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 Un￿strirted 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.
Refe￿nCe 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
un￿strICted
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 measu￿d. 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