level of reserves required= The current level of re5erve5. which produce5 in£ome consistently of around £40,CM)O per year is considered broadly sufficient in the current circumstances. 3. Monitoring of policy.. The Fund'5 investment policy 15 reviewed regularly by the Treasurer and Secretary in conduction with the Investment managers and annually by the Committee of Management.
The Vassar-srnith Fund Committee of Management's Annual Report for the Year Ende(12 August 2025 Structure. governance and management The Vè55ar-Smith Fund was established in 1922123 by a cash collection made by Lloyds Bank staff at that time. The charity 15 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 15 a gIstered charity entirely independent of the bank'5 control but is managed by an independent committee ol the bank's staff. "The Committee of Management" The Fund comprises the original Capital Fund IPlain Fund), General Fund, PH aements Accumvlation. 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 Lloyd5 Bank staff who are medically certified as incipient cases only of Tubercular complaints and 15 to assTrst them to travel to places in order io regain their health. In 1973 the Charities Commission approved a scheme whereby any income not required for these purposes may be applied foi the general purposes of the Vassar-smith Fund. This is therefore treated a5 an Unstrirted fvnd. Mrs EFO Moss, bequest is for the staff of Uoyds Bank. their wives and children stricken by disease. This fund is therefore treated as a restricted fund. It 15 a55umed that of the total grants made of £7.40112024.. £7,683), grants of the annual income of this Fund of £2.82312024.. £3,022) 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 ri5k5 as identified below= l. Fraud and theft.. Charities are parricularly exposed to fraud and theft where cash collections are involved. There are few c35h 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 collection5 are not easily suscepiible io audtt. 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 poorlunsuitable 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 report5 on investment performance. 3. Poor admini5tration.' A5 Wlth all organisations the Fund is potentially at risk from administrative errors leading to a failure to adhere to statutory requirements. The Fund's day io day administration is overseen by the Secretary and Treasurer. 4. Over commitment.. Like all charities the Fund is potentially at risk from over comm¢tment to make grant payments, particularly those involving regular payments ¢nto the future where expenditure may ouistrip income flow5. All grants are Subject to group decision maklng and a regular review of commitments by the Secretary ènd Treasurer. All grants are reviewed and approved retrospectively by ihe Committee of Management.
The Vassar-smith Fund Committee of Management's Annual Report for the Year Ended 2 August 2025 5. Dishonesty in claims by recipients.. The Fund is at risk from dishonest or fraudulent representations frorn, or on behalf of, people seeking grants. So far as is possible within the constrainrs of other legislation the Fund Seeks to obtain third party confirmation of applicants. circumstances before making @rants. Where it is considered necessary, applicants are visited by a iepresentative of rhe Fund to confirm the need lor as51Stance. The Fund's managers have considerable experience in barbking and with personal finance matters. RefenCe and adminlstrativÈ details Registered Charity number 236381 Principal adilress The Vassar-srnith Fund Bedford Height5 Brickhill Drive Bedford Bedfordshire MK417PH Trustees Lloyds Bank PIC Registered chartty name The Vassar-smith Fund Honorary Secretary l K Partridge Independent Examiner Stephenson Smart (East Arbglial Limited 10 Oak Street Fakenham Norfolk NR219DY Approved by order of the board of tru5tee5 on 27 March 2026 and signed on its behalf by.. Mr l K Partridge- Honorary Secretary
Independent Examiner's Report to the Trustees of The Vassar-smith Fund I report to the Committee ol Management on my examination of the financial statements of The V355ar-Smith Fund I'the charity'l for the year ended 2nd Au8tJst 2025 which comprtse the Statement of Finèncial Activities, the Balance Sheet and related notes. This report 15 made solely to the chartty's Committee of Management, as a body, in accordan with section 145 of the Charitie5 Act 2011. My work has been undertaken so thar I might state to the charity'5 tru5tee5 those matters 13 required to state to thern in this report and for no oiher purpose. To the fullest exrent permitted by law, I do not accept or assume re5pDn5ibility to anyone other than the chartty and the charity's trustees a5 a body, for my work, for this report, or for the opinions I have formed. Responslbilities and basis of report As the Committee of Management of the charity you are re5pon5ible for the preparation of the financial statements in accord3nce with the requirements of the Charities Act 2011 Ilhe Art'l. I report in respect of my exarnÈnation of the charity's financial statements carried oui under sertion 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl ol the Act. An independent exarnination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the mattets than an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent exarnination can provide. Consequently. l express no opinion as to whether the financial statements present a 'true and lair, view, and my report is limited to those specific matters set out in the independent examiner's statement. Independent examiner's ststement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of the charity as quIred by section 130 of the Att. or 2. the financial statements do not accord with those records- or 3. the financial staternent5 do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reponsl Regulations 2(XJ8 other than any requirerment that the accounts give a 'true and fair. view which 15 not a matter considered as part of an independent examination. I have no concern5 and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Martyn 8enstead FCCA Stephen50n Smart IEast Anglial Limited 10 Oak Street Fzkenharn Norfolk NR219DY
The Vassar-smith Fund Statement of Financial Activities for the Year Ended 2 August 2025 2.8.25 Total funds 2.8.24 Total funds unstrICted fund Restricted fund Notes Income and endowments from Donations and legacies 4,083 4,083 5,486 Investment income 36,870 2.824 39.694 42.218 Total 40.953 2.824 43,777 47.704 Expenditure on Raising funds 16.400 16,400 17.751 Charitable artivlties Grants to members of staff and dependants 4.578 2.823 7.401 7,683 Total 20.978 2,823 23,801 25.434 Net gains Dn investments 33.376 2,554 35.930 49.426 NETINCOME 53.351 2.555 55,906 71.696 Reconciliation of funds Total fund5 brought forward 1.144,265 74,647 1.218.912 1.147.216 Total funds carried fonvard 1,197.616 77.202 1,274,818 1.218.912 The notes form part of these financial statements
The Vassar-smith Fund Balance Sheet 2 August 2025 2.8.25 Total funds 2A.24 Total funds Unrestricted fund Restricted fvnd Notes Fixed assets Investments io 986.094 75.671 1.061,765 1,027,202 Current assets Debtors Cash at bank li 171 215.460 li 1,520 182 216.980 123 195,546 215,631 1.531 217,162 195.669 Creditors Amounts falling due within one year 12 14,1091 14.1091 13,9591 Net current assets 211,522 1.531 213.053 191,710 Total assets less current liabilities 1.197.616 77.202 1.274,818 1,218,912 NEf ASSErs 1.197.616 77,202 1,274.818 1.218,912 Funds Unrestricted fiJnd5 Restricted funds 13 1.197,616 77.202 1,144,265 74,647 Total fund5 1,274,818 1,218,912 financial statements were approved by the Board of Tnjstees and authorised for issue on 26 March 2026 and were signed on its behalf bv.. Mr N C Smith- Committee of Management Isigrbed on behalf of the trusteel The notes form part of these financial statements
The Vassar-smith Fund Notes to the Financial Statements for the Year Ended 2 August 2025 General infom)atlon The charity is a public benefit entity and a registered charity in England and Wales and is vnincorporated. The address of the principal office is Vè55ar-Smith Fund. Bedford Heights. Bric*hill Drive. 8edford. MK41 7PH. Accounting policies Basis of preparing the financial statements The financial statements of the charity. which 15 a publtc benefit entty under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standaid applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical c05t 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 uncertsinties about the chartty's ability to continue. Fund accounting Unrestricted funds are available for use at the discretion of the tru5tee5 to further any of the charity's purposes. Restricted funds can only be used for particular restricted purposes within the object5 of the charity. Restrictions arise when specified by the donoi or when lunds are rarsed for particular restricted purposes. Incoming resource5 All incoming r&sources are included in the stater¥tent of linancial activilie5 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.. Income from donations or grants is recogni5ed when there is evidence of entitlement to the gift. receipt is probable and its amount can be measured reliably. Legacy income is recogni5ed when receipt is probable and entitlement is established. Income from donated goods is meèsvred at the fair value of the goods unless this is Impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilitie5 and services are recognised in the account5 when received rf the vslue can be reliably measured. No amounts are included for the contribution of general volunteefs. Income from contratts for the supply of services 15 recognised with the delivery of the contracted service. This is classified as unrestricted funds unle55 there is a contrartual requirement for it to be Spent on a particular purpose and returned if unspent. in which case it many be regarded as restricred. Resources expendetl Expenditure is recogni5ed on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is cla55ified under headinEs of the staternenr of financial activities to which it relate5.
The Vassar-smith Fund Notes to the Financial Statements- continued for the Year Ended 2 August 2025 Accounting policies- continued Expenditure on raising funds includes the costs of all fundraising activities. events. non-charitable trading activrtie5. and the sale of donated goods. ExpenditUTe on charitable èctivitie5 Tncludes 311 costs incurred by a charFty in undertaking activities that further its charitable aim5 for the benefit of it5 beneficiaries. including those support cost5 and costs relating to the governance of the charity apportioned to charitable activities. Other expenditure includes all expenditure that is neither lated to raising funds for the charity nor part of its expenditure on charitable activities. All tosts 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 con515tent ba515. Investments Unlisted equity investments are initially recorded at cost, and subsequentty rnea5ured at fair value. 11 fair value annot be reliably measud. assets a measured ai cost less impaimient. 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 3re initially recorded 3t the transaction price. At each reporring date, the investments are measured at fair value, with changes in fair value taken through incoyne or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the c05t model will be adopted. Dividends and other distributions received from the investment are recogni5ed as income without regard to whether the distributions are from accumulared profirs of the assc(iate arising before or after the date of acquisition. Investments in jolnt ventures Invesrments in jointly controlled entitie5 accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entitse5 accounted for in accordance with the fair value model are initially recorded at the transattion price. At each reporting date. the investments are measured at fair value, with changes in fair va5ue taken through income or expenditure. Where it is impracticable io measure fair value reliably without undue cost or efftirt. the cost model will be adopted. Dividends and other distributions received from the inve5tmer5t are recogni5ed as income without regard to whether the di5tribution5 are from èccumulaied profjts of the joint venture arising before or after the date of acquisition.
The Vassar-smith Fund Notes to the Financial Statements- continued for the Year Ended 2 August 2025 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 15 impaired accordingly. Prior impairments are also reviewed for possible reversal at each reportirig date. For the purposes of impairment testin& when it is not possible to estimate the recoverable arnount 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 impaimient testing of goodwill. the goodwill acquired in a business combination is. from the acquisition date, allocated to each of the cash-8enerating units rhat are expected to benefit from the 5ynergie5 of the combination. itrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asser 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 amovnt recervable or payable including any related transaction costs. Cvrrent asset5 and current liabilitie5 are subsequently measured at the cash or other consideration expected to be paid or received and not di5counted_ Debt instruments are subsequently measured at amortised c05t. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at faif 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. includinB derivatives. are initially recognised at fair value. unless paymerit for an asset is deferred beyond normal business term5 or financed at a rate of interest that is not a market rate, in which case ihe asset 15 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 recogni5ed 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 objettive evidence of impairment, an impairment10ss is recognised under the appropriate heading in the statement of financial attivities in which the initial gain was recognised. For all equity instruments regardless ol significance. and other financial asset5 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_ io
The Vassar-smith Fund Notes to the Financial Statements- continued for the Year Ended 2 August 2025 Atcounting poliues- continued Any reversals of impairment are recognised immediately. to the exteni 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. Donations and legacies 2.8.25 2.8.24 Donation5 4.083 5,486 Investment income 2.8.25 2.8.24 Investment income received Bank interest 39.213 481 42.197 21 39.694 42.218 Unrestricted Funds Restricted Funds Total 2025 Bank interest General Fund Plain Fund PH Clements Bequest PH Clements Accumulation Ethel Frances Oceania Moss Memorial 446 30.431 5.586 332 75 35 30,431 5,586 332 75 2,789 2.789 36.870 2.824 39,694 li
The Vassar-smith Fund Notes to the Financial Statements- continued for the Year Ended 2 August 2025 Raising fund5 Investment management costs 2.25 2.8.24 Support costs 16.400 17,751 Grants payable 23.25 2.8.24 Grants to members of staff and dependants 7.401 7.683 Support costs Govert)ance tosts Investfflent management costs 16,400 Support C05t5. Included in the above. are as follows.. 2.25 Investment management costs 2.8.24 Total activities Wage5 Accountancy and legal fees 12,500 3.9rx) 12,500 5,251 16.4rxi 17,751 Trustees, remuneration and benefits There were no trustee5' remuneration or other benefits for the year ended 2 August 2025 nor for the year ended 2 August 2024. Trustees, expenses There were nci trvstees. expenses paid for the year ended 2 August 2025 nor for the year ended 2 August 2024. 12
The Vassar-smith Fund Notes to the Financial Statements- continued for the Year Ended 2 August 2025 Comparatives for the statement of firbancial activities Unrestricted fund Restricted fund Total funds Income and endowments from Donations and legacie5 5.486 5,486 Investment income 39.191 3,027 42.218 Total 44,677 3.027 47,704 Expenditure on Raisin8 funds 17,751 17,751 Charitable actiwties Grants to members of staff and dependants 4.661 3.022 7.683 Total 22,412 3,022 25,434 Net gains on investments 45,957 3,469 49,426 NET INCOME 68,222 3,474 71,696 Reconciliation of funds Total funds brought forward 1,076,043 71,173 1,147,216 Total funds tarried forward 1.144,265 74.647 1,218,912 io. Fixed asset investments Listed investments Market value At 3 August 2024 Addition5 Disposals Revaluations 1,027.202 900,566 1901,9331 35,930 At 2 August 2025 1,061,765 Net book value At 2 August 2025 1.061,765 At 2 August 2024 1,027,202 13
The Vas5ar-Smith Fund Notes to the Financial 5tatements- continued for the Year Ended 2 August 2025 io. Fixed asset investments- continued There were no investment assets outside the UK. Cost or valuation at 2 August 2025 is represented by= Listed investments Valu3tion in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Valuation in 2025 1,145.665 1122.4641 145.4511 49.452 34,563 1.061,765 ii. Oebtors: amounts falling due within one year 2.8.25 2.8.24 Other debtors Prepayment5 and accrued income 31 151 31 92 182 123 12. Creditors.. amounts falling due within one year Z.8.25 2.8.24 Taxation and social security Other creditors 209 3,9(X) 209 3,750 4,109 3,959 13. Movement in funds Net movement in funds At 3.8.24 At 2.8.25 Unrestricted funds General fund 1.144,265 53.351 1.197.616 RestTiCted funds Restricted Fund 74,647 2.555 77.202 TOTAL FUNDS 1.218.912 55.906 1.274,818 14
The Vassar-smith Fund Notes to the Financial Statements- continued for the Year Ended 2 August 2025 13. Movement in funds- continLFed Net movement in funds, included in the above are as follows.. Incoming sour$ Resources expended Gains znd 1055es Movement in funds Unrestricted funds General fund 40.953 120.9781 33,376 53,351 Restricted funds Restricted Fund 2,824 12.8231 2.554 2,555 TOTAL FUNDS 43.777 123,8011 35,930 55.906 Comparatives for movement in funds Net movement in funds At 3.8.23 At 2.8.24 Unrestricted funds Gener31 fund 1.076.043 68.222 1.144,265 Restricted funds Restricted Fund 71.173 3.474 74,647 TOTAL FUNDS 1,147,216 71,696 1,218,912 Comparative net movement in funds, included in the above are as follows-. Incoming resources Resourte5 expended Gain5 and losses Movement in funds Unrestricted funds General fund 44.677 122.4121 45.957 68,222 Restrlcted funds Restricted Fund 3.027 13.0221 3.469 3.474 TOTAL FUNDS 47.704 125.4341 49.426 71,696 15
The Vassar-Smith Fund Notes to the Financial Statements- continued for the Year Ended 2 August 2025 13. Movement in funds- continued A current year 12 months and prior year 12 months cornbined position is as follows.. Net movement in funds At 3.8.23 At 2.8.25 Unrestricted funds General fund 1.076.043 121.573 1.197,616 Restricted funds Restricted Fund 71.173 6.029 77.202 TOTAL FUNDS 1.147.216 127.602 1,274,818 A current year 12 monihs and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gairb5 and losses Movement in fund5 Unrestrirted funds General fund 85.630 I43.3)} 79.333 121.573 Restricted funds Restricted Fund 5.851 15.8451 6.023 6,029 TOTAL FUNDS 91.481 149.2351 85.356 127,602 14. Related party disdosures There were no related party transauions for the year ended 2 August 2025. 16
The Vassar-smith Fund Notes to the Financial Statements- continued for the Year Ended 2 August 2025 15. Independent examlnation fees 2025 2024 Fees payèble to the independent examiner for independent examination of the financial statements 3,900 3,750 16. staff costs The total staff costs and employee benefits for the reporting period are analysed a5 follow5-. 2025 2024 W3Be5 and Salaries 12.51X) 12,500 The average head count of employees during the year was I12024= 11. No employee received employee benefits of more than £60.(XX) during the year12024.. Nill. 17
The Vassar-smith Fund Detailed Statement of Financial Activities for the Year Ended 2 August 2025 2.8.25 2.8.24 Income and endowments Donations and legacies Donations 4.083 5,486 Investment income Investment income received Bank interest 39,213 481 42,197 21 39.694 42,218 Total incoming resoyrces 43,777 47,704 Expenditure Charitable artivities Grant5 to individuals 7.401 7.683 Support costs Governance c05tS Wages Accountancy and legal fees 12.5fK) 3,91X) 12.5 5.251 16.40D 17.751 Total resources expended 23.801 25,434 Net intome 19.976 22,270 This page does not form part of the statutory financi31 statements 18